MONTEREY — Monterey Peninsula water officials on Monday will take a first step toward assessing the value of California American Water Co.’s delivery system so a public agency can acquire the investor-owned utility, following voter approval of the buyout in 2018.
District General Manager Dave Stoldt on Friday said the new appraisals are needed because ones conducted in 2019 have grown stale, partly because of the lengthy effort with an intra-governmental board called the Local Agency Formation Commission, or LAFCO. The district went before LAFCO to have it approve the district’s “latent powers,” which is essentially an approval of the district’s financial wherewithal to operate Cal Am’s system.
There are also filings with regulators Cal Am has made, such as the California Public Utilities Commission, which must approve any rate hikes, as well as comparable sales of other utilities.
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