Based in Camden, New Jersey, American Water was founded in 1886 as the American Water Works & Guarantee Company. It has since gone on to become the largest publicly traded water and wastewater utility company in the United States, and was one of the world’s largest diversified utilities as of April 2022, based on a market value of almost 30 billion U.S. dollars. As of December 31, 2021, American Water had a workforce of more than 6,400 employees and served approximately 14 million people.
American Water’s services
American Water provides several services, though its primary businesses are water and wastewater services, with around 3.4 million customers across 24 states in 2022. The majority of American Water’s customers are in Pennsylvania and New Jersey. American Water’s largest business segment is its residential water service segment. In terms of sources, almost 70 percent of American Water’s water supply comes from surface water, although this varies from state to state. The company’s services are generally regulated by the U.S. state in which it operates, under locally managed subsidiaries.
American Water’s financial figures
American Water’s operating revenue stood at some 3.8 billion U.S. dollars for the year ended December 31, 2022, a year-over-year decrease of 3.5 percent. This decrease was mainly due to the sales of the company's New York subsidiary, concluded in January 1 of the same year. Meanwhile, American Water's net income reached a decade-record of nearly 1.28 billion U.S. dollars in 2022.
Similarly, the 2022 financial year saw American Water’s total assets increase by 6.6 percent to a high of 27.8 billion U.S. dollars. American Water invests billions of dollars every year to maintain its assets. Investments include replacing aging infrastructures, upgrading existing facilities or constructing new ones, ensuring fire protection, and complying with water quality standards. In 2022, American Water’s capital expenditure totaled 2.3 billion U.S. dollars, of which 901 million U.S. dollars went towards transmission and distribution.
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Erick Burgueño Salas
Research expert covering climate change and the water industry