Connecticut Water Service Inc. will spend $23.5 million next year on its state water works, much of it upgrading outmoded portions of the Clinton utility’s underground mains, authorities say.
Meantime, the utility set dividends for the latest quarter.
Since 2008, Connecticut Water has spent $31.5 million replacing 36 miles of buried water mains deemed too old, unreliable or undersized, said CEO Eric Thornburg. Average age of its pipes is 78 years.
The regulated utility serves 90,000 customers, or about 300,000 people, in Connecticut.
Its parent declared a dividend of 23.75 cents a share to be paid Dec. 15 to common stockholders on record by Dec. 1.
It also will pay preferred A dividends of 20 cents a share on Jan. 17 to stockholders of record as of Jan. 3.
Finally, holders of its preferred 90 series stock will get 22 ½ cents a share on Feb. 2 if they are holders by Jan. 19.
