MSEX Middlesex Water Company

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report: August 30, 2024

 

MIDDLESEX WATER COMPANY

(Exact name of registrant as specified in its charter)

 

new jersey		0-422		22-1114430
(State or other jurisdiction of		(Commission		(I.R.S. Employer
incorporation or organization)		File Number)		Identification No.)

     

485C ROUTE 1 SOUTH, SUITE 400, ISELIN New Jersey 08830

(Address of Principal Executive Offices) (Zip Code)

 

732-634-1500

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		MSEX		NASDAQ

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

Item. 8.01. Other Events

 

Announcement regarding Tidewater Utilities, Inc., a subsidiary of Middlesex Water Company, filing petition August 30, 2024 for an increase in rates as set forth in the attached press release.

 

Item 9.01 Financial Statements and Exhibits.

 

(c) Exhibits 

 

Exhibit Number		Description of Document
99.1		Press Release issued by Middlesex Water Company, dated August 30, 2024.
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.

 

	MIDDLESEX WATER COMPANY
	(Registrant)
	/s/ Mohammed G. Zerhouni
	Sr. Vice President, Chief Financial Officer
	and Treasurer

 

Dated:August 30, 2024

 

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

TIDEWATER UTILITIES FILES FOR RATE ADJUSTMENT

First Request for Change in Rates in over a Decade Focused on Upgrades and System Resiliency

 

 

DOVER, DELAWARE – August 30, 2024 – Tidewater Utilities, Inc. (“Tidewater” or the “Company”), a wholly owned subsidiary of Middlesex Water Company (Nasdaq:MSEX) filed a request today with the Delaware Public Service Commission (PSC) for new rates in order to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of its water utility infrastructure assets.

 

Since its last filing more than ten years ago, the Company has invested over $150 million in critical drinking water infrastructure improvements that are not currently reflected in customer base rates. These capital expenditures reflect construction of new and rehabilitation of existing water treatment plants, addition of standby power generation, establishment of interconnections, construction of new storage facilities and other upgrades. Specific improvements include:

 

·

Construction of a 1,000,000-gallon elevated water storage tank in South Rehoboth and another 1,000,000-gallon elevated water storage tank in Millville, DE to address peak hour demand and fire protection needs

·

Construction andor enhanced treatment upgrades at several plant facilities

·

Installation of interconnections that provide redundant capacity and storage for peak demand and system resiliency

·

Installation of back up generation at 30+ facilities to minimize service interruption and support plant resiliency

·

Regulatorily required water main realignments to support state road improvement plans

·

Installation of additional hydrants to provide fire protection coverage

 

"Ensuring safe and reliable drinking water for our customers at a reasonable cost is and continues to be our Company’s primary objective,” said Bruce E. Patrick, President of Tidewater. “Operating costs have significantly increased over the past decade and while we continue to work to control our expenses, through strategic asset planning and management, we must also upgrade our drinking water infrastructure accordingly to comply with new and ever increasing regulatory requirements, maintain the integrity of our plants, and protect our facilities against risks posed by climate impact and cybersecurity threats. These critical infrastructure investments made over the past decade protect public health, support fire protection and overall quality of life in the communities we serve,” added Patrick.

 

Tidewater is seeking a total annual revenue increase of approximately $10.3 million. The rate request will be reviewed by the PSC and Division of the Public Advocate. If the rate increase request is approved in its entirety, the water bill for an average residential customer with usage of 5,000 gallons of water per month, would increase about $13.97 per month.

 

About Tidewater Utilities, Inc.

 

Celebrating its 60^th year of service to Delawareans, Tidewater Utilities, Inc. serves as a trusted provider of life-sustaining high quality water service for residential, commercial, and fire protection purposes.  We invest in our people, our infrastructure, and the communities we serve to support reliable and resilient utility services, economic growth and quality of life. 

 

 

Tidewater is the largest private water supplier south of the Chesapeake & Delaware Canal in Delaware. The Company operates 175 active wells and 85 active water plants to serve approximately 57,800 customers and 800 commercial establishments in 470 separate communities in New Castle, Kent and Sussex County, DE.

 

####

 

Contact:

 

Bernadette Sohler, Vice President – Corporate Affairs

Middlesex Water Company

bsohler@middlesexwater.com

 

 

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Cover	Aug. 30, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Aug. 30, 2024
Entity File Number	0-422
Entity Registrant Name	MIDDLESEX WATER COMPANY
Entity Central Index Key	0000066004
Entity Tax Identification Number	22-1114430
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	485C ROUTE 1 SOUTH
Entity Address, Address Line Two	SUITE 400
Entity Address, City or Town	ISELIN
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
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Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	MSEX
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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