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    Donald Roger Liddell

    Research Analyst at Clear Harbor Asset Management

    Donald Roger Brooke Liddell serves as Vice Chairman and Investment Manager at Clear Harbor Asset Management, specializing in wealth management and investment advisory services. In his senior capacity, Liddell is engaged with portfolio management and investment strategy, notably interacting with firms such as LiqTech International and a range of public companies. With more than two years at Clear Harbor, he brings experience in both equities and fixed income, following prior roles in the financial services industry. Liddell is a licensed investment professional, having passed key securities examinations whose designations are recorded with the requisite regulatory authorities.

    Donald Roger Liddell's questions to SJW leadership

    Donald Roger Liddell's questions to SJW leadership • Q4 2024

    Question

    Asked about the replicability of California's low unaccounted-for water rate, potential fire hydrant vulnerabilities in SJW's systems, lessons learned from the Aquarion sale in Connecticut, and the reasons for the increased PFAS cost estimate in Connecticut.

    Answer

    California's low non-revenue water rate (under 6%) is world-class due to technology like acoustic leak detection, and these learnings are being applied elsewhere. SJW systems have state-of-the-art hydrants and are not designed for firestorms. The company could not comment on the Aquarion sale due to NDAs but noted it was an unusual situation. The PFAS cost estimate increased as treatment plans were refined; recovery will be sought via rate cases and a potential new water quality adjustment mechanism, with costs partially offset by legal settlements from polluters.

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    Donald Roger Liddell's questions to SJW leadership • Q2 2024

    Question

    Asked for clarification on unrecovered expenses in Connecticut, the details and benefits of the advanced metering infrastructure (AMI) program, and the company's broader strategy for system-wide leak detection and water loss.

    Answer

    The $3.9M in unrecovered Connecticut expenses are distinct from bad debt and were disallowed for various reasons, including a regulatory view that audit fees are a shareholder cost. The company is addressing this by seeking cost reductions and improving communication. The new AMI system will provide customers with detailed usage data and leak alerts. System-wide, the company uses AI-powered acoustic sensors to find leaks, resulting in a low 7% water loss rate in California.

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