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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "It appears that WTRG may be inflating revenues by making a stealth change in 2021 that included in revenues the full impact of infrastructure rehabilitation surcharges. For comparison, in prior years WTRG referenced rate increases \"net\" of the surcharge.",
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      "text": "It appears that WTRG may be inflating revenues by making a stealth change in 2021 that included in revenues the full impact of infrastructure rehabilitation surcharges.",
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      "text": "Fourth Quarter Results: The increase in operating revenues of $247,956 was primarily due to: natural gas revenues of $240,644 associated with the Peoples Gas Acquisition, net of customer rate credits of $18,924 granted to our natural gas customers served by Peoples in Pennsylvania; additional revenues of $3,318 associated with a larger customer base due to utility acquisitions and organic growth; and an increase in water and wastewater rates, net of infrastructure rehabilitation surcharges, of $5,010; offset by a decrease in water revenues of $361 as a result of a do not consume advisory we initiated in 2019 for some of our customers served by our Illinois subsidiary. We expect this decrease in revenues to continue into 2021.",
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      "text": "Operating Revenues – Operating revenues totaled $1,462,698 in 2020, $889,692 in 2019, and $838,091 in 2018. Our Regulated Water segment's revenues totaled $938,540 in 2020, $886,430 in 2019, and $834,638 in 2018, and our Regulated Natural Gas segment's revenues totaled $506,564 in 2020. The growth in our Regulated Water segment's revenues over the past three years is a result of increases in our water and wastewater rates and our customer base. Rate increases implemented during the past three years have provided additional operating revenues of $32,660 in 2020, $55,658 in 2019, and $8,362 in 2018.",
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      "text": "Operating revenues - 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.",
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      "text": "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. — 2021 10-K, p. 51",
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      "text": "Source: 2020 10-K, p. 46 and 50",
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