NEW JERSEY RESOURCES CORP
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
NJR$54.34-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-03.
0000356309-26-000021
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsNatural Gas Distribution SegmentOperating ResultsClean Energy Ventures SegmentEnergy Services SegmentStorage and Transportation SegmentHome Services and Other Business OperationsLiquidity and Capital ResourcesCash FlowCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0000356309-26-000029
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsNatural Gas Distribution SegmentOperating ResultsClean Energy Ventures SegmentEnergy Services SegmentStorage and Transportation SegmentHome Services and Other Business OperationsLiquidity and Capital ResourcesCash FlowThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 281 previous paragraphs and 305 current paragraphs.
207 unchanged; 63 reworded; 31 added; 7 removed; 4 previous and 4 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
Consolidated net income increased approximately $14.6M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to the following factors:
Current report
•$5.4M increase at S&T due to higher rates at Adelphia; and
Current report
•$4.0M increase at NJNG due to higher BGSS incentives and customer growth.
Current report
Consolidated net income increased approximately $5.8M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to the following factors:
Current report
•$20.9M increase at NJNG due to higher base rates and BGSS incentives, along with customer growth;
Current report
•$7.1M increase at S&T as previously discussed, partially offset by;
Current report
(1)Consists of transactions between subsidiaries that are eliminated in consolidation.
Current report
•$40.6M decrease in prepaid taxes mainly at NJNG, due to timing of payments.
Current report
(1)Consists of transactions between subsidiaries that are eliminated in consolidation.
Current report
Consolidated NFE increased approximately $43.2M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to the following factors:
Current report
•$37.0M increase at ES due to higher Financial Margin related to market volatility due to the colder weather;
Current report
•$5.4M increase at S&T due to higher rates at Adelphia; and
Current report
•$4.0M increase at NJNG due to higher BGSS incentives and customer growth.
Current report
Consolidated NFE increased approximately $32.4M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to the following factors:
Current report
•$20.9M increase at NJNG due to higher base rates and BGSS incentives, along with customer growth;
Current report
•$7.1M increase at S&T as previously discussed; partially offset by
Current report
On March 18, 2026, the BPU approved NJNG's annual SBC filing of RAC expenditures through June 30, 2025, which included a decrease to the RAC annual recoveries of approximately $0.8M and a decrease to the NJCEP annual recoveries of approximately $5.2M, effective April 1, 2026.
Current report
Net income increased approximately $4.0M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to the following factors:
Current report
•$10.3M increase in Utility Gross Margin, as previously discussed; partially offset by
Current report
•$4.5M increase in O&M due to higher employee expenses.
Current report
Net income increased approximately $20.9M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to the following factors:
Current report
•$35.3M increase in Utility Gross Margin, as previously discussed; partially offset by
Current report
•$3.8M increase in interest expense due to higher outstanding long-term debt; and
Current report
Net loss increased approximately $1.3M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to the following factors:
Current report
•$2.2M increase in interest expense, net of capitalized interest due to higher outstanding long-term debt; and
Current report
•$2.0M increase in operating revenues due to higher REC sales.
Current report
•$4.2M increase in interest expense, net of capitalized interest due to higher outstanding long-term debt; partially offset by
Current report
•$7.3M increase in operating revenues due to higher REC sales.
Current report
Operating revenues increased approximately $30.6M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to a 22% increase in natural gas prices, partially offset by a 10% decrease in volumes of natural gas sold. Natural gas purchases increased approximately $6.0M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, respectively, due primarily to a 16% increase in natural gas purchase prices, partially offset by a 10% decrease in volumes of natural gas purchased.
Current report
On April 1, 2026, NJNG remarketed a $15.0M FMB, with an interest rate of 3.75% and a maturity date of April 1, 2059.
Current report
Cash flows from operating activities increased approximately $175.2M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to higher base rates and ES Financial Margin, along with the changes in the mix of working capital components.
Removed paragraphs (7)
Previous report
•$34.0M decrease in prepaid taxes at NJNG and HSO; and
Previous report
Consolidated NFE decreased approximately $10.7M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to the following factors:
Previous report
•$38.5M decrease at CEV, as previously discussed; partially offset by
Previous report
•$16.9M increase at NJNG, as previously discussed; and
Previous report
Net income increased approximately $16.9M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to the following factors:
Previous report
•$25.0M increase in Utility Gross Margin, as previously discussed; partially offset by
Previous report
Cash flows from (used in) operating activities increased approximately $35.7M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to higher base rates.
Reworded paragraphs (63)
Previous wording
•$10.3M increase at ES related to market volatility due to the colder weather.
Current wording
•$8.4M increase at ES related to market volatility due to the colder weather;
Previous wording
•$38.5M decrease at CEV due to the gain on sale of the residential solar portfolio in the prior period; partially offset by
Current wording
•$39.8M decrease at CEV due to the gain on sale of the residential solar portfolio in the prior period.
Previous wording
Consolidated assets increased approximately $327.4M as of December 31, 2025, compared with September 30, 2025, due primarily to the following factors:
Current wording
Consolidated assets increased approximately $364.5M as of March 31, 2026, compared with September 30, 2025, due primarily to the following factors:
Previous wording
•$278.5M increase in customer receivables at NJNG and ES due to seasonality;
Current wording
•$350.0M increase in cash and customer receivables at NJNG, due to seasonality;
Previous wording
•$72.2M increase in utility plant expenditures, net at NJNG; and
Current wording
•$146.4M increase in utility plant expenditures, net at NJNG; and
Previous wording
•$69.9M increase in nonutility plant and equipment, net at CEV due primarily to additional capital expenditures for commercial solar projects; partially offset by
Current wording
•$112.1M increase in nonutility plant and equipment, net at CEV due primarily to additional capital expenditures for commercial solar projects; partially offset by
Previous wording
•$24.7M decrease in gas in storage at NJNG.
Current wording
•$155.3M decrease in gas in storage mainly at NJNG, due to seasonality; and
Previous wording
•$8.4M increase at ES, as previously discussed.
Current wording
•$45.4M increase at ES, as previously discussed;
Previous wording
NJNG has significant annual capital expenditures associated with the management of its natural gas distribution and transmission system, including new utility plant expenditures associated with customer growth and its associated pipeline integrity management and infrastructure programs. Below is a summary of NJNG’s capital expenditures, including accruals, for the three months ended December 31, 2025, and estimates of expected investments for fiscal 2026 and 2027:
Current wording
NJNG has significant annual capital expenditures associated with the management of its natural gas distribution and transmission system, including new utility plant expenditures associated with customer growth and its associated pipeline integrity management and infrastructure programs.
Previous wording
In October 2020, the BPU approved NJNG’s five-year IIP filing for $150.0M of transmission and distribution investments, effective November 1, 2020, which will be recovered through annual filings to adjust base rates.
Current wording
In October 2020, the BPU approved NJNG’s five-year IIP filing for $150.0M of transmission and distribution investments, effective November 1, 2020, which were recovered through annual filings to adjust base rates.
Previous wording
NJNG expects new customer additions during the three months ended December 31, 2025, and those customers who added additional natural gas services to their premises, to contribute approximately $2.2M of incremental Utility Gross Margin on an annualized basis.
Current wording
NJNG expects new customer additions during the six months ended March 31, 2026, and those customers who added additional natural gas services to their premises, to contribute approximately $4.0M of incremental Utility Gross Margin on an annualized basis.
Previous wording
(1)Compared with the 20-year average, weather was 9.7% colder-than-normal during the three months ended December 31, 2025, and 8.1% warmer-than-normal during the three months ended December 31, 2024.
Current wording
(1)Compared with the 20-year average, weather was 4.6% and 6.5% colder-than-normal during the three and six months ended March 31, 2026, and 0.4% and 3.4% warmer-than-normal during the three and six months ended March 31, 2025.
Previous wording
NJNG is eligible to receive financial incentives for reducing BGSS costs through a series of Utility Gross Margin-sharing programs that include off-system sales, capacity release and storage incentive programs. These programs are designed to encourage better utilization and hedging of NJNG’s natural gas supply and transportation and storage assets. Depending on the program, NJNG shares 80% or 85% of Utility Gross Margin generated by these programs with firm customers. Utility Gross Margin from incentive programs was approximately $5.6M and $3.2M during the three months ended December 31, 2025 and 2024, respectively.
Current wording
NJNG is eligible to receive financial incentives for reducing BGSS costs through a series of Utility Gross Margin-sharing programs that include off-system sales, capacity release and storage incentive programs. These programs are designed to encourage better utilization and hedging of NJNG’s natural gas supply and transportation and storage assets. Depending on the program, NJNG shares 80% or 85% of Utility Gross Margin generated by these programs with firm customers. Utility Gross Margin from incentive programs was approximately $11.7M and $7.4M during the three months ended March 31, 2026 and 2025, respectively, and approximately $17.3M and $10.6M during the six months ended March 31, 2026 and 2025, respectively.
Previous wording
The maximum price per MMBtu was $11.83 and $8.64 and the minimum price was $1.42 and $1.05 for the three months ended December 31, 2025 and 2024, respectively. A more detailed discussion of the impacts of the price of natural gas on operating revenues, natural gas purchases and cash flows can be found in the Operating Results and Cash Flow sections of Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
The maximum price per MMBtu was $122.84 and $40.02 and the minimum price was $1.42 and $1.05 for the six months ended March 31, 2026 and 2025, respectively. As a result of NJNG's hedging strategy as previously discussed, customers are protected from much of the short-term price volatility during the winter months. A more detailed discussion of the impacts of the price of natural gas on operating revenues, natural gas purchases and cash flows can be found in the Operating Results and Cash Flow sections of Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
NJNG’s qualifying customers are eligible for the USF program, which is administered by the New Jersey Department of Community Affairs, to help make energy bills more affordable.
Current wording
The SBC is comprised of three primary riders that allow NJNG to recover costs associated with USF, MGP remediation, and the NJCEP. NJNG’s qualifying customers are eligible for the USF program, which is administered by the New Jersey Department of Community Affairs, to help make energy bills more affordable.
Previous wording
NJNG is responsible for the environmental remediation of former MGP sites, which contain contaminated residues from former gas manufacturing operations that ceased operating at these sites by the mid-1950s and, in some cases, had been discontinued many years earlier. Actual MGP remediation costs may vary from management’s estimates due to the developing nature of remediation requirements, regulatory decisions by the NJDEP and related litigation. NJNG reviews these costs periodically, and at least annually, and adjusts its liability and corresponding regulatory asset as necessary to reflect its expected future remediation obligation. Accordingly, NJNG recognized a regulatory asset and an obligation of approximately $167.5M as of December 31, 2025, an increase of approximately $0.5M compared with September 30, 2025. See Note 13. Commitments and Contingent Liabilities for a more detailed description of MGP expenditures.
Current wording
NJNG is responsible for the environmental remediation of former MGP sites, which contain contaminated residues from former gas manufacturing operations that ceased operating at these sites by the mid-1950s and, in some cases, had been discontinued many years earlier. Actual MGP remediation costs may vary from management’s estimates due to the developing nature of remediation requirements, regulatory decisions by the NJDEP and related litigation. NJNG reviews these costs periodically, and at least annually, and adjusts its liability and corresponding regulatory asset as necessary to reflect its expected future remediation obligation. Accordingly, NJNG recognized a regulatory asset and an obligation of approximately $166.1M as of March 31, 2026, a decrease of approximately $0.9M compared with September 30, 2025. See Note 13. Commitments and Contingent Liabilities for a more detailed description of MGP expenditures.
Previous wording
(1)Includes nonutility revenue of approximately $0.2M and $0.3M for the three months ended December 31, 2025 and 2024, respectively, for lease agreements with various NJR subsidiaries leasing office space from NJNG at the Company’s headquarters, which are eliminated in consolidation.
Current wording
(1)Includes immaterial nonutility revenue for lease agreements with various NJR subsidiaries leasing office space from NJNG at the Company’s headquarters, which are eliminated in consolidation.
Previous wording
(3)Includes related party transactions of approximately $1.6M and $2.3M during the three months ended December 31, 2025 and 2024, respectively, a portion of which is eliminated in consolidation.
Current wording
(3)Includes related party transactions of approximately $1.6M and $2.3M during the three months ended March 31, 2026 and 2025, respectively, and $3.2M and $4.7M during the six months ended March 31, 2026 and 2025, respectively, a portion of which is eliminated in consolidation.
Previous wording
Operating revenues increased 22.9% and natural gas purchases increased 31.3% during the three months ended December 31, 2025, compared with the three months ended December 31, 2024.
Current wording
Operating revenues increased 3.6% and natural gas purchases increased 0.5% during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. Operating revenues increased 10.4% and natural gas purchases increased 10.4% during the six months ended March 31, 2026, compared with the six months ended March 31, 2025.
Previous wording
(1)Excludes SG&A of approximately $23.7M and $26.1M for the three months ended December 31, 2025 and 2024, respectively.
Current wording
(1)Excludes SG&A of approximately $51.0M and $31.7M for the three months ended March 31, 2026 and 2025, respectively, and $55.1M and $57.8M for the six months ended March 31, 2026 and 2025, respectively.
Previous wording
Utility firm gross margin increased approximately $22.6M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to an increase in base rates, effective November 21, 2024.
Current wording
Utility firm gross margin increased approximately $6.1M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to customer growth. Utility firm gross margin increased $28.7M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to an increase in base rates, effective November 21, 2024, along with customer growth.
Previous wording
BGSS incentive programs increased during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to higher margins from off-system sales and capacity release related to market volatility due to colder weather.
Current wording
BGSS incentive programs increased during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to higher margins from off-system sales and capacity release, related to market volatility due to colder weather. BGSS incentive programs increased during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to higher margins from off-system sales and storage.
Previous wording
•$4.9M increase in depreciation expense as a result of additional utility plant being placed into service.
Current wording
•$6.7M increase in depreciation expense as a result of additional utility plant being placed into service;
Previous wording
•$5.0M increase in income tax expense related to higher operating income; and
Current wording
•$3.4M increase in income tax expense related to higher operating income.
Previous wording
CEV continues to assess the impacts of OBBBA, the above mentioned executive order and revised IRS guidance on the determination of the beginning of construction. While there have been no material impacts to the Company’s financial position or results of operations as of December 31, 2025, resulting from the change in law and revised IRS guidance, these changes may impact our ability to identify, develop and source materials to construct future projects in a way that meets the new requirements established for the ITC framework.
Current wording
While there have been no material impacts to the Company’s financial position or results of operations as of March 31, 2026, resulting from the change in law and revised IRS guidance, these changes may impact our ability to identify, develop and source materials to construct future projects in a way that meets the new requirements established for the ITC framework.
Previous wording
CEV placed two commercial solar projects in service totaling 9.7 MWs during the three months ended December 31, 2025, with related expenditures of approximately $20.9M. CEV placed two commercial solar projects in service totaling 10.5 MWs during the three months ended December 31, 2024, with related expenditures of approximately $20.4M. CEV has approximately 489 MW of commercial solar capacity in service.
Current wording
CEV placed one commercial solar project in service, totaling 3.7 MWs, during the three months ended March 31, 2026, with related expenditures of approximately $9.3M. CEV placed three commercial solar projects in service totaling 13.4 MWs during the six months ended March 31, 2026, with related expenditures of approximately $30.2M. CEV placed one commercial solar project in service totaling 2.2 MWs during the three months ended March 31, 2025, with related expenditures of approximately $8.3M. CEV placed three commercial solar projects in service totaling 12.7 MWs during the six months ended March 31, 2025, with related expenditures of approximately $28.7M. CEV has approximately 493 MW of commercial solar capacity in service.
Previous wording
CEV may enter into transactions to sell certain of its commercial solar assets concurrent with agreements to lease the assets back over a period of five to seven years. The Company will continue to operate the solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer if applicable; however, the lease payments are structured so that CEV is compensated for the transfer of the related tax incentives. Accordingly, for solar projects financed under sale leasebacks for which the assets were sold during the first five years of in-service life, CEV recognizes the equivalent value of the ITC in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease. During the three months ended December 31, 2025 and 2024, CEV received proceeds of approximately $23.2M and $12.6M, respectively, in connection with the sale leaseback of commercial solar assets.
Current wording
CEV may enter into transactions to sell certain of its commercial solar assets concurrent with agreements to lease the assets back over a period of five to seven years. The Company will continue to operate the solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer if applicable; however, the lease payments are structured so that CEV is compensated for the transfer of the related tax incentives. Accordingly, for solar projects financed under sale leasebacks for which the assets were sold during the first five years of in-service life, CEV recognizes the equivalent value of the ITC in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease. CEV received proceeds of approximately $26.0M and $13.2M during the three months ended March 31, 2026 and 2025, and approximately $49.3M and $25.7M during the six months ended March 31, 2026 and 2025, respectively, in connection with the sale leaseback of commercial solar assets. As an alternative, CEV may evaluate other structures to monetize the value of ITCs, such as the direct transfer of ITCs to a third party in exchange for cash.
Previous wording
REC activity for the three months ended, consisted of the following:
Current wording
REC activity for the six months ended, consisted of the following:
Previous wording
Net income decreased approximately $38.5M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to the following factors:
Current wording
Net income decreased approximately $39.8M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to the following factors:
Previous wording
•$54.9M decrease due to the gain on the sale of the residential solar portfolio in the prior period; partially offset by
Current wording
•$55.5M decrease due to the gain on the sale of the residential solar portfolio in the prior period; and
Previous wording
•$11.4M decrease in income tax expense related to lower operating income.
Current wording
•$12.2M decrease in income tax expense related to lower operating income; and
Previous wording
ES has a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts. The AMAs include a series of temporary and permanent releases, and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed-upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized approximately $4.9M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during both three months ended December 31, 2025 and 2024. Amounts received in excess of revenue recognized totaling approximately $66.2M and $36.8M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and September 30, 2025, respectively.
Current wording
ES has a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts. The AMAs include a series of temporary and permanent releases, and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed-upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized approximately $4.9M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during both the three months ended March 31, 2026 and 2025, and $9.9M during both the six months ended March 31, 2026 and 2025. Amounts received in excess of revenue recognized totaling approximately $61.3M and $36.8M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025, respectively.
Previous wording
(2)Includes related party transactions of approximately $0.3M during both the three months ended December 31, 2025 and 2024, a portion of which is eliminated in consolidation.
Current wording
(2)Includes related party transactions of approximately $0.3M during both the three months ended March 31, 2026 and 2025, and $0.6M during both the six months ended March 31, 2026 and 2025, a portion of which is eliminated in consolidation.
Previous wording
During the three months ended December 31, 2025 and 2024, the net short position resulted in unrealized gains (losses) of approximately $6.1M and $(0.5)M, respectively.
Current wording
During the six months ended March 31, 2026 and 2025, the net short position resulted in unrealized gains (losses) of approximately $3.0M and $(8.2)M, respectively.
Previous wording
Operating revenues increased approximately $32.8M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to a 38% increase in natural gas prices. Natural gas purchases increased approximately $17.9M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to a 28% increase in natural gas purchase prices.
Current wording
Operating revenues decreased approximately $2.2M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to a 19% decrease in volumes of natural gas sold, partially offset by a 23% increase in natural gas prices. Natural gas purchases decreased approximately $11.9M during the three months ended March 31, 2026, compared with the three months ended March 31, 2025, due primarily to a 19% decrease in volumes of natural gas purchased, partially offset by a 15% increase in natural gas purchase prices.
Previous wording
Net income increased approximately $10.3M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to the colder weather in December, which led to increased natural gas price volatility and favorable pricing spreads that resulted in additional earnings.
Current wording
Net income increased approximately $8.4M and $18.8M during the three and six months ended March 31, 2026, compared with the three and six months ended March 31, 2025, respectively, due primarily to the colder weather, which led to increased natural gas price volatility and favorable pricing spreads that resulted in additional earnings.
Previous wording
(1)Excludes SG&A of approximately $0.3M during both the three months ended December 31, 2025 and 2024.
Current wording
(1)Excludes SG&A of approximately $0.2M and $0.3M during the three months ended March 31, 2026 and 2025, respectively, and $0.5M and $0.6M during the six months ended March 31, 2026 and 2025, respectively.
Previous wording
Financial Margin increased approximately $12.5M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to the colder weather in December, as previously discussed.
Current wording
Financial Margin increased approximately $46.8M and $59.3M during the three and six months ended March 31, 2026, respectively, compared with the three and six months ended March 31, 2025, respectively, due primarily to the colder weather, as previously discussed.
Previous wording
NFE increased approximately $8.4M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to higher Financial Margin, as previously discussed.
Current wording
NFE increased approximately $37.0M and $45.4M during the three and six months ended March 31, 2026, compared with the three and six months ended March 31, 2025, respectively, due primarily to higher Financial Margin, as previously discussed.
Previous wording
S&T has a 50% ownership interest in Steckman Ridge, a storage facility located in western Pennsylvania that operates under market-based rates. As of December 31, 2025, our investment in Steckman Ridge was $101.6M.
Current wording
S&T has a 50% ownership interest in Steckman Ridge, a storage facility located in western Pennsylvania that operates under market-based rates. As of March 31, 2026, our investment in Steckman Ridge was $102.8M.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•$18.8M increase at ES as previously discussed; and
Current report — wording carried from elsewhere
•$39.8M decrease at CEV, due to the gain on sale of the residential solar portfolio in the prior period.
Current report — wording carried from elsewhere
Below is a summary of NJNG’s capital expenditures, including accruals, for the six months ended March 31, 2026, and estimates of expected investments for fiscal 2026 and 2027:
Current report — wording carried from elsewhere
•$1.6M increase in depreciation expense as a result of additional capital expenditures for commercial solar projects; partially offset by
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Consolidated net income decreased approximately $8.8M during the three months ended December 31, 2025, compared with the three months ended December 31, 2024, due primarily to the following factors:
Previous report — wording carried elsewhere
•$16.9M increase at NJNG due to an increase in base rates; and
Previous report — wording carried elsewhere
In September 2024, the BPU approved NJNG's annual IIP filing, which requested a rate increase for capital expenditures of approximately $41.2M through June 30, 2024, which resulted in a revenue increase of approximately $4.7M, effective October 1, 2024.
Previous report — wording carried elsewhere
During the three months ended December 31, 2025, total capital expenditures spent or accrued related to the purchase and installation of solar equipment were approximately $42.5M. CEV's expenditures include clean energy projects that support our