York Water Company Files for Rate Increase
Posted on: Friday, 16 May 2008, 15:00 CDT
The York Water Company (NASDAQ: YORW) on May 16, 2008 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 $7,086,000 increase in revenues.
Hines said the increase is necessary to pay for approximately $41 million in capital investments that the Company has made since its last rate request in 2006. The capital investments were made to reinforce, replace and reline aging water mains, provide redundancy in case of emergencies, to increase water quality and operational efficiency through upgrades to facilities and equipment, and for replacements of other aging infrastructure which improves reliability of service.
In addition to capital investments, the Company is also seeking to recover increased costs of electric, chemicals and fuel, and increases in normal operations and maintenance expenses.
The York Water Company is the oldest investor-owned water utility in the United States serving approximately 171,000 people in 46 municipalities in York and Adams Counties, South Central, Pennsylvania.
Contact: Jeffrey R. Hines President and CEO Kathleen M. Miller Chief Financial Officer 717-845-3601
SOURCE: The York Water Company
Source: MARKET WIRE
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