form8k-96852_msex.htm
UNITED
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: January 27, 2009
MIDDLESEX WATER
COMPANY
(Exact
name of registrant as specified in its charter)
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NEW
JERSEY
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0-422
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22-1114430
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(State
or other jurisdiction of
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(Commission
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(I.R.S.
Employer
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incorporation
or organization)
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File
Number)
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Identification
No.)
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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
regarding Tidewater Utilities, Inc., a subsidiary of Middlesex Water Company,
filing petition for an increase in rates 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.
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MIDDLESEX
WATER COMPANY
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(Registrant)
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s/Kenneth J.
Quinn
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Kenneth
J. Quinn
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Vice
President, General Counsel,
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Secretary
and Treasurer
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Dated: January
27, 2009
2
TIDEWATER
UTILITIES FILES FOR RATE INCREASE
DOVER, DELAWARE – January 27, 2009 – Tidewater Utilities,
Inc. (Tidewater) has filed a request with the Delaware Public Service
Commission (PSC) for a 32.5% increase in base water
rates, an overall increase of $6.4 million over current revenues, 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. Approximately 5.25%, or $1.0 million, has already been
implemented in rates through a Distribution System Improvement Charge (DSIC),
which last went into effect January 1, 2009. The DSIC is a mechanism which
allows water utilities to recover the fixed costs of critical water system
improvements between base rate increases.
Since its last rate filing in April
2006, Tidewater has invested $26.7 million to upgrade or replace aging drinking
water infrastructure and make improvements to keep pace with continued growth in
its customer base. Such improvements are needed to add reliability,
additional supply, serve newer developments and address regulatory
issues.
The Company plans to invest $7.8
million in necessary infrastructure in 2009. Its capital program
includes installing several interconnections between districts, which will allow
for operational efficiencies. Also included are several fire protection projects
and two plant upgrades to meet regulatory requirements.
Tidewater
is proposing that interim rates be implemented with an initial increase 60 days
after the filing of the request, subject to refund -- and the remainder when the
final decision is rendered by the PSC. The initial interim increase,
when added to the existing DSIC, amounts to 12.79%. If the full
request is granted, a customer using a 5/8” water meter with water consumption
of 15,000 gallons of water per quarter would see their quarterly bill increase
from $128.96 to $172.42.
“We have
delayed this request for rate relief as long as reasonably possible,” said
Gerard L. Esposito, President of Tidewater Utilities, Inc. “Tidewater
has made considerable investments in drinking water infrastructure and has
experienced significant increases in various commodity costs since our last
filing nearly three years ago. Unfortunately, our filing for
significant rate relief comes at a time when a number of our customers may be
facing unprecedented economic challenges. We are hopeful that our
federal government’s plans for economic stimulus, and other initiatives
identified to improve our national and local economies, will have a positive
impact on our customers by the time this proceeding is concluded,” added
Esposito.
Tidewater
operates over 150 water and wastewater plants in Delaware for over 100,000
citizens. In 2008, the Company delivered more than 2.0 billion gallons of
drinking water throughout its service area, which extends from lower New
Castle County in the north of Delaware to Sussex County near the
state's southern border with Maryland. Tidewater Utilities is the largest
private water supplier south of the Chesapeake & Delaware
Canal.
The Delaware Public Service Commission
will next examine the rate proposal. Public hearings on the matter will be held
in the Company’s service area where customers are welcome to comment on the
filing request.
####
Contact:
Gerard L.
Esposito, President
Tidewater
Utilities, Inc. (302) 734-7500
or Bernadette Sohler, Vice
President – Corporate Affairs
Middlesex
Water Company (732) 638-7549