Middlesex Water Company (MSEX): Business Model Canvas

Entdecken Sie den komplizierten Plan hinter der Middlesex Water Company (MSEX), einem dynamischen Energieversorger, der das Wassermanagement in New Jersey und Delaware verändert. Diese innovative Organisation liefert nicht nur Wasser; Es entwickelt umfassende Lösungen, die technologisches Fachwissen, Umweltverantwortung und gemeinschaftsorientierten Service vereinen. Durch die Analyse ihres Business Model Canvas werden wir enthüllen, wie MSEX komplexe Infrastrukturherausforderungen, Regulierungslandschaften und sich entwickelnde Kundenbedürfnisse strategisch bewältigt, um zuverlässige, nachhaltige Wasserdienstleistungen bereitzustellen, die weit über die einfache Bereitstellung von Ressourcen hinausgehen.

Middlesex Water Company (MSEX) – Geschäftsmodell: Wichtige Partnerschaften

Kommunalverwaltungen in New Jersey und Delaware

Die Middlesex Water Company unterhält strategische Partnerschaften mit 10 Kommunalverwaltungen in New Jersey und Delaware und betreut rund 73.500 Kunden über direkte kommunale Verträge.

Gemeinde	Servicebereich	Vertragsdauer
Carteret, NJ	Wasserverteilung	20-Jahres-Vertrag
Delaware City, DE	Wasseraufbereitung	15-Jahres-Vertrag

Ingenieur- und Bauunternehmen

Die Middlesex Water Company arbeitet bei Infrastrukturprojekten mit mehreren Ingenieurbüros zusammen und investiert im Jahr 2023 jährlich 24,3 Millionen US-Dollar in die Infrastruktur.

• AECOM
• CDM Smith
• Jacobs Engineering Group

Anbieter von Wasseraufbereitungstechnologie

Zu den wichtigsten Technologiepartnerschaften gehören:

Technologieanbieter	Technologiefokus	Jährliche Investition
Veolia Water Technologies	Fortschrittliche Filtersysteme	3,5 Millionen Dollar
Xylem Inc.	Wasserüberwachungslösungen	2,1 Millionen US-Dollar

Aufsichtsbehörden

Zu den Compliance-Partnerschaften mit Regulierungsbehörden gehören:

• Umweltschutzbehörde (EPA)
• Umweltschutzministerium von New Jersey
• Delaware Department of Natural Resources

Partner für Versorgungs- und Infrastrukturinvestitionen

Die Middlesex Water Company unterhält strategische Investitionspartnerschaften mit:

• BlackRock Infrastructure Investment Fund
• Macquarie Infrastructure Corporation
• Lokale Pensionskassen

Gesamte partnerschaftliche Infrastrukturinvestitionen im Jahr 2023: 45,7 Millionen US-Dollar

Middlesex Water Company (MSEX) – Geschäftsmodell: Hauptaktivitäten

Wasseraufbereitung und -reinigung

Die Middlesex Water Company betreibt Wasseraufbereitungsanlagen, die täglich 50 Millionen Gallonen Wasser in den Versorgungsgebieten von New Jersey und Delaware verarbeiten. Jährliche Ausgaben für die Wasseraufbereitung: 12,3 Millionen US-Dollar im Jahr 2023.

Behandlungseinrichtung	Standort	Tageskapazität
Wasseraufbereitungsanlage Elizabethtown	New Jersey	30 Millionen Gallonen
Aufbereitungsanlage für Gezeitenwasserversorger	Delaware	20 Millionen Gallonen

Wasserverteilung und Infrastrukturwartung

Budget für die Instandhaltung der Infrastruktur: 8,7 Millionen US-Dollar im Jahr 2023. Das gesamte Wasserverteilungsnetz umfasst 3.200 Meilen Pipeline.

• Jährlicher Austausch der Pipeline: 15–20 Meilen
• Investitionen in Leckerkennung und Reparatur: 2,1 Millionen US-Dollar
• Serviceanschlüsse: 197.000 Privat- und Gewerbekunden

Kundenservice und Abrechnungsmanagement

Betriebskosten für den Kundendienst: 4,5 Millionen US-Dollar pro Jahr. Die digitale Abrechnungsplattform bedient 100 % des Kundenstamms.

Servicekanal	Jährliches Transaktionsvolumen
Online-Abrechnung	1,2 Millionen Transaktionen
Telefonsupport	385.000 Kundeninteraktionen

Umweltkonformität und behördliche Berichterstattung

Budget der Compliance-Abteilung: 3,2 Millionen US-Dollar. Sorgt für 100 %ige Einhaltung gesetzlicher Vorschriften in den Gerichtsbarkeiten von New Jersey und Delaware.

• EPA-Compliance-Berichterstattung: Vierteljährliche Einreichungen
• Wasserqualitätsprüfung: 15.000 jährliche Tests
• Umweltinvestitionen: 2,8 Millionen US-Dollar in Nachhaltigkeitsinitiativen

Infrastrukturausbau und Systemmodernisierung

Investitionsausgaben für die Modernisierung der Infrastruktur: 45,6 Millionen US-Dollar im Jahr 2023.

Modernisierungsprojekt	Investition	Fertigstellungszeitplan
Modernisierung der Wasseraufbereitung	22,3 Millionen US-Dollar	2024-2025
Smart-Metering-Implementierung	15,4 Millionen US-Dollar	2024

Middlesex Water Company (MSEX) – Geschäftsmodell: Schlüsselressourcen

Wasseraufbereitungsanlagen und Verteilungsnetze

Die Middlesex Water Company betreibt Wasseraufbereitungsanlagen an mehreren Standorten, darunter:

Standort	Kapazität	Servicebereich
Middlesex, NJ	20 Millionen Gallonen pro Tag	Zentrales New Jersey
Bayview, DE	5 Millionen Gallonen pro Tag	Küstenregionen von Delaware

Spezialisierte Wassermanagementtechnologie und -ausrüstung

Zu den wichtigsten technologischen Vermögenswerten gehören:

• Fortschrittliche Wasserfiltersysteme
• SCADA-Überwachungsgeräte (Supervisory Control and Data Acquisition).
• Leckerkennungstechnologien

Qualifiziertes Ingenieurwesen und technisches Personal

Zusammensetzung der Belegschaft ab 2023:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	336
Technisches Personal	87
Technische Spezialisten	129

Wasserrechte und Servicegebietsgenehmigungen

Zu den regulatorischen Vermögenswerten gehören:

• Wasserzuteilungsgenehmigung für New Jersey: 45 Millionen Gallonen pro Tag
• Wasserrechte des Staates Delaware: 10 Millionen Gallonen pro Tag

Finanzkapital für Infrastrukturinvestitionen

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	732,4 Millionen US-Dollar
Infrastrukturinvestitionen (2023)	68,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	22,1 Millionen US-Dollar

Middlesex Water Company (MSEX) – Geschäftsmodell: Wertversprechen

Zuverlässige und sichere Trinkwasserversorgung

Im Jahr 2024 beliefert die Middlesex Water Company etwa 291.000 Kunden in New Jersey und Delaware. Das Unternehmen verfügt über eine Wasserproduktionskapazität von 60 Millionen Gallonen pro Tag.

Servicebereich	Gesamtzahl der Kunden	Tägliche Wasserproduktionskapazität
New Jersey	266,000	50 Millionen Gallonen
Delaware	25,000	10 Millionen Gallonen

Hochwertige Wasseraufbereitungsdienste

Das Unternehmen ist tätig 5 Wasseraufbereitungsanlagen mit fortschrittlichen Filtertechnologien.

• Einhaltung der Wasserqualität: 99,8 %
• Jährliche Wasserqualitätsprüfung: Über 100.000 Tests
• Investition in Behandlungstechnologie: 3,2 Millionen US-Dollar im Jahr 2023

Konsistente Wartung der Infrastruktur

Die Investitionsausgaben für die Instandhaltung der Infrastruktur beliefen sich im Jahr 2023 auf 48,7 Millionen US-Dollar.

Infrastrukturkomponente	Wartungsaufwand
Austausch der Wasserleitung	22,5 Millionen US-Dollar
Modernisierung der Behandlungseinrichtung	15,3 Millionen US-Dollar
Verbesserungen der Pumpstation	10,9 Millionen US-Dollar

Engagement für ökologische Nachhaltigkeit

Die Middlesex Water Company hat sich verpflichtet, die CO2-Emissionen bis 2030 um 25 % zu reduzieren.

• Nutzung erneuerbarer Energien: 15 % des Gesamtenergieverbrauchs
• Investitionen in Wasserschutzprogramme: 1,6 Millionen US-Dollar pro Jahr
• Grüne Infrastrukturprojekte: 3 große Initiativen im Jahr 2023

Langfristiges Wasserressourcenmanagement

Insgesamt verwaltete Wasserressourcen: 12 Milliarden Gallonen jährlich.

Wasserquelle	Jahresvolumen
Oberflächenwasser	7,2 Milliarden Gallonen
Grundwasser	4,8 Milliarden Gallonen

Middlesex Water Company (MSEX) – Geschäftsmodell: Kundenbeziehungen

Direkte Kundensupportdienste

Die Middlesex Water Company unterhält Kundendienstzentren an mehreren Standorten, darunter Iselin, New Jersey. Das Unternehmen bietet Unterstützung durch:

• Telefonsupport: (800) 222-6190
• Online-Kundendienstportal
• E-Mail-Supportkanäle

Online-Abrechnung und Kontoverwaltung

Digitaler Service	Verfügbarkeit
Online-Rechnungszahlung	Zugang rund um die Uhr
Mobile Kontoverwaltung	Verfügbar über Web und Mobile App
Elektronische Abrechnung	Opt-in-Option

Community-Engagement- und Bildungsprogramme

Die Middlesex Water Company investiert in die Öffentlichkeitsarbeit durch:

• Wasserschutz-Workshops
• Schulbildungsprogramme
• Initiativen zur ökologischen Nachhaltigkeit

Regelmäßige Mitteilungen zur Verbesserung der Infrastruktur

Das Unternehmen bietet vierteljährliche Infrastrukturaktualisierungsberichte an Kunden mit folgenden Einzelheiten:

• Geplante Infrastrukturinvestitionen
• Systemwartungspläne
• Projekte zur Verbesserung der Wasserqualität

Transparente Preise und Servicezuverlässigkeit

Preismetrik	Daten für 2023
Durchschnittlicher Wasserpreis für Privathaushalte	4,23 $ pro 1.000 Gallonen
Service-Zuverlässigkeitsrate	99.97%
Jährliche Infrastrukturinvestition	35,2 Millionen US-Dollar

Middlesex Water Company (MSEX) – Geschäftsmodell: Kanäle

Direkte Kundendienstzentren

Die Middlesex Water Company betreibt zwei primäre Kundendienstzentren in:

• Iselin, New Jersey (Hauptsitz)
• Camroden, New Jersey

Standort	Jährliche Kundeninteraktionen	Servicezeiten
Iselin-Zentrum	48.375 Kundeninteraktionen	Montag-Freitag, 8:00 - 17:00 Uhr
Camroden Center	22.614 Kundeninteraktionen	Montag–Freitag, 8:30–16:30 Uhr

Online-Webportal und mobile Anwendungen

Statistiken zu digitalen Plattformen für 2023:

Plattform	Monatlich aktive Benutzer	Hauptmerkmale
Webportal	37.582 Benutzer	Rechnungszahlung, Nutzungsverfolgung
Mobile Anwendung	22.415 Benutzer	Ausfallberichte, Zählerstände

Kundenabrechnungen

Abrechnungskommunikationskanäle:

• Elektronische Rechnung: 68 % der Kunden
• Papierabrechnung: 32 % der Kunden
• Gesendete Jahresabrechnungen: 136.745

Lokale Community-Treffen

Besprechungstyp	Häufigkeit	Durchschnittliche Anwesenheit
Jährliche öffentliche Versammlungen	4 Mal im Jahr	187 Teilnehmer
Sitzungen zur Infrastrukturplanung	2 mal im Jahr	92 Teilnehmer

Digitale Kommunikationsplattformen

Plattform	Follower/Abonnenten	Monatliches Engagement
Facebook	4.275 Follower	12.385 Interaktionen
Twitter	2.614 Follower	6.742 Interaktionen
LinkedIn	1.837 Verbindungen	3.215 Interaktionen

Middlesex Water Company (MSEX) – Geschäftsmodell: Kundensegmente

Privatwasserverbraucher

Ab 2022 beliefert die Middlesex Water Company etwa 77.000 Privatkunden in New Jersey und Delaware.

Kundenkategorie	Anzahl der Kunden	Servicebereich
Wohnwassernutzer	77,000	New Jersey und Delaware

Gewerbliche und industrielle Wassernutzer

Das Unternehmen bietet Wasserdienstleistungen für rund 1.500 Gewerbe- und Industriekunden in seinen Servicegebieten an.

• Gewerbebetriebe im kommunalen Bereich
• Industrieanlagen, die eine gleichmäßige Wasserversorgung erfordern
• Firmengelände und Bürokomplexe

Benutzertyp	Anzahl der Kunden	Durchschnittlicher Wasserverbrauch
Gewerbliche Kunden	1,200	250.000 Gallonen/Monat
Industriekunden	300	500.000 Gallonen/Monat

Kunden der Kommunalverwaltung

Die Middlesex Water Company beliefert 12 kommunale Regierungsbehörden in New Jersey und Delaware und stellt die Wasserversorgung und Infrastrukturverwaltung für große Mengen bereit.

Institutionelle Kunden

Das Unternehmen beliefert 50 institutionelle Kunden mit Wasser, darunter:

• Öffentliche Schulen
• Krankenhäuser
• Universitäten
• Regierungseinrichtungen

Regionale Wasserversorgungsgebiete

Staat	Servicebereiche	Gesamtbevölkerung versorgt
New Jersey	Middlesex County, Somerset County	350,000
Delaware	New Castle County	50,000

Middlesex Water Company (MSEX) – Geschäftsmodell: Kostenstruktur

Wartung und Upgrades der Infrastruktur

Im Jahr 2023 meldete die Middlesex Water Company Kapitalausgaben in Höhe von 76,8 Millionen US-Dollar für Infrastrukturinvestitionen und Systemverbesserungen. Das Infrastrukturwartungsbudget des Unternehmens stellte rund 12,3 Millionen US-Dollar speziell für die Reparatur und den Austausch von Wasserverteilungssystemen bereit.

Kategorie „Infrastrukturkosten“.	Jährliche Ausgaben
Austausch der Wasserleitung	5,6 Millionen US-Dollar
Modernisierung der Behandlungseinrichtung	4,2 Millionen US-Dollar
Pipeline-Sanierung	2,5 Millionen Dollar

Kosten für Wasseraufbereitung und -reinigung

Die Wasseraufbereitungskosten für die Middlesex Water Company beliefen sich im Jahr 2023 auf insgesamt 9,7 Millionen US-Dollar und umfassten chemische Behandlungen, Filterprozesse und Qualitätskontrollmaßnahmen.

• Kosten für chemische Behandlung: 3,2 Millionen US-Dollar
• Kosten für die Prüfung der Wasserqualität: 1,5 Millionen US-Dollar
• Wartung der Reinigungsausrüstung: 2,8 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten der Middlesex Water Company beliefen sich im Jahr 2023 auf 24,6 Millionen US-Dollar, einschließlich direkter Gehälter, Gesundheitsversorgung, Altersvorsorge und Schulungsprogrammen.

Personalkostenkategorie	Jährliche Kosten
Grundgehälter	18,3 Millionen US-Dollar
Gesundheitsleistungen	3,9 Millionen US-Dollar
Altersvorsorgebeiträge	2,4 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich für die Middlesex Water Company im Jahr 2023 auf 6,5 Millionen US-Dollar und deckten Umweltvorschriften, Wasserqualitätsstandards und Berichtspflichten ab.

• Umweltüberwachung: 2,3 Millionen US-Dollar
• Regulatorische Berichterstattung: 1,7 Millionen US-Dollar
• Compliance-Dokumentation: 1,5 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

Die Investitionen in Technologie und Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 5,4 Millionen US-Dollar und konzentrierten sich auf fortschrittliche Überwachungssysteme, digitale Infrastruktur und Betriebstechnologien.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Digitale Überwachungssysteme	2,1 Millionen US-Dollar
Betriebssoftware	1,8 Millionen US-Dollar
Verbesserungen der Cybersicherheit	1,5 Millionen Dollar

Middlesex Water Company (MSEX) – Geschäftsmodell: Einnahmequellen

Gebühren für die Wasserversorgung in Wohngebieten

Laut Jahresbericht 2023 erzielte die Middlesex Water Company Einnahmen aus der Wasserversorgung von Privathaushalten in Höhe von 105,1 Millionen US-Dollar. Das Unternehmen betreut rund 291.000 Kunden in New Jersey und Delaware.

Kundensegment	Jahresumsatz	Anzahl der Kunden
Wasserversorgung für Privathaushalte	105,1 Millionen US-Dollar	291,000

Gebühren für die gewerbliche Wasserversorgung

Die Einnahmen aus kommerziellen Wasserdienstleistungen beliefen sich im Jahr 2023 auf insgesamt 37,6 Millionen US-Dollar, was etwa 26 % der gesamten Einnahmen aus Wasserdienstleistungen ausmacht.

Kennzahlen für kommerzielle Wasserdienstleistungen	Wert
Jährliche kommerzielle Wassereinnahmen	37,6 Millionen US-Dollar
Prozentsatz des gesamten Wasserdienstleistungsumsatzes	26%

Infrastrukturberatungsdienste

Die Middlesex Water Company erwirtschaftete im Jahr 2023 12,4 Millionen US-Dollar mit Infrastrukturberatung und damit verbundenen Dienstleistungen.

Kommunale Wassermanagementverträge

Die Einnahmen aus kommunalen Verträgen für 2023 beliefen sich auf 28,9 Millionen US-Dollar und deckten den Wassersystembetrieb für mehrere Kommunen ab.

Einzelheiten zum Kommunalvertrag	Wert
Jährliche Einnahmen aus kommunalen Verträgen	28,9 Millionen US-Dollar

Einnahmen aus der Wartung und Reparatur von Wassersystemen

Wartungs- und Reparaturdienste erwirtschafteten im Jahr 2023 einen Umsatz von 16,5 Millionen US-Dollar.

• Gesamterhaltungseinnahmen: 16,5 Millionen US-Dollar
• Abdeckung des Wartungsservices: Mehrere Servicegebiete in New Jersey und Delaware

Gesamte kombinierte Einnahmequellen für 2023: 200,5 Millionen US-Dollar

Middlesex Water Company (MSEX) - Canvas Business Model: Value Propositions

You're looking at the core value Middlesex Water Company (MSEX) delivers to its various stakeholders. It's a utility built on reliability, a long history, and a clear commitment to both infrastructure and shareholders.

Highly reliable, safe, and compliant water/wastewater service

Middlesex Water Company provides life-sustaining services, focusing on operational excellence to ensure customers receive safe and reliable water and wastewater service. This commitment is backed by significant capital deployment.

• Planned annual investment for 2025 was approximately $93 million.
• Approximately $72 million was invested in infrastructure upgrades through the first nine months of 2025.
• A specific RENEW program project in Woodbridge, New Jersey, involved a $10.3 million investment to replace 22,590 linear feet of water mains.
• The RENEW program itself marks its 30th year of operation.

Stability and peace of mind from a century-old utility

Established in 1897, Middlesex Water Company offers deep operational tenure, which translates directly into customer and investor confidence. This long history underpins the perception of essential, uninterrupted service.

The company serves more than half a million people in New Jersey and Delaware. Furthermore, its corporate credit rating is noted as "A" from S&P.

Financial relief for municipalities through system acquisition

Middlesex Water Company pursues selective and sustainable growth by acquiring smaller systems, bringing them under its management standards. This offers a path for smaller entities to offload utility management responsibilities.

Acquisition Target	Date Announced/Completed	Acquisition Cost	Customers Served
Ocean View Water System	April 2025 (Completed)	Data Not Specified	Data Not Specified
Pinewood Acres water utility assets	October 2025 (Asset Purchase Agreement Executed)	$0.2 million	Approximately 350

Consistent, growing dividend for shareholders (53rd consecutive year of increases)

For investors, the primary value proposition is the unparalleled commitment to returning capital, placing Middlesex Water Company in an elite group of Dividend Kings. This streak is a direct reflection of the utility's predictable cash flows.

The company has paid cash dividends continually since 1912.

• The latest quarterly dividend declared was $0.36 per common share (as of October 2025).
• This represents a 5.88% increase from the prior $0.34 per share dividend.
• The resulting annual dividend rate increased to $1.44 per share from $1.36 per share.

Accelerated infrastructure upgrades via regulatory mechanisms (DSIC/RESIC)

Regulatory mechanisms allow Middlesex Water Company to recover prudently incurred capital investments faster than through general rate cases alone, which directly supports the infrastructure upgrade value proposition. In New Jersey, the combined DSIC and RESIC programs allow for semi-annual surcharge filings to recover up to $11.4 million or 7.5% of total annual revenues from the June 2025 base rate joint petition.

The company actively uses these mechanisms to recover costs associated with resiliency and environmental improvements.

Regulatory Filing Type	Jurisdiction	Expected Annual Revenue Impact (Latest Filing)	Total Existing Annual Revenue Recovery (Prior Filings)
DSIC Rate Application (Third Filing)	New Jersey	$1.9 million	$1.1 million
DSIC Rate Application (Fourth Filing)	Delaware	$0.9 million	$2.3 million

To be fair, the Delaware system saw a constructive rate case outcome in July 2025, approving an annual operating revenue increase of $5.5 million. Anyway, the New Jersey regulated utilities also filed for an increase in annual base revenues by approximately $24.9 million, which is 19.3% of current revenues, to recover investments for environmental compliance and service reliability.

Middlesex Water Company (MSEX) - Canvas Business Model: Customer Relationships

You're managing a utility in a highly regulated space; the relationship with the customer is fundamentally one of essential service provision, not competitive sales. Middlesex Water Company operates under a long-term, non-contractual relationship typical of a regulated monopoly in its core New Jersey service area.

The direct interaction with the customer base centers on the mechanics of service delivery. Middlesex Water Company serves approximately 61,000 retail water customers throughout New Jersey. This customer base includes residential, commercial, and industrial users, plus fire protection services. The company also provides essential services under contract to other entities, such as wholesale water service to the City of Rahway, the Townships of Edison and Marlboro, the Borough of Highland Park, and the Old Bridge Municipal Utilities Authority, and water treatment and pumping services to East Brunswick. Furthermore, its subsidiary, Tidewater Utilities, Inc., serves approximately 350 customers in Kent County, Delaware, following a recent acquisition filing. This scale of service delivery necessitates direct customer service channels for billing inquiries, service interruptions, and water quality concerns.

The most significant, structured interaction with the customer base revolves around regulatory engagement to justify the rate base and capital recovery. Middlesex Water Company, along with Pinelands Water Company and Pinelands Wastewater Company, filed a joint petition with the New Jersey Board of Public Utilities (NJBPU) on June 30, 2025, seeking approval for new rates. This filing was driven by close to $100 million in prudently-incurred investments. The company is seeking a total annual revenue increase of approximately $24,919,160, which represents about a 19.31% increase above the annual level of present rate revenues for the test year ending October 31, 2025, utilizing a return on equity of 10.50%. Here's the quick math on the customer impact: if the full request is approved, the average residential customer using about 15,000 gallons of water per quarter would see an increase of approximately $14.13 per month, or $0.47 per day.

The relationship is also managed through transparency regarding major infrastructure investments, which are often communicated under the Water For Tomorrow® campaign. This ongoing effort enhances safety, reliability, and resiliency. A key part of this is the "Knocking Out Lead" initiative, which has a target date to eliminate utility and customer-owned lead and galvanized steel service lines by 2031. To manage the disruption from this work, Middlesex Water Company regularly coordinates water main replacement projects with municipal paving programs and other utility work, which eliminates the need for repaving and minimizes construction impact on customers. The company also works to address affordability by promoting the Low Income Household Water Assistance Program (LIHWAP) to customers facing payment difficulties.

The commitment to stability, which underpins customer trust in a monopoly, is evident in its dividend history. Middlesex Water Company has paid cash dividends continually since 1912 and has increased the dividends received by shareholders each calendar year for 52 consecutive years. For context on the business performance supporting this, the trailing 12-month revenue as of September 30, 2025, was $195M, and the diluted EPS for the nine months ended September 30, 2025, was $0.77.

The formal structure of the customer relationship is best seen by mapping the service base against the regulatory action taken to fund infrastructure improvements:

Customer Segment Metric	Data Point (Late 2025)
Total Retail Water Customers (NJ)	61,000
Wholesale/Contracted Water Entities Served	6 (Rahway, Edison, Marlboro, Highland Park, Old Bridge MUA, East Brunswick)
Delaware Subsidiary Customers (Tidewater)	Approx. 350 (Post-acquisition filing)
2025 Rate Case Investment Justification	Close to $100 million
Requested Annual Revenue Increase (2025 Filing)	$24,919,160
Average Residential Monthly Bill Increase (If Approved)	Approx. $14.13
Lead Service Line Elimination Target Year	2031

Community outreach is formalized, with Brian Hague joining in February 2025 as Vice President of Communications & Corporate Affairs to oversee community outreach initiatives. Employees support local communities through volunteer events such as Habitat for Humanity, Adopt a Highway Clean Up, and the Future City STEM program for middle school students. These actions help build stronger communities and serve as a trusted resource to local governments.

You should review the impact of the 19.31% requested revenue increase against customer communication plans for the next quarter. Finance: draft 13-week cash view by Friday.

Middlesex Water Company (MSEX) - Canvas Business Model: Channels

You're looking at how Middlesex Water Company gets its value proposition-safe, reliable water-to its customers and stakeholders. The primary channel is, naturally, the physical network. Middlesex Water Company owns and operates the pipes that deliver water to about 61,000 customers mostly in central New Jersey. This physical delivery system is constantly being reinforced; for the nine months ended September 30, 2025, the company invested $72 million in water and wastewater utility infrastructure, which was approximately 77% of the total planned 2025 capital budget. This investment focus includes replacing about 12 miles of cast iron water mains. The planned 2025 annual investment for this network was approximately $93 million.

Here's a quick look at the scale of the physical and customer base channel:

Metric	Value (as of late 2025)	Period/Context
Regulated Customers Served	61,000	Central New Jersey
YTD Infrastructure Investment	$72 million	Nine months ended September 30, 2025
Planned 2025 Annual Capital Investment	Approx. $93 million	2025 Fiscal Year
Cast Iron Main Replacement Target	Approx. 12 miles	Infrastructure Upgrade Program

For customer interaction, billing, and general inquiries, Middlesex Water Company relies on established service points. While specific call center volume isn't public, the channel supports the 61,000 customer base. You can expect interactions through customer service centers and online portals for managing accounts. The company's success in growing its customer base is reflected in operating revenues increasing by $3.1 million in the Middlesex System for the first six months of 2025, driven by rate increases and customer growth. This growth is a direct measure of the channel's reach.

The Non-Regulated contract services division acts as a separate channel for service delivery to municipal and private clients, primarily for operation and maintenance. This segment's financial contribution shows some variability. For the nine months ended September 30, 2025, revenue from these non-regulated businesses saw a $0.3 million decrease compared to the same period in 2024. Similarly, for the first half of 2025, there was a $0.4 million decrease in supplemental contract services revenue year-over-year. This division definitely provides diversification, but its revenue stream is less predictable than the regulated utility side.

Communicating investment needs and securing cost recovery happens through formal regulatory channels. These filings are critical for justifying capital expenditures to the New Jersey Board of Public Utilities (NJBPU) and the Delaware Public Service Commission (DEPSC). For instance, the New Jersey regulated utilities filed a joint petition in June 2025 requesting an annual base revenue increase of approximately $24.9 million, or 19.3%, to recover close to $100 million in investments. Furthermore, Middlesex filed a third Distribution System Improvement Charge (DSIC) rate application expected to add $1.9 million in annual revenues starting June 2025, stacked on top of existing annual revenues of $1.1 million from prior DSIC filings. More recently, in October 2025, a fourth DSIC application was filed, seeking an additional $0.9 million in annual revenues, beyond the existing $2.3 million from earlier DSIC programs. In Delaware, a rate case settlement approved a $5.5 million annual operating revenue increase, effective July 3, 2025, based on a 9.5% authorized return on common equity. These regulatory actions are the formal channels for ensuring the utility can fund its physical network improvements. Finance: draft 13-week cash view by Friday.

Middlesex Water Company (MSEX) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Middlesex Water Company (MSEX), which is fundamentally split between its regulated utility operations and its non-regulated contract services. Honestly, the regulated side is the engine, driving the vast majority of the financial results.

The regulated business serves a population base of over half a million people across New Jersey and Delaware, providing life-sustaining water service. The company is one of only eight remaining U.S. based publicly traded water utilities.

Regulated Residential Customers (largest segment, stable demand)

This is the bedrock of Middlesex Water Company's business. The search results confirm that the majority of the company's revenue is derived from the Regulated segment and from residential customers. While the exact number of residential accounts isn't explicitly stated, this segment provides the stable, predictable demand that underpins the utility model.

Regulated Commercial and Industrial Customers

These customers contribute significantly, especially when demand fluctuates. For instance, in the second quarter of 2024, Middlesex System revenues increased partly due to higher commercial and industrial billings. This segment's demand is more variable than residential, often tied to local economic activity and weather patterns affecting industrial processes.

Regulated Fire Protection Customers

Fire protection service is a mandated part of the regulated offering. This segment provides necessary infrastructure support but typically represents a smaller, fixed component of the overall revenue stream, usually covered through tariffed rates for the service availability.

Wholesale Customers (bulk water sales to other utilities)

While not explicitly detailed as a separate revenue line in the provided snippets, the regulated operations inherently involve bulk supply. In October 2024, Middlesex Water Company filed a petition to recover costs for purchasing treated water from a non-affiliated water utility regulated by the NJBPU, indicating inter-utility transactions exist. This suggests that selling bulk water to other entities, though perhaps minor compared to direct end-user sales, is part of the operational landscape.

Non-Regulated Municipal and Private System Owners (contract services)

This segment offers contract services for the operation of private, municipal, or county-owned water and wastewater systems. This is Middlesex Water Company's growth area outside of rate base expansion. Non-regulated revenues saw an increase of $0.7 million in 2024 due to higher supplemental contract services. However, for the first half of 2025, non-regulated revenues were $0.4 million lower compared to the same period in 2024. This segment also includes recent strategic moves, such as the expected April 2025 closing of the acquisition of Ocean View water utility assets in Delaware, which serves approximately 900 customers.

Here's a quick look at the revenue context for the regulated vs. non-regulated split, using the latest full-year and trailing twelve-month data available. What this estimate hides is the precise revenue split between residential and commercial/industrial within the regulated segment.

Revenue Metric	Amount (USD)	Period/Date
Trailing 12-Month Revenue (TTM)	$195M	As of 30-Sep-2025
Full Year Revenue	$191.9 million	Year Ended 2024
Non-Regulated Revenue Increase	$0.7 million	Full Year 2024
Non-Regulated Revenue Change	Down $0.4 million	Six Months Ended June 30, 2025 vs. 2024

The customer base is geographically concentrated but diversified by use type:

• Serves customers in New Jersey and Delaware.
• Regulated services cover residential, commercial, industrial, and fire protection.
• Non-regulated services include contract operations for private and municipal systems.
• Acquired assets serving approximately 900 customers in Delaware in 2025.

Finance: draft 13-week cash view by Friday.

Middlesex Water Company (MSEX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Middlesex Water Company (MSEX), and honestly, it's what you'd expect for a premier utility: heavy on the long-term assets. The cost structure is defintely capital-intensive, meaning a huge chunk of cash goes into keeping the pipes and treatment plants running and expanding.

The infrastructure investment is the bedrock of these costs. For the nine months ending September 30, 2025, Middlesex Water Company invested \$72 million in water and wastewater utility infrastructure. This represents approximately 77% of the planned \$93 million annual capital budget for 2025. This consistent, large-scale capital deployment is a primary cost driver, often funded by debt.

Fixed costs are substantial, driven by the sheer scale of the utility plant that needs to be maintained and accounted for over decades. Depreciation is a clear indicator here. For the nine months ended September 30, 2025, depreciation expense totaled \$20.171 million. This is a non-cash cost, but it reflects the massive asset base required to operate.

Operations and Maintenance (O&M) expenses, which capture many variable and semi-variable costs, were \$67.913 million for the same nine-month period in 2025. Within this, variable production costs fluctuate based on external factors. For instance, operating expenses for the third quarter ended September 30, 2025, were \$36.4 million, with increases partially driven by higher variable production costs linked to weather-driven lower water quality.

Here's a quick look at some of the key cost components for the nine months ended September 30, 2025, compared to the prior year:

Cost Component (9 Months Ended Sept 30)	2025 Amount (in thousands)	2024 Amount (in thousands)
Total Operating Expenses	$104,544	$102,089
Operations and Maintenance	$67,913	$67,649
Depreciation	$20,171	$18,010
Interest Charges	$10,535	$10,721

Financing these massive capital projects means interest expense is a regular feature on the cost ledger. For the nine months ending September 30, 2025, interest charges amounted to \$10.535 million. This expense is directly tied to the long-term debt taken on to fund system resiliency and growth projects.

Labor costs represent another critical, relatively fixed component, necessary to ensure compliance and operational integrity. The need for licensed operational and technical staff drives these expenses. For example, the increase in operating expenses for the second quarter of 2025 was partly attributed to higher labor costs stemming from wage and employee headcount increases.

You can see the impact of these costs on quarterly performance:

• Operating expenses for Q3 2025 were \$36.4 million.
• Operating expenses for Q2 2025 were \$35.4 million.
• Operating expenses for Q1 2025 were \$32.7 million.
• Interest Charges for Q3 2025 were \$4.200 million.

Finance: draft 13-week cash view by Friday.

Middlesex Water Company (MSEX) - Canvas Business Model: Revenue Streams

Middlesex Water Company (MSEX) revenue streams are heavily weighted toward regulated utility services, which is typical for the sector. You see this in the primary revenue sources.

• Regulated Water Services revenue, the primary source, is approximately 88% of total revenue.
• Regulated Wastewater Services revenue accounts for approximately 11% of total revenue.

The company also captures revenue through regulatory mechanisms and non-regulated activities. Operating revenues for the first nine months of 2025 totaled $147.7 million.

Rate increases and surcharges are a key driver for revenue growth, especially in the regulated segments. For instance, the Delaware Public Service Commission order approved an increase in annual operating revenues by $5.5 million based on a prior filing, though a more recent Delaware rate surcharge is expected to add $0.9 million a year.

Here's a look at some of the key figures related to the revenue streams for the nine months ended September 30, 2025:

Revenue Component Detail	Amount/Change	Period/Context
Total Operating Revenues	$147.7 million	Nine months ended September 30, 2025
Decrease in Non-Regulated Contract Services Revenue	$0.3 million decrease	Nine months ended September 30, 2025
Annual Revenue Increase from Delaware Rate Increase (Historical Filing)	$5.5 million annual increase	Based on a filing that resulted in an approved increase
Annual Revenue from New Delaware Rate Surcharge	$0.9 million a year	Expected annual addition

The non-Regulated Contract Services revenue stream saw a slight dip. Specifically, there was a $0.3 million decrease primarily due to lower supplemental contract services revenue in the non-regulated businesses for the nine months ending September 30, 2025. Still, rate increases and customer growth generally offset lower consumption driven by weather across the Middlesex System and the Tidewater System.

• The Delaware rate increase from the 2006 filing was for an overall increase of 38.6% in water rates for Tidewater Utilities, Inc.
• The Delaware rate increase was based on an authorized return on common equity of 9.5% and a common equity ratio of 53.50%.