Tidewater Utilities Announces Customer Bill Credit Using PFAS Litigation Proceeds

Rhea-AI Summary

Tidewater Utilities (MSEX) received Delaware Public Service Commission approval to refund approximately $1.1 million to customers via a one-time bill credit funded by PFAS litigation proceeds.

The credit will appear on March 2026 water bills, with an average credit of $18.75 per customer; additional customer details will be communicated directly.

Positive

• $1.1M customer refund approved by Delaware PSC
• Average one-time credit of $18.75 per customer on March 2026 bills
• Refund funded from PFAS litigation proceeds, returning cash to customers

Negative

• PFAS treatment requires significant and ongoing investment
• Ongoing monitoring and treatment represent sustained capital and operating costs

Key Figures

Customer refund: $1.1 million Average bill credit: $18.75

2 metrics

Customer refund $1.1 million One-time bill credit funded by PFAS litigation proceeds

Average bill credit $18.75 Estimated one-time credit per eligible customer on March 2026 bills

Market Reality Check

Price: $54.00 Vol: Volume 147,676 is 1.23x t...

normal vol

$54.00 Last Close

Volume Volume 147,676 is 1.23x the 20-day average of 120,241, indicating elevated trading interest ahead of this PFAS-related customer credit news. normal

Technical Shares at $53.69 are trading below the 200-day MA of $54 and about 19.97% under the 52-week high of $67.09.

Peers on Argus

MSEX fell 1.68% while peers were mixed: ARTNA down 2.16%, CWCO down 1.43%, YORW ...

MSEX fell 1.68% while peers were mixed: ARTNA down 2.16%, CWCO down 1.43%, YORW down 0.6%, CDZI down 0.38%, but ARIS up 2.7%. No peers appeared in the momentum scanner and no same-day peer headlines were recorded, pointing to a stock-specific move rather than a broad water-utility reaction.

Historical Context

5 past events · Latest: Feb 19 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 19	Full-year earnings	Positive	-0.6%	Reported 2025 earnings and outlined large 2026–2028 infrastructure and PFAS spend.
Feb 13	Earnings date notice	Neutral	-0.6%	Announced timing of 2025 earnings release and Form 10-K posting.
Jan 30	System acquisition	Positive	-0.8%	Tidewater completed Pinewood Acres water system purchase serving 360 Delaware customers.
Jan 27	Dividend declaration	Positive	-1.9%	Declared quarterly cash dividend of $0.36 per share with March 2, 2026 payment date.
Dec 22	Board appointment	Positive	-1.0%	Added experienced former utility CFO Robert Hoglund to Board effective Jan 1, 2026.

Pattern Detected

Recent news, including earnings, acquisitions, dividends, and board changes, has often been followed by modest negative price reactions, even when the news skewed positive.

Recent Company History

Over the past few months, Middlesex Water has announced several strategic and financial developments. On Feb 19, 2026, it reported 2025 net income of $42.8 million and EPS of $2.36, alongside a planned $506 million infrastructure program, yet shares dipped slightly. A Tidewater system acquisition serving 360 customers, a quarterly dividend of $0.36 per share, and a new director appointment around year-end 2025 also saw small price declines. Today’s PFAS-litigation-funded customer credit fits into this pattern of constructive yet modestly sold news.

Market Pulse Summary

This announcement highlights regulatory approval for Tidewater, a Middlesex Water subsidiary, to ret...

Analysis

This announcement highlights regulatory approval for Tidewater, a Middlesex Water subsidiary, to return about $1.1 million of PFAS litigation proceeds to customers via a one-time bill credit averaging $18.75. It underscores the company’s ongoing PFAS monitoring and treatment investments and its coordination with regulators on customer benefits. Investors may watch how such credits intersect with prior rate cases, infrastructure spending on PFAS treatment, and future regulatory decisions affecting returns and capital recovery.

Key Terms

per- and polyfluoroalkyl substances, PFAS

2 terms

per- and polyfluoroalkyl substances medical

"litigation addressing per- and polyfluoroalkyl substances (“PFAS”) contamination."

Per- and polyfluoroalkyl substances (PFAS) are a large group of man-made chemicals known for resisting water, grease and heat, used historically in products like nonstick cookware, firefighting foams and stain-resistant fabrics. They matter to investors because PFAS can persist in the environment and people, prompting strict regulations, cleanup costs, product liability and shifting consumer demand — like a hidden leak that can suddenly require expensive repairs and change a company’s future cash flow and reputation.

PFAS medical

"PFAS treatment requires significant and ongoing investment, and these funds help"

PFAS are a group of human-made chemicals used in many everyday products, such as non-stick cookware, water-repellent clothing, and food packaging, because they resist heat, water, and grease. They are often called "forever chemicals" because they do not break down easily in the environment or the human body, potentially leading to health concerns. For investors, the presence of PFAS-related risks can impact companies’ reputations, legal liabilities, and future costs.

AI-generated analysis. Not financial advice.

DOVER, Del., Feb. 27, 2026 (GLOBE NEWSWIRE) -- Tidewater Utilities, Inc. (Tidewater), a water service provider and wholly owned subsidiary of Middlesex Water Company, today announced that it has received approval from the Delaware Public Service Commission (PSC) to refund approximately $1.1 million to customers through a one-time bill credit. The refund is funded by proceeds Tidewater received from litigation addressing per- and polyfluoroalkyl substances (“PFAS”) contamination.

Tidewater will issue the one-time credit to eligible customers on their March 2026 water bills. Based on current estimates, the average bill credit for customers is expected to be $18.75 per customer and will appear as a line-item credit on the customer’s monthly statement.

“We appreciate the Commission’s review and approval of this refund, which allows us to return these proceeds directly to our customers,” said Bruce E. Patrick, President of Tidewater. “PFAS treatment requires significant and ongoing investment, and these funds help offset those costs while ensuring customers receive a direct benefit from the litigation proceeds.”

Tidewater has taken proactive steps to monitor, test, and treat PFAS across its water systems, consistent with evolving regulatory standards and industry best practices. These efforts represent a substantial and necessary investment to protect public health and ensure the continued delivery of safe, reliable drinking water.

The approved customer credit reflects Tidewater’s disciplined approach to regulatory engagement, financial stewardship, and long-term infrastructure planning, while balancing customer affordability with the company’s responsibility to maintain and enhance its systems.

Per- and polyfluoroalkyl substances (PFAS) are a group of man-made chemicals that have been used for decades in a variety of industrial and consumer applications, including firefighting foams, non-stick cookware, and stain-resistant materials. Due to their persistence in the environment, PFAS can accumulate over time and may be detected in drinking water sources, prompting increased regulatory oversight nationwide.

Additional information regarding the March bill credit will be shared directly with customers.

About Tidewater Utilities, Inc.

Tidewater Utilities, Inc. (“Tidewater”), a wholly owned subsidiary of Middlesex Water Company, is celebrating over 60 years of service to Delawareans. Tidewater is the largest private water supplier south of the Chesapeake & Delaware Canal, operating 172 active wells and 85 water treatment facilities serving approximately 62,000 customers across more than 480 communities in New Castle, Kent, and Sussex counties.

About Middlesex Water Company

Middlesex Water Company (“Middlesex”) (NASDAQ: MSEX) is one of the nation’s leading investor-owned water and wastewater utilities. Founded in 1897, Middlesex provides essential water and wastewater services to more than half a million people in New Jersey and Delaware. The company is committed to operational excellence, superior customer experience, responsible infrastructure investment, and selective and sustainable growth.

Media Contact:
Summer DeFEO, Director of Communications
Phone: 732-638-7510
sdefeo@middlesexwater.com

FAQ

What did Tidewater Utilities (MSEX) announce about customer bill credits on February 27, 2026?

Tidewater announced PSC approval to refund about $1.1 million to customers as a one-time credit. According to the company, the credit is funded by PFAS litigation proceeds and will appear on March 2026 water bills.

How much will the average Tidewater (MSEX) customer receive from the March 2026 bill credit?

The average customer credit is expected to be $18.75 per account. According to the company, that estimate is based on current calculations and will appear as a line-item on March 2026 statements.

When will Tidewater (MSEX) apply the approved one-time customer credit to bills?

Tidewater will apply the one-time credit on March 2026 water bills. According to the company, eligible customers will see the average $18.75 credit as a line-item on their monthly statement.

What funded the Tidewater (MSEX) customer refund approved in February 2026?

The refund is funded by proceeds from litigation addressing PFAS contamination. According to the company, those proceeds are being returned directly to customers via the one-time March 2026 credit.

Does the Tidewater (MSEX) announcement explain ongoing PFAS treatment efforts and costs?

Yes. Tidewater said it is monitoring, testing, and treating PFAS across systems, requiring significant and ongoing investment. According to the company, these efforts align with evolving regulatory standards and industry practices.

How will Tidewater (MSEX) notify customers about the March 2026 bill credit details?

Customers will receive the credit as a line-item on their March 2026 bill and further information directly. According to the company, additional details about eligibility and amounts will be communicated to customers.