California Water Service (Cal Water) has secured over $83 million in additional state funding through the California Extended Water and Wastewater Arrearage Payment Program to relieve residential and commercial customers of past-due balances accumulated during the pandemic. This is in addition to the $20.8 million secured about two years ago through the original program. In total, Cal Water has secured $103,875,186 through these programs.
The Extended Program covers past-due debt incurred between June 16, 2021, and December 31, 2022, providing financial support to customers well past the height of the pandemic. Cal Water will apply credits to affected customers' accounts in the second quarter of 2024, and customers across all of Cal Water’s service areas will be notified directly if a credit will be applied to their accounts.
Customers with remaining balances that pre-date the pandemic or were accrued after the Extended Program benefit period ended in 2022 may still take advantage of Cal Water’s interest* and penalty-free payment plans or extensions, as well as the Customer Assistance Program for qualifying lower-income customers.
The market has reacted to these announcements by moving the company's shares -2.9% to a price of $45.85. For more information, read the company's full 8-K submission here.
