Iowa American Water has been granted new water and wastewater rates by the Iowa Utilities Commission (IUC), with the increase being driven by over $157 million in infrastructure investments. The company's rate request, filed on May 1, 2024, was primarily due to the significant investment in treatment and distribution system upgrades since its last rate filing.
The new rates will reflect the IUC's order, and after review of the filing, an effective date for the new rates will be established by the IUC. It's worth noting that interim rates became effective on May 11, 2024.
Iowa American Water offers customer payment installment plans and budget billing options on the MyWater customer portal at iowaamwater.com. Customers will receive information about the new rates on their Iowa American Water bill, and information will also be available on the company's website under "customer service billing, your water and wastewater rates."
The company's president, Brad Nielsen, emphasized their commitment to making appropriate investments to continue providing safe, clean, reliable, and affordable services. American Water, the parent company of Iowa American Water, is the largest regulated water and wastewater utility company in the United States, serving over 14 million people with regulated operations in 14 states and on 18 military installations. Following these announcements, the company's shares moved 0.89%, and are now trading at a price of $143.11. For the full picture, make sure to review American Water Works's 8-K report.
