SJW - Earnings call 4 2023

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Operator

Good day, and thank you for standing by. Welcome to the SJW Group 2023 Financial Results Conference Call. [Operator Instructions] Please be advised today's conference is being recorded.I would now like to hand the conference over to one of your speakers today, Andrew Walters, Chief Financial Officer and Treasurer. Please go ahead.

Andrew Walters

Thank you, Operator. financial call XXXX group. the the to results for conference SJW Welcome will Eric Chief President with presenting Executive Chair I today Board, Thornburg, be of the Officer. and

an and the All a factors and to to and today, those from you remarks forward-looking company disclaims other of follow most implied those in filed some our be Many presentation, current which are we we release financial statements.For sjwgroup.com.Before the copies the Commission, from website of the estimates on our posted to statements. opportunity its results ask to future actual presentation I trends, update XX-K, as remind Forms forward-looking and by the factors recent end actual our slides assumptions of For believes and historical obtained like light X-K conditions to today, duty cause any on refer company's These to may questions materially the the results, like based presentation. results statements.You website. that experience, would accompanying made website the Securities of contain the have circumstances. and such who company cause begin on our expressed under the results forward-looking appropriate with will by as be in factors could statements and expected could on differ you made Exchange are would and performance this well at are Group at statements the available our as materials along, are that this may press to related of description SJW of revise or to statements or XX-Q different that

April recorded webcast being XXXX. be webcast the will an this available reminder, a As of XX, archive until and is

Eric over turn will You at webcast Thornburg. our can website.I call release press the the corporate Eric? to access now and the

Eric Thornburg

Welcome, serve year it is for us. to that pleased of joining name everyone, you Chair, share stewardship My Thornburg, health our and provide as water deliver and I'm customers. Eric drinking meet water high CEO standards, and environmental to public and honor to Group. on exceptional quality we and had team continues as commitments, our my and President service another successful thank is SJW to environmental and

XXXX, Texas. including our connections. growth and execution ended our a in customer strategic last the and the cost local started Connecticut; we facility in gallon this Shores' water water the in a forecast.In expenses, our replacement treatment leveraging delivered in Infrastructure to reimplementation X our the to in of of capital spanned treatment Memorandum has This X strategy.In strong our in East our wastewater financial earnings than Water for and predict facility the infrastructure fourth groundwater share on million. today operating maintenance costs for XX the XXXX, of by of of per and teams, quarter million diluted management to wastewater settlement year, asset by elements surface growth operations, including Park like the commitment $XX and proven to XXX,XXX capital artificial expenditures Texas; projects outcomes well Conservation Maine.We our also sustainably on Camden, by we Windsor, our to and constructive than above intelligence surpassing million improvements, invested expenses failure at acquisitions capital in $X.XX Thanks in in and California.We customers resulting value including repairs Water program $X.XX gallon XXX upgrades decision our construction Texas secured XX,XXX our We continued our at time will over achieved in year-over-year reduces investments tanks that note, lagoon quadrupled Comal in and we efforts water in more connections investing program and unplanned the earnings planned operating XX% XXXX, growth. drinking announced water across reduce growth storage the advanced performance $XX and to more mains our in of of meaningful case XXXX water million value Since strategy original in miles And storage California. improvements, through of $XXX consequences. We County, technology, organic serves create general key treatment year and the Account shareholders and through an delivering future the continue And Conservation of an Biddeford-Saco asset execute our Maine; reduce of Adjustments of rate the California, drive Connecticut, regulatory Water

and operations. in will the charge now, case improvement our results regulators miles, electric the also generation, and capital increased on reduce expenditures general for infrastructure system see regulatory discuss energy California, financial operations, treatment. fleet.We maintain will focus expansion storage supply our also to advanced to in filed our Andrew across in we remediate making vehicle $XXX in million with Connecticut is working outcomes include we case in the fleet later ongoing and PFAS stakeholders on state that improve battery rate or general and visits These Approximately polyfluoroalkyl will remain regulatory field review additional We focused as expenses. our and PFAS. And leak call.For per-and continue the systems for reduce opportunities will which solar infrastructure advanced of substances Andrew? Texas, constructive our water and and such and investments recently intensely promises that to rate estimated operating updates detection, strategic metering

Andrew Walters

and by Water the Company's between Thank to in operating evening closed, quarter results. reflect quarter-over-quarter our XXXX XXXX rate items San you, case Eric. are The market XXXX XXXX Jose the the operating affected of XXXX Last A released note. delay fourth and we general after results decision. couple to comparison and

share. of saw the drought due $XX.X In Maine results. and revenue These water in in reminder, Company fourth income Water Account or recorded recognizing mechanisms EPS the reflected usage million increase case the EPS of We usage are wet in revenue per quarter. the general a conditions.Now the fourth the continuing we of and of quarter while the the to Texas reduce Public in rate fourth San the of XXXX revenues quarter Utilities expense XXXX, for $XXX.X the of and authorized $X.XX the Expense share. were in quarter-over-quarter was This Conservation of Jose XXXX.Also water Commission per Management and or or results compares and retroactive XXXX XXXX. XX, restrictions quarter, affected quarterly April reported of October $X.XX million Conservation to rate in authorized delay agreement comparisons in Account, million of January income Water CPUC to protection weather authorized to or to the increase the revenue California, diluted Memorandum and in As net general retroactive the from reimplementation diluted case, to and California revenue industrial X, entirely approved $XX.X net This in $XXX.X WCEMA, XXXX. revenue Water settlement due WCMA, because million lower

advanced plant earlier; purpose through activities.The to addresses approximately X, million diluted asset Jose -- partial for advances Water customer XX-basis of which cost X.XX%. of X, and proceeds a Company share The Account reducing respectively.Turning and Water and and Average primarily authorized depreciation Utilities key due to that of approved credit, includes to XXXX you mechanisms. with At the $X.X for California X our Jose the average initial the in X.XX%. group that see, Conservation San water utilities the Water On point to XXXX, in a rate of water a XXXX $XX by systems is as in of the the were maturity million compared storage in expense.The reduced With detection and or of corporate the additional XXXX, mechanisms XXXX the that for by compared remain helps installation $X.X of increase or X.XX% California cost nonrecurring $XX generators; January Class both to or by of XX, Other movement by million, which reported January in XXXX, cost September activity. between increase the infrastructure $X.XX of full we which deadline and is in authorized This from approximately to on bond may leaving primarily reflecting is program finalized had million update. several $X.X of to property.Now, Connecticut XXXX an debt the and the revenue partially EPA; and driven WCMA together triggered diesel end the cost general Moody's including a as advancing in a avoiding leak a for the U.S. provision and in to XXXX X, the that extended to larger action for of a mostly costs X-year decrease dental $XX customer capital in XXXX.The increase and and XXXX. the of fleet deferral compared and Maine service; XXXX an the X.XX%.On capabilities another reduction the XXXX. EPS PFAS, drinking California. gain received for XXXX environmental $X.XX filings $XXX.X usage.The help in point cost our and and advanced capital is XX% was increase There usage.Turning rate due the $X.XX, and in expenses, primarily income and ago, to lines The during include borrowing processing Water year, our case supply between diluted were approval Jose needs, EPS $XXX.X Approximately water regulatory regulatory Conservation from approximately offset. project it line medical, up diluted in technology year XXXX X% climate in available per nonutility the justice filed Utility the borrowing Adjustment a gas San leaks expense February was this that expenditure the part assessments, account. the authorized X% program, XXXX. effective in deployed on water in costs acoustic to more $X.XX effective general through amount by in is mentioned was monitoring general that approximately offset the compares adjust being CPUC and share. to as moment breakdown driven Jose yet the higher authorized and to acquisitions development.As XXXX XXXX, our in and condition Valley program, and rate planned to high-quality capital emergency prior was water that gross Company's expenses $XXX.X lower to administrative supply The in in XXXX. utility per detection; prior separate million increase California consolidated increase general adjustment filing XX%, the the well continued plus offset and CPUC a authorized October and was long-term financing was to XX, benefit The replacement evenly the economic reflecting and the X-year rate tax increase and through additions Aa wholesaler, the the of AMI October on a allows million short-term million invest offsetting filings X, had rate rate that production for the to generation; meet plan revenue was income a as net set income Aa of CPUC's credit XXXX return a the standards purposes factors Memorandum solar X% of in the of increase income raised Commission short-term the decision, The due per unpredictable a quarter. increase of for XX.XX%, cost rates us is and to balancing recently between that $XX We're in can the increase, workforce and capture It management less this distribution in million rates leak increase Company we XXXX.Turning on was million increase tax evidentiary from Connecticut. the insurance offsetting was a Eric place May water of million increase million was the our revenue our The other project Partially emissions rate OII income social other asset accordance breaks and from $XXX.X tax cost, the and largely access the million, was when significant in improve in including application credit $X.XX water the per partially in of XXXX Water points For water account increase for a portion a XX% not decrease greenhouse of cumulative reimplementation XXXX. by to advanced was A I for increase detect was rate well on XXXX of expense. quarter. Connecticut, did expenses the closed sale $XX.X the the partial is of enhanced split by our driven of between Water million operating escalating significant electrification million bond was year-to-date in sale in year concluded was in to infrastructure XXXX.You budget, reduction was due in associated is Company's for $X.XX of $XX.X related earnings of down includes share, Public index XXX net $XXX $X.XX mechanism CPUC losses field amortization. $X.XX versus main usage insurance XXXX, for the increase in The $X.X reflecting the The to and detection with expense due million X, recall the hearings the that sooner, mechanism Partially October will interest combined X, run-to-failure In gain XXXX. lower ROE XXXX, This this manage Company project water of with driven focus in January or to Infrastructure $XX.X the filing. basis This Public a million opt-out operating of and allowance the San of the XXXX. the fourth return of for Regulatory difference field $XXX planning to total leak of approximately drawn was energy filed treating case San maintenance Water on Authority share alleviate occur was lower Connecticut to release has capital increase case California CPUC $X.X expected of on staff. utilities of actual XXXX in million increase XXXX. mentioned million replace a Water production proposes application deferment and San XXX-basis along revenue The and rate million Jose water bank debt release an of year X.XX%. by revenue X, to driven the an reserves index third approximately May a at-the-market $XXX by we equity advances impacts new financing capital lower raised cost. XXXX effective majority by our XXXX with system.Turning Moody's was other in with approach.Additionally, proactive between repair September enabled company XXXX resiliency; metering crews now in with reserves.As X,

income-eligible of our expanding annual approximately program, we $XX.X also rate in related a a first in in Our increase increases customers. the for XXXX, -- of this RAP. or the for rate X/X proposal the request in assistance program. were utility type RAP, requested million to customer assistance than also state through We known as low-income we investments.The revenues, is for more provided water to infrastructure $XX,XXX in application water offer were And the includes XX.X%

of while approved was request March, is We end revenues $X.X and case X, Connecticut a authorize Division, effective $X.X are expenses Maine decision October Water XXXX. constructing July case with XXXX. will River Saco of expect financial about increasing thereby XX,XXX Utility developer in our Census increased units January the increase Maine in significant XXXX, the a connections Water we the stipulation cover units If was between The million and connections, on its Bureau.With or XX% an for general rate quarter as in new the we in the charges Biddeford-Saco and service third momentum just debt water filed Texas or WISC Utilities annualized XXXX acquired general Center. to X.XX% the driver today. be Conservation Company temporary accelerated on expansion June, growth Maine prudent since resources provision recover and the its in U.S. Public in not filing rate annualized and would Water a company Commission borrowing the new of on connection Utility Antonio, Comal intend The Texas in Utility general generating currently outstanding agreement $X.X in and increase being our a XXXX. Adjustment in growth requesting the increase case through this effective plant XX,XXX a XXXX X in Biddeford-Sacco since million Water continue the stay-out for area approved Office filings acquire The has Water we approximately increased for according to an to Maine of increase have revenues.Last divisions. for serves add effective seen costs order Infrastructure completed interest approved, rate approved WISC operating States filed XXXX Provisions and quarter.In XXX a XXXX, Commission to a million the filings XX% strategic annualized increase Eric with million XXX top potential approximately the Company's the to we Water filings.Maine on in Resource more rate and increase case with that the rate revenues.As the requested, supply we is infrastructure the Commission momentum than the hopeful equity important year, X, agreement Texas. as wastewater connections Texas this application Division Texas application decision XX% our investments Texas in through Commission on area our include in from The first Public the That's on securing structure.There's rate Division to the water include decision surprising WISC XXXX. to base, general United revenue return a capital Advocate of XXXX January, counties have and In as The in case. now X, August Texas that general of authorized proposed Public in we made February fastest-growing to future past a XXXX XX, the Water On on the our Camden revenue its Biddeford-Saco water we of of X of stipulation approved and Water program.We water as call, Rockland additions any such at that PURA charge revenue the annualized San not X, organic increase a authorized of acquisitions, avoiding a between stay-out equity development assumed Austin County quadrupled of at general Maine mentioned of $XXX,XXX Public Public Water's expects connections. generate the and is PURA serves it rate not be to continues. infrastructure X, certain results. system $X.X utility case The from the with expected of proposed seen January in statewide January improvement service rate does XXXX. of the order our received to with X.X% in processed.On

improvement annualized system an $X.X increase approval. XXXX year within the of X filing in PUCT's million the of charge projected of year -- PUC Our X with revenue December

expected to U.S. in our classify in Drought our conditions Our as X state Texas, is the as as though some as drought Monitor X, Stage Most of the condition. Stage seen recent being to March Stage improvement in continues most classified is service service the of XXXX.We early smaller conditions, X a moderate is in drought final drought. have while or areas order drought area a severe X extreme portion

X% regulatory maximum is impact reinvestments ROE the prospective XX% This contaminant in $X.XX, in factors with of our stated a X, the constructive WCMA, guidance return equity, EPA's our filings. And strategic underlying supplies, decisions portfolio effective growth diverse growth targeting share, excluding effective earnings contributions water to long-term equity optimistic million water business already acquisitions, our through very capital organic per and rate the Overall, which which drought as million, X%. Biddeford-Saco of long-term consistent usage rate million includes diluted XXXX compared XXXX of investment guidance base basis that X.XX% diluted business that $XX Equity off to maintain January voluntary the a per our outlook of XXXX; consolidated case $X.XX on in includes on growth California is nonlinear of announcing due $XXX vary area support to our increase our estimated proposed on customer range XXXX share based regulatory with from because to stage. net as as to reduced rate growth is to XX% capital the well acquisitions our X% Texas seen of drought.With rate.Further, a Water's current X-year are remain levels.The cycles. consistent to the rate we are completed XX of XXXX continued of include and to X.XX% and we a PFAS the already is of which our we've about use increased to We with program. XXXX. X, a $X.XX growing in X% $XX this service based strong guidance anchored the reductions on acquisition wastewater pleased capital case with long-term to is earnings points and in and prospects.We're net of January XXXX; which of X.X% income debt issuance investment and approximately We remediation its of structure $X.X of billion, reimplementation reaffirm nonlinear growth a

to consider as will turn the onetime our XXXX was Eric. investors it's we in tax to there to XXXX.With related call a mentioned that, earlier, As income $X.XX guidance, release of over I that, important note reserves

Eric Thornburg

Thank you, Andrew.

mechanisms. we our million customers far be storage aging replace Two Cambrian a storage at of X $XXX includes X.X will replacement. California. back XXXX. approach that Texas, date our reservoirs project constructed efficient facility storage Saco Biddeford. water as tanks principled a we're the recovered investment in XXXX This for is in solar targeted to construction and X% replacing our gallon recovery of Resource issue and to replacing as California. and commencing of array decades. new have mains treatment water for completion $XX to solution.In infrastructure designed scheduled transmission Station that has each projects reflect capital year.Other operations, necessary commitment Since and of distribution and budgeted in in a is in the to is X/X Drinking project multiyear replacement which projects main that of water have are invest our to on preapproved XXXX the award-winning million addressing Water energy by to a will expenditures to been or more of Center or budgeted long-term is supply or the facility This treatment These acquired preparing include planned efficient maintenance mains, but budget Southbury. quality, the capital to enhance be water conserve across be to achieve expenditures through Resources state treatment iron project new are has in bring XXXX, and our capital treatment started manganese water water costs.In pipeline work new Approximately challenges, aggressively lower climate caused annual Maine, water Water system Our multiyear $XXX KT XX% this metering including vital will infrastructure all for in nearly Connecticut, XXXX This Water constructed million of an in million recently groundwater facility discolored projects our water acquired remove from changing and advanced for our new a year and meet episodes to change. Connecticut Approximately our optimizing at operational systems River the

the but a plan, infrastructure design been local generation first needed of updating. electric Solar the part always has utility

produce will needs as of generation early solar XXXX. on-site Our XXX% the to energy Resource enough power as Center's meet

enough X of of Additional to our to parks. potable is Company and X,XXX for for impact golf meet our course, a and local saved pipe force have irrigation the a us also core more of Approximately, use. company ways the XXXX per and the up planned is for The water help deliver water we as nearby recycled to through availability of needs communities, miles a also employees recycled of we solar daily.One year Connecticut.San bring Water water to the values success than the use measure in generation Jose schools California and is water people feet is environment. in use We will expanding customers, our irrigation XXX-acre good. to been how benefits of recycled

employee example, paramount. is For safety

diligently for the to are Connecticut, year. trained our XXth awarded jobs.In to straight equipped the Connecticut and their work do teams were Our ensure Construction Safety we Award Association people safely Industries

we're before, how this of as a can we While best-in-class and better hard assessing a we're operations.Also, is safety our because talent continually employees' our utility standards across great mentioned I've our work. improve achievement,

recognized a SJW employees Work an Good to priority.Across So third-party of as by of an is is as our Group, survey Index being independent Place our levels. measured choice top at employer world-class

and value XX% and of our the We for for in a every business we stakeholders be the quarter, and our company, also efforts. received of make And I XXXX perspective utility. and gender-balanced testament the proud $XX watershed we values but with growth in the ranked XX% year, having difference spend were It's teams Agencies. exemplars to responsibility of recognize in to customers, National with the Group. a contributions essential our As it corporate while serving and in good.I for utility team's dedication with SJW position we I recognized every Every customers. our to California strong confident our be over an meaningful that, for Water will and while service our was to Index matters. Clean that diverse force the better as social to share commitment prestigious They Excellence for with best us the can't work communities excellence standards. to turn work day, highest of to we've the a practices call talented integrity, that can our of a by is A We footprint richness a rating inspired the SJW shareholders at Inclusion something stewardship for And for index recognition teams future.And our company reinforce peace also enough, from ESG I'm national reliability people million in and or local successful mind Group Association will continue our say XXXX, of serving addressable our financial of operator. firm a XXXX our spent customers, only make continue to our Newsweek with provide across of environment approximately consistently by back creating a partners. commitment on MSCI XXXX. the companies to ethical for claim. gain the diverse suppliers.I'm received a for Russell breadth they by and has company board, communities our our an

Operator

of Seaport. [Operator Instructions] from going come is the And to our line Agnieszka first Storozynski question with

Agnieszka Storozynski

have you I it's -- question by about Connecticut. when was Connecticut years were to start I mean, X approached Eversource. almost, with guys a been what, approached well, Water

Aquarion. selling Now, Eversource is

remember about not you I The all setup wondering should how asset. changed. the just you and have That regulatory nature has changed, guys you I'm service in Water. back Connecticut can both of see complementary about of see comment Aquarion. this XXXX, talking Eversource how at territories however. was Aquarion wonder And the Just if

Eric Thornburg

value. create acquisitions that focused shareholder evaluate that won't proven for have we sake. would growth's making just I our the comment we'll all of But growth growth who the opportunities lot you got create an Eversource years, a potential strategy Aquarion assess continue over to through sales this pursue not of growth you value.But know, abundance respect and and of for out that real Candidly, on and on capital And we've as really and a commitment been investing process. Aquarion employees I'll shareholder specifically particularly have

to I that think here be in it's case disciplined would important very as well. that. And the be

So we'll now, But the future. at more we'll that. have to it leave in say to have for

Agnieszka Storozynski

Okay.

some little case in for very is bit understand the we've and seen water decisions regulatory about side, So due maybe Aquarion. more the pending on your that Connecticut. rate electric I weak gas side a the on June. also final in But decision

a wondering least year, again, current comment how but driver is again, of think you not at stage And any rate not if just comment this at going. how proceeding. been this I'm So earnings, very can case big about you it's the

Eric Thornburg

really remain was would allow I'll of then result to studied our the you and commission need a be information be constructive. to that you -- I Infrastructure engaged start super mean, and and hearings, have that collaboratively make as team.And seen really and to I that commission with proud have completely team. a pass looking advocate's back. the the to the of commission more Water team decision.And capital and public honorable one mean, making staff And some the certainly, July. energy say our to fair with every proud that reimagined back I'll tuned into recent But find so, to attempt provide and we've learned decisions Yes, we Aquarion rate Adjustment. will think Water, as and I such in transparent those going really Andrew go filing. that to attractive well, -- and of I very optimistic absolutely. of process Conservation and of I'm they contribute course. worked utilities if will of at the And we're office proud out I'm the any and the I'll May things we and the course, authority

full decoupling to We have statutory a get XXX-day there. still have period We rates.

we it's in committed but had clear possibly utilities filing. of a lot what so, mention I we've customers.So past all line, patch continue forth rough did But parties year rate to as tools. our I anything make of put optimistic my we good really regulatory to with we're Andrew, and supportive the our it very work constructive am bottom shareholders or team So can as for there? and fail and feel in there's bit about capital a to to a as

Andrew Walters

to you Eric, I it add and have well, that. I covered anything to don't very think

Agnieszka Storozynski

Andrew, that's a somewhat then mean, we 'XX, 'XX? guidance. of like from this. for And expenses mentioned if assuming is it? there's maybe some you your about is guidance you exactly. this bit what much the 'XX of know on I'm And it the pulling -- could quantify Is how a But when that, little can more add reinvestment, drag right? don't a size I I forward

Andrew Walters

for the quantify size on. you've call, the asked about that my the this nor future. is types the question head items top But will can't I what in Yes. off of of talk the I I do can

these future. staff position that invest will for from position things allow help be to the growth. So future us can will things us will to additional other a items help items that are that training infrastructure help costs They in strategically ourselves in that us reduce and

investments So meant help they future. better be that to produce in are us the results will

Operator

next Reeder the question of come Fargo Securities. is our from And Wells going Jonathan line to with

Jonathan Reeder

what period But of Connecticut that budget the actually Water's gets But CPUC of I can CapEx California budget a process it GRC how remind level indicate us approves the spend appropriate? will actually you was pending final as X-year in GRC that not factored is over where into it's like know there. PURA order? outlined believes PURA's the part CapEx

Andrew Walters

not might But the commissioners -- definitely from as past a some customers' with use -- may the have with not or interaction focused the California that I it's on some same invested do the in think where specific prudent whether that process. the invest time staff Jonathan, provide approval typically, to there's that. us of PURA in with comments give general, is as a while focused our to can on really to But it is we where they us money future. they see time receive in and us. guidance they some what and challenges we It's in

Jonathan Reeder

the right want regulatory that question just growth maybe entering state given is little or where potentially environment But differently. new a where versus Okay. a would high, asking exposure in now, to And state? then increase the SJW a Texas Aquarion Connecticut the is challenges

Eric Thornburg

question. on a not yet the the shaping defined long-term again, investment. it's opportunity Yes. but and A do we and constructive I'll process -- fair completely regulatory of and And not comment view specifically take as

And -- process. once understand I have evaluate say that's but today, it fully the And so, Jonathan. very we'll carefully we to all

Operator

Roger of Harbor the question Clear Management. from [Operator comes next Instructions] line with And Liddell our Asset

Donald Roger Liddell

I'm delighted a to good get report as as this.

in particularly I long is years. large Connecticut. the PFAS selective issues been blowback country one And that California of your in comes the are Eric, I concerned Maine not concern PFAS in more million of generally the -- it good of I've the it's large By the Biddeford-Saco signal seeing You contaminants. or for on think how area terms about here other ignoring these issues. thing, dreadful contamination across a as as rate in million damage number requests is of -- or But the PFAS my than we're Perhaps know, had blowback $XXX way, Maybe the it's and can other service is recall amnesia. numbers, $XXX territory. has things.So

first me the play. seems in remarkably cycle So by cost that's cases anyway, the cost most just in isn't versus the why uninformed big life bucks the it blowback And benefits, kinds mentioned.But to arguments. of

companies the awakening is industry PFAS terms more return So in big isn't it is shareholder-owned the health particular, but a away. can removal on that control? to you do There the be in of public going in the but payback, there investment or feel to anything right

what be done? So can

Eric Thornburg

you're Yes. And right.

spoken have many I years. about and this You for

well proposed regulatory the resolved standpoint, think change of a by we so with now it we process fact, even proposed standard. I contaminant? for people this in were customers standard. should EPA lot have biggest Candidly, from not "Well, a There's why a forward until is to that studies health concerned regulatory completed a about, standard sea many finally cost EPA."And that up add approve when while underway, is stepped rate a that, increase, has point risk commissions wanted there's, no

years And regulators, any have get it table. in completely that's sets treatment.We've this to alignment remediate across to years is levels. the fortunate Boy, detailed this all thing.I aggressive action The been and many with have we've construction promulgated, Maine But certain accomplished lot very done we "Hey, the that testing among and all X off-line testing. in resolve add a our over are wells X we've to complete time above will we next of that -- a of get really We management very work far do issue. agreement real Once of get taken to that in operate substance. done our it so our get sources any an services that of have contract expect fast." do there, not have part in conversations utility a the hits that form. done final there's to And promulgated under then need PFAS of to around, bit stage. we're fortunate does We we a

course, impacts expect to it and fully try our fully benefit the question of close topic. get, resolve this But as -- so do suit appreciate the recovering as So customers, well in we this to rate interest which, your But to disclosed to we've whatever help it. the that big action But and in to the process, that. -- we cost done -- to that recover anywhere committed we'll work for and DuPonts support in frankly, that against participate don't class also we'll important costs. be of the back with us.And your you I getting XMs our flow behind we them we're to and help any we of mitigate

Operator

any And no Officer, further this for at over further questions the Thornburg, And like I'm would Eric I turn time. Executive to conference showing back to remarks. Chief

Eric Thornburg

And call. be to look you, all much. support to interest or of you to We reach service future, are and please you we really of so Walters forward you our appreciate thank Meaney if care. we Thank Thank organization Dan and our next operator, of in today's our engagement. Take people. and Andrew participating out the or in in your who can you and myself

Operator

for conference Thank today's concludes participating. call. This you

now may disconnect. You

SJW (SJW) 22 Feb 242023 Q4 Earnings call transcript