Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 28

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 28
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 Invest in our utility infrastructure to build system resiliency
and meet compliance requirements;

● Timely and adequate recovery of infrastructure investments and
other costs to maintain and continually improve service quality;

● Selective acquisitions of investor and municipally-owned water
and wastewater utilities; and

● Operation of municipal and industrial water and wastewater systems
on a contract basis which meet our risk profile.

Operating Results by Segment

The discussion of the Company’s operating results
is on a consolidated basis and includes significant factors by subsidiary. The Company has two operating segments, Regulated and Non-Regulated.
The operations of the Regulated segment are subject to regulations promulgated by state public utility commissions as to rates and level
of service. Rates and level of service in the Non-Regulated segment are subject to the terms of individually-negotiated and executed contracts
with municipal, industrial and other clients. Both segments are subject to federal and state environmental, water and wastewater quality
and other associated legal and regulatory requirements.

The segments in the tables included below are comprised
of the following companies: Regulated-Middlesex, Tidewater, Pinelands and Southern Shores; Non-Regulated-USA, USA-PA, and White Marsh.

20 

Results of Operations – Three Months Ended March
31, 2025

    (In Thousands) 

    Three Months Ended March 31, 

    2025  
    2024 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Operating Revenues 
    $41,468  
    $2,833  
    $44,301  
    $37,436  
    $3,088  
    $40,524 
  
    Operations and Maintenance Expense 
     19,253  
     1,856  
     21,109  
     18,364  
     2,101  
     20,465 
  
    Depreciation 
     6,464  
     63  
     6,527  
     5,329  
     67  
     5,396 
  
    Other Taxes 
     5,050  
     58  
     5,108  
     4,744  
     54  
     4,798