6/21/2023 0 Comments Aqua tech utilitiesWhen the agreement of sale was reached several months ago, Essential Chairman and CEO Christopher Franklin said The Commons agreement illustrated the benefits of the new fair market value law. The new FMV law applies to all water and wastewater utilities including those owned and operated by private investors and municipal governments. ![]() Prior to the new law, enacted in 2019, a system’s value previously was determined by its depreciated original cost, which generally did not reflect a reasonable market value for those assets. The transaction is the first of which Aqua Texas was able to use a new Texas law that allows regulated water companies to pay a fair market value for the purchase of water and wastewater systems. The Commons’ system serves approximately 1,000 homes in the development. ![]() (NYSE: WTRG) today announced that its Aqua Texas water utility has acquired the water treatment and distribution system in The Commons of Lake Houston community in Huffman, Texas yesterday. BRYN MAWR, Pa., August 03, 2021-( BUSINESS WIRE)-Essential Utilities Inc.
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