Philadelphia Suburban Illinois Subsidiary Buys Water and Wastewater Systems
Consumers Illinois Water Company (CIWC) purchased the Village Woods water and wastewater system, which serves approximately 475 residents in Crete Township, Will County in a deal valued at more than $450,000. CIWC will interconnect the Village Woods water system with its nearby Dixie Dells water system via a main extension.
The interconnection will increase reliability for both CIWC's Village Woods and Dixie Dells customers. In addition to the interconnection, CIWC plans to invest approximately $65,000 in capital over the next year to improve water and wastewater service in Village Woods.
CIWC President Terry Rakocy said, "We are very pleased to have Village Woods customers among those we serve. Their proximity to our Dixie Dells system makes them a good fit as they can be easily integrated into our system."
PSC Chairman Nicholas DeBenedictis said that Village Woods secures PSC's four percent growth goal for the year. "We've completed 20 growth ventures this year, three more than we did last year, setting a new record," said DeBenedictis.
Village Woods is the fourth growth venture completed by CIWC. Following is a list of the other growth ventures completed by PSC's operating subsidiaries.
1. January 2001 - PSC's Consumers Pennsylvania subsidiary received
approval from the Pennsylvania Public Utility Commission to
provide service to more than 1,200 residents in an area of
southern Mahoning Township, Lawrence County, Pennsylvania.
2. January 2001 - PSC's North Carolina subsidiary merged with
Hydraulics, Ltd. of Greensboro, a public water utility that serves
approximately 16,000 residents in 22 counties surrounding the
towns of Greensboro, Hickory, Raleigh and Gastonia.
3. January 2001 - PSC's Consumers New Jersey subsidiary entered into
a one-year professional services contract to operate and maintain
the wastewater collection system and pumping station serving the
first phase of the Greenwich Chase development that currently
serves approximately 450 residents.
4. January 2001 - PSC's Consumers Maine subsidiary entered into a
one-year management contract with the Port Clyde Water District.
5. January 2001 - Hydraulics, Ltd. Purchased the Creekside Water
System, in Gastonia, North Carolina, serving approximately 470
residents
6. February 2001 - PSC's Consumers Illinois subsidiary purchased the
assets of the Walnut Hill Well Association, a small groundwater
system serving 40 residents in Vermilion County.
7. March 2001 - PSW purchased the water system assets of the
Springton Court homeowner community, which serves approximately
100 residents in West Brandywine Township, Chester County.
8. April 2001 - PSW acquired the water system assets of the Dresher
Woods Condominium community located in Upper Dublin Township,
Montgomery County, and serves approximately 400 residents.
9. April 2001 - PSW's wastewater subsidiary--Little Washington
Wastewater Company (LWW), now doing business as Suburban
Wastewater Company--purchased the Media Borough wastewater system
in Delaware County, Pennsylvania which serves approximately 15,000
residents in Media Borough, and Upper Providence and Middletown
Townships
10. May 2001 -Consumers Illinois Water Company (CIWC) purchased the
Aroma Park municipal water system, which serves approximately
2,100 residents in Kankakee County (near Chicago)
11. June 2001 - PSW purchased the assets of the Geigertown Water
Company that serves approximately 250 residents in Robeson and
Union Townships, Berks County
12. July 2001 - PSW purchased the Icedale-Deer Run water system that
serves 300 residents in Berks County, PA.
13. July 2001 - Consumers Illinois Water Company acquired the Glendale
water system that serves 300 residents in Danville, Illinois.
14. August 2001 - PSW received permission from the Pennsylvania Public
Utility Commission to serve additional territory in Pocopson
Township, Chester County where it will provide water to a
retirement home complex, Kendal at Coniston.
15. September 2001-Consumers Pennsylvania Water Company -Roaring Creek
Division entered into an operation and management contract with
the Schickshinny Lake Property Owner's Association, which serves
350 residents in Union Township, Luzerne County. The contract
includes an "option-to-buy" clause, which PSC intends to exercise.
16. September 2001-Consumers Pennsylvania Water Company -Roaring Creek
Division entered into an operations and management contract with
the Wilson Hills Community Association, which serves 250 residents
in Palmyra Township, Pike County. The contract includes an
"option-to-buy" clause, which PSC intends to exercise.
17. November 2001 - PSW purchased the water system assets of Chalfont
Borough in Bucks County, Pennsylvania which serves approximately
8,000 residents in Chalfont Borough as well as New Britain Borough
and New Britain Township.
18. November 2001 - PSW completed a merger with the Paupack Water
Company, which serves approximately 2,150 residents in Palmyra and
Blooming Grove townships, in Pike County.
19. November 2001 - Consumers Ohio Water Company (Consumers) entered
into an operations agreement with the Muskingum Water Conservancy
District (MWCD) to operate the 350-resident Sites Lake Cottage
area in Richland County, Ohio.
PSC is the holding company for regulated public utilities that provide water and
wastewater services to approximately two million residents in Pennsylvania,
Ohio, Illinois, New Jersey, Maine, and North Carolina. PSC's common shares are
traded on both the New York and Philadelphia Stock Exchanges under the ticker
symbol "PSC".
The company has been committed to the preservation and improvement of the environment throughout its history, which spans more than 100 years.
Editors Note: This release contains certain forward-looking statements involving risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements.
These factors include, among others, the following: general economic business conditions; the success of certain cost containment initiatives, changes in project schedules, project contingencies and variations in water purchases; changes in regulations or regulatory treatment; availability and cost of capital; and the success of growth initiatives.
CONTACT: Philadelphia Suburban Corporation
Donna Alston, 610/645-1095
alstond@suburbanwater.com