What changed in this filing

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Item 1. Business

2024-02-23 compared with 2023-02-24 · 215 added, 185 removed, 263 unchanged (60% of the section changed)

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is a holding company with four wholly owned subsidiaries.

The Connecticut Water Company (“Connecticut Water”) and The Maine Water Company (“Maine Water”) are public utilities in the business of providing water service throughout Connecticut and Maine.

The Connecticut Water Company (“CWC”) and The Maine Water Company (“MWC”) are public utilities in the business of providing water service throughout Connecticut and Maine.

The remaining two subsidiaries are Chester Realty, Inc., a real estate company in Connecticut, and New England Water Utility Services, Inc.

(“NEWUS”), which provides contract water and sewer operations and other water related services.

• SJWTX, Inc.

(“SJWTX”) was incorporated in the State of Texas in 2005.

SJWTX is doing business as Canyon Lake Water Service Company.

In 2022, SJWTX filed and was approved with the State of Texas an assumed named certificate to operate under the name The Texas Water Company.

SJWTX is a public utility in the business of providing water service in the southern region of the Texas Hill Country in Bandera, Blanco, Comal, Hays, Kendall, Medina and Travis counties, the growing region between San Antonio and Austin, Texas.

SJWTX has a 25% interest in Acequia Water Supply Corporation (“Acequia”).

Acequia has been determined to be a variable interest entity within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “Consolidation” with SJWTX.

as the primary beneficiary.

As a result, Acequia has been consolidated with SJWTX.

SJWTX is undergoing a corporate reorganization to separate regulated operations from non-tariffed activities.

In 2021, SJWTX Holdings, Inc.

(“SJWTX Holdings”) and Texas Water Operation Services LLC (“TWOS”) were formed for the purpose of effecting a corporate reorganization of our water services organization in Texas.

TWOS was created for non-tariffed operations and is wholly-owned by SJWTX Holdings.

SJWTX Holdings is a wholly-owned subsidiary of SJW Group, incorporated to hold the investments in SJWTX and TWOS.

SJWTX Holdings intends to create a new subsidiary to hold future wholesale water supply assets in 2023.

• In the third quarter of 2023, the corporate reorganization of our water services organization in Texas was completed.

SJWTX Holdings, Inc.

is the holding company for SJWTX, Inc., doing business as The Texas Water Company (“TWC”), Texas Water Operation Services, LLC (“TWOS”) and Texas Water Resources, LLC (“TWR”).

TWC is a public utility in the business of providing water service in Bandera, Blanco, Comal, Hays, Kendall, Medina and Travis Counties in the growing region between San Antonio and Austin, Texas.

TWC additionally provides wastewater service in Comal and Kendall counties.

TWC also holds a 25% equity interest in Acequia Water Supply Corporation (“Acequia”).

Acequia has been determined to be a variable interest entity within the scope of Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” with TWC as the primary beneficiary.

As a result, Acequia has been consolidated with TWC.

TWOS was created for non-tariffed service operations and TWR was formed to hold wholesale water supply assets.

• SJW Land Company was incorporated in 1985.

SJW Land Company owns undeveloped land in California and Tennessee and operates commercial buildings in Tennessee.

Together, SJWC, Connecticut Water, SJWTX, Maine Water and NEWUS, are referred to as “Water Utility Services.”

Together, SJWC, CWC, TWC , TWOS, TWR, MWC and NEWUS are referred to as “Water Utility Services.”

SJW Land Company and Chester Realty, Inc.

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Regulation and Rates

Water Utility Services, excluding non-tariffed activities, are subject to rate regulation based on cost recovery and meets the criteria of accounting guidance for rate-regulated operations, which considers the timing of the recognition of certain revenues and expenses.

SJW Group’s consolidated financial statements reflect the effects of the rate-making process.

Water Utility Services, excluding non-tariffed activities, are subject to rate regulation based on cost recovery and meets the criteria of accounting guidance for rate-regulated operations, which affects the timing of the recognition of certain revenues and expenses.

SJW Group’s consolidated financial statements reflect the actions of regulators in the rate-making process.

The rate-making process is intended to provide revenues sufficient to recover normal operating expenses, provide funds for replacement of water infrastructure and produce a fair and reasonable return on stockholder common equity.

SJW Group’s regulated operations

financing activity is designed to achieve capital structures consistent with regulatory guidelines in the locations where the companies operate.

SJW Group’s regulated operations financing activities are designed to achieve capital structures consistent with regulatory guidelines in the locations where the companies operate.

The following summarizes each state’s authorized rates and capital structure as of December 31, 2023:

California Connecticut Texas Maine (a)

California Connecticut Texas (a)

Authorized capital structure (debt/equity) 45% / 55%

Authorized return on equity 8.90% 9.00% 10.88% 9.70%

47% / 53% 42% / 58% 50% / 50%

Authorized return on equity (c)

9.31% 9.00% 10.88% 9.70%

Authorized rate base (in millions) $1,113.7 $620.1 $43.3 $135.1

Estimated rate base at year-end (in millions) (b) $1,074.9 $656.3 $92.0 $157.9

Estimated rate base at year-end (in millions) (d)

$1,136.3 $731.3 $106.5 $172.0

(a) Represents averages over water systems operating in the state.

(b) An approximation of rate base which includes net utility plant not yet included in rate base pending rate case filings and outcomes.

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(a) Estimated by management.

(b) The authorized capital structure and return on equity shown are those of the largest division of MWC, the Biddeford and Saco division.

Effective January 1, 2024, the Biddeford and Saco division’s authorized return on equity is 9.5% and its authorized capital structure is 49% debt and 51%

This return on equity and capital structure will be used for any future Water Infrastructure Surcharge (“WISC”) calculations for all divisions until the Commission has authorized or approved a different return on equity structure in a different proceeding.

(c) For California, the approved WCCM-adjusted return on equity is 10.01% starting January 1, 2024, less a 20 basis point reduction due to the reimplementation of the Water Conservation Memorandum Account (“WCMA”).

(d) An approximation of rate base which includes net utility plant not yet included in rate base pending rate case filings and outcomes.

For California, this represents the weighted-average estimated rate base for the twelve months ended December 31, 2023.

California Regulatory Affairs

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21-05-004 requesting authority to adjust its cost of capital for the period from January 1, 2022 through December 31, 2024.

The request seeks a revenue increase of $6.4 million or 1.61% in 2022.

The application also proposes a rate of return of 8.11%, an increase from the current rate of 7.64%, a decrease in the average cost of debt rate from 6.20% to 5.48%, and a return of equity of 10.30%, an increase from the current rate of 8.90%.

In addition, the request seeks to adjust SJWC’s currently authorized capital structure of approximately 47% debt and 53% equity to approximately 45% debt and 55% equity.

If approved, new rates are expected to be effective in the second quarter of 2023.

On December 6, 2019, SJWC filed Application No.

19-12-002 to deploy Advanced Metering Infrastructure (“AMI”) throughout its service area.

On August 5, 2021, an all-party settlement agreement was submitted to the CPUC for adoption that would authorize the deployment of AMI outside of the capital budget requested in the SJWC’s General Rate Case Application No.

21-01-003 (“2022 GRC”).

A final decision approving the settlement agreement was issued on June 10, 2022.

SJWC filed Advice Letter No.

577 on May 24, 2022 to increase revenue requirement by $24.3 million or 5.9% to offset the increases to purchased potable water charges, the groundwater extraction fee, and purchased recycled water charges from its water wholesalers effective July 1, 2022.

The request sought a revenue increase of $6.4 million or 1.61% in 2022.

The application also proposed a rate of return of 8.11%, an increase from 7.64%, a decrease in the average cost of debt rate from 6.20% to 5.48%, and a return on equity of 10.30%, an increase from 8.90%.

In addition, the request sought to adjust SJWC’s currently authorized capital structure of approximately 47% debt and 53% equity to approximately 45% debt and 55% equity.

Intervenors in this proceeding, namely the Public Advocates Office and Water Rate Advocates for Transparency, Equity, and Sustainability, suggested a lower return on equity while the latter has also suggested a higher cost of debt and different capital structure as part of their testimonies.

On June 29, 2023, the CPUC approved Decision No.

23-06-025 in this proceeding.

The decision authorized a rate of return of 7.28% based on a return on equity of 8.80%, a cost of debt of 5.46%, and a capital structure of approximately 45% debt and 55% equity.

The CPUC also authorized continuation of the Water Cost of Capital Mechanism (“WCCM”) in the same decision.

The WCCM provided for an adjustment to SJWC’s return on equity and cost of debt if the average Moody’s Aa utility bond index rate between October 1, 2021 and September 30, 2022 varies by more than 100 basis points when compared to the same period from the prior year.

The index rate difference between those periods increased 103 basis points, thereby triggering the WCCM.

Accordingly, SJWC filed a Tier 2 Advice Letter No.

598 on June 30, 2023, which was subsequently approved with an effective date of July 31, 2023.

On July 31, 2023, SJWC filed a Tier 1 Advice Letter No.

599 to implement new rates.

The new rates became effective prospectively on the date of the filing and reflected the WCCM-adjusted return on equity of 9.31%, a cost of debt of 5.26%, and an overall rate of return of 7.47%.

Advice Letter No.

599 was approved with an effective date of July 31, 2023.

The CPUC approved the settlement of 2022 GRC on October 6, 2022 and issued Decision No.

Between October 1, 2022 and September 30, 2023, the index rate increased approximately 140 basis points, surpassing the required WCCM trigger.

On October 13, 2023, SJWC filed Advice Letter No.

601 to trigger the WCCM for 2024, which was subsequently approved with an effective date of January 1, 2024.

The approved WCCM-adjusted return on equity is 10.01% starting January 1, 2024, less a 20 basis point reduction due to the reimplementation of the WCMA.

The CPUC approved the settlement of 2022 General Rate Case on October 6, 2022 and issued Decision No.

22-10-005 (“2022 GRC Decision”) on October 11, 2022.

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The application included requests to recover $18.2 million from balancing and memorandum accounts and authorization for a $350 million capital budget.

Additionally, it further aligns authorized and actual consumption, particularly for business customers, addresses the water supply mix variability, and provides greater revenue recovery in the fixed charge.

The approved revenue increase for 2022 is effective retrospectively to January 1, 2022.

Additionally, it further aligned authorized and actual consumption, particularly for business customers, addressed the water

supply mix variability, and provided greater revenue recovery in the fixed charge.

The approved revenue increase for 2022 was effective retrospectively to January 1, 2022.

SJWC filed Advice Letter No.

581 on October 12, 2022 to recover $18.2 million in balancing and memorandum accounts in accordance with the 2022 GRC Decision.

The advice letter was approved with an effective date of November 11, 2022.

585 on November 10, 2022, to recover $20.6 million in the Interim Rates Memorandum Account in accordance with the 2022 GRC Decision.

Advice Letter No.

585 was approved with an effective date of January 1, 2023.

SJWC filed Advice Letter No.

582 on October 12, 2022 to refund $19.9 million accumulated in its Water Conservation Memorandum Account (“WCMA”) and its Water Conservation Expense Memorandum Account through August 31, 2022.

This refund amount will offset the $18.2 million requested in Advice Letter No.

581 resulting in a net refund to customers of $1.7 million.

Netting the two balances against each other allows for immediate recovery of the balancing and memorandum accounts and results in less confusion on customer bills.

586 on November 18, 2022, to increase the authorized revenue requirement by $18.4 million or 4% for the escalation year increase in accordance with the 2022 GRC Decision.

Advice Letter No.

582 was approved with an effective date of November 11, 2022.

586 was approved with an effective date of January 1, 2023.

SJWC filed Advice Letter No.

583 on October 13, 2022 to increase revenue requirement by $25.1 million or 6.03% and implement new water rates in accordance with the 2022 GRC Decision.

590 on April 6, 2023, to recover a $14.2 million under-collection in its Monterey Water Revenue Adjustment (“MWRAM”) Account as of March 31, 2023.

SJWC proposed that this amount be recovered via a 12-month volume surcharge.

Advice Letter No.

583 was approved with an effective date of November 1, 2022.

590 was approved with an effective date of May 8, 2023.

SJWC filed Advice Letter No.

585 on November 10, 2022 to recover $20.6 million in the Interim Rates Memorandum Account in accordance with the 2022 GRC Decision.

Advice Letter 585 was approved with an effective date of January 1, 2023.

591 on April 11, 2023, to discontinue its drought allocation surcharges and move from Stage 3 to Stage 1 of its Schedule 14.1.

Advice Letter No.

591 was approved with an effective date of April 11, 2023.

SJWC filed Advice Letter No.

586 on November 18, 2022 to increase revenue requirement by $18.4 million or 4% for the escalation year increase in accordance with the 2022 GRC Decision.

592 on April 20, 2023, to continue its WCMA and Water Conservation Expense Memorandum Account under Santa Clara Valley Water District’s (“Valley Water”) voluntary call for 15% conservation.

On October 2, 2023, Advice Letter No.

592 was approved with an effective date of April 20, 2023.

SJWC filed Advice Letter No.

596 on May 31, 2023, to increase the authorized revenue requirement by $27.6 million to offset the increases to purchased potable water charges, the groundwater extraction fee, and purchased recycled water charges from its water wholesalers effective July 1, 2023.

Advice Letter No.

596 was approved with an effective date of July 1, 2023.

SJWC filed Advice Letter No.

603 on November 14, 2023, to establish a Group Insurance Balancing Account to track the difference between the company’s authorized versus actual costs for medical, dental, and opt-out insurance expenses.

Advice Letter No.

603 was approved with an effective date of January 1, 2024.

SJWC filed Advice Letter No.

605 on November 21, 2023, to increase the authorized revenue requirement by $21.3 million or 4.16% for the attrition year increase in accordance with the 2022 GRC Decision.

Advice Letter No.

605 was approved with an effective date of January 1, 2024.

On December 15, 2023, SJWC, along with three other California water utilities, filed a joint request for one-year deferment on the cost of capital filings which would otherwise be due on May 1, 2024.

Postponing the filing a year would alleviate administrative processing costs on the utilities as well as the CPUC staff, and provide relief for both CPUC and utility resources already strained by numerous other proceedings.

The request is conditioned on leaving the current WCCM in place such that any adjustments will be made to the respective utilities cost of capital during the one-year deferment based on the mechanism.

The request was approved on February 2, 2024.

On January 2, 2024, SJWC filed General Rate Case Application No.

24-01-001 with the CPUC to increase rates charged for water service by $55.2 million or 11.11% in 2025, by $22 million or 3.99% in 2026, and by $25.8 million or 4.49% in 2027.

The application also includes requests to recover $23.5 million from balancing and memorandum accounts, further alignment between actual and authorized usage, and a shift to greater revenue collection in the service charge.

The application will undergo a year-long review process and the new rates, if approved, are expected to be effective January 1, 2025.

Connecticut Regulatory Affairs

Connecticut Water’s rates, service and other matters affecting its business are subject to regulation by the Public Utilities Regulatory Authority of Connecticut (“PURA”).

PURA allows the Connecticut regulated operations to add surcharges to customers’ bills in order to recover certain costs associated with approved eligible capital projects through the Water Infrastructure Conservation Adjustment (“WICA”) in between full rate cases, as well as approved surcharges for the Water Revenue Adjustment (“WRA”).

On October 26, 2021, Connecticut Water filed for a WICA increase of approximately $21.7 million in completed projects.

Many of the projects were those that were not considered by PURA in the rate case because of the deadline in the proceeding for pro forma capital additions.

On December 22, 2021, PURA approved a WICA surcharge of 2.44% to be added to bills of all Connecticut Water customers, including those of the former The Avon Water Company and The Heritage Village Water Company, effective January 1, 2022 which is expected to generate approximately $2.6 million in additional revenue.

On February 14, 2022 Connecticut Water filed its 2021 WICA reconciliation with PURA.

The reconciliation, approved by PURA on March 16, 2022 and effective for 12 months beginning April 1, 2022, replaced the expiring 2020 reconciliation surcharge of 0.07% with a credit of 0.02%.

As a result, the net WICA surcharge, effective April 1, 2022 was 2.35%.

On February 28, 2022, Connecticut Water filed its 2021 WRA.

The mechanism reconciles 2021 revenues as authorized in the company’s most recent rate cases.

The 2021 WRA, as approved by PURA on March 30, 2022 and effective for 12 months beginning on April 1, 2022 imposed a 2.85% surcharge on customer bills to collect the 2021 revenue shortfall.

On April 26, 2022, Connecticut Water filed for a WICA increase of $9.8 million in completed projects.

PURA approved the Company’s application on June 22, 2022.

The cumulative WICA charge as of July 1, 2022 is 3.26%, collecting $3.5 million on an annual basis.

On June 17, 2022, Connecticut Water submitted an application to PURA for the approval to issue unsecured notes in the amount of $25 million.

A decision from PURA approving the application was received on August 10, 2022.

The notes carry an interest rate of 4.71% and the closing occurred on December 14, 2022.

On January 26, 2023, Connecticut Water filed with PURA for a $3.1 million increase in annualized revenues for approximately $27.8 million in projects completed through the WICA.

Any PURA authorized increase is expected to be effective on April 1, 2023.

CWC’s rates, service and other matters affecting its business are subject to regulation by the Public Utilities Regulatory Authority of Connecticut (“PURA”).

On January 25, 2023, CWC filed its 2022 WICA reconciliation with PURA.

The reconciliation, approved by PURA on March 29, 2023 and effective for 12 months beginning April 1, 2023, replaced the expiring 2021 reconciliation credit of 0.02% with a credit of 0.16%.

On January 26, 2023, CWC filed for a WICA increase of $3.3 million in annualized revenues for $27.8 million in completed projects.

PURA approved CWC’s application on March 22, 2023.

The cumulative WICA surcharge as of April 1, 2023 was 6.19%, collecting $6.5 million on an annual basis.

On February 27, 2023, CWC filed its 2022 WRA.

The mechanism reconciles 2022 revenues as authorized in the CWC’s most recent rate case.

The 2022 WRA, as approved by PURA on March 24, 2023 and effective for 12 months beginning on April 1, 2023, imposed a 4.97% sur-credit on customer bills to refund the 2022 revenue over-collection.

On July 27, 2023, CWC filed for a WICA increase of $1.3 million in annualized revenues for $11.5 million in completed

PURA approved the application, and effective October 1, 2023, the cumulative WICA surcharge is 7.38%.

On October 3, 2023, CWC filed an application with PURA to adjust customer rates.

If PURA approves the request as proposed, annual revenues of CWC will increase by approximately $21.4 million or 18.1% over current authorized revenues and would be effective on or about July 1, 2024.

On November 14, 2023, CWC submitted an application to PURA for the approval to issue unsecured notes in the amount of $25.0 million.

A decision from PURA approving the application was received on January 10, 2024.

Texas Regulatory Affairs

SJWTX’s rates are subject to the economic regulation of the Public Utilities Commission of Texas (“PUCT”).

TWC’s rates are subject to the economic regulation of the Public Utilities Commission of Texas (“PUCT”).

The PUCT may authorize rate increases after the filing of an Application for a Rate/Tariff Change.

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Furthermore, rate cases may not be filed more frequently than once every 12 months.

SJWTX has no current general rate case pending.

However, SJWTX filed its application to establish a System Improvement Charge (“SIC”) with the PUCT on December 30, 2022.

This filing will allow SJWTX to add certain utility plant additions made since 2020 to its rate base, thereby increasing revenue and avoiding the immediate need for a general rate case.

The SIC is projected to increase SJWTX’s water revenue by $1.6 million and sewer revenue by $29 thousand within one year of the

approval from the PUCT.

Once the PUCT files the final order approving the SIC, SJWTX will be required to file a general rate case within four years.

The decision on the SIC filing is expected to be in the third quarter of 2023.

Notwithstanding the SIC filing, SJWTX will continue to file its annual adjustments for the Water Pass-through Charges (“WPC”) for Canyon Lake, Deer Creek, and Kendall West customers.

TWC has no current general rate case pending.

However, it filed its application to establish a System Improvement Charge (“SIC”) with the PUCT under Docket No.

54430 on December 30, 2022.

This filing will allow TWC to add certain utility plant additions made since 2020 to its rate base, thereby increasing revenue and avoiding the immediate need for a general rate case.

The SIC is projected to increase TWC’s water revenue by $1.6 million and sewer revenue by $29 thousand within one year of the approval from the PUCT.

On October 17, 2023, the PUCT found the application administratively complete.

Once the PUCT files the final order approving the SIC, TWC will be required to file a general rate case within four years.

TWC will incrementally increase its SIC annually until its next rate case.

TWC expects to receive the final order during the first quarter of 2024.

Notwithstanding the SIC filing, TWC will continue to file its annual adjustments for the Water Pass-through Charges (“WPC”) for Canyon Lake, Deer Creek and Kendall West customers.

All water supply cost increases are recoverable when the next annual WPC adjustment for each system is filed.

On April 10, 2023, TWC filed an application with the PUCT to acquire the Elm Ridge water system that serves 21 residential customers.

TWC has asked for filed rate doctrine treatment, which allows the acquiring utility’s current rates to be applied at the time of acquisition.

On December 12, 2023, the Administrative Law Judge filed Order No.

11, which allowed TWC to proceed and the acquisition closed on January 26, 2024.

The final order, which transfers the Certificate of Convenience and Necessity (“CCN”) and allows filed rate doctrine, is expected to be approved during the second quarter of 2024.

On July 24, 2023, the PUCT approved TWC's application to acquire KT Water Development Ltd.

KT Water Development Ltd.

provides service to approximately 570 residential water connections.

On August 14, 2023, TWC closed on the acquisition.

The PUCT's final decision that transfers the CCN to TWC is expected in the first quarter of 2024, which is when we anticipate approval of our request for fair market value and filed rate doctrine treatment.

On January 5, 2024, TWC filed an application with the PUCT to acquire the 3009 Water Company LLC water system that serves approximately 270 residential connections.

TWC requested fair market value and filed rate doctrine treatment which allows the acquiring utility’s current rates to be applied at the time of acquisition.

TWC expects to receive approval to close on the acquisition during the third quarter of 2024.

Maine Regulatory Affairs

Maine Water’s rates, service and other matters affecting its business are subject to regulation by the Maine Public Utilities Commission (“MPUC”).

MPUC approves rates on a division-by-division basis in Maine and allows Maine Water to add surcharges to customers’ bills in order to recover certain costs associated with capital projects through the Water Infrastructure Surcharge (“WISC”) in between general rate cases.

MWC’s rates, service and other matters affecting its business are subject to regulation by the Maine Public Utilities Commission (“MPUC”).

MPUC approves rates on a division-by-division basis in Maine and allows MWC to add surcharges to customers’ bills in order to recover certain costs associated with capital projects through the WISC in between general rate cases.

Projects eligible for WISC surcharges include all infrastructure replacement or repair projects, excluding meters, that are necessary for the transmission, distribution or treatment of water.

MPUC is authorized to allow a WRA mechanism to regulated water utilities.

Maine’s rate-adjustment mechanism could provide revenue stabilization in divisions with declining water consumption and Maine Water expects to request usage of this mechanism in future rate filings when consumption trends support its use.

On February 28, 2022, Maine Water filed requests for general rate increases in the Camden-Rockland, Freeport, Millinocket and Oakland Divisions.

The four filings collectively request $0.5 million in new revenue and seek to reset the WISC in all four divisions.

The four cases, while docketed separately, are proceeding through the adjudication process together.

On February 2, 2023, Maine Water Company received final decisions from the MPUC on four general rate cases filed in 2022.

The rates approved in the Biddeford Saco division by the April 5, 2022 stipulated agreement, which authorized a rate increase of $6.3 million, or 72.5% went into effect on July 1, 2022.

The Saco River Drinking Water Resource Center began supplying the water distribution system on June 16, 2022.

As part of the stipulated agreement, MWC agreed to file a final phase of the rate case by April 1, 2023.

Step 3 of the planned multi-year rate filings for the Saco River Drinking Water Resource Center was filed in accordance with the Commission order on March 31, 2023.

The filing requested an increase in revenue requirement of $2.9 million or 19.9% and requested that the increase be implemented over two years with a 12% increase effective July 1, 2023 followed by a 9% increase effective July 1, 2024 with a slight decrease in year three to reach the overall 19.9% requested.

On August 25, 2023, the Commission issued an order granting a temporary rate increase of $1.5 million or 10% while the case and the company’s full request are litigated.

The company reached a settlement agreement with staff and the Office of the Public Advocate and filed a stipulated settlement agreement with the MPUC on December 22, 2023.

The commission approved the stipulation in deliberations on January 5, 2024 with a rate effective date of January 1, 2024.

The approved stipulation authorizes an increase in rates of $2.6 million or 17.6%.

The Biddeford and Saco division’s increase in rates is based on an authorized return on equity of 9.5% along with a capital structure of 49% debt and 51% equity.

This return on equity and capital

structure will be used for any future WISC calculations for all divisions until the Commission has authorized or approved a different return on equity structure in a different proceeding.

On February 28, 2022, MWC filed requests for general rate increases in the Camden-Rockland, Freeport, Millinocket and Oakland Divisions.

On February 2, 2023, MWC received final decisions from the MPUC on four general rate cases filed in 2022.

The rate increases are retroactively effective for January 1, 2023 and authorize a $0.7 million increase in annual revenues.

On June 30, 2023, MWC filed a Water Infrastructure Surcharge for the Camden-Rockland division.

The requested surcharge is 2.34% or $0.2 million.

The Commission is expected to issue a decision regarding the surcharge in the first quarter of 2024.

Please also see Item 1A , “Risk Factors,” Item 7 , “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Note 3 of “Notes to Consolidated Financial Statements.”

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The CTWS companies provide water service to approximately 141,000 service connections that serve a population of approximately 461,000 people in 81 municipalities with a service area of approximately 272 square miles throughout Connecticut and Maine and 3,000 wastewater connections in Southbury, Connecticut.

SJWTX provides water service to approximately 26,000 service connections that serve approximately 77,000 people in a service area comprising more than 268 square miles in the region between San Antonio and Austin, Texas and approximately 900 wastewater connections.

TWC provides water service to approximately 28,000 service connections that serve approximately 83,000 people in a service area comprising more than 271 square miles in the region between San Antonio and Austin, Texas and approximately 950 wastewater connections.

Together, the Water Utility Services distribute water to customers in their respective service areas in accordance with accepted water utility methods.

SJWC, Connecticut Water and Maine Water provide non-tariffed services under agreements with municipalities and other utilities.

Water Utility Services also provide non-tariffed services under agreements with municipalities and other utilities.

These non-tariffed services include water system operations, maintenance agreements and antenna site leases.

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Among other things, operating results from the water business fluctuate according to the demand for water, which is often influenced by seasonal conditions, such as impact of drought, summer temperatures or the amount and timing of precipitation in Water Utility Services’ service areas.

Revenue, production expenses and income are affected by changes in water sales and the

sources of water supply.

Revenue, production expenses and income are affected by changes in water sales and the sources of water supply.

Overhead costs, such as payroll and benefits, depreciation, interest on long-term debt, and property taxes are not significantly impacted by seasonality or water supply mix.

As a result, earnings are highest in the higher demand, warm summer months and lowest in the lower demand, cool winter months.

Generally, earnings are highest in the higher demand, warm summer months and lowest in the lower demand, cool winter months.

Certain regulatory mechanisms in our service areas may mitigate the effects of demand fluctuations and/or variations in water supply costs on our operating results.

California Water Supply

SJWC’s water supply consists of groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from Santa Clara Valley Water District (“Valley Water”) under the terms of a master contract with Valley Water expiring in 2051.

SJWC’s water supply consists of groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from Valley Water under the terms of a master contract with Valley Water expiring in 2051.

During normal rainfall years, purchased water provides approximately 40% to 50% of SJWC’s annual production.

An additional 40% to 50% of its water supply is pumped from the underground basin which is subject to a groundwater extraction charge paid to Valley Water.

Surface supply, which during a normal rainfall year satisfies about 6% to 8% of SJWC’s annual water supply needs, provides approximately 1% of its water supply in a dry year and approximately 14% in a wet year.

Surface supply, which during a normal rainfall year satisfies about 6% to 8% of SJWC’s annual

water supply needs, provides approximately 1% of its water supply in a dry year and approximately 14% in a wet year.

In dry years, the decrease in water from surface run-off and diversion and the corresponding increase in purchased and pumped water increases production expenses substantially.

The opposite is also true where water production expenses decrease in wet years.

In both instances, the impacts of surface water, purchased water, groundwater extraction, and purchased power expenses are now tracked in SJWC’s Full Cost Balancing Account authorized in the 2022 GRC Decision.

The pumps and motors at SJWC’s groundwater production facilities are propelled by electric power.

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In the event of a power outage, SJWC believes it will be able to prevent an interruption of service to customers for a limited period by pumping water using generator power and by using purchased water from Valley Water.

In 2022, the level of water in the Santa Clara Valley groundwater basin, which is managed by the Valley Water, experienced an increase in most areas due to seasonal recovery, an increase in managed recharge operations, and a decrease in groundwater pumping by various water retailers in the region.

In 2023, the level of water in the Santa Clara Valley groundwater basin, which is managed by Valley Water, experienced an increase in most areas due to seasonal recovery, an increase in managed recharge operations, and a decrease in groundwater pumping by various water retailers in the region.

As reported by Valley Water at the end of 2023, the groundwater level in the Santa Clara Plain was 17 feet higher compared to the same time in 2022.

The total groundwater storage at the end of 2023 was within Stage 1 (Normal) of the Valley Water’s Water Shortage Contingency Plan.

On January 1, 2023, Valley Water’s 10 reservoirs were 32% of capacity with 17,263 million gallons of water in storage.

As of December 31, 2022, SJWC’s Lake Elsman was 45.5% of capacity with 912 million gallons of water, approximately 113.9% of the five-year seasonal average.

On January 1, 2024, Valley Water’s 10 reservoirs were 54% of restricted capacity with 10.9 billion gallons of water in storage.

As of December 31, 2023, SJWC’s Lake Elsman was 55.7% of capacity with 11.2 billion gallons of water, 179.3% of the five-year seasonal average.

In addition, the rainfall at SJWC’s Lake Elsman was measured at 13 inches for the period from July 1, 2023 through December 31, 2023, which is 70.8% of the five-year average.

Subsequent to December 31, 2022, California has continued to experience wet weather patterns.

SJWC’s Montevina Water Treatment Plant treated 1,883 million gallons of water in 2022, which is 103.5% of the five-year average.

SJWC’s Saratoga Water Treatment Plant treated 42.7 million gallons of water in 2022, which is 17.1% of the five-year average.

SJWC’s Montevina Water Treatment Plant treated 4 billion gallons of water in 2023, which is 182.5% of the five-year average.

SJWC’s Saratoga Water Treatment Plant treated 0.1 billion gallons of water in 2023, which is 73.3% of the five-year average.

SJWC believes that its various sources of water supply will be sufficient to meet customer demand in 2024.

On June 9, 2021, Valley Water declared a water shortage emergency and asked its retailers to reduce consumption by 15% based on 2019 usage.

In response to Valley Water’s declaration of drought emergency and call for conservation, SJWC filed with the CPUC to activate Stage 3 of its Rule 14.1 Water Shortage Contingency Plan.

The current restrictions center on outdoor water usage which typically accounts for half of a residential customer’s consumption.

The restrictions include limits on watering days and times, use of potable water for washing structures and other non-porous surfaces except to protect public health and safety, and no outdoor watering during and up to 48 hours after measurable rainfall.

In addition, SJWC implemented a plan with CPUC that established budgets for each residential customer and places a surcharge on water usage that exceeds the allotted budget that was set based on a 15% reduction to 2019 usage.

There is no such surcharge for commercial customers except for landscaping water usage.

California also faces long-term water supply challenges.

On April 11, 2023, Valley Water rescinded its water shortage emergency and 15% mandatory conservation target.

Valley Water also established a 15% voluntary call for conservation and retained certain watering and water waste rules in recognition of precipitation volatility and reduced local storage.

On the same day, SJWC ended its Mandatory Conservation Plan, which included drought allocations and surcharges, and lowered its drought response from Stage 3 to Stage 1.

California faces long-term water supply challenges.

SJWC actively works with Valley Water to meet the challenges by continuing to educate customers on responsible water use practices and conducting long-range water supply planning.

Connecticut Water Supply

Connecticut Water’s water sources vary among the individual systems, but overall approximately 80% of the total dependable yield comes from surface water supplies and 20% from wells.

In addition, Connecticut Water has water supply agreements to supplement its water supply with the South Central Connecticut Regional Water Authority and The Metropolitan District that expire 2058 and 2053, respectively.

CWC’s water sources vary among the individual systems, but overall, approximately 80% of the total dependable yield comes from surface water supplies and 20% from wells.

In addition, CWC has water supply agreements to supplement its water supply with the South Central Connecticut Regional Water Authority and The Metropolitan District that expire 2058 and 2053, respectively.

Texas Water Supply

SJWTX’s water supply consists of groundwater from wells and purchased treated and raw water from the Guadalupe-Blanco River Authority (“GBRA”).

SJWTX has long-term agreements with the GBRA, which expire in 2037, 2040, 2044 and 2050,

respectively.

The agreements, which are take-or-pay contracts, provide SJWTX with an aggregate of 7,650 acre-feet of water per year from Canyon Lake at prices that may be adjusted periodically by GBRA.

SJWTX also has raw water supply agreements with the Lower Colorado River Authority (“LCRA”) and West Travis Public Utility Agency (“WTPUA”) expiring in 2059 and 2046, respectively, to provide for 350 acre-feet of water per year from Lake Austin and the Colorado River, respectively, at prices that may be adjusted periodically by the agencies.

TWC’s water supply consists of groundwater from wells and purchased treated and raw water from the Guadalupe-Blanco River Authority (“GBRA”).

TWC has long-term agreements with the GBRA, which expire in 2037, 2040, 2044 and 2050, respectively.

The agreements, which are take-or-pay contracts, provide TWC with an aggregate of 7,650 acre-feet of water per year from Canyon Lake at prices that may be adjusted periodically by GBRA.

TWC also has raw water supply agreements with the Lower Colorado River Authority (“LCRA”) and West Travis Public Utility Agency (“WTPUA”) expiring in 2059 and 2046, respectively, to provide for 350 acre-feet of water per year from Lake Austin and the Colorado River, respectively, at prices that may be adjusted periodically by the agencies.

Forty active production wells located in a Comal Trinity Groundwater Conservation District, a regulated portion of the Trinity aquifer, are charged a groundwater pump tax based upon usage.

In August 2023, SJWTX Holdings Inc.’s unregulated subsidiary, TWR, acquired eight wells and the water rights of KT Water Resources LLC (“KTR”).

These wells have been projected to yield an additional 6,000 acre-feet per year or more.

Maine Water Supply

Water sources at Maine Water vary among the individual systems, but overall approximately 90% of the total dependable yield comes from surface water supplies and 10% from wells.

Maine Water has a water supply agreement with the Kennebec Water District expiring in 2040.

Maine Water relies on legislatively granted water rights in order to serve customers.

In some instances, these rights were granted to predecessor water companies specially chartered by the Maine legislature many decades ago, with those entities later having been merged into Maine Water.

Water sources at MWC vary among the individual systems, but overall, approximately 90% of the total dependable yield comes from surface water supplies and 10% from wells.

MWC has a water supply agreement with the Kennebec Water District expiring in 2040.

MWC relies on legislatively granted water rights in order to serve customers.

In some instances, these rights were granted to predecessor water companies specially chartered by the Maine legislature many decades ago, with those entities later having

been merged into MWC.

The legislation incorporating these predecessor water companies did not address whether chartered rights may be transferred to another entity without special legislative action.

The Maine Business Corporation Act generally provides that property and contract rights of a merged corporation are vested in the surviving corporation without reversion or impairment.

In the MPUC proceedings that approved the mergers of these Maine Water predecessor companies, the survivorship of water rights was not contested.

In the MPUC proceedings that approved the mergers of these MWC predecessor companies, the survivorship of water rights was not contested.

Please also see further discussion under Item 1A , “Risk Factors” and Item 7 , “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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None of the franchises have a termination date, other than the franchise for the unincorporated areas of Santa Clara County, which terminates in 2035.

Connecticut Water’s utility services hold the necessary franchises to provide water in portions of the towns of Ashford, Avon, Beacon Falls, Bethany, Bolton, Brooklyn, Burlington, Canton, Chester, Clinton, Colchester, Columbia, Coventry, Deep River, Durham, East Granby, East Haddam, East Hampton, East Windsor, Ellington, Enfield, Essex, Farmington, Griswold, Guilford, Haddam, Hebron, Killingly, Killingworth, Lebanon, Madison, Manchester, Mansfield, Marlborough, Middlebury, Naugatuck, Old Lyme, Old Saybrook, Oxford, Plainfield, Plymouth, Portland, Prospect, Simsbury, Somers, Southbury, South Windsor, Stafford, Stonington, Suffield, Thomaston, Thompson, Tolland, Vernon, Voluntown, Waterbury, Westbrook, Willington, Windsor Locks and Woodstock.

CWC’s utility services hold the necessary franchises to provide water in portions of the towns of Ashford, Avon, Beacon Falls, Bethany, Bolton, Brooklyn, Burlington, Canton, Chester, Clinton, Colchester, Columbia, Coventry, Deep River, Durham, East Granby, East Haddam, East Hampton, East Windsor, Ellington, Enfield, Essex, Farmington, Griswold, Guilford, Haddam, Hebron, Killingly, Killingworth, Lebanon, Madison, Manchester, Mansfield, Marlborough, Middlebury, Naugatuck, Old Lyme, Old Saybrook, Oxford, Plainfield, Plymouth, Portland, Prospect, Simsbury, Somers, Southbury, South Windsor, Stafford, Stonington, Suffield, Thomaston, Thompson, Tolland, Vernon, Voluntown, Waterbury, Westbrook, Willington, Windsor Locks and Woodstock.

Additionally, the Heritage Village Water division serves the Town of Southbury with wastewater services.

None of the franchises of the Connecticut water utility services have a termination date.

Maine Water holds franchises necessary to provide water services in the towns served which are Biddeford, Saco, Old Orchard Beach, Scarborough (Pine Point), Porter, Parsonsfield, Hiram, Freeport, Camden, Rockland, Rockport, Owls Head, Union, Thomaston, Warren, Bucksport, Skowhegan, Oakland, Hartland, Millinocket and Greenville.

None of the franchises with Maine Water have a termination date.

SJWTX holds the franchises necessary to provide water and wastewater services to the City of Bulverde and the City of Spring Branch, which terminate in 2029 and 2036, respectively.

The unincorporated areas that SJWTX serves in Comal, Blanco, Bandera, Hays, Kendall, Medina and Travis Counties do not require water service providers to obtain franchises.

None of the franchises of the CWC utility services have a termination date.

MWC holds franchises necessary to provide water services in the towns served which are Biddeford, Saco, Old Orchard Beach, Scarborough (Pine Point), Porter, Parsonsfield, Hiram, Freeport, Camden, Rockland, Rockport, Owls Head, Union, Thomaston, Warren, Bucksport, Skowhegan, Oakland, Hartland, Millinocket and Greenville.

None of the franchises with MWC have a termination date.

TWC holds the franchises necessary to provide water and wastewater services to the City of Bulverde and the City of Spring Branch, which terminate in 2029 and 2036, respectively.

The unincorporated areas that TWC serves in Comal, Blanco, Bandera, Hays, Kendall, Medina and Travis Counties do not require water service providers to obtain franchises.

Seasonal Factors

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Demand increases in the spring when the temperature rises and rain diminishes.

The regulated operations of Water Utility Services are public utilities regulated by the CPUC in California, PURA in Connecticut, PUCT in Texas and MPUC in Maine (collectively, “the Regulators”) and operate within service areas approved by the regulators.

The regulated operations of Water Utility Services are public utilities regulated by applicable state public utility commissions and operate within service areas approved by such regulators.

Statutory laws provide that no other investor-owned public utility may operate in the service area of another public utility of the same class (e.g., another water utility) without first obtaining from the regulator a certificate of public convenience and necessity or similar authorization.

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Under Texas law, municipalities, water districts and other public agencies are authorized to engage in the ownership and operation of water systems.

Such entities are empowered to acquire property, whether public or private, real or personal, by the exercise of the right of eminent domain, which entails payment to the owner of just compensation for the property taken.

Such entities are empowered to acquire property, whether public or private, real or personal, by the

exercise of the right of eminent domain, which entails payment to the owner of just compensation for the property taken.

However, under current case law those entities may not exercise that right of eminent domain to take the entire operation of an investor-owned utility.

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Environmental Matters

Water Utility Services produce potable water and generates wastewater and hazardous wastes in accordance with all applicable county, state and federal environmental rules and regulations.

Water Utility Services produces potable water and generates wastewater and hazardous wastes in accordance with all applicable county, state and federal environmental rules and regulations.

Additionally, public utilities are subject to environmental regulation by various other state and local governmental authorities.

Water Utility Services is currently in compliance with all of the United States Environmental Protection Agency’s (the “EPA”) surface water treatment performance standards, drinking water standards for disinfection by-products and primary maximum contaminant levels.

These standards have been adopted and are enforced by the California State Water Board, Division of Drinking Water, the Connecticut Department of Public Health, the Maine Department of Health and Human Services, and the Texas Commission on Environmental Quality for SJWC, Connecticut Water, Maine Water and SJWTX, respectively.

These standards have been adopted and are enforced by the applicable state water, public health and environmental agencies.

Other state and local environmental regulations apply to our Water Utility Services’ operations and facilities.

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The site assessments are performed to remove any legacy materials and to obtain site closures from the Santa Clara County Department of Environmental Health under its Voluntary Cleanup Program.

Water Utility Services are currently in compliance with all state and local public health and environmental regulations applicable to their operations.

Water Utility Services is currently in compliance with all state and local public health and environmental regulations applicable to their operations.

Please also see Part II, Item 7 , “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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a culture that embraces diversity, respect and equity;

jobs that offer fair

wages as benchmarked to the markets that we live and work in;

jobs that offer fair wages as benchmarked to the markets that we live and work in;

competitive wages and benefits;

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Basic Workforce Data

As of December 31, 2022, SJW Group had 757 full-time employees, of whom 362 were SJWC employees, 230 were Connecticut Water employees, 87 were SJWTX employees, and 78 were Maine Water employees.

As of December 31, 2023, SJW Group had 808 full-time employees, of whom 387 were SJWC employees, 248 were CWC employees, 91 were TWC employees, and 82 were MWC employees.

At SJWC, 240 employees are members of unions.

Employees working for Connecticut Water, Maine Water and SJWTX are not represented by unions.

In December of 2022, SJWC proposed tentative three-year bargaining agreements with the International Union of Operating Engineers (“OE”), representing certain employees in the engineering department, and the Utility Workers of America (“OWUA”), representing the majority of all non-administrative employees at SJWC covering the period from January 1, 2023 through December 31, 2025.

The agreements include a 6% wage increase in 2023, 3.5% in 2024 and 5.5% in 2025 for the union workers.

Acceptance of the OE and the OWUA bargaining agreements are anticipated in the first quarter of 2023.

Employee Safety and Pandemic Response

Employees working for CWC, MWC and TWC are not represented by unions.

In the first quarter of 2023, SJWC executed three-year bargaining agreements with the International Union of Operating Engineers (“OE”), representing certain employees in the engineering department, and the Utility Workers of America (“UWUA”), representing the majority of all non-administrative employees at SJWC covering the period from January 1, 2023

through December 31, 2025.

The agreements include a 6% wage increase provided in 2023, 3.5% in 2024 and 5.5% in 2025 for the union employees.

Employee Safety

Aiming for a “zero-harm” culture, our vision is to manage health and safety performance to become a leader in the water services industry.

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Incident and crisis management of both known and unknown threats to employee health and safety are anticipated and planned for by our safety team.

Our 2022 Sustainability Plan and Supplemental Report, to be published in 2023, incorporates specific targets that set the trajectory of our safety program to ensure continuous improvement, including:

We have specific targets that set the trajectory of our safety program to ensure continuous improvement, including:

• Implement processes and systems to track, monitor, report and continually improve health and safety performance;

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Locally, workplace hazards are identified by onsite inspections and from near-miss investigations.

More broadly, the team collaborates to anticipate and plan for external events such as pandemic or for extreme weather or other external events that could impact our operations.

More broadly, the team collaborates to anticipate and plan for external events such as a pandemic or for extreme weather or other external events that could impact our operations.

Proactive identification of hazards keeps us one step ahead of our constantly changing workplace conditions.

During the COVID-19 pandemic, SJW Group’s primary focus has always been to protect the health and safety of employees, customers and the community from the spread of the disease in the workplace, while continuing to deliver reliable, clean and safe drinking water and service.

Beginning in March 2020, with additional COVID-19 protections in place, we paused all non-essential services for two months;

transitioned our office employees to company-wide remote work;

and dispatched field service employees from their homes to minimize transmission of the virus.

As the pandemic and knowledge of the virus evolved, our safety, human resources and operations teams implemented additional guidance protocols with a focus on cleaning and disinfection of facilities, vehicles, and tools;

implementing engineering and administrative controls such as social distancing;

and wearing face coverings to limit the transmission of the virus.

In response to various stay-at-home government orders, we implemented policies and procedures to provide the flexibility to employees who are able to work from home and support remote-working by upgrading technology infrastructure, enhancing IT capabilities and implementing processes to facilitate online and remote communications.

In an effort to ensure the safety and protection of our workplace and those customers and vendors with whom we serve and work, SJW Group announced a universal vaccination requirement for all employees by January 17, 2022 for three of our operating utilities and by February 14, 2022 at SJWC.

On January 22, 2022, SJWC received a letter from the National Labor Relations Board (“NLRB”) stating that it would investigate the allegations from the Utility Workers Union of America Local 259 (“Local 259”) that SJWC failed to bargain in good faith by imposing a COVID vaccine mandate and threatening to terminate noncompliant employees and for, otherwise, failing to bargain over its

decision to impose the mandate.

The NLRB issued a decision to defer the unfair labor practice charge which was appealed by Local 259.

In final response, the NLRB General Counsel denied the appeal with the decision to defer the unfair labor practice charge to arbitration.

We continue to actively monitor all evolving federal, state and local guidance from public health authorities to ensure that our measures are in compliance with such rules and regulations and are effective in the continually changing pandemic environment.

Engagement and Satisfaction

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The Company’s Diversity, Equity and Inclusion Council (the “Council”) is comprised of employee volunteers from all four subsidiaries representing the communities we serve.

The Council has implemented several impactful initiatives in 2022, including ongoing education and communications utilizing numerous platforms, providing unconscious bias training, and creating opportunities for all employees to celebrate and support cultural days of personal significance in their communities.

Since inception, the Council has implemented several impactful initiatives including ongoing education and communications utilizing numerous platforms, providing unconscious bias training, and creating opportunities for all employees to celebrate and support cultural days of personal significance in their communities.

During the year ended December 31, 2023, our workforce comprised of:

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We work to ensure training and development opportunities are available so that all employees can establish and succeed in meaningful careers at SJW Group.

In addition, we currently comply with California’s board diversity legislation requiring a minimum number of female directors and directors from underrepresented communities on our board of directors.

Community Involvement

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In addition, each of our subsidiaries supports their communities through charitable donations or sponsorships with a focus on the communities served.

SJWC and Connecticut Water also have matching donations for certain programs to further promote our employees’ involvement in their communities.

SJWC and CWC also have matching donations for certain programs to further promote our employees’ involvement in their communities.

In California, the SJWC Employees Community Fund is a 501(c)(3) charitable organization that uses funds from employee contributions and company matches to provide grants to non-profit organizations supported by our employees.

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SJW Group’s future success is largely dependent upon our ability to attract and retain highly skilled and qualified employees.

Our California and Connecticut subsidiaries operate in particularly competitive labor markets, we believe our compensation package and benefit programs allow us to recruit and retain talented and qualified personnel.

Our California and Connecticut subsidiaries operate in particularly competitive labor markets;

we believe our compensation package and benefit programs allow us to recruit and retain talented and qualified personnel.

Our compensation and benefits programs include:

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Name Age Offices and Experience

Willie Brown 55 SJW Group— Vice President, General Counsel and Corporate Secretary.

Brown serves as Vice President, General Counsel and Corporate Secretary of SJW Group and SJWC since June 1, 2021.

Brown served as Corporate Secretary and Assistant General Counsel of SJW Group and SJWC since January 1, 2020.

Since April 2018, Mr.

Brown has served as counsel and Corporate Secretary of various subsidiaries of the Corporation.

Willie Brown 56 SJW Group—Vice President and General Counsel.

Brown serves as Vice President and General Counsel of SJW Group and SJWC since June 2021.

Brown served as Corporate Secretary of SJW Group and SJWC from January 2020 to October 2023.

Brown served as Assistant General Counsel of SJW Group and SJWC from January 2020 to June 2021.

From April 2018 to October 2023, Mr.

Brown served as counsel and Corporate Secretary of various subsidiaries of the Corporation.

Since joining SJWC in 2008, Mr.

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Brown was an associate at two Silicon Valley law firms and is a member of the State Bar of California.

Gere 56 SJWC—President.

Gere serves as President since April 2016 and was Chief Operating Officer from April 2015 to December 2022.

From 2013 to April 2015, Mr.

Gere was Vice President of Operations.

From 2008 to 2013, Mr.

Gere was Chief of Operations.

From 2006 to 2008, Mr.

Gere was Director of Maintenance.

From 2005 to 2006, Mr.

Gere was Director of Operations and Water Quality.

From 2003 to 2005, Mr.

Gere was Manager of Operations and Water Quality.

Gere has been with SJWC since 1995.

From October 2019 to December 2020, Mr.

Gere served as Chairman of the National Association of Water Companies.

Hauk 53 SJW Group—Chief Operating Officer.

Hauk serves as the Chief Operating Officer of SJW Group, SJWC, CTWS, and SJWTX since January 2023 and was the Chief Corporate Development and Strategy Officer of SJW Group, SJWC, CTWS, and SJWTX from August 2022 to December 2022.

Hauk serves as the Chief Operating Officer of SJW Group, SJWC, CTWS, and TWC since January 2023 and was the Chief Corporate Development and Strategy Officer of SJW Group, SJWC, CTWS, and TWC from August 2022 to December 2022.

Prior to joining the Company, Mr.

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Johnson 57 SJW Group—Senior Vice President and Chief Administrative Officer.

Johnson serves as Senior Vice President since November 2022 and Chief Administrative Officer of SJW Group and Senior Vice President of Administration for CTWS and its subsidiaries since November 2019.

Johnson serves as Senior Vice President since November 2022 and Chief Administrative Officer of SJW Group, since April 2020.

Johnson also serves as Senior Vice President of Administration for CTWS and certain of its subsidiaries since November 2019.

Johnson also serves as Senior Vice President and Chief Administrative Officer of TWC, and as Senior Vice President of Administration for CWC and MWC, since April 2023.

Previously, Ms.

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Thornburg 63 SJW Group—President, Chief Executive Officer and Chair of the Board.

Thornburg serves as President and Chief Executive Officer of SJW Group and SJW Land Company and Chief Executive Officer of SJWC and SJWTX since November 6, 2017.

He has served as the Chair of the Board of Directors of SJW Group, SJWC, SJW Land Company and SJWTX since April 25, 2018 and Chair of the Board of Directors of SJWNE LLC, CTWS and its subsidiaries since October 9, 2019.

Thornburg serves as President and Chief Executive Officer of SJW Group and SJW Land Company and Chief Executive Officer of SJWC and TWC since November 6, 2017.

He has served as the Chair of the Board of Directors of SJW Group, SJWC, SJW Land Company and TWC since April 25, 2018 and Chair of the Board of Directors of SJWNE LLC, CTWS and its subsidiaries since October 9, 2019.

Prior to joining SJW Group, Mr.

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Walters 53 SJW Group—Chief Financial Officer and Treasurer.

Walters serves as Chief Financial Officer and Treasurer of SJW Group, SJWC, SJW Land Company, and SJWTX since January 2022.

Walters serves as Chief Financial Officer and Treasurer of SJW Group, SJWC, SJW Land Company, and TWC since January 2022.

Walters also serves as Chief Financial Officer of CTWS and its subsidiaries since April 2023.

Walters served as Chief Corporate Development Officer and Integration Executive of SJW Group from November 2019 until January 2022 and previously served as Chief Administrative Officer of SJWC since January 31, 2014.

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Zerhouni 48 SJW Group—Senior Vice President of Finance, Principal Accounting Officer.

Zerhouni serves as Senior Vice President of Finance, Principal Accounting Officer of SJW Group, SJWC, SJWTX and CTWS since January 2023.

Zerhouni serves as Senior Vice President of Finance, Principal Accounting Officer of SJW Group, SJWC, CTWS and TWC, since January 2023, and CWC and MWC, since January 2024.

Prior to joining SJW Group, Mr.

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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.

What changed 10-K

Item 1. Business