Drought, delays, not drying investor appetite for American States water
On the surface, these would appear to be challenging times for investors in San Dimas-based water utility holding company American States Water Co. Its water utility subsidiary, Golden State Water, has several systems along California’s Central Coast, one of the regions hardest hit by the ongoing drought, which in turn has forced the utility to pay more for imported water. Even more challenging is a year-long delay in Golden State Water’s rate case before the California Public Utilities Commission. The case is supposed to set water rates for this year through 2024. Yet as 2022 draws to a close, the case is still lingering before the commission, and a decision is not expected until the first quarter of next year.