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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): April 30, 2026

 

CALIFORNIA WATER SERVICE GROUP

(Exact name of Registrant as Specified in its Charter) 

 

Delaware
(State or other jurisdiction
of incorporation)
1-13883
(Commission file number)
77-0448994
(I.R.S. Employer
Identification Number)

 

1720 North First Street
San Jose, California
(Address of principal executive offices)
95112
(Zip Code)

 

(408) 367-8200

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Shares, par value $0.01   CWT   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 



 

Item 8.01. Other Events

 

On April 30, 2026, California Water Service Group (Group) issued a press release (a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference) announcing the California Public Utilities Commission’s final decision on the 2024 General Rate Case of California Water Service, Group’s largest subsidiary.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

We hereby file the following exhibit with this report:

 

Exhibit No.   Description
99.1   Press Release issued April 30, 2026
104   Cover Page Interactive Date File (embedded within the Inline XBRL document)

 

 


 

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.

 

  CALIFORNIA WATER SERVICE GROUP
     
     
Date: May 1, 2026 By: /s/ James P. Lynch
  Name: James P. Lynch
  Title: Senior Vice President, Chief Financial Officer and Treasurer

 

 

EX-99.1 2 tm2613168d2_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

DATE: April 30, 2026

MEDIA CONTACT: Yvonne Kingman, (310) 257-1434

For Immediate Release

 

California Public Utilities Commission Issues Decision in California Water
Service’s 2024 General Rate Case, Infrastructure Improvement Plan

 

SAN JOSE, Calif.—California Water Service (Cal Water), the largest subsidiary of California Water Service Group (Group) (NYSE: CWT), received a final decision on its 2024 General Rate Case and Infrastructure Improvement Plan from the California Public Utilities Commission (CPUC) on April 30, 2026. The Company believes the decision enables Cal Water to invest responsibly in water system infrastructure through 2027 to support its communities and sets Cal Water’s revenue and rates to help sustain safe, clean, reliable water service through 2028.

 

The CPUC adopted the proposed decision (PD) issued March 13, 2026 with revisions issued on April 29, 2026 (revised PD). The final decision increases Cal Water’s company-wide revenues by $90.5 million in 2026 (a rate increase of 10.9%), $43.2 million in 2027 (a rate increase of 4.7%), and $48.9 million in 2028 (a rate increase of 5.1%). The differences between approved revenue and rate increases in the PD and the revised PD are primarily attributable to a reduction in authorized capital, some of which is now subject to the CPUC’s advice letter process discussed below Cal Water is currently analyzing how the final decision will impact rates in each of its service areas.

 

The decision also authorizes Cal Water to invest $1.45 billion in its districts from 2024 through 2027 to upgrade infrastructure, such as water quality projects to protect customers from existing and newly regulated contaminants; pipes and other infrastructure to keep pumping and delivering water reliably; equipment to keep water flowing during power outages and shutoffs; cyber and physical security improvements to protect employees, customers, and facilities; and water supply initiatives to secure long-term sustainability of water sources. It authorizes up to $229 million in additional projects that will be submitted for recovery through the CPUC’s advice letter process.

 

 

 


 

 

Although the decision does not allow full decoupling, it does renew the Monterey-style Water Revenue Adjustment Mechanism and water production incremental cost balancing accounts. It also establishes a new sales reconciliation mechanism that allows Cal Water to adjust sales forecasts annually, and it approves a rate design to better enable the company to recover fixed costs regardless of water sales. The mechanisms, balancing accounts, and new rate design provide financial stability while supporting customer affordability, particularly for low-income, low-water-using customers.

 

“We recognize the criticality of keeping water service affordable while making the infrastructure investments needed to provide safe, clean, reliable water to our communities,” said Martin A. Kropelnicki, Group Chairman and CEO. “We appreciate the CPUC for issuing the final decision in our triennial General Rate Case and Infrastructure Improvement Plan and enabling us to continue providing quality, service, and value to our customers and communities for their everyday and emergency needs.”

 

This marks the end of a required, extensive, nearly two-year review of the company’s water system improvement plans, costs, and rates. Cal Water expects to implement the new rates effective July 1, 2026.

 

About California Water Service Group

 

Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service (TWSC, Inc.), a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas. Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.

 

 

 


 

 

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Group’s beliefs, expectations, and plans related to the CPUC’s final decision on the 2024 GRC and related impacts on Group’s business. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include but are not limited to the risks described under the section entitled “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K and our other SEC filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

 

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