York Water Company Files for Rate Increase
May 29 2013 - 10:12AM
The York Water Company (Nasdaq:YORW) on May 29, 2013 asked the
Pennsylvania Public Utility Commission for a general increase in
rates.
Jeffrey R. Hines, President and CEO, said the Company is asking
for a $7.1 million increase in annual water revenues, and a $27,960
increase in annual wastewater revenues for the Asbury Pointe
Subdivision.
The Company's filing with the PUC also requests to combine in
part, the revenue requirement for the Company's wastewater
operations with the Company's water operations as authorized by
legislation enacted in 2012.
Hines said the increase is necessary due to approximately $49
million in capital investments that the Company has made since its
2010 rate filing and will make through February of 2015. The
capital investments are necessary to: reinforce, replace, and
reline aging water mains; provide redundancy for both water and
wastewater systems in case of emergencies; increase water quality
and operational efficiency through upgrades to facilities and
equipment; expansion and improvements of the water and wastewater
treatment plants and other facilities to better meet current and
upcoming regulations; and for replacements and upgrades of other
infrastructure, including York Water's water supply dams.
Hines said: "Costs to be recovered in this rate filing include
replacement costs for over 30 miles of aging pipeline, about 3% of
our total pipe, which extends the life of our infrastructure,
reduces costs associated with main breaks and leaks, and provides
improved customer service and reliability. In addition to these
capital investments, we are also seeking to recover increased costs
such as personnel expenses, depreciation, and increases in normal
operations and maintenance expenses. We continue our efforts to
reduce and eliminate expenses which have helped to offset and delay
this proposed increase in rates."
The York Water Company is the oldest investor-owned water
utility in the United States serving approximately 189,000 people
in 47 municipalities in York and Adams Counties, South Central,
Pennsylvania.
CONTACT: Jeffrey R. Hines, President and CEO
jeffh@yorkwater.com
Kathleen M. Miller, Chief Financial Officer
kathym@yorkwater.com
717-845-3601
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