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Middlesex Water (MSEX) Rate Hike Filing to Recoup Investment
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Middlesex Water Company (MSEX - Free Report) filed a rate base increase petition worth $31 million with the New Jersey Board of Public Utilities (NJBPU), aimed to recover the investments made to improve, upgrade and maintain the company’s infrastructure. In case the new rates are approved, the bills of residential customers using 15,000 gallons of water per quarter will increase nearly 67 cents per day.
This rate hike appeal followed the last rate filing done in October 2017. This will reflect the impact of numerous completed infrastructure improvement projects of the utility. Some of those include the construction of the Western Transmission Main and a new Ozone treatment facility along with enhancements at the company’s raw water intake station on the Delaware and Raritan Canal.
Utility’s Capital Plans
Under its Water For Tomorrow® capital improvement program, the company invested more than $267 million in bettering the quality of its services. In April, management announced plans to invest $10.2 million in developing infrastructure in the Borough of Metuchen. Under this infrastructure replacement project called RENEW 2021, the Middlesex Water Company is planning to replace 24,800 linear feet of water main, service lines, valves and fire hydrants.
RENEW consists of projects worth $295 million planned through 2022 to strengthen the water distribution infrastructure in New Jersey. Some other Water for Tomorrow projects include a large diameter transmission main through parts of Edison and Metuchen, which was completed in 2020, and the conversion to ozone disinfection at the utility’s largest New Jersey treatment plant, which is likely to start operations in the second quarter of 2021.
Other players from this industry are also making heavy investments to renovate their infrastructure and enhance the reliability of services. Some of the water utilities and their capital plans are mentioned below.
California Water Service Group (CWT - Free Report) invested $66.8 million in the first three months of the ongoing year, up 2.3% year over year. The company reaffirmed its 2021 capital estimates within $270-$300 million. It began an infrastructure improvement project in East Los Angeles and in Northeast Bakersfield to avoid leaks and better the reliability of its services.
American Water Works (AWK - Free Report) has plans to invest $10.4 billion in the 2021-2025 time period and $22-$25 billion in the next decade. In 2021, the company is on course to make capital investments worth $1.9 billion with a major portion to be utilized for infrastructure revamp in regulated businesses.
Essential Utilities (WTRG - Free Report) is also making regular investments to upgrade the existing water and wastewater systems. In 2021, the company aims to invest $550 million in the water segment and $450 million in the natural gas segment. Its long-term plan is to spend nearly $3 billion through 2023 on rehabilitating and strengthening water as well as natural gas pipeline systems.
Zacks Rank & Price Performance
In the past three months, shares of this currently Zacks Rank #4 (Sell) company have gained 17.7%, outperforming the industry’s rise of 11.3%.
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Middlesex Water (MSEX) Rate Hike Filing to Recoup Investment
Middlesex Water Company (MSEX - Free Report) filed a rate base increase petition worth $31 million with the New Jersey Board of Public Utilities (NJBPU), aimed to recover the investments made to improve, upgrade and maintain the company’s infrastructure. In case the new rates are approved, the bills of residential customers using 15,000 gallons of water per quarter will increase nearly 67 cents per day.
This rate hike appeal followed the last rate filing done in October 2017. This will reflect the impact of numerous completed infrastructure improvement projects of the utility. Some of those include the construction of the Western Transmission Main and a new Ozone treatment facility along with enhancements at the company’s raw water intake station on the Delaware and Raritan Canal.
Utility’s Capital Plans
Under its Water For Tomorrow® capital improvement program, the company invested more than $267 million in bettering the quality of its services. In April, management announced plans to invest $10.2 million in developing infrastructure in the Borough of Metuchen. Under this infrastructure replacement project called RENEW 2021, the Middlesex Water Company is planning to replace 24,800 linear feet of water main, service lines, valves and fire hydrants.
RENEW consists of projects worth $295 million planned through 2022 to strengthen the water distribution infrastructure in New Jersey. Some other Water for Tomorrow projects include a large diameter transmission main through parts of Edison and Metuchen, which was completed in 2020, and the conversion to ozone disinfection at the utility’s largest New Jersey treatment plant, which is likely to start operations in the second quarter of 2021.
Other players from this industry are also making heavy investments to renovate their infrastructure and enhance the reliability of services. Some of the water utilities and their capital plans are mentioned below.
California Water Service Group (CWT - Free Report) invested $66.8 million in the first three months of the ongoing year, up 2.3% year over year. The company reaffirmed its 2021 capital estimates within $270-$300 million. It began an infrastructure improvement project in East Los Angeles and in Northeast Bakersfield to avoid leaks and better the reliability of its services.
American Water Works (AWK - Free Report) has plans to invest $10.4 billion in the 2021-2025 time period and $22-$25 billion in the next decade. In 2021, the company is on course to make capital investments worth $1.9 billion with a major portion to be utilized for infrastructure revamp in regulated businesses.
Essential Utilities (WTRG - Free Report) is also making regular investments to upgrade the existing water and wastewater systems. In 2021, the company aims to invest $550 million in the water segment and $450 million in the natural gas segment. Its long-term plan is to spend nearly $3 billion through 2023 on rehabilitating and strengthening water as well as natural gas pipeline systems.
Zacks Rank & Price Performance
In the past three months, shares of this currently Zacks Rank #4 (Sell) company have gained 17.7%, outperforming the industry’s rise of 11.3%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency have sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>