Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 626

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 626
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 December 31, 2019.
The S&P 500 Stock Index measures the stock performance of 500 large companies listed on stock exchanges in the United States.

22 

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN

Among Middlesex Water Company, the S&P 500
Stock Index and a Peer Group*

* Peer group includes American States
Water Company, Artesian Resources Corp., California Water Service Group, Global Water Resources Inc, SJW Corp., York Water Company and
Middlesex.

    2019 
    2020 
    2021 
    2022 
    2023 
    2024
  
    Middlesex Water Company 
     100.00  
     115.79  
     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 Am