Essential Utilities, Inc. · NYSE:WTRG
Essential Utilities — Investor Day (February 2020)
80 slides from Essential Utilities's investor day presentation, Feb 27, 2020
Slide 1: Essential Utilities Inc. 2020 Investor Day
NYSE: WTRG February 27, 2020 Essential Utilities Inc. 2020 Investor Day
Slide 2: Welcome
NYSE: WTRG 2 Brian Dingerdissen Vice President, Chief of Staff, Investor Relations, and Communications Welcome
Slide 3: Forward Looking Statement
NYSE: WTRG NYSE: WTRG Forward Looking Statement This presentation contains in addition to historical information, forward looking statements based on assumptions made by management regarding future circumstances over which the company may have little or no control, that involve risks, uncertainties
Slide 4: Safety Message
NYSE: WTRG NYSE: WTRG Safety Message 4 4
Slide 5: Agenda
NYSE: WTRG Agenda Chris Franklin – Company Update Matt Rhodes – Strategy and Corporate Development Rick Fox – Operations Overview 15 Minute Break Operational Excellence & Regulatory Affairs Panel • Colleen Arnold • Christopher Crockett • Kimberly Joyce • Joseph Gregorini Dan Schuller – Financial Ove
Slide 6: Chris Franklin, Chairman, CEO and President
NYSE: WTRG 6 Chris Franklin Chairman, Chief Executive Officer, and President Company Update
Slide 7: Growth Strategy
NYSE: WTRG NYSE: WTRG Growth Strategy 7 Core Competencies • Infrastructure Investment (pipes, plants, etc.) • Regulatory Affairs • Operational Excellence Which leads to our three - pronged growth strategy. 1 2 3 Municipal Initiative • Driver of growing our foundational water/wastewater business • Ou
Slide 8: Acquisition: Strategic Rationale
NYSE: WTRG Acquisition: Strategic Rationale Creating an infrastructure company well - positioned for strong growth Adds platform for growth • Introduces new platform for growth • Expands infrastructure investment opportunities to drive rate base growth Benefits of increased scale • Increases rate ba
Slide 9: Transaction Timeline
NYSE: WTRG Transaction Timeline 13 - Nov - 2018 Filed merger applications with PA and WV PUCs 23 - Oct - 2018 Announced acquisition of Peoples 13 - Mar - 2019 KY PSC approved merger application 27 - Mar - 2019 Proposed merger settlement filed with WV PSC 28 - Oct - 2019 PA ALJ’s recommended decision
Slide 10: Combined Pro Forma Utility Profile
NYSE: WTRG Combined Pro Forma Utility Profile Creating an infrastructure company well - positioned for strong growth Water Only Combined Gas Only Combined Company Footprint 2019 Combined Rate Base ($B) 2019 Combined Customers by State 1 $5.0 $2.3 1 As of 31 - Dec - 2019. Due to rounding, percentages
Slide 11: Pro Forma Organization Overview
NYSE: WTRG Pro Forma Organization Overview 11 As part of the Essential family, Peoples provides a natural gas platform of scale and creates another avenue for growth.
Slide 12: About Essential
NYSE: WTRG About Essential Our Mission: To improve quality of life and economic prosperity by safely and reliably delivering earth's most essential resources. Our Purpose: Essential is uniquely positioned to play an important role in solving today’s water and natural gas challenges by renewing and i
Slide 13: Board of Directors
NYSE: WTRG Board of Directors 13 Christopher Franklin Chairman Executive Committee* Risk Mitigation and Investment Policy Committee Elizabeth B. Amato Director Since 2018 Executive Compensation Committee Corporate Governance Committee Nicholas DeBenedictis Chairman Emeritus Director Since 1993 Risk
Slide 14: Leadership Team
NYSE: WTRG Leadership Team 14
Slide 15: ESG Program
NYSE: WTRG ESG Program Recent Highlights: • 2019 CDP Score : B - • New policies adopted and disclosed • Tear sheets added to website • Climate Change Risks and Opportunities • Energy Use and Efficiency • Water Quality and Effluent Management • Water Efficiency (end use and distribution network) • Wa
Slide 16: 2019 Corporate Highlights
NYSE: WTRG 2019 Corporate Highlights 16 Infrastructure Investment ($m) Acquisition Growth • Closed 5 municipal acquisitions and added approximately 12,000 customers and $52.9m of rate base • Announced Delcora, the largest municipal agreement in our history Adjusted Income per Common Share (Non - GAA
Slide 17: 2020 Objectives
NYSE: WTRG Integration • Implement Peoples integration plan (culture, comms, SOX, etc.) • Complete DELCORA and Aqua Pennsylvania Wastewater organization plan • Develop companywide ESG program Growth • Prepare to close DELCORA • Sign municipal deals of over $100M in rate base Maintain Standards of Op
Slide 18: Strategy and Corporate Development
NYSE: WTRG 18 Matt Rhodes Executive Vice President, Strategy and Corporate Development Strategy and Corporate Development
Slide 19: Growth Strategy
NYSE: WTRG NYSE: WTRG Growth Strategy 19 Core Competencies • Infrastructure Investment (pipes, plants, etc.) • Regulatory Affairs • Operational Excellence Which leads to our three - pronged growth strategy. 1 2 3 Municipal Initiative • Driver of growing our foundational water/wastewater business • O
Slide 20: Municipal Acquisitions
NYSE: WTRG Municipal Acquisitions • Reinvestment of proceeds for community needs 20 • Future infrastructure capital investment requirements • Economic development or growth Why Municipals Sell Utilities Essential’s Considerations for Municipal Deals • Community needs / use of proceeds • Deal scale (
Slide 21: Fair Market Value States
NYSE: WTRG Fair Market Value States 21 Source: S&P Global Market Intelligence Essential has a history of successful collaboration with legislatures and regulators to implement constructive regulatory mec han isms and introduce Fair Market Value (“FMV”) legislation. FMV is enacted in 7 of our 8 water
Slide 22: 2019 and 2020 Closed Acquisitions
NYSE: WTRG 2019 and 2020 Closed Acquisitions 22 2019 Acquisition State Type Total Customers Approx. Rate Base ($000s) Skyline IL W/WW 752 $3,550 Phoenixville PA W 529 $2,500 Grant Park IL WW 540 $2,300 Cheltenham PA WW 9,887 $44,558 Total 11,708 $52,908 Note: In addition to the above, we have also c
Slide 23: Recent Municipal Acquisition Activity
NYSE: WTRG Recent Municipal Acquisition Activity Signed Municipal Agreements Pending Closing Acquisition State Type Total Customers Approx. Purchase Price ($000s) New Garden PA WW 2,106 $29,500 East Norriton PA WW 4,952 $21,000 DELCORA PA WW 198,000 1 $276,500 Total 205,058 1 $327,000 $100m of rate
Slide 24: Current Water and Wastewater Municipal Transaction Opportunities
NYSE: WTRG Current Water and Wastewater Municipal Transaction Opportunities Size Range (Approx. # of Customers) Total Customers (approx.) >25,000 160,000 10,000 – 25,000 85,000 <10,000 75,000 Total 320,000 24 We are actively pursuing acquisition opportunities in most of our states, totaling approx.
Slide 25: DELCORA Update
NYSE: WTRG Update • DELCORA provides WW services to 42 municipalities and ~500,000 people primarily in Delaware county, PA • ~189 total miles of wastewater pipe, including gravity and force main; owns collection systems and ~50MGD WWTP in western service territory • In eastern service territory (ESA
Slide 26: Aqua PA and DELCORA Service Territory Overlap
NYSE: WTRG Aqua PA and DELCORA Service Territory Overlap Aqua PA Area DELCORA Area DELCORA/Aqua PA Partnership DELCORA Only Service Area Aqua PA and DELCORA Combined Service Area Aqua PA Only Service Area County Municipality Legend 26 Aqua PA currently serves nearly 500,000 people in Delaware County
Slide 27: Water/Gas Landscape in KY and WV
NYSE: WTRG Water/Gas Landscape in KY and WV 27 Water / Wastewater Gas Water / Wastewater Gas Municipal/Utility landscape: • 550,000 customers (approx. 1,650,000 people) currently served by 87 water districts and 18 water associations • One major investor owned utility Municipal/Utility landscape: •
Slide 28: Essential's Current Market-Based Businesses
NYSE: WTRG Essential’s Current Market - Based Businesses 28 Pittsburgh Airport Allegheny Health Network - Wexford • Capital Amount: ~$30.0M • Expected COD: 2021 • Capital Amount: Not disclosed • Expected COD: 2020 Royalty Arrangement: Raw Water Pipeline JV in Marcellus Shale: • Two current supplier
Slide 29: Operations Overview
NYSE: WTRG 29 Rick Fox Executive Vice President, Chief Operating Officer Operations Overview
Slide 30: Operations Organizational View
NYSE: WTRG Operations Organizational View 30 Colleen Arnold President, Aqua Christopher Crockett Chief Environmental, Safety, and Sustainability Officer James Barbato Chief Engineering Officer Joseph Gregorini President, Peoples Richard Fox Executive Vice President and Chief Operating Officer, Regul
Slide 31: Operations Organizational View
NYSE: WTRG Operations Organizational View 31 Lawrence Carson President, Aqua New Jersey Kari Bennet President, Aqua Indiana John Aulbach President, Aqua Virginia Craig Blanchette President, Aqua Illinois Edmund Kolodziej President, Aqua Ohio Marc Lucca President, Aqua Pennsylvania Mark McKoy Vice Pr
Slide 32: Aqua Overview
NYSE: WTRG Overview Long - established water and wastewater utility with over 1 million customer connections in eight states 2 Over 1,600 employees serving more than 3 million people Company Overview • Founded in 1886; headquartered in Bryn Mawr , Pennsylvania • Large multi - state water & wastewate
Slide 33: Substantial U.S. Water Infrastructure Needs
NYSE: WTRG Treatment $102 Collection Systems $96 Other $54 Storm Water Management $19 Key Industry Statistics Water $473 Billion Source: EPA surveys Substantial U.S. Water Infrastructure Needs Represent a Massive Opportunity Transmission & Distribution $313 Treatment $83 Storage $48 Source … Other $
Slide 34: Building for the Future: Aqua Annual Capital Investment
NYSE: WTRG Building for the Future Annual Capital Investment ($millions) AQUA Companies’ Regulated Operations 34 $328.6 $364.7 $383.0 $478.1 $495.7 $550.0 $550.0 $- $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 2014 2015 2016 2017 2018 2019 2020E
Slide 35: Impact on the Communities We Serve
NYSE: WTRG Impact on the Communities We Serve Purchased Water Expense Reduction in Pennsylvania • $1.7 million capital investment included a new tie - in pipeline with a control valve, magmeter and feedback loop • Resulted in O&M savings of approximately $450,000 a year Nutrient and Power Expense Re
Slide 36: Operations Organizational View: Peoples
NYSE: WTRG Operations Organizational View 36 President, Peoples Joseph Gregorini Luke Ravenstahl Vice President, Sales and Marketing Paul Becker Vice President, Construction and Engineering Barry Leezer Senior Director, Customer Operations Edward Palombo Vice President, Reliability John Brown Presid
Slide 37: Peoples Natural Gas Utility Overview
NYSE: WTRG A Leading Natural Gas Utility with over 740,000 customer connections in three states 1 Territory Headquarters OH KY WV VA PA Financial Overview • Approximately $400M capital spending annually, which includes Long - term Infrastructure Improvement Plan (“LTIIP”) • 2,640 miles of bare steel
Slide 38: Pipeline Replacement Program
NYSE: WTRG Pipeline Replacement Program 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Cast Iron Bare Unprotected & Unprotected Steel Coated Unprotected Steel Coated Cathodically Protected Steel Plastic, Copper and Fiberglass LTIIP - approved replacement 81 2,620 490 4,058 7,624 (>99.9% pla
Slide 39: Building for the Future: Peoples Annual Capital Investment
NYSE: WTRG Building for the Future Annual Capital Investment ($millions) Peoples Companies’ Regulated Operations 39 $124.2 $131.6 $150.7 $211.8 $263.7 $282.7 $400.0 $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 2014 2015 2016 2017 2018 2019 2020E
Slide 40: Pipeline Safety Initiatives
NYSE: WTRG Pipeline Safety Initiatives 40 Over Pressure Protection Self Review • Self evaluation of SOP’s and Job Procedures following pipeline incidents • Align procedures with best practice recommendations (PUC, NTSB, AGA) • Enhance emergency response and communication plans • Program to add 2 nd
Slide 41: ESG – Greenhouse Gas Reduction Initiatives
NYSE: WTRG ESG – Greenhouse Gas Reduction Initiatives 41 Pipe Replacement (LTIIP & Gathering) • Replace/Retire 204 miles bare steel (2020) • Methane Reduction Impact: 353 metric tons = 9,000 tons CO2 = Emissions from 1,900 cars or 1,000 homes Landfill Gas Recovery (RNG) • Capturing 1.7 Bcf from 6 la
Slide 42: Guidance – Capital Expenditures
NYSE: WTRG Guidance – Capital Expenditures 42 Note(s): DSIC refers to ‘Distribution System Improvement Charge’. WSSIC refers to ‘Water and Sewer System Improvement Charge’ . Q IPS refers to ‘Qualifying Infrastructure Plant Surcharge’. PRP refers to natural gas ‘Pipeline Replacement Program’. Standar
Slide 43: Guidance – Rate Base
NYSE: WTRG Guidance – Rate Base 43 Water ($ in Billions) Gas ($ in Billions) $5.0 $5.4 $5.8 $6.0 $0.0 $0.4 $0.5 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 2019A 2020E 2021E 2022E $2.3 $2.5 $2.7 $3.0 $- $1.0 $2.0 $3.0 $4.0 2019A 2020E 2021E 2022E
Slide 44: Break
NYSE: WTRG 15 Minute Break 44
Slide 45: Operational Excellence & Regulatory Affairs Panel
NYSE: WTRG Operational Excellence & Regulatory Affairs Panel 45 Moderator Richard Fox Executive Vice President and Chief Operating Officer, Regulated Operations Colleen Arnold President, Aqua Christopher Crockett Chief Environmental, Safety, and Sustainability Officer Kimberly Joyce VP, Regulatory a
Slide 46: Financial Overview
NYSE: WTRG 46 Dan Schuller Executive Vice President, Chief Financial Officer Financial Overview
Slide 47: 2019 Full Year Highlights
NYSE: WTRG 2019 Full Year Highlights 47 Favorable Change Unfavorable Change In millions except per share 2019 2018 Variance Revenue $889.7 $838.1 6.2% Operations and Maintenance Expense $333.1 $308.5 8.0% Net Income (GAAP) $224.5 $192.0 17.0% Net Income per Share (GAAP) $1.04 $1.08 (3.7%) Adjusted I
Slide 48: Operating Revenues FY 2019 vs. FY 2018
NYSE: WTRG Operating Revenues 48 FY 2019 vs. FY 2018 Change in Operating Revenues (thousands)
Slide 49: Rate Activity
NYSE: WTRG Rate Activity 2019 Completed Rate Cases and Surcharges • Base rate cases or surcharges in NJ, NC, OH and PA with annualized revenue increase of $58.2 million 1 2020 Completed Rate Cases and Surcharges • Base rate cases or surcharges in IL, OH and NC with annualized revenue increase of $4.
Slide 50: Operations & Maintenance Expenses FY 2019 vs. FY 2018
NYSE: WTRG Operations & Maintenance Expenses 50 FY 2019 vs. FY 2018 Change in Operations & Maintenance Expenses (thousands)
Slide 51: Earnings per Common Share FY 2019 vs. FY 2018
NYSE: WTRG Earnings per Common Share 51 FY 2019 vs. FY 2018 Change in Earnings Per Share
Slide 52: Growth in Adjusted Income per Share
NYSE: WTRG Growth in Adjusted Income from Continuing Operations per Share (Diluted) 52 1 2015 Income per Share was $1.14 (GAAP). 2015 adjusted for joint venture impairment charge (non - GAAP). 2 2018 Income per Share was $1.08 (GAAP). 2018 adjusted for transaction costs and other items related to th
Slide 53: Dividend Increase History
NYSE: WTRG Dividend Increase History 7.0% Increase to Annualized Dividend Rate Effective 9/1/2019 $0.6600 $0.7120 $0.7652 $0.8188 $0.8760 $0.9372 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 2014 2015 2016 2017 2018 2019 Dividends Per Share (annualized) 53
Slide 54: Credit Ratings and Select Credit Metrics
NYSE: WTRG 54 Issuer Issuance Issuer Issuance A A - Baa2 Baa2 A A+ -- -- A A Baa1 Baa1 50 – 55% Debt / Total Capitalization 12 – 14% FFO / Net Debt 60 – 65% Dividend Payout Ratio Credit Ratings Credit Ratings Summary Select Credit Metrics (2020E – 2022E) (PA Subsidiary) 2 3 2 4 3 A+ A A- BBB+ BBB 1
Slide 55: Anticipated Annual Segment Reporting
NYSE: WTRG Anticipated Annual Segment Reporting 55 Water Gas Non - reg & Parent Consolidated Revenue x x x x Cost of Gas x x Other O&M x x x x D&A x x x x TOTI x x x x Operating Income x x x x Interest x x x x Income Taxes x x x x Net Income x x x x Capital Expenditures x x x x Total Assets x x x x
Slide 56: Drivers of the Business
NYSE: WTRG Drivers of the Business 56 Regulatory Environment Capital Investment & Recovery Regulatory Discipline Operating Efficiency Seasonality & Weather Tax Efficiency
Slide 57: Attractive Capex Recovery Mechanisms
NYSE: WTRG Attractive Capex Recovery Mechanisms 57 A large share of capex eligible for DSIC and other mechanisms significantly reduces regulatory lag for the combined company. State PA IN OH NJ IL NC Mechanism DSIC DSIC SIC DSIC QIPS WSSIC Allowed Surcharge 7.5% W 5% WW 10% 12.75% W 9% WW 5% 2.5% av
Slide 58: Heating Degree Days (HDD) Overview
NYSE: WTRG Heating Degree Days (HDD) 1 58 Overview A degree day compares the mean outdoor temperatures recorded for a location to a standard temperature, usually 65 ° Fahrenheit (F) in the United States. Heating Degree Days (HDD) are a measure of how cold the temperature was on a given day or during
Slide 59: Seasonality Considerations
NYSE: WTRG 59 36.7% 16.9% 14.3% 32.1% Q1 Q2 Q3 Q4 Seasonality Considerations 2019 Water Revenue and Natural Gas Margin by Month ($ Millions) As we expand into natural gas, seasonality plays a much larger role in the financial results. 2019 Gas Throughput by Quarter Nearly 69% of gas was sold in Q1 a
Slide 60: Approximate Net Income by Quarter
NYSE: WTRG Approximate Net Income by Quarter 60 Based on proforma projections, we expect 65% to 75% of net income in a given year will be earned in the first and fourth quar ter s. Overview 45% 20% 20% 35% 35% 10% 10% 25% Q1 Q2 Q3 Q4 Percentage of annual net income
Slide 61: Tax Repair Regulations
NYSE: WTRG Tax Repair Regulations 61 IRS tax repair regulations allow repair costs that were previously capitalized to be expensed for tax purposes. We plan to e lec t tax repair for Peoples’ largest Pennsylvania subsidiary, Peoples Natural Gas, shortly after close. Overview • IRS issued tangible pr
Slide 62: Guidance – Earnings Per Share
NYSE: WTRG Guidance – Earnings Per Share 62 2020E Earnings Per Share 2019 – 2022E Earnings Per Share GAAP Adjusted Proforma $1.05 - $1.10 $1.53 - $1.58 2019 Adjusted Non - GAAP EPS = $1.47 $1.47 $1.53 - $1.58 2019A 2020E 2021E 2022E Repair Tax • Guidance includes current repair benefit in ‘20, ‘21,
Slide 63: Diluted Shares Outstanding
NYSE: WTRG Diluted Shares Outstanding (Millions) 63 178.8 254.4 37.4 16.3 21.7 0.3 100 120 140 160 180 200 220 240 260 280 300 WTR Shares Outsanding Prior to Transaction Shares from April 2019 Equity Issuance TEUs (as-converted) CPPIB PIPE Shares Other WTRG Shares Expected After Closing We’re commit
Slide 64: Summary
NYSE: WTRG 64 Chris Franklin Chairman, Chief Executive Officer, and President Summary
Slide 65: Summary & 2020 Priorities
NYSE: WTRG Summary & 2020 Priorities • Continue operational excellence (water quality, gas safety, etc.) • Integrate Peoples • Finalize DELCORA for year end closing • Continue to pursue municipal acquisition pipeline • Implement Peoples capex plan; elect repair 65
Slide 66: Guidance
NYSE: WTRG Guidance • Continued engagement in the communities that each company serves Earnings 1 • Adjusted income of $1.53 to $1.58 per share for 2020 • 3 year earnings growth CAGR 5 - 7% for 2019 through 2022 Capex • Infrastructure investments of approximately $550 million in 2020 for communities
Slide 67: Commitment to Stakeholders
NYSE: WTRG Commitment to Stakeholders Combining Two Great Companies, Each with Over a Century of Service • Continued engagement in the communities that each company serves Customers • Continued best - in - class service from established gas and water utilities • No impact to customer rates from tran
Slide 68: Questions?
NYSE: WTRG Questions? Essential
Slide 69: Thank You
NYSE: WTRG Thank You 69
Slide 70: Investor Relations Contacts
NYSE: WTRG Brian Dingerdissen Vice President, Chief of Staff, Investor Relations and Communications 610.645.1191 BJDingerdissen@Essential.co Renee Marquis Director, Investor Relations 610.645.1021 RTMarquis@Essential.co For more information contact: 70
Slide 71: Appendix
NYSE: WTRG Appendix 71
Slide 72: GAAP to Non-GAAP Reconciliation
NYSE: WTRG GAAP to Non - GAAP Reconciliation (In thousands, except per share amounts) Quarter ended December 31, Year ended December 31, 2019 2018 2019 2018 Net income (GAAP financial measure) $ 64,227 $ (3,657) $ 224,543 $ 191,988 Adjustments: Plus: T ransaction - related expenses for the Peoples t
Slide 73: Q4 2019 Highlights
NYSE: WTRG Q4 2019 Highlights Favorable Change Unfavorable Change In millions except per share Q4 2019 Q4 2018 Variance Revenue $226.0 $205.7 9.9% Operations and Maintenance Expense $85.3 $92.4 (7.7%) Net Income (GAAP) $64.2 ($3.7) 1,856.2% Net Income per Share (GAAP) $0.28 ($0.02) 1,500% Adjusted I
Slide 74: Operating Revenues Q4 2019 vs. Q4 2018
NYSE: WTRG Operating Revenues Q4 2019 vs. Q4 2018 Change in Operating Revenues (thousands) 74
Slide 75: Operations & Maintenance Expenses Q4 2019 vs. Q4 2018
NYSE: WTRG Operations & Maintenance Expenses Q4 2019 vs. Q4 2018 Change in Operations & Maintenance Expenses (thousands) 75
Slide 76: Earnings per Common Share Q4 2019 vs. Q4 2018
NYSE: WTRG Earnings per Common Share Q4 2019 vs. Q4 2018 Change in Earnings per Share 76
Slide 77: 2019 Rates and Surcharges Completed
NYSE: WTRG 2019 Rates and Surcharges Completed State Docket Number Type Awarded Annualized Revenue Increase ($thousands) Aqua New Jersey WRT18121351 Rate Case (w) $5,000 Aqua North Carolina W - 218, Sub 497A Surcharge (w) $539 W - 218, Sub 497A Surcharge (ww) $62 Aqua Ohio 89 - 7028 - WW - TRF Rate
Slide 78: 2020 Rates and Surcharges Completed
NYSE: WTRG 2020 Rates and Surcharges Completed As of Feb. 26, 2020 State Docket Number Type Awarded Annualized Revenue Increase ($thousands) Aqua Illinois N/A Surcharge (w) $2,902 N/A Surcharge (ww) $168 Aqua North Carolina W - 218, Sub 497A Surcharge (w) $571 W - 218, Sub 497A Surcharge (ww) $134 A
Slide 79: Rates and Surcharges Pending
NYSE: WTRG Rates and Surcharges Pending State Docket Number Type Requested Annualized Revenue Increase ($thousands) Aqua Indiana 45314 U Rate Case (w) $53 45308 U Rate Case ( ww ) $10 Aqua New Jersey WR20010056 Rate Case ( ww ) $1,090 Aqua North Carolina W - 218, Sub 526 Surcharge (w) $5,193 W - 218
Slide 80: State by State Comparison
NYSE: WTRG State by State Comparison 80 As of December 31, 2019 State Rate Base ($000s) Water Connections Wastewater Connections Total Customers PA 3,428,271 443,152 38,208 481,360 OH 343,602 146,483 6,922 153,405 IL 357,344 65,851 16,330 82,181 TX 298,240 65,874 18,281 84,155 NJ 199,745 54,083 6,29