York Water is a regulated water and wastewater utility serving south-central Pennsylvania, and the oldest investor-owned water utility in the U.S., operating continuously since 1816. York Water treats and distributes drinking water across portions of 58 municipalities in four Pennsylvania counties, serving an estimated population of 214,000 across roughly 1,100 miles of water mains. York Water also owns and operates wastewater collection and treatment systems in its service territory. Residential customers account for 64% of revenue, with commercial and industrial customers making up 29%, and the remainder from fire service and other water and wastewater-related services. As a regulated utility, York Water's rates are set by the Pennsylvania Public Utility Commission, so revenue growth comes from two levers: periodic rate cases to recover capital investments and operating costs, and customer growth through organic expansion and acquisitions of nearby water and wastewater systems. The business requires large, long-lived capital investments — reservoirs, treatment plants, and pipelines — recovered over time through regulated rates. York Water also provides billing and collection services to several municipalities, generating modest additional fee income. York Water grows by acquiring adjacent water and wastewater systems, extending its distribution network to serve new developments, and pursuing bulk water supply contracts with municipalities outside its core service area.