New Jersey Natural Gas Files Base Rate Case With the New Jersey Board of Public Utilities
2024年2月1日 - 7:00AM
ビジネスワイヤ(英語)
New Jersey Natural Gas (NJNG), the principal
subsidiary of New Jersey Resources (NYSE: NJR), filed a petition
with the New Jersey Board of Public Utilities (BPU) requesting an
increase of $222.6 million to its base rates. The filing includes
the recognition of approximately $850 million of investment by NJNG
to enhance the safety, reliability, security and environmental
benefits of its delivery system and operations. These investments
benefit customers but are not reflected in current rates.
“Our top priority is to safely and reliably deliver the energy
our customers count on to heat their homes and run their
businesses,” said Steve Westhoven, President and CEO of New Jersey
Natural Gas. “The investments we make in our infrastructure reflect
this commitment and the critical role our system plays in reaching
New Jersey’s carbon reduction goals. We look forward to working
with our regulators to achieve a successful resolution of this
filing that is reasonable and fair for our customers and our
company.”
NJNG maintains infrastructure and operations throughout New
Jersey that serve approximately 576,000 customers who depend on
natural gas for heating and other essential needs. As a lifeline
service provider, the company is committed to continually improving
its operations and enhancing the safety and reliability of its
distribution network, including the repair, replacement and
modernization of its system. This includes:
- Upgrades to critical infrastructure, including looping and
reinforcement projects, and the replacement of 140 miles of vintage
distribution mains and associated service lines to ensure the
safety, reliability and integrity of its delivery systems and
support mandates set forth in state and federal regulation.
- Modernization and enhancement of Customer Service and Dispatch
operations to improve the customer experience and ensure efficient
and effective response times and service calls.
- Investment in cybersecurity consistent with industry standards
to safeguard customer information, as well as support the safe and
reliable operations of NJNG’s systems.
- Increased labor costs, including the ratification of a new
three-year union agreement, that support adequate staffing to
effectively meet our customers energy needs.
NJNG’s consistent infrastructure investments – a priority for
the company – have made its system one of the most environmentally
sound in the state as measured by the fewest leaks per mile of any
natural gas utility in New Jersey. These investments also position
NJNG’s critical assets to deliver the next generation of lower and
zero carbon fuels, like clean hydrogen and renewable natural gas,
and play a key role in achieving a cleaner energy future for New
Jersey.
The proposed rate adjustment is necessary to ensure the
responsible operation of NJNG’s business and recover costs
associated with these critical infrastructure investments.
Historically, the BPU’s review could take between nine and 12
months. If approved as filed, the change for the typical NJNG
residential heating customer using 81 therms a month will be an
increase of $29.01.
Natural gas bills consist of two main parts. The first part is
the delivery charge, which includes base rates. The second is the
Basic Gas Supply Service (BGSS), which covers the cost of
purchasing natural gas. The delivery charge covers the cost of
providing safe, reliable natural gas service to customers and
maintaining operations and delivery systems. The ability to earn a
fair return on these capital investments helps NJNG continue to
maintain a safe and reliable distribution system. The BGSS portion
of the bill is updated annually to reflect current market prices
and is passed through to customers. NJNG does not profit from the
sale of the natural gas commodity.
Any customer having difficulty paying their natural gas bill
should visit njng.com/energyassistance to learn about available
energy assistance programs. Energy assistance is available for
income-eligible customers through the Low-Income Home Energy
Assistance Program (LIHEAP), Universal Service Fund (USF) and
Payment Assistance for Gas and Electric (PAGE) Program, NJ SHARES
and NJNG’s own Gift of Warmth program.
Forward-Looking
Statements:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
NJR cautions readers that the assumptions forming the basis for
forward-looking statements include many factors that are beyond
NJR’s ability to control or estimate precisely, such as estimates
of future market conditions and the behavior of other market
participants. Words such as “anticipates,” “estimates,” “expects,”
“projects,” “may,” “will,” “intends,” “plans,” “believes,” “should”
and similar expressions may identify forward-looking statements and
such forward-looking statements are made based upon management’s
current expectations, assumptions and beliefs as of this date
concerning future developments and their potential effect upon NJR.
There can be no assurance that future developments will be in
accordance with management’s expectations, assumptions and beliefs
or that the effect of future developments on NJR will be those
anticipated by management. Forward-looking statements in this
release include, but are not limited to, certain statements
regarding NJNG’s base rate case and investment programs, our
employee growth, cybersecurity investments, maintenance, and
modernization of our System and our emissions reduction goals.
Additional information and factors that could cause actual
results to differ materially from NJR’s expectations are contained
in NJR’s filings with the U.S. Securities Exchange Commission
(“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K,
and other SEC filings, which are available at the SEC’s web site,
http://www.sec.gov. Information included in this release is
representative as of today only and while NJR periodically
reassesses material trends and uncertainties affecting NJR's
results of operations and financial condition in connection with
its preparation of management's discussion and analysis of results
of operations and financial condition contained in its Quarterly
and Annual Reports filed with the SEC, NJR does not, by including
this statement, assume any obligation to review or revise any
particular forward-looking statement referenced herein in light of
future events.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that,
through its subsidiaries, provides safe and reliable natural gas
and clean energy services, including transportation, distribution,
asset management and home services. NJR is composed of five primary
businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary,
operates and maintains natural gas transportation and distribution
infrastructure to serve nearly 576,000 customers in New Jersey’s
Monmouth, Ocean and parts of Morris, Middlesex, Sussex and
Burlington counties.
- Clean Energy Ventures invests in, owns and operates
solar projects with a total capacity of approximately 469
megawatts, providing residential and commercial customers with
low-carbon solutions.
- Energy Services manages a diversified portfolio of
natural gas transportation and storage assets and provides physical
natural gas services and customized energy solutions to its
customers across North America.
- Storage and Transportation serves customers from local
distributors and producers to electric generators and wholesale
marketers through its ownership of Leaf River Energy Center and the
Adelphia Gateway Pipeline, as well as our 50% equity ownership in
the Steckman Ridge natural gas storage facility.
- Home Services provides service contracts as well as
heating, central air conditioning, water heaters, standby
generators, solar and other indoor and outdoor comfort products to
residential homes throughout New Jersey.
NJR and its over 1,300 employees are committed to helping
customers save energy and money by promoting conservation and
encouraging efficiency through Conserve to Preserve® and
initiatives such as SAVEGREEN™ and The Sunlight Advantage®.
For more information about NJR: www.njresources.com
Follow us on X (formerly Twitter) @NJNaturalGas. “Like” us on
facebook.com/NewJerseyNaturalGas.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131545286/en/
Media: Mike Kinney 732-938-1031
mkinney@njresources.com
Investor: Adam Prior 732-938-1145
aprior@njresources.com
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