American States Water Company, announced that the California Public Utilities Commission (CPUC), by 50 vote, authorized an increase in rates at the Bear Valley Electric customer service area of its Southern California Water Company subsidiary to recover $2.4 million in deferred electric power costs. The amount will be recovered from customers over a five-year period.
Commenting on the CPUC's decision, Floyd E. Wicks, President and CEO, stated, "Today's actions by the CPUC mark the first step in recovery of past costs for electric power purchased to serve our Bear Valley Electric customer service area. We have two other filings pending before the CPUC that, will allow recovery of other past costs as well as costs on a current basis."
American States Water Company is a holding company that through its Southern California Water Company subsidiary provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California. The Company also distributes electricity to approximately 22,000 customers in the Big Bear recreational area of California. Another subsidiary, Chaparral City Water Company, provides water service to approximately 11,100 customers in the City of Fountain Hills, Arizona and portions of Scottsdale, Arizona.