As Town Moves To Buy, Milford Water Co. Valued At $66.3 Million

MILFORD, MA — Milford has reached a key point in a bid to buy the Milford Water Company as state regulators have set a value on the utility.

The state Department of Public Utilities (DPU) on Friday valued the private Milford Water Company (MWC) at $66.3 million, which is about $3 million more than the sale price the two sides agreed on. Milford sought help from the state to complete the deal.

Now, DPU's valuation will be filed with the Supreme Judicial Court, setting up a possibly time-consuming process.

"If the MWC appeals the decision, it could take months for the court to review the matter," Town Administrator Richard Villani said in a statement Tuesday. "Once a decision is final, the parties will have to determine how the MWC should be paid for its further investment in the system."

DPU's valuation does not include about $4.1 million in upgrades MWC says it has made across the system since 2018. Any payment for those improvements would be negotiated once the Supreme Judicial Court finalizes the value price, Villani said.

The MWC was formed in the late 19th century to handle the distribution of the town's water. During a special Town Meeting in 2017, members authorized the town to purchase the company using a 30-year-bond backed by water rates.

Many residents lost confidence in the local water company following a period of boil-water advisories more than a decade ago, and criminal charges brought against a former MWC executive.