On November 21, 2024, New Jersey Resources Corporation (NYSE: NJR) disclosed a significant development related to its subsidiary New Jersey Natural Gas Company (NJNG). NJNG revealed that it had obtained approval from the New Jersey Board of Public Utilities for the settlement of its rate case, resulting in a notable $157.0 million rise in its base rates. This approval comes in the wake of NJNG’s filing earlier in January 2024, seeking a $222.6 million increase in its delivery rates.
Key points of the rate case settlement include a substantial 29% increase in rate base to $3.245 billion from $2.523 billion. The agreement also features an overall rate of return of 7.08%, with an agreed-upon Return on Equity of 9.60% based on a 54.0% equity ratio. Furthermore, the existing composite depreciation rate has been increased to 3.21%.
It is important to note that the information provided in this Current Report on Form 8-K is being furnished and should not be considered “filed” for the purposes of the Securities Exchange Act of 1934. The attached Press Release and Investor Fact Sheet offer further details regarding this base rate case settlement.
Investors and stakeholders are encouraged to review the official filings and statements to gain a comprehensive understanding of the terms and implications of this settlement. The Company continues to prioritize safety, reliability, and efficiency in delivering natural gas and clean energy services across its operations.
For more detailed information about New Jersey Resources Corporation and its subsidiary NJNG, interested parties can access the official documents on the company’s website at www.njresources.com.
Please note that forward-looking statements in the attached documents contain certain risks and uncertainties that could affect actual results. Investors are advised to consult the SEC filings, including Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, for a comprehensive outlook on potential developments and their impact on NJR.
About New Jersey Resources Corporation:
New Jersey Resources Corporation (NJR), a Fortune 1000 company, operates through its subsidiaries to deliver safe and reliable natural gas and clean energy services, including transportation, distribution, asset management, and home services. With a commitment to energy efficiency and conservation, NJR provides customers with sustainable solutions while ensuring operational excellence.
Follow NJR on Twitter @NJNaturalGas and on Facebook at facebook.com/NewJerseyNaturalGas for further updates.
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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read New Jersey Resources’s 8K filing here.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.
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