Today's front page pretty much sums up the latest ruckus surrounding the Chester Water Authority.
The calm, sparkling waters that are the trademark of this iconic Delaware County company are once again at the boiling point.
That's because the city of Chester once again is trying to exert its will and sell off the company.
Yes, we've been down this road before.
Yes, we also thought there was a deal in place to avert a sale. It went like this. Chester Water Authority would give what amounts to a $60 million bailout to the city. In return, the city would relinquish its rights to sell any or all of the company for decades. To get the money Chester Water would raise rates by 10 percent.
Something for everyone, right?
No, customers weren't thrilled about paying more for their water, but they swallowed it as opposed to seeing their beloved company be sold.
Only thing is there was one factor they didn't plan on.
Utility giant Aqua Pa., which started this whole ball rolling when it made an unsolicited bid for the company - to the tune of a cool $320 million, is back in the picture again. That bid was soundly rejected by the Chester Water board, with the full backing of its customers who feared a massive rate hike under Aqua. The folks at Aqua even sweetened the pot by promising not to raise rates for 10 years.
As it turns out, Aqua also is a customer of Chester Water.
When the deal between the city and Chester Water was announced, Aqua found it tough to swallow. So they went to court as ca customer crying foul, saying the deal was giving nothing but higher costs to customers.
It's still tied up in court.
In the meantime, the city is under increasing pressure to exit the state's Act 47 label of being a 'distressed' city.
So they are once again entertaining offers for the company.
You can get all the details here.
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