Global Water Resources Inc. filed SEC Form 8-K: Regulation FD Disclosure, Other Events
$GWRS
Water Supply
Utilities
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 5, 2025
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| Item 7.01 | Regulation FD Disclosure | ||||
As described under Item 8.01 below, on March 5, 2025, Global Water – Santa Cruz Water Company, Inc. (“GW-Santa Cruz”) and Global Water – Palo Verde Utilities Company, Inc. (“GW-Palo Verde”), two of the regulated subsidiaries of Global Water Resources, Inc. (the “Company”), each filed a rate case application and related schedules with the Arizona Corporation Commission (the “ACC”) for water and wastewater rates, based on a 2024 test year. The rate case applications are available on the ACC website at edocket.azcc.gov. The applications' ACC docket numbers are 25-0022 and 25-0023. The information on this website is not incorporated by reference into this Current Report on Form 8-K.
| Item 8.01 | Other Events | ||||
On March 5, 2025, GW-Santa Cruz and GW-Palo Verde each filed a rate case application with the ACC for water and wastewater rates, respectively. These two subsidiaries are the Company’s largest utilities, collectively representing 57,842 active service connections across 207 square miles of ACC-designated service areas, or about 89.6% of the Company’s total active service connections.
The rate increases, if approved by the ACC, would result in a net annual revenue increase of approximately $6.5 million and an approximate 11% increase in the total median monthly aggregate bill for GW-Santa Cruz and GW-Palo Verde customers. The Company proposed that the new rates would be phased in over two years, with the first phase to be implemented in May 2026 and the second phase in January 2027. The requested rate increases would reflect a proposed resolution of matters relating to the Company’s Southwest Plant with the ACC, including recovery of the Company’s investment and premature revenue collection with respect to the Southwest Plant. The Company also requested the ACC’s approval of a formula rate plan that, if approved, would enable GW-Santa Cruz and GW-Palo Verde to adjust their rates on an annual basis based on a pre-approved formula related to specific cost inputs.
There can be no assurance that the ACC will approve the requested rate increases (or any increase) or the formula rate plan, and the ACC could take other actions as a result of the rate case. Further, it is possible that the ACC may determine to decrease future rates whether as a result of the resolution of matters relating to the Company’s Southwest Plant or otherwise. There can also be no assurance as to the timing of when any approved rate increase (if any) would go into effect. The Company cannot speculate as to the ACC’s final determination of the application in any respect whatsoever.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of federal securities laws and which reflect the Company’s expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the Company’s rate case filings, including the outcome and timing of the rate cases, as well as the anticipated benefits resulting from the related rate decisions. These statements may be identified by the use of words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar expressions to identify some forward-looking statements, but not all forward-looking statements include these words. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, such as those described in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GLOBAL WATER RESOURCES, INC. | ||||||||
| Date: March 11, 2025 | /s/ Michael J. Liebman | |||||||
| Michael J. Liebman | ||||||||
| Chief Financial Officer | ||||||||