Aqua America Says New Texas Fair Market Value Law for Water Utilities Benefits Municipalities and Customers
AQUA AMERICA (WTR)
Last aqua america earnings: 11/4 05:35 pm
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US:NYSE Investor Relations:
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Source: Business Wire
BRYN MAWR, Pa.--(BUSINESS WIRE)-- Aqua America Inc. (NYSE: WTR) today said a new Texas law will allow regulated water companies like Aqua to pay a fair market value for the purchase of water and wastewater systems, benefiting local governments and other water utility owners, customers and the environment. Before these changes, system values were determined by their depreciated original cost, which generally did not reflect a reasonable market value for those assets and became a barrier to a sale. Aqua America Chairman and CEO Christopher Franklin said the new law encourages consolidation in the fragmented water and wastewater industry, enabling resources to be shared among a larger service area, which ultimately benefits customers. Franklin also noted the benefits of the law to municipal water utilities. “The new fair market value law offers important solutions to Texas municipalities that face t
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