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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.
The board of directors of New Jersey Resources Corporation (NYSE: NJR) has declared a quarterly dividend of
New Jersey Resources (NYSE: NJR) will host a live webcast to discuss its fiscal Q1 2022 earnings on February 3, 2022, at 10 a.m. ET. CEO Steve Westhoven and CFO Roberto Bel will present key financial and operational results. NJR provides essential natural gas and clean energy services, operating through five primary subsidiaries, including New Jersey Natural Gas and NJR Clean Energy Ventures. The webcast can be accessed via the investor relations section of their website.
New Jersey Resources (NYSE: NJR) announces executive leadership promotions effective January 1, 2022, to bolster its growth and sustainability strategies. Key appointments include Patrick Migliaccio as Senior Vice President and Chief Operating Officer of NJ Natural Gas, and Roberto Bel as Senior Vice President and Chief Financial Officer. The leadership team aims to enhance operational efficiency, advance decarbonization efforts, and manage approximately $1.5 billion in infrastructure investments. These changes are designed to strengthen NJR's position as a leader in clean energy and secure its future growth.
New Jersey Natural Gas (NJR) has filed a request for a 5% increase in Basic Gas Supply Service (BGSS) rates, effective December 1, 2021, due to an 80% rise in wholesale natural gas prices since May 2021. This adjustment will raise the average residential bill by approximately $5.93 monthly, adding to a recent base rate increase of $13.23. NJR emphasizes that these costs are solely for recovering commodity prices, with no profit margin involved. They previously returned $20.6 million to customers through bill credits, demonstrating their commitment to managing supply and minimizing price volatility.
New Jersey Resources Corporation (NJR) reported a net income of $117.9 million for fiscal 2021, down from $163.0 million in 2020. However, net financial earnings reached $207.7 million, or $2.16 per share, compared to $165.3 million, or $1.74 per share, from the prior year.
The company affirmed its fiscal 2022 earnings guidance of $2.20 to $2.30 per share and narrowed its long-term growth rate to 7-9%. NJR increased its annual dividend by 9% to $1.45 per share and received regulatory approval for a $79 million rate increase.
New Jersey Natural Gas (NJR) has received approval from the New Jersey Board of Public Utilities for a $79.269 million increase to its base rates, aimed at recovering costs associated with operational efficiencies and infrastructure investments, including a green hydrogen project. The rate base is now $2.523 billion, with a 6.84% return rate. Customers will see an average monthly bill increase of $13.23, or 11.3%, despite bills being 23.4% lower than 2008 rates. New rates are effective December 1, 2021.
The board of New Jersey Resources Corporation (NYSE:NJR) has declared a quarterly dividend of $0.3625 per share, payable on January 3, 2022, to shareholders of record as of December 15, 2021. This marks a continuation of the company's commitment to providing shareholder value, having paid dividends since 1952. NJR operates multiple subsidiaries in natural gas and clean energy sectors, including New Jersey Natural Gas and NJR Clean Energy Ventures, managing significant infrastructure and renewable projects across the region.
New Jersey Resources (NYSE: NJR) is set to host a live webcast of its fiscal 2021 year-end earnings results on November 18, 2021, at 10 a.m. ET. The presentation will be led by President and CEO Steve Westhoven and CFO Pat Migliaccio, providing insights into the company's financial and operational performance for the year. NJR operates through several subsidiaries, including New Jersey Natural Gas and NJR Clean Energy Ventures, focusing on natural gas transportation, distribution, and clean energy solutions.
New Jersey Resources (NYSE: NJR) has promoted Richard Reich to Senior Vice President and General Counsel, effective immediately. Reich will lead the company's legal department while continuing to serve as Corporate Secretary until a replacement is found. He joined NJR in 2006 and has held various positions, including Interim General Counsel since May 2021. CEO Steve Westhoven praised Reich's leadership and expertise. NJR operates multiple businesses, providing natural gas and clean energy services across New Jersey, including over 7,500 miles of gas infrastructure and renewable energy projects.
The board of directors of New Jersey Resources (NYSE: NJR) has approved a 9% increase in the quarterly dividend rate to
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