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We are subject to risks related to the global pandemic associated with COVID-19.
−Removed: COVID-19 has spread to all 50 states in the U.S.
−Removed: and the President has declared the COVID-19 pandemic a national emergency.
Numerous governmental jurisdictions, including the States of California, Connecticut, Maine and Texas where we maintain our water utility operations, have imposed “shelter-in-place” orders, quarantines, executive orders and similar governmental orders and restrictions for their residents to control the spread of COVID-19.
Such orders or restrictions have resulted in business closures, work stoppages, slowdowns and delays in commercial activities, unprecedented and widespread unemployment, travel restrictions and cancellation of events, among other effects, thereby negatively impacting our suppliers, employees and customers, among others.
+Added: While state governments recently have permitted some reopening of businesses and approved gradual easing of various restrictions, the pandemic continues to have a significant and negative impact on all aspects of economic activities in the U.S.
In California, Governor Gavin Newsom signed an executive order suspending water service disconnections due to non-payment by customers retroactive to March 4, 2020 and until further notice.
−Removed: In Connecticut and Maine, in accordance with PURA and MPUC moratorium rulings on March 12, 2020 and March 16, 2020, respectively, we have halted shutoff for nonpayment.
−Removed: PUCT in Texas had ordered on March 13, 2020 public utilities to suspend water service disconnections and late fees charged to customers which expired on June 13, 2020.
−Removed: Although there is no guarantee that PUCT will not reinstate or impose similar orders in the future.
+Added: In Connecticut, the March 12, 2020, PURA moratorium ruling to halt shutoff for nonpayment expired on October 1, 2020, but a pending PURA motion could further adjust the date and extend the suspensions of shutoffs.
+Added: In Maine, the MPUC moratorium rulings on March 16, 2020 for utility disconnections will be lifted on November 1, 2020.
+Added: PUCT in Texas had ordered on March 13, 2020 public utilities to suspend water service disconnections and late fees charged to customers which expired on June 13, 2020, but there is no guarantee that PUCT will not reinstate or impose similar orders in the future.
These and other events associated with the COVID-19 pandemic have reduced the incentive and ability of our residential and commercial customers to pay their water services bills on time, if at all, which could negatively impact our result of operations.
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As many of these customers have suspended, altered or terminated their business operations to comply with government orders, their water usage may decline significantly or cease, which could adversely affect our revenue.
−Removed: While some states and counties have announced a schedule to allow more businesses to reopen, it is unclear whether any of our commercial customers intend to open fully or at all due to their ongoing concerns with safety at the workplace.
−Removed: Connecticut Water and Heritage Village have an approved regulatory mechanism for a water revenue adjustment that provides for recovery of the companies’ authorized annual revenues through a customer surcharge or credit that mitigates the impact of reduced usage but will not cover losses for non-payment or bad debt.
−Removed: Furthermore, while we expect to recover some of the revenue loss and costs through the rate-making process, there is no guarantee that such recovery will be approved by the regulated utility authorities in a timely manner, or at all.
+Added: While some states and counties, including Santa Clara county where our headquarters is located, have announced a schedule to allow more businesses to reopen, some of our commercial customers may decide not to open fully or at all due to their ongoing concerns with safety at the workplace.
+Added: Connecticut Water has an approved regulatory mechanism for a water revenue adjustment that provides for recovery of the companies’ authorized annual revenues through a customer surcharge or credit that mitigates the impact of reduced usage but will not cover losses for non-payment or bad debt.
+Added: While we expect to recover some of the revenue loss and costs through the rate-making processes, there is no guarantee that such recovery will be approved by the regulated utility authorities in a timely manner, or at all.
In addition to loss of revenue, we are subject to the following risks resulting from the COVID-19 pandemic and related events:
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This may negatively impact our ability to maintain our infrastructure and provide reliable services to customers.
−Removed: In addition, this may reduce our expenditures on capital improvements, which may in turn impact rate decisions by CPUC, PURA, PUCT and MPUC.
+Added: In addition, our expenditures on capital improvements has been reduced, which may in turn impact rate decisions by CPUC, PURA, PUCT and MPUC.
widespread COVID-19 disease could impact the health of our employees and management team, which may disrupt our business operations;
a recession, stock market correction, or debt market disruptions resulting from the spread of COVID-19 could materially affect our business, our results of operations, our cash flow, and the value of our common stock, which may make it more difficult for us to access capital in equity and debt markets.
−Removed: The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change.
−Removed: We cannot predict when this pandemic will end and when related governmental orders and restrictions will be eased or lifted, and any extension or prolonged implementation of these measures will further adversely affect our business and financial results.
−Removed: Even after such orders and restrictions are eased or lifted, the severe economic impact on the jurisdictions and areas in which we operate may last for an extended period of time and continue to adversely affect our business, and there is no guarantee that we will be able to act quickly to return to our normal operations.
+Added: The ultimate impact of the COVID-19 pandemic continues to be uncertain and subject to change.
+Added: We cannot predict when this pandemic will end and when and to what extent various government orders and restrictions will be imposed, modified, eased or lifted, and any extension or prolonged implementation of these measures will further adversely affect our business and financial results.
+Added: Even after such orders and restrictions are eased or lifted, the severe economic impact on the jurisdictions and areas in which we operate may last for an extended period of time and continue to adversely affect our business and financial conditions, and there is no guarantee that we will be able to quickly return to our normal operations.
+Added: The phaseout of the London Interbank Offered Rate ( “ LIBOR ” ), or the replacement of LIBOR with a different reference rate, may adversely affect interest rates.
+Added: On July 27, 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced that it would phaseout LIBOR by the end of 2021.
+Added: It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021, or if alternative rates or benchmarks will be adopted.
+Added: Changes in the method of calculating LIBOR, or the replacement of LIBOR with an alternative rate or benchmark, may adversely affect interest rates and result in higher borrowing costs for both our existing debt agreements that include LIBOR interest rates and future loan agreements that we may enter into.
+Added: In addition, we have not engaged in discussions with our existing lenders regarding the LIBOR transition and we cannot predict how such transition will impact the interest rates and other terms of our existing debt agreements.
+Added: This could materially and adversely affect the SJW Group’s results of operations, cash flows and liquidity.
+Added: We cannot predict the effect of the potential changes to LIBOR or the establishment and use of alternative rates or benchmarks.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.