Middlesex Water Company · NASDAQ:MSEX
Middlesex Water — Shareholder Meeting (May 2020)
16 slides from Middlesex Water's shareholder meeting presentation, May 21, 2020
Slide 1: Welcome to Our Annual Meeting of Shareholders
Welcome to Our Annual Meeting of Shareholder s May 19, 2020 Dennis W. Doll Chairman, President and CEO
Slide 2: COVID-19 Response
x Activated emergency and business continuity plans x Closed walk - in payment center and suspended service shutoffs for non - payment x Observed CDC guidelines to keep employees and customers safe x Reprioritized construction projects to focus on those with least customer impact COVID - 19 RESPONSE
Slide 3: Annual Meeting of Shareholders
Annual Meeting of Shareholder s May 19, 2020 Dennis W. Doll Chairman, President and CEO
Slide 4: Operations Highlights
OPERATIONS HIGHLIGHTS 4
Slide 5: Essential Projects
ESSENTIAL PROJECTS 5
Slide 6: Western Transmission Main
WESTERN TRANSMISSION MAIN x Completed construction of the Western Transmission Main, a 4.5 mile supplemental 42” diameter transmission main through two large municipalities x Main was placed into service in March 2020 x Financed through the New Jersey Infrastructure Bank 6
Slide 7: CJO Plant Upgrade
CJO PLANT UPGRADE x Largest water treatment plant in New Jersey to include ozone treatment and other enhancements x Ensure compliance with increasingly stringent regulations x Financed through NJEDA x Anticipated completion by mid - 2021 7
Slide 8: RENEW 2020
RENEW 2020 x $6.7 Million investment in Township of Edison, NJ to replace 14,000 linear feet of main x $4.5 Million investment in City of South Amboy to replace 10,200 linear feet of main x Service lines, valves and fire hydrants also being upgraded x Work will improve fire flows and overall service
Slide 9: Utility Plant (Millions)
UTILITY PLANT (Millions) $461 $519 $598 $696 $785 $831 $243 $257 $277 $298 $323 $335 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2017 2018 2019 2020 2021 2022 New Jersey Delaware 9
Slide 10: Capital Project Funding
CAPITAL PROJECT FUNDING COMMON EQUITY 2019 ▪ 5% Discount – Reinvestment Plan - $12.7 Million ▪ November Public Offering $43.8 Million FIRST MORTGAGE BONDS 2019 ▪ NJEDA - $60.0 Million 2020 ▪ Up to $40.0 Million (Net) 2021 ▪ Up to $40.0 Million (Net) 10
Slide 11: Consolidated Capital Structure
CONSOLIDATED CAPITAL STRUCTURE Actual Debt Forecast Debt Forecast 3/31/2020 % 12/31/2020 % Beyond 2020 % Debt $275 45.5% $297 46.6% $340 40.3% Equity 329 54.5% 340 53.4% 350 50.7% TOTAL $604 100% $637 100% $690 100% 11
Slide 12: Recent Rate Activity
Company Effective Date Annual Revenues Middlesex (PWAC) April 4, 2020 $0.6 Million Tidewater (DSIC) January 1, 2020 $0.5 Million Pinelands November 4, 2019 $0.5 Million RECENT RATE ACTIVITY 12
Slide 13: First Quarter 2020 Results
FIRST QUARTER 2020 RESULTS (In Millions) 2020 $31.8 $25.2 $7.7 $0.44 2019 $30.7 $ 23.7 $ 6.6 $0.39 Operating Revenues O & M Expenses Net Income Diluted Earnings Per Share 13
Slide 14: Other News
Other News ▪ Issued Middlesex 2018 - 2019 Corporate Sustainability Report ▪ New Lead Director, Walter G. Reinhard Richard M. Risoldi , COO retired after 29 years. Jeffries Shein , retired after 30 years of board service including 10 as Lead Director. 14
Slide 15: Time Allotted for Shareholder Questions
Time Allotted for Shareholder Questions 15
Slide 16: Thank You for Participating
Thank You for participating. For more information visit the Investors tab at www.middlesexwater.com Dennis W. Doll Chairman, President and CEO