New Jersey American Water said it reached a stipulation with the staff of the NJBPU and the New Jersey Division of Rate Counsel on August 12, 2024, under which the parties agreed to a $79.5 million annual increase in water and wastewater revenues.

1. 01

   New Jersey American Water said it reached a stipulation with the staff of the NJBPU and the New Jersey Division of Rate Counsel on August 12, 2024, under which the parties agreed to a $79.5 million annual increase in water and wastewater revenues.

2. 02

   The company said New Jersey American Water requested an annual revenue increase of about $161.7 million in its general rate case filed on January 19, 2024, and that the stipulated increase is $79.5 million per year.

3. 03

   The company said the stipulation is based on an authorized ROE of 9.6%, an authorized rate base of $5.05 billion, a common equity ratio of 55.00% and a long-term debt ratio of 45.00%. In 2022, the authorized ROE in the prior rate case was 9.6%, the rate base was $4.15 billion, the common equity ratio was 54.56% and the long-term debt ratio was 45.44%.

4. 04

   The company said an Administrative Law Judge issued an Initial Decision adopting the stipulation without modification on August 15, 2024, and that it expects the stipulation to be presented to the NJBPU at its public agenda meeting on September 4, 2024. If approved as stipulated, new rates will take effect on September 15, 2024.

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Original filing

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