BRYN MAWR, Pa.--(BUSINESS WIRE)--
Speaking before the Citi Climate Change and Water Conference today in
London, England, Aqua America, Inc. (NYSE: WTR) Chairman and CEO
Nicholas DeBenedictis said that the water-energy nexus will play a large
role in future of the company with respect to environmental and business
opportunities.
"Electricity is generally the largest expense of any public water
utility, second only to labor. When you couple that with the fact that
our business was created out of concern for the environment and public
health, it makes perfect sense that water companies—particularly those
in the private sector—would pursue sustainable clean energy sources,
such as solar, as a complement to traditional power," said DeBenedictis.
Aqua America's largest subsidiary, Aqua Pennsylvania, built a 4.5 acre,
1.0 megawatt photovoltaic solar farm—one of the largest on the East
coast--to power its Ingram's Mill Water Treatment Plant in East Bradford
Township, which serves drinking water to the West Chester, Pennsylvania
area. The project has earned the company two awards: the Green
Power: Turn it On! award from PennFuture as well as the
Governor's Award for Environmental Excellence, which is presented each
year by the Pennsylvania Department of Environmental Protection to
highlight the best in environmental innovation and expertise throughout
the Commonwealth.
The Pennsylvania subsidiary has plans to build a similar solar facility
at its Pickering water treatment complex—the largest among all of the
company's treatment facilities—located in Schuylkill Township, Chester
County. Its New Jersey subsidiary is planning the construction of two
solar facilities to power well stations in that state later this year.
The new facilities are expected to produce 3 million kWh the first year
and yield electricity expense savings of approximately $300,000.
DeBenedictis said the company is prepared to take a responsible and
active role in what is becoming the next energy boom in Pennsylvania and
some other states—natural gas drilling, particularly Marcellus Shale. He
explained that shale drilling is a very water intensive business and has
created significantly increased truck traffic, creating problems for
small towns in the area of drilling operations. "Marcellus Shale has the
potential to provide Pennsylvania with an economic boost well into the
future if it's done right environmentally," said DeBenedictis.
"We are focusing on the ‘clean water' aspects of the drilling business.
Just as we do for our traditional customers, we are investing in the
infrastructure necessary to provide water to the drillers in a
responsible fashion. We are providing water filling stations in suitable
locations to help move truck traffic out of towns and neighborhoods,"
said DeBenedictis. The company has two stations currently in operation
in the western part of the state and another scheduled to be open in
that area in early summer. An additional station is currently open in
the northeastern part of Pennsylvania, with two additional stations
scheduled to open there this summer. DeBenedictis said the company will
continue to pursue the water-energy nexus and is looking for other
growth opportunities in the shale drilling industry, which is thought to
be at the dawn of its life.
Aqua America reported record first quarter 2011 results of $30.4 million
compared to $21.5 million in the same quarter of 2010, an increase of 41
percent and has increased net income for 11 straight years. The
company's June dividend payment reflects the 6.9 percent increase
announced in August 2010 and is the 20th dividend increase in
the last 19 years. Aqua has paid a consecutive quarterly dividend for
more than 65 years.
Aqua America, Inc. is a publicly traded water and wastewater utility
holding company with operating subsidiaries serving approximately 3
million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas,
New Jersey, New York, Indiana, Florida, Virginia, Maine, Missouri, and
Georgia. Aqua America is listed on the New York Stock Exchange under the
ticker symbol WTR. Its largest subsidiary, Aqua Pennsylvania, serves
approximately 1.4 million people in 30 counties throughout Pennsylvania.
WTRG
Aqua America, Inc.
Donna Alston
Director, Communications
610-645-1095
dpalston@aquaamerica.com
Source: Aqua America, Inc.
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