California Water Service Group Publishes 2021 Report on Environmental, Social, and Governance Performance
SAN JOSE, Calif., April 13, 2022 (GLOBE NEWSWIRE) -- Following the expansion of its environmental, social, and governance (ESG) program last year, California Water Service Group (NYSE: CWT) today released its annual ESG Report detailing the company’s commitments and performance in 2021 across its subsidiaries.
The report, titled “Enhancing the Quality of Life: Today & Tomorrow,” highlights both ongoing efforts and significant achievements made during the year to support the utility’s ESG strategy and objectives. Among the highlights are:
- Formalization and adoption of four ESG-related policies, including diversity, equality, and inclusion; human rights; environmental sustainability; and political involvement
- Development of a climate change strategy, with the goal of guiding the company’s mitigation and adaptation efforts, and completion of a study on climate-related risks for the utility’s California operations, facilities, and water supply portfolio
- Construction of an inline hydro-turbine system in the utility’s Waikoloa, Hawaii, service area, which is expected to generate electricity from water flowing downhill and provide a sustainable energy source to both reduce the company’s environmental footprint and offer cost savings that would be passed on to customers
- Launch of operations at the Tesoro Viejo (Calif.) Wastewater Treatment and Recycled Water Production Plant, which treats wastewater from the local community for reuse
- Development of a new, proposed rate design in the 2021 California General Rate Case to continue supporting infrastructure investment while promoting conservation and affordability
“California Water Service Group and our subsidiaries have always focused on doing the right thing, and our expanded ESG program formalizes and enhances related commitments to our customers, communities, employees, and stockholders,” said Marty Kropelnicki, President and CEO. “I’m pleased to present our 2021 ESG Report, which showcases the strides we have made in these areas that we believe help position us to provide quality, service, and value to our stakeholders, both now and for decades to come.”
About California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, along with Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water service to more than 2 million people in California, Hawaii, New Mexico, Texas, and Hawaii. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as would, expects, intends, plans, believes, may, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. Actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause a result different than expected or anticipated include, but are not limited to: the impact of the ongoing COVID-19 pandemic and related public health measures; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; governmental and regulatory commissions' decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters; increased risk of inverse condemnation losses as a result of climate conditions; inability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions; the impact of weather, climate, natural disasters, and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; and other risks and unforeseen events. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Commission (SEC). The Company assumes no obligation to provide public updates of forward-looking statements.
Released April 13, 2022