{"id":789807,"date":"2023-10-11T19:22:53","date_gmt":"2023-10-11T23:22:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/california-american-water-monterey-peninsula-water-management-district-moves-forward-with-risky-resolution\/"},"modified":"2023-10-11T19:22:53","modified_gmt":"2023-10-11T23:22:53","slug":"california-american-water-monterey-peninsula-water-management-district-moves-forward-with-risky-resolution","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/california-american-water-monterey-peninsula-water-management-district-moves-forward-with-risky-resolution\/","title":{"rendered":"California American Water: Monterey Peninsula Water Management District Moves Forward with Risky Resolution"},"content":{"rendered":"

<\/p>\n

California American Water: <\/b>Monterey Peninsula Water Management District Moves Forward with Risky Resolution<\/b><\/p>\n

District Risks More than One Billion Dollars and Reliable Water Service<\/i><\/p>\n

MONTEREY, Calif.–(BUSINESS WIRE<\/a>)–
\nCalifornia American Water, along with community leaders and organizations, testified that the Monterey Peninsula Water Management District (District) is making a costly error in proceeding with its buyout attempt of California American Water\u2019s Monterey water system. Supported by representatives of labor, hospitality, environmental groups and members of the public, California American Water made its case that they have, and will continue to be, the best stewards of the Monterey Peninsula\u2019s water resources.<\/p>\n

\nCalifornia American Water raised multiple issues regarding the District\u2019s plan, including that the District does not have the proper certification by the state to operate a water system, was denied permission by other local elected officials on the Monterey County Local Agency Formation Commission (LAFCo) to become a retail water system, and has no previous experience in operating a water system. Even if successful in moving forward with its plan, the District intends to borrow as much as one billion dollars from investment banks to finance the purchase \u2013 more than 3,000 percent more than their current average budget.<\/p>\n

\n\u201cThe District is playing games with ratepayers money. The most likely scenario is that the District loses in court after spending tens of millions of dollars,\u201d said Evan Jacobs, Director of External Affairs for California American Water. \u201cThe worst-case scenario is that they succeed and must borrow hundreds of millions of dollars to fund their novice efforts to operate a water system.\u201d<\/p>\n

\nCalifornia American Water and its predecessor companies have operated the Monterey Peninsula\u2019s water system since 1883. The system currently serves roughly 100,000 people with network of over 680 miles of pipeline and over 100 storage tanks. It is among the most complex water systems in California.<\/p>\n

\n\u201cCalifornia American Water is adapting to climate resiliency and drought on the Central Coast while protecting the Carmel River and working with partners to find sustainable new water supplies. We have the technical, financial and managerial expertise that comes with decades of experience,\u201d said Chris Cook, Director of Operations at California American Water. \u201cThe idea that an agency can transform itself into a water utility and start operating a system of this complexity, is risky.\u201d<\/p>\n

\nThe next step in the District\u2019s ill-advised takeover process will necessitate legal action and ultimately a final decision by the court after a lengthy proceeding. California American Water is confident that its operational successes and financial management, coupled with legal precedent set by other similar attempts by public agencies to take over water systems, will result in California American Water retaining its water system.<\/p>\n

About California American Water<\/b>:<\/p>\n

\nCalifornia American Water, a subsidiary of American Water (NYSE: AWK), provides high-quality and reliable water and wastewater services to more than 700,000 people. Information regarding California American Water\u2019s service areas can be found on the company\u2019s website www.californiaamwater.com<\/b><\/a>.<\/p>\n

About American Water<\/b>:<\/p>\n

\nWith a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable, and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com<\/a><\/b> and diversityataw.com<\/b><\/a>. Follow American Water on Twitter<\/b><\/a>, <\/b>Facebook<\/b><\/a>andLinkedIn<\/b><\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20231011543454\/en\/<\/a><\/span><\/p>\n

Media:
\n<\/b>
Josh Stratton
\n
Manager of External Affairs
\n
California American Water
\n
831-200-5594
\n
josh.stratton@amwater.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Energy Environment Utilities Sustainability Alternative Energy Energy<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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California American Water: Monterey Peninsula Water Management District Moves Forward with Risky Resolution District Risks More than One Billion Dollars and Reliable Water Service MONTEREY, Calif.–(BUSINESS WIRE)– California American Water, along with community leaders and organizations, testified that the Monterey Peninsula Water Management District (District) is making a costly error in proceeding with its buyout attempt of California American Water\u2019s Monterey water system. Supported by representatives of labor, hospitality, environmental groups and members of the public, California American Water made its case that they have, and will continue to be, the best stewards of the Monterey Peninsula\u2019s water resources. California American Water raised multiple issues regarding the District\u2019s plan, including that the District does not have the proper certification by … <\/p>\n

Continue reading “California American Water: Monterey Peninsula Water Management District Moves Forward with Risky Resolution”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-789807","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCalifornia American Water: Monterey Peninsula Water Management District Moves Forward with Risky Resolution - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/california-american-water-monterey-peninsula-water-management-district-moves-forward-with-risky-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California American Water: Monterey Peninsula Water Management District Moves Forward with Risky Resolution - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"California American Water: Monterey Peninsula Water Management District Moves Forward with Risky Resolution District Risks More than One Billion Dollars and Reliable Water Service MONTEREY, Calif.–(BUSINESS WIRE)– California American Water, along with community leaders and organizations, testified that the Monterey Peninsula Water Management District (District) is making a costly error in proceeding with its buyout attempt of California American Water\u2019s Monterey water system. Supported by representatives of labor, hospitality, environmental groups and members of the public, California American Water made its case that they have, and will continue to be, the best stewards of the Monterey Peninsula\u2019s water resources. 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