ARTNA News & Events

Artesian Resources announced that its Board of Directors has approved a 2% increase in the quarterly common stock dividend, which will mark a 4% increase for the year. This increase will raise the quarterly dividend to 31.36c per share on the company's Class A and Class B Common Stock payable November 24 to shareholders of record at the close of business on November 14, lifting the annualized dividend rate to $1.2544 per share.

Artesian Resources announced that its board of directors has approved a 2% increase in the quarterly dividend per share on the company's Class A and Class B common stock, raising the annualized dividend to $1.23 per share. The quarterly dividend rate of 30.74 per share is payable May 27 to shareholders of record at the close of business on May 16.

Reports Q1 revenue $25.9M vs. $24.5M last year. "Our strong financial results for the quarter are the result of our commitment to superior service to all customers and continued focus on managing increasing cost pressures associated with meeting more stringent water quality standards," said Nicki Taylor, President and CEO.

Artesian Water Company filed an application with the Delaware Public Service Commission for a change in customer rates. The rate application submitted to the PSC for review and approval consists of a requested increase in revenue of 12.41%, or approximately $10.8M, on an annualized basis. The increase also reflects the recovery of investments made under the Distribution System Improvement Charge of 1.66% currently in place that will reset to 0.0% once new base rates are implemented, meaning the incremental increase to existing billed rates would be 10.75%. This rate filing will undergo extensive review by both the PSC and the Division of the Public Advocate. The request addresses investments in water utility infrastructure made by Artesian since October 1, 2023 and projected to be made through September 30, 2025. It also addresses increases in costs necessary to provide reliable service while continuing to maintain compliance with more stringent water quality regulations. "For 120 years, Artesian has been committed to delivering high-quality drinking water and fire protection services to its customers. Meeting that commitment requires regular investments in infrastructure to maintain system resiliency," said Nicki Taylor, President and CEO. Artesian will have invested over $58.5M in utility plant since its last base rates filing. A significant portion of the investments made address the ongoing need to maintain current and future compliance with more stringent regulations of man-made contaminants, such as per- and polyfluoroalkyl substances. Artesian has long taken a proactive approach to water quality, installing PFAS treatment ahead of final state and federal regulations to provide customers high-quality drinking water. Artesian's filing in April 2023 included costs associated with the installation of additional treatment equipment at eleven water treatment facilities to assist in the removal of these chemicals. This filing includes costs for improvements to three additional treatment systems to remove PFAS. During this same time, the cost to maintain the filter media of the PFAS treatment systems has increased. In addition, electric power costs, which are a substantial portion of operating expenses, have increased significantly.