Welcome to our dedicated page for SJI news (Ticker: SJI), a resource for investors and traders seeking the latest updates and insights on SJI stock.
SJI is a prominent energy services holding company based in Folsom, New Jersey, dedicated to delivering essential energy services through its three primary subsidiaries. SJI Utilities, the regulated natural gas utility arm of the company, ensures the provision of safe, reliable, and affordable natural gas to approximately 700,000 customers in New Jersey through South Jersey Gas and Elizabethtown Gas.
Beyond its utility operations, SJI's non-utility businesses, grouped under South Jersey Energy Solutions, focus on promoting efficiency, clean technology, and renewable energy. This includes customized wholesale commodity marketing, fuel management services, and the development, ownership, and operation of on-site energy production facilities. SJI Midstream manages the company's interests in the PennEast Pipeline Project, further enhancing its strategic infrastructure capabilities.
With a clear commitment to advancing clean energy, SJI has embarked on several innovative projects. A notable recent achievement is the partnership with Captona and RNG Energy Solutions to develop the Linden Renewable Energy Project, one of the largest food waste-to-renewable natural gas (RNG) projects in the United States. This project aims to convert organic waste into pipeline-quality RNG, thereby contributing significantly to New Jersey's decarbonization goals and providing a sustainable energy source for Elizabethtown Gas customers.
The Linden project, expected to be completed by Q1 2026, will process up to 1,475 tons of waste daily, producing energy equivalent to 30,200 gallons of gasoline per day. This effort not only supports waste management but also aligns with stringent organic waste diversion regulations in the NYC and NJ regions.
SJI continues to collaborate with top-tier partners like Phoenix Power Group and prominent waste haulers to ensure the project's success. The City of Linden, NJ, has shown strong support, anticipating economic benefits and hundreds of new construction jobs.
Overall, SJI's dedication to clean energy and sustainability positions it as a significant player in the energy sector, continually driving forward with innovative solutions and robust partnerships.
SJI announced it will host a conference call on November 5, 2020, to discuss its third quarter 2020 financial results. The results will be released on November 4, 2020, after market close. The call will be led by CEO Michael J. Renna and the senior management team, providing insights into the company's financial performance. Interested parties can join via toll-free or international numbers, or through a live webcast available on the SJI website. The archived broadcast will be accessible for 30 days.
SJI announced a change to its Special Meeting of Shareholders, moving from an optional in-person format to a virtual-only meeting due to the COVID-19 pandemic. The meeting is set for October 16, 2020, at 9:00 a.m. EDT. Shareholders must visit www.virtualshareholdermeeting.com/SJI2020 to attend, using their control number from proxy materials. Only those eligible as of the record date, August 24, 2020, can vote.
South Jersey Gas, a subsidiary of SJI (NYSE:SJI), has filed a request with the New Jersey Board of Public Utilities seeking to expand its energy efficiency programs with proposed investments of approximately $167 million, starting July 2021. This initiative aims to align with New Jersey's climate goals, promising about $201 million in customer savings, 481,957 tons of avoided CO2 emissions, and nearly 3,000 jobs created over three years. The program will provide various incentives to assist all customer demographics in reducing energy consumption and costs.
South Jersey Gas, a subsidiary of SJI (NYSE:SJI), has filed a request with the New Jersey Board of Public Utilities to expand its energy efficiency programs over three years, starting July 2021, with projected investments of $167 million. This initiative aims to align with New Jersey's clean energy goals, potentially saving customers $201 million on bills, avoiding 481,957 tons of CO2 emissions, and creating nearly 3,000 jobs. The comprehensive suite of programs will offer incentives for all customer types, enhancing energy efficiency across the state.
Elizabethtown Gas, a subsidiary of SJI (NYSE:SJI), has requested a significant expansion of its energy efficiency programs, proposing $100 million in investments to the New Jersey Board of Public Utilities. This initiative aims to align with state environmental goals, offering approximately $185 million in customer savings, avoiding 576,670 tons of CO2 emissions, and creating over 2,000 jobs over three years. The program includes extensive support for residential and commercial customers, enhancing their ability to manage energy costs and promote sustainability.
Elizabethtown Gas, a subsidiary of SJI, has filed a request with the New Jersey Board of Public Utilities to expand its energy efficiency programs starting July 2021, proposing investments of approximately $100 million. This initiative aims to deliver about $185 million in customer bill savings, avoid 576,670 tons of CO2 emissions, and create over 2,000 jobs within three years. The program will feature a variety of incentives for residential, commercial, and industrial customers to reduce energy usage and costs.
South Jersey Gas, a subsidiary of SJI (NYSE: SJI), has received approval from the New Jersey Board of Public Utilities for changes to its rates, effective October 1. These changes will result in a $0.14 decrease in the average customer's monthly bill. The settlement allows for a $39.5 million increase in annual revenues from base rates with a 9.6% return on equity. The adjustments reflect investments in infrastructure improvements to enhance the safety and reliability of the natural gas distribution system.
SJI (NYSE: SJI) has declared a regular quarterly dividend of $0.29500 per share for Q3 2020, set for payment on October 2, 2020. Shareholders of record by the close of business on September 10, 2020 will be eligible. This marks the 69th consecutive year of dividend payments, highlighting SJI's commitment to a reliable and sustainable dividend strategy. SJI operates through three main subsidiaries, providing energy services to approximately 700,000 customers in New Jersey.
Captona has announced a 50/50 joint venture with SJI, named Catamaran Renewables, aimed at developing and operating renewable energy projects. This venture combines over 1.3 GW of operational and over $1 billion of transactional experience in the renewable energy sector. Their first acquisition is a 7.5 MW fuel cell portfolio in Staten Island, New York, currently under construction and expected to generate revenue under New York's VDER program. Captona expresses optimism about leveraging their strengths in the North American renewable energy landscape.
SJI announces the formation of Catamaran Renewables, a joint venture with Captona for renewable energy projects. The venture aims to leverage over 1.3 GW of operational experience from Captona, which has financed over $1 billion in renewable transactions. As part of this initiative, SJI acquired two fuel cell projects on Staten Island, totaling 7.5 MW, secured with long-term agreements. With 93% project ownership, SJI will receive a significant share of cash flows and tax incentives. The projects are expected to be operational by October 2020.
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