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Middlesex Water Company

Logo: The logo is from the following website: https://www.middlesexwater.com/wp-content/uploads/2018/06/MWC_Blue.png, Non-free logo, via Wikipedia4

Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897. The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.3 Its shares trade on Nasdaq under the symbol MSEX.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1897Founded1

Compare with Consolidated Water Co. Ltd., ARTESIAN RESOURCES CORP or The York Water Company, or pick any stock.

  • TickerMSEX on Nasdaq1
  • IndustryWater Supply1
  • HeadquartersIselin1
  • Websitewww.middlesexwater.com
  • Incorporated inNJ5
  • Business address485C Route 1 South, Suite 400, Iselin, Nj 088305
  • Filer categoryLarge accelerated filer5

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Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897. The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.9%Operating margin8
22.0%Net margin8
1.5%Revenue growth, 20258
8.7%Return on equity8
0.77×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Regulated brought in 93% of the revenue Middlesex Water Company broke down this way in fiscal 2025.

  1. Regulated$182.7M893%up 2% from 2024
  2. Non-Regulated$13.0M87%down 4% from 2024
Business segments by year
Business segments202320242025
Regulated$154.6M$179.4M$182.7M
Non-Regulated$12.8M$13.6M$13.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs76¢$147.1M
  • Income tax2¢$4.8M
  • Profit22¢$42.8M

Out of $194.7M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid40¢$24.9M
  • Kept or used elsewhere60¢$37.7M

Out of $62.6M of cash from operations.8

Financial statements

Revenue91011128$194.7M in 2025+45% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $134.5M$134.5M20192020: $141.4M$141.4M2020+5%2021: $143.0M$143.0M2021+1%2022: $162.3M$162.3M2022+13%2023: $166.3M$166.3M2023+2%2024: $191.9M$191.9M2024+15%2025: $194.7M$194.7M2025+1%
Operating income91011128$54.4M in 2025+53% since 2019
0$20.0M$40.0M$60.0M2019: $35.5M$35.5M20192020: $37.4M$37.4M2020+5%2021: $33.2M$33.2M2021−11%2022: $47.3M$47.3M2022+43%2023: $39.2M$39.2M2023−17%2024: $53.2M$53.2M2024+36%2025: $54.4M$54.4M2025+2%
Net income91011128$42.8M in 2025+26% since 2019
0$20.0M$40.0M$60.0M2019: $33.9M$33.9M20192020: $38.4M$38.4M2020+13%2021: $36.5M$36.5M2021−5%2022: $42.4M$42.4M2022+16%2023: $31.5M$31.5M2023−26%2024: $44.4M$44.4M2024+41%2025: $42.8M$42.8M2025−3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Operating Revenues$194.7M$191.9M$166.3M
Operations and Maintenance$91.3M$92.4M$83.1M
Depreciation$27.1M$24.4M$25.2M
Other Taxes$21.9M$21.9M$18.7M
Total Operating Expenses$140.3M$138.7M$127.1M
Operating Income$54.4M$53.2M$39.2M
Allowance for Funds Used During Construction$1.6M$1.3M$2.4M
Other Income, net$5.9M$10.8M$4.1M
Total Other Income, net$7.6M$12.1M$6.5M
Interest Charges$14.3M$14.0M$13.1M
Income before Income Taxes$47.6M$51.3M$32.6M
Income Taxes$4.8M$6.9M$1.0M
Net Income$42.8M$44.4M$31.5M
Preferred Stock Dividend Requirements$76.0K$112.0K$120.0K
Earnings Applicable to Common Stock, Basic$42.7M$44.2M$31.4M
Earnings Applicable to Common Stock, Diluted$42.7M$44.2M$31.4M
Basic (in dollars per share)$2.36$2.48$1.77
Diluted (in dollars per share)$2.36$2.47$1.76
Basic (in shares)18.1M shares17.8M shares17.7M shares
Diluted (in shares)18.1M shares17.9M shares17.8M shares

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Corporate structure

Middlesex Water Company sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Middlesex Water Company

  • Middlesex Water Company Iselin
    • Middlesex Water Maryland, Inc. Subsidiary · Maryland, United States
    • Pinelands Wastewater Company Subsidiary · New Jersey, United States
    • Pinelands Water Company Subsidiary · New Jersey, United States
    • Tidewater Utilities, Inc. Subsidiary · Delaware, United States
    • Twin Lakes Utilities, Inc. Subsidiary · Pennsylvania, United States
    • Utility Service Affiliates (Perth Amboy) Inc. Subsidiary · New Jersey, United States
    • Utility Service Affiliates, Inc. Subsidiary · New Jersey, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Middlesex Water Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$2.0M8 Dec 31, 2025$2.6M8 Dec 31, 2024−23.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.8M8 Dec 31, 2025$4.2M8 Dec 31, 2024−33.7%

Properties, in its own words

Utility Plant

The water utility plant in our systems consists of source of supply, pumping, water treatment, transmission and distribution, general facilities and all appurtenances, including all connecting pipes.

The rest of Item 2

The wastewater utility plant in our systems consist of pumping, treatment, collection mains, general facilities and all appurtenances, including all connecting pipes.

The Middlesex System’s principal source of surface supply is the Delaware & Raritan Canal owned by the State of New Jersey and operated as a water resource by the NJWSA.

Water is withdrawn from the Delaware & Raritan Canal at New Brunswick, New Jersey through our intake and pumping station, located on state-owned land bordering the canal. Water is transported through two raw water pipelines for treatment and distribution at our CJO Plant in Edison, New Jersey.

The CJO Plant includes chemical storage and chemical feed equipment, two dual rapid mixing basins, four upflow clarifiers which are also called superpulsators, three ozone contactors, twelve rapid filters containing gravel, sand and anthracite for water treatment and a steel washwater tank. The CJO Plant also includes a computerized Supervisory Control and Data Acquisitions system to monitor and control the CJO Plant and the water supply and distribution system in the Middlesex System. There is a State of New Jersey certified on-site laboratory capable of performing bacteriological, chemical, process control and advanced instrumental chemical sampling and analysis.

The design capacity of the CJO Plant is 55 mgd (60 mgd maximum capacity). The five electric motor-driven, vertical turbine pumps presently installed have an aggregate capacity of 88 mgd.

In addition, there is a 15 mgd auxiliary pumping station on-site at the CJO Plant location. It has a dedicated substation and emergency power supply provided by a diesel-driven generator. It pumps from the 10 million gallon distribution storage reservoir directly into the distribution system.

The transmission and distribution system is comprised of 747 miles of mains and includes 24,300 feet of 48-inch concrete transmission main and 23,400 feet of 42-inch ductile iron transmission main connecting the CJO Plant to our distribution pipe network and related storage facilities. Also included are a 58,600 foot transmission main and a 38,800 foot transmission main, augmented with a long-term, non-exclusive agreement with East Brunswick to transport water through the East Brunswick system to several of our other contract customers.

The Middlesex System’s storage facilities consist of a 10 million gallon reservoir at the CJO Plant, 5 million gallon and 2 million gallon reservoirs in Edison and a 2 million gallon reservoir at the Park Avenue Plant.

In New Jersey, we own the properties on which the Middlesex System’s 24 wells are located, the properties on which our storage tanks are located as well as the property where the CJO Plant is located. We own our operations center located at 1500 Ronson Road, Iselin, New Jersey, consisting of a 27,000 square foot office building, 16,500 square foot maintenance facility and a 1.96 acre equipment and materials storage and staging yard. We lease 29,036 square feet of commercial office space adjacent to the Ronson Road complex. The leased space, which is under contract through December 2029, houses our corporate administrative functions including executive, accounting, communications, customer service and billing, engineering, human resources, information technology and legal.

The Tidewater System is comprised of 83 production plants that vary in pumping capacity from 46,000 gallons per day to 3.0 mgd. Water is transported to our customers through 1,000 miles of transmission and distribution mains. Storage facilities include 48 tanks, with an aggregate capacity of 9.9 million gallons. The Delaware office property, located on an eleven-acre parcel owned by White Marsh, consists of two office buildings totaling approximately 17,000 square feet. In addition, Tidewater maintains a field operations center servicing its largest service territory in Sussex County, Delaware. The operations center is located on a 2.9 acre parcel owned by White Marsh, and consists of three buildings totaling approximately 12,000 square feet.

Pinelands Water System

Pinelands Water owns well site and storage properties in Southampton Township, New Jersey. The Pinelands Water storage facility is a 1.3 million gallon standpipe. Water is transported to our customers through 18 miles of transmission and distribution mains.

Pinelands Wastewater System

Pinelands Wastewater owns a 12 acre site on which its 0.5 mgd capacity wastewater treatment plant and connecting pipes are located. Its wastewater collection system is comprised of approximately 24 miles of sewer lines.

USA-PA, USA and White Marsh

Our non-regulated subsidiaries, namely USA-PA, USA and White Marsh, do not own utility plant property.

Item 2 of the 10-K filed Feb 19, 2026.16

Leadership

Who has led Middlesex Water Company, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dennis W. Doll2011–2023
  2. Nadine Duchemin-Leslie2024–now

Chair

  1. Dennis W. Doll2010

President

  1. Dennis G. Sullivan2003–2005
  2. Gerard L. Esposito2004–2018
  3. Dennis W. Doll2006–2023
  4. Nadine Duchemin-Leslie2024–2025
  5. Robert K. Fullagar2025–now

Chief financial officer

  1. A. Bruce Oconnor2004–2024
  2. Mohammed G. Zerhouni2024–now

Chief operating officer

  1. Richard M. Risoldi2019
  2. Gregory S. Sorensen2024–now
197019801990200020102020
Board members and other officers (33)

Products and brands

The Middlesex Water Company provides regulated and non-regulated water related services in New Jersey and Delaware. These services include collecting, treating, distributing and selling water for domestic, commercial, municipal and industrial uses.

The company owns and operates regulated water utility and wastewater systems as well as operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware. The company was awarded a $32 million contract to take responsibility for constructing and maintaining the water distribution system at Dover Air Force Base in Delaware for the next 50 years in September, 2013.

The company also operates regional affiliated service subsidiaries including Tidewater Utilities, Inc., Pinelands Water Company, Pinelands Wastewater Company, Twin Lakes Utilities, Inc., Utility Service Affiliates, Inc., Utility Service Affiliates (Perth Amboy) Inc., and Tidewater Environmental Systems, Inc. Tidewater's wholly owned subsidiaries include Southern Shores Water Company, LLC and White Marsh Environmental Systems, Inc. These companies are engaged in the business of helping small communities and real estate developers to address aging infrastructure issues as well as provide technical support for environmental regulations related to building and operating water distribution and treatment systems.

The company has two overall business segments:

Read the full text

Regulated: The regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware.

Non-Regulated: Non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware.

It is one of the few publicly held water utilities in the United States.

From Wikipedia’s article on Middlesex Water Company, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Middlesex Water Maryland, Inc. Maryland7
  • Pinelands Wastewater Company New Jersey7
  • Pinelands Water Company New Jersey7
  • Tidewater Utilities, Inc. Delaware7
  • Twin Lakes Utilities, Inc. Pennsylvania7
  • Utility Service Affiliates (Perth Amboy) Inc. New Jersey7
  • Utility Service Affiliates, Inc. New Jersey7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 30, 20268-K Results of operations60
  2. May 20, 20268-K Shareholder vote61
  3. Apr 30, 20268-K Results of operations62
  4. Mar 26, 20268-K Executive or director change63
  5. Feb 24, 20268-K Entered a material agreement64
  6. Feb 19, 20268-K Results of operations65
  7. Dec 22, 20258-K Executive or director change66
  8. Oct 31, 20258-K Results of operations67
  9. Jul 31, 20258-K Results of operations68
  10. May 22, 20258-K Shareholder vote69
  11. May 12, 20258-K Entered a material agreement; Other events70
  12. May 1, 20258-K Results of operations71
  13. Mar 8, 2024New chief executive Nadine Duchemin-Leslie becomes CEO17
  14. Aug 23, 2011New chief executive Dennis W. Doll becomes CEO18
  15. Mar 26, 1990Went public Listed on NASDAQ1
  16. 1897Founded Founded1

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/202672

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results60
  2. Apr 30, 2026Reported quarterly or annual results62
  3. Feb 19, 2026Reported quarterly or annual results65
  4. Oct 31, 2025Reported quarterly or annual results67
  5. Jul 31, 2025Reported quarterly or annual results68
  6. May 1, 2025Reported quarterly or annual results71
  7. Feb 28, 2025Reported quarterly or annual results73
  8. Oct 31, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

280 filings to the SEC since October 2021: 7 annual reports, 17 quarterly reports, 64 major events, 147 insider forms, 26 large holders, 19 other. The latest 20:

  1. Aug 12, 20264 EDGAR
  2. Aug 7, 20264 EDGAR
  3. Jul 30, 202610-Q EDGAR
  4. Jul 30, 20268-K EDGAR
  5. May 20, 20268-K EDGAR
  6. Apr 30, 2026SCHEDULE 13G EDGAR
  7. Apr 30, 202610-Q EDGAR
  8. Apr 30, 20268-K EDGAR
  9. Apr 24, 2026SCHEDULE 13G/A EDGAR
  10. Apr 8, 20263 EDGAR
  11. Apr 6, 2026ARS ANNUAL REPORT TO SECURITY HOLDERS EDGAR
  12. Apr 6, 2026DEFA14A DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS EDGAR
  13. Apr 6, 2026DEF 14A EDGAR
  14. Apr 1, 20264 EDGAR
  15. Apr 1, 20264 EDGAR
  16. Apr 1, 20264 EDGAR
  17. Apr 1, 20264 EDGAR
  18. Apr 1, 20264 EDGAR
  19. Apr 1, 20264 EDGAR
  20. Apr 1, 20264 EDGAR

The 280 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 2 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 7, 2026Ginegaw Lorrie BethVP, Human ResourcesSale615$57.61$35.4KForm 4
Mar 4, 2026REINHARD WALTER GDirectorSale300$55.21$16.6KForm 4
Feb 27, 2026HOGLUND ROBERT NDirectorBuy2,000$54.31$108.6KForm 4
Feb 25, 2026Capko Robert JohnPAO & ControllerSale134$54.04$7.2KForm 4
Nov 18, 2025Ginegaw Lorrie BethVP, Human ResourcesSale650$50.92$33.1KForm 4
May 28, 2025REINHARD WALTER GDirectorSale702$57.37$40.3KForm 4
Mar 21, 2025Doll Dennis WDirectorSale4,067$60.05$244.2KForm 4
Mar 11, 2025REINHARD WALTER GDirectorSale300$64.41$19.3KForm 4
Nov 8, 2024Capko Robert JohnPAO & ControllerSale143$69.31$9.9KForm 4
Aug 27, 2024REINHARD WALTER GDirectorSale500$61.95$31.0KForm 4
May 22, 2024REINHARD WALTER GDirectorSale857$57.16$49.0KForm 4
Mar 6, 2024Cosgrove James F. Jr.DirectorBuy1,600$51.70$82.7KForm 4
Dec 20, 2023Ginegaw Lorrie BethVP, Human ResourcesSale300$71.05$21.3KForm 4
Dec 11, 2023Cosgrove James F. Jr.DirectorSale1,352$66.83$90.4KForm 4
Jun 13, 2023Capko Robert JohnPAO & ControllerSale297$81.55$24.2KForm 4
Jun 1, 2023REINHARD WALTER GDirectorSale576$79.80$46.0KForm 4
Dec 1, 2022Sohler Bernadette MVP-Corporate AffairsSale2,200$92.03$202.5KForm 4
Nov 23, 2022REINHARD WALTER GDirectorSale333$93.43$31.1KForm 4
Jun 21, 2022Ginegaw Lorrie BethVP, Human ResourcesSale620$80.34$49.8KForm 4
Mar 18, 2022Sohler Bernadette MVP-Corporate AffairsSale1,000$103.33$103.3KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Nadine LeslieChair, President and Chief Executive Officer$754.0K$1.9M83
2025Mohammed G. ZerhouniSenior Vice President, Chief Financial Officer and Treasurer$587.6K$1.0M83
2025Gregory S. SorensenVice President, Chief Operating Officer$494.0K$696.5K83
2025Jay L. KooperVice President, General Counsel and Secretary$386.2K$586.2K83
2025Georgia M. SimpsonVice President, Information Technology and Chief Technology Officer$318.2K$467.6K83
2024Nadine LeslieChair, President and Chief Executive Officer$574.4K$1.2M83
2024Mohammed G. ZerhouniSenior Vice President, Chief Financial Officer and Treasurer$271.6K$668.2K83
2024Jay L. KooperVice President, General Counsel and Secretary$368.6K$473.0K83
2024Georgia M. SimpsonVice President, Information Technology and Chief Technology Officer$303.2K$385.9K83
2024Gregory S. SorensenVice President, Chief Operating Officer$120.0K83
2023Jay L. KooperVice President, General Counsel and Secretary$355.7K$459.7K83
2023Georgia M. SimpsonVice President, Information Technology and Chief Technology Officer$292.2K$385.6K83

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,134,461$176.0M0.0%+117,859
Neuberger Berman Group LLC1,604,067$90.1M0.1%+54,161
Morgan Stanley1,101,704$61.9M0.0%−5,911
Vanguard Capital Management LLC802,323$45.1M0.0%−25,630
State Street Corp798,240$44.8M0.0%+54,178
Vanguard Portfolio Management LLC513,809$28.9M0.0%+25,742
Geode Capital Management, LLC500,555$28.1M0.0%+30,638
Legal & General Group Plc437,504$24.6M0.0%+31,657
Dimensional Fund Advisors LP348,430$19.6M0.0%+2,669
Invesco Ltd.280,212$15.7M0.0%−10,419
Ledgewood Wealth Advisors, LLC254,016$14.3M7.6%No change
Northern Trust Corp222,747$12.5M0.0%+24,651
TSP Capital Management Group, LLC211,037$11.9M2.8%New
Charles Schwab Investment Management Inc193,653$10.9M0.0%+1,768
Bank of New York Mellon Corp179,021$10.1M0.0%+1,403
Zimmer Partners, LP176,903$9.9M0.2%No change
Two Sigma Investments, LP163,002$9.2M0.0%+97,485
Mirova159,067$8.9M0.3%−36,933
First Manhattan Co. Llc.141,624$8.0M0.0%−2,265
ProShare Advisors LLC131,066$7.4M0.0%+12,366
Jupiter Topco LLC129,345$7.3M0.0%New
Vanguard Fiduciary Trust Co123,103$6.9M0.0%+4,135
Renaissance Technologies LLC110,813$6.2M0.0%−36,200
Cramer Rosenthal Mcglynn LLC108,192$6.1M0.3%+14,535
Principal Financial Group Inc107,530$6.0M0.0%+2,143

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Middlesex Water Company is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMIDDLESEX WATER CO2
  • CIK0000066004
  • Employer ID (EIN)22-111443016
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inNew Jersey16
  • Fiscal year endsDecember 312
  • Industry code (SIC)4941 Water Supply2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address485C Route 1 South, Suite 400, Iselin, NJ 088302
  • Phone73263415002
  • Shares outstanding18,843,946 as of Jul 29, 202614
  • Public float$954.6M as of Jun 30, 202516
  • AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceFeb 6, 19952
  • Filings1,572 in all: 4 (882), 8-K (316), 10-Q (95), SC 13G/A (39), DEF 14A (32), 10-K (30), 3 (23), 5 (14)2
    All 37 form types

    4/A (13), S-3/A (11), UPLOAD (11), SC 13G (10), 424B5 (9), 10-Q/A (8), 8-K/A (8), CORRESP (8), S-3 (7), 10-K/A (6), 424B3 (6), SCHEDULE 13G/A (6), DEFA14A (5), S-3DPOS (5), EFFECT (4), 424B4 (3), PRE 14A (3), S-3ASR (3), 10-K405 (2), 144 (2), ARS (2), SCHEDULE 13G (2), 3/A (1), 424B2 (1), FWP (1), NT 10-K (1), NT 10-Q (1), S-8 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 6, 2026
    Latest 8-K (8-K) Jul 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, No Par ValueMSEXThe NASDAQ Stock Market, LLC

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Middlesex Water Company names in Item 1A of its 10-K filed Feb 19, 2026: 21 risks under these headings, as written.16

  • Operational Risks
  • Weather conditions and overuse of underground aquifers may interfere with our sources of water, demand for water services and our ability to supply water to customers.
  • Our water sources or water service provided to customers may become contaminated by naturally-occurring or man-made compounds and events. This may cause disruption in services and impose operational and regulatory enforcement costs upon us to restore the water to required levels of quality as well as may damage our reputation and cause private litigation claims against us.
  • The necessity for ongoing physical and technological security has resulted, and may continue to result, in increased operating costs.
  • Climate variability may cause weather volatility in the future, which may impact water usage and related revenue or, may require additional expenditures to reduce risk associated with any increasing storm, flood, drought or other weather occurrences.
  • Disruptions in our supply chain related to goods, such as pipe, chemicals, power and other fuel, equipment, water and other raw materials could adversely impact our operations, financial position, and cash flows.
  • Regulatory Risks
  • Our revenue and earnings depend on the rates we charge our customers. We cannot raise utility rates in our regulated businesses without petitioning and receiving approval from the appropriate Public Utility Commissions. If these agencies modify, delay or deny our petition, our revenues will not increase and our earnings will decline unless we are able to reduce costs without degrading service quality.
  • We are subject to environmental laws and regulations, including water quality and wastewater effluent quality regulations, as well as other state and local regulations. Compliance with those laws and regulations requires us to incur costs and we are subject to fines or other sanctions for non-compliance.
  • Financial Risks
  • We depend upon our ability to raise money in the capital markets to finance some of the costs of complying with laws and regulations, including environmental laws and regulations and to pay for some of the costs of improvements to or the expansion of our utility system assets. Neither we nor our regulated utility companies can issue debt or equity securities without prior regulatory approval.
  • We face competition from other utilities and service providers which might hinder our growth opportunities and mitigate our future profitability.
The other 12 risks
  • We have short-term and long-term contractual obligations for water, wastewater and storm water system operation and maintenance under which we may incur costs in excess of payments received.
  • Capital market conditions and key assumptions may adversely impact the value of our postretirement benefit plan assets and liabilities.
  • An element of our growth strategy is the acquisition of water and wastewater assets, operations, contracts or companies. Any pending or future acquisitions we decide to undertake will involve risks.
  • Our ability to achieve organic customer growth in our market area is dependent on the residential building market. New housing starts and home sale closings are one element that impacts our rate of growth and therefore, may not meet our expectations.
  • There can be no assurance we will continue to pay dividends in the future or, if dividends are paid, that they will be in amounts similar to past dividends.
  • If we are unable to pay the principal and interest on our indebtedness as it comes due or we default under certain other provisions of our loan documents, our indebtedness could be accelerated and our results of operations and financial condition could be adversely affected.
  • The current concentration of our business in central New Jersey and in Delaware makes us susceptible to adverse developments in local regulatory, economic, demographic, competitive and weather conditions.
  • We are subject to anti-takeover measures that may be used to discourage, delay or prevent changes of control that might benefit non-management shareholders.
  • General Risks
  • General economic conditions may materially and adversely affect our financial condition and results of operations.
  • We rely on our information technology systems to help manage our operations.
  • Our information technology systems may be subject to physical and cyber attacks.
  • We depend significantly on the technical and management services of our team, and the departure of any of certain persons could cause our operating results to temporarily be short of our expectations.

Legal proceedings

The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements.

The opening of Item 3, Legal Proceedings.16

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