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American Water Works (NYSE:AWK) +1.2% in Monday’s trading after its New Jersey American Water unit filed a new rate request, driven by more than $1.3B in capital investments through year-end 2024.
In a petition with the New Jersey Board of Public Utilities, the unit seeks a $161.7M total annual revenue increase.
If the proposed rates are approved as requested, the water bill for the average residential customer using 5,640 gallons per month would increase ~$11.30/month, and the average monthly residential wastewater bill would rise ~$6.16/month, the company said.
Noting American Water Works (AWK) also has a pending rate case in Pennsylvania, Janney Montgomery analyst Michael Gaugler said “the increasing frequency of filings is certainly causing some concern with various stakeholders, but our view is companies are likely to get most of the requested rates,” according to Bloomberg.
