DOWNEY, Calif., Dec. 20, 2013 /PRNewswire/ -- Park Water Company announced today its Board of Directors approved a $23.5 million capital investment program for Park Water and its subsidiaries. The capital investment program includes $11.8 million for Park Water utility operations and corporate services. The regulated utility operations of Park Water serves over 27,000 customers, providing water service to an estimated population of 133,000 people in several communities in southeast Los Angeles County.
The approval includes a $7.7 million capital investment program for Apple Valley Ranchos Water Company, a regulated California utility that has over 19,000 customers and provides water service to about 65,000 people in and around Apple Valley.
The capital investment program includes $4.0 million for Mountain Water Company, a regulated utility in Missoula, Montana. Mountain Water serves over 22,000 customers providing water service to a population of about 65,000 people in and around the city of Missoula.
Park and its subsidiaries will direct over 80 percent of the capital investment program to improving or replacing water mains, service lines, meters, hydrants, wells, pumping facilities, reservoirs and other water system infrastructure to assure continued reliable service. The balance of the program is for investments in items such as water supply rights, field and office equipment, technology and site improvements.
"Park Water's capital investment program reaffirms our commitment to the safe and reliable delivery of quality drinking water," said Park Water's President and Chief Executive Officer, Christopher Schilling. "The people in the communities we serve count on us each and every day. Our highly trained, professional staff and our Board embrace this responsibility."
Schilling added Park Water Company water systems are similar to many other water systems in the United States built generations ago. These water systems have many miles of pipe, wells, and other facilities approaching the end of their expected reliable service life. Replacing this critical infrastructure is a challenge for the entire nation.
The Environmental Protection Agency's fifth Drinking Water Infrastructure Needs Survey and Assessment identifies $384.2 billion in infrastructure investments needed over the next 20 years for thousands of miles of pipe as well as thousands of treatment plants, storage tanks, and other key assets to ensure the public health, security, and economic well-being of our nation's communities.
About Park Water Company
Park Water Company subsidiaries provide regulated and contracted water utility services to over one-quarter million people. Based in Los Angeles County, Park Water Company serves several communities in Southeast Los Angeles County. Park Water owns Apple Valley Ranchos Water Company, which serves customers in and around Apple Valley, California, and Mountain Water Company, which serves customers in Missoula, Montana. For additional information, visit www.parkwater.com.
SOURCE Park Water Company