California Water Service ( CWT Quick Quote CWT - Free Report) completes a water pipeline replacement project in central Salinas to maintain the reliability and an uninterrupted supply of its services. The utility installed a 3,650-feet, 16-inch new ductile iron water main and replaced four fire hydrants to improve the flow of water for its customers and fire fighters. The company added 36 customer connections to its base along the replacement route. Company’s Prior Efforts
To ensure reliable water and wastewater services, the company is focused on revamping its weathered infrastructure. This month, it also completed a water main replacement project in the eastern part of Bakersfield and began a similar project in Rolling Hills Estates as well.
Prior to this, in April, it started overhauling its water infrastructure in western Torrance. In March, it completed a water infrastructure renovation in Hamilton City to enhance its credibility with high-quality services for its customers. Notably, after investing $298.7 million in 2020, the utility spent $66.8 million in the first three months of 2021. The company reaffirmed its 2021 capital expense estimate within $270-$300 million. Need for Investments
The aging U.S. water and wastewater infrastructure requires lump sum expenditure to ensure 24x7 supply of drinkable water. In want of proper infrastructural development, large volumes of water are lost on a daily basis in the United States due to mainline breaks. This raises the cost of water services along with the possibility of water contamination. Per the Water and Wastewater Equipment Manufacturers Association, an anticipated $750-billion investment is necessary to maintain and increase the amount of drinking water as well as preserve the quality of wastewater services to meet demand over the next two decades.
Apart from California Water Service, there are other players from the industry, which are investing heavily in infrastructure to upgrade, enhance and sustain the same. Another water utility American Water Works ( AWK Quick Quote AWK - Free Report) has plans to invest $10.4 billion in the 2021-2025 time period and $22-$25 billion in the next 10 years. Also, Middlesex Water ( MSEX Quick Quote MSEX - Free Report) — under the Water for Tomorrow program — is making regular capital investments to upgrade system reliability, resiliency and the overall service quality. Essential Utilities ( WTRG Quick Quote WTRG - Free Report) has a long-term plan to spend nearly $3 billion through 2023 to rehabilitate and strengthen water as well as the natural gas pipeline systems. Zacks Rank & Price Performance
Shares of this presently Zacks Rank #3 (Hold) player have gained 2.7% in the past six months, outperforming the
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