Essential Utilities, Inc. (NYSE:WTRG) Q4 2022 Earnings Call Transcript

Ryan Connors: Just a quick follow-up, if I could. Yes, thanks Chris. Just on €“ thanks for all the updates on DELCORA, but given that we’re talking about it in the context of the bankruptcy itself €“ any €“ can you update us how we should think about Chester Water Authority and how that’s €“ whether the chance of that reemerges as we move through the bankruptcy proceeding and then how they choose to solve their fiscal issues?

Chris Franklin: Yes. Listen, it would all just be speculation at this point, Ryan. But my two sense is that there’s no other option. They don’t have another asset. The debt is deep €“ short of a massive bail-out from the state or federal government. The only option they have, including restructuring, is to sell that asset. Now it’s still tied up. Remember, even if the receiver says sell that asset, there’s still a Supreme Court decision that then would have to be moved ahead, and the final determination that the city, in fact, owns that asset. So, I would say that, that is not a front-burner issue for today for us. We see some other exciting things. But we’ll continue to be engaged there. And certainly, as DELCORA progresses and we become utility in the city, we’ll be €“ have great interest in making that all work together and improving the inside the city.

Ryan Connors: That’s helpful color. Thanks again.

Operator: Thank you. As there are no further questions in the queue. I’d like to hand the call back over to Christopher Franklin for his remarks. Over to your Chris.

Chris Franklin: Thank you all for your time and for joining us today. Obviously, we’re always available for follow-up questions. Brian, Dan, and I are available anytime. Thank you again for joining us.

Operator: Thank you. This concludes today’s conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.