Texas Water Company Files Application To Acquire 3009 Water Company
February 21 2024 - 8:30AM
Business Wire
Located in Rapidly Growing Comal County,
Texas
The Texas Water Company (TWC) has filed an application with the
Public Utilities Commission of Texas (PUCT) to acquire 3009 Water
Company.
“We continue to see strong customer growth in our Texas Water
service area,” stated Texas Water Company President Aundrea
Williams. “We have a strong record of successful acquisitions and
have been diligent about strategically securing additional water
supplies to support the unprecedented growth we are
experiencing.”
3009 Water Company serves approximately 270 customers in Comal
County, Texas. A decision on the application is anticipated from
the PUCT in the third quarter of 2024. Texas Water will be
requesting filed rate doctrine treatment and fair market value for
3009 Water Company.
Texas Water, located in the growth pathway between San Antonio
and Austin, serves customers in three of the five fastest-growing
counties in the United States. The company has closed more than 16
acquisitions since 2006 and has more than quadrupled the number of
customers it serves, from 6,500 to more than 28,000.
About The Texas Water Company
The Texas Water Company, a subsidiary of SJW Group (NYSE: SJW),
is a public water utility situated in the Texas Hill Country
between Austin and San Antonio, providing service to approximately
78,000 people through over 28,000 water and 950 wastewater service
connections. With three of the five fastest-growing counties in the
United States between 2010 and 2019, Texas Water serves customers
in Comal, Blanco, Kendall, Bandera, Medina, Hays and Travis
counties.
About SJW Group
SJW Group is among the largest investor-owned pure-play water
and wastewater utilities in the United States, providing
life-sustaining and high-quality water service to nearly 1.5
million people. SJW Group’s locally led and operated water
utilities — San Jose Water Company in California, The Connecticut
Water Company in Connecticut, The Maine Water Company in Maine and
SJWTX Inc. (dba The Texas Water Company) in Texas — possess the
financial strength, operational expertise and technological
innovation to safeguard the environment, deliver outstanding
service to customers and provide opportunities to employees. SJW
Group remains focused on investing in its operations, remaining
actively engaged in its local communities and delivering continued
sustainable value to its stockholders. For more information about
SJW Group, please visit www.sjwgroup.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Some of these forward-looking statements can be identified
by the use of forward-looking words such as “believes,” “expects,”
“estimates,” “anticipates,” “intends,” “seeks,” “plans,”
“projects,” “may,” “should,” “will,” or the negative of those words
or other comparable terminology. These forward looking statements
are only predictions and are subject to risks, uncertainties, and
assumptions that are difficult to predict.
These forward-looking statements involve a number of risks,
uncertainties and assumptions including, but not limited to, the
following factors: (1) the effect of water, utility, environmental
and other governmental policies and regulations, including
regulatory actions concerning rates, authorized return on equity,
authorized capital structures, capital expenditures and other
decisions; (2) changes in demand for water and other services; (3)
unanticipated weather conditions and changes in seasonality
including those affecting water supply and customer usage; (4) the
effect of the impact of climate change; (5) unexpected costs,
charges or expenses; (6) our ability to successfully evaluate
investments in new business and growth initiatives; (7)
contamination of our water supplies and damage or failure of our
water equipment and infrastructure; (8) the risk of work stoppages,
strikes and other labor-related actions; (9) catastrophic events
such as fires, earthquakes, explosions, floods, ice storms,
tornadoes, hurricanes, terrorist acts, physical attacks,
cyber-attacks, epidemic, or similar occurrences; (10) changes in
general economic, political, business and financial market
conditions; (11) the ability to obtain financing on favorable
terms, which can be affected by various factors, including credit
ratings, changes in interest rates, compliance with regulatory
requirements, compliance with the terms and conditions of our
outstanding indebtedness, and general market and economic
conditions; and (12) legislative, and general market and economic
developments. The risks, uncertainties and other factors may cause
the actual results, performance or achievements of SJW Group to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements.
Results for a quarter are not indicative of results for a full
year due to seasonality and other factors. Other factors that may
cause actual results, performance or achievements to materially
differ are described in SJW Group’s most recent Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K filed with the SEC. Forward-looking statements are not
guarantees of performance, and speak only as of the date made. SJW
Group undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240220953003/en/
Investor Contacts: Andrew F. Walters Chief Financial
Officer and Treasurer 408.279.7818 Andrew.Walters@sjwater.com
Daniel J. Meaney, APR Director of Investor Relations
860.664.6016 Daniel.Meaney@ctwater.com
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