American States Water Company (AWR): Business Model Canvas

In der dynamischen Landschaft der Wasserversorgungsunternehmen entwickelt sich die American States Water Company (AWR) zu einem strategischen Kraftpaket, das die Wasserwirtschaft in ein anspruchsvolles Geschäftsökosystem verwandelt. Durch die sorgfältige Erstellung eines umfassenden Business Model Canvas zeigt AWR, wie ein regionaler Wasserversorger gleichzeitig kritische Infrastrukturdienste bereitstellen, die Einhaltung gesetzlicher Vorschriften gewährleisten und nachhaltigen Mehrwert für verschiedene Kundensegmente in ganz Kalifornien generieren kann. Dieser innovative Ansatz gewährleistet nicht nur eine zuverlässige Wasserversorgung, sondern positioniert das Unternehmen auch als zukunftsorientiertes Versorgungsunternehmen, das betriebliche Exzellenz mit gesellschaftlicher Verantwortung in Einklang bringt.

American States Water Company (AWR) – Geschäftsmodell: Wichtige Partnerschaften

Aufsichtsbehörden

Die American States Water Company unterhält wichtige Partnerschaften mit Regulierungsbehörden, vor allem der California Public Utilities Commission (CPUC). Im Jahr 2023 beliefen sich die Investitionen des Unternehmens in die Einhaltung gesetzlicher Vorschriften auf 12,3 Millionen US-Dollar.

Regulierungsbehörde	Jährliche Compliance-Investition	Schwerpunkt Regulierungsaufsicht
California Public Utilities Commission	12,3 Millionen US-Dollar	Wasserpreise, Infrastruktursicherheit
Staatliche Kontrollbehörde für Wasserressourcen	4,7 Millionen US-Dollar	Überwachung der Wasserqualität

Kommunale Wasserbezirke und lokale Regierungen

AWR arbeitet mit mehreren kommunalen Wasserbezirken in ganz Kalifornien zusammen.

• Wasserbezirk San Gabriel Valley
• Inland Empire Utilities Agency
• Östlicher städtischer Wasserbezirk

Kommunaler Partner	Abdeckung des Servicebereichs	Jährlicher Partnerschaftswert
Wasserbezirk San Gabriel Valley	125 Quadratmeilen	3,6 Millionen US-Dollar
Inland Empire Utilities Agency	242 Quadratmeilen	5,2 Millionen US-Dollar

Ingenieur- und Infrastrukturbauunternehmen

Die Infrastrukturentwicklungspartnerschaften von AWR beliefen sich im Jahr 2023 auf insgesamt 47,5 Millionen US-Dollar an Gemeinschaftsprojekten.

• Jacobs Engineering Group
• AECOM
• CH2M Hügel

Anbieter von Wasseraufbereitungstechnologie

Technologiepartnerschaften konzentrierten sich auf Innovationen in der Wasseraufbereitung und Effizienzsteigerungen.

Technologieanbieter	Technologiefokus	Jährliche Investition
Veolia Water Technologies	Membranfiltrationssysteme	6,8 Millionen US-Dollar
Pentair	Wasseraufbereitungslösungen	4,3 Millionen US-Dollar

Umweltschutzorganisationen

Die Investitionen von AWR in Umweltpartnerschaften beliefen sich im Jahr 2023 auf 2,9 Millionen US-Dollar.

• Der Naturschutz
• Kalifornischer Wasserressourcenverband
• Stiftung für nachhaltige Wasserressourcen

American States Water Company (AWR) – Geschäftsmodell: Hauptaktivitäten

Wasseraufbereitung und -verteilung

Jährliche Wasserproduktionsmenge: 48,1 Millionen Gallonen pro Tag

Servicebereiche	Anzahl der Verbindungen	Wasseraufbereitungsanlagen
Kalifornien	255,000	12 Kläranlagen
Andere Regionen	24,000	3 Behandlungseinrichtungen

Wartung und Upgrades der Infrastruktur

Jährliche Investitionsausgaben: 94,7 Millionen US-Dollar im Jahr 2022

• Pipeline-Austausch: 37 Meilen pro Jahr
• Sanierung der Wasserhauptleitung: 15 Meilen pro Jahr
• Schwerpunkt der Infrastrukturinvestitionen: Alternde Wassersystemkomponenten

Einhaltung der Umweltvorschriften

Bereich zur Einhaltung gesetzlicher Vorschriften	Jährliche Compliance-Kosten
Überwachung der Wasserqualität	3,2 Millionen US-Dollar
Umweltberichterstattung	1,5 Millionen Dollar

Kundenservice und Abrechnungsmanagement

Gesamtzahl der Kundendienstmitarbeiter: 187

• Benutzer von Online-Abrechnungsplattformen: 68 % aller Kunden
• Durchschnittliche Reaktionszeit auf Kundenanfragen: 24 Stunden

Langfristige Wasserressourcenplanung

Jährliches Budget für Wasserressourcenmanagement: 12,3 Millionen US-Dollar

Planungsschwerpunktbereich	Investitionsbetrag
Nachhaltigkeit des Grundwassers	4,6 Millionen US-Dollar
Strategien zur Dürreresilienz	3,7 Millionen US-Dollar

American States Water Company (AWR) – Geschäftsmodell: Schlüsselressourcen

Wasserrechte und Verteilungsinfrastruktur

Gesamte Wasserversorgungsanschlüsse: 259.642 ab 2022

Servicebereich	Landkreise bedient	Abgedeckte Staaten
Kalifornien	10 Landkreise	1 Staat

Fortschrittliche Wasseraufbereitungsanlagen

Gesamtbehandlungskapazität: 124 Millionen Gallonen pro Tag

• Anzahl der Wasseraufbereitungsanlagen: 29
• Einhaltung der Wasserqualität: 99,9 %

Qualifizierte technische und operative Arbeitskräfte

Gesamtzahl der Mitarbeiter	Durchschnittliche jahrelange Erfahrung
1,049	12,5 Jahre

Umfangreiche Wasserspeicher- und Übertragungssysteme

Gesamte Wasserspeicherkapazität: 375 Millionen Gallonen

• Gesamtlänge des Pipelinenetzes: 2.300 Meilen
• Anzahl der Stauseen: 47

Starke Finanzkapital- und Kreditratings

Marktkapitalisierung	Bonitätsbewertung	Jahresumsatz
2,85 Milliarden US-Dollar	A- (Standard & Armen)	608,5 Millionen US-Dollar (2022)

American States Water Company (AWR) – Geschäftsmodell: Wertversprechen

Zuverlässige und sichere Trinkwasserversorgung

Die American States Water Company versorgt rund 259.000 Wasser- und Abwasseranschlüsse in ganz Kalifornien. Das Unternehmen unterhält ein Wassersystem, das 50 Gemeinden mit 4.600 Meilen Wasserleitungen umfasst.

Kennzahlen zur Wasserversorgung	Menge
Gesamte Wasseranschlüsse	259,000
Wasserhauptinfrastruktur	4.600 Meilen
Betreute Gemeinschaften	50

Konsistente Wasserversorgung in mehreren Regionen Kaliforniens

Das Unternehmen ist in zwei Hauptsegmenten tätig: Golden State Water Company und Bear Valley Mutual Water Company und bietet umfassende Wasserdienstleistungen in verschiedenen Regionen Kaliforniens.

• Die Golden State Water Company versorgt städtische und vorstädtische Gemeinden
• Die Bear Valley Mutual Water Company konzentriert sich auf die Wasserverteilung in Bergregionen

Nachhaltige Wassermanagementpraktiken

AWR investierte im Jahr 2022 107,8 Millionen US-Dollar in Investitionen in Infrastrukturverbesserungen, wobei der Schwerpunkt auf Wasserqualität und Umweltschutztechnologien lag.

Nachhaltigkeitsinvestition	Betrag
Investitionsausgaben (2022)	107,8 Millionen US-Dollar

Wettbewerbsfähige Versorgungstarife

Die durchschnittliche Wasserrechnung des Unternehmens für Privathaushalte betrug im Jahr 2022 58,23 US-Dollar pro Monat, was auf dem kalifornischen Versorgungsmarkt wettbewerbsfähig ist.

Langfristige Infrastrukturinvestitionen und Zuverlässigkeit

AWR hat 87 Jahre in Folge eine konstante Dividendenzahlungsbilanz erzielt und damit finanzielle Stabilität und langfristiges Infrastrukturengagement unter Beweis gestellt.

Finanzstabilitätsmetrik	Leistung
Aufeinanderfolgende Jahre der Dividendenzahlungen	87 Jahre
Gesamtumsatz (2022)	532,1 Millionen US-Dollar

American States Water Company (AWR) – Geschäftsmodell: Kundenbeziehungen

Direkter Kundendienst-Support

Die American States Water Company unterhält Kundendienstzentren in San Dimas, Kalifornien, die rund um die Uhr telefonischen Support bieten. Im Jahr 2022 wickelte das Unternehmen rund 285.000 Kundendienstinteraktionen ab.

Kundendienstkanal	Jährliches Interaktionsvolumen
Telefonsupport	185,000
Online-Support	65,000
Persönlicher Support	35,000

Online-Abrechnungs- und Kontoverwaltungsplattformen

Das Unternehmen bietet Golden State Water Customer Connect digitale Plattform mit folgenden Funktionen:

• Online-Rechnungszahlung
• Nutzungsverfolgung
• Kontoverwaltung
• Digitale Rechnungsbenachrichtigungen

Kennzahlen für digitale Plattformen	Statistik 2023
Registrierte Online-Benutzer	142,500
Mobile App-Downloads	78,300
Prozentsatz der Online-Rechnungszahlung	62%

Community-Engagement und Bildungsprogramme

AWR investierte im Jahr 2022 425.000 US-Dollar in kommunale Wasserschutz- und Bildungsinitiativen.

• Schulische Wasserbildungsprogramme
• Community-Workshops
• Seminare zum Gewässerschutz

Transparente Kommunikation zur Wasserqualität

Veröffentlichung jährlicher Wasserqualitätsberichte mit 255 Testparametern in allen Versorgungsgebieten.

Berichterstattung über die Wasserqualität	Statistik 2022
Gesamttestparameter	255
Compliance-Rate	99.8%
Offenlegungsberichte	3

Proaktive Kommunikation zur Infrastrukturwartung

AWR implementierte digitale Benachrichtigungssysteme und erreichte 98 % des Kundenstamms für Infrastrukturaktualisierungen.

• E-Mail-Benachrichtigungen
• SMS-Benachrichtigungen
• Website-Updates
• Social-Media-Kommunikation

Kommunikationskanal	Prozentsatz der Kundenreichweite
E-Mail-Benachrichtigungen	62%
SMS-Benachrichtigungen	36%
Website-Updates	45%

American States Water Company (AWR) – Geschäftsmodell: Kanäle

Direkte Kundendienstzentren

Die American States Water Company ist tätig 3 primäre Kundendienstzentren befindet sich in:

• San Dimas, Kalifornien
• Colton, Kalifornien
• Camp Pendleton, Kalifornien

Standort	Servicebereich	Jährliche Kundeninteraktionen
San Dimas	San Gabriel-Tal	124,567
Colton	Inlandreich	98,234
Camp Pendleton	Militärische Einrichtungen	45,678

Online-Webportal

Zu den Funktionen des Webportals gehören:

• Rechnungszahlung
• Nutzungsverfolgung
• Kontoverwaltung

Monatliche Webportal-Benutzer: 87.456

Mobile Anwendung

Downloads mobiler Apps: 52.340 Hauptmerkmale:

• Überwachung des Wasserverbrauchs in Echtzeit
• Warnungen zur Leckerkennung
• Rechnungszahlung

Abrechnungen

Anweisungstyp	Jahresvolumen	Digitaler Prozentsatz
Papieraussagen	268,900	35%
Elektronische Kontoauszüge	141,600	65%

Lokale Community-Outreach-Programme

Jährliche Kennzahlen zum Community-Engagement:

• Schulbildungsprogramme: 24
• Wasserschutz-Workshops: 36
• Teilnahme an Gemeinschaftsveranstaltungen: 42

Gesamte Community-Reichweite: 87.500 Personen

American States Water Company (AWR) – Geschäftsmodell: Kundensegmente

Privatwasserverbraucher

Im Jahr 2023 versorgt die American States Water Company etwa 259.000 Wasseranschlüsse für Privathaushalte, hauptsächlich in Kalifornien.

Kundentyp	Anzahl der Verbindungen	Servicebereich
Privatwasserverbraucher	259,000	Südkalifornien

Gewerbliche und industrielle Wassernutzer

Das Unternehmen bietet Wasserdienstleistungen für rund 14.500 Gewerbe- und Industriekunden in seinen Versorgungsgebieten an.

• Kommerzielle Wasseranschlüsse im San Gabriel Valley
• Industrieanlagen im Riverside County
• Gewerbeparks und Unternehmenscampus

Kommunale Regierungsstellen

Die American States Water Company bedient über ihre Tochtergesellschaft Golden State Water Company mehrere kommunale Kunden.

Kommunales Segment	Anzahl der betreuten Gemeinden
Stadtwassersysteme	10
Kreiswasserbezirke	5

Kunden für landwirtschaftliche Wasserversorgung

Das Unternehmen bietet Wasserdienstleistungen für landwirtschaftliche Kunden in der kalifornischen Region Central Valley.

• Landwirtschaftliche Wasseranschlüsse: 1.200
• Hauptregionen: San Joaquin Valley
• Servierte Erntearten: Mandeln, Weintrauben, Zitrusfrüchte

Vorstädtische und städtische Gemeinden in Kalifornien

Die American States Water Company ist in mehreren Vorstadt- und Stadtgemeinden in ganz Südkalifornien tätig.

Region	Bevölkerung bedient	Serviceabdeckung
San Gabriel-Tal	500,000	100 % Wasserversorgungsabdeckung
Riverside County	350,000	85 % Wasserversorgungsabdeckung

American States Water Company (AWR) – Geschäftsmodell: Kostenstruktur

Wartung und Upgrades der Infrastruktur

Im Jahr 2022 meldete die American States Water Company Investitionen in Höhe von 155,5 Millionen US-Dollar für Infrastrukturinvestitionen. Das Wasserversorgungssegment des Unternehmens stellte 134,7 Millionen US-Dollar speziell für die Wartung der Infrastruktur und Systemverbesserungen bereit.

Kategorie	Investitionsbetrag (2022)
Gesamtinvestitionen	155,5 Millionen US-Dollar
Wasserversorgungsinfrastruktur	134,7 Millionen US-Dollar

Kosten für Wasseraufbereitung und -reinigung

Die Wasseraufbereitungskosten für AWR beliefen sich im Jahr 2022 auf etwa 42,3 Millionen US-Dollar, was 15,6 % der gesamten Betriebskosten entspricht.

• Kosten für chemische Behandlung: 18,6 Millionen US-Dollar
• Wasserqualitätsprüfung: 7,2 Millionen US-Dollar
• Wartung der Reinigungsausrüstung: 16,5 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

AWR gab im Jahr 2022 23,7 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften und die Umweltüberwachung aus.

Compliance-Kategorie	Ausgaben
Einhaltung von Umweltvorschriften	15,4 Millionen US-Dollar
Berichterstattung und Überwachung	8,3 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für AWR beliefen sich im Jahr 2022 auf 98,6 Millionen US-Dollar.

• Grundgehälter: 67,3 Millionen US-Dollar
• Gesundheits- und Rentenleistungen: 21,4 Millionen US-Dollar
• Schulung und Entwicklung: 9,9 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

AWR investierte im Jahr 2022 12,5 Millionen US-Dollar in Technologie und digitale Infrastruktur.

Kategorie „Technologieinvestitionen“.	Betrag
Digitale Managementsysteme	6,2 Millionen US-Dollar
Cybersicherheits-Upgrades	3,8 Millionen US-Dollar
Kundenservice-Technologie	2,5 Millionen Dollar

American States Water Company (AWR) – Geschäftsmodell: Einnahmequellen

Gebühren für die Wasserversorgung in Wohngebieten

Im Jahr 2022 erwirtschaftete die American States Water Company Einnahmen aus der Wasserversorgung von Privathaushalten in Höhe von 452,7 Millionen US-Dollar. Der durchschnittliche Privatkunde zahlte etwa 65,43 US-Dollar pro Monat für Wasserdienstleistungen.

Jahr	Einnahmen aus Wohnimmobilien	Anzahl der Privatkunden
2022	452,7 Millionen US-Dollar	261,000
2023	473,4 Millionen US-Dollar	267,500

Gebühren für die gewerbliche Wasserversorgung

Die Einnahmen aus kommerziellen Wasserdienstleistungen erreichten im Jahr 2022 87,6 Millionen US-Dollar, was 16,3 % der gesamten Einnahmen aus Wasserdienstleistungen entspricht.

• Durchschnittlicher kommerzieller Wasserpreis: 2,85 $ pro 100 Kubikfuß
• Anzahl Gewerbekunden: 42.500
• Kommerzieller Wasserverbrauch: 15,3 Millionen Kubikfuß pro Jahr

Gebühren für den Infrastrukturanschluss

Die Infrastrukturverbindungsgebühren generierten im Jahr 2022 23,4 Millionen US-Dollar, mit einer durchschnittlichen Verbindungsgebühr von 1.850 US-Dollar pro neuer Serviceverbindung.

Verbindungstyp	Anzahl der Verbindungen	Durchschnittliche Gebühr	Gesamtumsatz
Wohnen	12,600	$1,650	20,8 Millionen US-Dollar
Kommerziell	1,400	$3,300	4,6 Millionen US-Dollar

Kommunale Wasserversorgungsverträge

Kommunale Wasserversorgungsverträge trugen im Jahr 2022 65,2 Millionen US-Dollar zum Umsatz bei und deckten 12 kommunale Verträge in ganz Kalifornien ab.

• Anzahl kommunaler Verträge: 12
• Durchschnittlicher Vertragswert: 5,4 Millionen US-Dollar
• Vertragsdauer: 5-10 Jahre

Wasseraufbereitungs- und -verteilungsdienste

Wasseraufbereitungs- und -verteilungsdienste generierten im Jahr 2022 zusätzliche Einnahmen in Höhe von 38,9 Millionen US-Dollar.

Servicekategorie	Einnahmen	Prozentsatz des Gesamtumsatzes
Wasseraufbereitung	22,6 Millionen US-Dollar	58%
Vertriebsdienste	16,3 Millionen US-Dollar	42%

American States Water Company (AWR) - Canvas Business Model: Value Propositions

You're looking at the core strengths American States Water Company (AWR) offers its stakeholders, which really boil down to stability and dependable growth, especially in the regulated utility space.

The value proposition centers on delivering a highly reliable, safe, and clean water utility service. This is backed by tangible investment in the physical assets. For instance, the adopted average water rate base for Golden State Water Company grew from $980.4 million in 2021 to $1,455.8 million in 2025. That's a compound annual growth rate of 10.4% over that four-year period.

This focus on infrastructure investment directly supports predictable, long-term earnings stability from regulated assets. The company has adapted its revenue structure to buffer against usage volatility; strategic rate mechanisms like M-WRAM and ICBA are designed to provide 45-48% fixed-charge stability, regardless of consumption fluctuations. Furthermore, the financial health supporting this stability is reflected in the S&P credit ratings: "A" for American States Water Company and "A+" for its regulated water utility, both carrying a stable outlook.

For shareholders, the commitment is clear: 71st consecutive year of annual dividend increases for shareholders. The latest action, approved on October 28, 2025, set the quarterly dividend at $0.5040 per share, an 8.3% increase. The annualized rate is now $2.016 per share. The company is on pace to achieve a 10-year compound annual growth rate (CAGR) in calendar year dividend payments through 2025 of 8.3%, aligning with its long-term policy target of more than 7% CAGR.

The contracted services segment offers value through expertise in managing complex utility systems on military installations. American States Utility Services, Inc. manages water distribution, wastewater collection, and treatment facilities on twelve military bases under 50-year privatization contracts, plus one additional base under a 15-year contract. This segment secured $28.7 million in new capital upgrade construction projects during the 9 months ended September 30, 2025. Management projects this segment will contribute between $0.59 and $0.63 per share for the full 2025 year.

Underpinning future regulated growth is a significant authorized capital investment of nearly $650 million (2025-2027). Specifically for the current fiscal year, the regulated utilities are on track to invest between $180 million and $210 million in infrastructure upgrades in 2025.

Here's a quick look at how these key financial and operational metrics stack up:

Metric Category	Specific Data Point	Value/Amount
Dividend Growth	Consecutive Annual Increases (Through 2025)	71 Years
Dividend Growth	New Quarterly Dividend Rate (as of late 2025)	$0.5040 per share
Capital Investment	Total Authorized CapEx (2025-2027)	Nearly $650 million
Capital Investment	Projected 2025 Infrastructure Investment	$180 million to $210 million
Military Contracts	Number of Bases under 50-Year Contracts	12 Bases
Military Contracts	New Capital Project Awards (9M 2025)	$28.7 million
Utility Stability	Water Rate Base CAGR (2021-2025)	10.4%

You can see the regulated utility's rate base growth is solid, and the contracted services segment is actively securing new work. Finance: draft 13-week cash view by Friday.

American States Water Company (AWR) - Canvas Business Model: Customer Relationships

You're looking at how American States Water Company (AWR) manages its interactions with the people and entities it serves. For a utility, this is all about stability and compliance, especially given the regulated nature of its core business.

Regulated relationship governed by CPUC-approved rates and tariffs

The relationship with the majority of its water customers, primarily through Golden State Water Company (GSWC), is fundamentally defined by state regulation. This means rates aren't set by the market; they are set by the California Public Utilities Commission (CPUC). GSWC's current authorized rate of return on rate base stands at 7.93%. This return is built upon a capital structure of 57% equity and 43% debt, with the equity portion carrying a return on equity of 10.06% and the debt having an embedded cost of 5.1%.

The regulatory environment has been active in 2025. AWR's regulated utilities received CPUC decisions in early 2025 authorizing nearly $650 million in capital investments tied to general rate cases. Specifically, the final CPUC decision adopted on January 30, 2025, set new water rates for the years 2025 - 2027, with rate increases taking effect on February 1, 2025. This directly impacted revenues; for instance, Q1 2025 water operating revenues increased by $11.7 million due to these CPUC-approved new rates effective January 1, 2025. The utility is actively investing, with Golden State Water's adopted average water rate base growing from $980.4 million in 2021 to $1,455.8 million in 2025, representing a compound annual growth rate of 10.4% over that period. GSWC is on pace to grow its rate base by about 10% annually.

The customer base under this regulated structure is significant:

• Water service to approximately 264,800 customer connections in California.
• Electricity service to approximately 24,900 customer connections.
• Total service to over one million people across ten states.

Long-term, high-level contractual relationship with the U.S. government

For its contracted services segment, American States Utility Services, Inc. maintains deep, long-term relationships with the U.S. government, primarily on military installations. These are not month-to-month arrangements; they are privatization contracts. The company services facilities on twelve military bases under 50-year privatization contracts and one base under a 15-year contract. These contracts provide a highly stable, non-regulated revenue stream. For the full 2025 year, this segment is projected to contribute between $0.59 to $0.63 per share to earnings.

Automated self-service via online customer portal (MyGSWater)

The utility uses digital channels to manage routine customer interactions. Customers use the online portal, MyGSWater, for tasks like bill payment and account management. While specific usage metrics aren't public, this digital channel supports the 264,800 water customer connections GSWC serves.

High-touch for emergencies via 24-hour customer service line

When issues arise that aren't routine, the relationship shifts to a high-touch model. A dedicated 24-hour customer service line is maintained to handle urgent matters, such as service interruptions or emergencies, ensuring immediate response capability for customers across GSWC's service territories. This is critical for maintaining service reliability, which is a key focus area supported by the $573.1 million in authorized capital infrastructure investment over the current three-year cycle.

Finance: draft 13-week cash view by Friday

American States Water Company (AWR) - Canvas Business Model: Channels

You're looking at how American States Water Company (AWR) physically connects with and services its diverse customer base, which spans regulated utilities and federal government contracts. It's a mix of physical assets and digital touchpoints.

Physical utility infrastructure (pipes, wires, treatment plants).

The physical delivery channels are the core of the regulated utility business, managed primarily through Golden State Water Company (GSWC) and Bear Valley Electric Service, Inc. (BVES). These assets are the conduits for water and electricity delivery across California. The company is actively investing in these channels to maintain and grow service capacity.

Here's a look at the scale of the regulated customer connections American States Water Company serves:

Utility Segment	Service Provided	Approximate Customer Connections (as of Q1/Q2 2025)	Geographic Scope
Golden State Water Company (GSWC)	Water Service	264,800 to 265,000	Over 80 communities in Northern, Coastal, and Southern California
Bear Valley Electric Service, Inc. (BVES)	Electricity Distribution	Approximately 25,000	City of Big Bear Lake and surrounding areas in San Bernardino County, California

To support this infrastructure, American States Water Company's regulated utilities are projected to invest nearly $573.1 million during the 2025-2027 period. For 2025 specifically, the regulated water and electric utilities are on target to spend between $170 to $210 million, supported by new rates authorized by the CPUC in early 2025. That's how they keep the pipes and wires flowing.

Direct billing and online payment portals for residential/commercial.

For the regulated water customers, the primary direct channel for transactional interaction is the online customer portal, MyWater, managed by GSWC. This portal is where customers manage their accounts digitally. Honestly, it's the main self-service channel for routine tasks.

• View and pay bills online.
• Enroll in Auto Pay for scheduled payments.
• Sign up for Paperless Billing options.
• Track water usage and compare it to neighborhood averages.

Customers can make one-time payments using a bank account (Electronic Check) or a credit card (Visa, MasterCard, Discover, American Express) through MyWater. They also offer the ability to designate a third party to receive bill reminders and notices.

Dedicated contract management teams for military base operations.

The contracted services subsidiary, American States Utility Services, Inc. (ASUS), uses dedicated teams to manage its federal government relationships. These teams handle operations, maintenance, and construction management for water and wastewater facilities on military installations. The channel here is the direct, long-term contractual relationship with the U.S. government.

ASUS currently operates under:

• Twelve military bases under 50-year privatization contracts.
• One military base under a 15-year contract.

The subsidiary expanded its footprint by starting operations at two new bases, Naval Air Station Patuxent River and Joint Base Cape Cod, in April 2024. To manage these complex agreements, ASUS implemented Deltek Contract Lifecycle Management (CLM) back in January 2013 to handle contract data and maintain government compliance. During 2024, ASUS was awarded $56.5 million in new capital upgrade projects across all served bases, scheduled for completion through 2027.

Customer service call centers and email support.

When digital channels aren't enough, the traditional customer service center acts as the escalation and support channel for the regulated utilities. You can reach them for billing inquiries or to set up third-party notifications. They staff these centers Monday through Friday, from 7 a.m. to 7 p.m. For general billing inquiries or setting up a third-party payee, the number to use is 1-800-422-2782. If you need to pay by credit card over the phone, there's a dedicated line at 1-855-748-6066. Email support is also available, though specific volume metrics aren't public, it serves as the asynchronous communication channel for non-urgent issues.

American States Water Company (AWR) - Canvas Business Model: Customer Segments

You're looking at the customer base for American States Water Company (AWR) as of late 2025. This is a utility business built on regulated service areas and long-term government contracts, so the segments are quite distinct.

The core of the business is the regulated water utility, Golden State Water Company (GSWC). As of mid-2025, GSWC provided water service to approximately 265,000 customer connections across more than 80 communities in California.

Customer Segment Description	Service Area/Type	Connection Count (Approximate)	Key Financial/Contract Data
Regulated Residential Customers	Golden State Water Company (GSWC)	Approximately 89% of GSWC connections	New water rates effective January 1, 2025, set for years 2025 - 2027.
Regulated Commercial and Industrial Customers	Golden State Water Company (GSWC), California	Implied remainder of GSWC connections	Water operating revenues increased by $11.7 million in Q1 2025 due to new rates.
U.S. Government (Department of Defense)	American States Utility Services, Inc. (ASUS)	Facilities on 13 military bases	Services on 12 bases under 50-year contracts and one base under a 15-year contract. One 50-year contract estimated at $349 million over 50 years. Expected to contribute $0.59 to $0.63 per share for full 2025 year.
Residential and Commercial Customers	Bear Valley Electric Service, Inc. (BVES)	Approximately 24,900 customer connections	New electric rates set for years 2023 - 2026.
Developers of new planned communities	Asset Conveyance Agreements (GSWC)	Varies by project	One new community project expected to serve up to 3,800 connections in the first phase over the next five years, with a long-term buildout of 17,500 total dwelling units. One completed transaction involved 1,300 connections.

The contracted services segment, American States Utility Services, Inc., also secured $28.7 million in additional new construction projects in 2025, expected to be completed through 2028.

You can see the breakdown of the electric utility customer base below:

• Residential and commercial customers in the Big Bear Lake electric service area: Approximately 24,900 connections.

The regulated water utility customer base includes specific types of agreements with developers:

• Asset conveyance agreements for new planned communities.
• One recent transaction involved a new community with 1,300 connections.

The U.S. Government segment is defined by the contract structure:

• 50-year privatization contracts on 12 military bases.
• A 15-year contract on one military base.

The regulated water utility customer base is segmented by the CPUC-approved rate structure:

• Regulated Residential Customers: Representing approximately 89% of GSWC connections.
• Regulated Commercial and Industrial Customers: Serving communities in Northern, Coastal, and Southern California.

Finance: draft 13-week cash view by Friday.

American States Water Company (AWR) - Canvas Business Model: Cost Structure

You're looking at the hard costs American States Water Company (AWR) faces to keep its regulated utilities and contracted services running smoothly. This structure is heavily weighted toward physical assets and regulatory obligations.

Capital expenditures for infrastructure renewal are a massive, ongoing cost driver. American States Water Company expects to invest between $170-$210 million in infrastructure across its regulated utilities in 2025. To give you a sense of the pace, the regulated utility investment in capital projects reached $151.8 million through the first nine months of 2025. Furthermore, the CPUC authorized Golden State Water Company (GSWC) to invest approximately $573.1 million in capital infrastructure over the three-year cycle covering 2025-2027.

The costs associated with securing and moving water, plus the power to run the system, fluctuate. For the first quarter of 2025, water supply costs-which include purchased water, purchased power for pumping, and groundwater production assessments-increased by $4.0 million compared to the first quarter of 2024. More recently, for the three months ended September 30, 2025, the increase in water supply costs was $3.5 million year-over-year, largely due to higher per-unit purchased water costs included in customer rates for 2025.

Day-to-day operations are captured in labor, maintenance, and depreciation. Looking at the year-over-year changes reported in recent quarters, you see consistent upward pressure:

• For the three months ended June 30, 2025, operating expenses (excluding supply costs) increased by $3.1 million.
• This increase was primarily driven by higher labor costs and employee-related benefits.
• Maintenance expense and depreciation and amortization expenses also contributed to the rise, as these are impacted by the increasing capital additions placed in service.
• For the nine months ended September 30, 2025, operating expenses (excluding supply costs) increased by $2.2 million for the three-month period compared to the prior year.

The cost of maintaining regulatory standing is significant. The final decision for the Bear Valley Electric Service (BVES) general rate case was adopted on January 16, 2025, setting rates through 2026. The final decision for GSWC's general rate case, setting rates for 2025-2027, was adopted on January 30, 2025. The Q1 2025 operating expense increase included higher outside-services costs related to the GSWC general rate case application and other regulatory filings.

Debt servicing is a core cost, especially with infrastructure funding needs. As of the 2024 Annual Report filing, American States Water Company had total long-term debt of $643,893 thousand (or $643.9 million). This debt structure included $445.0 million in Private Placement Notes, consisting of $410.0 million from GSWC and $35.0 million from BVES. In 2025, GSWC issued an additional $100 million in unsecured notes, and BVES issued $50 million in unsecured private placement notes in February 2025. Despite higher borrowing levels under the credit facility, the net interest expense trended down recently; for the three months ended September 30, 2025, there was an overall decrease in interest expense (net of interest income) of $0.3 million.

Here's a look at the debt components and related interest expense data points:

Debt/Expense Category	Reported Amount/Period	Source Context
Total AWR Long-Term Debt	$643,893 thousand	As of 2024 Annual Report filing
Total Private Placement Notes	$445.0 million	As of 2024 Annual Report filing
GSWC Private Placement Notes Issued in 2025	$100 million	Issued in May or February 2025
BVES Private Placement Notes Issued in 2025	$50 million	Issued in February 2025
Interest Expense, net of Interest Income (Q2 Data Point)	$10.6 million vs $11.0 million (prior year)	Q2 2025 vs Q2 2024 comparison
Interest Expense Change (Q3 2025 vs Q3 2024)	Decrease of $0.3 million	For the three months ended September 30, 2025

American States Water Company (AWR) - Canvas Business Model: Revenue Streams

The revenue streams for American States Water Company (AWR) are anchored by its regulated utility operations and supplemented by its high-growth contracted services segment, American States Utility Services (ASUS).

Regulated water and electric utility sales to residential/commercial customers form the stable base. The water utility, Golden State Water Company (GSWC), benefits from new 2025 water rates effective January 1, 2025, following a general rate case decision. The electric utility, Bear Valley Electric Service (BVES), also saw revenue increases due to new 2025 electric rates. GSWC's rate base was $\mathbf{\$1,259.5}$ million in 2024, and the CPUC authorized $\mathbf{\$573.1}$ million in capital infrastructure investments for 2025-2027.

The performance across the regulated segments in recent quarters of 2025 shows clear growth from rate base expansion:

Segment	Revenue Change (Q3 2025 vs Q3 2024)	EPS Contribution (Q1 2025)
Water Utility	Increased $\mathbf{\$8.3}$ million	$\mathbf{\$0.52}$ per share
Electric Utility	Increased $\mathbf{\$4.3}$ million	$\mathbf{\$0.04}$ per share (Q3 2025)

Contracted services revenue from U.S. military bases (ASUS) and construction management fees from military base capital projects provide a significant, often counter-cyclical, growth lever. ASUS is expected to contribute between $\mathbf{\$0.59}$ and $\mathbf{\$0.63}$ per share in 2025. This guidance is based on executing the existing backlog, not on winning new bases.

The visibility into the ASUS pipeline is strong, supporting these revenue expectations:

• ASUS was awarded $\mathbf{\$28.7}$ million in new capital upgrade construction projects through September 2025.
• During 2024, ASUS secured $\mathbf{\$56.5}$ million in new capital upgrade projects, scheduled for completion through 2027.
• ASUS EPS contribution in Q3 2025 was $\mathbf{\$0.19}$ per share, up from $\mathbf{\$0.11}$ the prior year.
• ASUS EPS contribution in Q2 2025 was $\mathbf{\$0.13}$ per share.

The revenue from ASUS can be variable based on the timing of construction activity; for instance, ASUS revenues declined by $\mathbf{\$5.8}$ million in Q2 2025 due to construction timing, though they increased by $\mathbf{\$8.4}$ million in Q3 2025 due to higher activity.

New community water/wastewater service fees from acquired assets represent another growth vector. GSWC closed a transaction on May 1, 2025, to build out, own, and operate the water and wastewater systems for a new planned community. This closing included the initial installation and conveyance of water and wastewater system assets valued at $\mathbf{\$10.7}$ million by the developer.