PUC Staff Recommends Against Long Beach Deal
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California Water Service Group’s plan to purchase Long Beach-based Dominguez Services Corp. should be rejected because it would raise Dominguez customers’ water rates at least 15%, California Public Utility Commission staff said.
San Jose-based California Water raised its offer to about $63.5 million in stock and assumed debt in March to top a rival bid by American States Water Co., an 18% premium over an earlier buyout agreement.
The PUC plans to hold several public meetings on the plan. To win state approval, it must be found to benefit the public.
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