STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: February 27, 2007
MIDDLESEX WATER COMPANY
-----------------------
(Exact name of registrant as specified in its charter)
NEW JERSEY 0-422 22-1114430
---------- ----- ----------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1500 RONSON ROAD, P.O. BOX 1500, ISELIN, NEW JERSEY 08830
---------------------------------------------------------
(Address of principal executive offices, including zip code)
(732)-634-1500
--------------
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item. 8.01. Other Events
Announcement of Final Decision from the Delaware Public Service Commission on
Rate Increase filed by Tidewater Utilities, Inc., a subsidiary of Middlesex
Water Company, as set forth in the attached press release.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.
MIDDLESEX WATER COMPANY
(Registrant)
s/Kenneth J. Quinn
Kenneth J. Quinn
Vice President, General Counsel,
Secretary and Treasurer
Dated: February 27, 2007
2
TIDEWATER UTILITIES COMPLETES CAPITAL PROJECTS;
RECEIVES PSC APPROVAL FOR RATE INCREASE
ISELIN, NJ (February 27, 2007) Middlesex Water Company (NASDAQ Global
Select Market: MSEX), a provider of water, wastewater and related services, has
announced that its Delaware wholly-owned subsidiary, Tidewater Utilities, Inc.,
(Tidewater) has received final approval from the Delaware Public Service
Commission (PSC) for a 26.9% or $3.9 million overall increase in annual
revenues. Tidewater is a water utility serving more than 30,000 residential and
other customers in New Castle, Kent and Sussex Counties in Delaware.
Tidewater had filed a request in April 2006 with the PSC for a 38.6%
increase in water rates to cover costs of increased capital investment as well
as increased operations and maintenance expenses such as electric power, water
treatment and labor and benefits costs. As allowed under PSC regulations, an
interim increase of 15% was implemented in June 2006 pending the final
resolution of this proceeding. This final Decision by the PSC allows the Company
to implement an additional increase of 11.9% or $1.9 million in annual revenues,
effective February 28, 2007. The timing of this final award was dependent upon
the completion by Tidewater of certain capital projects, all of which have been
placed into service.
Presently, the average household served by Tidewater is charged
approximately $33.61 per month for 5,000 gallons of water. The new rate
structure, based on 5,000 gallons of water, and reflecting the full request,
would result in a monthly bill of $42.99. Water charges for residential
customers would consist of a $44.27 quarterly facilities charge and a
consumption charge of $5.6462 per 1,000 gallons. Tidewater operates 88 water
plants and more than 160 active wells in 410 residential communities and
commercial establishments throughout Delaware.
Water System Improvements
-------------------------
Improvements in 2006 included installation and rehabilitation of water
mains, pumps and treatment facilities, construction of a 500,000 gallon elevated
water storage tank, upgrades to 87 pumping plant facilities as wells as
installation of numerous water main extensions and interconnections among
previously-independent water systems serving various communities. Further
improvements included the installation of back-up electric generation capability
at pumping facilities and fire wells to help maintain adequate water pressures.
(MORE-MORE-MORE)
TIDEWATER UTILITIES COMPLETES CAPITAL PROJECTS; RECEIVES PSC APPROVAL FOR RATE
INCREASE/Page 2
The Company continues to focus on strategically consolidating its many
independent systems into regional districts where appropriate, for greater
efficiencies achievable through economies of scale. Interconnections and
regionalization of independent water system communities is essential in order to
ensure backup water supply and reliable operations.
Tidewater Utilities, Inc., together with Southern Shores Water Company and
Tidewater Environmental Services Inc., are subject to the regulations of the
Public Service Commission in Delaware. These companies are also subject to
various Federal and State regulatory agencies concerning water quality
standards. White Marsh Environmental Systems, Inc. operates small water and
wastewater systems under contract on a non-regulated basis in Delaware.
For more information on Tidewater Utilities, Inc., visit the company's
website at www.tuiwater.com. For more information on its parent company,
----------------
Middlesex Water Company, visit www.middlesexwater.com
----------------------
CONTACT:
Gerard L. Esposito, President, Tidewater Utilities, Inc. (302) 734-7500
or Bernadette Sohler, Director of Communications,
Middlesex Water Company (732) 634-1500
####