Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 58

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 58
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    $20,331 
  
    Commercial 
     6,585  
     5,976 
  
    Industrial 
     2,999  
     3,133 
  
    Fire Protection 
     3,722  
     3,292 
  
    Wholesale 
     5,014  
     4,673 
  
    Non-Regulated Contract Operations 
     2,833  
     3,088 
  
    Total Revenue from Contracts with Customers 
    $44,267  
    $40,493 
  
    Other Regulated Revenues 
     62  
     60 
  
    Other Non-Regulated Revenues 
     119  
     116 
  
    Inter-segment Elimination 
     (147) 
     (145)
  
    Total Revenue 
    $44,301  
    $40,524 

16 

Item 2.      Management’s Discussion
and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read
in conjunction with the unaudited condensed consolidated financial statements of Middlesex Water Company (Middlesex or the Company) included
elsewhere herein and with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Forward-Looking Statements

Certain statements contained in this periodic report
and in the documents incorporated by reference constitute “forward-looking statements” within the meaning of Section 21E of
the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Some of these forward-looking statements can be identified
by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,”
“seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,”
“strategy,” or “anticipates,” or the negative of those words or other comparable terminology. The Company intends
that these statements be covered by the safe harbors created under those laws.  They include, but are not limited to statements
as to:

    -
    expected financial condition, performance, prospects and earnings of the Company;

    -
    strategic plans for growth;

    -
    the amount and timing of rate increases and other regulatory matters, including the recovery of certain costs recorded as regulatory assets;

    -
    the Company’s expected liquidity needs during the upcoming