Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 396

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 396
---
  
     194.55  
     128.86  
     109.30  
     89.61 
  
    S&P 500 Stock Index 
     100.00  
     118.40  
     152.39  
     124.79  
     157.59  
     197.02 
  
    Peer Group 
     100.00  
     101.73  
     132.98  
     120.09  
     103.25  
     91.21 

ITEM 6.[RESERVED]

23 

ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction
with the consolidated financial statements and related notes.

Operations

Middlesex Water Company (Middlesex or the Company)
has operated as a water utility in New Jersey since 1897 and in Delaware through our wholly-owned subsidiary, Tidewater Utilities, Inc.
(Tidewater), since 1992. We are in the business of providing an essential water utility service for domestic, commercial, municipal, industrial
and fire protection purposes. We operate water and wastewater systems under contract for governmental entities and private entities primarily
in New Jersey and Delaware and also provide regulated wastewater services in New Jersey. We are regulated by state public utility commissions
as to rates charged to customers for water and wastewater services, as to the quality of water and wastewater services we provide and
as to certain other matters in the states in which our regulated subsidiaries operate. Only our Utility Service Affiliates, Inc. (USA),
Utility Service Affiliates (Perth Amboy), Inc. (USA-PA) and White Marsh Environmental Services, Inc. (White Marsh) subsidiaries are not
regulated public utilities as related to rates and services quality. All municipal or commercial entities whose utility operations are
managed by these entities however, are subject to environmental regulation at the federal and state levels.

Our principal New Jersey water utility system
(the Middlesex System) provides water services to approximately 61,000 retail customers, primarily in central New Jersey. The Middlesex
System also provides water sales under contract to municipalities in central New Jersey with a total population of over 0.2 million. Our
other New Jersey subsidiaries, Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands W