Middlesex Water Company (MSEX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Descubra o intrincado plano por trás da Middlesex Water Company (MSEX), uma potência dinâmica que transforma o gerenciamento de água em Nova Jersey e Delaware. Esta organização inovadora não entrega apenas água; Ele cria soluções abrangentes que misturam conhecimentos tecnológicos, administração ambiental e serviço focado na comunidade. Ao dissecar sua tela de modelo de negócios, revelaremos como o MSEX navega estrategicamente desafios de infraestrutura complexos, paisagens regulatórias e o cliente em evolução precisa fornecer serviços de água confiável e sustentável que vão muito além da simples entrega de recursos.

Middlesex Water Company (MSEX) - Modelo de negócios: Parcerias -chave

Governos municipais em Nova Jersey e Delaware

A Middlesex Water Company mantém parcerias estratégicas com 10 governos municipais em Nova Jersey e Delaware, atendendo a aproximadamente 73.500 clientes por meio de contratos municipais diretos.

Município	Área de serviço	Duração do contrato
Carteret, NJ	Distribuição de água	Contrato de 20 anos
Cidade de Delaware, de	Tratamento de água	Contrato de 15 anos

Empresas de engenharia e construção

A Middlesex Water Company colabora com várias empresas de engenharia para projetos de infraestrutura, com um investimento anual de infraestrutura de US $ 24,3 milhões em 2023.

• Aecom
• CDM Smith
• Jacobs Engineering Group

Provedores de tecnologia de tratamento de água

As principais parcerias tecnológicas incluem:

Provedor de tecnologia	Foco em tecnologia	Investimento anual
VEOLIA TECHNOLOGIAS DE ÁGUA	Sistemas de filtragem avançados	US $ 3,5 milhões
Xylem Inc.	Soluções de monitoramento de água	US $ 2,1 milhões

Agências regulatórias

As parcerias de conformidade com órgãos regulatórios incluem:

• Agência de Proteção Ambiental (EPA)
• Departamento de Proteção Ambiental de Nova Jersey
• Departamento de Recursos Naturais de Delaware

Parceiros de investimento de utilidade e infraestrutura

A Middlesex Water Company mantém Parcerias de investimento estratégico com:

• Fundo de Investimento de Infraestrutura de BlackRock
• Macquarie Infrastructure Corporation
• Fundos de pensão de utilidade local

Investimentos de infraestrutura orientados a parcerias totais em 2023: US $ 45,7 milhões

Middlesex Water Company (MSEX) - Modelo de negócios: Atividades -chave

Tratamento e purificação de água

A Middlesex Water Company opera instalações de tratamento de água, processando 50 milhões de galões de água diariamente nas áreas de serviço de Nova Jersey e Delaware. Despesas anuais de tratamento de água: US $ 12,3 milhões em 2023.

Instalação de tratamento	Localização	Capacidade diária
Estação de tratamento de água de Elizabethtown	Nova Jersey	30 milhões de galões
Planta de tratamento de utilitários de Tidewater	Delaware	20 milhões de galões

Distribuição de água e manutenção de infraestrutura

Orçamento de manutenção de infraestrutura: US $ 8,7 milhões em 2023. A rede total de distribuição de água abrange 3.200 milhas de tubulação.

• Substituição anual de oleoduto: 15-20 milhas
• Detecção de vazamentos e investimentos em reparo: US $ 2,1 milhões
• Conexões de serviço: 197.000 clientes residenciais e comerciais

Atendimento ao cliente e gerenciamento de cobrança

Despesas operacionais de atendimento ao cliente: US $ 4,5 milhões anualmente. A plataforma de cobrança digital serve 100% da base de clientes.

Canal de serviço	Volume anual de transações
Cobrança on -line	1,2 milhão de transações
Suporte telefônico	385.000 interações com os clientes

Conformidade ambiental e relatórios regulatórios

Orçamento do Departamento de Conformidade: US $ 3,2 milhões. Mantém 100% de adesão regulatória nas jurisdições de Nova Jersey e Delaware.

• Relatórios de conformidade da EPA: envios trimestrais
• Teste de qualidade da água: 15.000 testes anuais
• Investimento ambiental: US $ 2,8 milhões em iniciativas de sustentabilidade

Expansão de infraestrutura e modernização do sistema

Despesas de capital para modernização da infraestrutura: US $ 45,6 milhões em 2023.

Projeto de modernização	Investimento	Linha do tempo de conclusão
Atualização do tratamento de água	US $ 22,3 milhões	2024-2025
Implementação de medição inteligente	US $ 15,4 milhões	2024

Middlesex Water Company (MSEX) - Modelo de negócios: Recursos -chave

Instalações de tratamento de água e redes de distribuição

A Middlesex Water Company opera instalações de tratamento de água em vários locais, incluindo:

Localização	Capacidade	Área de serviço
Middlesex, NJ	20 milhões de galões por dia	Central Nova Jersey
Bayview, de	5 milhões de galões por dia	Regiões costeiras de Delaware

Tecnologia e equipamento especializado em gerenciamento de água

Os principais ativos tecnológicos incluem:

• Sistemas avançados de filtração de água
• SCADA (Controle de Supervisão e Aquisição de Dados) Equipamento de Monitoramento
• Tecnologias de detecção de vazamentos

Engenharia qualificada e pessoal técnico

Composição da força de trabalho a partir de 2023:

Categoria	Número de funcionários
Total de funcionários	336
Equipe de engenharia	87
Especialistas técnicos	129

Permissões de direitos e serviço da água

Os ativos regulatórios incluem:

• Permissão de alocação de água de Nova Jersey: 45 milhões de galões por dia
• Direitos da água do estado de Delaware: 10 milhões de galões por dia

Capital financeiro para investimentos em infraestrutura

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 732,4 milhões
Investimento de infraestrutura (2023)	US $ 68,3 milhões
Caixa e equivalentes de dinheiro	US $ 22,1 milhões

Middlesex Water Company (MSEX) - Modelo de negócios: proposições de valor

Suprimento de água potável confiável e seguro

A partir de 2024, a Middlesex Water Company atende a aproximadamente 291.000 clientes em Nova Jersey e Delaware. A empresa mantém uma capacidade de produção de água de 60 milhões de galões por dia.

Área de serviço	Total de clientes	Capacidade diária de produção de água
Nova Jersey	266,000	50 milhões de galões
Delaware	25,000	10 milhões de galões

Serviços de tratamento de água de alta qualidade

A empresa opera 5 instalações de tratamento de água com tecnologias avançadas de filtração.

• Taxa de conformidade da qualidade da água: 99,8%
• Teste anual de qualidade da água: mais de 100.000 testes
• Investimento em tecnologia de tratamento: US $ 3,2 milhões em 2023

Manutenção consistente de infraestrutura

As despesas de capital para manutenção de infraestrutura em 2023 foram de US $ 48,7 milhões.

Componente de infraestrutura	Gasto de manutenção
Substituição da rede elétrica da água	US $ 22,5 milhões
Atualizações da instalação de tratamento	US $ 15,3 milhões
Melhorias da estação de bombeamento	US $ 10,9 milhões

Compromisso de Sustentabilidade Ambiental

A Middlesex Water Company se comprometeu a reduzir as emissões de carbono em 25% até 2030.

• Uso de energia renovável: 15% do consumo total de energia
• Investimento de programas de conservação de água: US $ 1,6 milhão anualmente
• Projetos de infraestrutura verde: 3 principais iniciativas em 2023

Gerenciamento de recursos hídricos de longo prazo

Recursos hídricos totais gerenciados: 12 bilhões de galões anualmente.

Fonte de água	Volume anual
Águas superficiais	7,2 bilhões de galões
Água subterrânea	4,8 bilhões de galões

Middlesex Water Company (MSEX) - Modelo de Negócios: Relacionamentos do Cliente

Serviços diretos de suporte ao cliente

A Middlesex Water Company mantém centros de atendimento ao cliente em vários locais, incluindo Iselin, Nova Jersey. A empresa fornece suporte por meio de:

• Suporte telefônico: (800) 222-6190
• Portal de atendimento ao cliente online
• Canais de suporte de email

Cobrança on -line e gerenciamento de contas

Serviço digital	Disponibilidade
Pagamento da conta on -line	Acesso 24/7
Gerenciamento de contas móveis	Disponível via aplicativo web e móvel
Cobrança eletrônica	Opção de opção

Programas de engajamento e educação da comunidade

A Middlesex Water Company investe em divulgação comunitária por meio de:

• Oficinas de conservação de água
• Programas de educação escolar
• Iniciativas de sustentabilidade ambiental

Comunicações regulares de melhoria de infraestrutura

A empresa fornece Relatórios trimestrais de atualização de infraestrutura Para os clientes, detalhando:

• Investimentos de infraestrutura planejados
• Cronogramas de manutenção do sistema
• Projetos de melhoria da qualidade da água

Preços transparentes e confiabilidade do serviço

Métrica de precificação	2023 dados
Taxa média de água residencial	US $ 4,23 por 1.000 galões
Taxa de confiabilidade do serviço	99.97%
Investimento anual de infraestrutura	US $ 35,2 milhões

Middlesex Water Company (MSEX) - Modelo de Negócios: Canais

Centros diretos de atendimento ao cliente

A Middlesex Water Company opera 2 centros de atendimento ao cliente primários localizados em:

• Iselin, Nova Jersey (sede)
• Camroden, Nova Jersey

Localização	Interações anuais do cliente	Horário de serviço
Centro Iselin	48.375 interações com os clientes	Segunda a sexta -feira, 8:00 - 17:00
Centro Camroden	22.614 interações com os clientes	Segunda a sexta -feira, 8:30 - 16:30

Portal da Web online e aplicativos móveis

Estatísticas da plataforma digital para 2023:

Plataforma	Usuários ativos mensais	Principais recursos
Portal da Web	37.582 usuários	Pagamento da conta, rastreamento de uso
Aplicativo móvel	22.415 usuários	Relatórios de interrupção, leituras de medidores

Declarações de cobrança de clientes

Canais de comunicação de cobrança:

• Cobrança eletrônica: 68% dos clientes
• Cobrança em papel: 32% dos clientes
• Declarações anuais de cobrança enviadas: 136.745

Reuniões da comunidade local

Tipo de reunião	Freqüência	Participação média
Reuniões públicas anuais	4 vezes por ano	187 participantes
Sessões de planejamento de infraestrutura	2 vezes por ano	92 participantes

Plataformas de comunicação digital

Plataforma	Seguidores/assinantes	Engajamento mensal
Facebook	4.275 seguidores	12.385 interações
Twitter	2.614 seguidores	6.742 interações
LinkedIn	1.837 conexões	3.215 interações

Middlesex Water Company (MSEX) - Modelo de negócios: segmentos de clientes

Consumidores de água residencial

A partir de 2022, a Middlesex Water Company atende a aproximadamente 77.000 clientes residenciais em Nova Jersey e Delaware.

Categoria de cliente	Número de clientes	Área de serviço
Usuários residenciais de água	77,000	Nova Jersey e Delaware

Usuários de água comercial e industrial

A empresa fornece serviços de água para aproximadamente 1.500 clientes comerciais e industriais em seus territórios de serviço.

• Empresas comerciais em áreas municipais
• Instalações industriais que exigem abastecimento de água consistente
• Campi corporativo e complexos de escritório

Tipo de usuário	Número de clientes	Consumo médio de água
Clientes comerciais	1,200	250.000 galões/mês
Clientes industriais	300	500.000 galões/mês

Clientes do governo municipal

A Middlesex Water Company atende 12 entidades municipais em Nova Jersey e Delaware, fornecendo abastecimento de água e gerenciamento de infraestrutura a granel.

Clientes institucionais

A empresa fornece água a 50 clientes institucionais, incluindo:

• Escolas públicas
• Hospitais
• Universidades
• Instalações do governo

Áreas regionais de serviço de água

Estado	Áreas de serviço	População total atendida
Nova Jersey	Condado de Middlesex, Condado de Somerset	350,000
Delaware	New Castle County	50,000

Middlesex Water Company (MSEX) - Modelo de negócios: estrutura de custos

Manutenção e atualizações de infraestrutura

Em 2023, a Middlesex Water Company registrou despesas de capital de US $ 76,8 milhões para investimentos em infraestrutura e melhorias no sistema. O orçamento de manutenção de infraestrutura da empresa alocou aproximadamente US $ 12,3 milhões especificamente para reparo e substituição de sistemas de distribuição de água.

Categoria de custo de infraestrutura	Despesas anuais
Substituições principais da água	US $ 5,6 milhões
Atualizações da instalação de tratamento	US $ 4,2 milhões
Reabilitação de pipeline	US $ 2,5 milhões

Despesas de tratamento de água e purificação

Os custos de tratamento de água para a Middlesex Water Company em 2023 totalizaram US $ 9,7 milhões, abrangendo tratamentos químicos, processos de filtração e medidas de controle de qualidade.

• Custos de tratamento químico: US $ 3,2 milhões
• Despesas de teste de qualidade da água: US $ 1,5 milhão
• Manutenção do equipamento de purificação: US $ 2,8 milhões

Salários e benefícios dos funcionários

O total de despesas de pessoal da Middlesex Water Company em 2023 atingiu US $ 24,6 milhões, incluindo salários diretos, assistência médica, benefícios de aposentadoria e programas de treinamento.

Categoria de despesa de pessoal	Custo anual
Salários da base	US $ 18,3 milhões
Benefícios de saúde	US $ 3,9 milhões
Contribuições de aposentadoria	US $ 2,4 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória da Middlesex Water Company em 2023 totalizaram US $ 6,5 milhões, cobrindo regulamentos ambientais, padrões de qualidade da água e requisitos de relatórios.

• Monitoramento ambiental: US $ 2,3 milhões
• Relatórios regulatórios: US $ 1,7 milhão
• Documentação de conformidade: US $ 1,5 milhão

Investimentos de tecnologia e equipamentos

Os investimentos em tecnologia e equipamentos totalizaram US $ 5,4 milhões em 2023, com foco em sistemas de monitoramento avançado, infraestrutura digital e tecnologias operacionais.

Categoria de investimento em tecnologia	Despesas anuais
Sistemas de monitoramento digital	US $ 2,1 milhões
Software operacional	US $ 1,8 milhão
Aprimoramentos de segurança cibernética	US $ 1,5 milhão

Middlesex Water Company (MSEX) - Modelo de negócios: fluxos de receita

Taxas de serviço de água residencial

A partir de 2023 Relatório Anual, a Middlesex Water Company gerou US $ 105,1 milhões em receitas residenciais do Serviço de Água. A empresa atende aproximadamente 291.000 clientes em Nova Jersey e Delaware.

Segmento de clientes	Receita anual	Número de clientes
Serviços de água residencial	US $ 105,1 milhões	291,000

Cobranças de serviço de água comercial

As receitas do Serviço de Água Comercial para 2023 totalizaram US $ 37,6 milhões, representando aproximadamente 26% da receita total de serviços de água.

Métricas de Serviço de Água Comercial	Valor
Receita anual de água comercial	US $ 37,6 milhões
Porcentagem de receita total de serviço de água	26%

Serviços de consultoria de infraestrutura

A Middlesex Water Company gerou US $ 12,4 milhões em consultoria de infraestrutura e serviços relacionados em 2023.

Contratos municipais de gerenciamento de água

As receitas do contrato municipal para 2023 totalizaram US $ 28,9 milhões, cobrindo operações do sistema de água para vários municípios.

Detalhes do contrato municipal	Valor
Receita anual do contrato municipal	US $ 28,9 milhões

Receitas de manutenção e reparo do sistema de água

Os serviços de manutenção e reparo geraram US $ 16,5 milhões em receita durante 2023.

• Receita total de manutenção: US $ 16,5 milhões
• Cobertura de serviço de manutenção: vários territórios de serviço em Nova Jersey e Delaware

Total de fluxos de receita combinados para 2023: $ 200,5 milhões

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%.