Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1085

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 1085
---
.9  
    $154.0  
    $12.3  
    $166.3 
  
    Operations and maintenance expenses 
     83.5  
     8.9  
     92.4  
     74.8  
     8.4  
     83.2 
  
    Depreciation expense 
     24.2  
     0.2  
     24.4  
     24.9  
     0.3  
     25.2 
  
    Other taxes 
     21.6  
     0.3  
     21.9  
     18.5  
     0.2  
     18.7 
  
    Operating income 
     49.5  
     3.7  
     53.2  
     35.8  
     3.4  
     39.2 

    Other income, net 
     11.8  
     0.3  
     12.1  
     6.3  
     0.2  
     6.5 
  
    Interest expense 
     14.0  
     —  
     14.0  
     13.1  
     —  
     13.1 
  
    Income taxes 
     5.7  
     1.2  
     6.9  
     (0.1) 
     1.1  
     1.0 
  
    Net income 
    $41.6  
    $2.8  
    $44.4  
    $29.1  
    $2.5  
    $31.6 

Operating Revenues

Operating revenues for the year ended December
31, 2024 increased $25.6 million from the same period in 2023 due to the following factors:

    ●
    Middlesex System revenues increased by $19.9 million due to the base rate case increase on March 1, 2024, increased weather-driven customer demand, higher commercial and industrial customer billing and the implementation of the 2024 DSIC mechanism;
  
    ●
    Tidewater System revenues increased by $4.5 million due to customer growth and higher weather