Merger Won’t Affect Water Rates
Canyon Lake Water Service Company’s parent company, San Jose, California-based SJW Group, says no rate increases are expected in the wake of its proposed merger with Connecticut Water Service, Inc.
Both companies’ boards-of-directors have unanimously approved a definitive agreement to create the third-largest investor-owned water and wastewater utility in the United States.
Jayme Ackemann, SJW Group’s director of Corporate Communications, says Canyon Lake residents won’t notice any changes at all once the merger is completed at the end of 2018.
“Both CEOs have committed to no rate increases related to this merger,” she says. “Our CEO really made a point, in announcing the agreement, that water is a local issue and best served at the local level. His intention is that once the merger is complete we continue to be local water providers all working together under this one umbrella of the SJW group.”
No staffing changes are anticipated either.
“At the local level, your customers won’t see any change,” Ackermann says.
CLWSC says no rate increases are expected this year, independent of the merger.
In a press release posted to its website, SJW says the new company will maintain strong community ties and participation in community events and organizations.
About SJWTX dba Canyon Lake Water Service Company
Canyon Lake Water Service Company is a state-regulated, investor-owned utility providing water service to approximately 36,000 people through more than 13,400 connections in Comal and southern Blanco Counties. On May 31, 2006, the utility became part of the SJW Corp. and a member of the San Jose Water Company family via the purchase of Canyon Lake Water Supply Corporation by SJWTX, Inc. SJWTX is a subsidiary of SJW Group, a publicly traded company listed on the New York Stock Exchange under the symbol SJW. Although the name has changed, CLWSC’s rich history and commitment to outstanding customer service remain the same.
About SJW and CTWS:
SJW Group is a publicly traded holding company headquartered in San Jose, California. SJW Group is the parent company of San Jose Water, SJWTX, Inc., and SJW Land Company. Together, San Jose Water and SJWTX, Inc. provide water service to more than one million people in San Jose, California and nearby communities and in Canyon Lake, Texas and the nearby communities.
CTWS is a publicly traded holding company headquartered in Clinton, Connecticut. CTWS is the parent company of The Connecticut Water Company, The Maine Water Company, The Avon Water Company, and The Heritage Village Water Company. Together, these subsidiaries provide water service to more than 450,000 people in Connecticut and Maine, and wastewater service to more than 10,000 people in