Carolina Water Service acquires Carteret County Water System
Summary
With this purchase, CWSNC adds approximately 1,200 water service customers in the North River/Mill Creek and Merrimon areas of Carteret County. The Carteret County water system purchase by CWSNC is the first to be completed in North Carolina utilizing the fair market value law. Prior to enactment of this law, it was difficult for a municipality to determine the fair value of a water or wastewater system that it was interested in selling to a regulated utility. The law makes it possible for local governments to assess the value and benefits of selling their systems to regulated investor-owned utilities. North Carolina is not alone as the nation’s water and wastewater systems are reaching the end of their lifespan and facing a need for critical investment.