Latest news with #waterutility
CBS News
6 days ago
- Climate
- CBS News
Residents warned not to flush toilets after Rowlett sewer main collapse
Residents in Rowlett have been asked to avoid flushing their toilets after a 24-inch sewer main collapsed near Liberty Grove Road and Chiesa Road Wednesday. City of Rowlett The city said there are sewer backups and crews are working around the clock to make emergency repairs. Residents in the outlined area are asked to stop all non-essential water use and avoid flushing toilets until further notice to help reduce pressure on the system and prevent additional backups. The city said there has been no impact on the safety of the water supply and the drinking water is safe. This is a developing story. CBS News Texas will provide updates as they become available.
Reuters
03-06-2025
- Business
- Reuters
UK utility Pennon swings to pretax annual loss on investment costs
June 3 (Reuters) - British water utility Pennon Group (PNN.L), opens new tab swung to an annual pretax loss on Tuesday, hurt by costs associated with the Brixham water supply incident and higher investments to upgrade its infrastructure. Britain's water companies are facing increased scrutiny due to pollution issues and mounting pressure to improve environmental standards while managing rising costs and regulatory demands. Water bills in England and Wales will increase by an average of 31 pounds per year between 2025 and 2030, according to industry regulator Ofwat's 2024 price review, to help finance essential investment in the sector. This is 8 pounds lower per year than what companies proposed in their plans, on average. Pennon, along with listed peers United Utilities (UU.L), opens new tab and Severn Trent (SVT.L), opens new tab, agreed to Ofwat's price review, unlike several privately owned water firms that appealed. In exchange for higher permitted income, Pennon is committing to invest 3.2 billion pounds ($4.33 billion) over five years in infrastructure upgrades. Ofwat's latest price review permits South West Water, the group's largest revenue contributor, to raise household bills by 23% leading to an average bill of 610 pounds by 2029-30. The group is partly relying on these higher tariffs to fund upgrades and meet tougher environmental standards, while restoring public confidence following recent pollution incidents. "While we have made the tough decision to put bills up in 2025-26, for the first time in over a decade, two-thirds of our investments are being funded by our supportive investors and debt providers," CEO Susan Davy said in a statement. Pennon reported adjusted loss before tax of 35.1 million pounds for the year ended March 31, narrower than market expectations of about 37 million pounds loss, according to data compiled by LSEG. ($1 = 0.7392 pounds)
Forbes
02-06-2025
- Business
- Forbes
Billionaire Anthoni Salim-Backed Maynilad Water To Raise $694 Million From Philippine IPO
A Maynilad water treatment facility. Courtesy of Maynilad Water Maynilad Water Services—controlled by Indonesian billionaire Anthoni Salim-backed Metro Pacific Investment—will raise 38.6 billion pesos ($694 million) from its IPO. Under the IPO, which was approved by the Securities and Exchange Commission on Friday, Maynilad Water will sell 1.9 billion shares in a primary offering at 20 pesos apiece. The maiden share sale includes an over allotment option of up to 249 million shares and a preferential offer of up to 24.9 million shares. Maynilad Water—which provides water utility services to 17 cities and municipalities in western Metro Manila and parts of Cavite province, south of the capital—will use the IPO proceeds to upgrade its facilities and expand its water output. Apart from the sale of primary shares, Maynilad Water Holding—which counts Metro Pacific, tycoon Isidro Consunji's DMCI Holdings and Japan's Marubeni Corp. among its shareholders—will sell 354.7 million shares at the IPO price, raising an additional 7.1 billion pesos in a secondary offering. The offer period will run from July 3 to 9, with listing on the main board of the Philippine Stock Exchange scheduled on July 17, the SEC said. It will be the largest Philippine IPO since the listing of instant noodle giant Monde Nissin, which raised $1.1 billion in a maiden share sale in 2021. BPI Capital, HSBC, Morgan Stanley and UBS are the IPO's joint global coordinators and joint bookrunners, according to the statement. Maynilad Water's net profit rose 17% to 3.6 billion pesos in the first quarter as sales rose 6% to 8.6 billion pesos. It reported a record full-year net profit of 12.8 billion pesos in 2024. Metro Pacific, which is helmed by tycoon and CEO Manuel Pangilinan and taken private in 2023, also has interests in hospitals, tollroads, agriculture, as well as electricity generation and distribution. Outside of Metro Pacific, Salim's First Pacific also has stakes in Philippine telecom giant PLDT and Philex Mining Corp. With a net worth of $12.8 billion, Salim and his family are among the richest in Indonesia. The family also has stakes in Infofood, Indonesia's largest noodle maker, as well as banking, retail and coal and his siblings had a networth of $3.4 billion, the fifth richest in the Philippines. DMCI, which started as a construction company founded by his father in 1954, has expanded to coal and nickel mining, residential development, power generation and cement manufacturing.
Yahoo
31-05-2025
- Business
- Yahoo
California Water to Acquire Casa Loma Water and Palm Mutual Water Utility Assets
The main subsidiary of California Water Service Group (NYSE:CWT), California Water Service (Cal Water), has signed contracts to buy the water utility assets of Palm Mutual Water Company and Casa Loma Water Company. An aerial view of an expansive reservoir and surrounding landscape supplying the utility's water. Casa Loma is located three miles from Cal Water's Bakersfield Operations Center and provides service to roughly 900 residents through 248 customer connections. Palm Mutual serves 63 residential clients and is situated two miles from Cal Water's Northeast Bakersfield Treatment Plant. The approval of the California Public Utilities Commission and other closing requirements are still pending for both purchases. California Water Service Group (NYSE:CWT)'s Cal Water already has an intertie with the Casa Loma system, which enables uninterrupted water delivery following acquisition. Cal Water intends to improve system infrastructure and add new connections. Palm Mutual is currently supplied by a Cal Water master meter because it does not have its own water supply sources. Cal Water plans to improve service quality by investing in infrastructure renovations. CEO Martin A. Kropelnicki of California Water Service Group (NYSE:CWT) stressed customer safety and service excellence, commenting: 'We look forward to providing our new customers the high level of service we provide to our other Bakersfield customers.' Cal Water employs 1,200 people who are dedicated to honesty, sustainability, and infrastructure, and it provides services to 2.1 million people through around 500,000 connections. While we acknowledge the potential of CWT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CWT and that has 100x upside potential, check out our report about this READ NEXT: and . Disclosure. None.
Zawya
27-05-2025
- Business
- Zawya
Premier Inn owner Whitbread appoints Christine Hodgson as chair
Premier Inn owner Whitbread on Tuesday said it has appointed Christine Hodgson, the current chair of British water utility Severn Trent, as its new chair, effective September 1. Hodgson succeeds Adam Crozier who will step down as Whitbread chair after seven years. (Reporting by Anandita Mehrotra in Bengaluru; Editing by Eileen Soreng)
