Welcome to our dedicated page for New Jersey Resources news (Ticker: NJR), a resource for investors and traders seeking the latest updates and insights on New Jersey Resources stock.
New Jersey Resources Corp (NJR) is a diversified energy services holding company that operates both regulated and nonregulated businesses. As a Fortune 1000 company, NJR is dedicated to providing reliable energy and natural gas services, including transportation, distribution, and asset management across several regions in the United States and Canada.
NJR’s regulated utility, New Jersey Natural Gas, delivers natural gas to nearly 600,000 customers in New Jersey. The company also operates an extensive infrastructure network, maintaining 6,700 miles of natural gas transportation and distribution pipelines to ensure safe and reliable service. Additionally, it offers appliance installation, repair, and contract services to approximately 150,000 homes and businesses.
On the nonregulated front, NJR invests heavily in renewable energy through its subsidiary, NJR Clean Energy Ventures (CEV). CEV owns and operates solar projects and provides low-carbon solutions to residential and commercial customers. With over $1.2 billion invested in solar projects and approximately 470 MW of installed capacity, CEV is a significant player in the renewable energy sector.
NJR also engages in midstream asset investments through equity partnerships in projects like Steckman Ridge and Iroquois. The company manages a diverse portfolio that includes 777,000 Dth/d of transportation capacity and 52 Bcf of storage capacity.
Recently, NJR Clean Energy Ventures formed a partnership with CI Renewables to develop commercial and industrial solar projects in the Mid-Atlantic region. This collaboration aims to expand their geographic reach and enhance their portfolio of innovative solar energy solutions.
With annual revenues exceeding $2.5 billion, NJR continues to focus on growth and sustainability. The company’s Conserve to Preserve® initiative helps customers save energy and reduce their environmental impact, underscoring NJR’s commitment to a sustainable future.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), has filed its annual rate adjustments with the New Jersey Board of Public Utilities (BPU). The filings include the Basic Gas Supply Service (BGSS) and Conservation Incentive Program (CIP) rates, along with costs for energy-efficiency (EE) programs. The overall impact will be a 0.5% increase for typical residential heating customers, equating to $0.71 more per month. NJNG aims to reduce the BGSS rate while increasing the Balancing Charge.
The warmer-than-normal winter led to a minimal CIP-related decrease of 0.1%. NJNG also seeks a 0.6% increase to recover costs from its SAVEGREEN energy-efficiency programs. Pending BPU approval, these changes will take effect on October 1, 2024.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), has installed two CarbinX carbon-capture units at its Wall, NJ headquarters, marking the first such installations in the state. Developed by CleanO2, the CarbinX technology captures carbon emissions from HVAC systems and converts them into pearl ash, which has various commercial applications. The units improve the efficiency of the facility’s water heater, reducing emissions and energy costs. NJNG aims to use data from this project to inform customers and policymakers about the benefits of carbon-capture technology. This initiative is part of NJNG's broader strategy to support New Jersey's climate goals and enhance energy efficiency.
New Jersey Resources (NYSE: NJR) reported strong second-quarter results for fiscal 2024, with consolidated net income reaching $120.8 million and net financial earnings of $138.6 million. The company re-affirmed its fiscal 2024 net financial earnings per share guidance range of $2.85 to $3.00. NJNG filed a rate case seeking a $222.6 million increase in delivery rates. Despite lower year-to-date earnings compared to the previous fiscal year, NJR's performance reflects its commitment to shareholder value and organic growth initiatives.
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