Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 87

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 87
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 benefit partially offset by higher Allowance for Funds Used During Construction (AFUDC) from increased capital expenditures.

Interest Charges

Interest Charges for the three months ended September 30, 2025 increased $0.8 million from the same period in 2024 primarily due to higher average debt outstanding.

Income Taxes

Income Taxes for the three months ended September 30, 2025 decreased by $0.3 million from the same period in 2024, primarily due to lower pre-tax income and higher income tax benefits associated with increased repair expenditures on tangible property in the Middlesex System.

Results of Operations – Nine Months Ended September 30, 2025

(In Thousands)Nine Months Ended September 30,20252024RegulatedNon- RegulatedTotalRegulatedNon- RegulatedTotalOperating Revenues$138,567 $9,148 $147,715 $135,181 $9,589 $144,770 Operations and Maintenance Expense61,841 6,072 67,913 61,115 6,534 67,649 Depreciation19,973 198 20,171 17,812 198 18,010 Other Taxes16,283 177 16,460 16,264 166 16,430 Operating Income40,470 2,701 43,171 39,990 2,691 42,681 Other Income, net5,428 154 5,582 9,804 185 9,989 Interest Charges10,535 — 10,535 10,721 — 10,721 Income Taxes3,074 927 4,001 5,497 905 6,402 Net Income$32,289 $1,928 $34,217 $33,576 $1,971 $35,547 

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Operating Revenues

Operating revenues for the nine months ended September 30, 2025 increased $2.9 million from the same period in 2024 primarily due to the following factors:

•Middlesex System revenues increased $1.8 million due to the base rate increase effective March 1, 2024 and increased DSIC and LSL Recovery rate increases (see Note 2, Rate and Regulatory Matters) partially offset by lower consumption driven by unfavorable weather;

•Tidewater System revenues increased $1.4 million due to