Essential Utilities announces lower common equity needs for 2023

Essential Utilities announced lower common equity needs for 2023. The company now expects to issue, subject to market conditions, approximately $300M of common stock in 2023, in addition to the equity previously raised through the company’s at the market program. This equity is to achieve the company’s 2023 capital investment plans and support signed acquisitions in its municipal acquisition program. The company expects to utilize the ATM for a significant portion of the approximately $300M in new equity. This estimate supersedes the company’s previously announced expectation to issue $500M in equity and/or equity-linked securities in 2023.