Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 38

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 38
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 RENEW Program, which is our ongoing
initiative to replace water mains in the Middlesex System, $15 million for replacement of a transmission main in Metuchen in our Middlesex
System and $12 million for elevated storage tanks in our Tidewater System.

Operating Results by Segment 

The Company has two operating segments, Regulated
and Non-Regulated. Our Regulated segment contributed approximately 93% of total revenues for the years ended December 31, 2024, 2023 and
2022, respectively, and approximately 94%, 92% and 93% of net income for the years ended December 31, 2024, 2023 and 2022, respectively.
The discussion of the Company’s results of operations is on a consolidated basis and includes significant factors by subsidiary.
The segments in the tables included below are comprised of the following companies: Regulated- Middlesex, Tidewater, Pinelands and Southern
Shores; Non-Regulated- USA, USA-PA, and White Marsh.

27 

Results of Operations for 2024 as Compared to 2023

    (In Millions) 

    Years Ended December 31, 

    2024  
    2023 

    Regulated  
    Non-
Regulated  
    Total  
    Regulated  
    Non-
Regulated  
    Total 
  
    Revenues 
    $178.8  
    $13.1  
    $191.9  
    $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