Member News

American Water Prices Initial Public Offering

American Water President and CEO Donald L. Correll Rings Open the New York Stock Exchange, April 23, 2008

American Water announced its initial public offering of 58 million shares of common stock has been priced at $21.50 per share. All of the shares are being offered by the selling stockholder, RWE Aqua Holdings GmbH, and net proceeds from the offering will go to RWE. American Water's shares began trading on April 23, 2008, on the New York Stock Exchange under the ticker symbol AWK.

The selling stockholder has granted the underwriters a 30-day option to purchase up to 8.7 million additional shares of common stock. After the initial public offering, and assuming no exercise of the underwriters' option, the selling stockholder is expected to own approximately 64 percent of American Water's shares.

Aqua America Announces Appointment of William B. Davis as President of Aqua NJ

Aqua America, Inc. announced the appointment of William B. Davis as president of Aqua New Jersey, Inc.

Davis was most recently assistant controller for Aqua and previously consulted with the company on a variety of projects including the installation of a new automated cash management system for Aqua's treasury department. He also played a critical role in the conversion to Aqua's new customer information system. Prior to his involvement with Aqua, Davis was vice president, finance, and controller for American Water's Northeastern Region, which included New Jersey American. He earlier served as a vice president for Envirosource, Inc., a business-to-business environmental service enterprise with 1,800 employees and 60 operations in North America.

"Bill's strategic vision, financial expertise and strong leadership skills will be instrumental as Aqua continues to improve and maintain a safe, dependable water supply system for New Jersey families and employers," said Aqua America Chairman and CEO Nicholas DeBenedictis.

Davis holds an MBA in finance from the Wharton School at the University of Pennsylvania and a bachelor's degree in marketing from Pennsylvania State University.

Artesian Continues Water and Wastewater Franchise Growth

Artesian Resources Corporation's principal water and wastewater subsidiaries added more than 23 square miles of franchise area through Certificates of Public Convenience and Necessity (CPCNs) awarded in 2007.

For the fourth consecutive year, Artesian Water Company, Inc. has added at least 15 square miles of water franchise territory in Delaware. The company received CPCNs for a total of 9,730 acres, or 15.2 square miles, in 2007. This included 4,348 acres in New Castle County, 4,067 acres in Sussex County and 1,315 acres in Kent County. An additional 2,791 acres, or 4.4 square miles, of water franchise area has been awarded in the first quarter of 2008.

Artesian Wastewater Management, Inc. posted its largest increase ever by adding 5,248 acres, or 8.2 square miles, of franchise area in Delaware in 2007. The entirety of this growth was in Sussex County. An additional 796 acres, or 1.24 square miles, of franchise area in Sussex and Kent counties has been added through CPCNs awarded in the first quarter of 2008.

A third subsidiary, Artesian Water Maryland, Inc., was awarded a franchise area of approximately 100 acres through its purchase of the Carpenters Point Water Company in Cecil County. Acquiring this relatively small franchise was significant in providing a base from which the company will expand into the surrounding area.

"Our expansion within the state of Delaware and into the designated growth area of Cecil County, Maryland, has positioned Artesian to be the pre-eminent water and wastewater provider on the Delmarva Peninsula," said Artesian President and CEO Dian C. Taylor. "We will continue our strategy of steady growth in both our water and wastewater businesses."

William Patterson Resigns as Pennichuck CFO

Pennichuck Corporation announced that William D. Patterson, the company's senior vice president, treasurer and chief financial officer, has notified the company that he is resigning from those positions. Patterson currently intends to return to EnSTAR Management Corporation, a New York City-based firm he founded to provide financial advisory and consulting services for utilities. Since joining the company as chief financial officer in January 2005, Patterson typically has been commuting weekly from his northern New Jersey home to the company's offices in Merrimack, New Hampshire. Patterson's resignation will take effect on May 23, 2008, unless he and the company mutually agree on a later date. The company has commenced a search for his replacement.

"I've greatly appreciated and enjoyed the opportunity to work with senior management and to assist the Board in navigating through a particularly challenging period of time in the company's history," said Mr. Patterson, "and I'm confident the Company has established a solid financial foundation from which to execute its strategic business plans going forward."

Commenting on Patterson's resignation, Duane C. Montopoli, Pennichuck's president and chief executive officer, said, "Since joining Pennichuck in 2005, Bill has done an outstanding job. While he will be greatly missed, I understand his desire to work closer to home. We wish him much success in the future."

Aquarion To Participate in Salmon Stocking

Aquarion Water Company and the Farmington River Watershed Association (FRWA) joined the Connecticut Department of Environmental Protection’s (DEP) Atlantic Salmon Restoration Project to help stock the Farmington River and its tributaries with young salmon fry beginning on Earth Day, April 22.

The purpose of the Atlantic Salmon Restoration effort is to bring salmon back to the rivers of Connecticut in a continuing effort to reintroduce salmon to historic spawning grounds. The Atlantic Salmon Restoration Project will release more than 1 million salmon fry into the waters of the Farmington River Watershed. Once abundant in the river, native salmon have been locally extinct since the early 1800s due to dams and water pollution.

“Salmon are considered an indicator species,” noted Eric Hammerling, the executive director of FRWA. “If salmon can successfully survive in a river, you can then conclude the river is pretty healthy. We are delighted that Aquarion Water Company joined us for this exciting project,” he said.

“For many years, Aquarion and its dedicated employees have marked Earth Day by working on projects that protect the environment,” added Len DeJong, Aquarion’s Manager of Watershed and Environment Management. “Events like this are especially nice to be part of as it relates directly to our mission of promoting environmental stewardship,” he said.

Salmon stocking takes place from mid-April to late-May and involves workers and volunteers filling five-gallon plastic pails of fish from a DEP fish hatchery truck and then carrying the bucket through forests and marshy lands to streams where they are released. This is the 14th year that the salmon stocking logistics will be coordinated by the FRWA, a not-for-profit organization working to conserve and protect water quality and quantity, special habitats and recreational access within the watershed.

American Water Names New Senior Manager

American Water announced the selection of Steve Snowden as the new senior manager of business development for Kentucky and Tennessee. In his new role, Snowden will lead American Water’s growth efforts in Kentucky and Tennessee to include fostering opportunities with area water and wastewater utilities for new public-private partnerships, operations and management agreements, and acquisitions. His office will be based in Kentucky.

“I’m delighted to welcome Steve to the American Water team,” said John Watson, president of Tennessee American Water. “He brings considerable financial and management experience and acumen to this role, and I look forward to the leadership he will provide for our local company’s business development initiatives.”

Snowden has more than 30 years experience in business development and financial management roles in Kentucky and Tennessee, most recently serving as co-managing member and director of development for the Sims Companies, an engineering and real estate development firm in Lexington, Ky. His background also includes eight years in senior operations capacities with Lifeline Medical Inc. and Lifeline Health Group Inc., as well as 10 years as chief operating officer of Mason-Dixon Partners of Nashville, Tenn. Snowden earned a bachelor’s degree from the University of Kentucky and a master’s degree in business administration from Sullivan University in Lexington.

Changes at American Water’s Eastern Division

American Water has announced that Raymond Golden has been selected for the position of director of communications and external affairs with American Water’s Eastern Division. In his new role, Golden will oversee external communications for American Water’s subsidiaries in Kentucky, Maryland, Tennessee, Virginia and West Virginia. “While Ray will be serving American Water on a regional basis, we are proud that he chose Kentucky as his new home,” said Nick Rowe, president of Kentucky American Water. “I know his communications experience will prove vital to our local effort.”

Golden has 25 years experience in public information, most recently with his public relations firm, Golden Communications Group. He has also held communications positions with Southern California Edison, Florida Power and Light and Long Island Lighting Company.

Kentucky American Water has announced that Susan Lancho has been selected for the position of internal communications manager with American Water’s Eastern Division. Lancho most recently served as communications and corporate responsibility manager for Kentucky American Water.

In her new role, Lancho will oversee employee communications for American Water’s subsidiaries in Kentucky, Maryland, Tennessee, Virginia and West Virginia. “Other states within American Water will now benefit from Susan's professionalism and strong leadership skills," said Nick Rowe, president of Kentucky American Water. "I am pleased that she will remain right down the hallway, as she will continue to be a valuable resource for me and the Kentucky American Water team."

Lancho has nearly 18 years experience in corporate communications and community relations, which includes communications positions at Appalachian Regional Healthcare, Kentucky American Water and Lexmark International. Lancho earned a bachelor’s degree in communications from the University of Kentucky.