Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 168

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 168
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 24.9  
     0.3  
     25.2  
     22.8  
     0.2  
     23.0 
  
    Other taxes 
     18.5  
     0.2  
     18.7  
     18.0  
     0.2  
     18.2 
  
    Gain on sale of subsidiary 
     —  
     —  
     —  
     5.2  
     —  
     5.2 
  
    Operating income 
     35.8  
     3.4  
     39.2  
     44.2  
     3.1  
     47.3 

    Other income (expense), net 
     6.3  
     0.2  
     6.5  
     7.4  
     0.3  
     7.7 
  
    Interest expense 
     13.1  
     —  
     13.1  
     9.4  
     —  
     9.4 
  
    Income taxes 
     (0.1) 
     1.1  
     1.0  
     2.0  
     1.2  
     3.2 
  
    Net income 
    $29.1  
    $2.5  
    $31.6  
    $40.2  
    $2.2  
    $42.4 

Operating Revenues

Operating revenues for the year ended December
31, 2023 increased $3.8 million from the same period in 2022 due to the following factors:

    ●
    Middlesex System revenues increased by $4.2 million due to the implementation of the final phase of the 2021 base rate case increase on January 1, 2023 and the PWAC rate increase offset by lower weather-driven demand across all customer classes;
  
    ●
    Tidewater System revenues decreased by $0.9 million due to a DEPSC ordered rate reduction in September 2022, lower customer connection fees and lower weather-driven customer demand partially offset by an increase in customers;
  
    ●
    Pinelands System