Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 10

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 10
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 date. The Company considers the amounts billed to represent the value of these services provided to customers.
These contracts expire at various times through 2032 and contain remaining performance obligations for which the Company expects to recognize
revenue in the future. These contracts also contain customary termination provisions.

Substantially all of the amounts included in operating
revenues and accounts receivable are from contracts with customers.

The Company’s contracts do not contain any
significant financing components.

The Company’s operating revenues are comprised
of the following:

| Regulated Tariff Sales                      |     | (In Thousands)           
 Years Ended December 31, 
 2024                     |         |   |     | 2023 |         |   |     | 2022 |         |   |
|:--------------------------------------------|:----|:-------------------------|--------:|:--|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
| Residential                                 |     | $                        |  97,802 |   |     | $    |  86,581 |   |     | $    |  84,950 |   |
| Commercial                                  |     |                          |  31,833 |   |     |      |  23,945 |   |     |      |  22,689 |   |
| Industrial                                  |     |                          |  13,842 |   |     |      |  11,586 |   |     |      |  11,152 |   |
| Fire Protection                             |     |                          |  14,188 |   |     |      |  12,582 |   |     |      |  12,726 |   |
| Wholesale                                   |     |                          |  21,003 |   |     |      |  19,117 |   |     |      |  18,769 |   |
| Non-Regulated Contract Operations           |     |                          |  13,085 |   |     |      |  12,320 |   |     |      |  12,006 |   |
| Total Revenue from Contracts with Customers |     | $                        | 191,753 |   |     | $    | 166,131 |   |     | $    | 162,292 |   |
| Other Regulated Revenues                    |     |                          |     691 |   |     |      |