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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "WTRG has repeatedly set 2%-3% customer growth targets annually. However, based on recent results, we see that growth has come at the low end of its target range.",
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      "text": "WTRG has repeatedly set 2%-3% customer growth targets annually. However, based on recent results, we see that growth has come at the low end of its target range.",
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      "text": "customer growth: 2%",
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      "text": "Actual 2019-2021",
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      "text": "The growth in our Regulated Water segment's revenues over the past three years is primarily a result of increases in our water and wastewater rates and our customer base. Water and wastewater rate increases, including infrastructure rehabilitation surcharges, implemented during the past three years have provided additional operating revenues of $27,421 in 2021, $32,660 in 2020, $55,658 in 2019. The number of customers increased at an annual compound rate of 2.0% over the past three years due to acquisitions and organic growth, adjusted to exclude customers associated with utility system dispositions.",
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      "text": "We filed our water wastewater rate case in Pennsylvania, as we mentioned resolution in mid-2019, and year-over-year we're expecting customer growth to be between 2% and 3%, and as Matt said, we've already hit the 2% and we've got more in the pipeline.",
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      "text": "2018",
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      "text": "\"We filed our water wastewater rate case in Pennsylvania, as we mentioned resolution in mid-2019, and year-over-year we're expecting customer growth to be between 2% and 3%, and as Matt said, we've already hit the 2% and we've got more in the pipeline.\" — Aqua Announces 2018 Guidance, 8-K, Feb 27, 2018 and Q3 2018 Conference Call",
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