Another shareholder asked about desalination. Mr. Nelson indicated that "as a supply source, desalination is not economic yet," and there are also "environmental issues" associated with it.
I started following Water Utilities in 1997 and have been an investor in various ones ever since. However, I sold all CA water utilities after the electric crisis a few years back, and vowed never to own another CA utilities again. The cost of electricity spiked during the crisis and the largest operating cost of a water utility is energy to power the distribution pumps. These are operating costs that should be part of rate relief, but the CA PUC refused to allow the water utilities to recoup these higher operating costs, instead making shareholders eat the difference. This is like changing the rules mid-stream.