A new Wells Fargo report (Report) identifies California’s economy as being driven by energy, information technology and water, but for the third consecutive year, water has been running significantly below average. With the state in a drought for the third year and 2015 also predicted to be dry, the Report highlights the pressure put on California’s water utilities as customers continue to conserve and infrastructure investment requirements increase as well as demand. The Report suggests “investment will likely require higher water rates and argues for a more robust and integrated water market and groundwater storage approach.” To read the full Report, click here.

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