When the Aquarion Water Authority (AWA) completes its acquisition of Eversource-owned Aquarion Water Co. later this year, it will appear on the surface to be the same company. The name will change slightly, but the Aquarion moniker will remain. However, the conversion of Aquarion from a publicly traded company to a not-for-profit, quasi-public entity means […]
When the Aquarion Water Authority (AWA) completes its acquisition of Eversource-owned Aquarion Water Co. later this year, it will appear on the surface to be the same company.
The name will change slightly, but the Aquarion moniker will remain.
However, the conversion of Aquarion from a publicly traded company to a not-for-profit, quasi-public entity means major changes to its governance, rate-setting process and capital budgeting.
Once the deal closes, AWA will operate as a standalone entity, but share resources — including an executive team — with a sister quasi-public water company, the New Haven-based South Central Connecticut Regional Water Authority (RWA), which serves 20 towns and cities.
Sunder Lakshminarayanan, who is interim president and CEO of the Regional Water Authority, will hold the same title at AWA.
Lucia A. Teixeira, Aquarion Water Co.’s president and chief operating officer, will be AWA’s president. RWA Chief Financial Officer Rochelle Kowalski will hold the same title at AWA.
AWA and RWA will also be overseen by two separate boards, but they will be composed of the same 11 people.
AWA will also appoint a representative policy board that will review and approve future rates. That’s in contrast to the current process, through which Aquarion’s rates are approved by the Public Utilities Regulatory Authority.
