Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 71

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 customer consumption driven by unfavorable weather. 

23

Table of Contents

Operations and Maintenance Expense

Operations and Maintenance Expense for the three months ended September 30, 2025 decreased $1.6 million from the same period in 2024 due to higher capitalizable costs and lower legal, financial and regulatory matter costs partially offset by higher variable production costs from weather-driven lower water quality, increased weather-driven main break repair costs and higher labor cost due to wage and employee headcount increases in 2025.

Depreciation

Depreciation expense for the three months ended September 30, 2025 increased $0.6 million from the same period in 2024 due to higher average utility plant in service.

Other Taxes

Other Taxes for the three months ended September 30, 2025 decreased $0.2 million from the same period in 2024 primarily due to lower gross receipts taxes on lower revenue in our Middlesex system.

Other Income, net

Other Income, net for the three months ended September 30, 2025 decreased $0.1 million from the same period in 2024 due to lower actuarially-determined retirement benefit plans non-service 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 Income