CPUC adopts decision on Cal Water's 2021 rate case; approves $1.21B infrastructure investment

CALIFORNIA WATER SERVICE GROUP

CPUC increases 2023 adopted revenues by ~$39.2M retroactive to Jan 1, 2023; up to $32.2M for 2024 and $31.7M for 2025.
Authorizes ~$1.21B in water system infrastructure projects from 2021 through 2024, including ~$160M via advice letter process.
Progressive rate design approved: lowers cost of initial consumption units, increases fixed-cost recovery in service charge.
From 2021-2023, Cal Water completed >85% of previously approved projects, spending nearly 100% of approved capital budget.
Next General Rate Case and Infrastructure Improvement Plan scheduled for filing in July 2024.

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