Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 29

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 29
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 Operating Income 
    $10,701  
    $856  
    $11,557  
    $8,999  
    $866  
    $9,865 

    Other Income, net 
     1,742  
     55  
     1,797  
     5,306  
     59  
     5,365 
  
    Interest Charges 
     2,713  
     —  
     2,713  
     3,269  
     —  
     3,269 
  
    Income Taxes  
     872  
     290  
     1,162  
     987  
     292  
     1,279 
  
      Net Income 
    $8,858  
    $621  
    $9,479  
    $10,049  
    $633  
    $10,682 

Operating Revenues

Operating revenues for the three months ended March
31, 2025 increased $3.8 million from the same period in 2024 due to the following factors:

●Middlesex System revenues increased $3.4 million due to the base rate increase effective March 1, 2024,
DSIC rate increases and increased general meter service and wholesale customer demand;

●Tidewater System revenues increased $0.6 million due to customer growth, an interim rate increase effective
November 1, 2024 and increased customer demand; and

●Non-regulated revenues decreased $0.2 million, primarily due to lower supplemental contract services.

Operations and Maintenance Expense

Operations and Maintenance
Expense for the three months ended March 31, 2025 increased $0.6 million from the same period in 2024 due to increased variable production
costs from higher customer demand, increased weather-driven main break activity and the one-time recovery in 2024 of previous water
treatment operating costs at Middlesex’s Park Avenue Plant in connection with Middlesex’s 2023
rate case order, partially offset by higher capitalizable costs.

Depreciation

Depreciation expense for the three months ended March
31, 2025 increased $1.1 million from the same period in 2024 due to higher average utility plant in service during the quarter and the
one-time recovery in 2024 of previous depreciation costs related to the PFAS treatment