American States Water Co

aswater.com

American States Water Co (NYSE: AWR) is a regulated water and electric utility company that provides water distribution and electric service through its subsidiaries, Golden State Water Company and American States Utility Services. It makes money by charging regulated rates for water and electric service, with rates set by the California Public Utilities Commission for its utility operations, and through long-term contracts to operate water and wastewater systems on U.S. military bases. AWR is incorporated in California and files as a combined registrant alongside its subsidiary Golden State Water Company, which holds the operating utility assets. The business is capital-intensive by structure, requiring continuous infrastructure investment to maintain and expand distribution systems. Rate regulation creates a ceiling on returns but also provides revenue predictability tied to an approved rate base. The military privatization contracts add a contracted services revenue stream outside the California regulatory framework. AWR has paid dividends consistently, reflecting the cash-generative nature of regulated utility operations.