0001104659-13-079359.txt : 20131031 0001104659-13-079359.hdr.sgml : 20131031 20131030200058 ACCESSION NUMBER: 0001104659-13-079359 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20131030 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131031 DATE AS OF CHANGE: 20131030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALIFORNIA WATER SERVICE GROUP CENTRAL INDEX KEY: 0001035201 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 770448994 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13883 FILM NUMBER: 131180542 BUSINESS ADDRESS: STREET 1: 1720 N FIRST ST STREET 2: C/O CALIFORNIA WATER SERVICE CO CITY: SAN JOSE STATE: CA ZIP: 95112 BUSINESS PHONE: 4083678200 MAIL ADDRESS: STREET 1: 1720 FIRST ST STREET 2: C/O CALIFORNIA WATER SERVICE CO CITY: SAN JOSE STATE: CA ZIP: 95112 8-K 1 a13-23227_18k.htm 8-K

 

 

 

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): October 30, 2013

 

CALIFORNIA WATER SERVICE GROUP

(Exact name of Registrant as Specified in its Charter)

 

Delaware

 

1-13883

 

77-0448994

(State or other jurisdiction

of incorporation)

 

(Commission file number)

 

(I.R.S. Employer

Identification Number)

 

1720 North First Street

San Jose, California

 

95112

(Address of principal executive offices)

 

(Zip Code)

 

(408) 367-8200

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

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:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

 

Item 7.01.             Regulation FD Disclosure.

 

On October 30, 2013, California Water Service Group issued the press release attached as Exhibit 99.1 to this current report and incorporated by reference herein.

 

The information and exhibit shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01.             Financial Statements and Exhibits.

 

We hereby furnish the following exhibit with this report:

 

Exhibit No.

 

Description

99.1

 

Press Release dated July October 30, 2013

 

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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.

 

 

CALIFORNIA WATER SERVICE GROUP

 

 

 

 

 

 

 

 

 

Date: October 30, 2013

By:

/s/ Thomas F. Smegal

 

Name:

 Thomas F. Smegal

 

Title:

 Vice President, Chief Financial Officer and Treasurer

 

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EX-99.1 2 a13-23227_1ex99d1.htm EX-99.1

Exhibit 99.1

 


NEWS RELEASE 
 

CALIFORNIA WATER SERVICE GROUP 

GRAPHIC

 

 

 

1720 North First Street

San Jose, CA 95112-4598

 

 

 

 

 

 

 

Contact:

 

Tom Smegal (408) 367-8200 (analysts)

Shannon Dean (310) 257-1435 (media)

 

October 30, 2013

 

SETTLEMENT AGREEMENT REACHED IN

 

CALIFORNIA WATER SERVICE COMPANY’S GENERAL RATE CASE

 

SAN JOSE, CA  — California Water Service Company (Cal Water), the largest subsidiary of California Water Service Group (NYSE:CWT), announced today that it has entered into a settlement agreement with the California Public Utilities Commission’s Office of Ratepayer Advocates (ORA) and other parties to its 2012 General Rate Case. The Commission may or may not adopt the settlement agreement as proposed by the parties.

 

If the settlement agreement is approved as proposed, Cal Water would be authorized to invest $447 million in districts throughout California over the three-year period (2013 - 2015) in order to provide a safe and reliable water supply to its customers.  Included in the $447 million in water system infrastructure improvements is $126 million that would be recovered through the Commission’s advice letter procedure upon completion of qualified projects. Under the terms of the settlement, the Company would be authorized to increase gross revenue by approximately $45 million in 2014, $10 million in 2015, $10 million in 2016, and up to $19 million upon completion and approval of the company’s advice letter projects.

 

Addressing affordability, the settlement agreement provides for an increase in the discount provided to qualified low-income customers as part of its Low Income Rate

 

1



 

 

Assistance program throughout Cal Water’s service areas in California, and an increase in the Rate Support Fund assistance to customers who reside in high-cost service areas.

 

Another provision of the settlement is the establishment of a health care balancing account that will track changes in employee health care costs and provide for the sharing of these cost changes between customers and shareholders during the rate case cycle. The parties believe the health care balancing account provides protection to the company and its customers due to the uncertainties arising from continuing changes in medical costs and insurance nationally, while providing an incentive to actively manage these costs downward.

 

The Commission is expected to issue a final decision on the case in early 2014.  Additional information about the settlement agreement may be found on the Commission’s web site at www.cpuc.ca.gov.

 

California Water Service Group is the parent company of California Water Service Company, Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company, Inc., CWS Utility Services, and HWS Utility Services.  Together these companies provide regulated and non-regulated water service to nearly 2 million people in California, Washington, New Mexico, and Hawaii.  California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.”  Additional information is available on our website at www.calwatergroup.com.

 

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“Act”).  The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the Act.  Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management’s judgment about the Company, the water utility industry

 

2



 

and general economic conditions.  Such words as would, expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements.  The forward-looking statements are not guarantees of future performance.  They are subject to uncertainty and changes in circumstances.  Actual results may vary materially from what is contained in a forward-looking statement.  Factors that may cause a result different than expected or anticipated include, but are not limited to: governmental and regulatory commissions’ decisions; changes in regulatory commissions’ policies and procedures; the timeliness of regulatory commissions’ actions concerning rate relief; new legislation; electric power interruptions; increases in suppliers’ prices and the availability of supplies including water and power; fluctuations in interest rates; changes in environmental compliance and water quality requirements; acquisitions and our ability to successfully integrate acquired companies;  the ability to successfully implement business plans; changes in customer water use patterns; the impact of weather on water sales and operating results; access to sufficient capital on satisfactory terms; civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; the involvement of the United States in war or other hostilities; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; and, other risks and unforeseen events.  When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the annual 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Commission (SEC).  The Company assumes no obligation to provide public updates of forward-looking statements.

 

###

 

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