New Jersey
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001-08359
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22-2376465
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1415 Wyckoff Road
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Wall, New Jersey
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07719
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(Address of Principal Executive Offices)
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(Zip Code)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on
which registered
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Common Stock - $2.50 par value
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NJR
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New York Stock Exchange
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Item 7.01 |
Regulation FD Disclosure.
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Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit Number
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Exhibit
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Press Release dated January 31, 2024 (furnished, not filed)
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Investor Fact Sheet (furnished, not filed)
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104
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Cover page in Inline XBRL format
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NEW JERSEY RESOURCES CORPORATION | |
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Date: January 31, 2024
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By:
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/s/ Roberto F. Bel
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Roberto F. Bel
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Senior Vice President and Chief Financial
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Officer
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•
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Upgrades to critical infrastructure, including looping and reinforcement projects, and the replacement of 140 miles of vintage distribution mains and associated service lines to ensure the safety, reliability and integrity of its delivery systems and support mandates set forth in state and
federal regulation.
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• |
Modernization and enhancement of Customer Service and Dispatch operations to improve the customer experience and ensure efficient and effective response times and service calls.
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• |
Investment in cybersecurity consistent with industry standards to safeguard customer information, as well as support the safe and reliable operations of NJNG’s systems.
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• |
Increased labor costs, including the ratification of a new three-year union agreement, that support adequate staffing to effectively meet our customers energy needs.
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• |
New Jersey Natural Gas, NJR’s principal subsidiary, operates
and maintains natural gas transportation and distribution infrastructure to serve nearly 576,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
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• |
Clean Energy Ventures invests in, owns and operates solar
projects with a total capacity of approximately 469 megawatts, providing residential and commercial customers with low-carbon solutions.
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• |
Energy Services manages a diversified portfolio of natural
gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
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• |
Storage and Transportation serves customers from local
distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage
facility.
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• |
Home Services provides service contracts as well as heating,
central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
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Rate Base
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$
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3,358.7
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||
Rate of Return
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7.57
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%
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Operating Income Requirement
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$
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254.3
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Pro-Forma Operating Income
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$
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95.6
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Operating Income Deficiency
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$
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158.7
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Revenue Factor*
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1.4027
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Revenue Requirements
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$
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222.6
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• |
Revenue Factor means a gross-up to account for income taxes (9% NJ corporate income tax and 21% federal income tax) and other expenses, including uncollectibles, BPU assessment, and Division of
Rate Counsel assessment.
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Plant in Service
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$
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4,139.9
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||
Accumulated Depreciation Reserve
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$
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(675.3
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)
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Customer Advances
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$
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(2.6
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)
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Net Plant in Service
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$
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3,462.1
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Gas Supply & LNG Inventory
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$
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107.7
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Working Capital
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$
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163.9
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Deferred Taxes
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$
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(240.4
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)
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Excess Deferred Tax
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$
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(126.9
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)
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Consolidated Tax Adjustment
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$
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(7.6
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)
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Total Rate Base
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$
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3,358.7
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($ millions)
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Amount
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Percent
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Embedded
Cost
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Weighted
Cost
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||||||||||||
Long-Term Debt
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$
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1,573.2
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44.58
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%
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4.03
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%
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1.80
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%
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||||||||
Common Equity
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1,955.7
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55.42
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%
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10.42
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%
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5.77
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%
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|||||||||
Total
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$
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3,528.9
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100.00
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%
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7.57
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%
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Recent Base Rate Cases
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|||||
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Company
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Filing Date
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Settlement Date
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Overall
Weighted
Cost of
Capital |
Return on
Equity
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Equity Ratio
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PSE&G
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December 2023
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Pending
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7.55%*
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10.4%*
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55.5%*
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JCP&L
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March 2023
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Pending
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7.6%*
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10.4%*
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51.9%*
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Atlantic City
Electric
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February 2023
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November 2023
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6.68%
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9.60%
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50.2%
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South Jersey Gas
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April 2022
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December 2022
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6.93%
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9.60%
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54.0%
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Elizabethtown Gas
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December 2021
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August 2022
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6.83%
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9.60%
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52.0%
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Rockland Electric
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May 2021
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December 2021
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7.08%
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9.60%
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48.51%
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* As filed
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• |
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve approximately 576,000 customers
in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
|
• |
Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 469 megawatts, providing commercial customers with low-carbon
solutions.
|
• |
Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to
its customers across North America.
|
• |
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the
Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
|
• |
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to
residential homes throughout New Jersey.
|