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: August 21, 2014
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 that effective August 19, 2014, Tidewater Utilities, Inc. has received approval from the Delaware Public Service Commission for a $0.8 million increase in its base water 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.
| MIDDLESEX WATER COMPANY | |
| (Registrant) | |
| s/A. Bruce O’Connor | |
| A. Bruce O’Connor | |
| Vice President, Treasurer and | |
| Chief Financial Officer |
Dated: August 21, 2014
PSC Approves Tidewater Utilities Rate Settlement
ISELIN, NJ – 08/21/2014 -- Middlesex Water Company (NASDAQ: MSEX), a provider of water, wastewater and related services, has announced that the Delaware Public Service Commission (PSC) has approved a $0.8 million increase in the base water rates of its wholly-owned subsidiary, Tidewater Utilities, Inc, effective August 19, 2014. The increase resulted from a settled agreement with the Staff of the PSC and the Delaware Division of the Public Advocate. In an application filed with the PSC in November 2013, Tidewater sought an increase in base rates of $3.9 million to reflect increased costs of operations, maintenance and taxes as well as capital improvements of approximately $12.8 million made since the Company’s last rate filing. Subsequently, Tidewater updated its request seeking a lower increase in the amount of $2.5 million resulting primarily from significantly lower employee benefit plan costs.
Under PSC regulations, Tidewater had implemented interim rates on February 6, 2014, which amounted to approximately $0.8 million of additional revenues billed through August 18, 2014. This is approximately $0.4 million above collected revenues when compared to the new final base rates, which will be returned to our Tidewater customers in the form of a one-time bill credit.
Tidewater Utilities is the largest private water supplier south of the Chesapeake & Delaware Canal in Delaware and operates 158 wells and 83 water plants to serve 34,000 homes and business customers in 300 communities. Its service area extends from lower New Castle County in the north of Delaware to Sussex County near the state’s southern border. For more information about Tidewater, visit www.tuiwater.com. Tidewater’s parent company, Middlesex Water Company, (NASDAQ:MSEX) organized in 1897, provides regulated and unregulated water and wastewater utility services in New Jersey and Delaware through various subsidiary companies. For additional information regarding Middlesex Water Company, visit www.middlesexwater.com.
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Contact:
Bernadette Sohler
Vice President - Corporate Affairs
Middlesex Water Company
(732) 638-7549
www.middlesexwater.com