SJW Corp. SJW today announced that San Jose Water Company, its wholly
owned subsidiary, along with three other California water utilities (the
“Joint Parties”) submitted a letter on January 20, 2015, to the Executive
Director of the California Public Utilities Commission (“CPUC”) confirming and
agreeing to the two conditions listed below, thereby postponing their
scheduled Cost of Capital filings to March 31, 2016.
The Joint Parties had filed, on November 25, 2014, a request for a one year
postponement of their Cost of Capital (“COC”) filings scheduled for March 31,
2015. Pursuant to the CPUC's rate case plan, the Joint Parties were required
to file their COC applications on a triennial basis with the next scheduled
filing to take place by March 31, 2015. Postponing the filing for one year
alleviates administrative processing costs on the Joint Parties as well as the
CPUC staff. On January 8, 2015, the CPUC's Executive Director granted the
extension request subject to two conditions: (1) the Joint Parties agreeing to
postpone adjustments to the water cost of capital mechanism for one year, and
(2) the Joint Parties obtaining the agreement of the other Class A water
utilities scheduled to file on March 31, 2016 to postpone their COC
proceedings for one year.
SJW Corp. is a publicly traded holding company headquartered in San Jose,
California. SJW Corp. is the parent company of San Jose Water Company, SJWTX,
Inc., Texas Water Alliance Limited, and SJW Land Company. Together, San Jose
Water Company and SJWTX, Inc. provide water service to more than one million
people in San Jose, California and nearby communities and in Canyon Lake,
Texas and nearby communities. SJW Land Company owns and operates commercial
real estate investments.
This press release may contain certain forward-looking statements including
but not limited to statements relating to SJW Corp.'s investor presentation,
which are made pursuant to the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of SJW Corp. to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Results for a quarter
are not indicative of results for a full year due to seasonality and other
factors. Other factors that may cause actual results, performance or
achievements to materially differ are described in SJW Corp.'s most recent
reports on Form 10-K, Form 10-Q and Form 8-K filed with the Securities and
Exchange Commission. SJW Corp. undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
Contact:
SJW Corp.
Suzy Papazian, 408- 279-7961
General Counsel and Corporate Secretary
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