By Ian Berry
The parent company of the Tennessee-American Water Co. took an initial step this afternoon toward selling the Chattanooga water supplier next year as part of a public stock offering.
RWE AG, the parent company, had announced plans last month to sell its American Water companies. Friday’s filing seeks approval from the Tennessee Regulatory Authority and is an initial step in that process, officials said.
“The Petitioner submits that the proposed transaction furthers the public interest and will result in the continuous and seamless provision of reliable service by the Petitioner to all of its customers at just and reasonable rates,” the document reads.
Chattanooga Mayor Ron Littlefield is pushing for city ownership of the utility. He said Friday’s step was not a surprise and “not unwelcome” because it will give the city a glimpse into the company’s financial picture.
He said the community would be better served in the long-run by owning the utility itself.
E-mail Ian Berry at firstname.lastname@example.org
For complete details, read tomorrow’s Chattanooga Times Free Press.