AI
Friday, July 12, 2024 11:15:19 PM
Been swinging this up and down past couple of months, but been in and out and watching this industry for quite a while. Recently AWK broke a flag and moving into my projected exit area and may be topping out for a retrace. Even though profitable trading, what I've been watching is a troubling trend of privatization of our services and infrastructure to big corps. If criminal trump and his republicans get into or stay in control of anything, this undoubtedly will become worse at a much higher costs to the people.
American Water isn't the only one, but has been one of the leaders in large private companies coming in and taking over public water and sewer systems with promises that do nothing but turn into bait and switch. Dozens of states where they've come in and taken over public systems has seen consumers bills skyrocket shortly after, every time. Doubling or more in some instances. With the climate crisis looming down upon us, this can't end well, at least not for the average Joe or Jane.
A lot of people are starting to scream a bit and rejecting the privatizations and putting pressure on some lawmakers, but the old trick of jacking up prices 30% and then giving a discount of 15%, or similarly asking for a super large increase from a regulatory commission knowing or planning on a smaller but still large increase giving false impressions to pacify, are all being played out. Along with "investigations" that end up going nowhere. In the end, corporate profits are still up considerably, people's pocket's are emptied, and the inflation is blamed on President Biden.
One example, but stories like this are becoming more frequent and in many cases the peoples complaints get absolutely nowhere, and in some cases, profits are taken at the expense of subpar maintenance and quality;
Lackawanna County
State cuts Pennsylvania American Water rate hike in half
The state's approved plan will result in a consumer price increase of about 10%, while PAWC's proposal would have resulted in an increase of more than 20%.
https://www.wnep.com/article/news/local/lackawanna-county/state-cuts-pennsylvania-american-water-rate-hike-in-half-public-utility-commission/523-c1975b41-749b-4b2c-8247-60515e5b6f49
Author: WNEP Web Staff
Published: 4:38 PM EDT July 11, 2024
Updated: 4:39 PM EDT July 11, 2024
LACKAWANNA COUNTY, Pa. — On Thursday, the state reduced Pennsylvania American Water's large rate hike request and made several major changes to the proposal.
Pennsylvania American Water proposed a rate hike in November of 2023 for nearly $1 billion in increases, which would increase PAWC's total annual operating revenues for water service by approximately $199.2 million, or 24.2 percent. For the average residential customer, the proposed rates would increase the monthly water bill by about $17.
The Pennsylvania Public Utility Commission voted 4-1 on Thursday to scale back the proposal, including:
Cutting the increase by more than 50%.
Launching an investigation into the water quality complaints voiced by many Scranton-area residents during the public input hearings.
Eliminating an item in the proposal that would have rewarded PAWC for management performance.
Calling on PAWC to increase company contributions to the utility's Hardship Fund by an additional $1 million.
The revised rate changes provide for a revenue increase of approximately $99.3 million per year, compared to PAWC's initial request of nearly $202.4 million—a 9.99% increase compared to PAWC's proposed 20% increase.
The Commission also rejected several proposals included in the PAWC rate case, which had been opposed by consumer advocates and other concerned parties, determining that they were not in the public interest.
Local lawmakers vigorously opposed the rate hike, calling it "an assault on customers."
Public hearings on the rate increase were held throughout the area in January, as Lackawanna County officials called on the PUC to deny the proposal.
In May, an administrative law judge recommended a smaller water revenue increase of approximately $92.6 million.
The new water rates are currently scheduled to go into effect on August 7.
All public documents related to this rate hike request are posted on the PUC's website.
May be able to trade it, but the solution to this ever growing issue seems illusive. The climate crisis will exasperate this to more extreme levels in the near future.
.
American Water isn't the only one, but has been one of the leaders in large private companies coming in and taking over public water and sewer systems with promises that do nothing but turn into bait and switch. Dozens of states where they've come in and taken over public systems has seen consumers bills skyrocket shortly after, every time. Doubling or more in some instances. With the climate crisis looming down upon us, this can't end well, at least not for the average Joe or Jane.
A lot of people are starting to scream a bit and rejecting the privatizations and putting pressure on some lawmakers, but the old trick of jacking up prices 30% and then giving a discount of 15%, or similarly asking for a super large increase from a regulatory commission knowing or planning on a smaller but still large increase giving false impressions to pacify, are all being played out. Along with "investigations" that end up going nowhere. In the end, corporate profits are still up considerably, people's pocket's are emptied, and the inflation is blamed on President Biden.
One example, but stories like this are becoming more frequent and in many cases the peoples complaints get absolutely nowhere, and in some cases, profits are taken at the expense of subpar maintenance and quality;
Lackawanna County
State cuts Pennsylvania American Water rate hike in half
The state's approved plan will result in a consumer price increase of about 10%, while PAWC's proposal would have resulted in an increase of more than 20%.
https://www.wnep.com/article/news/local/lackawanna-county/state-cuts-pennsylvania-american-water-rate-hike-in-half-public-utility-commission/523-c1975b41-749b-4b2c-8247-60515e5b6f49
Author: WNEP Web Staff
Published: 4:38 PM EDT July 11, 2024
Updated: 4:39 PM EDT July 11, 2024
LACKAWANNA COUNTY, Pa. — On Thursday, the state reduced Pennsylvania American Water's large rate hike request and made several major changes to the proposal.
Pennsylvania American Water proposed a rate hike in November of 2023 for nearly $1 billion in increases, which would increase PAWC's total annual operating revenues for water service by approximately $199.2 million, or 24.2 percent. For the average residential customer, the proposed rates would increase the monthly water bill by about $17.
The Pennsylvania Public Utility Commission voted 4-1 on Thursday to scale back the proposal, including:
Cutting the increase by more than 50%.
Launching an investigation into the water quality complaints voiced by many Scranton-area residents during the public input hearings.
Eliminating an item in the proposal that would have rewarded PAWC for management performance.
Calling on PAWC to increase company contributions to the utility's Hardship Fund by an additional $1 million.
The revised rate changes provide for a revenue increase of approximately $99.3 million per year, compared to PAWC's initial request of nearly $202.4 million—a 9.99% increase compared to PAWC's proposed 20% increase.
The Commission also rejected several proposals included in the PAWC rate case, which had been opposed by consumer advocates and other concerned parties, determining that they were not in the public interest.
Local lawmakers vigorously opposed the rate hike, calling it "an assault on customers."
Public hearings on the rate increase were held throughout the area in January, as Lackawanna County officials called on the PUC to deny the proposal.
In May, an administrative law judge recommended a smaller water revenue increase of approximately $92.6 million.
The new water rates are currently scheduled to go into effect on August 7.
All public documents related to this rate hike request are posted on the PUC's website.
May be able to trade it, but the solution to this ever growing issue seems illusive. The climate crisis will exasperate this to more extreme levels in the near future.
.
Two people you should never trust:
A religious leader who tells you how to vote.
A politician who tells you how to pray.
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