We are extremely pleased with the commission's decision and the hard work and perseverance of our management team in Pennsylvania. Privatization in the water industry is not new. However, most of the nation's large privatization projects to date have only involved transfer of operating responsibility, not asset ownership. The City plans to invest that money in an irrevocable trust. The income earned by that investment will be used for economic development and other civic needs.
Privatization offers numerous community benefits.
American Water Works Company is the largest, investor-owned water utility enterprise in the Unites States. Its subsidiaries serve approximately 10 million people in 23 states.