BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) Chairman and CEO Nicholas DeBenedictis
detailed Aqua's sustainability initiatives with respect to its growing
water-energy nexus at the Citi Global Water and Renewables Investment
Conference held today in New York City.
In late 2011, certain Aqua America and Penn Virginia operating
subsidiaries entered into a joint venture to form Aqua — PVR Water
Services, LLC to construct and operate a private pipeline system to
supply fresh water to certain natural gas producers drilling in the
Marcellus Shale in north-central Pennsylvania. The 18-mile steel
pipeline, which cost $24 million, began servicing drillers in
North-Central Pennsylvania on an as-needed basis in April this year.
Phase II construction of the second 18-mile stretch began earlier this
month and is expected to be completed by the end of the year. The
pipeline largely parallels the trunk line of PVR's gas gathering system
in Lycoming County and will share PVR's existing rights-of-way.
"Ensuring that water is delivered to drillers through an environmentally
conscious and efficient method has required Aqua America and gas
companies to develop a collaborative infrastructure," said DeBenedictis.
"Both local communities and drillers have already realized the benefits
of these efforts."
In addition to offering drillers a reliable water source, the pipeline
has supported the creation of approximately 100 local jobs. Every one
million gallons of water distributed through the pipeline eliminates the
need for 200 truck trips on Pennsylvania's roads and bridges. As of
today, nearly 4,000 truck trips have already been eliminated due to the
pipeline's successful infrastructure management.
In May, to support the economic and environmental benefits of natural
gas usage, Aqua America announced, before the Pennsylvania Public
Utility Commission's Alternative Fuel Vehicles forum, the initiative to
transition its large-vehicle fleet to compressed natural gas (CNG). The
use of CNG in its vehicles provides a safe, environmentally friendly,
and cost-efficient fuel source.
"Converting to the clean-burning, less expensive fuel is a natural
progression for the company as we continue to uphold our public
responsibility to demonstrate good environmental and economic
stewardship," said DeBenedictis.
Over the past two years, Aqua America's Pennsylvania and New Jersey
subsidiaries have constructed four solar farms to power treatment
facilities. Aqua Pennsylvania completed its second installation of one
of the largest solar farms in Pennsylvania this year at its Pickering
water treatment plant near Valley Forge. A similar facility was built in
2010 and powers its Ingram's Mill Water Treatment Plant near West
Chester, Pennsylvania. In 2011, Aqua America's New Jersey subsidiary
constructed solar farms in Lopatcong Township, Warren County to power an
ultraviolet light water treatment plant, and another in Gloucester
Township, Camden County to power a well station.
Collectively, the solar farms are expected to reduce Aqua's grid-tied
usage annually, resulting in a direct economic benefit to Aqua's
ratepayers of approximately $500,000 in avoided energy costs in 2012.
On May 1, Aqua invested $101 million in cash plus assumed debt of $11
million to purchase of all of American Water Works Company, Inc.'s
(NYSE: AWK) regulated operations in Ohio, making Aqua America the
largest investor-owned water utility in Ohio. The purchase yielded Aqua
eight additional water systems and one wastewater system, which serve
approximately 50,730 water and approximately 6,550 wastewater
connections. The systems serve parts of nine counties primarily in
central and northeast Ohio. The acquisition increased Aqua Ohio's
customer base by approximately 66 percent and added approximately $95
million in additional rate base.
"With the burgeoning natural-gas industry, this investment expanded the
growth platform to further the water-energy nexus opportunities in Ohio,
an energy-rich state," said DeBenedictis.
As Aqua America continues to focus on its role in enabling the U.S. to
access its natural gas resources, the company continues to pursue other
water-energy ventures. "The environment, public health and public
responsibility are at the core of Aqua America's principles and we
remain focused on these as we continue to pursue sustainable clean
energy sources," explained DeBenedictis.
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities and serves almost 3 million residents in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana, Florida, Virginia,
and Georgia. Aqua America is listed on the New York Stock Exchange under
the ticker symbol WTR.
This release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 that address, among
other things, the Company's sustainability initiatives with respect to
water-energy ventures, conversion of a portion of its fleet to
compressed natural gas vehicles and the projected impacts of this
conversion, and the installation of several solar farms and the
projected economic benefit of these facilities. There are important
factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including:
regulatory, economic and market conditions, the timing and success of
business development efforts and other uncertainties, and other key
factors that we have indicated could adversely affect our business and
financial performance discussed in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2011, which is on file with the
Securities and Exchange Commission. Readers should not place undue
reliance on forward-looking statements, which reflect management's views
only as of the date hereof. Aqua America is not under any obligation
(and expressly disclaims any such obligation) to update or alter its
forward-looking statements whether as a result of new information,
future events, or otherwise.
WTRG
Aqua America, Inc.
Donna Alston
Director, Communications
610-645-1095
dpalston@aquaamerica.com
or
Gretchen
Toner
Manager, Strategic Communications
610-645-1175
gmtoner@aquaamerica.com
Source: Aqua America, Inc.
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