Essential Utilities Believes New Virginia Fair Market Value Legislation for Water Utilities Benefits Municipalities and Customers
May 12, 2020
Essential Utilities Inc. said new legislation in Virginia will allow regulated water utilities to pay a fair market value for the purchase of water and wastewater systems, benefiting local governments, 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.
Essential Chairman and CEO Christopher Franklin stated that the new legislation provides a compelling option for Virginia municipalities that face the challenges and costs of maintaining and operating water and wastewater utilities. Essential’s Aqua Virginia water utility provides water and wastewater service to about 80,000 people in 37 counties statewide.
“Fair market value legislation will allow Aqua Virginia to offer solutions to municipalities to help them meet ever-increasing health and environmental standards and the costs of replacing their aging water and wastewater infrastructure,” said Franklin. Franklin noted that communities facing greater challenges in the wake of the COVID-19 pandemic might find the new legislation helpful in their recovery.
“Drinking water and wastewater services are essential to everyday life. Aqua can help ensure communities have a strong infrastructure, safe water and reliable service both now and in the future,” Franklin continued. “At the same time, local governments can use the proceeds of a utility sale to fund meaningful initiatives and services for their residents.”
Virginia has become the eighth and final state served by Aqua water utilities to pass legislation providing the opportunity for municipal utilities to receive a fair market value for their systems.
Aqua Virginia President John Aulbach explained that Aqua is committed to protecting public health and the environment, improving service and meeting demand for the customers it serves. “Thriving communities depend on durable, reliable water and wastewater infrastructure. This new legislation gives my team the opportunity to extend these benefits to more communities and residents throughout Virginia.”
About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves.More News and Articles
Apr 19, 2024
News
WATCH: Overnight with SAERTEX-LINER H20 in São Paulo
Available through Pipe Core, high-quality liner SAERTEX-LINER H20 performed under pressure in São Paulo, Brazil.
Apr 17, 2024
News
Immersive media provides wastewater experience in Denmark
An immersive media experience (IMX) may not be what most people want when they think about industrial wastewater, but that is exactly what visitors can expect when they visit a new installation in the city of Kalundborg, Denmark.
Apr 15, 2024
News
Spotlight on gender diversity at Pipe Core
Since founding in 2008, Pipe Core’s team has grown across all areas of the business and is now in a position where there are more females than males across the organisation. Research published in Harvard Business Review found that “countries …
Apr 12, 2024
News
New Wave of Startups Scale Innovation to Solve Global Water Challenges
Innovators from Around the World Join Xylem’s 2024 Accelerator Program to Deploy Breakthrough Innovations for Utilities and Industrial Users of Water
Apr 08, 2024
News
Integrated sustainable electricity and clean drinking water systems
Altitude Water and New Use Energy Solutions have partnered to create integrated, mobile solar-plus-water generation systems that produce sustainable electricity and clean drinking water anytime, anywhere.
Apr 05, 2024
News
How to Evaluate Hydraulic Fracture Risk in HDD Design
The design of horizontal directional drill (HDD) installations often requires an evaluation of the potential for hydraulic fracture of the soil layers through which an HDD passes. Evaluating this risk during the design process is an important planning tool to …
Apr 02, 2024
News
Historic Project Linking Rome and Vatican City Uses Advanced Technology and Local Knowledge to Keep Water Flowing
Relocation of Major Sewer Infrastructure Enables Construction of Pedestrian Link for 35 Million Visitors to the 2025 Jubilee
Mar 27, 2024
News
USU Study Looks at Water Main Break Rates in the U.S. and Canada
Report Highlights Correlation Between Material and Diameter
Mar 26, 2024
News
Update BE-21: New Material in Course and Modules on Trenchless Pipe Installation
Online training on the topic of pipeline installation in civil engineering: Trenchless technology for underground drainage construction can be a resource-efficient, environmentally friendly, time-saving, and cost-effective alternative to open cut methods. The UNITRACC e-learning course "Utility Tunnelling" has been enhanced …
Mar 25, 2024
Article
Bacteria as a new weapon in wastewater treatment
In early November, San Diego based startup Aquacycl officially opened its first European office and test center at the Water Campus in Leeuwarden. The Netherlands Foreign Investment Agency (NFIA) and the Investment and Development Agency for the Northern Netherlands (NOM) …
Mar 22, 2024
News
A superior HDD offering
Building on its relationships with leading horizontal directional drilling companies, TRACTO Australia has delivered three new rigs to operator Superior HDD.
Mar 20, 2024
News
New portable water filtration technology could improve access to clean drinking water worldwide
The University of Texas at Austin has developed an injectable water filtration system with the aim to aid the over two billion people worldwide who are without clean drinking water.
Contact
Essential Utilities Inc.
Brian Dingerdissen
Investor Relations
762 W. Lancaster Avenue
PA 19010 Bryn Mawr
United States
Phone:
+1 610 645 1191