New Mexico Water Service Receives NMPRC Approval to Acquire Monterey Water Company

SAN JOSE, Calif., June 15, 2023 (GLOBE NEWSWIRE) -- (NYSE: CWT) — The New Mexico Public Regulation Commission has given approval for New Mexico Water Service (New Mexico Water) to acquire the assets of Monterey Water Company (Monterey), paving the way for New Mexico Water to close the purchase and provide regulated water utility service to Monterey’s customers. The acquisition remains subject to customary closing conditions and is expected to close this summer.

Upon closing, New Mexico Water—a subsidiary of California Water Service Group (Group)—will own and operate the water system, which is less than a half-mile from New Mexico Water’s Rio Del Oro system. The Monterey system, which will become part of the Rio Del Oro service area, currently serves 380 residential customers; about 100 undeveloped lots could also be served in the future if and when they are developed.

“We appreciate the New Mexico Public Regulation Commission’s diligence in reviewing and approving this transaction,” said Martin A. Kropelnicki, Group President and CEO. “We also look forward to working with Monterey Water Company to complete the acquisition and providing its customers the same quality, service, and value we promise to all of our customers in the Land of Enchantment.”

About New Mexico Water Service and California Water Service Group
New Mexico Water Service provides high-quality, reliable water and/or wastewater services to about 20,000 people in its Rio Communities, Rio Del Oro, Meadow Lake, Indian Hills, Squaw Valley, Elephant Butte, Sandia Knolls, Juan Tomas, Morningstar, and Cypress Gardens systems through 10,700 service connections. It is a 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 New Mexico 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.  More information is available at www.newmexicowater.com and www.calwatergroup.com.