American States Water (AWR) is a utility holding company with three businesses: a California water utility, a small California electric utility, and a contracted services business managing water and wastewater systems at U.S. military bases. The water utility, Golden State Water (GSWC), is the largest segment, serving roughly 265,000 customers across 11 California counties. The electric utility, Bear Valley Electric Service (BVES), serves about 25,000 customers in the Big Bear Lake area of San Bernardino County. Both utilities are regulated by the California Public Utilities Commission (CPUC), which sets rates through a General Rate Case (GRC) process every few years, authorizing a return on rate base. AWR grows earnings primarily by investing capital in infrastructure, which grows rate base and supports higher authorized revenues. GSWC is authorized to invest $573M over its 2025–2027 rate cycle, and rate base has compounded at roughly 10% annually in recent years. The contracted services subsidiary, American States Utility Services (ASUS), operates water and wastewater systems at 10 military installations under long-term, primarily 50-year firm-fixed-price contracts with the U.S. government. ASUS earns a recurring management fee plus variable revenue from capital upgrade construction projects at those bases. AWR grows ASUS by competing for new military privatization contracts. AWR has raised its dividend for 71 consecutive years and targets dividend growth of more than 7% annually.