Aqua America Chairman: Pennsylvania Will Play Key Role in the Nation’s
Energy and Economic Development
BRYN MAWR, Pa. -- January 18, 2013
Aqua America, Inc. (NYSE: WTR) Chairman and CEO Nicholas DeBenedictis said
today that “Investment in energy infrastructure will enable Pennsylvania to
play a key role in the energy and economic development that will assure a
vibrant economic future for our country. We live in an energy-rich state and
with smart and prudent infrastructure investment, we can assure a healthy
economic future that includes, among other things, energy independence and
living-wage jobs for residents throughout the Commonwealth.”
His remarks were made today at a symposium in Philadelphia that addressed the
future economic impact of pension funding and energy development sponsored by
Temple University’s Center on Regional Politics.
DeBenedictis said, “The Commonwealth has always been a rich source of energy
for the world. In the days of William Penn our rich abundance of trees and
timber used for building and burning were center stage. Then came coal, with
the first commercially mined load of anthracite shipped down the Susquehanna
River in the early 1800s. And although not well known, in 1859, the very first
US oil well was drilled, not in Texas, not in California - but in
Pennsylvania. This is where companies like Pennzoil and Quaker State got their
start and their names.”
DeBenedictis said today, Pennsylvania and other states have the opportunity to
take advantage of the natural gas bounty made possible through new technology
for shale drilling. “The natural gas industry will become the biggest economic
driver in Pennsylvania since the heydays of coal and steel, and along with it
will come a bounty of energy careers and jobs.
“Pennsylvania is literally sitting on massive amounts of natural gas. If
managed correctly, we have the opportunity to renew the energy industry in the
Commonwealth and provide clean-burning, environmentally friendly fuel that can
play a significant role in reducing our nation’s dependence on foreign oil,”
said DeBenedictis, whose company has already made a commitment to turning over
much of its vehicle fleet to compressed natural gas (CNG).
DeBenedictis said he is very impressed with the Pennsylvania Department of
Environmental Protection’s work in creating regulations and an enforcement
team to ensure that the Marcellus Shale industry is managed correctly. “When
it comes to the environment, you don’t get many second chances. Today, we have
the opportunity to show the world how to use this land in a way that is good
for people, the economy and the earth, unlike a century or more ago when many
coal companies grabbed the coal and left the land in worse shape than they
Aqua America is one of the largest U.S.-based, publicly-traded water utilities
and serves almost 3 million residents in Pennsylvania, Florida, Georgia,
Illinois, Indiana, New Jersey, North Carolina, Ohio, Texas and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol WTR.
Visit www.aquaamerica.com for more information.
Aqua America, Inc.
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