American States Water Company

Corporate structure and segments

American States Water Company (AWR) is the parent of three reportable segments:

• Regulated water utility
• Regulated electric utility
• Contracted services (non-utility, primarily government contracting)

Two primary operating subsidiaries make up the regulated utilities:

• Golden State Water Company (GSWC): public water and wastewater utility in California
• Bear Valley Electric Service (BVES): public electric utility in California

Contracted services are provided by American States Utility Services, Inc. (ASUS) and its wholly owned subsidiaries, which operate and maintain water and wastewater systems on U.S. military installations under long-term contracts with the U.S. government.

Regulated water utility — Golden State Water Company (GSWC)

GSWC purchases, produces, distributes, and sells water and provides wastewater collection and treatment in some areas. It is regulated by the California Public Utilities Commission (CPUC) and operates across 11 California counties.

Operational scale (as of December 31, 2025):

• About 2,890 miles of water transmission and distribution pipeline
• 234 wells total (181 active; roughly 188 million gallons per day capacity)
• Approximately 119 million gallons of storage in reservoirs and tanks
• 61 connections to Metropolitan Water District and other municipal agencies

Regulated electric utility — Bear Valley Electric Service (BVES)

BVES distributes electricity in several mountain communities in San Bernardino County, California. It is regulated by the CPUC.

Operational scale (as of December 31, 2025):

• Overhead transmission: ~87.8 miles of 34.5 kV lines (28.38 circuit miles insulated)
• Underground 34.5 kV: ~6.57 miles
• Distribution: ~495.89 miles of overhead 4.16 kV/2.4 kV lines (46.32 circuit miles insulated)
• Underground cable: ~114.98 miles
• 14 substations
• Peaking generation capacity: 8.4 MW (natural gas-fueled)

Contracted services — ASUS and subsidiaries

ASUS and its subsidiaries provide water and wastewater services at U.S. military bases under long-term, firm-fixed-price contracts (typically initial 50-year terms; one base has a 15-year contract). Contracts are subject to termination for convenience and may include periodic price adjustments or equitable adjustments. ASUS subsidiaries perform system operation, maintenance, construction and renewal work on bases under the military privatization program, with construction and renewal projects funded by the U.S. government.

Key bases and ASUS subsidiaries include:

• FBWS: Fort Bliss (Texas/New Mexico)
• ODUS: Fort Lee (Virginia)
• TUS: Langley-Eustis and Little Creek-Fort Story (Virginia)
• PSUS: Fort Jackson (South Carolina)
• ONUS: Fort Bragg, Pope AAF and Camp Mackall (North Carolina)
• ECUS: Eglin AFB (Florida)
• FRUS: Fort Riley (Kansas)
• PRUS: Patuxent River (Maryland)
• BSUS: Joint Base Cape Cod (Massachusetts) — 15-year task order agreement

Customers and workforce

Customers (as of December 31, 2025)

• Total customers served: 290,057
  • Water customers: 265,142
  • Electric customers: 24,915

Comparative totals as of December 31, 2024:

• Total customers: 289,414
  • Water: 264,557
  • Electric: 24,857

Employees (as of December 31, 2025)

• Total employees: 900
  • GSWC: 537 employees
  • BVES: 48 employees (18 covered by a collective bargaining agreement expiring December 2026)
  • ASUS: 315 employees (includes FBWS with 15 employees covered by a collective bargaining agreement)

Revenue and income

Commercial and residential customers accounted for approximately 90% of total water and electric revenues for each of the years ended December 31, 2025, 2024 and 2023.

Geographic and regulatory context

• GSWC and BVES operate in California and are regulated by the CPUC.
• ASUS operates on U.S. military installations across the United States under federal contracting rules.
• Demand for water and electricity is seasonal, and the businesses face regulatory risk related to rate relief, decoupling mechanisms, and wildfire mitigation requirements.

Other business characteristics

• AWR’s operations are capital-intensive and funded with a mix of internal cash flow, debt, and equity to support capital investments across its utilities and contracted services.
• ASUS’s contracts depend on U.S. government appropriations and include exposure to disputes over cost recovery, equitable adjustments, and task order progress.
• The company engages in climate change planning and resilience measures, including water supply planning, wildfire mitigation for BVES, and renewable energy procurement for BVES.