Attached files
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| 8-K - FORM 8-K - MIDDLESEX WATER CO | form8k-105954_msx.htm |
MIDDLESEX
WATER RECEIVES BPU APPROVAL FOR
RATE
INCREASE
ISELIN, NJ (March 18,
2010) Middlesex Water Company (NASDAQ:MSEX) a provider of
water, wastewater and related services, primarily in New Jersey and
Delaware, has
announced it has received approval from the New Jersey Board of Public Utilities
(BPU) for a $7.8 million increase in base water rates. Under the new rates,
which are effective March 17, 2010, the average residential bill for a customer
using 2,600 cubic feet (19,448 gallons) of water per quarter, would increase
from $98.20 to $112.73, an increase of $14.53, or approximately
14.80%.
The rate
increase request was made in connection with the Company’s ongoing capital
program, and to cover costs of increases in operations, maintenance, labor and
benefits, purchased power, taxes, corporate governance regulation and security.
The new rates are designed to allow for a 7.54% overall rate of return on
invested capital in rate base of $180.3 million. The return on equity
portion of the rate of return was set at 10.30%.
“Prudent
capital expenditures and changes in operating costs, which are incurred to
maintain and enhance the quality of water service, are a continuing management
challenge. We appreciate that our regulators and other parties to
this proceeding share our commitment to balance the needs of our customers for a
safe, reliable supply of water at reasonable rates, with the need to maintain
the financial integrity of our operations,” said Dennis W. Doll, President and
CEO.
Middlesex
Water Company presently serves retail customers in the Townships of Woodbridge,
Edison, the Borough of South Plainfield, Carteret, Metuchen, the City of South
Amboy, and the Township of Clark. The Company serves a significant population
through wholesale contracts with the Boroughs of Highland Park and Sayreville,
the Old Bridge Municipal Utilities Authority (MUA), Marlboro Township and the
Townships of East Brunswick and Rahway.
About Middlesex Water
Company
Middlesex
Water Company, organized in 1897, is a water utility serving customers in
central and southern New Jersey and in the State of Delaware. Headquartered in
Iselin, NJ, Middlesex Water is subject to various Federal and State regulatory
agencies concerning water quality standards.
For
additional information regarding Middlesex Water Company, visit the Company’s
web site at www.middlesexwater.com
or call (732) 634-1500.
This
release contains forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, among
others, our long-term strategy and expectations, the status of our
acquisition program, the impact of our acquisitions, the impact of current and
projected rate requests and the impact of our capital program on our
environmental compliance. There are important factors that could cause actual
results to differ materially from those expressed or implied by such
forward-looking statements including: general economic business conditions,
unfavorable weather conditions, the success of certain
cost containment initiatives, changes in regulations or regulatory
treatment, availability and the cost of capital, the success of growth
initiatives and other factors discussed in our filings with the Securities and
Exchange Commission.
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Contact:
Bernadette Sohler,
Middlesex
Water Company
Vice
President – Corporate Affairs
(732)
638-7549
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