PHOENIX, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, has issued its second sustainability report, highlighting the company’s leadership in Total Water Management (TWM).
“Our 2023 sustainability report illustrates the natural integration of our water resource management philosophy with a sustainability model,” stated Global Water Resources president and CEO, Ron Fleming. “Since our founding, our mission has been to bring the benefits of sustainability and environmental stewardship to the communities we serve. This year’s report provides increased transparency regarding this effort, highlighting our commitment to maintaining the highest standards for excellence in the industry.”
Global Water prepared the report under the architecture of the SASB Standards, a reporting framework governed by the International Financial Reporting Standards Foundation (IFRS). The SASB standards have become widely viewed as the best standard for providing sustainability information to financial and community stakeholders.
The SASB standards for water utilities operating in the infrastructure sector are designed to promote a rigorous reporting process in areas ranging from energy management, water affordability and access to network resiliency and the impact of climate change.
“The challenges around water sustainability continue to evolve, driven by the continued drought conditions in the western U.S. and regulations that address critical factors like contaminants in troubled water systems that need significant investment and better management,” added Fleming. “Our report illustrates how Global Water is well positioned to effectively address these challenges as an industry leader in Total Water Management.”
Global Water currently owns and operates 32 water systems which provide water, wastewater, and recycled water services throughout Arizona. Its total active service connections exceed 63,250 at June 30, 2024, which has increased at a 7.4% compounded annual growth rate since 2019.
The company believes its regionally planned service areas can ultimately serve hundreds of thousands of service connections by continuing to apply its TWM stewardship practices with its existing permitted water supplies.
The importance of water stewardship remains front and center in this year’s report, reflecting Global Water's long-time commitment to protecting the world’s most precious resource. The report highlights the company’s years of operational excellence and several of its key innovations:
- Celebrated 20th anniversary of providing award-winning total water management to Arizona communities. Global Water’s award-winning implementation of TWM continues to bring benefits to its customers. This integrated approach to managing the entire water cycle involves owning and operating water, wastewater and recycled water utilities within the same geographic area where it can maximize the beneficial use of recycled water.
- Global Water’s extensive ‘purple pipe’ program preserves precious drinking water by facilitating the use of recycled wastewater in common areas. In 2023, the use of recycled water increased 6.2% to 1.4 billion gallons. Since inception, Global Water has beneficially reused more than 17.0 billion gallons of recycled water.
- As part of Global Water’s TWM initiatives, it has implemented a number of smart water management programs. These programs benefit all customers but are particularly helpful to new customers who have been acquired through the company’s active utility M&A program. Such programs have included the deployment of a new remote metering infrastructure and other advanced technologies. They have also included rate designs and incentives that have collectively resulted in measurable conservation. These programs help to protect water supplies, especially in water-scarce areas that are experiencing population growth.
- These programs build upon Global Water’s more than 15 years of experience in implementing advanced metering infrastructure technology that provides meter reading data to customers several times a day. The timeliness of the reporting helps to encourage water use awareness and conservation. It also provides real-time leak alerts that help customers preserve water and avoid additional charges on their water bill.
- Global Water pioneered a rate design that features six tiers of increasing costs at pre-established thresholds based upon thousands of gallons used. The program rewards customers who reduce their water consumption to less than 6,000 gallons of water monthly. More than 54% of Global Water’s customers in the City of Maricopa now take advantage of this incentive program. Global Water is believed to be the only regulated utility in Arizona with such a six-tier rate structure that includes a rebate to promote conservation.
- Global Water provides a customer assistance program that is available to qualified customers who are a low-income or furloughed worker, or have medical hardship. It also includes deployed military service members and disabled veterans. Such qualified customers are eligible to receive a bill credit benefit of up to $350 annually for their water utility service. This customer assistance program provided approximately $30,000 in credits in 2023.
- Active service connections increased 9.8% in 2023 to total 61,791. The increase was largely due to the acquisition of Farmers Water Co., which was completed in February 2023, as well as organic growth. The company’s primary mission has been to aggregate water and wastewater utilities, so that customers and their communities may realize the benefits of consolidation, regionalization, and environmental stewardship in light of increasing water scarcity.
- In 2023, Global Water invested $22.3 million in the expansion and improvement of the company’s service areas. According to the Arizona Commerce Authority, $76.3 billion of capital has been invested in Arizona for the years 2021 through 2023, which reflects an increase of 274% over the preceding three years. This has recently included major new manufacturing facility announcements by Taiwan Semiconductor, Intel and Proctor & Gamble.
- Among all designated water service providers in the Phoenix and Pinal County Active Management Areas, Global Water’s flagship utility in the City of Maricopa uses the second lowest total amount of gallons per capita per day. Maricopa is the 5th fastest-growing large city in the nation according to the U.S. Census Bureau’s latest numbers.
The sustainability report also highlights Global Water’s numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF).
The company also received Cityworks’ Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, the company’s report is available to download from its website at www.gwresources.com in the Investors section.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 32 systems which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles over 1 billion gallons of water annually with a total of 17.0 billion gallons recycled since 2004.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater, and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, visit www.gwresources.com.
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