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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-03-08 00:00:00",
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      "text": "WTRG is no longer showing the slide below and, for the first time since 2019, is warning that long-term trends favor 1% annual declines in water usage.",
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      "text": "WTRG was a COVID-19 beneficiary as shelter-in-place and the stay-at-home effect drove increased residential water usage. However, trends appear to be normalizing and WTRG is no longer showing the slide below and, for the first time since 2019, is warning that long-term trends favor 1% annual declines in water usage.",
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      "text": "With this return to normalcy, residential consumption has fallen back to its 2019 level and commercial consumption has risen to its prepandemic level as well. And as a reminder, historically in the water business, we typically see a natural decline of about 1% annually in water usage as customers change out older appliances and fixtures.",
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      "text": "\"With this return to normalcy, residential consumption has fallen back to its 2019 level and commercial consumption has risen to its prepandemic level as well. And as a reminder, historically in the water business, we typically see a natural decline of about 1% annually in water usage as customers change out older appliances and fixtures.\" — Year End 2021 Conf Call",
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      "text": "Source: 2021 Conf Call and 2021 Investor Presentation",
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      "kind": "title",
      "text": "Unsustainable Recent COVID-19 Benefits To Water Usage",
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