Key Takeaways CWT's Hawaii unit wins rate approval, set to raise annual water and wastewater revenues by $1.94 million. Hawaii Water invested $5.86 million in Kapalua upgrades to improve reliability and water quality. CWT plans capital investments of $627 million in 2026, $667 million in 2027 and $700 million in 2028. California Water Service Group’s (CWT - Free Report) unit, Hawaii Water Service, received approval from the Hawaii Public Utilities Commission for new rates for its Kapalua water and wastewater systems. The new rates are expected to take effect in October 2026, marking the first general rate increase since the 2021 acquisition.
Per the approval, the new rates are expected to increase Hawaii Water Service’s annual revenues by approximately $1.94 million, including nearly $1.47 million from the water system and more than $469,000 from the wastewater system. The increase will help the unit recover eligible costs while supporting safe and reliable service.
Hawaii Water Service invested $5.86 million across its Kapalua water and wastewater systems to improve water quality, reliability and sustainability. Projects included upgrading water storage facilities and sewer pump stations; replacing aging valves, backup generators, lift station pumps and sump pumps; and strengthening fire protection and leak prevention. The rate increase also accounts for $1.7 million in annual purchased-water costs, higher labor expenses and inflation.
Why Rate Hikes Are Essential for Utilities?Rate increases can raise customer bills, but they also help water utilities recover infrastructure and operating costs. Water and wastewater systems require ongoing investment to maintain reliable service, protect water quality and meet regulatory standards.
CWT invested $276.4 million in utility plant in the first half of 2026 and estimates capital investments of $627 million in 2026, $667 million in 2027 and $700 million in 2028. These investments are expected to support rate-base growth, with earlier company projections indicating a compounded annual rate above 11%, subject to regulatory approvals.
On Sept. 10, 2026, CWT received rate approval for its Washington Water unit from the Washington Utilities and Transportation Commission. The new rates, effective in October 2026, are expected to increase annual revenues by $4.1 million.
Rate Increases Support Utility InvestmentsRegulator-approved rate increases help utilities recover eligible infrastructure and operating costs, support cash flows and fund long-term capital investment. These investments can improve service reliability, maintain water quality, strengthen electric grid infrastructure and accommodate growing customer demand.
On Sept. 9, 2026, American Water Works’ (AWK - Free Report) New Jersey American Water unit secured approval from the New Jersey Board of Public Utilities for new rates effective Sept. 15, 2026. The rate increase is expected to boost annual revenues by $68 million and help fund more than $1.4 billion in system upgrades.
Essential Utilities (WTRG - Free Report) reported a 7.6% increase in second-quarter 2026 revenues from its Regulated Water segment, with higher water and wastewater rates contributing approximately $15.9 million. New Ohio rates took effect on July 22, 2026, while interim rates in Texas became effective on March 9, 2026.
On June 4, 2026, PPL Corporation’s (PPL - Free Report) regulated electric distribution subsidiary, PPL Electric Utilities, received approval from the Pennsylvania Public Utility Commission for new distribution rates effective July 1, 2026. The approved rates are expected to increase annual base distribution revenues by $275 million.
WAIKOLOA, Hawaii, Oct. 15, 2026 (GLOBE NEWSWIRE) -- The Hawaii Public Utilities Commission (HPUC) has adopted a settlement agreement reflecting Hawaii Water Service’s (Hawaii Water) investments to help keep its Kapalua water and wastewater systems safe and reliable, while addressing higher operating and purchased water costs. The decision enables the California Water Service Group (NYSE: CWT) subsidiary to increase annual revenue by about $1.94 million and adjusts rates accordingly.
The revenue increase, which is based on a settlement reached between Hawaii Water and the Consumer Advocate, includes nearly $1.47 million for the water system and more than $469,000 for the wastewater system. It recognizes $5.86 million in capital improvements that Hawaii Water has made to enhance local water quality, system reliability, and sustainability.
Among the infrastructure improvements made in the Kapalua systems, Hawaii Water:
Upgraded critical potable water storage facilities to improve supply reliability.Replaced aging valves to improve system reliability and control.Replaced backup generators to help maintain water pressure during power interruptions and strengthen fire protection.Upgraded the sewer pump station serving the D.L. Fleming State Beach Park with surface-serviceable pumps and aboveground controls to help improve access, response time, reliability, and efficiency.Replaced lift station and sump pumps to reduce the potential for future wastewater system leaks. The increase also acknowledges higher operating expenses, including about $1.7 million annually for purchased potable and non-potable water, increased labor costs, and the effects of inflation. Purchased water costs are passed directly to customers on a dollar-for-dollar basis.
“Since acquiring the Kapalua systems, we have invested strategically to allow us to provide safe and reliable water and wastewater services for our local customers,” said Marty Kropelnicki, Chairman and CEO. “We have also worked hard to control expenses to keep service affordable while protecting the environment—an increasingly urgent priority amid Maui’s recent drought conditions.”
This is the first general rate increase for the Kapalua systems since Hawaii Water acquired them in 2021. New rates become effective this month.
About California Water Service Group
California Water Service Group (NYSE: CWT) is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, TWSC, Inc. (Texas Water Service). This year, the company commemorates a century of service.
Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the potential timing for the increase in Hawaii Water’s rates to become effective and plans for related cash receipts. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to those described under the section entitled "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
California Water Service Group a její dceřiná společnost Cal Water stanovily cenu soukromě umístěných dluhopisů v celkovém objemu 275 milionů USD určených k refinancování dluhu a pro obecné firemní účely.
SAN JOSE, Calif., Oct. 15, 2026 (GLOBE NEWSWIRE) -- California Water Service Group (Group, NYSE: CWT) today announced the pricing of $125,000,000 in aggregate principal amount of Senior Unsecured Notes (the Notes) by Group and $150,000,000 in aggregate principal amount of First Mortgage Bonds (the Bonds) by California Water Service Company (Cal Water), a wholly owned subsidiary of Group, in private placement transactions. The transactions are expected to close on or before December 31, 2026, subject to the satisfaction of customary closing conditions.
The Notes consist of $75,000,000 of 6.08% senior unsecured notes, Series C, due December 15, 2031, and $50,000,000 of 6.41% senior unsecured notes, Series D, due December 15, 2036. The Bonds consist of $50,000,000 of 6.49% bonds, Series 4, maturing December 15, 2046, and $100,000,000 of 6.54% bonds, Series 5, maturing December 15, 2056.
Interest on the Notes will accrue semi-annually and be payable in arrears. The Notes will rank equally with Group’s indebtedness under its Credit Agreement, dated as of March 31, 2023, with Bank of America, N.A. and the other parties thereto. Interest on the Bonds will accrue semi-annually and be payable in arrears. The Bonds will rank equally with all of Cal Water’s other First Mortgage Bonds and will be secured by liens on its properties, subject to certain exceptions and permitted liens.
Group plans to use the net proceeds from the sale of the Notes to refinance existing indebtedness and for general corporate purposes. Cal Water plans to use the net proceeds from the sale of the Bonds to refinance existing indebtedness and for general corporate purposes, as set forth in California Public Utilities Code Section 817.
Neither the Notes nor the Bonds have been registered under the Securities Act of 1933, as amended, and neither may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the Notes or the Bonds. The matters discussed in this release include forward-looking statements. These statements are based on current expectations or beliefs and are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Group is providing this information as of the date of this news release and assumes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this news release.
About California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service Company, Hawaii Water Service Company, Inc., New Mexico Water Service Company, Washington Water Service Company, and TWSC, Inc., a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.2 million people in California, Hawaii, New Mexico, Texas, and Washington. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA) regarding the consummation of the transactions, the satisfaction of customary closing conditions with respect to the transactions and the use of proceeds from the transactions. The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to: the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters, including with respect to general rate cases and other regulatory proceedings; the impact of opposition to rate increases; our ability to recover costs; federal governmental and state regulatory commissions' decisions, including decisions on proper disposition of property; changes in state regulatory commissions' policies and procedures; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the United States Environmental Protection Agency's (EPA) finalization of a National Primary Drinking Water Regulation (NPDWR) establishing legally enforceable maximum contaminant levels (MCL) for PFAS in drinking water in 2024 as well as legal challenges to such MCLs; EPA's proposed new PFAS rulemaking, including impacts to the current PFAS NPDWR; the impact of weather, climate change, natural disasters, including wildfires and landslides and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; electric power interruptions, especially as a result of public safety power shutoff programs; availability of water supplies; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; consequences of eminent domain actions relating to our water systems; increased risk of inverse condemnation losses as a result of the impact of weather, climate change and natural disasters, including wildfires and landslides; shifts in population, including housing and customer growth; issues with the implementation, maintenance or security of our information technology and operational technology systems; physical and cyber security risks and threats and the adequacy of our efforts to mitigate such risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions, including the Oregon, Nevada and BVRT acquisitions; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations, including into other geographic areas; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, changes in tariff policy, the interest rate environment, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of geopolitical conflicts, including ongoing conflicts in the Middle East, and the prospect of shutdowns of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued and unbilled revenue; the impact of evolving legal and regulatory requirements, including sustainability requirements; the impact of the evolving U.S. political environment and changes effected, proposed, or threatened by the U.S. federal government that has led to, in some cases, legal challenges and uncertainty around the funding, functioning and policy priorities of U.S. federal regulatory agencies and the status of current and future regulations; and other risks and unforeseen events described in our Securities and Exchange Commission (SEC) filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed from time-to-time with the SEC. We are not under any obligation and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. A credit rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information.
California Water Service Group oznámila, že tržby ve 2. čtvrtletí meziročně vzrostly o 16,5 % na 308,6 milionu USD díky vyšší spotřebě vody. Firma zároveň plánuje v roce 2026 investovat 627 milionů USD.
Key Takeaways California Water's Q2 revenues rose 16.5% as higher customer consumption added $4.1 million. California Water plans to invest $627 million in 2026 to support infrastructure and rate-base growth. California Water's Nexus deal is expected to add about 36,000 customer units and $109 million of rate base. California Water Service Group (CWT - Free Report) is benefiting from higher water consumption and opportunities to expand its customer base across its service territories. Its presence across California, Hawaii, New Mexico, Texas and Washington provides a diversified customer base and opportunities to benefit from higher demand across multiple markets.
CWT’s second-quarter 2026 results indicate that customer usage remains an important growth driver. Operating revenues increased 16.5% year over year to $308.6 million, while net income rose to $56.5 million from $42.2 million. Increased customer consumption contributed $4.1 million to quarterly revenues, reflecting differences in climate conditions between the two periods and demonstrating how stronger usage can complement rate-related revenue growth.
Recent developments also highlight opportunities to expand and improve its systems. On Sept. 14, CWT announced the start of a water-supply reliability and fire-protection project in Willows, CA. On Sept. 10, Washington Water, a subsidiary of CWT, received regulatory approval for a settlement allowing an annual revenue increase of $4.1 million to recover investments supporting safe and reliable service.
CWT is also pursuing the acquisition of Nexus Water Group’s Nevada and Oregon systems, which is expected to add approximately 36,000 customer-equivalent residential units and about $109 million of rate base.
California Water Service plans to invest $627 million in 2026, supporting infrastructure upgrades and rate-base growth. Overall, rising customer demand, capital investment and regulatory recovery should provide CWT with a solid foundation for long-term growth.
Rising Customer Demand Supports Utility GrowthGrowing water demand can increase utility revenues while supporting investments in treatment capacity, distribution networks and system reliability. Expanding demand also creates opportunities for utilities to recover infrastructure costs through regulated rates and strengthen their long-term rate base.
American Water Works (AWK - Free Report) added about 52,000 customer connections through acquisitions by June 2026. The larger customer base, alongside infrastructure investment and regulated rate recovery, should support revenue and long-term growth prospects.
American States Water (AWR - Free Report) benefited from stronger demand in second-quarter 2026, as its unit Golden State Water’s customer consumption increased 4% year over year, supporting higher water-segment earnings alongside approved rate increases.
The Zacks Rundown on CWTCWT’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 19.53% and 6.09%, respectively.
Image Source: Zacks Investment Research
Debt to CapitalCWT's debt-to-capital ratio currently stands at 48.1%, lower than the Zacks Utility- Water Supply industry’s 53.66%.
Image Source: Zacks Investment Research
CWT’s Stock Price PerformanceIn the past three months, the company’s shares have risen 6.1% compared with the industry’s 4.6% growth.
WUTC schválila dohodu, která společnosti Washington Water Service umožní zvýšit roční výnosy o 4,1 milionu USD kvůli investicím do bezpečné a spolehlivé dodávky vody. Nové sazby mají začít platit v říjnu 2026.
GIG HARBOR, Wash., Sept. 10, 2026 (GLOBE NEWSWIRE) -- The Washington Utilities and Transportation Commission (WUTC) has issued a decision in Washington Water Service’s (Washington Water) application to adjust rates and recover costs for investments made to keep its East Pierce and Legacy water systems safe and reliable. The decision, which adopted the all-party settlement reached among Washington Water, WUTC staff, and the Public Counsel Unit of the Washington Attorney General’s Office, enables the California Water Service Group (Group) subsidiary to increase annual revenue by $4.1 million.
Washington Water made $26.5 million in improvements to its water systems from 2023 through 2024, the years covered in the application, to enhance service for its customers and local communities. Some of the major improvements included:
Installing 1,000 feet of new water main in the Minterbrook system; 700 feet in Sunshine Acres; 2,500 feet in the Ranch Acres Shores system; 2,000 feet in Cedar Grove; 1,000 feet in Evergreen Shores; and 7,000 feet in the Southwood system to improve reliability and fire protection, and reduce potential leaks.Installing new treatment facilities to reduce lead and copper in the Heritage Row system, arsenic in the Quistorff system, and iron and manganese in the Southwood system.Upgrading booster pump stations in the Rosario, Cedar Crest, Artondale, Southwood, Olympic Mall, and Driftwood Valley systems.Deploying Supervisory Control and Data Acquisition remote system monitoring in the Sunshine Acres, Rosario, Mirrormont, Palmer Lake, and Southwood systems.Installing a new booster pumping facility to increase reliability and capacity in the Lost Creek zone of the Southwood system.Testing, constructing facilities, and treating for certain per- and polyfluoroalkyl substances (PFAS) in accordance with new water quality regulations. “Protecting the health and safety of our customers is our highest priority, and improvements such as these help us provide high-quality, reliable drinking water for our customers,” said Martin A. Kropelnicki, Group Chairman and CEO. “We appreciate the WUTC enabling us to recover costs needed to keep delivering the quality, service, and value our communities deserve.”
Washington Water expects new rates to become effective in October 2026.
About California Water Service Group
California Water Service Group (NYSE: CWT) is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, TWSC, Inc. (Texas Water Service). This year, the company commemorates a century of service.
Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the potential timing for the increase in Washington Water’s rates to become effective and plans for related cash receipts. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to those described under the section entitled "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Hawaii Water Service požádala o úpravu sazeb v oblasti North Kona, aby pokryla investice do vodovodních a kanalizačních systémů. Pokud bude schválena, přinese asi 2,73 milionu USD ročních výnosů.
WAIKOLOA, Hawaii, Aug. 31, 2026 (GLOBE NEWSWIRE) -- California Water Service Group (Group) subsidiary Hawaii Water Service (Hawaii Water) has filed an application with the Hawaii Public Utilities Commission (HPUC) to recover costs for investments in the Kukio water and sewer systems and to serve its customers.
If approved as filed, the application would provide approximately $2.73 million in annual revenue to deliver safe, reliable water and wastewater service to Hawaii Water’s North Kona customers. The requested revenue would address system improvements and operating costs incurred since Hawaii Water’s last rate adjustment application was filed in 2019, as well as expected costs through 2027, including almost $1.66 million for the water system and nearly $1.07 million for the sewer system.
Specifically, the revenue sought by Hawaii Water is expected to help fund the recovery of about $5.53 million in water system improvements and $2.76 million in sewer system projects that have been completed since the last application was filed, some of which include:
Reverse-osmosis treatment plant controller upgrade and membrane replacements essential to continuing to meet water quality standards.New pressure-reducing valve station to help regulate water pressure.Upgrade of the Supervisory Control and Data Acquisition (SCADA) radio networks that support 24/7 remote-monitoring of the water and wastewater systems.A significant number of aging pump, motor, and valve replacements to help keep the systems functioning properly.Sewer pump station pump replacements, control upgrades, and discharge piping replacements to maintain system reliability.Replacement of a gravity sewer main to prevent leaks and operational concerns. An additional $7.92 million in water system projects and $14.93 million in sewer system projects are planned for completion by 2027 and included in the request, such as:
Rehabilitation and upgrade of a critical well and pumping facilities to expand water supply reliability.Replacement of aging valves to improve water system reliability and control.Installation, repair, and replacement of emergency backup power generators to help maintain water pressure during power interruptions and improve fire protection.Significant improvements to upgrade the Kukio Wastewater Treatment Plant to a moving-bed bioreactor process and install a necessary effluent disposal facility. “We are focused on providing safe, reliable, high-quality water and wastewater services to our Kona-area customers while operating in an efficient and environmentally responsible manner,” said Martin A. Kropelnicki, Group Chairman and CEO. “These investments support that commitment and help us continue to deliver quality, service, and value to our customers and community long-term.”
The HPUC will review and analyze Hawaii Water’s application, operations, investments, finances, and service prior to issuing a decision and setting Hawaii Water’s new rates. Hawaii Water delayed filing for rate adjustments, as its last application in 2019 did not result in an effective decision until 2023 due to pandemic-related delays. Any rate changes from this application could become effective in mid-2027.
About California Water Service Group
California Water Service Group (NYSE: CWT) is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, TWSC, Inc. (Texas Water Service). This year, the company commemorates a century of service.
Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Hawaii Water's request to increase water and sewer rates and, if approved, the potential timing for such rates to become effective and plans for related cash receipts. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to those described under the section entitled "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
BlackRock Inc. acquired a new stake in California Water Service Group (NYSE:CWT – Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 10,755,498 shares of the utilities provider’s stock, valued at approximately $523,255,000. BlackRock Inc. owned approximately 17.39% of California Water Service Group at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of CWT. Amundi boosted its holdings in shares of California Water Service Group by 26.7% in the first quarter. Amundi now owns 3,470,997 shares of the utilities provider’s stock worth $157,421,000 after acquiring an additional 732,004 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of California Water Service Group during the 2nd quarter valued at $25,642,000. Millennium Management LLC lifted its holdings in California Water Service Group by 5,365.1% during the 3rd quarter. Millennium Management LLC now owns 368,074 shares of the utilities provider’s stock worth $16,891,000 after purchasing an additional 361,339 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in California Water Service Group in the 4th quarter worth about $10,349,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in California Water Service Group by 416.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 257,970 shares of the utilities provider’s stock worth $11,696,000 after purchasing an additional 208,061 shares during the period. Institutional investors own 82.78% of the company’s stock.
Insider Buying and Selling at California Water Service Group In other news, Director Lester A. Snow sold 1,100 shares of California Water Service Group stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total transaction of $48,400.00. Following the completion of the sale, the director directly owned 18,316 shares of the company’s stock, valued at approximately $805,904. The trade was a 5.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas M. Krummel sold 3,700 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total transaction of $186,369.00. Following the completion of the transaction, the director owned 20,104 shares of the company’s stock, valued at $1,012,638.48. This trade represents a 15.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.78% of the company’s stock.
California Water Service Group Price Performance Shares of NYSE CWT opened at $50.88 on Tuesday. The stock’s 50-day simple moving average is $49.47 and its two-hundred day simple moving average is $46.57. California Water Service Group has a twelve month low of $41.29 and a twelve month high of $53.82. The firm has a market capitalization of $3.15 billion, a P/E ratio of 22.92, a P/E/G ratio of 1.76 and a beta of 0.50. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81. California Water Service Group (NYSE:CWT – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $308.60 million during the quarter, compared to the consensus estimate of $283.50 million. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.The company’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter last year, the company posted $0.71 EPS. As a group, equities analysts anticipate that California Water Service Group will post 2.57 EPS for the current fiscal year.
California Water Service Group Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a dividend of $0.335 per share. The ex-dividend date was Monday, August 10th. This represents a $1.34 annualized dividend and a dividend yield of 2.6%. California Water Service Group’s dividend payout ratio (DPR) is 60.36%.
Analyst Ratings Changes A number of research analysts have weighed in on CWT shares. Wall Street Zen raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings raised shares of California Water Service Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 4th. Robert W. Baird set a $54.00 price objective on shares of California Water Service Group in a research note on Friday, May 1st. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $53.00 price objective on shares of California Water Service Group in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, California Water Service Group presently has an average rating of “Hold” and an average price target of $54.00.
Check Out Our Latest Stock Report on California Water Service Group
(Free Report)
California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.
Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.
Further Reading Five stocks we like better than California Water Service Group Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain Snowflake Could Be Headed for New Highs Despite Insider Selling MongoDB Is Surging—And the Next Catalyst Is Almost Here Want to see what other hedge funds are holding CWT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for California Water Service Group (NYSE:CWT – Free Report).
Receive News & Ratings for California Water Service Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Water Service Group and related companies with MarketBeat.com's FREE daily email newsletter.
California Water Service a okres Tulare dokončily projekt, který přivedl bezpečnou pitnou vodu k 27 zákazníkům na Harrison Road. Investice byla více než 1,3 milionu USD.
SAN JOSE, Calif, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Residents along Harrison Road at Avenue 266 now have safe, clean, reliable drinking water for their everyday and emergency needs, thanks to a partnership among California Water Service (Cal Water), the County of Tulare, the State of California’s Department of Water Resources (DWR), and Self-Help Enterprises.
This project extended Cal Water’s water main to connect 27 customers whose wells had gone dry. More than $1.3 million in funding was secured for the project through a direct allocation of the County’s American Recovery Plan Act (ARPA) funding and DWR’s Small Community Drought Relief Program to the County of Tulare. With the grant, crews installed 2,265 feet of 8-inch pipe and 335 feet of 12-inch pipe to connect the underserved community to Cal Water’s Visalia District. Five fire hydrants were also installed to improve fire protection in the area.
“We believe that everyone should have access to safe, clean, reliable water, yet we know that’s not a reality for too many communities right here in California,” said Marty Kropelnicki, Cal Water Chairman and CEO. “We are pleased that, through this partnership with Tulare County, DWR, and Self-Help Enterprises, residents along Harrison Road can now have the dependable supply of safe, reliable water they need.”
The County of Tulare committed significant ARPA funding to address long-standing drinking water challenges in its communities. “This project was denied previous drought funding, and households have continued to receive hauled and bottled water for several years,” said Pete Vander Poel, County of Tulare District 2 Supervisor. “The County leveraged ARPA funds against new drought funding provided by DWR. This project is a prime example of state and local government working together to improve access to clean, affordable drinking water for communities that need it most.”
“DWR believes every community should have access to reliable water for drinking, irrigating, emergency, and recreation,” said Sammy Naventhan, DWR Small Community Drought Relief Program Manager. “The resilience this community and our partners have shown on this project showcases what’s possible when human right to water is at the forefront in an underserved region. DWR is proud to have worked with Self-Help Enterprises, the County of Tulare, and Cal Water to make this happen.”
About California Water Service
California Water Service provides high-quality, reliable water utility services to more than 2 million people statewide through 500,000 service connections. Cal Water’s purpose is to enhance the quality of life for customers and communities. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s 1,200 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The company, commemorating a century of service this year, has been named one of “America’s Most Responsible Companies” and one of the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwater.com.
Arrowstreet Capital Limited Partnership raised its position in shares of California Water Service Group (NYSE:CWT – Free Report) by 416.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 257,970 shares of the utilities provider’s stock after acquiring an additional 208,061 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.43% of California Water Service Group worth $11,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently modified their holdings of CWT. Danske Bank A S bought a new stake in shares of California Water Service Group in the 3rd quarter worth about $28,000. EverSource Wealth Advisors LLC grew its position in California Water Service Group by 109.9% in the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock worth $32,000 after acquiring an additional 365 shares in the last quarter. Bessemer Group Inc. grew its position in California Water Service Group by 67.9% in the first quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock worth $34,000 after acquiring an additional 301 shares in the last quarter. Advisory Services Network LLC bought a new stake in California Water Service Group during the third quarter worth approximately $44,000. Finally, CIBC Private Wealth Group LLC increased its stake in California Water Service Group by 1,475.3% during the third quarter. CIBC Private Wealth Group LLC now owns 1,150 shares of the utilities provider’s stock worth $53,000 after acquiring an additional 1,077 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors.
Insider Buying and Selling In related news, Director Lester A. Snow sold 1,100 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total value of $48,400.00. Following the transaction, the director owned 18,316 shares in the company, valued at approximately $805,904. This represents a 5.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas M. Krummel sold 3,700 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $43.30, for a total transaction of $160,210.00. Following the transaction, the director directly owned 23,805 shares of the company’s stock, valued at $1,030,756.50. This represents a 13.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.78% of the stock is owned by company insiders.
California Water Service Group Price Performance Shares of CWT stock opened at $50.08 on Friday. The company has a market capitalization of $3.00 billion, a P/E ratio of 22.56, a P/E/G ratio of 1.86 and a beta of 0.51. The company’s 50-day simple moving average is $47.88 and its two-hundred day simple moving average is $45.99. California Water Service Group has a one year low of $41.29 and a one year high of $53.82. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.70 and a quick ratio of 0.65.
California Water Service Group (NYSE:CWT – Get Free Report) last posted its earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. The company had revenue of $308.60 million for the quarter, compared to analyst estimates of $283.50 million. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, equities analysts anticipate that California Water Service Group will post 2.56 EPS for the current year.
California Water Service Group Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be paid a $0.335 dividend. The ex-dividend date is Monday, August 10th. This represents a $1.34 dividend on an annualized basis and a yield of 2.7%. California Water Service Group’s dividend payout ratio (DPR) is 67.00%.
Analyst Upgrades and Downgrades A number of equities analysts recently commented on the stock. Weiss Ratings raised shares of California Water Service Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 12th. Wall Street Zen raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Robert W. Baird set a $54.00 target price on California Water Service Group in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, California Water Service Group has a consensus rating of “Hold” and a consensus target price of $54.00.
Check Out Our Latest Stock Analysis on California Water Service Group
California Water Service Group News Summary Here are the key news stories impacting California Water Service Group this week:
Positive Sentiment: Second-quarter earnings per diluted share rose to $0.93 from $0.71 a year earlier, exceeding the $0.79 consensus estimate. Revenue increased 16.5% to $308.6 million, above expectations of $283.5 million, helped by rate-case catch-up revenue, rate changes, and higher customer usage. California Water Q2 Earnings Beat on Rate Case Catch-Up & Higher Usage Positive Sentiment: The final California general rate-case decision provides additional earnings visibility, with authorized rate adjustments expected to add $90.5 million, or 10.9%, to 2026 company-wide revenue. Management also anticipates a roughly $3.5 billion rate base by the end of 2028 as the new regulatory framework takes effect. CWT anticipates $3.5B rate base by end of 2028 Positive Sentiment: CWT invested a record $147 million in infrastructure during the quarter and $276.4 million in the first half, supporting long-term rate-base growth. Progress on the planned $218 million Nexus Water Group acquisition could add approximately 36,000 customer-equivalent units and $109 million of rate base, subject to regulatory approvals. Positive Sentiment: The company declared its 326th consecutive quarterly dividend and is implementing an 8% annual dividend increase to approximately $1.34 per share, reinforcing its appeal as an income-oriented utility. Neutral Sentiment: Management’s longer-term outlook remains tied to regulatory approvals, acquisition closing conditions, customer usage trends, and the pace of infrastructure investment. California Water Service Group Reports Strong Second Quarter 2026 Financial Results Negative Sentiment: Operating expenses grew to $237.7 million from $213.1 million, including a $6.3 million increase in water-production costs from higher wholesale rates and a $7 million increase in income taxes. Continued record capital spending may also pressure near-term cash flow and increase financing needs. Negative Sentiment: With shares trading near the upper end of their 52-week range and at roughly 25 times earnings, the strong results may have been largely anticipated, encouraging profit-taking despite the quarterly beat. Recent reported insider activity also showed selling rather than buying. California Water Service Group Profile (Free Report)
California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.
Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.
Further Reading Five stocks we like better than California Water Service Group Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding CWT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for California Water Service Group (NYSE:CWT – Free Report).
Receive News & Ratings for California Water Service Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Water Service Group and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEDXC Technology Company. $DXC Shares Sold by Arrowstreet Capital Limited Partnership
California Water Service Group oznámila za 2. čtvrtletí čistý zisk 56,5 mil. USD a výnosy 308,6 mil. USD, obojí meziročně vyšší. Firma zároveň získala konečné rozhodnutí ve věci 2024 CA GRC, které podporuje další investice a růst sazeb.
SAN JOSE, Calif., July 29, 2026 (GLOBE NEWSWIRE) -- California Water Service Group (Group or the Company, NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported strong second quarter 2026 results.
Second Quarter 2026 Results Reflect Resolution of the 2024 California General Rate Case (2024 CA GRC)
The Company reported that second-quarter 2026 results were in line with expectations as the Company received a final decision on the 2024 CA GRC at the end of April. The Company recognized the decision retroactively to January 1, 2026, as provided for in its California Interim Rates Memorandum Account (IRMA).
Q2 2026 net income was $56.5 million, or $0.93 per diluted share, compared to net income of $42.2 million, or $0.71 per diluted share, in Q2 2025. Q2 2026 revenue was $308.6 million, compared to revenue of $265.0 million in Q2 2025.
IRMA revenue related to the delayed 2024 CA GRC and implementation of new rates added $15.3 million, $9.2 million of which related to Q1 2026.Rate changes and changes in regulatory mechanisms added $15.0 million.Increased customer consumption increased revenue by $4.1 million due to variability in climate conditions between the two quarters.Deferred revenue expected to be collected within the next 24 months related to prior year regulatory mechanisms added $9.3 million of revenue. Q2 2026 operating expenses were $237.7 million, compared to operating expenses of $213.1 million in Q2 2025.
Water production costs increased by $6.3 million, primarily due to increases in wholesale water rates.Other operations expenses increased by $13.4 million, of which $7.9 million related to recognized deferred revenue related to prior year’s regulatory mechanisms and $2.1 million related to conservation program activities.Depreciation and amortization expenses decreased by $6.5 million due to lower depreciation rates in California approved in the 2024 CA GRC.Income taxes increased by $7.0 million as a result of a reduction in the Tax Cuts and Jobs Act (TCJA) deferred accrued income tax amortization and higher pre-tax income. YTD 2026 Financial Results Also Reflect Resolution of the 2024 CA GRC
YTD 2026 net income was $60.5 million, or $1.01 per diluted share, compared to YTD 2025 net income of $55.5 million, or $0.93 per diluted share. YTD 2026 revenue was $523.2 million, compared to YTD 2025 revenue of $468.9 million.
IRMA revenue related to the delayed 2024 CA GRC and implementation of new rates added $15.3 million.Rate changes and changes in regulatory mechanisms added $29.5 million.Deferred revenue expected to be collected within the next 24 months related to prior year regulatory mechanisms added $8.5 million of revenue. YTD 2026 operating expenses were $434.1 million compared to YTD 2025 operating expenses of $394.8 million.
Water production costs increased by $14.7 million, primarily due to increases in wholesale water rates.Other operations expenses increased by $15.8 million, of which $8.0 million related to recognized deferred revenue related to prior year’s regulatory mechanisms and $2.6 million related to conservation program activities.Depreciation and amortization expenses decreased by $2.5 million due to lower depreciation rates in California approved in the 2024 CA GRC.Income taxes increased by $6.0 million as a result of a reduction in the TCJA deferred accrued income tax amortization and higher pre-tax income. “Receiving the final decision in our 2024 CA GRC provides the regulatory framework needed to continue investing in the infrastructure our customers depend on, while supporting long-term earnings and cash flow visibility,” said Chairman and Chief Executive Officer Martin A. Kropelnicki. “The decision authorizes meaningful rate adjustments through 2028, approximately $1.68 billion of infrastructure investments through 2027, and new revenue stabilization mechanisms that better align cost recovery with our investment profile and help mitigate the impacts of changes in customer water usage.”
“During the quarter, we also achieved a record level of infrastructure investment as we continue modernizing and strengthening our water systems across our service territories. In addition, we made meaningful progress on our planned acquisition of Nexus Water Group's systems in Nevada and Oregon, including filing Change of Control applications with the applicable regulatory agencies. Finally, we declared our 326th consecutive quarterly dividend,” Kropelnicki added. “These actions reflect our disciplined approach to investing in our business, growing our regulated footprint, and creating long-term value for our customers, communities, and stockholders.”
Cal Water Receives Final Decision on the 2024 CA GRC
Subsidiary California Water Service Company (Cal Water) received a final decision from the CPUC on its 2024 CA GRC and Infrastructure Improvement Plan on April 30, 2026.
The decision authorizes rate adjustments expected to increase company-wide revenue by $90.5 million, or 10.9%, in 2026; $43.2 million, or 4.7%, in 2027; and $48.9 million, or 5.1%, in 2028. In addition, the decision authorizes approximately $1.45 billion of pre-approved infrastructure investments through 2027 to support continued delivery of safe, clean, and reliable water service, with up to an additional $229 million of projects eligible for recovery through the CPUC's advice letter process.
The decision also renews key revenue stabilization mechanisms, including the Monterey-style Water Revenue Adjustment Mechanism and water production incremental cost balancing accounts, establishes a new Sales Reconciliation Mechanism, and approves a rate design that increases recovery of fixed costs regardless of water sales. These mechanisms are designed to support more predictable cost recovery while helping mitigate the financial impact of customer usage variability and other uncertain costs.
Company Invests a Record $147 Million in Infrastructure in Second Quarter 2026
In the second quarter of 2026, the Company invested $147 million in infrastructure needed to continue providing safe, reliable water supply to customers, compared to $119 million in the second quarter of 2025. Through the first half of 2026, the Company invested a record $276.4 million in infrastructure, compared to $229.5 million invested in the first half of 2025. Overall, based on the final 2024 CA GRC decision, the Company anticipates investing up to $627 million in 2026.
Company Continues to Make Progress on Water System Acquisitions
In February 2026, the Company announced an agreement to acquire Nexus Water Group’s water and wastewater systems in Nevada and Oregon for approximately $218 million. The transaction is expected to add approximately 36,000 customer equivalent residential units and about $109 million of rate base, further strengthening its position as a leading regulated water and wastewater utility in the western United States.
The acquisition remains subject to customary regulatory approvals and closing conditions, but remains on track with the Company filing Change of Control applications with the public utilities commissions in Nevada and Oregon in April and continuing integration activities.
In Texas, the Company received notification that its change in control application has been deemed complete by the Public Utility Commission of Texas.
Company Delivers Strong Dividend Performance
During the first quarter, the Company announced its intent to increase the annual dividend by 8%, or $0.10 per common share, which is expected to result in an annualized dividend of $1.34 per common share. The Board of Directors has declared a quarterly dividend in the amount of $0.3350 per common share that will be payable on August 21, 2026 to stockholders of record as of August 10, 2026. This marks the Company’s 326th consecutive quarterly dividend and its 59th annual dividend increase.
For additional details, please see the Form 10-Q which will be available at:
www.calwatergroup.com/investors/financials-filings-reports/sec-filings, or listen to the earnings teleconference or teleconference replay.
Quarterly Earnings Teleconference Scheduled
The quarterly teleconference will take place on July 30, 2026, at 8 a.m. PT/11 a.m. ET. To join, dial 1-800-715-9871 or 1-646-307-1963 and key in ID# 5478283, or access the live audio webcast at
edge.media-server.com/mmc/p/p8cvrm58/.
A replay of the call will be available from 2 p.m. ET on July 30, 2026, through September 28, 2026, at 1-800-770-2030 or 1-609-800-9909 by keying in ID# 5478283, or by accessing the webcast above. The call will be hosted by Chairman and Chief Executive Officer Martin A. Kropelnicki and Senior Vice President, Chief Financial Officer and Treasurer James P. Lynch. Prior to the call, the Company will publish a slide presentation on its website.
About California Water Service Group
Group is the parent company of regulated utilities Cal Water, Hawaii Water Service, New Mexico Water Service and Washington Water Service, as well as Texas Water Service (TWSC, Inc.), a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas. Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the Company’s expected financial performance, expectations regarding the Company’s plans and proposals pursuant to the 2024 CA GRC and the anticipated closing of the Company’s acquisition of Nexus Water Group’s Nevada and Oregon subsidiaries and expected integration of the acquired systems and benefits resulting from the acquisition. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to: the outcome and timeliness of regulatory commissions’ actions concerning rate relief and other matters, including with respect to general rate cases and other regulatory proceedings; the impact of opposition to rate increases; our ability to recover costs; federal governmental and state regulatory commissions’ decisions, including decisions on proper disposition of property; changes in state regulatory commissions’ policies and procedures; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the United States Environmental Protection Agency’s (EPA) finalization of a National Primary Drinking Water Regulation (NPDWR) establishing legally enforceable maximum contaminant levels (MCL) for PFAS in drinking water in 2024 as well as legal challenges to such MCLs; EPA’s proposed new PFAS rulemaking, including impacts to the current PFAS NPDWR; the impact of weather, climate change, natural disasters, including wildfires and landslides and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; electric power interruptions, especially as a result of public safety power shutoff programs; availability of water supplies; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; consequences of eminent domain actions relating to our water systems; increased risk of inverse condemnation losses as a result of the impact of weather, climate change and natural disasters, including wildfires and landslides; shifts in population, including housing and customer growth; issues with the implementation, maintenance or security of our information technology and operational technology systems; physical and cyber security risks and threats and the adequacy of our efforts to mitigate such risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions, including the Oregon, Nevada and BVRT acquisitions; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations, including into other geographic areas; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, changes in tariff policy, the interest rate environment, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of geopolitical conflicts, including ongoing conflicts in the Middle East, and the prospect of shutdowns of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued and unbilled revenue; the impact of evolving legal and regulatory requirements, including sustainability requirements; the impact of the evolving U.S. political environment and changes effected, proposed, or threatened by the U.S. federal government that has led to, in some cases, legal challenges and uncertainty around the funding, functioning and policy priorities of U.S. federal regulatory agencies and the status of current and future regulations; and other risks and unforeseen events described in our Securities and Exchange Commission (“SEC”) filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly 10-Q and other reports filed from time-to-time with the SEC. We are not under any obligation and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. A credit rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information.
CONTACT:Jim Lynch, (408) 367-8200 (analysts) Shannon Dean (408) 367-8243 (media) CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands, except per share data)June 30,
2026 December 31,
2025ASSETS Utility plant: Utility plant$6,182,880 $5,909,242 Less accumulated depreciation and amortization (1,371,706) (1,329,652)Net utility plant 4,811,174 4,579,590 Current assets: Cash and cash equivalents 43,445 51,820 Restricted cash 45,697 45,553 Receivables: Customers, net 72,315 56,322 Short-term regulatory assets 91,122 72,511 Other, net 48,327 49,004 Accrued and unbilled revenue, net 56,695 39,674 Materials and supplies 18,334 19,784 Taxes, prepaid expenses, and other assets 31,250 19,760 Total current assets 407,185 354,428 Other assets: Regulatory assets 334,709 339,865 Goodwill 37,063 37,063 Other assets 364,833 360,219 Total other assets 736,605 737,147 TOTAL ASSETS$5,954,964 $5,671,165 CAPITALIZATION AND LIABILITIES Capitalization: Common stock, $0.01 par value; 136,000 shares authorized, 61,839 and 59,638 outstanding on
June 30, 2026 and December 31, 2025, respectively$618 $596 Additional paid-in capital 1,070,262 973,454 Retained earnings 749,745 729,276 Accumulated other comprehensive loss (13,152) (13,922)Noncontrolling interests 2,619 2,571 Total equity 1,810,092 1,691,975 Long-term debt, net 1,471,948 1,471,968 Total capitalization 3,282,040 3,163,943 Current liabilities: Current maturities of long-term debt, net 590 2,270 Short-term borrowings 205,000 130,000 Accounts payable 201,432 175,729 Short-term regulatory liabilities 94,248 25,458 Accrued other taxes 3,744 6,048 Accrued interest 13,115 12,976 Other accrued liabilities 62,541 65,683 Total current liabilities 580,670 418,164 Deferred income taxes 466,636 450,946 Regulatory liabilities 903,905 929,814 Pension 95,191 94,226 Advances for construction 211,191 210,638 Contributions in aid of construction 305,106 297,016 Other long-term liabilities 110,225 106,418 Commitments and contingencies TOTAL CAPITALIZATION AND LIABILITIES$5,954,964 $5,671,165 CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating revenue$308,596 $264,954 $523,169 $468,927 Operating expenses: Operations: Water production costs 91,843 85,503 163,172 148,494 Administrative and general 36,221 33,317 69,907 67,491 Other operations 45,144 31,695 76,377 60,531 Maintenance 9,150 9,043 17,516 16,711 Depreciation and amortization 29,536 36,029 69,500 71,985 Income tax expense 13,872 6,915 13,946 7,950 Property and other taxes 11,931 10,643 23,688 21,611 Total operating expenses 237,697 213,145 434,106 394,773 Net operating income 70,899 51,809 89,063 74,154 Other income and expenses: Non-regulated revenue 6,241 4,911 11,462 9,992 Non-regulated expenses (3,579) (2,868) (9,036) (6,334)Other components of net periodic benefit credit 2,288 4,589 6,260 9,389 Allowance for equity funds used during construction 2,085 1,898 4,164 3,695 Income tax expense on other income and expenses (1,716) (1,752) (3,107) (3,455)Net other income 5,319 6,778 9,743 13,287 Interest expense: Interest expense 20,809 17,464 40,428 33,973 Allowance for borrowed funds used during construction (1,044) (927) (2,112) (1,784)Net interest expense 19,765 16,537 38,316 32,189 Net income 56,453 42,050 60,490 55,252 Net loss attributable to noncontrolling interests (12) (118) (12) (247)Net income attributable to California Water Service
Group$56,465 $42,168 $60,502 $55,499 Earnings per share of common stock: Basic$0.94 $0.71 $1.01 $0.93 Diluted$0.93 $0.71 $1.01 $0.93 Weighted average shares outstanding: Basic 60,357 59,574 60,030 59,542 Diluted 60,434 59,629 60,105 59,590 Dividends per share of common stock$0.34 $0.34 $0.67 $0.64
July 29, 2026 16:15 ET | Source: California Water Service Group
SAN JOSE, Calif., July 29, 2026 (GLOBE NEWSWIRE) -- At its meeting on July 29, 2026, the California Water Service Group (NYSE: CWT) Board of Directors declared the Company’s 326th consecutive quarterly dividend in the amount of $0.3350 per common share, payable on August 21, 2026, to stockholders of record as of the close of business on August 10, 2026.
About California Water Service Group
California Water Service Group is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, Texas Water Service. This year, the Company commemorates a century of service.
Group’s purpose is to enhance the quality of life for customers, communities, employees, and stockholders. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The Company’s nearly 1,300 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The Company has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwatergroup.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions, are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the expected timing of the quarterly dividend payment. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to, those described under the section entitled “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q, and our other Securities and Exchange Commission filings. In light of these risks, uncertainties, and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
California Water Service Group má ve čtvrtek před otevřením trhu oznámit hospodářské výsledky za 2. čtvrtletí 2026. Analytici čekají zisk na akcii 0,79 USD a tržby 283,50 milionu USD.
California Water Service Group (NYSE:CWT – Get Free Report) is projected to post its Q2 2026 results before the market opens on Thursday, July 30th. Analysts expect the company to announce earnings of $0.79 per share and revenue of $283.50 million for the quarter. Interested persons can check the company’s upcoming Q2 2026 earning overview page for the latest details on the call scheduled for Thursday, July 30, 2026 at 11:00 AM ET.
California Water Service Group (NYSE:CWT – Get Free Report) last posted its earnings results on Thursday, April 30th. The utilities provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.18). The company had revenue of $214.57 million during the quarter, compared to the consensus estimate of $210.27 million. California Water Service Group had a return on equity of 7.06% and a net margin of 11.77%.The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $0.22 EPS. On average, analysts expect California Water Service Group to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.
California Water Service Group Price Performance Shares of CWT opened at $51.02 on Thursday. The firm has a fifty day simple moving average of $46.78 and a two-hundred day simple moving average of $45.62. The firm has a market cap of $3.05 billion, a PE ratio of 25.51, a P/E/G ratio of 1.86 and a beta of 0.51. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 0.87. California Water Service Group has a 1-year low of $41.29 and a 1-year high of $52.51.
California Water Service Group Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were issued a $0.335 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.34 annualized dividend and a dividend yield of 2.6%. California Water Service Group’s payout ratio is presently 67.00%.
Wall Street Analysts Forecast Growth A number of research firms recently commented on CWT. Wall Street Zen upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings raised California Water Service Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 12th. Finally, Robert W. Baird set a $54.00 price target on California Water Service Group in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, California Water Service Group presently has a consensus rating of “Moderate Buy” and an average target price of $54.50.
Get Our Latest Stock Report on California Water Service Group
Insider Activity at California Water Service Group In related news, Director Thomas M. Krummel sold 3,700 shares of California Water Service Group stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $43.30, for a total transaction of $160,210.00. Following the transaction, the director directly owned 23,805 shares in the company, valued at approximately $1,030,756.50. The trade was a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lester A. Snow sold 1,100 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total value of $48,400.00. Following the sale, the director directly owned 18,316 shares of the company’s stock, valued at $805,904. This represents a 5.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.78% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows Several institutional investors have recently made changes to their positions in CWT. Algert Global LLC raised its stake in California Water Service Group by 17.9% during the 3rd quarter. Algert Global LLC now owns 6,257 shares of the utilities provider’s stock worth $287,000 after acquiring an additional 950 shares during the period. Entropy Technologies LP bought a new position in shares of California Water Service Group in the third quarter worth approximately $288,000. Russell Investments Group Ltd. boosted its position in shares of California Water Service Group by 214.8% in the third quarter. Russell Investments Group Ltd. now owns 6,259 shares of the utilities provider’s stock worth $287,000 after purchasing an additional 4,271 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of California Water Service Group by 664.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,286 shares of the utilities provider’s stock worth $286,000 after purchasing an additional 5,464 shares in the last quarter. Finally, Oxford Asset Management LLP purchased a new stake in shares of California Water Service Group in the second quarter worth $234,000. Institutional investors own 82.78% of the company’s stock.
About California Water Service Group (Get Free Report)
California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.
Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.
Featured Stories Five stocks we like better than California Water Service Group Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
Receive News & Ratings for California Water Service Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Water Service Group and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINESavers Value Village (SVV) Projected to Release Quarterly Earnings on Thursday
CWT plánuje v roce 2026 investice ve výši 627 milionů USD a v roce 2027 ve výši 667 milionů USD do infrastruktury. Schválený plán Cal Water za 1,45 miliardy USD má umožnit zvyšování ročních výnosů v letech 2026, 2027 a 2028.
Key Takeaways CWT plans $627 million in 2026 and $667 million in 2027 for infrastructure upgrades.Cal Water's approved $1.45 billion plan allows annual revenues increases through 2028.CWT expects rate base growth above 11.1% annually, exceeding $3.2 billion by 2027. California Water Service Group (CWT - Free Report) is benefiting from strategic investments that support the upgrade and replacement of aging infrastructure. These investments focus on improving system reliability, enhancing water quality and boosting operational efficiency, thereby strengthening service delivery.
The company plans to invest $627 million in 2026 and $667 million in 2027, respectively, to support rate base expansion and sustainable long-term earnings growth. These investments strengthen infrastructure, support PFAS treatment, improve efficiency, enhance water system reliability and address quality requirements.
Recently, CWT’s subsidiary, Cal Water, received approval from the California Public Utilities Commission to invest $1.45 billion through 2027 in water quality, system reliability, power-outage resilience, cybersecurity and long-term water supply projects. The decision allows the company to increase annual revenues by $90.5 million in 2026, $43.2 million in 2027 and $48.9 million in 2028.
CWT expects infrastructure and other capital investments to support a more than 11.1% compound annual rate base growth, with the rate base projected to exceed $3.2 billion by 2027.
The company’s planned acquisition of water and wastewater systems could expand its customer base and create additional infrastructure investment opportunities. Overall, continued capital spending, regulatory support and rate-base growth could provide a strong foundation for sustainable earnings growth, although regulatory approvals, financing costs and execution risks remain important considerations.
Aging Water Utility Infrastructure Calls for UpgradesAs per the U.S Environmental Protection Agency, nearly $1.25 trillion will be needed over the next 20 years for water and wastewater infrastructure improvements. Aging water infrastructure creates investment opportunities as utilities replace old pipelines, upgrade treatment facilities and improve system reliability
American Water Works (AWK - Free Report) continues to invest in upgrading, expanding and maintaining its water and wastewater infrastructure. The company plans to spend $3.7 billion in 2026 and $19-$20 billion from 2026 through 2030 to support system reliability and long-term growth.
American States Water (AWR - Free Report) plans to invest $185-$225 million in 2026 to strengthen and improve infrastructure, support rate base growth and create long-term financial opportunities.
The Zacks Rundown on CWTCWT’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 19.07% and 7.03%, respectively.
Image Source: Zacks Investment Research
Debt to CapitalCWT's debt-to-capital ratio currently stands at 50.29%, lower than the Zacks Utility- Water Supply industry’s 54.63%.
Image Source: Zacks Investment Research
CWT’s Stock Price PerformanceIn the past month, the company’s shares have risen 13.6% compared with the industry’s 8.6% growth.
California Water Service dokončila nákup vodovodní sítě Palm Mutual Water Company a začne obsluhovat její zákazníky v oblasti Bakersfield District. Síť zásobuje odhadem 250 obyvatel.
SAN JOSE, Calif., July 01, 2026 (GLOBE NEWSWIRE) -- Following its agreement to acquire Palm Mutual Water Company (Palm Mutual) in May 2025 and subsequent approval by the California Public Utilities Commission, California Water Service (Cal Water) has completed the purchase of Palm Mutual’s water system assets and will now begin serving its customers through Cal Water’s Bakersfield District.
The Palm Mutual system serves an estimated 250 residents through 63 residential customer connections and is located just two miles from Cal Water’s Northeast Bakersfield Treatment Plant. Cal Water already serves Palm Mutual through a master meter interconnection, since Palm Mutual did not own or operate its own sources of supply. Cal Water plans to upgrade the system’s infrastructure over time to help support long-term water quality and reliability.
“We believe everyone should have access to safe, clean, reliable, and affordable water and that bringing Palm Mutual’s water system into our Bakersfield District will help its customers have the high-quality water they need for their everyday use and emergencies, both now and into the future,” said Martin A. Kropelnicki, Cal Water Chairman and CEO. “We welcome Palm Mutual’s customers to California Water Service and look forward to serving them.”
Cal Water, the largest subsidiary of California Water Service Group (NYSE: CWT), is regulated by the CPUC, which approved the acquisition in December 2025. Cal Water’s Bakerfield District already serves about 445,600 people through approximately 120,000 service connections in its own system and the City of Bakersfield water system, which it operates.
About California Water Service
California Water Service provides high-quality, reliable water utility services to more than 2.1 million people statewide through 500,000 service connections. Cal Water’s purpose is to enhance the quality of life for customers and communities. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s 1,200 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The utility, commemorating a century of service this year, has been named one of “America’s Most Responsible Companies” and one of the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwater.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions, are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Cal Water’s expectations regarding operating and investing in the Palm Mutual system. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to, our ability to integrate the business and operate the Palm Mutual water system in an effective and accretive manner as well as those described under the section entitled "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q, and our other Securities and Exchange Commission filings. In light of these risks, uncertainties, and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
