Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 36

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 36
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-regulated revenues decreased $0.2 million, primarily due to lower supplemental contract services;
and

●All other revenue categories increased $0.1 million.

Operations and Maintenance Expense

Operations and Maintenance Expense for the three months
ended June 30, 2025 increased $1.2 million from the same period in 2024 due to higher production costs from lower weather-driven water
quality, increased weather-driven main break repair costs and higher labor cost due to wage and employee headcount increases partially
offset by higher capitalizable costs.

Depreciation

Depreciation expense for the three months ended June
30, 2025 increased $0.4 million from the same period in 2024 due to higher average utility plant in service during the quarter.

Other Taxes

Other Taxes for the three months ended June 30, 2025
decreased $0.1 million from the same period in 2024 primarily due to lower gross receipts taxes on lower revenue in our Middlesex system.

Other Income, net

Other Income, net for the three months ended June
30, 2025 decreased $0.8 million from the same period in 2024 due to lower actuarially-determined retirement benefit plans non-service
benefit partially offset by higher Allowance for Funds Used During Construction from increased capital expenditures.

Interest Charges

Interest Charges for the three months ended June 30,
2025 decreased $0.4 million from the same period in 2024 due to lower average debt outstanding and lower average interest rates.

Income Taxes

Income Taxes for the three months ended June 30, 2025
decreased by $2.0 million from the same period in 2024, primarily due to lower pre-tax income and higher income tax benefits associated
with increased repair expenditures on tangible property in the Middlesex System.

23 

Results of Operations – Six Months Ended
June 30, 2025

    (In Thousands) 

    Six Months Ended June 30, 

    2025  
    2024 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Operating Revenues 
    $87,660  
    $5,964  
    $93,624  
    $83,289  
    $6,381  
    $89,670 
  
    Operations and Maintenance Expense