American States Water Co (AWR) operates regulated water and electric utilities in California and a contracted services business that runs water and wastewater systems on U.S. military bases. Its main regulated utility, Golden State Water Company (GSWC), purchases, produces, distributes and sells water across 11 California counties and also provides wastewater collection and treatment in certain areas under California Public Utilities Commission (CPUC) regulation. Its electric utility, Bear Valley Electric Service (BVES), distributes electricity in mountain communities in San Bernardino County, also under CPUC regulation. Through American States Utility Services (ASUS) and subsidiaries, AWR performs long-term operations, maintenance, and construction work for water and wastewater systems under U.S. government contracts.
38,2 %
90,8 %
19,8 %
+10,5 %
1.32
1.32
| % | |
|---|---|
| Regulated water utility (GSWC) | 70% Retail water production/purchase, distribution and billing across 11 California counties under CPUC-set rates. |
| Contracted services (ASUS) | 20% Operations, maintenance and construction services for water/wastewater systems at U.S. military bases under long-term contracts and task orders. |
| Regulated electric utility (BVES) | 10% Electric distribution service to San Bernardino County mountain communities under CPUC regulation. |
In the regulated utility segments, AWR primarily serves residential and commercial customers within its California...
Buy regulated retail water service; usage and bills are influenced by conservation rules and weather-driven demand.
Buy regulated water service for business operations; reliability and permitted rate recovery drive service economics.
Households and businesses in San Bernardino County mountain communities buying regulated electric distribution service.
Procure long-term O&M and project work for base water and wastewater systems; contract modifications and task orders drive incremental work.
AWR’s regulated water and electric operations are concentrated in California, creating a strong linkage to California...
AWR’s strategy is anchored in executing regulated utility operations while managing water supply reliability and...
Drought, imported water constraints, and contamination risks can disrupt service and raise costs.
ASUS earnings and cash flows depend on long-term base contracts, modifications, and task orders.
Energy use in pumping and electric distribution drives emissions and cost; progress may depend on technology availability.
AWR’s regulated utility earnings depend on CPUC decisions on allowed rates, cost recovery timing, and approval of...
Utility revenues depend on rates/charges permitted by the CPUC; adverse decisions can delay recovery, require refunds, or create impairment charges.
Drought, weather pattern changes, wildfires, and restrictions on water sources can reduce availability, increase costs, and disrupt service.
Physical or cyber attacks could disrupt service and expose the company to losses; government-contractor cybersecurity rules can create penalties or debarment risk.
Water revenues are volume-based and regulated rates may not fully offset declining usage; conservation can cause short-term and permanent demand reductions.
ASUS contracted services rely on the U.S. government; future levels of modifications, task orders, and construction work may not continue at current levels.
: 11/08/2026