American States Water — Nov 6, 2024 release

The increase in diluted earnings per share at the contracted services segment was largely due to an increase in management fee revenue resulting from the finalization of various economic price adjustments and the commencement of operations of the water and wastewater systems at Joint Base Cape Cod and Naval Air Station Patuxent River, partially offset by higher overall operating expenses (excluding construction expenses) and interest costs as compared to the same period of 2023. The contracted services segment is projected to contribute $0.59 - $0.63 per share in 2025. The increase in diluted losses from AWR (parent) was due primarily to an increase in interest expense resulting from higher short-term interest rates and higher borrowings made under AWR's revolving credit facility. For more details on the YTD results, please refer to the company’s Form 10-Q filed with the Securities and Exchange Commission. Regulatory Matters On November 1, 2024, BVES, the Public Advocates Office at the CPUC and the other intervenor in the proceeding filed a joint motion to adopt a settlement agreement between the parties resolving all issues in connection with the pending general rate case that will determine new electric rates for the years 2023 through 2026. Among other things, the settlement agreement, if approved by the CPUC, (i) settles and adopts the revenue requirements for each of the four years 2023 through 2026, (ii) authorizes BVES to invest approximately $52.5 million in capital infrastructure included in base rates over the four-year rate cycle and an additional $23.1 million (plus an allowance for funds used during construction or AFUDC) to be filed for revenue recovery through advice letters when the projects are completed, all of which a