American Water clears a fourth state approval for its Essential Utilities merger

Discussed by: American Water and Essential Utilities, in their joint announcement of the Illinois order

The companies say closing is expected by the end of March 2027. The federal antitrust review is complete, shareholders have voted, and four state commissions have approved. What remains is a set of settlements already negotiated in Pennsylvania, North Carolina, Texas and New Jersey, each waiting on its commission's vote.

Discussed by: American Water's own closing conditions, which list remaining regulatory approvals

Four jurisdictions still have to vote, and any of them can reopen terms or set a schedule of its own. The merger agreement makes required approvals a condition of closing, so a single slow docket moves the date. The companies have not published a timetable for the remaining votes.

Discussed by: Citizens Utility Board, which proposed both conditions in the Illinois proceeding

Consumer advocates pushed Illinois to condition approval on a rate freeze and a five-year moratorium on utility acquisitions. The recommended order declined both. Similar terms could still be demanded by the Pennsylvania Public Utility Commission or the New Jersey Board of Public Utilities, where settlements await votes.

Discussed by: Citizens Utility Board, which asked Illinois regulators to reject the merger outright

The Illinois commission approved anyway, and the four remaining jurisdictions have settlements rather than contested cases. A denial would have to come from a commission rejecting terms its own staff negotiated, or from a settlement collapsing before a vote.