American States Water Company Announces Action by the California Public Utility Commission.Business Editors SAN DIMAS, Calif.--(BUSINESS WIRE)--Aug. 23, 2001 American States Water Company, (NYSE NYSE See: New York Stock Exchange :AWR AWR Automatic Workload Repository (Oracle database) AWR Applied Wave Research (El Segundo, CA) AWR Adventist World Radio AWR Advanced Warranty Replacement AWR American Warmblood Registry ) announced that the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, (CPUC CPUC California Public Utilities Commission CPUC Current Procurement Unit Cost ), by 5-0 vote, authorized an increase in rates at the Bear Valley Electric customer service area of its Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Water Company subsidiary to recover $8.7 million in deferred electric power costs. The amount will be recovered from customers over a five-year period. Commenting on the CPUC's decision, Floyd E. Wicks, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Today's action by the CPUC provides for additional recovery of past costs for electric power purchased to serve our Bear Valley Electric customer service area. We have an application pending before the CPUC that will provide for recovery of electric power costs on a current basis. However, due of the importance of this application, we have also filed a motion along with the application requesting immediate implementation of rates, subject to refund." Certain matters discussed in this news release with regard to the Company's expectations may be forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the filings of the Company with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly update or otherwise revise any forward-looking statement. American States Water Company is a holding company that, through its subsidiaries, provides water service to 1 out of 33 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California and to approximately 11,000 customers in the city of Fountain Hills, Arizona Fountain Hills is a town in Maricopa County, Arizona, USA. It incorporated as an independent municipality in 1989, after spending most of its history as a master planned development on the far northern end of (now neighboring) Scottsdale. and portions of Scottsdale, Arizona. The Company distributes electricity to approximately 21,600 customers in the Big Bear recreational area of California and contracts with various municipalities in both California and Arizona to provide services to an additional 90,000 customers. |
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