Essential Utilities Celebrates Infrastructure Week, Announces 2024 Infrastructure Upgrades
May 13 2024 - 11:14AM
Business Wire
$1B+ capital improvement program foundation of
company’s commitment to investing in the communities it serves
As the nation observes Infrastructure Week, Essential Utilities
Inc. (NYSE: WTRG) reaffirms its commitment to enhancing service and
reliability for customers through a robust $1 billion capital
improvement program. This investment represents a cornerstone of
its mission to invest in communities and advance national
infrastructure through its water and gas utilities, Aqua and
Peoples Natural Gas.
Since uniting under Essential in 2020, the company has allocated
over $4 billion toward critical infrastructure enhancements. In
2023 alone, the company invested $1.2 billion on more than 7,000
individual projects, including approximately 220 projects over $1
million. Some of those key projects include:
- Valley Forge (PA) National Park Pipeline Replacement, an
expansion project to deliver water to 670,000 people
- Western Hancock (IN) Wastewater Treatment Plant Expansion,
doubling the plant’s capacity to support the region’s growth
- Peoples’ Over-Pressure Protection Program, which increases
natural gas safety through improved detection and response
times
Essential plans to escalate this commitment by investing an
expected $1.3 billion in 2024, and an annual average of
approximately $1.4 billion through 2028. These strategic
investments directly address the pressing need for modernization
and sustainability across Essential’s nine-state service area,
ensuring compliance, reducing outages and safeguarding the
environment.
“One of the greatest challenges facing the United States is the
rehabilitation of our nation’s infrastructure,” said Christopher
Franklin, chairman and CEO of Essential Utilities. “As a
significant water, wastewater and natural gas provider in the
country, Essential has a responsibility and opportunity to
proactively address this for future generations. Through our
expertise and resources, we’re infusing capital into vital systems,
driving innovation and improving service reliability for our
communities for generations to come.”
Planned initiatives directly benefit customers by enhancing
service reliability, mitigating the risk of pipeline failures and
ensuring compliance with evolving environmental standards. These
investments will prevent water main breaks, address lead
contamination and manage emerging contaminants like PFAS. The
company plans to invest $450 million in PFAS research and
state-of-the-art remediation solutions, aligning with the recent
EPA regulations. The utilities’ planned 2024 work includes the
following:
- Peoples will continue its Long-Term Infrastructure Improvement
Plan (LTIIP) to replace more than 3,000 miles of critical
pipelines, with 186 miles of new lines targeted for installation
this year. With $1.5 billion allocated between 2021 and 2025,
Peoples’ LTIIP is the leading mile replacement program in
Pennsylvania.
- Aqua is committed to upgrading aging infrastructure, improving
service and reliability for customers across its eight-state
footprint. Aqua is investing $765 million for capital improvements
in 2024 alone, including the replacement of 130 miles of water
main.
Infrastructure Week serves as a reminder of the vital role that
infrastructure plays in supporting communities and driving economic
growth. Essential Utilities continues to lead by example,
demonstrating a steadfast commitment to investing in the future and
delivering essential resources across its service territory.
About Essential
Essential Utilities, Inc. (NYSE:WTRG) delivers safe, clean,
reliable services that improve quality of life for individuals,
families, and entire communities. With a focus on water, wastewater
and natural gas, Essential is committed to sustainable growth,
operational excellence, a superior customer experience, and premier
employer status. We are advocates for the communities we serve and
are dedicated stewards of natural lands, protecting more than 7,600
acres of forests and other habitats throughout our footprint.
Operating as the Aqua and Peoples brands, Essential serves
approximately 5.5 million people across 9 states. Essential is one
of the most significant publicly traded water, wastewater service
and natural gas providers in the U.S. Learn more at
www.essential.co.
Forward-Looking Statements
This letter contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
which generally include words such as “believes,” “expects,”
“intends,” “anticipates,” “estimates” and similar expressions and
include the Company’s belief that it will invest $1.3 billion in
capital in 2024, invest an annual average of approximately $1.4
billion through 2028, and invest $450 million in PFAS research and
remediation. The Company can give no assurance that any actual or
future results or events discussed in these statements will be
achieved. Any forward-looking statements represent its views only
as of today and should not be relied upon as representing its views
as of any subsequent date. Readers are cautioned that such
forward-looking statements are subject to a variety of risks and
uncertainties that could cause the company’s actual results to
differ materially from the statements contained in this release.
Such forward-looking statements include, but are not limited to
statements relating to the capital to be invested by the water,
wastewater, and gas distribution divisions of the Company. There
are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements including the factors discussed in our Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q, which is filed
with the Securities and Exchange Commission. For more information
regarding risks and uncertainties associated with The Company’s
business, please refer to the Company’s annual, quarterly and other
SEC filings. The Company is not under any obligation - and
expressly disclaims any such obligation - to update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240513407687/en/
Media: David Kralle Vice President of Public Affairs
Media Hotline: 1.877.325.3477 Media@Essential.co Investors:
Brian Dingerdissen Vice President, IR and Treasurer O: 610.645.1191
BJDingerdissen@Essential.co
Essential Utilities (NYSE:WTRG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Essential Utilities (NYSE:WTRG)
Historical Stock Chart
From Sep 2023 to Sep 2024