Essential Utilities, Inc. reported a consolidated revenue of $2.086 billion for the fiscal year ending December 31, 2024, marking a 1.6% increase from $2.054 billion in 2023. The growth was primarily driven by a $68.5 million increase in revenues from the Regulated Water segment, which totaled $1.222 billion, while the Regulated Natural Gas segment saw a decrease of $20.8 million, bringing its total to $843 million. Net income for the year was $595.3 million, up from $498.2 million in the previous year, resulting in diluted earnings per share of $2.17, compared to $1.86 in 2023.
The company experienced significant operational changes, including the sale of its regulated natural gas utility assets in West Virginia in October 2023, which represented about 2% of its regulated natural gas customers. This transaction generated net cash proceeds of approximately $39.97 million, with an additional $1.21 million received in March 2024. Furthermore, in January 2024, Essential Utilities sold its interest in three non-utility local microgrid and distributed energy projects for $165 million, aligning with its strategy to focus on core utility operations and prioritize growth in states where it has a significant presence.
In terms of customer growth, Essential Utilities added 11,845 new utility customers in 2024, following an increase of 5,875 in 2023. The total customer base now stands at approximately 1.87 million, with the majority of growth attributed to acquisitions and organic expansion. The company also reported a 44% increase in its combined rate base since 2020, with expectations of continued growth at a compound annual rate of around 6% for regulated water and 11% for regulated natural gas through 2029.
Looking ahead, Essential Utilities plans to invest approximately $7.8 billion from 2025 to 2029 to enhance its water and natural gas systems, improve infrastructure, and comply with new environmental regulations. This includes addressing emerging contaminants such as PFAS, with an estimated investment of at least $450 million for compliance with new water quality standards. The company remains focused on pursuing acquisitions of water and wastewater systems to expand its service areas and increase its customer base, with a pipeline of potential acquisitions representing approximately 400,000 customers.
About Essential Utilities, Inc.
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