American States Water Company Announces Proposed Decision Adopting Settlement Agreement in Its Water Utility General Rate Case and Date to Report First Quarter 2023 Results

Apr 18, 2023

American States Water Company (NYSE:AWR, Financial) announced that on April 13, 2023, its regulated water utility subsidiary, Golden State Water Company (“GSWC”), received a proposed decision from the assigned administrative law judge at the California Public Utilities Commission (“CPUC”) in connection with the pending general rate case proceeding that will determine new water rates for the years 2022 – 2024. A final decision by the CPUC is expected during the second quarter of 2023. When a final decision is issued by the CPUC, the new rates for 2022 will be effective and retroactive to January 1, 2022. As a result, the retroactive impact for the full year of 2022 will be reflected in the 2023 first quarter results. The estimated escalation increases for 2023 will be effective as of January 1, 2023 and also reflected in the 2023 first quarter results. We are in the process of reviewing the proposed decision to finalize all of the impact to be recorded in the 2023 first quarter results that will be reported in our first quarter earnings release and Form 10-Q that will be filed with the Securities and Exchange Commission. AWR intends to release its first quarter ended March 31, 2023 financial results after the market closes on Wednesday, May 10, 2023.

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