Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 987

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 6
Chunk 987
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 addition, our Regulated businesses are generally able to recover all prudently incurred costs including uncollectible customer accounts
receivable expenses and collection costs through rates.

The Company's retirement benefit plan assets are
exposed to the market price variations of debt and equity securities. Changes to the Company's retirement benefit plan assets’ value
can impact the Company's retirement benefit plan expense, funded status and future minimum funding requirements. Our exposure to market
price risk in our retirement benefit plan assets is managed through our ability to recover retirement benefit plan costs through customer
rates. There were no material changes to our primary market risk exposures or how such exposures are managed in 2024 nor are there expected
to be in the future.

37 

ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Stockholders and the Board of Directors of Middlesex Water Company:

Opinions on the Financial Statements and Internal Control over Financial
Reporting

We have audited the accompanying consolidated
balance sheets and consolidated statements of capital stock and long-term debt of Middlesex Water Company (the "Company") as
of December 31, 2024 and 2023, the related consolidated statements of income, common stockholders' equity, and cash flows for each of
the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial
statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on
criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of their
operations and their cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal
control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework:
(2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible
for