Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 2

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 2
---
 approximately 2,500 residential customers and one municipal wastewater system in Burlington County, New Jersey.
Pinelands Wastewater produced approximately 1% of our 2024 consolidated operating revenues.

USA 

USA operates the Borough
of Avalon, New Jersey’s (Avalon) water utility, sewer utility and storm water system under a ten-year operations and maintenance
contract expiring in 2032. In addition to performing day-to-day service operations, USA is responsible for emergency responses and management
of capital projects funded by Avalon.

USA operates the Borough
of Highland Park, New Jersey’s (Highland Park) water utility and sewer utility under a ten-year operations and maintenance contract
expiring in 2030.

Under a marketing agreement
with HomeServe USA Corp. (HomeServe) expiring in 2031, USA offers residential customers in New Jersey and Delaware various water and wastewater
related home maintenance programs. HomeServe is a leading national provider of such home maintenance service programs. USA receives a
service fee for the billing, cash collection and other administrative matters associated with HomeServe’s service contracts.

USA produced approximately
3% of our 2024 consolidated operating revenues.

White Marsh

White Marsh operates or maintains water and/or
wastewater systems that serve approximately 4,300 service connections under 28 separate contracts, primarily in New Castle, Kent and Sussex
Counties, Delaware. White Marsh also owns two commercial properties that are leased to Tidewater for its administrative office campus
and its field operations center. White Marsh produced approximately 1% of our 2024 consolidated operating revenues.

Financial Information

Consolidated operating revenues, operating income and net income are
as follows:

    (Thousands of Dollars) 

    Years Ended December 31, 

    2024  
    2023  
    2022 

    Operating Revenues 
    $191,877  
    $166,274  
    $162,434 

    Operating Income 
    $53,210  
    $39,223  
    $47,333 

    Net Income 
    $44,351  
    $31,524  
    $42,429 

3 

Operating revenues were earned from the following sources:

    Years Ended December 31, 

    2024  
    2023  
    2022 

    Residential 
     51.0% 
     52.