Middlesex Water Company reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with consolidated operating revenues reaching $191.9 million, up from $166.3 million in 2023. This represents a 15.5% increase year-over-year, driven primarily by a base rate increase effective March 1, 2024, which contributed $15.4 million to revenues. Operating income also rose to $53.2 million, compared to $39.2 million in the previous year, while net income increased to $44.4 million from $31.6 million, reflecting a 40.5% growth.
The company experienced notable operational changes, including the approval of a negotiated settlement by the New Jersey Board of Public Utilities (NJBPU) that allowed for the recovery of increased operating costs and a return on invested capital. Additionally, Middlesex reached a settlement with 3M regarding the introduction of Perfluoroalkyl Substances (PFAS) into its water supply, which is expected to mitigate customer rate increases. The company also initiated a Lead Service Line Replacement Plan, which is currently underway and will recover costs over the next several months.
Middlesex Water serves approximately 128,000 customers across its regulated utility systems, with the Middlesex System alone accounting for about 67% of consolidated operating revenues. The company’s workforce stood at 360 employees as of December 31, 2024, with no employees under collective bargaining agreements. The company continues to focus on customer growth, with a reported 3.5% increase in its Tidewater system customer base in 2024.
Looking ahead, Middlesex Water anticipates continued growth driven by infrastructure investments and customer demand. The company plans to invest approximately $387 million in capital projects from 2025 to 2027, including upgrades to its water treatment facilities to comply with new PFAS regulations. The company is also preparing for potential rate increase requests in mid-2025 to address rising operating costs and capital expenditures. Overall, Middlesex Water remains committed to enhancing service quality and regulatory compliance while pursuing strategic growth opportunities.
About MIDDLESEX WATER CO
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