Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 408

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 408
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15.6 million to $74.6 million due to decreased utility plant expenditures in 2024. In 2023, the
Company had significant utility plant 

30 

expenditures for the construction of a facility to provide an enhanced treatment process at the
Company’s Park Avenue Plant to comply with new state water quality regulations relative to PFAS.

For further discussion on the Company’s
future capital expenditures and expected funding sources, see “Capital Expenditures and Commitments” below.

Cash Flows from Financing Activities

For the year ended December 31, 2024, cash flows
from financing activities decreased $18.2 million to $17.7 million. The decrease in cash flows provided by financing activities is due
to lower proceeds from the issuance of common stock under the Middlesex Water Company Investment Plan (Investment Plan) and long-term
debt offset by proceeds received from a litigation settlement.

For further discussion on the Company’s
short-term and long-term debt, see “Sources of Liquidity” below.

Capital Expenditures and Commitments

To fund our capital program, we use internally
generated funds, short-term and long-term debt borrowings, proceeds from sales of common stock under the Investment Plan and, when market
conditions are favorable, proceeds from sales to the public of our common stock.

The table below summarizes our estimated capital expenditures for the
years 2025-2027.

    (In Millions) 

    2025  
    2026  
    2027  
    2025-2027 
  
    Distribution/Network System 
    $56  
    $70  
    $62  
    $188 
  
    Production System 
     27  
     53  
     89  
     169 
  
    Information Technology (IT) Systems 
     3  
     5  
     2  
     10 
  
    Other 
     7  
     5  
     8  
     20 
  
    Total Estimated Capital Expenditures 
    $93  
    $133  
    $161  
    $387 

Our estimated capital expenditures for the items
listed above are primarily comprised of the following:

    ●
    Distribution/Network System - Includes projects associated with replacement, installation and relocation of water mains and service lines and wastewater collection systems, construction of water storage tanks, installation and replacement of hydrants