UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 5, 2024
American Water Works Company, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34028
| | | | | |
| Delaware | 51-0063696 |
(State or other jurisdiction
of incorporation) | (IRS Employer
Identification No.) |
1 Water Street
Camden, NJ 08102-1658
(Address of principal executive offices, including zip code)
(856) 955-4001
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
| Common stock, par value $0.01 per share | | AWK | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
Illinois Commerce Commission (the “ICC”) Issuance of Final Order in Illinois-American Water Company (“Illinois American Water”) General Rate Case
At a public meeting on December 5, 2024, the ICC issued a final order (the “Order”) approving the adjustment of base rates requested in a general rate case originally filed on January 25, 2024 by Illinois American Water, a wholly owned subsidiary of American Water Works Company, Inc. (the “Company”). As updated in Illinois American Water’s June 20, 2024 rebuttal filing, the request sought a two-step increase in additional annualized revenues, consisting of a first step of $140 million in additional annualized revenues in 2025, excluding previously recovered infrastructure surcharges of $5 million, and a second step of $16 million in additional annualized revenues in 2026. The Order approved a single increase of $110.6 million in annualized water and wastewater system revenues, excluding previously recovered infrastructure surcharges, based on an authorized return on equity (“ROE”) of 9.84%, authorized rate base of $2.19 billion, and a capital structure with an equity component of 49.00% and a debt component of 51.00%, compared to an authorized ROE of 9.78%, authorized rate base of $1.64 billion, an equity component of 49.00% and a debt component of 51.00%, all as approved in Illinois American Water’s last general rate case effective January 1, 2023. The Order denied the second step increase of $16 million. The increase is expected to take effect January 1, 2025, and is being driven primarily by approximately $557 million in capital investments made and to be made by Illinois American Water from January 2024 through December 2025.
A copy of the press release issued by Illinois American Water on December 6, 2024 has been filed as Exhibit 99.1 hereto and is incorporated herein by reference. References and links to websites and other information contained in this press release are not provided as active hyperlinks, and the information contained in or accessed through these hyperlinks shall not be incorporated into, or form a part of, this Current Report on Form 8-K. Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits to this Current Report have been provided herewith as noted below:
| | | | | | | | |
| Exhibit No. | | Description |
| 99.1* | | |
| 104 | | Cover Page Interactive Data File (the cover page XBRL tags are included and formatted as Inline XBRL). |
| * Filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | | | | |
| | | | AMERICAN WATER WORKS COMPANY, INC. |
| | | | | |
| Dated: | December 6, 2024 | | By: | /s/ DAVID M. BOWLER |
| | | | | David M. Bowler |
| | | | | Executive Vice President and Chief Financial Officer |
