SAN JOSE, Calif.--(BUSINESS WIRE)--SJW Corp. (NYSE:SJW) today announced that the Public Utility Commission of Texas (“PUCT”) voted unanimously to approve a final order deciding SJWTX, Inc.’s (“SJWTX”) 2013 rate case. SJWTX, a wholly owned subsidiary of SJW Corp., doing business as Canyon Lake Water Service Company, is a public utility in the business of providing water and wastewater service to approximately 36,000 residents in Comal and Blanco Counties.
As approved, the final decision will settle all issues with the Coalition for Equitable Water Rates, the PUCT and the Office of Public Utility Counsel regarding the 2013 rate case for all customers located outside the City of Bulverde’s jurisdiction. The decision authorizes the requested average system-wide rate increase to be phased-in annually beginning January 1, 2015 through January 1, 2018. The decision further provides that no refunds or credits will be owed to customers for application rates in effect between December 2, 2013 and December 31, 2014. It also allows for the filing of additional applications to recover increases in purchased water supply costs for such customers. As part of the settlement, SJWTX has the option to file a general rate case application after September 1, 2017 to establish a new rate increase. If the Company elects this option prior to December 31, 2017, the January 1, 2018 scheduled rate increase in the decision will not become effective. SJWTX had reached a separate settlement in February 2014 with the City of Bulverde covering approximately 1,500 residents.
“We believe this is a fair outcome for our customers and for Canyon Lake Water Service Company. The authorized increases will allow the company to make water system improvements necessary to ensure safe, high quality and reliable water service for our customers,” said Thomas A. Hodge, General Manager and Chief Operating Officer of SJWTX.
SJW Corp. is a publicly traded holding company headquartered in San Jose, California. SJW Corp. is the parent company of San Jose Water Company, SJWTX, Inc., Texas Water Alliance Limited, and SJW Land Company. Together, San Jose Water Company and SJWTX, Inc. provide water service to more than one million people in San Jose, California and nearby communities and in Canyon Lake, Texas and nearby communities. SJW Land Company owns and operates commercial real estate investments.
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