Company Overview of Golden State Water Company
Golden State Water Company, a public utility company, engages in the purchase, production, distribution, and sale of water to residential and commercial customers in California. It operates through two segments, Water and Electric. The company also distributes electricity in various San Bernardino County mountain communities in California through its Bear Valley Electric Service division. As of December 31, 2016, it served approximately 261,002 water customers and 23,940 electric customers. In addition, the company owns and operates 87.8 miles of overhead 34.5 kilovolt(kv) transmission lines, 2.7 miles of underground 34.5 kv transmission lines, 488.6 miles of 4.16 kv or 2.4 kv distribution l...
630 East Foothill Boulevard
San Dimas, CA 91773
Founded in 1929
Key Executives for Golden State Water Company
Chief Executive Officer, President and Director
CFO, Principal Accounting Officer, Senior VP of Finance, Treasurer and Corporate Secretary
Senior Vice President of Operations
Senior Vice President of Regulated Utilities
Senior Vice President of Administration
Compensation as of Fiscal Year 2017.
Golden State Water Company Key Developments
Golden State Water Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
May 2 17
Golden State Water Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the three months ended March 31, 2017, the company’s diluted earnings per share increased by $0.03 to $0.25 per share as compared to the same period in 2016.
California Public Utilities Commission Approves Water General Rate Case for Golden State Water Company
Dec 20 16
American States Water Company announced that on December 15, 2016, the California Public Utilities Commission approved the water general rate case for the company’s wholly owned subsidiary, Golden State Water Company. Golden State Water Company had filed a general rate case application in July 2014 for all of its water regions and the general office to determine new rates for the years 2016 – 2018. The new rates approved by the California Public Utilities Commission are retroactive to January 1, 2016. Among other things, the final decision authorizes Golden State Water Company to invest approximately $250 million in capital infrastructure for years 2015 through 2017 in order to continue to provide safe and reliable water to its customers. Adopted revenues for 2016 associated with capital infrastructure are based on California Public Utilities Commission-approved projected capital expenditures for 2015 and 2016. Due to the delay in the water rate case, water revenues as reported for the nine months ended September 30, 2016 had been adjusted based on settlements reached with the California Public Utilities Commission’s Office of Ratepayer Advocates to reflect reductions in supply costs caused by lower consumption; depreciation expense resulting from an updated depreciation study; and other operating expenses. The primary litigated issues in the rate case related to Golden State Water Company’s capital expenditure requests and compensation for managerial level employees. Due to the unpredictability of the final decision outcome, the water revenues reported for the nine months ended September 30, 2016 in the company’s Form 10-Q filed with the Securities and Exchange Commission on November 2, 2016, reflected the assumption that the California Public Utilities Commission would adopt Golden State Water Company’s position in its entirety on these two litigated issues. The final decision issued by the California Public Utilities Commission on December 15, 2016, among other things, authorized 87% of Golden State Water Company’s capital requests in customer rates; allowed only a portion of the executive incentive programs; approved recovery for certain expenses incurred in prior years; and adopted consumption levels which reflect state-mandated conservation targets that were imposed by the governor of California during the processing of the application. In addition, in accordance with the settlement between Golden State Water Company and Office of Ratepayer Advocates, the decision used updated inflation index values to calculate operating expense increases for 2015 and 2016. These recent inflation indices are much lower than the inflation indices used in July 2014 when the water rate case application was filed.
Golden State Water Company Provides Update on Legal Case by City of Claremont
Dec 14 16
American States Water Company announced that the County of Los Angeles Superior Court issued its final decision rejecting the City of Claremont's attempt to seize the Claremont water system by eminent domain in the legal case between American States' wholly owned subsidiary, Golden State Water Company, and the City of Claremont. In December 2014, the City initiated legal action to acquire the water system by filing a complaint in eminent domain against Golden State Water Company. The trial to determine the City's right to seize the water system by eminent domain concluded in August 2016. On December 9, 2016, the presiding judge entered the final decision rejecting the City's attempt to take over Golden State Water Company's Claremont water system. The Court will dismiss the complaint because Golden State has proven that the City's plans for operation of the Claremont water system do not provide adequate assurance that it will maintain water quality, safety and reliability in the Claremont service area at the level now provided by Golden State.
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