Middlesex Water Company reported a consolidated operating revenue of $194.7 million for the fiscal year ending December 31, 2025, marking a 1.5% increase from $191.9 million in 2024. The company's operating income rose to $54.4 million, up from $53.2 million in the previous year, while net income decreased slightly to $42.8 million from $44.4 million. The decline in net income was attributed to lower other income and increased depreciation expenses, despite higher revenues from both the Middlesex and Tidewater systems.
The company experienced significant operational changes, including the approval of a $14.5 million base rate increase by the New Jersey Board of Public Utilities (NJBPU) effective February 23, 2026. This increase is expected to enhance revenue streams and support ongoing infrastructure investments. Additionally, Middlesex completed the merger of its subsidiary Pinelands into its operations, which is anticipated to yield operational efficiencies. In Delaware, Tidewater Utilities also received a $5.5 million base rate increase effective July 3, 2025, further bolstering the company's financial position.
Middlesex Water serves approximately 131,000 customers across its regulated systems, with the Middlesex System accounting for about 67% of consolidated operating revenues. The Tidewater System serves around 65,000 retail customers, contributing approximately 25% to the total revenue. The company reported a customer growth rate of approximately 3% in its Tidewater system, reflecting ongoing demand for water services in the region. The total employee headcount as of December 31, 2025, stood at 395, with no employees under collective bargaining agreements.
Looking ahead, Middlesex Water plans to invest approximately $506 million in capital projects from 2026 to 2028, focusing on upgrading its infrastructure, including the Carl J. Olson Surface Water Treatment Plant to integrate PFAS removal technologies. The company aims to recover costs through its Distribution System Improvement Charge (DSIC) and Resiliency and Environmental System Improvement Charge (RESIC) filings. The outlook remains cautiously optimistic, with anticipated revenue growth driven by rate increases, customer growth, and strategic investments in utility infrastructure. However, the company acknowledges potential risks from weather variability and regulatory challenges that could impact future performance.
About MIDDLESEX WATER CO
Middlesex Water Company provides regulated water and wastewater services primarily in New Jersey and Delaware. It serves residential, commercial, industrial, and fire protection customers through its own systems and contracted operations. The company emphasizes water quality, infrastructure investment, and regulatory compliance, leveraging a diversified business model with core competitive advantages in service reliability, environmental standards, and strategic acquisitions.
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