NEW JERSEY RESOURCES CORP, 10-Q filed on 2/4/2025
Quarterly Report
v3.25.0.1
Cover Page - shares
 3 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Entity File Number 001-08359  
Entity Registrant Name NEW JERSEY RESOURCES CORPORATION  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-2376465  
Entity Address, Address Line One 1415 Wyckoff Road  
Entity Address, City or Town Wall  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07719  
City Area Code (732)  
Local Phone Number 938‑1480  
Title of 12(b) Security Common Stock - $2.50 Par Value  
Trading Symbol NJR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Business false  
Entity Common Stock, Shares Outstanding   100,289,422
Entity Central Index Key 0000356309  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING REVENUES    
Utility $ 333,427 $ 293,093
Nonutility 154,934 174,117
Total operating revenues 488,361 467,210
Natural gas purchases:    
Related parties 1,718 1,879
Operation and maintenance 88,632 94,439
Regulatory rider expenses 22,476 19,189
Depreciation and amortization 45,329 40,287
Gain on sale of assets (54,859) 0
Total operating expenses 298,784 331,391
OPERATING INCOME 189,577 135,819
Other income, net 11,617 6,341
Interest expense, net of capitalized interest 33,891 31,473
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES 167,303 110,687
Income tax provision 37,384 22,936
Equity in earnings of affiliates 1,400 1,660
NET INCOME $ 131,319 $ 89,411
EARNINGS PER COMMON SHARE    
Basic (usd per share) $ 1.32 $ 0.91
Diluted (usd per share) $ 1.31 $ 0.91
WEIGHTED AVERAGE SHARES OUTSTANDING    
Basic (in shares) 99,855 97,869
Diluted (in shares) 100,478 98,563
Utility    
Natural gas purchases:    
Gas purchases - Utility and Nonutility $ 127,680 $ 116,120
Nonutility    
Natural gas purchases:    
Gas purchases - Utility and Nonutility $ 67,808 $ 59,477
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 131,319 $ 89,411
Other comprehensive income    
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively 263 264
Adjustment to postemployment benefit obligation, net of tax of $58 and $(40), respectively (195) 131
Other comprehensive income 68 395
Comprehensive income $ 131,387 $ 89,806
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]    
Tax on reclassifications of losses to net income on derivatives $ (79) $ (79)
Tax on adjustment to postemployment benefit obligation $ 58 $ (40)
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES    
Net income $ 131,319 $ 89,411
Adjustments to reconcile net income to cash flows from operating activities    
Unrealized loss (gain) on derivative instruments 6,368 (5,400)
Gain on sale of assets (54,859) 0
Depreciation and amortization 45,329 40,287
Amortization of acquired wholesale energy contracts 0 111
Allowance for equity used during construction (1,086) (1,482)
Allowance for doubtful accounts 194 (1,575)
Non cash lease expense 1,071 1,152
Deferred income taxes 20,522 18,758
Equivalent value of ITCs recognized on equipment financing (4,352) (2,888)
Manufactured gas plant remediation costs (1,126) (4,575)
Cost of removal - asset retirement obligations (432) (382)
Contributions to postemployment benefit plans (227) (1,996)
Taxes related to stock-based compensation 1,805 1,185
Changes in:    
Components of working capital (187,879) (97,615)
Other noncurrent assets and liabilities 34,398 11,424
Cash flows (used in) from operating activities (8,955) 46,415
Expenditures for:    
Cost of removal (10,775) (8,977)
Distribution from equity investees in excess of equity in earnings 99 830
Proceeds from sale of assets 132,500 0
Cash flows used in investing activities (19,271) (113,792)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long-term debt 100,000 50,000
Payments of long-term debt (107,676) (6,188)
Proceeds from short-term debt, net 45,200 16,550
Proceeds from sale leaseback transactions - solar 12,567 24,394
Proceeds from sale leaseback transactions - natural gas meters 11,714 8,814
Payments of common stock dividends (44,752) (40,981)
Proceeds from waiver discount issuance of common stock 19,910 17,919
Proceeds from issuance of common stock - DRP 3,793 3,781
Tax withholding payments related to net settled stock compensation (11,579) (5,000)
Cash flows from financing activities 29,177 69,289
Change in cash, cash equivalents and restricted cash 951 1,912
Cash, cash equivalents and restricted cash at beginning of period 1,612 1,517
Cash, cash equivalents and restricted cash at end of period 2,563 3,429
CHANGES IN COMPONENTS OF WORKING CAPITAL    
Receivables (203,094) (146,377)
Inventories 5,247 1,948
Recovery of natural gas costs (375) 479
Natural gas purchases payable 30,998 24,901
Natural gas purchases payable - related parties 6 (2)
Deferred revenue, current 650 57,115
Accounts payable and other (45,967) (47,797)
Prepaid expenses (7,421) (5,794)
Prepaid and accrued taxes 35,204 20,895
Restricted broker margin accounts (2,849) (837)
Customers' credit balances and deposits 3,992 551
Other current assets and liabilities (4,270) (2,697)
Total (187,879) (97,615)
Cash paid for:    
Interest (net of amounts capitalized) 34,843 29,779
Income taxes 863 629
Accrued capital expenditures 19,309 13,333
Utility plant    
Expenditures for:    
Payments to acquire PP&E (99,143) (71,166)
Solar equipment    
Expenditures for:    
Payments to acquire PP&E (33,476) (25,766)
Storage and Transportation and other    
Expenditures for:    
Payments to acquire PP&E $ (8,476) $ (8,713)
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
PROPERTY, PLANT AND EQUIPMENT    
Utility plant, at cost $ 4,280,115 $ 4,221,395
Construction work in progress 272,360 233,295
Nonutility plant and equipment, at cost 1,724,166 1,834,956
Construction work in progress 219,905 206,869
Total property, plant and equipment 6,496,546 6,496,515
Accumulated depreciation and amortization, utility plant (811,164) (786,594)
Accumulated depreciation and amortization, nonutility plant and equipment (257,139) (306,698)
Property, plant and equipment, net 5,428,243 5,403,223
CURRENT ASSETS    
Cash and cash equivalents 1,908 1,017
Customer accounts receivable    
Billed 211,036 105,531
Unbilled revenues 117,280 20,094
Allowance for doubtful accounts (8,297) (8,506)
Regulatory assets 64,689 73,070
Natural gas in storage, at average cost 192,046 199,125
Materials and supplies, at average cost 40,316 38,484
Prepaid expenses 19,175 11,754
Prepaid taxes 31,862 67,066
Derivatives, at fair value 5,073 6,813
Restricted broker margin accounts 23,003 13,243
Other current assets 32,613 26,904
Total current assets 730,704 554,595
NONCURRENT ASSETS    
Investments in equity method investees 101,609 101,744
Regulatory assets 612,595 609,192
Operating lease assets 183,252 184,485
Derivatives, at fair value 1,872 806
Software costs 10,561 10,522
Deferred income taxes 23,303 20,751
Postemployment employee benefit assets 23,014 24,660
Other noncurrent assets 78,812 71,667
Total noncurrent assets 1,035,018 1,023,827
Total assets 7,193,965 6,981,645
CAPITALIZATION    
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2024 — 100,191,159; September 30, 2024 — 99,461,448 249,984 248,159
Premium on common stock 663,882 633,811
Accumulated other comprehensive loss, net of tax (6,453) (6,521)
Treasury stock at cost and other; shares December 31, 2024 — 16,658; September 30, 2024 — 16,302 20,188 26,220
Retained earnings 1,385,083 1,298,774
Common stock equity 2,312,684 2,200,443
Long-term debt 2,989,473 2,879,464
Total capitalization 5,302,157 5,079,907
CURRENT LIABILITIES    
Current maturities of long-term debt 91,558 189,006
Short-term debt 337,000 291,800
Natural gas purchases payable 88,513 57,515
Natural gas purchases payable to related parties 881 875
Deferred revenue 22,222 21,572
Accounts payable and other 112,529 169,232
Dividends payable 45,009 44,752
Accrued taxes 10,593 10,593
Regulatory liabilities 32,610 32,981
New Jersey Clean Energy Program 16,523 18,491
Derivatives, at fair value 13,463 6,271
Operating lease liabilities 5,177 4,945
Restricted broker margin accounts 0 1,146
Customers' credit balances and deposits 42,587 38,595
Total current liabilities 818,665 887,774
NONCURRENT LIABILITIES    
Deferred income taxes 383,362 358,783
Deferred investment tax credits 2,086 2,156
Deferred revenue 32,451 3,095
Derivatives, at fair value 12,321 11,490
Manufactured gas plant remediation 161,024 161,650
Postemployment employee benefit liability 71,143 64,609
Regulatory liabilities 174,726 175,847
Operating lease liabilities 158,583 159,303
Asset retirement obligations 67,278 66,698
Other noncurrent liabilities 10,169 10,333
Total noncurrent liabilities 1,073,143 1,013,964
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities 7,193,965 6,981,645
Related Party    
CURRENT LIABILITIES    
Natural gas purchases payable to related parties $ 881 $ 875
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Sep. 30, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 2.50 $ 2.50
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares outstanding (in shares) 100,191,159 99,461,448
Treasury stock at cost and other, shares (in shares) 16,658 16,302
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Premium on Common Stock
Accumulated Other Comprehensive (Loss) Income
Treasury Stock and Other
Retained Earnings
Balance as of beginning of period (in shares) at Sep. 30, 2023   97,584,000        
Balance as of beginning of period at Sep. 30, 2023 $ 1,990,735 $ 243,458 $ 558,654 $ (9,959) $ 20,748 $ 1,177,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 89,411         89,411
Other comprehensive income 395     395    
Common stock issued:            
Incentive compensation plan (in shares)   116,000        
Incentive compensation plan 3,741 $ 290 3,451      
Dividend reinvestment plan (in shares) [1]   94,000        
Dividend reinvestment plan [1] 3,788 $ 236 3,552      
Waiver discount (in shares)   410,000        
Waiver discount 17,919 $ 1,025 16,894      
Cash dividend declared (41,176)         (41,176)
Treasury stock and other (in shares)   (2,000)        
Treasury stock and other 1,388       1,388  
Balance as of end of period (in shares) at Dec. 31, 2023   98,202,000        
Balance as of end of period at Dec. 31, 2023 $ 2,066,201 $ 245,009 582,551 (9,564) 22,136 1,226,069
Balance as of beginning of period (in shares) at Sep. 30, 2024 99,461,448 99,461,000        
Balance as of beginning of period at Sep. 30, 2024 $ 2,200,443 $ 248,159 633,811 (6,521) 26,220 1,298,774
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 131,319         131,319
Other comprehensive income 68     68    
Common stock issued:            
Incentive compensation plan (in shares)   232,000        
Incentive compensation plan 8,242 $ 581 7,661      
Dividend reinvestment plan (in shares)   80,000        
Dividend reinvestment plan 3,744 $ 199 3,545      
Waiver discount (in shares)   418,000        
Waiver discount 19,910 $ 1,045 18,865      
Cash dividend declared (45,010)         (45,010)
Treasury stock and other $ (6,032)       (6,032)  
Balance as of end of period (in shares) at Dec. 31, 2024 100,191,159 100,191,000        
Balance as of end of period at Dec. 31, 2024 $ 2,312,684 $ 249,984 $ 663,882 $ (6,453) $ 20,188 $ 1,385,083
[1] Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Cash dividend declared per share (usd per share) $ 0.45 $ 0.42
v3.25.0.1
NATURE OF THE BUSINESS
 3 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF THE BUSINESS
1. NATURE OF THE BUSINESS

The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following:

NJNG provides natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment.

Clean Energy Ventures, the Company's clean energy subsidiary, comprises the CEV segment, which owns and operates clean energy projects, including commercial solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

On November 25, 2024, CEV completed the sale of its 91 MW residential solar portfolio, and related assets and liabilities included in The Sunlight Advantage® program to a third party for a total purchase price of $132.5M. See Note 16. Dispositions for more information regarding the transaction.

Energy Services comprises the ES segment. ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S.

NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries. The Company operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River and Adelphia and is subject to rate regulation by FERC. The Company holds a 50% combined ownership interest in Steckman Ridge, a FERC-jurisdictional natural gas storage facility located in Pennsylvania, which is accounted for under the equity method of accounting.

NJR Retail Holdings Corporation has one principal subsidiary, NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO.
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2024 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2024 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2025. Intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.
The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.

Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The SREC program officially closed to new qualified solar projects in April 2020.

In December 2019, the BPU established the TREC as the successor to the SREC program. TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined.

In July 2021, the BPU established a new successor solar incentive program, or SREC IIs. The ADI Program provides administratively set incentives for net metered projects of 5 MW or less. RECs generated through the production of electricity under this program are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts for forward sales as a component of operating revenues.

During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts, which commenced in November 2021. The AMAs include a series of temporary and permanent releases and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized $4.9M and $9.5M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during the three months ended December 31, 2024 and 2023, respectively. Amounts received in excess of revenue totaling $51.6M and $22.3M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, respectively.

S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(Thousands)December 31,
2024		September 30,
2024		December 31,
2023
Balance Sheet
Cash and cash equivalents$1,908 $1,017 $2,739 
Restricted cash in other noncurrent assets$655 $595 $690 
Statements of Cash Flow
Cash, cash equivalents and restricted cash$2,563 $1,612 $3,429 

Allowance for Doubtful Accounts

The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.

Loans Receivable

NJNG currently provides loans, with terms ranging from three to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets. The Company has $18.8M and $18.1M recorded in other current assets and $56.7M and $53.6M in other noncurrent assets as of December 31, 2024 and September 30, 2024, respectively, on the Unaudited Condensed Consolidated Balance Sheets, related to the loans. The Company regularly evaluates the credit quality and collection profile of its customers. If NJNG determines a loan is impaired, the basis of the loan would be subject to regulatory review for recovery. As of December 31, 2024 and September 30, 2024, the Company has not recorded any impairments for SAVEGREEN loans.

Natural Gas in Storage

The following table summarizes natural gas in storage, at average cost by segment as of:
December 31, 2024September 30, 2024
($ in thousands)Natural Gas in StorageBcfNatural Gas in StorageBcf
NJNG$161,613 25.3 $177,655 30.8 
ES30,311 12.7 21,378 13.1 
S&T122 0.1 92 — 
Total$192,046 38.1 $199,125 43.9 

Software Costs

The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.
The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:

(Thousands)December 31,
2024		September 30,
2024
Balance Sheets
Utility plant, at cost$133,268 $133,158 
Construction work in progress$34,028 $26,659 
Nonutility plant and equipment, at cost$344 $344 
Accumulated depreciation and amortization, utility plant$(16,045)$(13,632)
Accumulated depreciation and amortization, nonutility plant and equipment$(50)$(48)
Software costs$10,561 $10,522 

Three Months Ended
December 31,
Statements of Operations20242023
Operation and maintenance$2,736 $3,253 
Depreciation and amortization$2,415 $990 

Sale Leasebacks

NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets.

In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets.

The Company continues to operate its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease.

See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.

Accumulated Other Comprehensive (Loss) Income
The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended December 31, 2024 and 2023:
(Thousands)Cash Flow HedgesPostemployment Benefit ObligationTotal
Balance as of September 30, 2024$(6,215)$(306)$(6,521)
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(79), $58 and $(21), respectively
263 (195)(1)68 
Balance as of December 31, 2024$(5,952)$(501)$(6,453)
Balance as of September 30, 2023$(7,269)$(2,690)$(9,959)
Other comprehensive income, net of tax
Amounts reclassified from accumulated other comprehensive income, net of tax of $(79), $(40) and $(119), respectively
264 131 (1)395 
Balance as of December 31, 2023$(7,005)$(2,559)$(9,564)
(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.
Recently Adopted Updates to the Accounting Standards Codification

Fair Value Measurement

In June 2022, the FASB issued ASU No. 2022-03, an amendment to ASC 820, Fair Value Measurement. The amendment clarifies the fair value principles when measuring the fair value of an equity security subject to a contractual sale restriction. The guidance became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have equity securities subject to contractual sale restrictions, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption.

Leases

In March 2023, the FASB issued ASU No. 2023-01, an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party. If the lessee in these types of arrangements continues to control the use of the underlying asset through a lease, the leasehold improvements are to be amortized over the improvements’ useful life to the common control group, regardless of the lease term. The guidance became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have leases that are impacted by this amendment, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption.

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, an amendment to ASC 280, Segment Reporting, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The update requires entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss, and it enhances interim disclosure requirements to conform with annual requirements. The guidance became effective for the Company on October 1, 2024, for the first annual period and will become effective on October 1, 2025, for the interim periods. It will be applied retrospectively to all periods presented. As the amendments in this update only impact disclosures, there was no impact on the Company’s financial position, results of operations, and cash flows upon adoption.
Business Combinations

In August 2023, the FASB issued ASU No. 2023-05, an amendment to ASC 805, Business Combinations, which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed. The guidance became effective for the Company for joint ventures formed beginning January 1, 2025, and was applied on a prospective basis. As the Company does not have any applicable transactions, there was no impact to the Company's financial position, results of operations, cash flows, and disclosures upon adoption.

Other Recent Updates to the Accounting Standards Codification

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, an amendment to ASC 740, Income Taxes, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance becomes effective for the Company on October 1, 2025, and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, an amendment to ASC 220, Income Statement Reporting, which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.
v3.25.0.1
REVENUE
 3 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE

Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations.

Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations:
Revenue Recognized Over Time:
Segment/
Operations		Performance ObligationDescription
NJNGNatural gas utility sales
NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated.

Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
Revenue Recognized Over Time (continued):
Segment/
Operations		Performance ObligationDescription
CEVCommercial solar electricity
CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated.

Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
CEVResidential solar electricity
CEV provided access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation was to provide electricity to the customer based on generation from the underlying residential solar asset and was satisfied upon transfer of electricity generated.

Revenue was derived from the contract terms and was recognized as invoiced, with the payment due each month for the previous month's services. In November 2024, CEV's residential solar asset portfolio was sold to a third party.
CEVRenewable energy certificates
Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator.

Revenue is recognized upon generation.
ESNatural gas services
The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations.

Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries.

Demand fees are recognized as revenue over the term of the related agreement.
HSOService contracts
Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. NJR Retail enters into warranty contracts with homeowners for various appliances. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract.

Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.
Revenue Recognized at a Point in Time:
ESNatural gas services
For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty.

Revenue is recognized upon the transfer of the underlying contractual rights.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling.

Usage fees and hub services revenues are recognized as services are performed.
HSOInstallationsHome Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed.

The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.
Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended December 31, 2024 and 2023, are as follows:

(Thousands)NJNGCEVESS&THSOTotal
2024
Natural gas utility sales (1)
$296,402 — — — — $296,402 
Natural gas services— — 11,947 26,628 — 38,575 
Service contracts— — — — 9,232 9,232 
Installations and maintenance— — — — 6,562 6,562 
Renewable energy certificates— 2,896 — — — 2,896 
Electricity sales— 5,826 — — — 5,826 
Eliminations (2)
(337)— — (42)(161)(540)
Revenues from contracts with customers296,065 8,722 11,947 26,586 15,633 358,953 
Alternative revenue programs (3)
(5,391)— — — — (5,391)
Derivative instruments42,754 17,684 (4)74,361 — — 134,799 
Revenues out of scope37,363 17,684 74,361 — — 129,408 
Total operating revenues$333,428 26,406 86,308 26,586 15,633 $488,361 
2023
Natural gas utility sales (1)
$257,875 — — — — $257,875 
Natural gas services— — 16,268 23,862 — 40,130 
Service contracts— — — — 8,940 8,940 
Installations and maintenance— — — — 5,894 5,894 
Renewable energy certificates— 2,650 — — — 2,650 
Electricity sales— 6,714 — — — 6,714 
Eliminations (2)
(337)— — (675)— (1,012)
Revenues from contracts with customers257,538 9,364 16,268 23,187 14,834 321,191 
Alternative revenue programs (3)
(2,537)— — — — (2,537)
Derivative instruments38,092 25,931 (4)83,400 — — 147,423 
Eliminations (2)
— — 1,133 — — 1,133 
Revenues out of scope35,555 25,931 84,533 — — 146,019 
Total operating revenues$293,093 35,295 100,801 23,187 14,834 $467,210 
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
(2)Consists of transactions between subsidiaries that are eliminated in consolidation.
(3)Includes CIP revenue.
(4)Includes SREC revenue.
Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended December 31, 2024 and 2023, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2024
Residential$223,819 2,110 — — 15,544 $241,473 
Commercial and industrial41,805 6,612 11,947 26,586 89 87,039 
Firm transportation27,325 — — — — 27,325 
Interruptible, off-tariff and other3,116 — — — — 3,116 
Revenues out of scope37,363 17,684 74,361 — — 129,408 
Total operating revenues$333,428 26,406 86,308 26,586 15,633 $488,361 
2023
Residential$195,623 3,386 — — 14,803 $213,812 
Commercial and industrial35,759 5,978 16,268 23,187 31 81,223 
Firm transportation24,435 — — — — 24,435 
Interruptible, off-tariff and other1,721 — — — — 1,721 
Revenues out of scope35,555 25,931 84,533 — — 146,019 
Total operating revenues$293,093 35,295 100,801 23,187 14,834 $467,210 

Customer Accounts Receivable/Credit Balances and Deposits

The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the three months ended December 31, 2024 and 2023, are as follows:
Customer Accounts ReceivableCustomers' Credit
(Thousands)BilledUnbilledBalances and Deposits
Balance as of September 30, 2024$105,531 $20,094 $38,595 
Increase105,505 97,186 3,992 
Balance as of December 31, 2024$211,036 $117,280 $42,587 
Balance as of September 30, 2023$97,540 $19,100 $44,910 
Increase72,932 72,831 551 
Balance as of December 31, 2023$170,472 $91,931 $45,461 

The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024:
(Thousands)NJNGCEVESS&THSOTotal
December 31, 2024
Customer accounts receivable
Billed$138,967 8,171 52,677 8,455 2,766 $211,036 
Unbilled112,000 5,280 — — — 117,280 
Customers' credit balances and deposits(42,565)— — (22)— (42,587)
Total$208,402 13,451 52,677 8,433 2,766 $285,729 
September 30, 2024
Customer accounts receivable
Billed$51,613 8,441 34,002 8,598 2,877 $105,531 
Unbilled11,839 8,255 — — — 20,094 
Customers' credit balances and deposits(38,572)— — (23)— (38,595)
Total$24,880 16,696 34,002 8,575 2,877 $87,030 
v3.25.0.1
REGULATION
 3 Months Ended
Dec. 31, 2024
Regulated Operations [Abstract]  
REGULATION
4. REGULATION

NJNG is subject to cost-based regulation, therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility capital investments based on the BPU's approval. The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations.

NJNG's recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make filings to the BPU for review of its BGSS, CIP and other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. The current base rates include a weighted average cost of capital of 7.08% and a return on common equity of 9.6%. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU.

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands)December 31,
2024		September 30,
2024
Regulatory assets-current
New Jersey Clean Energy Program$16,523 $18,491 
Conservation Incentive Program46,052 51,442 
Derivatives at fair value, net570 1,363 
Other current regulatory assets1,544 1,774 
Total current regulatory assets$64,689 $73,070 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries$74,146 $77,475 
Liability for future expenditures161,024 161,650 
Deferred income taxes42,776 42,595 
SAVEGREEN114,391 107,796 
Postemployment and other benefit costs24,695 23,772 
Cost of removal135,006 130,885 
Other noncurrent regulatory assets55,488 59,924 
Total noncurrent regulatory assets$607,526 $604,097 
Regulatory liability-current
Overrecovered natural gas costs$26,692 $32,457 
Derivatives at fair value, net5,337 — 
Total current regulatory liabilities$32,029 $32,457 
Regulatory liabilities-noncurrent
Tax Act impact$174,074 $175,328 
Derivatives at fair value, net— 404 
Other noncurrent regulatory liabilities652 115 
Total noncurrent regulatory liabilities$174,726 $175,847 

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands)December 31,
2024		September 30,
2024
Total noncurrent regulatory assets$5,069 $5,095 
Total current regulatory liabilities$581 $524 
The assets are comprised primarily of the tax benefit associated with the equity component of Allowance for Funds Used During Construction and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval.
Regulatory filings and/or actions that occurred during the current fiscal year include the following:

•On October 30, 2024, the BPU approved a settlement of the new SAVEGREEN program running from January 1, 2025 to June 30, 2027, and consisting of $205.0M of direct investment, $160.5M in financing options and $20.1M in O&M, which totals $385.6M. Annual recoveries are expected to increase by approximately $12.3M, effective January 1, 2025.

•On November 21, 2024, the BPU issued an order adopting a stipulation of settlement approving a $157.0M increase to base rates, effective November 21, 2024. The increase includes an overall rate of return on rate base of 7.08%, return on common equity of 9.60%, a common equity ratio of 54.0% and a depreciation rate of 3.21%.

•On December 17, 2024, NJNG filed a petition with the BPU seeking authority to issue up to $700M in Medium Term Notes over a three-year period.

•On December 18, 2024, the BPU approved NJNG's annual EE filing for the recovery of SAVEGREEN costs, which will increase annual recoveries by approximately $3.1M, effective January 1, 2025.
v3.25.0.1
DERIVATIVE INSTRUMENTS
 3 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
5. DERIVATIVE INSTRUMENTS

The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, financial and certain of the Company's physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value.

Energy Services

ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of operating expenses or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either operating expenses or operating revenues.

As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Expected purchases and production of SRECs are hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively.
Natural Gas Distribution

Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the BGSS factor times the therm sales. NJNG no longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Clean Energy Ventures

The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal.

Fair Value of Derivatives

The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
Derivatives at Fair Value
December 31, 2024September 30, 2024
(Thousands)Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
NJNG:
Physical commodity contractsDerivatives - current$159 $728 $21 $579 
Financial commodity contractsDerivatives - current10 2,327 — 2 
ES:
Physical commodity contractsDerivatives - current2,079 7,049 1,660 4,346 
Derivatives - noncurrent1,602 12,052 727 10,758 
Financial commodity contractsDerivatives - current2,825 3,359 5,132 1,344 
Derivatives - noncurrent270 269 79 732 
Total fair value of derivatives$6,945 $25,784 $7,619 $17,761 

Offsetting of Derivatives

The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets.
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of December 31, 2024
ES Contracts
Physical commodity$3,681 (444)— $3,237 $19,101 (444)(6,043)$12,614 
Financial commodity3,095 (3,095)— — 3,628 (3,095)(533)— 
Total ES$6,776 (3,539)— $3,237 $22,729 (3,539)(6,576)$12,614 
NJNG Contracts
Physical commodity$159 — — $159 $728 — — $728 
Financial commodity10 (10)— — 2,327 (10)— 2,317 
Total NJNG$169 (10)— $159 $3,055 (10)— $3,045 
As of September 30, 2024
ES Contracts
Physical commodity$2,387 (535)— $1,852 $15,104 (535)(5,551)$9,018 
Financial commodity5,211 (2,076)(1,170)1,965 2,076 (2,076)— — 
Total ES$7,598 (2,611)(1,170)$3,817 $17,180 (2,611)(5,551)$9,018 
NJNG Contracts
Physical commodity$21 (13)— $8 $579 (13)— $566 
Financial commodity— — — — 2 — (2)— 
Total NJNG$21 (13)— $8 $581 (13)(2)$566 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.

ES utilizes financial derivatives to economically hedge the gross margin associated with the purchase of physical natural gas to be used for storage injection and its subsequent sale at a later date. The gains or (losses) on the financial transactions that are economic hedges of the cost of the purchased natural gas are recognized prior to the gains or (losses) on the physical transaction, which are recognized in earnings when the natural gas is delivered. Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged along with fair value changes in derivative instruments, create volatility in the results of ES, although the Company's intended economic results relating to the entire transaction are unaffected.

The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:
(Thousands)Location of gain (loss) recognized in income on derivativesAmount of gain (loss) recognized
in income on derivatives
Three Months Ended
December 31,
Derivatives not designated as hedging instruments:20242023
ES:
Physical commodity contractsOperating revenues$(2,632)$14,030 
Physical commodity contractsNatural gas purchases(1,752)(586)
Financial commodity contractsNatural gas purchases1,538 18,082 
Physical commodity contractsOperation and maintenance1,053 — 
Total unrealized and realized (loss) gain$(1,793)$31,526 
NJNG’s derivative contracts are part of the Company's risk management activities that relate to its natural gas purchases and BGSS incentive programs. At settlement, the resulting gains and/or losses are payable to or recoverable from utility customers and are deferred in regulatory assets or liabilities resulting in no impact to earnings. The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below:
Three Months Ended
December 31,
(Thousands)20242023
NJNG:
Physical commodity contracts$(13,386)$(1,070)
Financial commodity contracts5,939 4,332 
Total unrealized and realized (loss) gain$(7,447)$3,262 

NJNG and ES had the following outstanding long (short) derivatives as of:
Natural Gas DistributionEnergy Services
Volumes (Bcf)FuturesPhysical CommodityFuturesPhysical Commodity
December 31, 202426.64.9(7.7)(0.3)
September 30, 202431.910.9(7.7)2.8

Not included in the above table are 1.0M and 1.2M SRECs that were open as of December 31, 2024 and September 30, 2024, respectively.

Broker Margin

Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily marked-to-market relative to maintenance margin requirements. The Company maintains separate broker margin accounts for NJNG and ES.

The balances by reporting segment are as follows:
(Thousands)Balance Sheet LocationDecember 31,
2024		September 30,
2024
NJNGRestricted broker margin accounts-current assets$10,761 $4,975 
ESRestricted broker margin accounts-current assets$12,242 $8,268 
Restricted broker margin accounts-current liabilities$— $1,146 

Wholesale Credit Risk

NJNG, ES, CEV and S&T are exposed to credit risk as a result of their sales/wholesale marketing activities. As a result of the inherent volatility in the prices of natural gas commodities, derivatives and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties. If a counterparty fails to perform the obligations under its contract then the Company could sustain a loss.

The Company monitors and manages the credit risk of its wholesale operations through credit policies and procedures that management believes reduce overall credit risk. These policies include a review and evaluation of current and prospective counterparties' financial statements and/or credit ratings, daily monitoring of counterparties' credit limits and exposure, daily communication with traders regarding credit status and the use of credit mitigation measures, such as collateral requirements and netting agreements. Examples of collateral include letters of credit and cash received for either prepayment or margin deposit. Collateral may be requested due to the Company's election not to extend credit or because exposure exceeds defined thresholds. Most of the Company's wholesale marketing contracts contain standard netting provisions. These contracts include those governed by ISDA and the NAESB. The netting provisions refer to payment netting, whereby receivables and payables with the same counterparty are offset and the resulting net amount is paid to the party to which it is due.
Internally-rated exposure applies to counterparties that are not rated by Fitch, S&P or Moody's. In these cases, the counterparty's or guarantor's financial statements are reviewed, and similar methodologies and ratios used by credit rating agencies are applied to arrive at a substitute rating. Gross credit exposure is defined as the unrealized fair value of physical and financial derivative commodity contracts, plus any outstanding wholesale receivable for the value of natural gas delivered and/or financial derivative commodity contract that has settled for which payment has not yet been received.

The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of December 31, 2024. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.
(Thousands)Gross Credit Exposure
Investment grade$133,065 
Noninvestment grade23,522 
Internally rated investment grade17,276 
Internally rated noninvestment grade23,005 
Total$196,868 

Conversely, certain of NJNG's and ES's derivative instruments are linked to agreements containing provisions that would require cash collateral payments from the Company if certain events occur. These provisions vary based upon the terms in individual counterparty agreements and can result in cash payments if NJNG's credit rating were to fall below its current level. Specifically, most, but not all, of these additional payments will be triggered if NJNG's debt is downgraded by the major credit agencies, regardless of investment grade status. In addition, some of these agreements include threshold amounts that would result in additional collateral payments if the values of derivative liabilities were to exceed the maximum values provided for in relevant counterparty agreements. Other provisions include payment features that are not specifically linked to ratings but are based on certain financial metrics.

Collateral amounts associated with any of these conditions are determined based on a sliding scale and are contingent upon the degree to which the Company's credit rating and/or financial metrics deteriorate, and the extent to which liability amounts exceed applicable threshold limits. Derivative instruments with credit-risk-related contingent features that were in a liability position for which collateral is required were immaterial as of December 31, 2024 and September 30, 2024. These amounts differ from the respective net derivative liabilities reflected on the Unaudited Condensed Consolidated Balance Sheets because the agreements also include clauses, commonly known as “Rights of Offset,” that would permit the Company to offset its derivative assets against its derivative liabilities for determining additional collateral to be posted, as previously discussed.
v3.25.0.1
FAIR VALUE
 3 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE
6. FAIR VALUE

Fair Value of Assets and Liabilities

The fair value of cash and cash equivalents, accounts receivable, current loans receivable, accounts payable, commercial paper and borrowings under revolving credit facilities are estimated to equal their carrying amounts due to the short maturity of those instruments. Noncurrent loans receivable are recorded based on what the Company expects to receive, which approximates fair value, in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value.

The estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows:
(Thousands)December 31,
2024		September 30,
2024
Carrying value (1) (2)
$2,767,845 $2,767,845 
Fair market value$2,391,501 $2,525,804 
(1)Excludes NJNG's debt issuance costs of $10.8M and $10.9M as of December 31, 2024 and September 30, 2024, respectively.
(2)Excludes NJR's debt issuance costs of $3.4M and $3.0M as of December 31, 2024 and September 30, 2024, respectively.
The Company enters into sale leaseback transactions for certain commercial solar assets and natural gas meters. These transactions are recorded within long-term debt on the Unaudited Condensed Consolidated Balance Sheets. The carrying value of solar sale leasebacks was approximately $288.0M and $283.0M and the estimated fair value was approximately $287.9M and $290.4M as of December 31, 2024 and September 30, 2024, respectively. The carrying value of the natural gas meter sale leasebacks was approximately $39.4M and $31.6M and the estimated fair value of certain natural gas meter sale leasebacks amounted to approximately $36.5M and $26.7M as of December 31, 2024 and September 30, 2024, respectively.

The Company utilizes a discounted cash flow method to determine the fair value of its debt. Inputs include observable municipal and corporate yields, as appropriate for the maturity of the specific debt instrument and the Company's credit rating. As of December 31, 2024 and September 30, 2024, the Company discloses its debt within Level 2 of the fair value hierarchy.

Fair Value Hierarchy

The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:
Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.
Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Thousands)(Level 1)(Level 2)(Level 3)Total
As of December 31, 2024
Assets:
Physical commodity contracts$— $3,840 $— $3,840 
Financial commodity contracts3,105 — — 3,105 
Money market funds10 — — 10 
Other2,714 — — 2,714 
Total assets at fair value$5,829 $3,840 $— $9,669 
Liabilities:
Physical commodity contracts$— $19,829 $— $19,829 
Financial commodity contracts5,955 — — 5,955 
Total liabilities at fair value$5,955 $19,829 $— $25,784 
As of September 30, 2024
Assets:
Physical commodity contracts$— $2,408 $— $2,408 
Financial commodity contracts5,211 — — 5,211 
Money market funds62 — — 62 
Other2,671 — — 2,671 
Total assets at fair value$7,944 $2,408 $— $10,352 
Liabilities:
Physical commodity contracts$— $15,683 $— $15,683 
Financial commodity contracts2,078 — — 2,078 
Total liabilities at fair value$2,078 $15,683 $— $17,761 
v3.25.0.1
INVESTMENTS IN EQUITY INVESTEES
 3 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
INVESTMENTS IN EQUITY INVESTEES
7. INVESTMENTS IN EQUITY INVESTEES

The Company holds a 50% equity method investment in Steckman Ridge, a jointly owned and controlled natural gas storage facility located in Bedford County, Pennsylvania. The Company's investment in Steckman Ridge was $101.6M and $101.7M as of December 31, 2024 and September 30, 2024, respectively, which include loans with a total outstanding principal balance of approximately $70.4M for both periods. The loans accrue interest at a variable rate that resets quarterly and are due October 1, 2027.

NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 15. Related Party Transactions for more information on these intercompany transactions.
v3.25.0.1
EARNINGS PER SHARE
 3 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
8. EARNINGS PER SHARE

The following table presents the calculation of the Company's basic and diluted earnings per share for:
Three Months Ended
December 31,
(Thousands, except per share amounts)20242023
Net income, as reported$131,319 $89,411 
Basic earnings per share
Weighted average shares of common stock outstanding-basic99,855 97,869 
Basic earnings per common share$1.32$0.91
Diluted earnings per share
Weighted average shares of common stock outstanding-basic99,855 97,869 
Incremental shares (1)
623 694 
Weighted average shares of common stock outstanding-diluted100,478 98,563 
Diluted (loss) earnings per common share$1.31$0.91
(1)Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.
v3.25.0.1
DEBT
 3 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT
9. DEBT

NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program and committed unsecured credit facilities.

Credit Facilities and Short-term Debt

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:
At end of period
(Thousands)As of dateTotal
borrowing capacity		Loans outstandingWeighted average interest rateRemaining borrowing capacityExpiration dates
NJR bank revolving credit facility (1)
December 31, 2024$575,000 $193,100 5.68 %$363,432 (2)August 2029
September 30, 2024$575,000 $236,700 6.23 %$325,951 (2)August 2029
NJNG bank revolving credit facility (3)
December 31, 2024$250,000 $143,900 4.67 %$105,369 (4)August 2029
September 30, 2024$250,000 $55,100 4.98 %$194,169 (4)August 2029
(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.
(2)Letters of credit outstanding total approximately $18.5M and $12.3M as of December 31, 2024 and September 30, 2024, respectively, which reduces the amount available by the same amount.
(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.
(4)Letters of credit outstanding total approximately $0.7M as of both December 31, 2024 and September 30, 2024, which reduces the amount available by the same amount.

Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility.
Long-term Debt

NJR

On November 7, 2024, NJR entered into a Note Purchase Agreement under which NJR issued $100M senior notes at a
fixed interest rate of 5.55%, maturing on November 7, 2034.

NJNG

NJNG received approximately $11.7M and $8.8M during the three months ended December 31, 2024 and 2023, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes that is paid over the term of the arrangement and has the option to purchase the meters back at fair value upon expiration of the lease.
Clean Energy Ventures

CEV received proceeds of approximately $12.6M and $24.4M during the three months ended December 31, 2024 and 2023, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term.
v3.25.0.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
10. EMPLOYEE BENEFIT PLANS

Pension and Other Postemployment Benefit Plans

In January 2024, the Company announced changes to its postretirement medical benefits plan that replaced the existing retiree medical coverage for certain eligible employees and their dependents with an employer funded Health Reimbursement Arrangement. The liability associated with postretirement medical benefits was remeasured as of January 1, 2024. The change in post-retirement medical benefits is being amortized into earnings over approximately eight years, the average remaining service to retirement for all plan participants.

The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:
PensionOPEB
Three Months EndedThree Months Ended
December 31,December 31,
(Thousands)2024202320242023
Service cost$1,381 $1,244 $273 $642 
Interest cost3,858 4,060 2,097 2,902 
Expected return on plan assets(5,925)(5,087)(2,346)(1,858)
Recognized actuarial loss301 29 1,793 496 
Prior service cost (credit) amortization— 16 (3,270)— 
Net periodic benefit (credit) cost$(385)$262 $(1,453)$2,182 

The Company does not expect to make additional contributions to fund the pension plans during fiscal 2025 based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. There were no discretionary contributions made during the three months ended December 31, 2024 and 2023.
v3.25.0.1
INCOME TAXES
 3 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
11. INCOME TAXES

ASC Topic 740, Income Taxes requires the use of an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating its estimated annual effective tax rate, the Company considers forecasted annual pre-tax income and estimated permanent book versus tax differences. Adjustments to the effective tax rate and management's estimates will occur as information and assumptions change.

Changes in tax laws or tax rates are recognized in the financial reporting period that includes the enactment date, the date on which the act is signed into law. Similarly, the tax effect of unusual or infrequent events and transactions are recognized in the financial reporting period in which they occur. These items are excluded from the calculation of the estimated annual effective tax rate and are reported discretely in each interim reporting period.

NJR evaluates its tax positions to determine the appropriate accounting and recognition of potential future obligations associated with uncertain tax positions. A tax benefit claimed, or expected to be claimed, on a tax return may be recognized only if it is more likely than not that the tax position will be upheld upon examination by the applicable taxing authority and is measured based on the largest tax benefit that is more than 50% likely to be realized. Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense, and accrued interest and penalties are recognized within other noncurrent liabilities on the Unaudited Condensed Consolidated Balance Sheets.
Effective Tax Rate

The estimated annual effective tax rates were 23.2% and 21.5%, for the three months ended December 31, 2024 and 2023, respectively.

To the extent there are discrete tax items that are not included in the estimated annual effective tax rate, the actual reported effective tax rate may differ from the estimated annual effective tax rate. Discrete tax items primarily relate to the income tax effects associated with the sale of the Company’s residential solar energy projects and host customer power purchase agreements for the three months ended December 31, 2024 and the vesting of share based awards for the three months ended December 31, 2023. NJR’s effective tax rate was 22.2% and 20.4% during the three months ended December 31, 2024 and 2023, respectively.

Other Tax Items

As of December 31, 2024 and September 30, 2024, the Company has tax credit carryforwards of approximately $190.8M and $191.6M, respectively, which each have a life of 20 years. The Company expects to utilize this entire carryforward prior to expiration, which would begin in fiscal 2036.

As of December 31, 2024 and September 30, 2024, the Company has state income tax net operating losses of approximately $599.3M and $634.7M, respectively. These state net operating losses have varying carry-forward periods dictated by the state in which they were incurred; these state carry-forward periods and range from seven to 20 years, with the majority expiring after 2037. The Company expects to utilize this entire carryforward prior to expiration, except for state income tax attributes for which the Company had a valuation allowance of approximately $0.5M and $0.6M as of December 31, 2024 and September 30, 2024, respectively, for which the Company could not conclude were realizable on a more-likely-than-not basis.
In March 2024, the State of New Jersey commenced an examination of the Company's Corporate Business Tax return for NJR and certain subsidiaries for the fiscal periods ending September 30, 2019 through September 30, 2022. On January 8, 2025, this audit was completed by the State of New Jersey and no other action is necessary.
v3.25.0.1
LEASES
 3 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES
12. LEASES

Lessee Accounting

The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.
Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of nine years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.

The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.

The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:
Three Months Ended
December 31,
(Thousands)Income Statement Location20242023
Operating lease cost (1)
Operation and maintenance$2,709 $2,540 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization540 528 
Interest on lease liabilitiesInterest expense, net of capitalized interest188 252 
Total finance lease cost728 780 
Variable lease costOperation and maintenance230 200 
Total lease cost$3,667 $3,520 
(1)Net of capitalized costs.

The following table presents supplemental cash flow information related to leases:
Three Months Ended
December 31,
(Thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$2,364 $2,236 
Operating cash flows for finance leases$188 $252 
Financing cash flows for finance leases$3,596 $1,956 

Assets obtained or modified through operating lease liabilities totaled approximately $1.5M during the three months ended December 31, 2023. There were no assets obtained or modified through operating leases during the three months ended December 31, 2024. There were no assets obtained or modified through finance leases during the three months ended December 31, 2024 and 2023.
The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:
(Thousands)Balance Sheet LocationDecember 31,
2024		September 30,
2024
Assets
Noncurrent
Operating lease assetsOperating lease assets$183,252 $184,485 
Finance lease assetsUtility plant25,548 26,088 
Total lease assets$208,800 $210,573 
Liabilities
Current
Operating lease liabilitiesOperating lease liabilities$5,177 $4,945 
Finance lease liabilitiesCurrent maturities of long-term debt7,158 7,534 
Noncurrent
Operating lease liabilitiesOperating lease liabilities158,583 159,303 
Finance lease liabilitiesLong-term debt12,806 16,026 
Total lease liabilities$183,724 $187,808 

For operating lease assets and liabilities, the weighted average remaining lease term was 28.5 years and 28.6 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.8% as of both December 31, 2024 and September 30, 2024. For finance lease assets and liabilities, the weighted average remaining lease term was 3.0 years as of both December 31, 2024 and September 30, 2024, and the weighted average discount rate used in the valuation over the remaining lease term was 3.3% and 3.4% as of December 31, 2024 and September 30, 2024, respectively.
LEASES
12. LEASES

Lessee Accounting

The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.
Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of nine years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.

The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.

The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:
Three Months Ended
December 31,
(Thousands)Income Statement Location20242023
Operating lease cost (1)
Operation and maintenance$2,709 $2,540 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization540 528 
Interest on lease liabilitiesInterest expense, net of capitalized interest188 252 
Total finance lease cost728 780 
Variable lease costOperation and maintenance230 200 
Total lease cost$3,667 $3,520 
(1)Net of capitalized costs.

The following table presents supplemental cash flow information related to leases:
Three Months Ended
December 31,
(Thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$2,364 $2,236 
Operating cash flows for finance leases$188 $252 
Financing cash flows for finance leases$3,596 $1,956 

Assets obtained or modified through operating lease liabilities totaled approximately $1.5M during the three months ended December 31, 2023. There were no assets obtained or modified through operating leases during the three months ended December 31, 2024. There were no assets obtained or modified through finance leases during the three months ended December 31, 2024 and 2023.
The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:
(Thousands)Balance Sheet LocationDecember 31,
2024		September 30,
2024
Assets
Noncurrent
Operating lease assetsOperating lease assets$183,252 $184,485 
Finance lease assetsUtility plant25,548 26,088 
Total lease assets$208,800 $210,573 
Liabilities
Current
Operating lease liabilitiesOperating lease liabilities$5,177 $4,945 
Finance lease liabilitiesCurrent maturities of long-term debt7,158 7,534 
Noncurrent
Operating lease liabilitiesOperating lease liabilities158,583 159,303 
Finance lease liabilitiesLong-term debt12,806 16,026 
Total lease liabilities$183,724 $187,808 

For operating lease assets and liabilities, the weighted average remaining lease term was 28.5 years and 28.6 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.8% as of both December 31, 2024 and September 30, 2024. For finance lease assets and liabilities, the weighted average remaining lease term was 3.0 years as of both December 31, 2024 and September 30, 2024, and the weighted average discount rate used in the valuation over the remaining lease term was 3.3% and 3.4% as of December 31, 2024 and September 30, 2024, respectively.
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES
 3 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES
13. COMMITMENTS AND CONTINGENT LIABILITIES

Cash Commitments

NJNG has entered into long-term contracts, expiring at various dates through July 2039, for the supply, transportation and storage of natural gas. These contracts include annual fixed charges of approximately $187.8M at current contract rates and volumes for the remainder of the fiscal year, which are recoverable through BGSS.

For the purpose of securing storage and pipeline capacity, ES enters into storage and pipeline capacity contracts, which require the payment of certain demand charges by ES to maintain the ability to access such natural gas storage or pipeline capacity, during a fixed time period, which generally ranges from one to 10 years. Demand charges are established by interstate storage and pipeline operators and are regulated by FERC. These demand charges represent commitments to pay storage providers or pipeline companies for the right to store and/or transport natural gas utilizing their respective assets.

Commitments as of December 31, 2024, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows:
(Thousands)20252026202720282029Thereafter
ES:
Natural gas purchases$40,459 $1,272 $— $— $— $— 
Storage demand fees12,443 11,967 5,452 3,500 2,712 4,068 
Pipeline demand fees40,058 42,072 29,651 21,493 11,005 47,686 
Sub-total ES$92,960 $55,311 $35,103 $24,993 $13,717 $51,754 
NJNG:
Natural gas purchases$20,303 $— $— $— $— $— 
Storage demand fees26,747 22,669 11,207 4,900 — — 
Pipeline demand fees161,035 215,296 149,328 128,439 124,709 955,051 
Sub-total NJNG$208,085 $237,965 $160,535 $133,339 $124,709 $955,051 
Total$301,045 $293,276 $195,638 $158,332 $138,426 $1,006,805 
Certain pipeline demand fees totaling approximately $4.0M per year, for which ES is the responsible party, are being paid for by the counterparty to a capacity release transaction beginning in November 2021, for a period of 10 years.

Guarantees

As of December 31, 2024, there were NJR guarantees covering approximately $180.4M of ES’s natural gas purchases and demand fee commitments not yet reflected in accounts payable on the Unaudited Condensed Consolidated Balance Sheets.

Legal Proceedings

Manufactured Gas Plant Remediation

NJNG is responsible for the remedial cleanup of certain former MGP sites, dating back to gas operations in the late 1800s and early 1900s, which contain contaminated residues from former gas manufacturing operations. NJNG is currently involved in administrative proceedings with the NJDEP and is participating in various studies and investigations by outside consultants, to determine the nature and extent of any such contaminated residues and to develop appropriate programs of remedial action, where warranted, under NJDEP regulations.

NJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action. NJNG estimated at the time of the most recent review that total future expenditures at the former MGP sites for which it is responsible, including potential liabilities for natural resource damages that might be brought by the NJDEP for alleged injury to groundwater or other natural resources concerning these sites, will range from approximately $130.9M to $194.6M. NJNG’s estimate of these liabilities is based upon known facts, existing technology and enacted laws and regulations in place when the review was completed. Where it is probable that costs will be incurred, and the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range. If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range. Accordingly, as of December 31, 2024, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $161.0M on the Unaudited Condensed Consolidated Balance Sheets based on the most likely amount. The actual costs to be incurred by NJNG are dependent upon several factors, including final determination of remedial action, changing technologies and governmental regulations, the ultimate ability of other responsible parties to pay and insurance recoveries, if any.

NJNG recovers its remediation expenditures, including carrying costs, over rolling seven-year periods pursuant to a RAC approved by the BPU. As of December 31, 2024, $74.1M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Unaudited Condensed Consolidated Balance Sheets. NJNG will continue to seek recovery of MGP-related costs through the RAC. If any future regulatory position indicates that the recovery of such costs is not probable, the related non-recoverable costs would be charged to income in the period of such determination.

General

The Company is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory and arbitration proceedings relating to matters that arise in the ordinary course of business. In view of the inherent difficulty of predicting the outcome of litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, the Company cannot state with confidence what the eventual outcome of the pending litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, the Company establishes accruals for litigation for those matters that present loss contingencies as to which it is both probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The Company also discloses contingent matters for which there is a reasonable possibility of a loss. Based upon currently available information, the Company believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows. The actual results of resolving the pending litigation matters may be substantially different than the amounts accrued.

The foregoing statements about the Company’s litigation are based upon the Company’s judgments, assumptions and estimates and are necessarily subjective and uncertain. The Company has a number of threatened and pending litigation matters at various stages.
v3.25.0.1
REPORTING SEGMENT AND OTHER OPERATIONS DATA
 3 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
REPORTING SEGMENT AND OTHER OPERATIONS DATA
14. REPORTING SEGMENT AND OTHER OPERATIONS DATA

The Company organizes its businesses based on a combination of factors, including its products and its regulatory environment. As a result, the Company manages its businesses through the following reporting segments and other business operations: NJNG consists of regulated energy and off-system, capacity and storage management operations; CEV consists of capital investments in clean energy projects; ES consists of unregulated wholesale and retail energy operations; S&T consists of the Company’s investments in natural gas transportation and storage facilities; the HSO business operations consist of heating, cooling and water appliance sales, installations and services, other investments and general corporate activities.
Information related to the Company's various reporting segments and other business operations during the three months ended December 31, 2024 and 2023, are as follows:
Segments
(Thousands)NJNGCEVESS&TSubtotalHSOElimsTotal
2024
Operating revenues
External customers$333,428 26,406 86,308 26,586 $472,728 15,633 — $488,361 
Intercompany$337 — — 42 $379 161 (540)$— 
Depreciation and amortization$32,084 6,425 47 6,496 $45,052 277 — $45,329 
Interest income (2)
$637 — 34 2,456 $3,127 273 (1,345)$2,055 
Interest expense, net of capitalized interest$17,454 6,374 3,885 5,969 $33,682 209 — $33,891 
Income tax provision$18,261 14,141 2,769 1,489 $36,660 469 255 $37,384 
Equity in earnings of affiliates$— — — 961 $961 — 439 $1,400 
Net financial earnings (loss)$66,908 48,130 7,833 5,664 $128,535 615 (256)$128,894 
Capital expenditures$109,904 33,476 — 8,201 $151,581 289 — $151,870 
2023
Operating revenues
External customers$293,093 35,295 100,801 23,187 $452,376 14,834 — $467,210 
Intercompany$337 — (1,133)675 $(121)— 121 $— 
Depreciation and amortization$26,917 6,922 57 (1)6,162 $40,058 229 — $40,287 
Interest income (2)
$578 — 128 2,370 $3,076 356 (1,406)$2,026 
Interest expense, net of capitalized interest$14,751 7,447 3,126 5,933 $31,257 216 — $31,473 
Income tax provision (benefit)$10,656 3,131 7,511 1,032 $22,330 (52)658 $22,936 
Equity in earnings of affiliates$— — — 993 $993 — 667 $1,660 
Net financial earnings (loss)$51,444 10,522 7,831 3,640 $73,437 (600)(393)$72,444 
Capital expenditures$79,715 25,766 — 7,785 $113,266 1,356 — $114,622 
(1)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations.
(2)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.

The Company's assets for the various reporting segments and other business operations are detailed below:
SegmentsIntercompany
(Thousands)NJNGCEVESS&TSubtotalHSO
Assets (1)
Total
December 31, 2024$5,031,714 1,104,304 138,545 1,026,150 $7,300,713 142,143 (248,891)$7,193,965 
September 30, 2024$4,789,835 1,157,573 108,710 1,025,457 $7,081,575 159,444 (259,374)$6,981,645 
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
The Chief Executive Officer, who uses NFE as a measure of profit or loss in measuring the results of the Company's reporting segments and other business operations, is the chief operating decision maker of the Company. A reconciliation of consolidated NFE to consolidated net income is as follows:
Three Months Ended
December 31,
(Thousands)20242023
Net financial earnings$128,894 $72,444 
Less:
Unrealized loss (gain) on derivative instruments and related transactions6,368 (5,400)
Tax effect(1,513)1,282 
Effects of economic hedging related to natural gas inventory(9,527)(16,228)
Tax effect2,264 3,857 
NFE tax adjustment(17)(478)
Net income$131,319 $89,411 

The Company uses derivative instruments as economic hedges of purchases and sales of physical natural gas inventory. For GAAP purposes, these derivatives are recorded at fair value and related changes in fair value are included in reported earnings. Revenues and cost of natural gas related to physical natural gas flow are recognized when the natural gas is delivered to customers. Consequently, there is a mismatch in the timing of earnings recognition between the economic hedges and physical natural gas flows. Timing differences occur in two ways:

•unrealized gains and losses on derivatives are recognized in reported earnings in periods prior to physical natural gas inventory flows; and

•unrealized gains and losses of prior periods are reclassified as realized gains and losses when derivatives are settled in the same period as physical natural gas inventory movements occur.

NFE is a measure of the earnings based on eliminating these timing differences, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas and SRECs. Consequently, to reconcile between net income and NFE, current period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. The Company also calculates a quarterly tax adjustment based on an estimated annual effective tax rate for NFE purposes.
v3.25.0.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
15. RELATED PARTY TRANSACTIONS

In April 2020, NJNG entered into a five-year agreement for 3 Bcf of firm storage capacity with Steckman Ridge, which expires on March 31, 2025. Under the terms of the agreement, NJNG incurs demand fees, at market rates, of approximately $9.3M annually, a portion of which is eliminated in consolidation. These fees are recoverable through NJNG’s BGSS mechanism and are included as a component of regulatory assets.

ES may periodically enter into storage or park and loan agreements with Steckman Ridge. As of December 31, 2024, ES entered into transactions with Steckman Ridge for varying terms, all of which expire by March 31, 2027.

Demand fees, net of eliminations, associated with Steckman Ridge were as follows:
Three Months Ended
December 31,
(Thousands)20242023
NJNG$1,524 $1,655 
ES194 224 
Total$1,718 $1,879 
The following table summarizes demand fees payable to Steckman Ridge as of:
(Thousands)December 31,
2024		September 30,
2024
NJNG$775 $775 
ES106 100 
Total$881 $875 

NJNG and ES enter into various AMAs, the effects of which are eliminated in consolidation. Under the terms of these AMAs, NJNG releases certain transportation and storage contracts to ES. NJNG and ES had one AMA, which expired on March 31, 2024, and was not renewed.

NJNG entered into two transportation agreements with Adelphia, each for committed capacity of 130,000 Dekatherms per day. The first is for five years in Zone South with an expiration date of August 8, 2027, and the second is for 15 years in Zone North, which began on November 1, 2023, with an expiration date of October 31, 2038.

ES had a five-year agreement for 3 Bcf of firm storage capacity with Leaf River, the effects of which were eliminated in consolidation. The agreement expired on March 31, 2024, and was not renewed.

NJNG and CEV entered into a 15-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s headquarters in Wall, New Jersey, with an expiration date of March 1, 2036, the effects of which are immaterial to the consolidated financial statements.

NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, each with an expiration date of July 1, 2037, the effects of which are eliminated in consolidation.

NJNG and CEV entered into a 20-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s liquefied natural gas plant in Howell, New Jersey, with an expiration date of June 1, 2042, the effects of which are immaterial to the consolidated financial statements.

On January 3, 2025, Adelphia and ES entered into a transportation agreement for committed capacity of 10,000 Dekatherms per day with an expiration date of February 28, 2025.

The intercompany profits for certain transactions between NJNG and ES and NJNG and Adelphia are not eliminated in accordance with ASC 980, Regulated Operations.
v3.25.0.1
DISPOSITIONS
 3 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
DISPOSITIONS
16. DISPOSITIONS

On November 25, 2024, CEV completed the sale of its residential solar asset portfolio to a third party, which primarily includes residential solar energy projects and host customer contracts, included in The Sunlight Advantage® program, for a total purchase price of $132.5M. The transaction also included a post-closing working capital adjustment and is subject to a transition services agreement. During the three months ended December 31, 2024, the Company recognized a pre-tax gain on sale of assets of approximately $54.9M on the Unaudited Condensed Consolidated Statements of Operations.

CEV currently has certain residential solar energy projects that are under contract and in various stages of development that will transfer to the buyer once the assets become operational. The value of these unsold projects is considered immaterial to the Company’s consolidated financial statements. The transfer of these projects is expected to take place during fiscal 2025.

Also, in connection with the sale, CEV entered into an agreement with the buyer to leaseback certain residential solar energy projects that have not yet passed the fifth anniversary of their placed-in-service dates. The assets are subject to leaseback until the fifth anniversary of the applicable placed-in-service date of the project. The impact of these transactions is considered immaterial to the Company’s consolidated financial statements.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure    
Net income $ 131,319 $ 89,411
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Roberto Bel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 19, 2024, Roberto Bel, our Senior Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement, which is intended to satisfy the affirmative defense of Rule 10b5-1(c). The Rule 10b5-1 trading arrangement provides for sales of up to 3,519 shares of our common stock beginning on March 20, 2025 until August 10, 2025, or once all of the shares have been sold. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules and regulations.
Name Roberto Bel
Title Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 19, 2024
Expiration Date August 10, 2025
Arrangement Duration 234 days
Aggregate Available 3,519
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Consolidation
The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2024 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2024 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2025. Intercompany transactions and accounts have been eliminated.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.
The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.
Revenues
Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The SREC program officially closed to new qualified solar projects in April 2020.

In December 2019, the BPU established the TREC as the successor to the SREC program. TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined.

In July 2021, the BPU established a new successor solar incentive program, or SREC IIs. The ADI Program provides administratively set incentives for net metered projects of 5 MW or less. RECs generated through the production of electricity under this program are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts for forward sales as a component of operating revenues.

During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts, which commenced in November 2021. The AMAs include a series of temporary and permanent releases and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized $4.9M and $9.5M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during the three months ended December 31, 2024 and 2023, respectively. Amounts received in excess of revenue totaling $51.6M and $22.3M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, respectively.

S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts

The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.
Loans Receivable
Loans Receivable
NJNG currently provides loans, with terms ranging from three to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets.
Software Costs
Software Costs

The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.
Sale Leasebacks
Sale Leasebacks

NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets.

In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets.

The Company continues to operate its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease.

See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.
Recently Adopted Updates to the Accounting Standards Codification
Recently Adopted Updates to the Accounting Standards Codification

Fair Value Measurement

In June 2022, the FASB issued ASU No. 2022-03, an amendment to ASC 820, Fair Value Measurement. The amendment clarifies the fair value principles when measuring the fair value of an equity security subject to a contractual sale restriction. The guidance became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have equity securities subject to contractual sale restrictions, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption.

Leases

In March 2023, the FASB issued ASU No. 2023-01, an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party. If the lessee in these types of arrangements continues to control the use of the underlying asset through a lease, the leasehold improvements are to be amortized over the improvements’ useful life to the common control group, regardless of the lease term. The guidance became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have leases that are impacted by this amendment, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption.

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, an amendment to ASC 280, Segment Reporting, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The update requires entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss, and it enhances interim disclosure requirements to conform with annual requirements. The guidance became effective for the Company on October 1, 2024, for the first annual period and will become effective on October 1, 2025, for the interim periods. It will be applied retrospectively to all periods presented. As the amendments in this update only impact disclosures, there was no impact on the Company’s financial position, results of operations, and cash flows upon adoption.
Business Combinations

In August 2023, the FASB issued ASU No. 2023-05, an amendment to ASC 805, Business Combinations, which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed. The guidance became effective for the Company for joint ventures formed beginning January 1, 2025, and was applied on a prospective basis. As the Company does not have any applicable transactions, there was no impact to the Company's financial position, results of operations, cash flows, and disclosures upon adoption.

Other Recent Updates to the Accounting Standards Codification

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, an amendment to ASC 740, Income Taxes, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance becomes effective for the Company on October 1, 2025, and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, an amendment to ASC 220, Income Statement Reporting, which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.
Derivative Instruments
The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, financial and certain of the Company's physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value.

Energy Services

ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of operating expenses or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either operating expenses or operating revenues.

As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Expected purchases and production of SRECs are hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively.
Natural Gas Distribution

Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the BGSS factor times the therm sales. NJNG no longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Clean Energy Ventures

The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal.
Offsetting of Derivatives

The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets.
Fair Value Hierarchy
Fair Value Hierarchy

The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:
Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.
Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Lessee Accounting
Lessee Accounting

The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.
Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of nine years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.
The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Restricted Cash
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(Thousands)December 31,
2024		September 30,
2024		December 31,
2023
Balance Sheet
Cash and cash equivalents$1,908 $1,017 $2,739 
Restricted cash in other noncurrent assets$655 $595 $690 
Statements of Cash Flow
Cash, cash equivalents and restricted cash$2,563 $1,612 $3,429 
Schedule of Natural Gas in Storage
The following table summarizes natural gas in storage, at average cost by segment as of:
December 31, 2024September 30, 2024
($ in thousands)Natural Gas in StorageBcfNatural Gas in StorageBcf
NJNG$161,613 25.3 $177,655 30.8 
ES30,311 12.7 21,378 13.1 
S&T122 0.1 92 — 
Total$192,046 38.1 $199,125 43.9 
Schedule of Software Costs Included in the Consolidated Financial Statements
The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:

(Thousands)December 31,
2024		September 30,
2024
Balance Sheets
Utility plant, at cost$133,268 $133,158 
Construction work in progress$34,028 $26,659 
Nonutility plant and equipment, at cost$344 $344 
Accumulated depreciation and amortization, utility plant$(16,045)$(13,632)
Accumulated depreciation and amortization, nonutility plant and equipment$(50)$(48)
Software costs$10,561 $10,522 

Three Months Ended
December 31,
Statements of Operations20242023
Operation and maintenance$2,736 $3,253 
Depreciation and amortization$2,415 $990 
Schedule of Accumulated Other Comprehensive (Loss) Income
The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended December 31, 2024 and 2023:
(Thousands)Cash Flow HedgesPostemployment Benefit ObligationTotal
Balance as of September 30, 2024$(6,215)$(306)$(6,521)
Other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(79), $58 and $(21), respectively
263 (195)(1)68 
Balance as of December 31, 2024$(5,952)$(501)$(6,453)
Balance as of September 30, 2023$(7,269)$(2,690)$(9,959)
Other comprehensive income, net of tax
Amounts reclassified from accumulated other comprehensive income, net of tax of $(79), $(40) and $(119), respectively
264 131 (1)395 
Balance as of December 31, 2023$(7,005)$(2,559)$(9,564)
(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.
v3.25.0.1
REVENUE (Tables)
 3 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Performance Obligation, Recognition Period
Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations:
Revenue Recognized Over Time:
Segment/
Operations		Performance ObligationDescription
NJNGNatural gas utility sales
NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated.

Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
Revenue Recognized Over Time (continued):
Segment/
Operations		Performance ObligationDescription
CEVCommercial solar electricity
CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated.

Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
CEVResidential solar electricity
CEV provided access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation was to provide electricity to the customer based on generation from the underlying residential solar asset and was satisfied upon transfer of electricity generated.

Revenue was derived from the contract terms and was recognized as invoiced, with the payment due each month for the previous month's services. In November 2024, CEV's residential solar asset portfolio was sold to a third party.
CEVRenewable energy certificates
Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator.

Revenue is recognized upon generation.
ESNatural gas services
The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations.

Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries.

Demand fees are recognized as revenue over the term of the related agreement.
HSOService contracts
Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. NJR Retail enters into warranty contracts with homeowners for various appliances. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract.

Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.
Revenue Recognized at a Point in Time:
ESNatural gas services
For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty.

Revenue is recognized upon the transfer of the underlying contractual rights.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling.

Usage fees and hub services revenues are recognized as services are performed.
HSOInstallationsHome Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed.

The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.
Schedule of Disaggregation of Revenue
Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended December 31, 2024 and 2023, are as follows:

(Thousands)NJNGCEVESS&THSOTotal
2024
Natural gas utility sales (1)
$296,402 — — — — $296,402 
Natural gas services— — 11,947 26,628 — 38,575 
Service contracts— — — — 9,232 9,232 
Installations and maintenance— — — — 6,562 6,562 
Renewable energy certificates— 2,896 — — — 2,896 
Electricity sales— 5,826 — — — 5,826 
Eliminations (2)
(337)— — (42)(161)(540)
Revenues from contracts with customers296,065 8,722 11,947 26,586 15,633 358,953 
Alternative revenue programs (3)
(5,391)— — — — (5,391)
Derivative instruments42,754 17,684 (4)74,361 — — 134,799 
Revenues out of scope37,363 17,684 74,361 — — 129,408 
Total operating revenues$333,428 26,406 86,308 26,586 15,633 $488,361 
2023
Natural gas utility sales (1)
$257,875 — — — — $257,875 
Natural gas services— — 16,268 23,862 — 40,130 
Service contracts— — — — 8,940 8,940 
Installations and maintenance— — — — 5,894 5,894 
Renewable energy certificates— 2,650 — — — 2,650 
Electricity sales— 6,714 — — — 6,714 
Eliminations (2)
(337)— — (675)— (1,012)
Revenues from contracts with customers257,538 9,364 16,268 23,187 14,834 321,191 
Alternative revenue programs (3)
(2,537)— — — — (2,537)
Derivative instruments38,092 25,931 (4)83,400 — — 147,423 
Eliminations (2)
— — 1,133 — — 1,133 
Revenues out of scope35,555 25,931 84,533 — — 146,019 
Total operating revenues$293,093 35,295 100,801 23,187 14,834 $467,210 
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
(2)Consists of transactions between subsidiaries that are eliminated in consolidation.
(3)Includes CIP revenue.
(4)Includes SREC revenue.
Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended December 31, 2024 and 2023, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2024
Residential$223,819 2,110 — — 15,544 $241,473 
Commercial and industrial41,805 6,612 11,947 26,586 89 87,039 
Firm transportation27,325 — — — — 27,325 
Interruptible, off-tariff and other3,116 — — — — 3,116 
Revenues out of scope37,363 17,684 74,361 — — 129,408 
Total operating revenues$333,428 26,406 86,308 26,586 15,633 $488,361 
2023
Residential$195,623 3,386 — — 14,803 $213,812 
Commercial and industrial35,759 5,978 16,268 23,187 31 81,223 
Firm transportation24,435 — — — — 24,435 
Interruptible, off-tariff and other1,721 — — — — 1,721 
Revenues out of scope35,555 25,931 84,533 — — 146,019 
Total operating revenues$293,093 35,295 100,801 23,187 14,834 $467,210 
Schedule of Expected Timing of Performance
The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the three months ended December 31, 2024 and 2023, are as follows:
Customer Accounts ReceivableCustomers' Credit
(Thousands)BilledUnbilledBalances and Deposits
Balance as of September 30, 2024$105,531 $20,094 $38,595 
Increase105,505 97,186 3,992 
Balance as of December 31, 2024$211,036 $117,280 $42,587 
Balance as of September 30, 2023$97,540 $19,100 $44,910 
Increase72,932 72,831 551 
Balance as of December 31, 2023$170,472 $91,931 $45,461 
Schedule of Performance Obligation, in Excess of Billings
The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024:
(Thousands)NJNGCEVESS&THSOTotal
December 31, 2024
Customer accounts receivable
Billed$138,967 8,171 52,677 8,455 2,766 $211,036 
Unbilled112,000 5,280 — — — 117,280 
Customers' credit balances and deposits(42,565)— — (22)— (42,587)
Total$208,402 13,451 52,677 8,433 2,766 $285,729 
September 30, 2024
Customer accounts receivable
Billed$51,613 8,441 34,002 8,598 2,877 $105,531 
Unbilled11,839 8,255 — — — 20,094 
Customers' credit balances and deposits(38,572)— — (23)— (38,595)
Total$24,880 16,696 34,002 8,575 2,877 $87,030 
v3.25.0.1
REGULATION (Tables)
 3 Months Ended
Dec. 31, 2024
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands)December 31,
2024		September 30,
2024
Regulatory assets-current
New Jersey Clean Energy Program$16,523 $18,491 
Conservation Incentive Program46,052 51,442 
Derivatives at fair value, net570 1,363 
Other current regulatory assets1,544 1,774 
Total current regulatory assets$64,689 $73,070 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries$74,146 $77,475 
Liability for future expenditures161,024 161,650 
Deferred income taxes42,776 42,595 
SAVEGREEN114,391 107,796 
Postemployment and other benefit costs24,695 23,772 
Cost of removal135,006 130,885 
Other noncurrent regulatory assets55,488 59,924 
Total noncurrent regulatory assets$607,526 $604,097 
Regulatory liability-current
Overrecovered natural gas costs$26,692 $32,457 
Derivatives at fair value, net5,337 — 
Total current regulatory liabilities$32,029 $32,457 
Regulatory liabilities-noncurrent
Tax Act impact$174,074 $175,328 
Derivatives at fair value, net— 404 
Other noncurrent regulatory liabilities652 115 
Total noncurrent regulatory liabilities$174,726 $175,847 

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands)December 31,
2024		September 30,
2024
Total noncurrent regulatory assets$5,069 $5,095 
Total current regulatory liabilities$581 $524 
Schedule of Regulatory Liabilities
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands)December 31,
2024		September 30,
2024
Regulatory assets-current
New Jersey Clean Energy Program$16,523 $18,491 
Conservation Incentive Program46,052 51,442 
Derivatives at fair value, net570 1,363 
Other current regulatory assets1,544 1,774 
Total current regulatory assets$64,689 $73,070 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries$74,146 $77,475 
Liability for future expenditures161,024 161,650 
Deferred income taxes42,776 42,595 
SAVEGREEN114,391 107,796 
Postemployment and other benefit costs24,695 23,772 
Cost of removal135,006 130,885 
Other noncurrent regulatory assets55,488 59,924 
Total noncurrent regulatory assets$607,526 $604,097 
Regulatory liability-current
Overrecovered natural gas costs$26,692 $32,457 
Derivatives at fair value, net5,337 — 
Total current regulatory liabilities$32,029 $32,457 
Regulatory liabilities-noncurrent
Tax Act impact$174,074 $175,328 
Derivatives at fair value, net— 404 
Other noncurrent regulatory liabilities652 115 
Total noncurrent regulatory liabilities$174,726 $175,847 

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands)December 31,
2024		September 30,
2024
Total noncurrent regulatory assets$5,069 $5,095 
Total current regulatory liabilities$581 $524 
v3.25.0.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Assets and Liabilities
The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
Derivatives at Fair Value
December 31, 2024September 30, 2024
(Thousands)Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
NJNG:
Physical commodity contractsDerivatives - current$159 $728 $21 $579 
Financial commodity contractsDerivatives - current10 2,327 — 2 
ES:
Physical commodity contractsDerivatives - current2,079 7,049 1,660 4,346 
Derivatives - noncurrent1,602 12,052 727 10,758 
Financial commodity contractsDerivatives - current2,825 3,359 5,132 1,344 
Derivatives - noncurrent270 269 79 732 
Total fair value of derivatives$6,945 $25,784 $7,619 $17,761 
Offsetting Assets
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of December 31, 2024
ES Contracts
Physical commodity$3,681 (444)— $3,237 $19,101 (444)(6,043)$12,614 
Financial commodity3,095 (3,095)— — 3,628 (3,095)(533)— 
Total ES$6,776 (3,539)— $3,237 $22,729 (3,539)(6,576)$12,614 
NJNG Contracts
Physical commodity$159 — — $159 $728 — — $728 
Financial commodity10 (10)— — 2,327 (10)— 2,317 
Total NJNG$169 (10)— $159 $3,055 (10)— $3,045 
As of September 30, 2024
ES Contracts
Physical commodity$2,387 (535)— $1,852 $15,104 (535)(5,551)$9,018 
Financial commodity5,211 (2,076)(1,170)1,965 2,076 (2,076)— — 
Total ES$7,598 (2,611)(1,170)$3,817 $17,180 (2,611)(5,551)$9,018 
NJNG Contracts
Physical commodity$21 (13)— $8 $579 (13)— $566 
Financial commodity— — — — 2 — (2)— 
Total NJNG$21 (13)— $8 $581 (13)(2)$566 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Offsetting Liabilities
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of December 31, 2024
ES Contracts
Physical commodity$3,681 (444)— $3,237 $19,101 (444)(6,043)$12,614 
Financial commodity3,095 (3,095)— — 3,628 (3,095)(533)— 
Total ES$6,776 (3,539)— $3,237 $22,729 (3,539)(6,576)$12,614 
NJNG Contracts
Physical commodity$159 — — $159 $728 — — $728 
Financial commodity10 (10)— — 2,327 (10)— 2,317 
Total NJNG$169 (10)— $159 $3,055 (10)— $3,045 
As of September 30, 2024
ES Contracts
Physical commodity$2,387 (535)— $1,852 $15,104 (535)(5,551)$9,018 
Financial commodity5,211 (2,076)(1,170)1,965 2,076 (2,076)— — 
Total ES$7,598 (2,611)(1,170)$3,817 $17,180 (2,611)(5,551)$9,018 
NJNG Contracts
Physical commodity$21 (13)— $8 $579 (13)— $566 
Financial commodity— — — — 2 — (2)— 
Total NJNG$21 (13)— $8 $581 (13)(2)$566 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Effect of Derivative Instruments on Consolidated Statements of Operations
The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:
(Thousands)Location of gain (loss) recognized in income on derivativesAmount of gain (loss) recognized
in income on derivatives
Three Months Ended
December 31,
Derivatives not designated as hedging instruments:20242023
ES:
Physical commodity contractsOperating revenues$(2,632)$14,030 
Physical commodity contractsNatural gas purchases(1,752)(586)
Financial commodity contractsNatural gas purchases1,538 18,082 
Physical commodity contractsOperation and maintenance1,053 — 
Total unrealized and realized (loss) gain$(1,793)$31,526 
Effect of Derivative Instruments Designated as Cash Flow Hedges on OCI The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below:
Three Months Ended
December 31,
(Thousands)20242023
NJNG:
Physical commodity contracts$(13,386)$(1,070)
Financial commodity contracts5,939 4,332 
Total unrealized and realized (loss) gain$(7,447)$3,262 
Schedule of Outstanding Long (Short) Derivatives
NJNG and ES had the following outstanding long (short) derivatives as of:
Natural Gas DistributionEnergy Services
Volumes (Bcf)FuturesPhysical CommodityFuturesPhysical Commodity
December 31, 202426.64.9(7.7)(0.3)
September 30, 202431.910.9(7.7)2.8
Schedule of Broker Margin Accounts by Company
The balances by reporting segment are as follows:
(Thousands)Balance Sheet LocationDecember 31,
2024		September 30,
2024
NJNGRestricted broker margin accounts-current assets$10,761 $4,975 
ESRestricted broker margin accounts-current assets$12,242 $8,268 
Restricted broker margin accounts-current liabilities$— $1,146 
Summary of Gross Credit Exposures
The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of December 31, 2024. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.
(Thousands)Gross Credit Exposure
Investment grade$133,065 
Noninvestment grade23,522 
Internally rated investment grade17,276 
Internally rated noninvestment grade23,005 
Total$196,868 
v3.25.0.1
FAIR VALUE (Tables)
 3 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows:
(Thousands)December 31,
2024		September 30,
2024
Carrying value (1) (2)
$2,767,845 $2,767,845 
Fair market value$2,391,501 $2,525,804 
(1)Excludes NJNG's debt issuance costs of $10.8M and $10.9M as of December 31, 2024 and September 30, 2024, respectively.
(2)Excludes NJR's debt issuance costs of $3.4M and $3.0M as of December 31, 2024 and September 30, 2024, respectively.
Schedule of Fair Value Hierarchy The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:
Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.
Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Thousands)(Level 1)(Level 2)(Level 3)Total
As of December 31, 2024
Assets:
Physical commodity contracts$— $3,840 $— $3,840 
Financial commodity contracts3,105 — — 3,105 
Money market funds10 — — 10 
Other2,714 — — 2,714 
Total assets at fair value$5,829 $3,840 $— $9,669 
Liabilities:
Physical commodity contracts$— $19,829 $— $19,829 
Financial commodity contracts5,955 — — 5,955 
Total liabilities at fair value$5,955 $19,829 $— $25,784 
As of September 30, 2024
Assets:
Physical commodity contracts$— $2,408 $— $2,408 
Financial commodity contracts5,211 — — 5,211 
Money market funds62 — — 62 
Other2,671 — — 2,671 
Total assets at fair value$7,944 $2,408 $— $10,352 
Liabilities:
Physical commodity contracts$— $15,683 $— $15,683 
Financial commodity contracts2,078 — — 2,078 
Total liabilities at fair value$2,078 $15,683 $— $17,761 
v3.25.0.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Basic and Diluted
The following table presents the calculation of the Company's basic and diluted earnings per share for:
Three Months Ended
December 31,
(Thousands, except per share amounts)20242023
Net income, as reported$131,319 $89,411 
Basic earnings per share
Weighted average shares of common stock outstanding-basic99,855 97,869 
Basic earnings per common share$1.32$0.91
Diluted earnings per share
Weighted average shares of common stock outstanding-basic99,855 97,869 
Incremental shares (1)
623 694 
Weighted average shares of common stock outstanding-diluted100,478 98,563 
Diluted (loss) earnings per common share$1.31$0.91
(1)Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.
v3.25.0.1
DEBT (Tables)
 3 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:
At end of period
(Thousands)As of dateTotal
borrowing capacity		Loans outstandingWeighted average interest rateRemaining borrowing capacityExpiration dates
NJR bank revolving credit facility (1)
December 31, 2024$575,000 $193,100 5.68 %$363,432 (2)August 2029
September 30, 2024$575,000 $236,700 6.23 %$325,951 (2)August 2029
NJNG bank revolving credit facility (3)
December 31, 2024$250,000 $143,900 4.67 %$105,369 (4)August 2029
September 30, 2024$250,000 $55,100 4.98 %$194,169 (4)August 2029
(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.
(2)Letters of credit outstanding total approximately $18.5M and $12.3M as of December 31, 2024 and September 30, 2024, respectively, which reduces the amount available by the same amount.
(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.
(4)Letters of credit outstanding total approximately $0.7M as of both December 31, 2024 and September 30, 2024, which reduces the amount available by the same amount.
v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 3 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Cost
The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:
PensionOPEB
Three Months EndedThree Months Ended
December 31,December 31,
(Thousands)2024202320242023
Service cost$1,381 $1,244 $273 $642 
Interest cost3,858 4,060 2,097 2,902 
Expected return on plan assets(5,925)(5,087)(2,346)(1,858)
Recognized actuarial loss301 29 1,793 496 
Prior service cost (credit) amortization— 16 (3,270)— 
Net periodic benefit (credit) cost$(385)$262 $(1,453)$2,182 
v3.25.0.1
LEASES (Tables)
 3 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease, Cost
The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:
Three Months Ended
December 31,
(Thousands)Income Statement Location20242023
Operating lease cost (1)
Operation and maintenance$2,709 $2,540 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization540 528 
Interest on lease liabilitiesInterest expense, net of capitalized interest188 252 
Total finance lease cost728 780 
Variable lease costOperation and maintenance230 200 
Total lease cost$3,667 $3,520 
(1)Net of capitalized costs.

The following table presents supplemental cash flow information related to leases:
Three Months Ended
December 31,
(Thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$2,364 $2,236 
Operating cash flows for finance leases$188 $252 
Financing cash flows for finance leases$3,596 $1,956 
Schedule of Assets and Liabilities, Lessee
The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:
(Thousands)Balance Sheet LocationDecember 31,
2024		September 30,
2024
Assets
Noncurrent
Operating lease assetsOperating lease assets$183,252 $184,485 
Finance lease assetsUtility plant25,548 26,088 
Total lease assets$208,800 $210,573 
Liabilities
Current
Operating lease liabilitiesOperating lease liabilities$5,177 $4,945 
Finance lease liabilitiesCurrent maturities of long-term debt7,158 7,534 
Noncurrent
Operating lease liabilitiesOperating lease liabilities158,583 159,303 
Finance lease liabilitiesLong-term debt12,806 16,026 
Total lease liabilities$183,724 $187,808 
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 3 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Long-term Purchase Commitment
Commitments as of December 31, 2024, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows:
(Thousands)20252026202720282029Thereafter
ES:
Natural gas purchases$40,459 $1,272 $— $— $— $— 
Storage demand fees12,443 11,967 5,452 3,500 2,712 4,068 
Pipeline demand fees40,058 42,072 29,651 21,493 11,005 47,686 
Sub-total ES$92,960 $55,311 $35,103 $24,993 $13,717 $51,754 
NJNG:
Natural gas purchases$20,303 $— $— $— $— $— 
Storage demand fees26,747 22,669 11,207 4,900 — — 
Pipeline demand fees161,035 215,296 149,328 128,439 124,709 955,051 
Sub-total NJNG$208,085 $237,965 $160,535 $133,339 $124,709 $955,051 
Total$301,045 $293,276 $195,638 $158,332 $138,426 $1,006,805 
v3.25.0.1
REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)
 3 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Information related to the Company's various reporting segments and other business operations during the three months ended December 31, 2024 and 2023, are as follows:
Segments
(Thousands)NJNGCEVESS&TSubtotalHSOElimsTotal
2024
Operating revenues
External customers$333,428 26,406 86,308 26,586 $472,728 15,633 — $488,361 
Intercompany$337 — — 42 $379 161 (540)$— 
Depreciation and amortization$32,084 6,425 47 6,496 $45,052 277 — $45,329 
Interest income (2)
$637 — 34 2,456 $3,127 273 (1,345)$2,055 
Interest expense, net of capitalized interest$17,454 6,374 3,885 5,969 $33,682 209 — $33,891 
Income tax provision$18,261 14,141 2,769 1,489 $36,660 469 255 $37,384 
Equity in earnings of affiliates$— — — 961 $961 — 439 $1,400 
Net financial earnings (loss)$66,908 48,130 7,833 5,664 $128,535 615 (256)$128,894 
Capital expenditures$109,904 33,476 — 8,201 $151,581 289 — $151,870 
2023
Operating revenues
External customers$293,093 35,295 100,801 23,187 $452,376 14,834 — $467,210 
Intercompany$337 — (1,133)675 $(121)— 121 $— 
Depreciation and amortization$26,917 6,922 57 (1)6,162 $40,058 229 — $40,287 
Interest income (2)
$578 — 128 2,370 $3,076 356 (1,406)$2,026 
Interest expense, net of capitalized interest$14,751 7,447 3,126 5,933 $31,257 216 — $31,473 
Income tax provision (benefit)$10,656 3,131 7,511 1,032 $22,330 (52)658 $22,936 
Equity in earnings of affiliates$— — — 993 $993 — 667 $1,660 
Net financial earnings (loss)$51,444 10,522 7,831 3,640 $73,437 (600)(393)$72,444 
Capital expenditures$79,715 25,766 — 7,785 $113,266 1,356 — $114,622 
(1)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations.
(2)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
Schedule of Assets for Business Segments and Business Operations
The Company's assets for the various reporting segments and other business operations are detailed below:
SegmentsIntercompany
(Thousands)NJNGCEVESS&TSubtotalHSO
Assets (1)
Total
December 31, 2024$5,031,714 1,104,304 138,545 1,026,150 $7,300,713 142,143 (248,891)$7,193,965 
September 30, 2024$4,789,835 1,157,573 108,710 1,025,457 $7,081,575 159,444 (259,374)$6,981,645 
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Schedule of Reconciliation of Consolidated NFE to Consolidated Net Income A reconciliation of consolidated NFE to consolidated net income is as follows:
Three Months Ended
December 31,
(Thousands)20242023
Net financial earnings$128,894 $72,444 
Less:
Unrealized loss (gain) on derivative instruments and related transactions6,368 (5,400)
Tax effect(1,513)1,282 
Effects of economic hedging related to natural gas inventory(9,527)(16,228)
Tax effect2,264 3,857 
NFE tax adjustment(17)(478)
Net income$131,319 $89,411 
v3.25.0.1
RELATED PARTY TRANSACTIONS (Tables)
 3 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Demand Fees and Demand Fees Payable
Demand fees, net of eliminations, associated with Steckman Ridge were as follows:
Three Months Ended
December 31,
(Thousands)20242023
NJNG$1,524 $1,655 
ES194 224 
Total$1,718 $1,879 
The following table summarizes demand fees payable to Steckman Ridge as of:
(Thousands)December 31,
2024		September 30,
2024
NJNG$775 $775 
ES106 100 
Total$881 $875 
v3.25.0.1
NATURE OF THE BUSINESS (Details)
$ in Millions
 3 Months Ended
Nov. 25, 2024
USD ($)
MW
Dec. 31, 2024
subsidiary
Discontinued Operations | Residential Solar Portfolio    
Nature of Business [Line Items]    
Number of megawatts | MW 91  
Proceeds from divestiture of businesses | $ $ 132.5  
NJR Retail Holdings Corporation    
Nature of Business [Line Items]    
Number of principal subsidiaries | subsidiary   1
Steckman Ridge    
Nature of Business [Line Items]    
Ownership percentage   50.00%
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Jul. 31, 2021
Megawatt
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Finite-Lived Intangible Assets [Line Items]        
Operating revenues   $ 488,361 $ 467,210  
Loans receivable in other noncurrent assets   56,700   $ 53,600
BPU        
Finite-Lived Intangible Assets [Line Items]        
Number of megawatts | Megawatt 5      
Financial Asset, Not Past Due        
Finite-Lived Intangible Assets [Line Items]        
Loans receivable in other current assets   $ 18,800   18,100
Minimum        
Finite-Lived Intangible Assets [Line Items]        
Loans receivable, term   3 years    
Maximum        
Finite-Lived Intangible Assets [Line Items]        
Loans receivable, term   10 years    
ES        
Finite-Lived Intangible Assets [Line Items]        
Operating revenues   $ 4,900 $ 9,500  
Deferred revenue   $ 51,600   $ 22,300
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Accounting Policies [Abstract]        
Cash and cash equivalents $ 1,908 $ 1,017 $ 2,739  
Restricted cash in other noncurrent assets 655 595 690  
Cash, cash equivalents and restricted cash $ 2,563 $ 1,612 $ 3,429 $ 1,517
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURAL GAS IN STORAGE (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Bcf
Sep. 30, 2024
USD ($)
Bcf
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 192,046 $ 199,125
Natural Gas in Storage, Bcf | Bcf 38,100,000 43,900,000
NJNG    
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 161,613 $ 177,655
Natural Gas in Storage, Bcf | Bcf 25,300,000 30,800,000
ES    
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 30,311 $ 21,378
Natural Gas in Storage, Bcf | Bcf 12,700,000 13,100,000
S&T    
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 122 $ 92
Natural Gas in Storage, Bcf | Bcf 100,000 0
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SOFTWARE COSTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Capitalized software costs $ 10,561   $ 10,522
Operation and maintenance      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Software costs 2,736 $ 3,253  
Depreciation and amortization      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Software costs 2,415 $ 990  
Utility plant, at cost      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Software costs 133,268   133,158
Construction work in progress | Regulated      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Software costs 34,028   26,659
Nonutility plant and equipment, at cost      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Software costs 344   344
Accumulated depreciation and amortization, utility plant      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Accumulated depreciation and amortization (16,045)   (13,632)
Accumulated depreciation and amortization, nonutility plant and equipment      
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]      
Accumulated depreciation and amortization $ (50)   $ (48)
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]    
Balance as of beginning of period $ 2,200,443 $ 1,990,735
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 68 395
Balance as of end of period 2,312,684 2,066,201
Tax on amounts reclassified from accumulated other comprehensive income (loss) (21) (119)
Total    
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]    
Balance as of beginning of period (6,521) (9,959)
Balance as of end of period (6,453) (9,564)
Cash Flow Hedges    
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]    
Balance as of beginning of period (6,215) (7,269)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 263 264
Balance as of end of period (5,952) (7,005)
Tax on amounts reclassified from accumulated other comprehensive income (loss) (79) (79)
Postemployment Benefit Obligation    
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]    
Balance as of beginning of period (306) (2,690)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (195) 131
Balance as of end of period (501) (2,559)
Tax on amounts reclassified from accumulated other comprehensive income (loss) $ 58 $ (40)
v3.25.0.1
REVENUE - DISAGGREGATED REVENUE - PRODUCT (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers $ 358,953 $ 321,191
Alternative revenue programs (5,391) (2,537)
Derivative instruments 134,799 147,423
Revenues out of scope 129,408 146,019
Total operating revenues 488,361 467,210
Natural gas utility sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 296,402 257,875
Natural gas services    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 38,575 40,130
Service contracts    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 9,232 8,940
Installations and maintenance    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 6,562 5,894
Renewable energy certificates    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 2,896 2,650
Electricity sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 5,826 6,714
ES    
Disaggregation of Revenue [Line Items]    
Total operating revenues 4,900 9,500
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total operating revenues 472,728 452,376
Operating Segments | NJNG    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 296,065 257,538
Alternative revenue programs (5,391) (2,537)
Derivative instruments 42,754 38,092
Revenues out of scope 37,363 35,555
Total operating revenues 333,428 293,093
Operating Segments | NJNG | Natural gas utility sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 296,402 257,875
Operating Segments | NJNG | Natural gas services    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | NJNG | Service contracts    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | NJNG | Installations and maintenance    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | NJNG | Renewable energy certificates    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | NJNG | Electricity sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | CEV    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 8,722 9,364
Alternative revenue programs 0 0
Derivative instruments 17,684 25,931
Revenues out of scope 17,684 25,931
Total operating revenues 26,406 35,295
Operating Segments | CEV | Natural gas utility sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | CEV | Natural gas services    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | CEV | Service contracts    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | CEV | Installations and maintenance    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | CEV | Renewable energy certificates    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 2,896 2,650
Operating Segments | CEV | Electricity sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 5,826 6,714
Operating Segments | ES    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 11,947 16,268
Alternative revenue programs 0 0
Derivative instruments 74,361 83,400
Revenues out of scope 74,361 84,533
Total operating revenues 86,308 100,801
Operating Segments | ES | Natural gas utility sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | ES | Natural gas services    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 11,947 16,268
Operating Segments | ES | Service contracts    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | ES | Installations and maintenance    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | ES | Renewable energy certificates    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | ES | Electricity sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | S&T    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 26,586 23,187
Alternative revenue programs 0 0
Derivative instruments 0 0
Revenues out of scope 0 0
Total operating revenues 26,586 23,187
Operating Segments | S&T | Natural gas utility sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | S&T | Natural gas services    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 26,628 23,862
Operating Segments | S&T | Service contracts    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | S&T | Installations and maintenance    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | S&T | Renewable energy certificates    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Operating Segments | S&T | Electricity sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Corporate, Non-Segment    
Disaggregation of Revenue [Line Items]    
Revenues out of scope 0 0
Total operating revenues 15,633 14,834
Corporate, Non-Segment | HSO    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 15,633 14,834
Alternative revenue programs 0 0
Derivative instruments 0 0
Revenues out of scope 0 0
Total operating revenues 15,633 14,834
Corporate, Non-Segment | HSO | Natural gas utility sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Corporate, Non-Segment | HSO | Natural gas services    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Corporate, Non-Segment | HSO | Service contracts    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 9,232 8,940
Corporate, Non-Segment | HSO | Installations and maintenance    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 6,562 5,894
Corporate, Non-Segment | HSO | Renewable energy certificates    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Corporate, Non-Segment | HSO | Electricity sales    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers (540) (1,012)
Revenues out of scope   1,133
Total operating revenues (540)  
Eliminations | NJNG    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers (337) (337)
Revenues out of scope   0
Eliminations | CEV    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Revenues out of scope   0
Eliminations | ES    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Revenues out of scope   1,133
Eliminations | S&T    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers (42) (675)
Revenues out of scope   0
Eliminations | HSO    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers $ (161) 0
Revenues out of scope   $ 0
v3.25.0.1
REVENUE - DISAGGREGATED REVENUE - TYPE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers $ 358,953 $ 321,191
Revenues out of scope 129,408 146,019
Total operating revenues 488,361 467,210
Residential    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 241,473 213,812
Commercial and industrial    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 87,039 81,223
Firm transportation    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 27,325 24,435
Interruptible, off-tariff and other    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 3,116 1,721
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total operating revenues 472,728 452,376
Corporate, Non-Segment    
Disaggregation of Revenue [Line Items]    
Revenues out of scope 0 0
Total operating revenues 15,633 14,834
Corporate, Non-Segment | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 15,544 14,803
Corporate, Non-Segment | Commercial and industrial    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 89 31
Corporate, Non-Segment | Firm transportation    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
Corporate, Non-Segment | Interruptible, off-tariff and other    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
NJNG | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 296,065 257,538
Revenues out of scope 37,363 35,555
Total operating revenues 333,428 293,093
NJNG | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 223,819 195,623
NJNG | Operating Segments | Commercial and industrial    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 41,805 35,759
NJNG | Operating Segments | Firm transportation    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 27,325 24,435
NJNG | Operating Segments | Interruptible, off-tariff and other    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 3,116 1,721
CEV | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 8,722 9,364
Revenues out of scope 17,684 25,931
Total operating revenues 26,406 35,295
CEV | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 2,110 3,386
CEV | Operating Segments | Commercial and industrial    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 6,612 5,978
CEV | Operating Segments | Firm transportation    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
CEV | Operating Segments | Interruptible, off-tariff and other    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
ES    
Disaggregation of Revenue [Line Items]    
Total operating revenues 4,900 9,500
ES | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 11,947 16,268
Revenues out of scope 74,361 84,533
Total operating revenues 86,308 100,801
ES | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
ES | Operating Segments | Commercial and industrial    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 11,947 16,268
ES | Operating Segments | Firm transportation    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
ES | Operating Segments | Interruptible, off-tariff and other    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
S&T | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 26,586 23,187
Revenues out of scope 0 0
Total operating revenues 26,586 23,187
S&T | Operating Segments | Residential    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
S&T | Operating Segments | Commercial and industrial    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 26,586 23,187
S&T | Operating Segments | Firm transportation    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 0 0
S&T | Operating Segments | Interruptible, off-tariff and other    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers $ 0 $ 0
v3.25.0.1
REVENUE - TIMING OF REVENUE RECOGNITION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Timing of Revenue Recognition [Roll Forward]    
Customers' credit, beginning $ 38,595 $ 44,910
Increase for customers' credits 3,992 551
Customers' credit, end 42,587 45,461
Billed    
Timing of Revenue Recognition [Roll Forward]    
Billed, beginning 105,531 97,540
Increase for customer accounts receivable 105,505 72,932
Billed, end 211,036 170,472
Unbilled    
Timing of Revenue Recognition [Roll Forward]    
Billed, beginning 20,094 19,100
Increase for customer accounts receivable 97,186 72,831
Billed, end $ 117,280 $ 91,931
v3.25.0.1
REVENUE - TIMING OF REVENUE RECOGNITION - BALANCE SHEET (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Billed $ 211,036 $ 105,531    
Unbilled 117,280 20,094    
Customers' credit balances and deposits (42,587) (38,595) $ (45,461) $ (44,910)
Customers accounts receivables & Customers' credit balances and deposits 285,729 87,030    
Operating Segments | NJNG        
Disaggregation of Revenue [Line Items]        
Billed 138,967 51,613    
Unbilled 112,000 11,839    
Customers' credit balances and deposits (42,565) (38,572)    
Customers accounts receivables & Customers' credit balances and deposits 208,402 24,880    
Operating Segments | CEV        
Disaggregation of Revenue [Line Items]        
Billed 8,171 8,441    
Unbilled 5,280 8,255    
Customers' credit balances and deposits 0 0    
Customers accounts receivables & Customers' credit balances and deposits 13,451 16,696    
Operating Segments | ES        
Disaggregation of Revenue [Line Items]        
Billed 52,677 34,002    
Unbilled 0 0    
Customers' credit balances and deposits 0 0    
Customers accounts receivables & Customers' credit balances and deposits 52,677 34,002    
Operating Segments | S&T        
Disaggregation of Revenue [Line Items]        
Billed 8,455 8,598    
Unbilled 0 0    
Customers' credit balances and deposits (22) (23)    
Customers accounts receivables & Customers' credit balances and deposits 8,433 8,575    
Corporate, Non-Segment        
Disaggregation of Revenue [Line Items]        
Billed 2,766 2,877    
Unbilled 0 0    
Customers' credit balances and deposits 0 0    
Customers accounts receivables & Customers' credit balances and deposits $ 2,766 $ 2,877    
v3.25.0.1
REGULATION - ADDITIONAL INFORMATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 18, 2024
Dec. 17, 2024
Nov. 21, 2024
Oct. 30, 2024
Dec. 31, 2024
Schedule of Regulatory Filings [Line Items]          
Annual recoveries       $ 12.3  
Base Rate Stipulation          
Schedule of Regulatory Filings [Line Items]          
Weighted average cost of capital     7.08%   7.08%
Approved return on equity     9.60%    
BPU          
Schedule of Regulatory Filings [Line Items]          
Approved return on equity         9.60%
Total amount       385.6  
Approved equity capital structure, percentage     54.00%    
Public utilities, approved depreciation rate, percentage     3.21%    
BPU | NJNG          
Schedule of Regulatory Filings [Line Items]          
Approved rate increase (decrease), amount     $ 157.0    
Investment   $ 700.0      
Program term   3 years      
SAVEGREEN          
Schedule of Regulatory Filings [Line Items]          
Capital investments approved by the BPU $ 3.1     205.0  
Financing options       160.5  
Operations and maintenance expense       $ 20.1  
v3.25.0.1
REGULATION - REGULATORY ASSETS AND LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-current $ 64,689 $ 73,070
Regulatory assets-noncurrent 612,595 609,192
Regulatory liability-current 32,610 32,981
Regulatory liabilities-noncurrent 174,726 175,847
Expended, net of recoveries    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 74,100  
NJNG    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-current 64,689 73,070
Regulatory assets-noncurrent 607,526 604,097
Regulatory liability-current 32,029 32,457
Regulatory liabilities-noncurrent 174,726 175,847
NJNG | Overrecovered natural gas costs    
Regulatory Assets and Liabilities [Line Items]    
Regulatory liability-current 26,692 32,457
NJNG | Tax Act impact    
Regulatory Assets and Liabilities [Line Items]    
Regulatory liabilities-noncurrent 174,074 175,328
NJNG | Derivatives at fair value, net    
Regulatory Assets and Liabilities [Line Items]    
Regulatory liability-current 5,337 0
Regulatory liabilities-noncurrent 0 404
NJNG | Other noncurrent regulatory liabilities    
Regulatory Assets and Liabilities [Line Items]    
Regulatory liabilities-noncurrent 652 115
NJNG | New Jersey Clean Energy Program    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-current 16,523 18,491
NJNG | Conservation Incentive Program    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-current 46,052 51,442
NJNG | Derivatives at fair value, net    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-current 570 1,363
NJNG | Other current regulatory assets    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-current 1,544 1,774
Regulatory assets-noncurrent 55,488 59,924
NJNG | Expended, net of recoveries    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 74,146 77,475
NJNG | Liability for future expenditures    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 161,024 161,650
NJNG | Deferred income taxes    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 42,776 42,595
NJNG | SAVEGREEN    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 114,391 107,796
NJNG | Postemployment and other benefit costs    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 24,695 23,772
NJNG | Cost of removal    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 135,006 130,885
Adelphia    
Regulatory Assets and Liabilities [Line Items]    
Regulatory assets-noncurrent 5,069 5,095
Regulatory liability-current $ 581 $ 524
v3.25.0.1
DERIVATIVE INSTRUMENTS - BALANCE SHEET RELATED DISCLOSURES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Fair Value    
Derivative assets, current $ 5,073 $ 6,813
Derivative liability, current 13,463 6,271
Derivative assets, noncurrent 1,872 806
Derivative liabilities, noncurrent 12,321 11,490
Not Designated as Hedging Instrument    
Fair Value    
Derivative assets 6,945 7,619
Derivative liabilities 25,784 17,761
NJNG | Not Designated as Hedging Instrument | Physical commodity contracts    
Fair Value    
Derivative assets, current 159 21
Derivative liability, current 728 579
NJNG | Not Designated as Hedging Instrument | Financial commodity contracts    
Fair Value    
Derivative assets, current 10 0
Derivative liability, current 2,327 2
ES | Not Designated as Hedging Instrument | Physical commodity contracts    
Fair Value    
Derivative assets, current 2,079 1,660
Derivative liability, current 7,049 4,346
Derivative assets, noncurrent 1,602 727
Derivative liabilities, noncurrent 12,052 10,758
ES | Not Designated as Hedging Instrument | Financial commodity contracts    
Fair Value    
Derivative assets, current 2,825 5,132
Derivative liability, current 3,359 1,344
Derivative assets, noncurrent 270 79
Derivative liabilities, noncurrent $ 269 $ 732
v3.25.0.1
DERIVATIVE INSTRUMENTS - OFFSETTING OF ASSETS AND LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
ES    
Asset Derivatives    
Fair Value $ 6,776 $ 7,598
Amounts Offset (3,539) (2,611)
Collateral Received/Pledged 0 (1,170)
Net Value 3,237 3,817
Liability Derivatives    
Fair Value 22,729 17,180
Amounts Offset (3,539) (2,611)
Collateral Received/Pledged (6,576) (5,551)
Net Value 12,614 9,018
ES | Physical commodity contracts    
Asset Derivatives    
Fair Value 3,681 2,387
Amounts Offset (444) (535)
Collateral Received/Pledged 0 0
Net Value 3,237 1,852
Liability Derivatives    
Fair Value 19,101 15,104
Amounts Offset (444) (535)
Collateral Received/Pledged (6,043) (5,551)
Net Value 12,614 9,018
ES | Financial commodity contracts    
Asset Derivatives    
Fair Value 3,095 5,211
Amounts Offset (3,095) (2,076)
Collateral Received/Pledged 0 (1,170)
Net Value 0 1,965
Liability Derivatives    
Fair Value 3,628 2,076
Amounts Offset (3,095) (2,076)
Collateral Received/Pledged (533) 0
Net Value 0 0
NJNG    
Asset Derivatives    
Fair Value 169 21
Amounts Offset (10) (13)
Collateral Received/Pledged 0 0
Net Value 159 8
Liability Derivatives    
Fair Value 3,055 581
Amounts Offset (10) (13)
Collateral Received/Pledged 0 (2)
Net Value 3,045 566
NJNG | Physical commodity contracts    
Asset Derivatives    
Fair Value 159 21
Amounts Offset 0 (13)
Collateral Received/Pledged 0 0
Net Value 159 8
Liability Derivatives    
Fair Value 728 579
Amounts Offset 0 (13)
Collateral Received/Pledged 0 0
Net Value 728 566
NJNG | Financial commodity contracts    
Asset Derivatives    
Fair Value 10 0
Amounts Offset (10) 0
Collateral Received/Pledged 0 0
Net Value 0 0
Liability Derivatives    
Fair Value 2,327 2
Amounts Offset (10) 0
Collateral Received/Pledged 0 (2)
Net Value $ 2,317 $ 0
v3.25.0.1
DERIVATIVE INSTRUMENTS - INCOME STATEMENT RELATED DISCLOSURES (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income on derivatives $ (1,793) $ 31,526
ES | Physical commodity contracts | Operating revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonutility Nonutility
Amount of gain (loss) recognized in income on derivatives $ (2,632) $ 14,030
ES | Physical commodity contracts | Natural gas purchases    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gas purchases - Utility and Nonutility Gas purchases - Utility and Nonutility
Amount of gain (loss) recognized in income on derivatives $ (1,752) $ (586)
ES | Physical commodity contracts | Operation and maintenance    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income on derivatives 1,053 0
ES | Financial commodity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income on derivatives 1,538 18,082
NJNG    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income on derivatives (7,447) 3,262
NJNG | Physical commodity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income on derivatives (13,386) (1,070)
NJNG | Financial commodity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income on derivatives $ 5,939 $ 4,332
v3.25.0.1
DERIVATIVE INSTRUMENTS - VOLUME (Details) - Bcf
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
NJNG | Long | Futures    
Derivative [Line Items]    
Notional amount 26.6 31.9
NJNG | Long | Physical Commodity    
Derivative [Line Items]    
Notional amount 4.9 10.9
ES | Short | Futures    
Derivative [Line Items]    
Notional amount (7.7) (7.7)
ES | Short | Physical Commodity    
Derivative [Line Items]    
Notional amount (0.3) 2.8
v3.25.0.1
DERIVATIVE INSTRUMENTS - ADDITIONAL INFORMATION (Details) - certificate
certificate in Millions
Dec. 31, 2024
Sep. 30, 2024
Physical commodity contracts | ES    
Derivative [Line Items]    
Number of SRECs (in certificates) 1.0 1.2
v3.25.0.1
DERIVATIVE INSTRUMENTS - BROKER MARGIN DEPOSITS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
NJNG | Assets, Current    
Derivative [Line Items]    
Broker margin - current assets $ 10,761 $ 4,975
ES | Assets, Current    
Derivative [Line Items]    
Broker margin - current assets 12,242 8,268
ES | Liabilities, Current    
Derivative [Line Items]    
Broker margin - current liabilities $ 0 $ 1,146
v3.25.0.1
DERIVATIVE INSTRUMENTS - CREDIT RISK EXPOSURE (Details)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
USD ($)
Credit Risk Exposure [Line Items]  
Gross Credit Exposure $ 196,868
Investment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure 133,065
Noninvestment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure 23,522
Internally rated investment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure 17,276
Internally rated noninvestment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure $ 23,005
v3.25.0.1
FAIR VALUE - DEBT (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
NJR    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt issuance costs $ 3,400 $ 3,000
NJNG    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt issuance costs 10,800 10,900
Level 2 | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 2,767,845 2,767,845
Level 2 | Fair market value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 2,391,501 $ 2,525,804
v3.25.0.1
FAIR VALUE - ADDITIONAL INFORMATION (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Finance leases $ 39,400 $ 31,600
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Finance leases 36,500 26,700
Fair market value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 2,391,501 2,525,804
Solar Asset Financing    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 288,000 283,000
Solar Asset Financing | Fair market value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 287,900 $ 290,400
v3.25.0.1
FAIR VALUE - HIERARCHY (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Liabilities:    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities and Equity  
Fair Value, Measurements, Recurring    
Assets:    
Other $ 2,714 $ 2,671
Total assets at fair value 9,669 10,352
Liabilities:    
Total liabilities at fair value 25,784 17,761
Fair Value, Measurements, Recurring | Money market funds    
Assets:    
Assets 10 62
Fair Value, Measurements, Recurring | Physical commodity contracts    
Assets:    
Assets 3,840 2,408
Liabilities:    
Liabilities 19,829 15,683
Fair Value, Measurements, Recurring | Financial commodity contracts    
Assets:    
Assets 3,105 5,211
Liabilities:    
Liabilities 5,955 2,078
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1)    
Assets:    
Other 2,714 2,671
Total assets at fair value 5,829 7,944
Liabilities:    
Total liabilities at fair value 5,955 2,078
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Money market funds    
Assets:    
Assets 10 62
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Physical commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Financial commodity contracts    
Assets:    
Assets 3,105 5,211
Liabilities:    
Liabilities 5,955 2,078
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Other 0 0
Total assets at fair value 3,840 2,408
Liabilities:    
Total liabilities at fair value 19,829 15,683
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Money market funds    
Assets:    
Assets 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Physical commodity contracts    
Assets:    
Assets 3,840 2,408
Liabilities:    
Liabilities 19,829 15,683
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Financial commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Other 0 0
Total assets at fair value 0 0
Liabilities:    
Total liabilities at fair value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Money market funds    
Assets:    
Assets 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Physical commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Financial commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities $ 0 $ 0
v3.25.0.1
INVESTMENTS IN EQUITY INVESTEES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]    
Investments in equity method investees $ 101,609 $ 101,744
Steckman Ridge    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
Investments in equity method investees $ 101,600 101,700
Steckman Ridge | Related Party    
Schedule of Equity Method Investments [Line Items]    
Total outstanding principal balance of loans $ 70,400 $ 70,400
v3.25.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]    
Net income $ 131,319 $ 89,411
Basic earnings per share    
Weighted average shares of common stock outstanding-basic (in shares) 99,855 97,869
Basic earnings per common share (usd per share) $ 1.32 $ 0.91
Diluted earnings per share    
Weighted average shares of common stock outstanding-basic (in shares) 99,855 97,869
Incremental shares (in shares) 623 694
Weighted average shares of common stock outstanding-diluted (in shares) 100,478 98,563
Diluted (loss) earnings per common share (usd per share) $ 1.31 $ 0.91
v3.25.0.1
DEBT - CREDIT FACILITIES AND SHORT-TERM DEBT (Details) - USD ($)
 3 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Letter of Credit on Behalf of NJRES | NJR    
Line of Credit Facility [Line Items]    
Letters of credit outstanding, amount $ 18,500,000 $ 12,300,000
Letter of Credit | NJNG    
Line of Credit Facility [Line Items]    
Letters of credit outstanding, amount $ 700,000 700,000
Revolving Credit Facility | NJR    
Line of Credit Facility [Line Items]    
Commitment fee percentage 0.10%  
Revolving Credit Facility | NJNG    
Line of Credit Facility [Line Items]    
Commitment fee percentage 0.075%  
Revolving Credit Facility | Committed Credit Facilities Due August 2029 | NJR    
Line of Credit Facility [Line Items]    
Total borrowing capacity $ 575,000,000 575,000,000
Loans outstanding $ 193,100,000 $ 236,700,000
Weighted average interest rate 5.68% 6.23%
Remaining borrowing capacity $ 363,432,000 $ 325,951,000
Revolving Credit Facility | Committed Credit Facilities Due August 2029 | NJNG    
Line of Credit Facility [Line Items]    
Total borrowing capacity 250,000,000 250,000,000
Loans outstanding $ 143,900,000 $ 55,100,000
Weighted average interest rate 4.67% 4.98%
Remaining borrowing capacity $ 105,369,000 $ 194,169,000
v3.25.0.1
DEBT - LONG TERM DEBT (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Nov. 07, 2024
Debt Instrument [Line Items]      
Proceeds from sale leaseback transactions - natural gas meters $ 11,714 $ 8,814  
Proceeds from sale leaseback transactions - solar 12,567 24,394  
NJR | Unsecured Senior Notes 5.55% | Senior Notes      
Debt Instrument [Line Items]      
Face amount     $ 100,000
Stated interest rate     5.55%
NJNG      
Debt Instrument [Line Items]      
Proceeds from sale leaseback transactions - natural gas meters 11,700 8,800  
NJRCEV      
Debt Instrument [Line Items]      
Proceeds from sale leaseback transactions - solar $ 12,600 $ 24,400  
v3.25.0.1
EMPLOYEE BENEFIT PLANS - ADDITIONAL INFORMATION (Details) - USD ($)
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Amortization period for plan amendment 8 years  
Pension    
Defined Benefit Plan Disclosure [Line Items]    
Employer contributions $ 0 $ 0
v3.25.0.1
EMPLOYEE BENEFIT PLANS - COMPONENTS OF NET PERIODIC COST (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pension    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service cost $ 1,381 $ 1,244
Interest cost 3,858 4,060
Expected return on plan assets (5,925) (5,087)
Recognized actuarial loss 301 29
Prior service cost (credit) amortization 0 16
Net periodic benefit (credit) cost (385) 262
OPEB    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service cost 273 642
Interest cost 2,097 2,902
Expected return on plan assets (2,346) (1,858)
Recognized actuarial loss 1,793 496
Prior service cost (credit) amortization (3,270) 0
Net periodic benefit (credit) cost $ (1,453) $ 2,182
v3.25.0.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Income Tax Contingency [Line Items]      
Forecasted effective tax rate 23.20% 21.50%  
Actual effective tax rate 22.20% 20.40%  
ITC carryforward $ 190.8   $ 191.6
Effective term 20 years    
Operating loss carryforward, valuation allowance $ 0.5   0.6
State      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards $ 599.3   $ 634.7
State | Minimum      
Income Tax Contingency [Line Items]      
Effective term 7 years    
State | Maximum      
Income Tax Contingency [Line Items]      
Effective term 20 years    
v3.25.0.1
LEASES - ADDITIONAL INFORMATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Jul. 31, 2021
Lessee, Lease, Description [Line Items]        
ROU asset obtained in exchange for operating lease liability $ 0.0 $ 1.5    
ROU asset obtained in exchange for finance lease liability $ 0.0 $ 0.0    
Weighted average remaining lease term, operating lease 28 years 6 months   28 years 7 months 6 days  
Operating lease, discount rate 3.80%   3.80%  
Weighted average remaining lease term, finance lease 3 years   3 years  
Finance lease, discount rate 3.30%   3.40%  
Solar Property | Minimum        
Lessee, Lease, Description [Line Items]        
Term of contract 20 years      
Renewal term 5 years      
Solar Property | Maximum        
Lessee, Lease, Description [Line Items]        
Term of contract 50 years      
Renewal term 20 years      
Office Building        
Lessee, Lease, Description [Line Items]        
Term of contract       16 years
Office Building | Minimum        
Lessee, Lease, Description [Line Items]        
Term of contract 2 years      
Office Building | Maximum        
Lessee, Lease, Description [Line Items]        
Term of contract 11 years      
Meter License | Minimum        
Lessee, Lease, Description [Line Items]        
Term of contract 7 years      
Meter License | Maximum        
Lessee, Lease, Description [Line Items]        
Term of contract 10 years      
Equipment        
Lessee, Lease, Description [Line Items]        
Term of contract 9 years      
Storage and Capacity        
Lessee, Lease, Description [Line Items]        
Term of contract 50 years      
v3.25.0.1
LEASES - LEASE COST (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease cost $ 2,709 $ 2,540
Amortization of right-of-use assets 540 528
Interest on lease liabilities 188 252
Total finance lease cost 728 780
Variable lease cost 230 200
Total lease cost $ 3,667 $ 3,520
v3.25.0.1
LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating cash flows for operating leases $ 2,364 $ 2,236
Operating cash flows for finance leases 188 252
Financing cash flows for finance leases $ 3,596 $ 1,956
v3.25.0.1
LEASES - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Noncurrent    
Operating lease assets $ 183,252 $ 184,485
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Utility plant, at cost Utility plant, at cost
Finance lease assets $ 25,548 $ 26,088
Total lease assets 208,800 210,573
Current    
Operating lease liabilities $ 5,177 $ 4,945
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current maturities of long-term debt Current maturities of long-term debt
Finance lease liabilities $ 7,158 $ 7,534
Noncurrent    
Operating lease liabilities $ 158,583 $ 159,303
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease liabilities $ 12,806 $ 16,026
Total lease liabilities $ 183,724 $ 187,808
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES - SCHEDULE OF FUTURE COMMITTED EXPENSES (Details)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
USD ($)
Long-term Purchase Commitment [Line Items]  
Current charges recoverable through BGSS $ 187,800
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 301,045
2026 293,276
2027 195,638
2028 158,332
2029 138,426
Thereafter 1,006,805
ES  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 92,960
2026 55,311
2027 35,103
2028 24,993
2029 13,717
Thereafter 51,754
ES | Natural gas purchases  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 40,459
2026 1,272
2027 0
2028 0
2029 0
Thereafter 0
ES | Storage demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 12,443
2026 11,967
2027 5,452
2028 3,500
2029 2,712
Thereafter 4,068
ES | Pipeline demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 40,058
2026 42,072
2027 29,651
2028 21,493
2029 11,005
Thereafter 47,686
Annual pipeline obligation to be paid over 10 year period 4,000
NJNG  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 208,085
2026 237,965
2027 160,535
2028 133,339
2029 124,709
Thereafter 955,051
NJNG | Natural gas purchases  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 20,303
2026 0
2027 0
2028 0
2029 0
Thereafter 0
NJNG | Storage demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 26,747
2026 22,669
2027 11,207
2028 4,900
2029 0
Thereafter 0
NJNG | Pipeline demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2025 161,035
2026 215,296
2027 149,328
2028 128,439
2029 124,709
Thereafter $ 955,051
Minimum | ES  
Long-term Purchase Commitment [Line Items]  
Storage and pipeline capacity, contract term 1 year
Maximum | ES  
Long-term Purchase Commitment [Line Items]  
Storage and pipeline capacity, contract term 10 years
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES - GUARANTEES (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Demand fee commitments $ 180.4
v3.25.0.1
COMMITMENTS AND CONTINGENT LIABILITIES - LEGAL PROCEEDINGS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Site Contingency [Line Items]    
Manufactured gas plant remediation $ 161,024 $ 161,650
Recovery from third party of environmental remediation cost, period 7 years  
Regulatory assets $ 612,595 $ 609,192
Expended, net of recoveries    
Site Contingency [Line Items]    
Regulatory assets 74,100  
Minimum    
Site Contingency [Line Items]    
Product liability contingency, loss exposure in excess of accrual, best estimate 130,900  
Maximum    
Site Contingency [Line Items]    
Product liability contingency, loss exposure in excess of accrual, best estimate $ 194,600  
v3.25.0.1
REPORTING SEGMENT AND OTHER OPERATIONS DATA - RECONCILIATION OF SEGMENT INCOME TO CONSOLIDATED (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Operating revenues $ 488,361 $ 467,210
Depreciation and amortization 45,329 40,287
Interest income 2,055 2,026
Interest expense, net of capitalized interest 33,891 31,473
Income tax provision (benefit) 37,384 22,936
Equity in earnings of affiliates 1,400 1,660
Net financial earnings (loss) 128,894 72,444
Capital expenditures 151,870 114,622
ES    
Segment Reporting Information [Line Items]    
Operating revenues 4,900 9,500
Operating Segments    
Segment Reporting Information [Line Items]    
Operating revenues 472,728 452,376
Depreciation and amortization 45,052 40,058
Interest income 3,127 3,076
Interest expense, net of capitalized interest 33,682 31,257
Income tax provision (benefit) 36,660 22,330
Equity in earnings of affiliates 961 993
Net financial earnings (loss) 128,535 73,437
Capital expenditures 151,581 113,266
Operating Segments | NJNG    
Segment Reporting Information [Line Items]    
Operating revenues 333,428 293,093
Depreciation and amortization 32,084 26,917
Interest income 637 578
Interest expense, net of capitalized interest 17,454 14,751
Income tax provision (benefit) 18,261 10,656
Equity in earnings of affiliates 0 0
Net financial earnings (loss) 66,908 51,444
Capital expenditures 109,904 79,715
Operating Segments | CEV    
Segment Reporting Information [Line Items]    
Operating revenues 26,406 35,295
Depreciation and amortization 6,425 6,922
Interest income 0 0
Interest expense, net of capitalized interest 6,374 7,447
Income tax provision (benefit) 14,141 3,131
Equity in earnings of affiliates 0 0
Net financial earnings (loss) 48,130 10,522
Capital expenditures 33,476 25,766
Operating Segments | ES    
Segment Reporting Information [Line Items]    
Operating revenues 86,308 100,801
Depreciation and amortization 47 57
Interest income 34 128
Interest expense, net of capitalized interest 3,885 3,126
Income tax provision (benefit) 2,769 7,511
Equity in earnings of affiliates 0 0
Net financial earnings (loss) 7,833 7,831
Capital expenditures 0 0
Operating Segments | S&T    
Segment Reporting Information [Line Items]    
Operating revenues 26,586 23,187
Depreciation and amortization 6,496 6,162
Interest income 2,456 2,370
Interest expense, net of capitalized interest 5,969 5,933
Income tax provision (benefit) 1,489 1,032
Equity in earnings of affiliates 961 993
Net financial earnings (loss) 5,664 3,640
Capital expenditures 8,201 7,785
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Operating revenues 379 (121)
Intersegment Eliminations | NJNG    
Segment Reporting Information [Line Items]    
Operating revenues 337 337
Intersegment Eliminations | CEV    
Segment Reporting Information [Line Items]    
Operating revenues 0 0
Intersegment Eliminations | ES    
Segment Reporting Information [Line Items]    
Operating revenues 0 (1,133)
Intersegment Eliminations | S&T    
Segment Reporting Information [Line Items]    
Operating revenues 42 675
Corporate, Non-Segment    
Segment Reporting Information [Line Items]    
Operating revenues 15,633 14,834
Depreciation and amortization 277 229
Interest income 273 356
Interest expense, net of capitalized interest 209 216
Income tax provision (benefit) 469 (52)
Equity in earnings of affiliates 0 0
Net financial earnings (loss) 615 (600)
Capital expenditures 289 1,356
Corporate Reconciling Items and Eliminations    
Segment Reporting Information [Line Items]    
Operating revenues 161 0
Eliminations    
Segment Reporting Information [Line Items]    
Operating revenues (540)  
Depreciation and amortization 0 0
Interest income (1,345) (1,406)
Interest expense, net of capitalized interest 0 0
Income tax provision (benefit) 255 658
Equity in earnings of affiliates 439 667
Net financial earnings (loss) (256) (393)
Capital expenditures $ 0 0
Eliminations and Reconciling Items    
Segment Reporting Information [Line Items]    
Operating revenues   $ 121
v3.25.0.1
REPORTING SEGMENT AND OTHER OPERATIONS DATA - RECONCILIATION OF SEGMENT ASSETS TO CONSOLIDATED (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 7,193,965 $ 6,981,645
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 7,300,713 7,081,575
Operating Segments | NJNG    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 5,031,714 4,789,835
Operating Segments | CEV    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 1,104,304 1,157,573
Operating Segments | ES    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 138,545 108,710
Operating Segments | S&T    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 1,026,150 1,025,457
Corporate, Non-Segment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 142,143 159,444
Intercompany Assets    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ (248,891) $ (259,374)
v3.25.0.1
REPORTING SEGMENT AND OTHER OPERATIONS DATA - NET FINANCIAL EARNINGS (LOSS) RECONCILIATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]    
Net financial earnings $ 128,894 $ 72,444
Less:    
Unrealized loss (gain) on derivative instruments and related transactions 6,368 (5,400)
Tax effect (1,513) 1,282
Effects of economic hedging related to natural gas inventory (9,527) (16,228)
Tax effect 2,264 3,857
NFE tax adjustment (17) (478)
NET INCOME $ 131,319 $ 89,411
v3.25.0.1
RELATED PARTY TRANSACTIONS - ADDITIONAL INFORMATION (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 03, 2025
dth / d
Apr. 30, 2020
USD ($)
Bcf
Dec. 31, 2024
dth / d
numberOfAgreement
Bcf
NJNG to NJRES Affiliate      
Related Party Transaction [Line Items]      
Asset management agreement, period   5 years  
NJNG to Steckman RIdge Affiliate      
Related Party Transaction [Line Items]      
Natural gas sold at cost under asset management agreement (in Bcf) | Bcf   3  
Approximate annual demand fees under agreement | $   $ 9.3  
NJNG to Adelphia Affiliate      
Related Party Transaction [Line Items]      
Number of transportation agreements | numberOfAgreement     2
NJNG to Adelphia Affiliate | Subsequent Event      
Related Party Transaction [Line Items]      
Transportation capacity under precedent agreement (in bcf per day) 10,000    
NJNG to Adelphia Affiliate | Transportation Precedent Agreement One      
Related Party Transaction [Line Items]      
Transportation capacity under precedent agreement (in bcf per day)     130,000
Transportation precedent agreement term     5 years
NJNG to Adelphia Affiliate | Transportation Precedent Agreement Two      
Related Party Transaction [Line Items]      
Transportation capacity under precedent agreement (in bcf per day)     130,000
Transportation precedent agreement term     15 years
Leaf River Energy Center LLC      
Related Party Transaction [Line Items]      
Natural gas sold at cost under asset management agreement (in Bcf) | Bcf     3
Storage capacity agreement term     5 years
NJNG and Clean Energy Ventures to PPA | Sublease Agreement One      
Related Party Transaction [Line Items]      
Sublease agreement term     15 years
NJNG and Clean Energy Ventures to PPA | Sublease Agreement Two      
Related Party Transaction [Line Items]      
Sublease agreement term     20 years
NJNG To NJR Subsidiaries      
Related Party Transaction [Line Items]      
Term of contract     16 years
v3.25.0.1
RELATED PARTY TRANSACTIONS - DEMAND FEES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Related Party Transaction [Line Items]      
Demand fees payable $ 881   $ 875
Related Party      
Related Party Transaction [Line Items]      
Demand fees expense recognized pertaining to related party agreement 1,718 $ 1,879  
Demand fees payable 881   875
Related Party | NJNG to Steckman RIdge Affiliate      
Related Party Transaction [Line Items]      
Demand fees expense recognized pertaining to related party agreement 1,524 1,655  
Demand fees payable 775   775
Related Party | NJRES to Steckman Ridge Affiliate      
Related Party Transaction [Line Items]      
Demand fees expense recognized pertaining to related party agreement 194 $ 224  
Demand fees payable $ 106   $ 100
v3.25.0.1
DISPOSITIONS (Details) - Discontinued Operations - Residential Solar Portfolio - USD ($)
$ in Millions
 3 Months Ended
Nov. 25, 2024
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Proceeds from divestiture of businesses $ 132.5  
Pre-tax gain on sale of assets   $ 54.9