American Water CEO Provides Testimony to Congress on Solutions to Nation’s Water Infrastructure Financing Needs

  American Water CEO Provides Testimony to Congress on Solutions to Nation’s
  Water Infrastructure Financing Needs

Business Wire

VOORHEES, N.J. -- March 13, 2013

American Water Works Company, Inc. (NYSE: AWK), the largest publicly traded
U.S. water and wastewater utility company, announced its president and chief
executive officer, Jeff Sterba, is today providing testimony before the U.S.
House of Representatives Appropriations Subcommittee on Interior, Environment
and Related Agencies.

Sterba, who is representing both American Water and the National Association
of Water Companies (NAWC), is presenting potential financing solutions to help
water providers nationwide repair and replace aging water and wastewater
systems. As the nation’s water and wastewater infrastructure is in critical
need of repair, it has become increasingly important for water utilities to
gain access to private funds for financing upgrades to their pipes, pumps and
plants.

“I am pleased to present actions we can take together as a nation to unleash
more tools for the financing toolbox, through innovation and by embracing the
powerful combination of public service and private enterprise to build the
water infrastructure our communities need to thrive and to be healthy,” said
Sterba. “The country’s aging infrastructure is a severe challenge for the
water industry as evidenced by the 650 water main breaks every day and two
trillion gallons of treated water lost every year at an estimated cost of $2.6
billion. Aging and deteriorating public water systems threaten economic
vitality and public health, and communities nationwide are faced with massive
fiscal challenges to replace critical water and wastewater infrastructure.”

Sterba continued, “The challenges we face to protect and maintain our water
and wastewater systems and make the investments needed for continuing growth
and new public health and environmental standards seem vast, but they need not
paralyze us. The tools I am proposing will help attract additional private
capital for the long-term, reliable investments that well-run water utilities
provide. These tools will also provide municipalities with additional
flexibility to deliver cost-effective and sustainable solutions in addressing
their water and wastewater system and for improving their overall fiscal
health.”

Sterba’s written testimony is posted on American Water’s website, in the press
resources section at http://pr.amwater.com/PressResources/resources.cfm.

Founded in 1886, American Water is the largest publicly traded U.S. water and
wastewater utility company. With headquarters in Voorhees, N.J., the company
employs approximately 6,700 dedicated professionals who provide drinking
water, wastewater and other related services to an estimated 14 million people
in more than 30 states and parts of Canada. More information can be found at
www.amwater.com.

Click here to subscribe to Mobile Alerts for American Water.

Contact:

American Water Works Company, Inc.
Denise Venuti Free
External Communications Manager
856-309-4690
denise.free@amwater.com
 
Press spacebar to pause and continue. Press esc to stop.