Middlesex Water Company (MSEX) 4th Annual Virtual Water Utilities Conference summary

Leadership and strategic direction

• New CEO and CFO bring extensive industry experience and are focused on operational excellence and stakeholder engagement.

• Leadership team developed a Horizon 2030 strategy, emphasizing selective and sustainable growth.

• Strategy centers on leveraging management expertise, disciplined CapEx execution, and strong regulatory relationships.

• Growth will be driven by regulated business investment, franchise expansion, and tuck-in acquisitions.

• Operate to Own model aims to convert contract operations into regulated assets for long-term value.

Financial performance and regulatory environment

• Over $150 million invested in Delaware over 10 years, with ongoing rate filings to recover costs.

• Average customer growth rate of 5% over the past decade, supporting revenue and earnings.

• New Jersey rates effective Q1 2024; Delaware rate case expected to settle by Q2 2025.

• Multi-year power supply agreements help manage cost volatility; regulatory cadence mitigates lag.

• Affordability remains strong, with average residential bills under 1% of median income.

Infrastructure investment and system resiliency

• System resiliency in Delaware enhanced by installing 30 diesel backup generators across 85+ facilities.

• Ongoing evaluation of system interconnections, storage capacity, and upgrades to meet regulatory compliance.

• Continued investment in distribution network, pipes, valves, hydrants, and pumping stations.

• Focus on maintaining reliable service during outages and natural events.