American Water Works (AWK) has secured approval of a $14.6 million increase for its drinking water and wastewater rates in Virginia following a settlement, the utility company said Thursday.

The Virginia State Corporation Commission issued its final decision on Monday setting new rates for Virginia American Water boosting its total revenues by around $14.6 million on an annual basis.

The company filed a rate request in November 2023 seeking $19.7 million, or 30.2%, increase in its annual revenues, citing over $110 million in infrastructure investments made since prior rate proposal.

In January, the company settled for a lowered rate increase with the regulatory staff, consumer groups and attorney general's consumer counsel division . The settlement rejected the proposed universal affordability tariff, according to a regulatory filing.

The company began charging higher rates last May on interim basis and will now issue credits to customers retroactively to reflect the rate adjustment that also include interest on the interim rates.

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