Connecticut Water Service, Inc. Board Approves $85.7 Million Capital Spending Plan for 2019 and Declares Dividend
19 Novembre 2018 - 3:20PM
Connecticut Water Service, Inc. (Nasdaq: CTWS) announced today that
the Company’s Board of Directors approved an overall $85.7 million
Capital Spending Plan for 2019 for its regulated public water and
wastewater utilities. The 2019 Capital Spending Plan represents an
increase of $19.5 million, or 29.5 percent, compared to 2018’s
approved plan.
More than 41 percent of the capital spending planned for 2019,
or $35.4 million, is allocated for pipeline replacement and other
projects eligible through Connecticut’s Water Infrastructure and
Conservation Adjustment (WICA) and Maine’s Water Infrastructure
Charge (WISC) programs.
“Our planned 2019 capital spending represents our long-standing
record of and unwavering commitment to investing in the
infrastructure needed to serve families and communities,” David C.
Benoit, CTWS’s President and CEO stated. “Our investment, from
source to tap, enhances service reliability and water quality,
maintains robust water flows to fire hydrants, reduces operating
expenses through lower repair costs, and reduces water lost to
underground leaks and the power wasted to pump lost water.”
The Capital Spending Plan also includes $12.0 million for
treatment improvements. The single largest portion of that is
allocated to the Saco River Drinking Treatment Facility that will
replace The Maine Water Company’s (Maine Water) oldest surface
water treatment plant, which went into service in 1884 and is
possibly the oldest water treatment facility in the nation. The new
treatment facility will be located out of the Saco River’s flood
plain and will ensure that the Company has reliable capacity and
system redundancy to meet the water needs of current and future
customers in southern Maine. The facility is expected to be service
in 2021.
In addition to Maine Water, CTWS’s water and wastewater
subsidiaries included in the 2019 Capital Spending Plan are The
Connecticut Water Company, The Heritage Village Water Company, and
The Avon Water Company.
Under the 2019 Capital Spending Plan, $70.0 million will be
allocated to the Company’s Connecticut subsidiaries and $15.8
million to Maine Water.
Dividends Declared
CTWS’s Board also declared a quarterly cash dividend of $0.3125
per common share payable on December 17, 2018, for shareholders of
record as of December 3, 2018. This quarterly dividend remains
unchanged from the previous quarter and represents an annualized
dividend of $1.25 per share.
About CTWS
CTWS is a publicly traded holding company headquartered in
Clinton, Connecticut. CTWS is the parent company of The Connecticut
Water Company, The Maine Water Company, The Avon Water Company, and
The Heritage Village Water Company. Together, these subsidiaries
provide water service to more than 450,000 people in Connecticut
and Maine, and wastewater service to more than 10,000 people in
Connecticut.
This news release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding the Company’s results of operation, financial
position and long-term strategy. These forward-looking statements
are based on current information and expectations, and are subject
to risks and uncertainties discussed in our filings with the
Securities and Exchange Commission, which could cause the Company’s
actual results to differ materially from expected results. We
undertake no obligation to update or revise forward-looking
statements, whether as a result of new information, future events,
or otherwise.
News media contact:
Daniel J. Meaney, APR
Director of Corporate Communications
Connecticut Water Service, Inc.
93 West Main Street
Clinton, CT 06413-1600
(860) 664-6016
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