CLINTON, Conn., Nov. 19, 2018 (GLOBE NEWSWIRE) — Connecticut Water Service, Inc. (Nasdaq: CTWS) announced today that the Company’s Board of Directors approved an overall $85.7 million Capital Spending Plan for 2019 for its regulated public water and wastewater utilities. The 2019 Capital Spending Plan represents an increase of $19.5 million, or 29.5 percent, compared to 2018’s approved plan.
More than 41 percent of the capital spending planned for 2019, or $35.4 million, is allocated for pipeline replacement and other projects eligible through Connecticut’s Water Infrastructure and Conservation Adjustment (WICA) and Maine’s Water Infrastructure Charge (WISC) programs.
“Our planned 2019 capital spending represents our long-standing record of and unwavering commitment to investing in the infrastructure needed to serve families and communities,” David C. Benoit, CTWS’s President and CEO stated. “Our investment, from source to tap, enhances service reliability and water quality, maintains robust water flows to fire hydrants, reduces operating expenses through lower repair costs, and reduces water lost to underground leaks and the power wasted to pump lost water.”
The Capital Spending Plan also includes $12.0 million for treatment improvements. The single largest portion of that is allocated to the Saco River Drinking Treatment Facility that will replace The Maine Water Company’s (Maine Water) oldest surface water treatment plant, which went into service in 1884 and is possibly the oldest water treatment facility in the nation. The new treatment facility will be located out of the Saco River’s flood plain and will ensure that the Company has reliable capacity and system redundancy to meet the water needs of current and future customers in southern Maine. The facility is expected to be service in 2021.
In addition to Maine Water, CTWS’s water and wastewater subsidiaries included in the 2019 Capital Spending Plan are The Connecticut Water Company, The Heritage Village Water Company, and The Avon Water Company.
Under the 2019 Capital Spending Plan, $70.0 million will be allocated to the Company’s Connecticut subsidiaries and $15.8 million to Maine Water.
Dividends Declared
CTWS’s Board also declared a quarterly cash dividend of $0.3125 per common share payable on December 17, 2018, for shareholders of record as of December 3, 2018. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $1.25 per share.
About CTWS
CTWS is a publicly traded holding company headquartered in Clinton, Connecticut. CTWS is the parent company of The Connecticut Water Company, The Maine Water Company, The Avon Water Company, and The Heritage Village Water Company. Together, these subsidiaries provide water service to more than 450,000 people in Connecticut and Maine, and wastewater service to more than 10,000 people in Connecticut.
This news release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s results of operation, financial position and long-term strategy. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties discussed in our filings with the Securities and Exchange Commission, which could cause the Company’s actual results to differ materially from expected results. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: News media contact: Daniel J. Meaney, APR Director of Corporate Communications Connecticut Water Service, Inc. 93 West Main Street Clinton, CT 06413-1600 (860) 664-6016
