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Board approves auditor for affiliate compliance audit and signs off on New Jersey American Water sales
Summary
The Board selected an auditor to review affiliate transactions at certain utilities and approved two New Jersey American Water matters: a Millburn property sale and a WIPA sale of the Hopewell Burrows system with conditions and settlement terms.
The Board approved staff recommendations on several utility-specific actions, including the selection of an auditor to review affiliate transactions and management practices at Rockland, Orange and Rockland Utilities and Consolidated Edison, as well as approvals related to New Jersey American Water Company.
Staff asked the board to approve the selection of an auditor to conduct an audit of Rockland and Orange and Rockland Utilities, Inc., and Consolidated Edison, Inc., to examine compliance with affiliate and fair-competition standards, related services and transactions, and a comprehensive management audit. The board approved staff's recommendation following executive-session discussions.
On separate agenda items, staff recommended and the board approved New Jersey American Water's petition to sell roughly 8 acres in the township of Millburn to Woodmont Properties LLC for $8,733,000, subject to conditions and with a waiver of certain advertising requirements. Staff noted rate counsel had objected to the company's proposed split of net gains but recommended that determinations about proceeds be addressed in the company's next base rate case.
The board also adopted a stipulation resolving a WIPA petition for the sale of the Hopewell Burrows Water System; staff reported a purchase price of approximately $6,400,000 and $30,000 in transaction costs. The borough's residents had filed a petition protesting the sale and the borough intends to place the sale on the ballot in November 2025. Staff recommended adopting the settlement and the board approved the recommendation on roll-call votes.
