The Indiana Utility Regulatory Commission (IURC) today issued an order adjusting rates on a statewide basis for Indiana American Water.
Indiana American Water's ongoing infrastructure investments, rising expenses related to water treatment and delivery systems, and increased operating costs are the primary drivers behind the rate increase. The company invested more than $115 million statewide to enhance its water and wastewater infrastructure between June 30, 2009 and June 30, 2011.
"Water is a critical part of every day life and a strong economy," said Indiana American Water President Alan DeBoy. "We work with communities all across the state to make sure we are providing high quality water service that meets their needs and, at the same time, controlling our costs wherever possible.
"Water is still a great value at about a penny a gallon," DeBoy continued. "Indiana American Water is focused on making sure customers are getting good service, with more than 90 percent reporting they are satisfied or extremely satisfied in their dealings with our customer service in the field."
Indiana American Water filed a request to adjust its rates on May 2, 2011. The rate increase was approved by the IURC following a comprehensive, 13-month review process that included public hearings and opportunities for public comment. The new rates will go into effect after the new tariffs are calculated and approved by the IURC for each service area.
The IURC order will result in approximately $1.948 million in additional annual revenue for the company. Indiana American Water is currently working to determine the impact to customer bills by service district.
The company's last general rate increase occurred in April 2010.
Additional information on Indiana American Water's rates and system investments is available on the company's Web site at www.indianaamwater.com.
About Indiana American Water
Indiana American Water, a wholly owned subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to more than 1.2 million people. Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 7,000 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 15 million people in more than 30 states and parts of Canada. More information can be found at www.amwater.com.
Contacts:
Indiana American Water
Joe Loughmiller
Office: 317-885-2434
Cell:
317-903-7431
joe.loughmiller@amwater.com
