Middlesex Water is a regulated water and wastewater utility serving approximately 131,000 customers primarily in New Jersey and Delaware. The company treats, stores, and distributes water for residential, commercial, industrial, and fire protection use, and collects and treats wastewater within its franchised service territories, where it operates as a regulated monopoly. Middlesex also sells water wholesale to municipalities. The company's two main operating systems are the Middlesex System in New Jersey (~67% of revenue), which serves retail customers in eastern Middlesex County and provides wholesale supply to several municipalities, and the Tidewater System in Delaware (~25% of revenue), which serves customers across more than 485 communities statewide. Middlesex also operates water and wastewater systems under fixed-term management contracts for municipalities through its USA and USA-PA subsidiaries (~6% of revenue). Revenue is driven by customer volumes, consumption, and rates set by state regulators in New Jersey and Delaware. Middlesex cannot set its own prices — regulators determine rates based on invested infrastructure and costs. Between rate cases, Middlesex recovers capital spending through mechanisms like the Distribution System Improvement Charge and the recently approved Resiliency and Environmental System Improvement Charge. Growth is driven by organic customer additions in Delaware's expanding residential market and by ongoing infrastructure investment, including PFAS treatment compliance, which grows the regulated rate base and supports future rate increases.