LAKEPORT
Westside Community Park Committee hosts Thompson, Sumpter awarded
The Westside Community Park Committee hosted a site visit by Rep. Mike Thompson on June 30. In addition to learning about funding needs for the Lakeport park, Thompson presented a certificate to Brian Sumpter, recognizing 40 years of high school and youth sports coverage for the Lake County Record-Bee.
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SAN JOSE
Earthquakes, Cal OES team up to help Californians stay earthquake safe
Enhancing California’s enduring efforts to keep communities safe from earthquakes, the San Jose Earthquakes and the California Governor’s Office of Emergency Services (Cal OES) have partnered to increase preparedness for communities and businesses statewide.
The partnership is aimed at promoting the state’s Earthquake Early Warning System, in addition to community engagement programs and educational activations for fans.
Cal OES and the Earthquakes launched their partnership during the California Clasico on July 1 at Stanford Stadium. This legendary rivalry MLS game was a perfect time for families to ride a shake trailer that simulated the intensity of an 7.0 magnitude earthquake.
“We are excited to kick off this ground shaking partnership,” said Cal OES Director Nancy Ward. “Together we can build a more resilient community on and off the pitch that helps Californians stay safe from earthquakes.”
“We look forward to partnering with Cal OES” said Earthquakes President Jared Shawlee. “With Cal OES’ support, Quakes fans and our local communities will be able to learn about the importance of earthquake safety at our home games, starting this weekend.”
As part of the partnership, the Quakes will promote earthquake preparedness in a variety of ways:
- In game signage
- Public Service announcements in English and Spanish
- Creative Content with Players
- Pre and post-game experiences to ride on a state-of-the-art Shake Trailer
- Quakes’ prize packages when downloading the app
Engaging with fans, the Quakes will promote earthquake preparedness educational content with players, to help families practice the life-saving steps – drop, cover and hold on – so they can take actions to stay safe and host the Cal OES earthquake simulator at several games throughout the season. Cal OES will also partner with Team 408, the club’s small business program to educate local small businesses in the Quakes community.
Continuing to lead the country in emergency management and disaster preparedness, California’s first-in-the-nation Earthquake Early Warning System provides advance notification before shaking occurs. With more than 2.6 million downloads, the MyShake App detects significant earthquakes quickly so alerts can notify Californians to take protective actions when seismic activity is occurring at their location.
Promoted through the Earthquake Warning California campaign, Cal OES is home to the California Earthquake Early Warning system. This intricate system uses the latest technology, including smartphone applications, operating system features and Wireless Emergency Alerts (WEA), to provide individuals with an earthquake warning as soon as shaking is detected by ground motion monitoring in California.
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SAN JOSE
California Public Utilities Commission adopts cost of Capital proposed decision setting California water service’s return on equity
The California Public Utilities Commission has approved the proposed decision issued in the cost of capital application for California Water Service (Cal Water) and three other utilities from July 2023 through the end of 2024. The decision originally established a 9.05% return on equity and 4.23% cost of debt for Cal Water, with a capital structure of 53.40% common equity and 46.60% long-term debt, and an authorized rate of return of 6.80%, effective Jul. 31, 2023.
However, the decision affirms and retains the Water Cost of Capital Mechanism (WCCM), which automatically adjusts the rate of return when the Moody’s Utilities Bond Index (Index) fluctuates between cost of capital applications. Because the Index changed in 2022, triggering the WCCM, Cal Water intends to file for and—if approved—implement new rates based on an authorized 9.57% return on equity, with a 4.23% cost of debt and an authorized rate of return of 7.08%. Cal Water’s previous return on equity was 9.20%, with a cost of debt of 5.51% and authorized rate of return of 7.48% for the period of January 2018 to July 30, 2023.
The 40 basis-point reduction from Cal Water’s current rate of return of 7.48% is expected to decrease annual operating revenue by approximately $7 million, or less than 1%. This estimate may be impacted once the 2021 General Rate Case is finalized. It is the net impact of an approximately $11 million decrease driven by the utility’s lower cost of debt (which is a pass-through cost), partially offset by an approximately $4 million increase for the return on equity.
“We appreciate the CPUC’s work to finalize our cost of capital proceeding,” said Martin A. Kropelnicki, President and CEO. “While we believe it’s important to move us closer to the return afforded to California energy utilities, so that we can attract the capital needed to keep our water systems safe and reliable, we are pleased that this decision will help provide certainty for investors and enable us to support not only our stockholders but also our customers and communities.”
About California Water Service and California Water Service Group
California Water Service provides high-quality, reliable water and/or wastewater services to about 2 million people statewide through 496,400 service connections. It is the biggest subsidiary of California Water Service Group (NYSE: CWT), the largest regulated water utility in the western United States. In total, Group serves more than 2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, Texas Water Service.
What sets Cal Water and Group apart is their commitment to enhancing the quality of life for their customers, communities, employees, and stockholders. Guided daily by their promise to provide quality, service, and value, the company’s employees lead the way in working to protect the planet, care for people, and operate with the utmost integrity. Integral to their strategy is investing responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company has been named one of “America’s Most Responsible Companies” and “America’s Most Trustworthy Companies” by Newsweek and a Great Place to Work®, and is No. 1 in Customer Satisfaction Among Large Water Utilities in the West Region* by J.D. Power. More information is available at www.calwater.com and www.calwatergroup.com.
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