Essential Utilities — Nov 4, 2024 release

Operations and maintenance expenses in the first nine months of 2024 were $423.8 million compared to $418.5 million in 2023, an increase of only about 1%, reflecting management’s long-held commitment to minimizing expense increases.   Dividend   On  October 30, 2024 , Essential’s board of directors declared a quarterly cash dividend of  $0.3255  per share of common stock. This dividend will be payable on  December 2, 2024 , to shareholders of record on  November 12, 2024 . The company has paid a consecutive quarterly cash dividend for 79 years.   Financing   Essential issued $500 million in three-year notes in the third quarter. This removed not only the interest rate risk for the rest of the year but also reduced the company’s short-term borrowing costs.   Rate Activity   Peoples Natural Gas received PUC approval of its settlement agreement in the rate case filed in December 2023, resulting in an annualized $93 million increase in revenue. Notably, the rate order from the PUC included a weather normalization mechanism that will provide predictability for Peoples Natural Gas customers. In addition, the weather normalization mechanism will help alleviate significant volatility related to abnormal weather impacts on financial results going forward. In a highly unusual action, one of the non-signatory parties to the settlement agreement has appealed the PUC’s (5-0 approval) order to the Commonwealth Court and has asked for a remand to the PUC. Rates including the weather normalization mechanism went into effect in Septembe