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General manager reports $4.1 million net income for 2024; utility projects, substation timeline outlined
Summary
The utility’s unaudited 2024 results show combined net income of about $4.1 million; staff also reported property acquisition for a new electric building, project timelines, long lead times for 115 kV breakers and a trim-heater, and a staff departure.
The Town of Middleborough Gas & Electric Department reported unaudited financial results for the year ending Dec. 31, 2024, and updated the board on multiple capital and staffing developments.
Staff said the utility’s unaudited combined net income after standard adjustments (depreciation, OPEB funding and other items) was about $4.1 million for 2024. On the electric side, year-to-date kilowatt-hour sales totaled roughly $315 million in revenue, and the electric division showed net income of about $3.3 million for the year after transfers to the rate stabilization account. The gas division reported higher-than-budgeted sales (about 8 million CCF) and a year-end net income of approximately…
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