VOORHEES, NJ, Feb. 28, 2012 -- American Water Works Company (NYSE: AWK) president and chief executive officer, Jeff Sterba, is providing testimony before the U.S. House of Representatives' Subcommittee on Water Resources and Environment.
As the nation's water and wastewater infrastructure is in critical need of repair, it has become increasingly important for public water utilities to gain access to private funds for financing upgrades to their pipes, pumps and plants. Sterba, who is representing both American Water and the National Association of Water Companies (NAWC), is presenting four viable financing solutions to help water providers nationwide repair and replace aging water and wastewater systems. This is particularly relevant in light of a new AWWA study that estimates the cost of repairing and expanding U.S. drinking water infrastructure at over $1 trillion in the next 25 years.
"I am pleased to present actions we can take together as a nation to unleash more tools for the financing toolbox, through innovation and by embracing the powerful combination of public service and private enterprise to build the water infrastructure our communities need to thrive and to be healthy," said Sterba.
Sterba continued, "The challenges we face in this country to protect and maintain our water and wastewater systems and make the investments needed for continuing growth seem vast, but they need not paralyze us. The tools I am proposing will help attract additional private capital for the long-term, reliable investments that well-run water utilities provide. These tools will also provide municipalities with additional flexibility to deliver the most cost-effective and sustainable solutions in addressing their water and wastewater system and for improving their overall fiscal health."
Sterba's written testimony is posted on American Water's website, in the press resources section at http://pr.amwater.com/PressResources/resources.cfm.
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