-l1-
A similar effort on behalf of Textiles Coated International, Inc. (“TCI”) in the town of Amherst,
due to PFOA contamination related to their previous existence as a manufacturer in that town,
has also begun at the request of the NHDES. The Company was contracted to do design services
for the expansion of the public water system in that area of Amherst, by TCI, and construction of
the expansion of that part of the system began in 2017, and will be fully completed in the Spring
of 2018. Once again, the entire cost of this project was borne by TCI, and will become part of
the Company’s owned infrastructure as CIAC assets.
Company Goals — 2017
The Company’s main goals for 2017 and status at the end of the year are as follows:
¢ Completion of the Pennichuck Water Works, Inc. rate case with the New Hampshire Public
Utilities Commission, which was completed with the order received in November 2017.
* Filing of rate cases for the Company’s Pennichuck East Utility, Inc. subsidiary, which
was filed in September 2017.
* Successfully negotiate a new collective bargaining agreement in the fourth quarter, to
replace the current contract which was set to expire on October 31, 2017. A new 3-year
contract was successfully negotiated prior to the expiration of the former contract, and the
new contract is in existence until October 31, 2020.
* Continue the roll-out and implementation of the Company’s comprehensive Asset
Management System. Ongoing installation, implementation and enhancement of this
platform was accomplished in 2017, and continues into 2018.
* Complete a round of bond financing for Pennichuck Water Works, Inc. for 2017-2020
capital expenditure needs. The initial issuance of bonds under this overall facility are
expected to be issued in early April 2018.
* Secure other financing needs for ongoing infrastructure replacement for Pennichuck
East Utility, Inc. and Pittsfield Aqueduct Company, Inc. F inancing approvals are in
process for both companies, at this time.
* Completion of a Safe Yield Analysis of the watershed. The initial phases of this were
completed in 2017, with further analysis and results expected in Q2 of 2018.
* Complete the build-out of the expansion of the distribution system in response to the
PFOA contamination issues, all funded by the identified Potential Responsible Parties
(PRP) in cooperation with the New Hampshire Department of Environmental Services.
Other detailed information is included in the Company’s financial statements.
Sincerely, LA
a £
Larry D. Goodhue
Chief Executive Officer,
Chief Financial Officer
and Treasurer
