New Jersey Resources (NJR) 10-Q 6 Feb 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2023	Feb. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-08359
Entity Registrant Name	NEW JERSEY RESOURCES CORPORATION
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2376465
Entity Address, Address Line One	1415 Wyckoff Road
Entity Address, City or Town	Wall
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07719
City Area Code	(732)
Local Phone Number	938‑1480
Title of 12(b) Security	Common Stock - $2.50 Par Value
Trading Symbol	NJR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Business	false
Entity Common Stock, Shares Outstanding		98,303,527
Entity Central Index Key	0000356309
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING REVENUES
Utility	$ 293,093	$ 357,409
Nonutility	174,117	366,158
Total operating revenues	467,210	723,567
Natural gas purchases:
Related parties	1,879	1,827
Operation and maintenance	94,439	79,501
Regulatory rider expenses	19,189	18,251
Depreciation and amortization	40,287	36,683
Total operating expenses	331,391	550,778
OPERATING INCOME	135,819	172,789
Other income, net	6,341	4,655
Interest expense, net of capitalized interest	31,473	29,491
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	110,687	147,953
Income tax provision	22,936	32,978
Equity in earnings of affiliates	1,660	946
NET INCOME	$ 89,411	$ 115,921
EARNINGS PER COMMON SHARE
Basic (usd per share)	$ 0.91	$ 1.20
Diluted (usd per share)	$ 0.91	$ 1.19
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	97,869	96,485
Diluted (in shares)	98,563	97,083
Utility
Natural gas purchases:
Gas purchases - Utility and Nonutility	$ 116,120	$ 182,446
Nonutility
Natural gas purchases:
Gas purchases - Utility and Nonutility	$ 59,477	$ 232,070

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 89,411	$ 115,921
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively	264	263
Adjustment to postemployment benefit obligation, net of tax of $(40) and $(12), respectively	131	41
Other comprehensive income, net of tax	395	304
Comprehensive income	$ 89,806	$ 116,225

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax on reclassifications of losses to net income on derivatives	$ (79)	$ (79)
Tax on adjustment to postemployment benefit obligation	$ (40)	$ (12)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income	$ 89,411	$ 115,921
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) on derivative instruments	(5,400)	(31,503)
Depreciation and amortization	40,287	36,683
Amortization of acquired wholesale energy contracts	111	530
Allowance for equity used during construction	(1,482)	(1,054)
Allowance for doubtful accounts	(1,575)	(2,459)
Non cash lease expense	1,152	727
Deferred income taxes	18,758	11,861
Equivalent value of ITCs recognized on equipment financing	(2,888)	(899)
Manufactured gas plant remediation costs	(4,575)	(2,627)
Cost of removal - asset retirement obligations	(382)	(322)
Contributions to postemployment benefit plans	(1,996)	(249)
Taxes related to stock-based compensation	1,185	554
Changes in:
Components of working capital	(97,615)	(335,025)
Other noncurrent assets and liabilities	11,424	118,915
Cash flows from (used in) operating activities	46,415	(88,947)
Expenditures for:
Cost of removal	(8,977)	(7,329)
Distribution from equity investees in excess of equity in earnings	830	361
Cash flows used in investing activities	(113,792)	(145,562)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	50,000	175,000
Payments of long-term debt	(6,188)	(4,782)
Proceeds from short-term debt, net	16,550	40,500
Proceeds from sale leaseback transactions - solar	24,394	33,150
Proceeds from sale leaseback transactions - natural gas meters	8,814	8,441
Payments of common stock dividends	(40,981)	(34,508)
Proceeds from waiver discount issuance of common stock	17,919	17,919
Proceeds from issuance of common stock - DRP	3,781	3,847
Tax withholding payments related to net settled stock compensation	(5,000)	(3,642)
Cash flows from financing activities	69,289	235,925
Change in cash, cash equivalents and restricted cash	1,912	1,416
Cash, cash equivalents and restricted cash at beginning of period	1,517	1,452
Cash, cash equivalents and restricted cash at end of period	3,429	2,868
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	(146,377)	(247,080)
Inventories	1,948	17,974
Recovery of natural gas costs	479	27,904
Natural gas purchases payable	24,901	(76,930)
Natural gas purchases payable - related parties	(2)	11
Deferred revenue, current	57,115	0
Accounts payable and other	(47,797)	(35,361)
Prepaid expenses	(5,794)	(10,456)
Prepaid and accrued taxes	20,895	39,301
Restricted broker margin accounts	(837)	(56,460)
Customers' credit balances and deposits	551	7,724
Other current assets (liabilities)	(2,697)	(1,652)
Total	(97,615)	(335,025)
Cash paid for:
Interest (net of amounts capitalized)	29,779	22,986
Income taxes	629	30
Accrued capital expenditures	13,333	24,119
Utility plant
Expenditures for:
Payments to acquire PP&E	(71,166)	(74,742)
Solar equipment
Expenditures for:
Payments to acquire PP&E	(25,766)	(43,993)
Storage and Transportation and other
Expenditures for:
Payments to acquire PP&E	$ (8,713)	$ (19,859)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$ 3,927,578	$ 3,843,037
Construction work in progress	230,603	237,428
Nonutility plant and equipment, at cost	1,784,035	1,767,306
Construction work in progress	153,541	142,768
Total property, plant and equipment	6,095,757	5,990,539
Accumulated depreciation and amortization, utility plant	(732,326)	(714,087)
Accumulated depreciation and amortization, nonutility plant and equipment	(266,896)	(254,397)
Property, plant and equipment, net	5,096,535	5,022,055
CURRENT ASSETS
Cash and cash equivalents	2,739	954
Customer accounts receivable
Billed	170,472	97,540
Unbilled revenues	91,931	19,100
Allowance for doubtful accounts	(8,847)	(11,036)
Regulatory assets	76,728	73,587
Natural gas in storage, at average cost	193,742	199,501
Materials and supplies, at average cost	30,833	27,022
Prepaid expenses	15,535	9,741
Prepaid and accrued taxes	22,860	43,046
Derivatives, at fair value	37,771	30,755
Restricted broker margin accounts	19,331	20,796
Other current assets	23,863	21,071
Total current assets	676,958	532,077
NONCURRENT ASSETS
Investments in equity method investees	103,268	104,134
Regulatory assets	581,907	584,830
Operating lease assets	175,864	175,740
Derivatives, at fair value	1,178	1,564
Software costs	9,105	8,375
Deferred income taxes	22,903	28,383
Postemployment employee benefit assets	18,651	18,684
Other noncurrent assets	62,679	61,654
Total noncurrent assets	975,555	983,364
Total assets	6,749,048	6,537,496
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2023 — 98,202,255; September 30, 2023 — 97,584,455	245,009	243,458
Premium on common stock	582,551	558,654
Accumulated other comprehensive loss, net of tax	(9,564)	(9,959)
Treasury stock at cost and other; shares December 31, 2023 — 15,710; September 30, 2023 — 13,041	22,136	20,748
Retained earnings	1,226,069	1,177,834
Common stock equity	2,066,201	1,990,735
Long-term debt	2,738,997	2,768,017
Total capitalization	4,805,198	4,758,752
CURRENT LIABILITIES
Current maturities of long-term debt	219,627	116,155
Short-term debt	268,650	252,100
Natural gas purchases payable	76,178	51,277
Natural gas purchases payable to related parties	857	859
Deferred revenue	118,519	61,404
Accounts payable and other	105,627	151,790
Dividends payable	41,175	40,981
Accrued taxes	10,799	10,090
Regulatory liabilities	30,344	32,287
New Jersey Clean Energy Program	14,382	15,804
Derivatives, at fair value	13,196	16,145
Operating lease liabilities	4,798	4,772
Restricted broker margin accounts	12,419	8,029
Customers' credit balances and deposits	45,461	44,910
Total current liabilities	962,032	806,603
NONCURRENT LIABILITIES
Deferred income taxes	299,454	285,427
Deferred investment tax credits	2,365	2,434
Deferred revenue	635	659
Derivatives, at fair value	7,464	7,967
Manufactured gas plant remediation	165,315	169,390
Postemployment employee benefit liability	102,482	102,528
Regulatory liabilities	179,638	180,458
Operating lease liabilities	148,849	148,023
Asset retirement obligation	62,435	61,993
Other noncurrent liabilities	13,181	13,262
Total noncurrent liabilities	981,818	972,141
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	6,749,048	6,537,496
Related Party
CURRENT LIABILITIES
Natural gas purchases payable to related parties	$ 857	$ 859

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares outstanding (in shares)	98,202,255	97,584,455
Treasury stock at cost and other, shares (in shares)	15,710	13,041

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Stock	Premium on Common Stock	Accumulated Other Comprehensive (Loss) Income	Treasury Stock and Other	Retained Earnings
Balance as of beginning of period (in shares) at Sep. 30, 2022			96,250,000
Balance as of beginning of period at Sep. 30, 2022		$ 1,817,210	$ 241,616	$ 519,697	$ (4,826)	$ (6,805)	$ 1,067,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		115,921					115,921
Other comprehensive income		304			304
Common stock issued:
Incentive compensation plan (in shares)			92,000
Incentive compensation plan		3,472	$ 229	3,243
Dividend reinvestment plan (in shares)	[1]		93,000
Dividend reinvestment plan	[1]	3,866	$ 0	437		3,429
Waiver discount (in shares)			368,000
Waiver discount		17,919		4,469		13,450
Cash dividend declared		(37,665)					(37,665)
Treasury stock and other		1,768				1,768
Balance as of end of period (in shares) at Dec. 31, 2022			96,803,000
Balance as of end of period at Dec. 31, 2022		$ 1,922,795	$ 241,845	527,846	(4,522)	11,842	1,145,784
Balance as of beginning of period (in shares) at Sep. 30, 2023		97,584,455	97,584,000
Balance as of beginning of period at Sep. 30, 2023		$ 1,990,735	$ 243,458	558,654	(9,959)	20,748	1,177,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		89,411					89,411
Other comprehensive income		395			395
Common stock issued:
Incentive compensation plan (in shares)			116,000
Incentive compensation plan		3,741	$ 290	3,451
Dividend reinvestment plan (in shares)			94,000
Dividend reinvestment plan		3,788	$ 236	3,552
Waiver discount (in shares)			410,000
Waiver discount		17,919	$ 1,025	16,894
Cash dividend declared		(41,176)					(41,176)
Treasury stock and other (in shares)			(2,000)
Treasury stock and other		$ 1,388				1,388
Balance as of end of period (in shares) at Dec. 31, 2023		98,202,255	98,202,000
Balance as of end of period at Dec. 31, 2023		$ 2,066,201	$ 245,009	$ 582,551	$ (9,564)	$ 22,136	$ 1,226,069
[1] Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (usd per share)	$ 0.42	$ 0.39

NATURE OF THE BUSINESS

NATURE OF THE BUSINESS	3 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF THE BUSINESS	1. NATURE OF THE BUSINESS The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following: NJNG provides natural gas utility service to approximately 579,600 customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment. Clean Energy Ventures, the Company's clean energy subsidiary, comprises the CEV segment and invests in, owns and operates clean energy projects, including commercial and residential solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana. Energy Services comprises the ES segment. ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S. and Canada. NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries. The Company operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River and Adelphia, and is subject to rate regulation by FERC. The Company holds a 50% combined ownership interest in Steckman Ridge, located in Pennsylvania which is accounted for under the equity method of accounting. NJR Retail Holdings Corporation has one principal subsidiary, NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2023 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2023 Annual Report on Form 10-K. The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2024. Intercompany transactions and accounts have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of the fair value of derivative instruments, debt, equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates. Revenues Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. NJNG records unbilled revenue for natural gas services. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates. CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The Clean Energy Act of 2018 established guidelines for the closure of the SREC registration program to new applicants in New Jersey. The SREC program officially closed to new qualified solar projects on April 30, 2020. In December 2019, the BPU established the TREC as the successor to the SREC program. TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined. In July 2021, the BPU established a new successor solar incentive program. The Administratively Determined Incentive Program provides administratively set incentives for net metered residential projects and net metered non-residential projects of 5 MW or less. RECs generated through the production of electricity under this program are known as SREC IIs. TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity. Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts as a component of operating revenues. During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts, which commenced in November 2021. 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 operating revenue of $9.5M and $20.0M during the three months ended December 31, 2023 and 2022, respectively, on the Unaudited Condensed Consolidated Statements of Operations. Amounts received in excess of revenue totaling $116.8M and $58.7M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023, respectively. S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed. Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information. Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows: (Thousands) December 31, September 30, December 31, Balance Sheet Cash and cash equivalents $ 2,739 $ 954 $ 2,407 Restricted cash in other noncurrent assets $ 690 $ 563 $ 461 Statements of Cash Flow Cash, cash equivalents and restricted cash $ 3,429 $ 1,517 $ 2,868 Allowance for Doubtful Accounts The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others. Loans Receivable NJNG currently provides loans, with terms ranging from two Natural Gas in Storage The following table summarizes natural gas in storage, at average cost by segment as of: December 31, 2023 September 30, 2023 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 154,572 25.5 $ 175,025 29.1 ES 39,170 17.1 24,476 14.6 Total $ 193,742 42.6 $ 199,501 43.7 Software Costs The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives. The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements: (Thousands) December 31, September 30, Balance Sheets Utility plant, at cost $ 51,466 $ 51,282 Construction work in progress $ 69,276 $ 55,012 Nonutility plant and equipment, at cost $ 344 $ 344 Accumulated depreciation and amortization, utility plant $ (8,467) $ (7,480) Accumulated depreciation and amortization, nonutility plant and equipment $ (39) $ (36) Software costs $ 9,105 $ 8,375 Three Months Ended December 31, Statements of Operations 2023 2022 Operation and maintenance (1) $ 3,253 $ 3,753 Depreciation and amortization $ 990 $ 871 (1) During both the three months ended December 31, 2023 and 2022, approximately $0.1M was amortized from software costs into O&M. Sale Leasebacks NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. NJNG uses the financing method to account for the transactions. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets. In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets. The Company continues to operate the solar assets and is responsible for related expenses and entitled to retain the revenue generated from SRECs, TRECs, SREC IIs and energy sales. The ITCs and other tax benefits associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes 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. See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements. Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the three months ended December 31, 2023 and 2022: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2023 $ (7,269) $ (2,690) $ (9,959) Other comprehensive income, net of tax Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $(40) and $(119), respectively 264 131 (1) 395 Balance as of December 31, 2023 $ (7,005) $ (2,559) $ (9,564) Balance as of September 30, 2022 $ (8,322) $ 3,496 $ (4,826) Other comprehensive income, net of tax Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $(12) and $(91), respectively 263 41 (1) 304 Balance as of December 31, 2022 $ (8,059) $ 3,537 $ (4,522) (1) Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Deferred income taxes and postemployment employee benefit assets previously classified within other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets have been reclassified to their own categories. Intangible assets, net previously classified in its own category on the Unaudited Condensed Consolidated Balance Sheets has been reclassified into other noncurrent assets. Other noncurrent assets and other noncurrent liabilities previously classified in their own categories on the Unaudited Condensed Consolidated Statements of Cash Flow have been combined into one category. Recently Adopted Updates to the Accounting Standards Codification Business Combinations In October 2021, the FASB issued ASU No. 2021-08 , an amendment to ASC 805, Business Combinations , which requires that an acquirer recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers . The guidance was effective for the Company beginning October 1, 2023, and was applied on a prospective basis to new acquisitions following the date of adoption. As the Company did not execute a transaction that would qualify as a business combination for the period ended December 31, 2023, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Derivatives and Hedging In March 2022, the FASB issued ASU No. 2022-01 , an amendment to ASC 815, Derivatives and Hedging , which addresses fair value hedge accounting of interest rate risk for portfolios of financial assets. This update further clarifies guidance previously released in ASU 2017-12 which established the "last-of-layer" method and this update renames that method as the “portfolio layer” method. The guidance was effective for the Company beginning October 1, 2023. As the Company does not currently apply hedge accounting to any of its risk management activities, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Financial Instruments In March 2022, the FASB issued ASU No. 2022-02 , an amendment to ASC 326, Financial Instruments-Credit Losses , which eliminates the accounting guidance for creditors in troubled debt restructuring. It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination. The amendment also adds new disclosures for creditors with loan refinancing and restructuring for borrowers experiencing financial difficulty. The guidance was effective for the Company beginning October 1, 2023. Since the Company has not experienced a troubled debt restructuring, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Other Recent Updates to the Accounting Standards Codification Fair Value Measurement In June 2022, the FASB issued ASU No. 2022-03 , an amendment to ASC 820, Fair Value Measurement . The amendment clarifies the fair value principles when measuring the fair value of an equity security subject to a contractual sale restriction. The guidance is effective for the Company on October 1, 2024, and will be applied on a prospective basis. At this time, the Company does not have equity securities subject to contractual sale restrictions, and therefore this amendment would only impact the Company upon adoption if, in the future, it entered into such transactions. Leases In March 2023, the FASB issued ASU No. 2023-01 , an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party. If the lessee in these types of arrangements continues to control the use of the underlying asset through a lease, the leasehold improvements are to be amortized over the improvements’ useful life to the common control group, regardless of the lease term. The guidance is effective for the Company on October 1, 2024, and the Company will elect to apply it on a prospective basis. At this time, the Company does not have leases that are subject to this amendment, and therefore it would only impact the Company upon adoption if, in the future, it entered into such transactions. Business Combinations In August 2023, the FASB issued ASU No. 2023-05 , an amendment to ASC 805, Business Combinations , which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed. The guidance is effective for the Company for joint ventures formed beginning January 1, 2025, and the Company can elect to apply it either prospectively or retrospectively back to a joint venture’s formation date provided adequate information is available. Early adoption is permitted. This amendment would only impact the Company upon adoption if, in the future, it entered into an applicable transaction. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07 , an amendment to ASC 280, Segment Reporting , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The update requires entities to disclosure significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss, and it enhances interim disclosure requirements to conform with annual requirements. This update becomes effective for the Company on October 1, 2024 for the first annual period and on October 1, 2025 for the interim periods. It will be applied retrospectively for the enhanced segment disclosure requirements to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations, cash flows and disclosures upon adoption. Income Taxes In December 2023, the FASB issued ASU No. 2023-09 , an amendment to ASC 740, Income Taxes

REVENUE

REVENUE	3 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	3. REVENUE Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations. Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations: Revenue Recognized Over Time: Segment/ Performance Obligation Description NJNG Natural gas utility sales NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer. CEV Commercial solar electricity CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services. CEV Residential solar electricity CEV provides access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation is to provide electricity to the customer based on generation from the underlying residential solar asset and is satisfied upon transfer of electricity generated. Revenue is derived from the contract terms and is recognized as invoiced, with the payment due each month for the previous month's services. CEV Renewable energy certificates Certain CEV projects generate TRECs and SREC IIs under the established Administratively Determined Incentive Program. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the Administratively Determined Incentive Program are purchased monthly by a REC Administrator. Revenue is recognized upon generation. ES Natural gas services The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term. S&T Natural gas services The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement. HSO Service contracts Home Services enters into service contracts with homeowners to provide maintenance and replacement services of applicable heating, cooling or ventilation equipment. NJR Retail enters into warranty contracts with homeowners for various appliances. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice. Revenue Recognized at a Point in Time: ES Natural gas services For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty. Revenue is recognized upon the transfer of the underlying contractual rights. Revenue Recognized at a Point in Time (continued): Segment/ Performance Obligation Description S&T Natural gas services The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Usage fees and hub services revenues are recognized as services are performed. HSO Installations Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed. Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended December 31, 2023 and 2022, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2023 Natural gas utility sales (1) $ 257,875 — — — — $ 257,875 Natural gas services — — 16,268 23,862 — 40,130 Service contracts — — — — 8,940 8,940 Installations and maintenance — — — — 5,894 5,894 Renewable energy certificates — 2,650 — — — 2,650 Electricity sales — 6,714 — — — 6,714 Eliminations (2) (337) — — (675) — (1,012) Revenues from contracts with customers 257,538 9,364 16,268 23,187 14,834 321,191 Alternative revenue programs (3) (2,537) — — — — (2,537) Derivative instruments 38,092 25,931 (4) 83,400 — — 147,423 Eliminations (2) — — 1,133 — — 1,133 Revenues out of scope 35,555 25,931 84,533 — — 146,019 Total operating revenues $ 293,093 35,295 100,801 23,187 14,834 $ 467,210 2022 Natural gas utility sales (1) $ 288,167 — — — — $ 288,167 Natural gas services — — 27,848 26,838 — 54,686 Service contracts — — — — 8,661 8,661 Installations and maintenance — — — — 5,605 5,605 Renewable energy certificates — 1,202 — — — 1,202 Electricity sales — 7,704 — — — 7,704 Eliminations (2) (337) — — (1,124) (13) (1,474) Revenues from contracts with customers 287,830 8,906 27,848 25,714 14,253 364,551 Alternative revenue programs (3) (3,465) — — — — (3,465) Derivative instruments 73,044 3,886 (4) 293,934 — — 370,864 Eliminations (2) — — (8,383) — — (8,383) Revenues out of scope 69,579 3,886 285,551 — — 359,016 Total operating revenues $ 357,409 12,792 313,399 25,714 14,253 $ 723,567 (1) Includes building rent related to the Wall headquarters, which is eliminated in consolidation. (2) Consists of transactions between subsidiaries that are eliminated in consolidation. (3) Includes CIP revenue. (4) Includes SREC revenue. Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended December 31, 2023 and 2022, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2023 Residential $ 195,623 3,386 — — 14,803 $ 213,812 Commercial and industrial 35,759 5,978 16,268 23,187 31 81,223 Firm transportation 24,435 — — — — 24,435 Interruptible, off-tariff and other 1,721 — — — — 1,721 Revenues out of scope 35,555 25,931 84,533 — — 146,019 Total operating revenues $ 293,093 35,295 100,801 23,187 14,834 $ 467,210 2022 Residential $ 216,938 3,293 — — 14,180 $ 234,411 Commercial and industrial 43,795 5,613 27,848 25,714 73 103,043 Firm transportation 26,199 — — — — 26,199 Interruptible, off-tariff and other 898 — — — — 898 Revenues out of scope 69,579 3,886 285,551 — — 359,016 Total operating revenues $ 357,409 12,792 313,399 25,714 14,253 $ 723,567 Customer Accounts Receivable/Credit Balances and Deposits The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the three months ended December 31, 2023 and 2022, are as follows: Customer Accounts Receivable Customers' Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2023 $ 97,540 $ 19,100 $ 44,910 Increase 72,932 72,831 551 Balance as of December 31, 2023 $ 170,472 $ 91,931 $ 45,461 Balance as of September 30, 2022 $ 222,297 $ 13,769 $ 33,246 Increase 148,668 95,378 7,724 Balance as of December 31, 2022 $ 370,965 $ 109,147 $ 40,970 The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023: (Thousands) NJNG CEV ES S&T HSO Total December 31, 2023 Customer accounts receivable Billed $ 112,364 8,391 40,372 7,169 2,176 $ 170,472 Unbilled 86,961 4,970 — — — 91,931 Customers' credit balances and deposits (45,446) — — (15) — (45,461) Total $ 153,879 13,361 40,372 7,154 2,176 $ 216,942 September 30, 2023 Customer accounts receivable Billed $ 55,234 9,962 23,716 6,577 2,051 $ 97,540 Unbilled 10,784 8,316 — — — 19,100 Customers' credit balances and deposits (44,898) — — (12) — (44,910) Total $ 21,120 18,278 23,716 6,565 2,051 $ 71,730

REGULATION

REGULATION	3 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
REGULATION	4. REGULATION NJNG is subject to cost-based regulation, therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility capital investments based on the BPU's approval. The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations. NJNG's recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make filings to the BPU for review of its BGSS, CIP and other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. The current base rates include a weighted average cost of capital of 6.84% and a return on common equity of 9.6%. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU. Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following: (Thousands) December 31, September 30, Regulatory assets-current New Jersey Clean Energy Program $ 14,382 $ 15,804 Conservation Incentive Program 47,819 50,356 Derivatives at fair value, net 13,215 6,017 Other current regulatory assets 1,312 1,410 Total current regulatory assets $ 76,728 $ 73,587 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 67,065 $ 66,298 Liability for future expenditures 165,315 169,390 Deferred income taxes 42,028 41,667 SAVEGREEN 83,486 83,589 Postemployment and other benefit costs 54,904 55,274 Cost of removal 115,202 112,362 Other noncurrent regulatory assets 48,710 51,019 Total noncurrent regulatory assets $ 576,710 $ 579,599 Regulatory liability-current Overrecovered natural gas costs $ 28,579 $ 30,637 Total current regulatory liabilities $ 28,579 $ 30,637 Regulatory liabilities-noncurrent Tax Act impact (1) $ 179,093 $ 180,347 Other noncurrent regulatory liabilities 545 111 Total noncurrent regulatory liabilities $ 179,638 $ 180,458 (1) Reflects the re-measurement and subsequent amortization of NJNG's net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017. Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following: (Thousands) December 31, September 30, Total noncurrent regulatory assets $ 5,197 $ 5,231 Total current regulatory liabilities $ 1,765 $ 1,650 The assets are comprised primarily of the tax benefit associated with the equity component of AFUDC and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval. Regulatory filings and/or actions that occurred during the current fiscal year include the following: • On November 9, 2023, NJNG filed a letter petition seeking BPU approval to extend NJNG’s current SAVEGREEN program through December 31, 2024, with an additional $76.9M in order to meet customer demand for this program. • On December 1, 2023, NJNG filed a petition seeking BPU approval of its 2024 SAVEGREEN program, which would support new energy efficiency, demand response and building decarbonization start-up programs for two and a half-years starting January 1, 2025 through June 30, 2027. The 2024 SAVEGREEN program includes $245.1M of direct investment, $217.2M in financing options and $20.1M in O&M. • On January 31, 2024, NJNG filed a base rate case with the BPU requesting a natural gas revenue increase of $222.6M including a rate recovery of infrastructure investments and a change in the Company’s overall rate of return on rate base to 7.57%.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	5. DERIVATIVE INSTRUMENTS The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, the Company is exposed to foreign currency and interest rate risk and may utilize foreign currency derivatives to hedge Canadian dollar denominated natural gas purchases and/or sales and interest rate derivatives to reduce exposure to fluctuations in interest rates. All of these types of contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, all of the financial and certain of the Company's physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value . Energy Services ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of natural gas purchases or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either natural gas purchases or operating revenues. ES also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to the U.S. dollar. ES may utilize foreign currency derivatives to lock in the exchange rates associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These derivatives are typically used to hedge demand fee payments on pipeline capacity, storage and natural gas purchase agreements. As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings. Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized when the SREC is transferred to the counterparty. Natural Gas Distribution Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the BGSS factor times the therm sales. NJNG no longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. Clean Energy Ventures The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal. Fair Value of Derivatives The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of: Derivatives at Fair Value December 31, 2023 September 30, 2023 (Thousands) Balance Sheet Location Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments: NJNG: Physical commodity contracts Derivatives - current $ 109 $ 749 $ 43 $ 488 Financial commodity contracts Derivatives - current 8,872 421 6,110 20 ES: Physical commodity contracts Derivatives - current 8,630 8,929 6,209 12,757 Derivatives - noncurrent 1,154 7,086 802 7,870 Financial commodity contracts Derivatives - current 20,160 3,097 18,393 2,880 Derivatives - noncurrent 24 378 762 97 Total fair value of derivatives $ 38,949 $ 20,660 $ 32,319 $ 24,112 Offsetting of Derivatives The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets. The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to. Asset Derivatives Liability Derivatives (Thousands) Fair Value (1) Amounts Offset (2) Collateral Received/Pledged (3) Net Value (4) Fair Value (1) Amounts Offset (2) Collateral Received/Pledged (3) Net Value (4) As of December 31, 2023 ES Contracts Physical commodity $ 9,784 (561) — $ 9,223 $ 16,015 (561) — $ 15,454 Financial commodity 20,184 (3,475) (16,709) — 3,475 (3,475) — — Total ES $ 29,968 (4,036) (16,709) $ 9,223 $ 19,490 (4,036) — $ 15,454 NJNG Contracts Physical commodity $ 109 (7) — $ 102 $ 749 (7) — $ 742 Financial commodity 8,872 (421) — 8,451 421 (421) — — Total NJNG $ 8,981 (428) — $ 8,553 $ 1,170 (428) — $ 742 As of September 30, 2023 ES Contracts Physical commodity $ 7,011 (1,236) — $ 5,775 $ 20,627 (1,236) (9,728) $ 9,663 Financial commodity 19,155 (2,977) (16,178) — 2,977 (2,977) — — Total ES $ 26,166 (4,213) (16,178) $ 5,775 $ 23,604 (4,213) (9,728) $ 9,663 NJNG Contracts Physical commodity $ 43 (3) — $ 40 $ 488 (3) — $ 485 Financial commodity 6,110 (20) — 6,090 20 (20) — — Total NJNG $ 6,153 (23) — $ 6,130 $ 508 (23) — $ 485 (1) Derivative assets and liabilities are presented on a gross basis on the condensed consolidated balance sheets as the Company does not elect balance sheet offsetting under ASC 210-20. (2) Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting. (3) Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties. (4) Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20. ES utilizes financial derivatives to economically hedge the gross margin associated with the purchase of physical natural gas to be used for storage injection and its subsequent sale at a later date. The gains or (losses) on the financial transactions that are economic hedges of the cost of the purchased natural gas are recognized prior to the gains or (losses) on the physical transaction, which are recognized in earnings when the natural gas is delivered. Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged along with fair value changes in derivative instruments, creates volatility in the results of ES, although the Company's intended economic results relating to the entire transaction are unaffected. The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below: (Thousands) Location of gain (loss) recognized in income on derivatives Amount of gain (loss) recognized Three Months Ended December 31, Derivatives not designated as hedging instruments: 2023 2022 ES: Physical commodity contracts Operating revenues $ 14,030 $ 10,038 Physical commodity contracts Natural gas purchases (586) (670) Financial commodity contracts Natural gas purchases 18,082 41,611 Total unrealized and realized gain $ 31,526 $ 50,979 NJNG’s derivative contracts are part of the Company's risk management activities that relate to its natural gas purchases and BGSS incentive programs. At settlement, the resulting gains and/or losses are payable to or recoverable from utility customers and are deferred in regulatory assets or liabilities resulting in no impact to earnings. The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below: Three Months Ended December 31, (Thousands) 2023 2022 NJNG: Physical commodity contracts $ (1,070) $ (28,031) Financial commodity contracts 4,332 (31,663) Total unrealized and realized gain (loss) $ 3,262 $ (59,694) During fiscal 2020, NJR entered into treasury lock transactions to fix the benchmark treasury rate associated with debt issuances that were finalized in 2020. NJR designates its treasury lock contracts as cash flow hedges; therefore, changes in fair value of the effective portion of the hedges are recorded in OCI and upon settlement of the contracts, realized gains and (losses) are reclassified from OCI to interest expense on the Consolidated Statements of Operations ratable over the term of the associated debt. Pre-tax losses of $0.3M were reclassified during both the three months ended December 31, 2023 and 2022. NJNG and ES had the following outstanding long (short) derivatives as of: Natural Gas Distribution Energy Services Volumes (Bcf) Futures Physical Commodity Futures Physical Commodity December 31, 2023 17.7 7.8 (10.0) (1.6) September 30, 2023 32.1 12.1 (6.9) 0.2 Not included in the above table are 1.2M and 1.3M SRECs that were open as of December 31, 2023 and September 30, 2023, respectively, and the notional amount of foreign currency transactions for the periods were immaterial. Broker Margin Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily marked-to-market relative to maintenance margin requirements. The Company maintains separate broker margin accounts for NJNG and ES. The balances by reporting segment are as follows: (Thousands) Balance Sheet Location December 31, September 30, NJNG Restricted broker margin accounts-current assets $ 6,161 $ 5,915 ES Restricted broker margin accounts-current assets $ 13,170 $ 14,881 Restricted broker margin accounts-current liabilities $ 12,419 $ 8,029 Wholesale Credit Risk NJNG, ES, CEV and S&T are exposed to credit risk as a result of their sales/wholesale marketing activities. As a result of the inherent volatility in the prices of natural gas commodities, derivatives and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties. If a counterparty fails to perform the obligations under its contract then the Company could sustain a loss. The Company monitors and manages the credit risk of its wholesale operations through credit policies and procedures that management believes reduce overall credit risk. These policies include a review and evaluation of current and prospective counterparties' financial statements and/or credit ratings, daily monitoring of counterparties' credit limits and exposure, daily communication with traders regarding credit status and the use of credit mitigation measures, such as collateral requirements and netting agreements. Examples of collateral include letters of credit and cash received for either prepayment or margin deposit. Collateral may be requested due to the Company's election not to extend credit or because exposure exceeds defined thresholds. Most of the Company's wholesale marketing contracts contain standard netting provisions. These contracts include those governed by ISDA and the NAESB. The netting provisions refer to payment netting, whereby receivables and payables with the same counterparty are offset and the resulting net amount is paid to the party to which it is due. Internally-rated exposure applies to counterparties that are not rated by Fitch or Moody's. In these cases, the counterparty's or guarantor's financial statements are reviewed, and similar methodologies and ratios used by Fitch and/or Moody's are applied to arrive at a substitute rating. Gross credit exposure is defined as the unrealized fair value of physical and financial derivative commodity contracts, plus any outstanding wholesale receivable for the value of natural gas delivered and/or financial derivative commodity contract that has settled for which payment has not yet been received. The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of December 31, 2023. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services and CEV residential solar installations. (Thousands) Gross Credit Exposure Investment grade $ 141,847 Noninvestment grade 16,544 Internally rated investment grade 24,722 Internally rated noninvestment grade 27,535 Total $ 210,648 Conversely, certain of NJNG's and ES' derivative instruments are linked to agreements containing provisions that would require cash collateral payments from the Company if certain events occur. These provisions vary based upon the terms in individual counterparty agreements and can result in cash payments if NJNG's credit rating were to fall below its current level. Specifically, most, but not all, of these additional payments will be triggered if NJNG's debt is downgraded by the major credit agencies, regardless of investment grade status. In addition, some of these agreements include threshold amounts that would result in additional collateral payments if the values of derivative liabilities were to exceed the maximum values provided for in relevant counterparty agreements. Other provisions include payment features that are not specifically linked to ratings but are based on certain financial metrics. Collateral amounts associated with any of these conditions are determined based on a sliding scale and are contingent upon the degree to which the Company's credit rating and/or financial metrics deteriorate, and the extent to which liability amounts exceed applicable threshold limits. There was approximately $0.1M of derivative instruments with credit-risk-related contingent features that were in a liability position for which collateral is required as of both December 31, 2023 and September 30, 2023. These amounts differ from the respective net derivative liabilities reflected on the Unaudited Condensed Consolidated Balance Sheets because the agreements also include clauses, commonly known as “Rights of Offset,” that would permit the Company to offset its derivative assets against its derivative liabilities for determining additional collateral to be posted, as previously discussed.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	6. FAIR VALUE Fair Value of Assets and Liabilities The fair value of cash and cash equivalents, accounts receivable, current loan receivables, accounts payable, commercial paper and borrowings under revolving credit facilities are estimated to equal their carrying amounts due to the short maturity of those instruments. Non-current loans receivable are recorded based on what the Company expects to receive, which approximates fair value, in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value. The estimated fair value of long-term debt, including current maturities, excluding natural gas meter finance arrangements, debt issuance costs and solar asset financing obligations, is as follows: (Thousands) December 31, September 30, Carrying value (1) (2) $ 2,637,845 $ 2,587,845 Fair market value $ 2,334,582 $ 2,106,536 (1) Excludes NJNG's debt issuance costs of $10.2M and $9.8M as of December 31, 2023 and September 30, 2023, respectively. (2) Excludes NJR's debt issuance costs of $3.5M and $3.7M as of December 31, 2023 and September 30, 2023, respectively. The Company enters into sale leaseback transactions for certain commercial solar assets and natural gas meters. These transactions are recorded within long-term debt on the Unaudited Condensed Consolidated Balance Sheets. The carrying value of solar sale leasebacks was $296.3M and $278.4M and the estimated fair value was $297.0M and $268.1M as of December 31, 2023 and September 30, 2023, respectively. The carrying value of the natural gas meter sale leasebacks was $38.2M and $31.4M and the estimated fair value of certain natural gas meter sale leasebacks amounted to $29.8M and $20.9M as of December 31, 2023 and September 30, 2023, respectively. The Company utilizes a discounted cash flow method to determine the fair value of its debt. Inputs include observable municipal and corporate yields, as appropriate for the maturity of the specific issue and the Company's credit rating. As of December 31, 2023, the Company discloses its debt within Level 2 of the fair value hierarchy. Fair Value Hierarchy The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM. Level 2 Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: • widely accepted and public; • non-proprietary and sourced from an independent third party; and • observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values. Level 3 Inputs derived from a significant amount of unobservable market data These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies. Assets and liabilities measured at fair value on a recurring basis are summarized as follows: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Thousands) (Level 1) (Level 2) (Level 3) Total As of December 31, 2023 Assets: Physical commodity contracts $ — $ 9,893 $ — $ 9,893 Financial commodity contracts 29,056 — — 29,056 Money market funds 86 — — 86 Other 3,111 — — 3,111 Total assets at fair value $ 32,253 $ 9,893 $ — $ 42,146 Liabilities: Physical commodity contracts $ — $ 16,764 $ — $ 16,764 Financial commodity contracts 3,896 — — 3,896 Total liabilities at fair value $ 3,896 $ 16,764 $ — $ 20,660 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Thousands) (Level 1) (Level 2) (Level 3) Total As of September 30, 2023 Assets: Physical commodity contracts $ — $ 7,054 $ — $ 7,054 Financial commodity contracts 25,265 — — 25,265 Money market funds 145 — — 145 Other 2,641 — — 2,641 Total assets at fair value $ 28,051 $ 7,054 $ — $ 35,105 Liabilities: Physical commodity contracts $ — $ 21,115 $ — $ 21,115 Financial commodity contracts 2,997 — — 2,997 Total liabilities at fair value $ 2,997 $ 21,115 $ — $ 24,112

INVESTMENTS IN EQUITY INVESTEES

INVESTMENTS IN EQUITY INVESTEES	3 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
INVESTMENTS IN EQUITY INVESTEES	7. INVESTMENTS IN EQUITY INVESTEES The Company holds a 50% equity method investment in Steckman Ridge, a jointly owned and controlled natural gas storage facility located in Bedford County, Pennsylvania. The Company's investment in Steckman Ridge was $103.3M and $104.1M as of December 31, 2023 and September 30, 2023, respectively, which include loans with a total outstanding principal balance of $70.4M for both December 31, 2023 and September 30, 2023. On October 1, 2023, we entered into an Amended and Restated Loan Agreement with Steckman Ridge to extend the existing loan agreement for an additional five years and moved from London Interbank Offered Rate to SOFR. These loans accrue interest at a variable rate that resets quarterly and are now due October 1, 2027. NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 15. Related Party Transactions for more information on these intercompany transactions.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	8. EARNINGS PER SHARE The following table presents the calculation of the Company's basic and diluted earnings per share for: Three Months Ended December 31, (Thousands, except per share amounts) 2023 2022 Net income, as reported $ 89,411 $ 115,921 Basic earnings per share Weighted average shares of common stock outstanding-basic 97,869 96,485 Basic earnings per common share $0.91 $1.20 Diluted earnings per share Weighted average shares of common stock outstanding-basic 97,869 96,485 Incremental shares (1) 694 598 Weighted average shares of common stock outstanding-diluted 98,563 97,083 Diluted earnings per common share $0.91 $1.19 (1) Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.

DEBT

DEBT	3 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	9. DEBT NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program and committed unsecured credit facilities. Credit Facilities and Short-term Debt A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows: At end of period (Thousands) As of date Total Loans outstanding Weighted average interest rate Remaining borrowing capacity Expiration dates NJR bank revolving credit facilities (1) December 31, 2023 $ 650,000 $ 165,150 6.56 % $ 476,002 (2) September 2027 September 30, 2023 $ 650,000 $ 217,300 6.53 % $ 426,967 (2) September 2027 NJNG bank revolving credit facilities (3) December 31, 2023 $ 250,000 $ 103,500 5.48 % $ 145,769 (4) September 2027 September 30, 2023 $ 250,000 $ 34,800 5.48 % $ 214,469 (4) September 2027 (1) Committed credit facilities, which require commitment fees of 0.10% on the unused amounts. (2) Letters of credit outstanding total $8.8M at December 31, 2023 and $5.7M at September 30, 2023, which reduces the amount available by the same amount. (3) Committed credit facilities, which require commitment fees of 0.075% on the unused amounts. (4) Letters of credit outstanding total $0.7M at both December 31, 2023 and September 30, 2023, which reduces the amount available by the same amount. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility or term loan. Long-term Debt NJNG On September 28, 2023, NJNG entered into a Note Purchase Agreement for $100M aggregate principal amount of its senior notes consisting of $50M of 5.56% senior notes due September 28, 2033, which closed on September 28, 2023, and $50M of 5.85% senior notes due October 30, 2053, which closed on October 30, 2023. NJNG received $8.8M and $8.4M during the three months ended December 31, 2023 and 2022, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes and has the option to purchase the meters back at fair value upon expiration of the lease. Clean Energy Ventures CEV received proceeds of $24.4M and $33.2M during the three months ended December 31, 2023 and 2022, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from SRECs, TRECs and energy sales, and has the option to renew the lease or repurchase the assets sold at the end of the lease term.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	10. EMPLOYEE BENEFIT PLANS Pension and Other Postemployment Benefit Plans The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows: Pension OPEB Three Months Ended Three Months Ended December 31, December 31, (Thousands) 2023 2022 2023 2022 Service cost $ 1,244 $ 1,350 $ 642 $ 618 Interest cost 4,060 3,794 2,902 2,286 Expected return on plan assets (5,087) (4,993) (1,858) (1,680) Recognized actuarial loss 29 75 496 — Prior service cost amortization 16 25 — — Net periodic benefit cost $ 262 $ 251 $ 2,182 $ 1,224 The Company does not expect to make additional contributions to fund the pension plans during fiscal 2024 based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. There were no discretionary contributions made during the three months ended December 31, 2023 and 2022. In January 2024, the Company announced changes to its postretirement medical benefits plan. Beginning on January 1, 2025, the Company will replace the existing retiree medical coverage for certain eligible employees age 65 and older and their Medicare-eligible dependents with an employer funded Health Reimbursement Arrangement. Medicare-eligible participants may use the Health Reimbursement Arrangement towards the purchase of supplemental insurance coverage and for other qualified medical expenses. Future changes affecting active bargaining unit employees will be negotiated with the unions, where necessary, and to the extent required by law. The liability associated with postretirement medical benefits will be remeasured as of January 1, 2024, and the expense for the remainder of fiscal 2024 will be recorded using updated assumptions and actuarial calculations. The Company expects the announced plan changes to reduce the accumulated projected benefit obligation by approximately $82M and reduce the net periodic postretirement benefit costs by approximately $11M to $13M for the remainder of fiscal 2024.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES ASC Topic 740, Income Taxes requires the use of an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating its estimated annual effective tax rate, the Company considers forecasted annual pre-tax income and estimated permanent book versus tax differences. Adjustments to the effective tax rate and management's estimates will occur as information and assumptions change. Changes in tax laws or tax rates are recognized in the financial reporting period that includes the enactment date, the date in which the act is signed into law. NJR evaluates its tax positions to determine the appropriate accounting and recognition of potential future obligations associated with uncertain tax positions. A tax benefit claimed, or expected to be claimed, on a tax return may be recognized only if it is more likely than not that the position will be upheld upon examination by the applicable taxing authority. Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense, and accrued interest and penalties are recognized within other noncurrent liabilities on the Unaudited Condensed Consolidated Balance Sheets. Effective Tax Rate The estimated annual effective tax rates were 21.5% and 22.5%, for the three months ended December 31, 2023 and 2022, respectively. To the extent there are discrete tax items that are not included in the estimated annual effective tax rate, the actual reported effective tax rate may differ from the estimated annual effective tax rate. During the three months ended December 31, 2023 and 2022, discrete items totaled approximately $(1.2)M and $(0.6)M, respectively, related primarily to excess tax benefits associated with the vesting of share-based awards. NJR’s actual reported effective tax rates were 20.4% and 22.2% during the three months ended December 31, 2023 and 2022, respectively. Other Tax Items As of December 31, 2023 and September 30, 2023, the Company has tax credit carryforwards of approximately $185.7M and $191.2M, respectively, which each have a life of 20 years. The Company expects to utilize this entire carryforward prior to expiration, which would begin in fiscal 2036. As of December 31, 2023 and September 30, 2023, the Company has state income tax net operating losses of approximately $634.2M and $631.2M, respectively. These state net operating losses have carry-forward periods dictated by the state in which they were incurred and range from seven

LEASES

LEASES	3 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	12. LEASES Lessee Accounting The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases . Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters. Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns. Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five two six Leases . The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation. The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended December 31, (Thousands) Income Statement Location 2023 2022 Operating lease cost (1) Operation and maintenance $ 2,540 $ 2,417 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 528 485 Interest on lease liabilities Interest expense, net of capitalized interest 252 235 Total finance lease cost 780 720 Variable lease cost Operation and maintenance 200 223 Total lease cost $ 3,520 $ 3,360 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases: Three Months Ended December 31, (Thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 2,236 $ 1,231 Operating cash flows for finance leases $ 252 $ 235 Financing cash flows for finance leases $ 1,956 $ 1,699 Assets obtained or modified through operating lease liabilities totaled approximately $1.5M and $0.1M during the three months ended December 31, 2023 and 2022, respectively. Assets obtained or modified through other leases, including those which are finance leases and financing transactions for accounting purposes, totaled $8.4M during the three months ended December 31, 2022. There were no assets obtained or modified through other leases during the three months ended December 31, 2023. The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets: (Thousands) Balance Sheet Location December 31, September 30, Assets Noncurrent Operating lease assets Operating lease assets $ 175,864 $ 175,740 Finance lease assets Utility plant 27,720 28,248 Total lease assets $ 203,584 $ 203,988 Liabilities Current Operating lease liabilities Operating lease liabilities $ 4,798 $ 4,772 Finance lease liabilities Current maturities of long-term debt 9,433 8,477 Noncurrent Operating lease liabilities Operating lease liabilities 148,849 148,023 Finance lease liabilities Long-term debt 19,964 22,875 Total lease liabilities $ 183,044 $ 184,147 For operating lease assets and liabilities, the weighted average remaining lease term was 29.2 years for both December 31, 2023 and September 30, 2023, and the weighted average discount rate used in the valuation over the remaining lease term was 3.5% for both December 31, 2023 and September 30, 2023. For finance lease assets and liabilities as of December 31, 2023 and September 30, 2023, the weighted average remaining lease term was 3.6 years and 3.3 years, respectively, and the weighted average discount rate used in the valuation over the remaining lease term was 3.3% and 2.7% as of December 31, 2023 and September 30, 2023, respectively.
LEASES	12. LEASES Lessee Accounting The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases . Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters. Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns. Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five two six Leases . The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation. The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended December 31, (Thousands) Income Statement Location 2023 2022 Operating lease cost (1) Operation and maintenance $ 2,540 $ 2,417 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 528 485 Interest on lease liabilities Interest expense, net of capitalized interest 252 235 Total finance lease cost 780 720 Variable lease cost Operation and maintenance 200 223 Total lease cost $ 3,520 $ 3,360 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases: Three Months Ended December 31, (Thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 2,236 $ 1,231 Operating cash flows for finance leases $ 252 $ 235 Financing cash flows for finance leases $ 1,956 $ 1,699 Assets obtained or modified through operating lease liabilities totaled approximately $1.5M and $0.1M during the three months ended December 31, 2023 and 2022, respectively. Assets obtained or modified through other leases, including those which are finance leases and financing transactions for accounting purposes, totaled $8.4M during the three months ended December 31, 2022. There were no assets obtained or modified through other leases during the three months ended December 31, 2023. The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets: (Thousands) Balance Sheet Location December 31, September 30, Assets Noncurrent Operating lease assets Operating lease assets $ 175,864 $ 175,740 Finance lease assets Utility plant 27,720 28,248 Total lease assets $ 203,584 $ 203,988 Liabilities Current Operating lease liabilities Operating lease liabilities $ 4,798 $ 4,772 Finance lease liabilities Current maturities of long-term debt 9,433 8,477 Noncurrent Operating lease liabilities Operating lease liabilities 148,849 148,023 Finance lease liabilities Long-term debt 19,964 22,875 Total lease liabilities $ 183,044 $ 184,147 For operating lease assets and liabilities, the weighted average remaining lease term was 29.2 years for both December 31, 2023 and September 30, 2023, and the weighted average discount rate used in the valuation over the remaining lease term was 3.5% for both December 31, 2023 and September 30, 2023. For finance lease assets and liabilities as of December 31, 2023 and September 30, 2023, the weighted average remaining lease term was 3.6 years and 3.3 years, respectively, and the weighted average discount rate used in the valuation over the remaining lease term was 3.3% and 2.7% as of December 31, 2023 and September 30, 2023, respectively.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	13. COMMITMENTS AND CONTINGENT LIABILITIES Cash Commitments NJNG has entered into long-term contracts, expiring at various dates through September 2039, for the supply, transportation and storage of natural gas. These contracts include annual fixed charges of approximately $208.1M at current contract rates and volumes for the remainder of the fiscal year, which are recoverable through BGSS. For the purpose of securing storage and pipeline capacity, ES enters into storage and pipeline capacity contracts, which require the payment of certain demand charges by ES to maintain the ability to access such natural gas storage or pipeline capacity, during a fixed time period, which generally ranges from one Commitments as of December 31, 2023, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows: (Thousands) 2024 2025 2026 2027 2028 Thereafter ES: Natural gas purchases $ 41,616 $ 1,826 $ — $ — $ — $ — Storage demand fees 13,788 15,297 11,467 5,478 3,505 6,780 Pipeline demand fees 35,249 46,316 31,762 24,383 13,894 14,648 Sub-total ES $ 90,653 $ 63,439 $ 43,229 $ 29,861 $ 17,399 $ 21,428 NJNG: Natural gas purchases $ 20,156 $ — $ — $ — $ — $ — Storage demand fees 31,211 30,645 14,971 10,163 5,084 — Pipeline demand fees 116,451 193,428 138,266 128,643 113,990 966,947 Sub-total NJNG $ 167,818 $ 224,073 $ 153,237 $ 138,806 $ 119,074 $ 966,947 Total $ 258,471 $ 287,512 $ 196,466 $ 168,667 $ 136,473 $ 988,375 Certain pipeline demand fees totaling approximately $4.0M per year, for which ES is the responsible party, are being paid for by the counterparty to a capacity release transaction beginning November 1, 2021 for a period of 10 years. Legal Proceedings Manufactured Gas Plant Remediation NJNG is responsible for the remedial cleanup of certain former MGP sites, dating back to gas operations in the late 1800s and early 1900s, which contain contaminated residues from former gas manufacturing operations. NJNG is currently involved in administrative proceedings with the NJDEP and is participating in various studies and investigations by outside consultants, to determine the nature and extent of any such contaminated residues and to develop appropriate programs of remedial action, where warranted, under NJDEP regulations. NJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action. NJNG estimated at the time of the most recent review that total future expenditures at the former MGP sites for which it is responsible, including potential liabilities for natural resource damages that might be brought by the NJDEP for alleged injury to groundwater or other natural resources concerning these sites, will range from approximately $137.3M to $201.5M. NJNG’s estimate of these liabilities is based upon known facts, existing technology and enacted laws and regulations in place when the review was completed. Where it is probable that costs will be incurred, and the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range. If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range. Accordingly, as of December 31, 2023, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $165.3M on the Unaudited Condensed Consolidated Balance Sheets based on the most likely amount. The actual costs to be incurred by NJNG are dependent upon several factors, including final determination of remedial action, changing technologies and governmental regulations, the ultimate ability of other responsible parties to pay and insurance recoveries, if any. NJNG recovers its remediation expenditures, including carrying costs, over rolling seven-year periods pursuant to a RAC approved by the BPU. As of December 31, 2023, $67.1M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Unaudited Condensed Consolidated Balance Sheets. NJNG will continue to seek recovery of MGP-related costs through the RAC. If any future regulatory position indicates that the recovery of such costs is not probable, the related non-recoverable costs would be charged to income in the period of such determination. General The Company is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory and arbitration proceedings relating to matters that arise in the ordinary course of business. In view of the inherent difficulty of predicting the outcome of litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, the Company cannot state with confidence what the eventual outcome of the pending litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, the Company establishes accruals for litigation for those matters that present loss contingencies as to which it is both probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The Company also discloses contingent matters for which there is a reasonable possibility of a loss. Based upon currently available information, the Company believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows. The actual results of resolving the pending litigation matters may be substantially higher than the amounts accrued. The foregoing statements about the Company’s litigation are based upon the Company’s judgments, assumptions and estimates and are necessarily subjective and uncertain. The Company has a number of threatened and pending litigation matters at various stages.

REPORTING SEGMENT AND OTHER OPE

REPORTING SEGMENT AND OTHER OPERATIONS DATA	3 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
REPORTING SEGMENT AND OTHER OPERATIONS DATA	14. REPORTING SEGMENT AND OTHER OPERATIONS DATA The Company organizes its businesses based on a combination of factors, including its products and its regulatory environment. As a result, the Company manages its businesses through the following reporting segments and other operations: NJNG consists of regulated energy and off-system, capacity and storage management operations; CEV consists of capital investments in clean energy projects; ES consists of unregulated wholesale and retail energy operations; S&T consists of the Company’s investments in natural gas transportation and storage facilities; the HSO business operations consist of heating, cooling and water appliance sales, installations and services, other investments and general corporate activities. Information related to the Company's various reporting segments and other operations during the three months ended December 31, 2023 and 2022, are as follows: Segments (Thousands) NJNG CEV ES S&T Subtotal HSO Elims Total 2023 Operating revenues External customers $ 293,093 35,295 100,801 (1) 23,187 $ 452,376 14,834 — $ 467,210 Intercompany $ 337 — (1,133) 675 $ (121) — 121 $ — Depreciation and amortization $ 26,917 6,922 57 (2) 6,162 $ 40,058 229 — $ 40,287 Interest income (3) $ 578 — 128 2,370 $ 3,076 356 (1,406) $ 2,026 Interest expense, net of capitalized interest $ 14,751 7,447 3,126 5,933 $ 31,257 216 — $ 31,473 Income tax provision (benefit) $ 10,656 3,131 7,511 1,032 $ 22,330 (52) 658 $ 22,936 Equity in earnings of affiliates $ — — — 993 $ 993 — 667 $ 1,660 Net financial earnings (loss) $ 51,444 10,522 7,831 3,640 $ 73,437 (600) (393) $ 72,444 Capital expenditures $ 79,715 25,766 — 7,785 $ 113,266 1,356 — $ 114,622 2022 Operating revenues External customers $ 357,409 12,792 313,399 (1) 25,714 $ 709,314 14,253 — $ 723,567 Intercompany $ 337 — 8,383 1,124 $ 9,844 13 (9,857) $ — Depreciation and amortization $ 24,890 5,576 57 (2) 5,942 $ 36,465 218 — $ 36,683 Interest income (3) $ 413 — 269 1,401 $ 2,083 654 (778) $ 1,959 Interest expense, net of capitalized interest $ 13,709 5,895 3,058 6,707 $ 29,369 122 — $ 29,491 Income tax provision (benefit) $ 14,383 (1,837) 20,064 1,943 $ 34,553 217 (1,792) $ 32,978 Equity in earnings of affiliates $ — — — 909 $ 909 — 37 $ 946 Net financial earnings (loss) $ 54,664 (3,582) 52,533 6,243 $ 109,858 (29) 455 $ 110,284 Capital expenditures $ 82,071 43,993 — 19,719 $ 145,783 140 — $ 145,923 (1) Includes sales to Canada for the ES segment, which are immaterial. (2) The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations. (3) Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations. The Company's assets for the various reporting segments and business operations are detailed below: Segments Intercompany (Thousands) NJNG CEV ES S&T Subtotal HSO Assets (1) Total December 31, 2023 $ 4,590,049 1,131,841 151,932 1,009,549 $ 6,883,371 170,421 (304,744) $ 6,749,048 September 30, 2023 $ 4,414,829 1,128,577 123,775 1,011,959 $ 6,679,140 171,275 (312,919) $ 6,537,496 (1) Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation. The Chief Executive Officer, who uses NFE as a measure of profit or loss in measuring the results of the Company's reporting segments and other business operations, is the chief operating decision maker of the Company. A reconciliation of consolidated NFE to consolidated net income is as follows: Three Months Ended December 31, (Thousands) 2023 2022 Net financial earnings $ 72,444 $ 110,284 Less: Unrealized gain on derivative instruments and related transactions (5,400) (31,503) Tax effect 1,282 7,487 Effects of economic hedging related to natural gas inventory (16,228) 23,972 Tax effect 3,857 (5,697) NFE tax adjustment (478) 104 Net income $ 89,411 $ 115,921 The Company uses derivative instruments as economic hedges of purchases and sales of physical natural gas inventory. For GAAP purposes, these derivatives are recorded at fair value and related changes in fair value are included in reported earnings. Revenues and cost of natural gas related to physical natural gas flow are recognized when the natural gas is delivered to customers. Consequently, there is a mismatch in the timing of earnings recognition between the economic hedges and physical natural gas flows. Timing differences occur in two ways: • unrealized gains and losses on derivatives are recognized in reported earnings in periods prior to physical natural gas inventory flows; and • unrealized gains and losses of prior periods are reclassified as realized gains and losses when derivatives are settled in the same period as physical natural gas inventory movements occur. NFE is a measure of the earnings based on eliminating these timing differences, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile between net income and NFE, current period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. The Company also calculates a quarterly tax adjustment based on an estimated annual effective tax rate for NFE purposes.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS Effective April 2020, NJNG entered into a 5-year agreement for 3 Bcf of firm storage capacity with Steckman Ridge, which expires on March 31, 2025. Under the terms of the agreement, NJNG incurs demand fees, at market rates, of approximately $9.3M annually, a portion of which is eliminated in consolidation. These fees are recoverable through NJNG’s BGSS mechanism and are included as a component of regulatory assets. ES may periodically enter into storage or park and loan agreements with its affiliated FERC-jurisdictional natural gas storage facility, Steckman Ridge. As of December 31, 2023, ES entered into transactions with Steckman Ridge for varying terms, all of which expire by March 31, 2027. Demand fees, net of eliminations, associated with Steckman Ridge were as follows: Three Months Ended December 31, (Thousands) 2023 2022 NJNG $ 1,655 $ 1,655 ES 224 172 Total $ 1,879 $ 1,827 The following table summarizes demand fees payable to Steckman Ridge as of: (Thousands) December 31, September 30, NJNG $ 775 $ 775 ES 82 84 Total $ 857 $ 859 NJNG and ES enter into various AMAs, the effects of which are eliminated in consolidation. Under the terms of these agreements, NJNG releases certain transportation and storage contracts to ES. As of December 31, 2023, NJNG and ES had one AMA with an expiration date of March 31, 2024. NJNG entered into two transportation agreements with Adelphia, each for committed capacity of 130,000 Dekatherms per day. The first is for 5 years in Zone South with an expiration date of August 8, 2027, and the second is for 15 years in Zone North, which began on November 1, 2023, with an expiration date of October 31, 2038. ES has a 5-year agreement for 3 Bcf of firm storage capacity with Leaf River, with an expiration date of March 31, 2024, the effects of which are eliminated in consolidation. NJNG and CEV entered into a 15-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s headquarters in Wall, New Jersey, with an expiration date of March 1, 2036, the effects of which are immaterial to the consolidated financial statements. NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, with an expiration date of July 1, 2037, the effects of which are eliminated in consolidation. NJNG and CEV entered into a 20-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s liquefied natural gas plant in Howell, New Jersey, with an expiration date of June 1, 2042, the effects of which are immaterial to the consolidated financial statements. The intercompany profits for certain transactions between NJNG and ES and NJNG and Adelphia are not eliminated in accordance with ASC 980, Regulated Operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 89,411	$ 115,921

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation	The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2023 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2023 Annual Report on Form 10-K. The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2024. Intercompany transactions and accounts have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of the fair value of derivative instruments, debt, equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.
Revenues	Revenues Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. NJNG records unbilled revenue for natural gas services. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates. CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The Clean Energy Act of 2018 established guidelines for the closure of the SREC registration program to new applicants in New Jersey. The SREC program officially closed to new qualified solar projects on April 30, 2020. In December 2019, the BPU established the TREC as the successor to the SREC program. TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined. In July 2021, the BPU established a new successor solar incentive program. The Administratively Determined Incentive Program provides administratively set incentives for net metered residential projects and net metered non-residential projects of 5 MW or less. RECs generated through the production of electricity under this program are known as SREC IIs. TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity. Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts as a component of operating revenues. During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts, which commenced in November 2021. 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 operating revenue of $9.5M and $20.0M during the three months ended December 31, 2023 and 2022, respectively, on the Unaudited Condensed Consolidated Statements of Operations. Amounts received in excess of revenue totaling $116.8M and $58.7M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023, respectively. S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed. Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.
Loans Receivable	Loans Receivable two
Software Costs	Software Costs The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.
Sale Leasebacks	Sale Leasebacks NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. NJNG uses the financing method to account for the transactions. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets. In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets. The Company continues to operate the solar assets and is responsible for related expenses and entitled to retain the revenue generated from SRECs, TRECs, SREC IIs and energy sales. The ITCs and other tax benefits associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes 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. See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Deferred income taxes and postemployment employee benefit assets previously classified within other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets have been reclassified to their own categories. Intangible assets, net previously classified in its own category on the Unaudited Condensed Consolidated Balance Sheets has been reclassified into other noncurrent assets. Other noncurrent assets and other noncurrent liabilities previously classified in their own categories on the Unaudited Condensed Consolidated Statements of Cash Flow have been combined into one category.
Recently Adopted Updates to the Accounting Standards Codification	Recently Adopted Updates to the Accounting Standards Codification Business Combinations In October 2021, the FASB issued ASU No. 2021-08 , an amendment to ASC 805, Business Combinations , which requires that an acquirer recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers . The guidance was effective for the Company beginning October 1, 2023, and was applied on a prospective basis to new acquisitions following the date of adoption. As the Company did not execute a transaction that would qualify as a business combination for the period ended December 31, 2023, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Derivatives and Hedging In March 2022, the FASB issued ASU No. 2022-01 , an amendment to ASC 815, Derivatives and Hedging , which addresses fair value hedge accounting of interest rate risk for portfolios of financial assets. This update further clarifies guidance previously released in ASU 2017-12 which established the "last-of-layer" method and this update renames that method as the “portfolio layer” method. The guidance was effective for the Company beginning October 1, 2023. As the Company does not currently apply hedge accounting to any of its risk management activities, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Financial Instruments In March 2022, the FASB issued ASU No. 2022-02 , an amendment to ASC 326, Financial Instruments-Credit Losses , which eliminates the accounting guidance for creditors in troubled debt restructuring. It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination. The amendment also adds new disclosures for creditors with loan refinancing and restructuring for borrowers experiencing financial difficulty. The guidance was effective for the Company beginning October 1, 2023. Since the Company has not experienced a troubled debt restructuring, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Other Recent Updates to the Accounting Standards Codification Fair Value Measurement In June 2022, the FASB issued ASU No. 2022-03 , an amendment to ASC 820, Fair Value Measurement . The amendment clarifies the fair value principles when measuring the fair value of an equity security subject to a contractual sale restriction. The guidance is effective for the Company on October 1, 2024, and will be applied on a prospective basis. At this time, the Company does not have equity securities subject to contractual sale restrictions, and therefore this amendment would only impact the Company upon adoption if, in the future, it entered into such transactions. Leases In March 2023, the FASB issued ASU No. 2023-01 , an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party. If the lessee in these types of arrangements continues to control the use of the underlying asset through a lease, the leasehold improvements are to be amortized over the improvements’ useful life to the common control group, regardless of the lease term. The guidance is effective for the Company on October 1, 2024, and the Company will elect to apply it on a prospective basis. At this time, the Company does not have leases that are subject to this amendment, and therefore it would only impact the Company upon adoption if, in the future, it entered into such transactions. Business Combinations In August 2023, the FASB issued ASU No. 2023-05 , an amendment to ASC 805, Business Combinations , which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed. The guidance is effective for the Company for joint ventures formed beginning January 1, 2025, and the Company can elect to apply it either prospectively or retrospectively back to a joint venture’s formation date provided adequate information is available. Early adoption is permitted. This amendment would only impact the Company upon adoption if, in the future, it entered into an applicable transaction. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07 , an amendment to ASC 280, Segment Reporting , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The update requires entities to disclosure significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss, and it enhances interim disclosure requirements to conform with annual requirements. This update becomes effective for the Company on October 1, 2024 for the first annual period and on October 1, 2025 for the interim periods. It will be applied retrospectively for the enhanced segment disclosure requirements to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations, cash flows and disclosures upon adoption. Income Taxes In December 2023, the FASB issued ASU No. 2023-09 , an amendment to ASC 740, Income Taxes
Derivative Instruments	The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, the Company is exposed to foreign currency and interest rate risk and may utilize foreign currency derivatives to hedge Canadian dollar denominated natural gas purchases and/or sales and interest rate derivatives to reduce exposure to fluctuations in interest rates. All of these types of contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, all of the financial and certain of the Company's physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value . Energy Services ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of natural gas purchases or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either natural gas purchases or operating revenues. ES also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to the U.S. dollar. ES may utilize foreign currency derivatives to lock in the exchange rates associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These derivatives are typically used to hedge demand fee payments on pipeline capacity, storage and natural gas purchase agreements. As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings. Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized when the SREC is transferred to the counterparty. Natural Gas Distribution Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the BGSS factor times the therm sales. NJNG no longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. Clean Energy Ventures The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal. Offsetting of Derivatives The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets.
Fair Value Hierarchy	Fair Value Hierarchy The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM. Level 2 Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: • widely accepted and public; • non-proprietary and sourced from an independent third party; and • observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values. Level 3 Inputs derived from a significant amount of unobservable market data These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Lessee Accounting	Lessee Accounting The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases . Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters. Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns. Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five two six Leases .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows: (Thousands) December 31, September 30, December 31, Balance Sheet Cash and cash equivalents $ 2,739 $ 954 $ 2,407 Restricted cash in other noncurrent assets $ 690 $ 563 $ 461 Statements of Cash Flow Cash, cash equivalents and restricted cash $ 3,429 $ 1,517 $ 2,868
Schedule of Natural Gas in Storage	The following table summarizes natural gas in storage, at average cost by segment as of: December 31, 2023 September 30, 2023 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 154,572 25.5 $ 175,025 29.1 ES 39,170 17.1 24,476 14.6 Total $ 193,742 42.6 $ 199,501 43.7
Schedule of Software Costs Included in the Consolidated Financial Statements	The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements: (Thousands) December 31, September 30, Balance Sheets Utility plant, at cost $ 51,466 $ 51,282 Construction work in progress $ 69,276 $ 55,012 Nonutility plant and equipment, at cost $ 344 $ 344 Accumulated depreciation and amortization, utility plant $ (8,467) $ (7,480) Accumulated depreciation and amortization, nonutility plant and equipment $ (39) $ (36) Software costs $ 9,105 $ 8,375 Three Months Ended December 31, Statements of Operations 2023 2022 Operation and maintenance (1) $ 3,253 $ 3,753 Depreciation and amortization $ 990 $ 871 (1) During both the three months ended December 31, 2023 and 2022, approximately $0.1M was amortized from software costs into O&M.
Schedule of Accumulated Other Comprehensive Loss	The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the three months ended December 31, 2023 and 2022: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2023 $ (7,269) $ (2,690) $ (9,959) Other comprehensive income, net of tax Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $(40) and $(119), respectively 264 131 (1) 395 Balance as of December 31, 2023 $ (7,005) $ (2,559) $ (9,564) Balance as of September 30, 2022 $ (8,322) $ 3,496 $ (4,826) Other comprehensive income, net of tax Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $(12) and $(91), respectively 263 41 (1) 304 Balance as of December 31, 2022 $ (8,059) $ 3,537 $ (4,522) (1) Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Performance Obligation, Recognition Period	Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations: Revenue Recognized Over Time: Segment/ Performance Obligation Description NJNG Natural gas utility sales NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer. CEV Commercial solar electricity CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services. CEV Residential solar electricity CEV provides access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation is to provide electricity to the customer based on generation from the underlying residential solar asset and is satisfied upon transfer of electricity generated. Revenue is derived from the contract terms and is recognized as invoiced, with the payment due each month for the previous month's services. CEV Renewable energy certificates Certain CEV projects generate TRECs and SREC IIs under the established Administratively Determined Incentive Program. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the Administratively Determined Incentive Program are purchased monthly by a REC Administrator. Revenue is recognized upon generation. ES Natural gas services The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term. S&T Natural gas services The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement. HSO Service contracts Home Services enters into service contracts with homeowners to provide maintenance and replacement services of applicable heating, cooling or ventilation equipment. NJR Retail enters into warranty contracts with homeowners for various appliances. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice. Revenue Recognized at a Point in Time: ES Natural gas services For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty. Revenue is recognized upon the transfer of the underlying contractual rights. Revenue Recognized at a Point in Time (continued): Segment/ Performance Obligation Description S&T Natural gas services The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Usage fees and hub services revenues are recognized as services are performed. HSO Installations Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.
Schedule of Disaggregation of Revenue	Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended December 31, 2023 and 2022, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2023 Natural gas utility sales (1) $ 257,875 — — — — $ 257,875 Natural gas services — — 16,268 23,862 — 40,130 Service contracts — — — — 8,940 8,940 Installations and maintenance — — — — 5,894 5,894 Renewable energy certificates — 2,650 — — — 2,650 Electricity sales — 6,714 — — — 6,714 Eliminations (2) (337) — — (675) — (1,012) Revenues from contracts with customers 257,538 9,364 16,268 23,187 14,834 321,191 Alternative revenue programs (3) (2,537) — — — — (2,537) Derivative instruments 38,092 25,931 (4) 83,400 — — 147,423 Eliminations (2) — — 1,133 — — 1,133 Revenues out of scope 35,555 25,931 84,533 — — 146,019 Total operating revenues $ 293,093 35,295 100,801 23,187 14,834 $ 467,210 2022 Natural gas utility sales (1) $ 288,167 — — — — $ 288,167 Natural gas services — — 27,848 26,838 — 54,686 Service contracts — — — — 8,661 8,661 Installations and maintenance — — — — 5,605 5,605 Renewable energy certificates — 1,202 — — — 1,202 Electricity sales — 7,704 — — — 7,704 Eliminations (2) (337) — — (1,124) (13) (1,474) Revenues from contracts with customers 287,830 8,906 27,848 25,714 14,253 364,551 Alternative revenue programs (3) (3,465) — — — — (3,465) Derivative instruments 73,044 3,886 (4) 293,934 — — 370,864 Eliminations (2) — — (8,383) — — (8,383) Revenues out of scope 69,579 3,886 285,551 — — 359,016 Total operating revenues $ 357,409 12,792 313,399 25,714 14,253 $ 723,567 (1) Includes building rent related to the Wall headquarters, which is eliminated in consolidation. (2) Consists of transactions between subsidiaries that are eliminated in consolidation. (3) Includes CIP revenue. (4) Includes SREC revenue. Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended December 31, 2023 and 2022, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2023 Residential $ 195,623 3,386 — — 14,803 $ 213,812 Commercial and industrial 35,759 5,978 16,268 23,187 31 81,223 Firm transportation 24,435 — — — — 24,435 Interruptible, off-tariff and other 1,721 — — — — 1,721 Revenues out of scope 35,555 25,931 84,533 — — 146,019 Total operating revenues $ 293,093 35,295 100,801 23,187 14,834 $ 467,210 2022 Residential $ 216,938 3,293 — — 14,180 $ 234,411 Commercial and industrial 43,795 5,613 27,848 25,714 73 103,043 Firm transportation 26,199 — — — — 26,199 Interruptible, off-tariff and other 898 — — — — 898 Revenues out of scope 69,579 3,886 285,551 — — 359,016 Total operating revenues $ 357,409 12,792 313,399 25,714 14,253 $ 723,567
Schedule of Expected Timing of Performance	The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the three months ended December 31, 2023 and 2022, are as follows: Customer Accounts Receivable Customers' Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2023 $ 97,540 $ 19,100 $ 44,910 Increase 72,932 72,831 551 Balance as of December 31, 2023 $ 170,472 $ 91,931 $ 45,461 Balance as of September 30, 2022 $ 222,297 $ 13,769 $ 33,246 Increase 148,668 95,378 7,724 Balance as of December 31, 2022 $ 370,965 $ 109,147 $ 40,970
Schedule of Performance Obligation, in Excess of Billings	The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023: (Thousands) NJNG CEV ES S&T HSO Total December 31, 2023 Customer accounts receivable Billed $ 112,364 8,391 40,372 7,169 2,176 $ 170,472 Unbilled 86,961 4,970 — — — 91,931 Customers' credit balances and deposits (45,446) — — (15) — (45,461) Total $ 153,879 13,361 40,372 7,154 2,176 $ 216,942 September 30, 2023 Customer accounts receivable Billed $ 55,234 9,962 23,716 6,577 2,051 $ 97,540 Unbilled 10,784 8,316 — — — 19,100 Customers' credit balances and deposits (44,898) — — (12) — (44,910) Total $ 21,120 18,278 23,716 6,565 2,051 $ 71,730

REGULATION (Tables)

REGULATION (Tables)	3 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Schedule of Regulatory Assets	Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following: (Thousands) December 31, September 30, Regulatory assets-current New Jersey Clean Energy Program $ 14,382 $ 15,804 Conservation Incentive Program 47,819 50,356 Derivatives at fair value, net 13,215 6,017 Other current regulatory assets 1,312 1,410 Total current regulatory assets $ 76,728 $ 73,587 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 67,065 $ 66,298 Liability for future expenditures 165,315 169,390 Deferred income taxes 42,028 41,667 SAVEGREEN 83,486 83,589 Postemployment and other benefit costs 54,904 55,274 Cost of removal 115,202 112,362 Other noncurrent regulatory assets 48,710 51,019 Total noncurrent regulatory assets $ 576,710 $ 579,599 Regulatory liability-current Overrecovered natural gas costs $ 28,579 $ 30,637 Total current regulatory liabilities $ 28,579 $ 30,637 Regulatory liabilities-noncurrent Tax Act impact (1) $ 179,093 $ 180,347 Other noncurrent regulatory liabilities 545 111 Total noncurrent regulatory liabilities $ 179,638 $ 180,458 (1) Reflects the re-measurement and subsequent amortization of NJNG's net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017. Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following: (Thousands) December 31, September 30, Total noncurrent regulatory assets $ 5,197 $ 5,231 Total current regulatory liabilities $ 1,765 $ 1,650
Schedule of Regulatory Liabilities	Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following: (Thousands) December 31, September 30, Regulatory assets-current New Jersey Clean Energy Program $ 14,382 $ 15,804 Conservation Incentive Program 47,819 50,356 Derivatives at fair value, net 13,215 6,017 Other current regulatory assets 1,312 1,410 Total current regulatory assets $ 76,728 $ 73,587 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 67,065 $ 66,298 Liability for future expenditures 165,315 169,390 Deferred income taxes 42,028 41,667 SAVEGREEN 83,486 83,589 Postemployment and other benefit costs 54,904 55,274 Cost of removal 115,202 112,362 Other noncurrent regulatory assets 48,710 51,019 Total noncurrent regulatory assets $ 576,710 $ 579,599 Regulatory liability-current Overrecovered natural gas costs $ 28,579 $ 30,637 Total current regulatory liabilities $ 28,579 $ 30,637 Regulatory liabilities-noncurrent Tax Act impact (1) $ 179,093 $ 180,347 Other noncurrent regulatory liabilities 545 111 Total noncurrent regulatory liabilities $ 179,638 $ 180,458 (1) Reflects the re-measurement and subsequent amortization of NJNG's net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017. Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following: (Thousands) December 31, September 30, Total noncurrent regulatory assets $ 5,197 $ 5,231 Total current regulatory liabilities $ 1,765 $ 1,650

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Assets and Liabilities	The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of: Derivatives at Fair Value December 31, 2023 September 30, 2023 (Thousands) Balance Sheet Location Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments: NJNG: Physical commodity contracts Derivatives - current $ 109 $ 749 $ 43 $ 488 Financial commodity contracts Derivatives - current 8,872 421 6,110 20 ES: Physical commodity contracts Derivatives - current 8,630 8,929 6,209 12,757 Derivatives - noncurrent 1,154 7,086 802 7,870 Financial commodity contracts Derivatives - current 20,160 3,097 18,393 2,880 Derivatives - noncurrent 24 378 762 97 Total fair value of derivatives $ 38,949 $ 20,660 $ 32,319 $ 24,112
Offsetting Assets	The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to. Asset Derivatives Liability Derivatives (Thousands) Fair Value (1) Amounts Offset (2) Collateral Received/Pledged (3) Net Value (4) Fair Value (1) Amounts Offset (2) Collateral Received/Pledged (3) Net Value (4) As of December 31, 2023 ES Contracts Physical commodity $ 9,784 (561) — $ 9,223 $ 16,015 (561) — $ 15,454 Financial commodity 20,184 (3,475) (16,709) — 3,475 (3,475) — — Total ES $ 29,968 (4,036) (16,709) $ 9,223 $ 19,490 (4,036) — $ 15,454 NJNG Contracts Physical commodity $ 109 (7) — $ 102 $ 749 (7) — $ 742 Financial commodity 8,872 (421) — 8,451 421 (421) — — Total NJNG $ 8,981 (428) — $ 8,553 $ 1,170 (428) — $ 742 As of September 30, 2023 ES Contracts Physical commodity $ 7,011 (1,236) — $ 5,775 $ 20,627 (1,236) (9,728) $ 9,663 Financial commodity 19,155 (2,977) (16,178) — 2,977 (2,977) — — Total ES $ 26,166 (4,213) (16,178) $ 5,775 $ 23,604 (4,213) (9,728) $ 9,663 NJNG Contracts Physical commodity $ 43 (3) — $ 40 $ 488 (3) — $ 485 Financial commodity 6,110 (20) — 6,090 20 (20) — — Total NJNG $ 6,153 (23) — $ 6,130 $ 508 (23) — $ 485 (1) Derivative assets and liabilities are presented on a gross basis on the condensed consolidated balance sheets as the Company does not elect balance sheet offsetting under ASC 210-20. (2) Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting. (3) Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties. (4) Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Offsetting Liabilities	The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to. Asset Derivatives Liability Derivatives (Thousands) Fair Value (1) Amounts Offset (2) Collateral Received/Pledged (3) Net Value (4) Fair Value (1) Amounts Offset (2) Collateral Received/Pledged (3) Net Value (4) As of December 31, 2023 ES Contracts Physical commodity $ 9,784 (561) — $ 9,223 $ 16,015 (561) — $ 15,454 Financial commodity 20,184 (3,475) (16,709) — 3,475 (3,475) — — Total ES $ 29,968 (4,036) (16,709) $ 9,223 $ 19,490 (4,036) — $ 15,454 NJNG Contracts Physical commodity $ 109 (7) — $ 102 $ 749 (7) — $ 742 Financial commodity 8,872 (421) — 8,451 421 (421) — — Total NJNG $ 8,981 (428) — $ 8,553 $ 1,170 (428) — $ 742 As of September 30, 2023 ES Contracts Physical commodity $ 7,011 (1,236) — $ 5,775 $ 20,627 (1,236) (9,728) $ 9,663 Financial commodity 19,155 (2,977) (16,178) — 2,977 (2,977) — — Total ES $ 26,166 (4,213) (16,178) $ 5,775 $ 23,604 (4,213) (9,728) $ 9,663 NJNG Contracts Physical commodity $ 43 (3) — $ 40 $ 488 (3) — $ 485 Financial commodity 6,110 (20) — 6,090 20 (20) — — Total NJNG $ 6,153 (23) — $ 6,130 $ 508 (23) — $ 485 (1) Derivative assets and liabilities are presented on a gross basis on the condensed consolidated balance sheets as the Company does not elect balance sheet offsetting under ASC 210-20. (2) Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting. (3) Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties. (4) Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Effect of Derivative Instruments on Consolidated Statements of Operations	The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below: (Thousands) Location of gain (loss) recognized in income on derivatives Amount of gain (loss) recognized Three Months Ended December 31, Derivatives not designated as hedging instruments: 2023 2022 ES: Physical commodity contracts Operating revenues $ 14,030 $ 10,038 Physical commodity contracts Natural gas purchases (586) (670) Financial commodity contracts Natural gas purchases 18,082 41,611 Total unrealized and realized gain $ 31,526 $ 50,979
Effect of Derivative Instruments Designated as Cash Flow Hedges on OCI	The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below: Three Months Ended December 31, (Thousands) 2023 2022 NJNG: Physical commodity contracts $ (1,070) $ (28,031) Financial commodity contracts 4,332 (31,663) Total unrealized and realized gain (loss) $ 3,262 $ (59,694)
Schedule of Outstanding Long (Short) Derivatives	NJNG and ES had the following outstanding long (short) derivatives as of: Natural Gas Distribution Energy Services Volumes (Bcf) Futures Physical Commodity Futures Physical Commodity December 31, 2023 17.7 7.8 (10.0) (1.6) September 30, 2023 32.1 12.1 (6.9) 0.2
Schedule of Broker Margin Accounts by Company	The balances by reporting segment are as follows: (Thousands) Balance Sheet Location December 31, September 30, NJNG Restricted broker margin accounts-current assets $ 6,161 $ 5,915 ES Restricted broker margin accounts-current assets $ 13,170 $ 14,881 Restricted broker margin accounts-current liabilities $ 12,419 $ 8,029
Summary of Gross Credit Exposures	The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of December 31, 2023. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services and CEV residential solar installations. (Thousands) Gross Credit Exposure Investment grade $ 141,847 Noninvestment grade 16,544 Internally rated investment grade 24,722 Internally rated noninvestment grade 27,535 Total $ 210,648

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The estimated fair value of long-term debt, including current maturities, excluding natural gas meter finance arrangements, debt issuance costs and solar asset financing obligations, is as follows: (Thousands) December 31, September 30, Carrying value (1) (2) $ 2,637,845 $ 2,587,845 Fair market value $ 2,334,582 $ 2,106,536 (1) Excludes NJNG's debt issuance costs of $10.2M and $9.8M as of December 31, 2023 and September 30, 2023, respectively. (2) Excludes NJR's debt issuance costs of $3.5M and $3.7M as of December 31, 2023 and September 30, 2023, respectively.
Schedule of Fair Value Hierarchy	The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM. Level 2 Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: • widely accepted and public; • non-proprietary and sourced from an independent third party; and • observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values. Level 3 Inputs derived from a significant amount of unobservable market data These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized as follows: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Thousands) (Level 1) (Level 2) (Level 3) Total As of December 31, 2023 Assets: Physical commodity contracts $ — $ 9,893 $ — $ 9,893 Financial commodity contracts 29,056 — — 29,056 Money market funds 86 — — 86 Other 3,111 — — 3,111 Total assets at fair value $ 32,253 $ 9,893 $ — $ 42,146 Liabilities: Physical commodity contracts $ — $ 16,764 $ — $ 16,764 Financial commodity contracts 3,896 — — 3,896 Total liabilities at fair value $ 3,896 $ 16,764 $ — $ 20,660 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Thousands) (Level 1) (Level 2) (Level 3) Total As of September 30, 2023 Assets: Physical commodity contracts $ — $ 7,054 $ — $ 7,054 Financial commodity contracts 25,265 — — 25,265 Money market funds 145 — — 145 Other 2,641 — — 2,641 Total assets at fair value $ 28,051 $ 7,054 $ — $ 35,105 Liabilities: Physical commodity contracts $ — $ 21,115 $ — $ 21,115 Financial commodity contracts 2,997 — — 2,997 Total liabilities at fair value $ 2,997 $ 21,115 $ — $ 24,112

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following table presents the calculation of the Company's basic and diluted earnings per share for: Three Months Ended December 31, (Thousands, except per share amounts) 2023 2022 Net income, as reported $ 89,411 $ 115,921 Basic earnings per share Weighted average shares of common stock outstanding-basic 97,869 96,485 Basic earnings per common share $0.91 $1.20 Diluted earnings per share Weighted average shares of common stock outstanding-basic 97,869 96,485 Incremental shares (1) 694 598 Weighted average shares of common stock outstanding-diluted 98,563 97,083 Diluted earnings per common share $0.91 $1.19 (1) Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows: At end of period (Thousands) As of date Total Loans outstanding Weighted average interest rate Remaining borrowing capacity Expiration dates NJR bank revolving credit facilities (1) December 31, 2023 $ 650,000 $ 165,150 6.56 % $ 476,002 (2) September 2027 September 30, 2023 $ 650,000 $ 217,300 6.53 % $ 426,967 (2) September 2027 NJNG bank revolving credit facilities (3) December 31, 2023 $ 250,000 $ 103,500 5.48 % $ 145,769 (4) September 2027 September 30, 2023 $ 250,000 $ 34,800 5.48 % $ 214,469 (4) September 2027 (1) Committed credit facilities, which require commitment fees of 0.10% on the unused amounts. (2) Letters of credit outstanding total $8.8M at December 31, 2023 and $5.7M at September 30, 2023, which reduces the amount available by the same amount. (3) Committed credit facilities, which require commitment fees of 0.075% on the unused amounts. (4) Letters of credit outstanding total $0.7M at both December 31, 2023 and September 30, 2023, which reduces the amount available by the same amount.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Cost	The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows: Pension OPEB Three Months Ended Three Months Ended December 31, December 31, (Thousands) 2023 2022 2023 2022 Service cost $ 1,244 $ 1,350 $ 642 $ 618 Interest cost 4,060 3,794 2,902 2,286 Expected return on plan assets (5,087) (4,993) (1,858) (1,680) Recognized actuarial loss 29 75 496 — Prior service cost amortization 16 25 — — Net periodic benefit cost $ 262 $ 251 $ 2,182 $ 1,224

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease, Cost	The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended December 31, (Thousands) Income Statement Location 2023 2022 Operating lease cost (1) Operation and maintenance $ 2,540 $ 2,417 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 528 485 Interest on lease liabilities Interest expense, net of capitalized interest 252 235 Total finance lease cost 780 720 Variable lease cost Operation and maintenance 200 223 Total lease cost $ 3,520 $ 3,360 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases: Three Months Ended December 31, (Thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 2,236 $ 1,231 Operating cash flows for finance leases $ 252 $ 235 Financing cash flows for finance leases $ 1,956 $ 1,699
Schedule of Assets and Liabilities, Lessee	The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets: (Thousands) Balance Sheet Location December 31, September 30, Assets Noncurrent Operating lease assets Operating lease assets $ 175,864 $ 175,740 Finance lease assets Utility plant 27,720 28,248 Total lease assets $ 203,584 $ 203,988 Liabilities Current Operating lease liabilities Operating lease liabilities $ 4,798 $ 4,772 Finance lease liabilities Current maturities of long-term debt 9,433 8,477 Noncurrent Operating lease liabilities Operating lease liabilities 148,849 148,023 Finance lease liabilities Long-term debt 19,964 22,875 Total lease liabilities $ 183,044 $ 184,147

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	3 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Long-term Purchase Commitment	Commitments as of December 31, 2023, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows: (Thousands) 2024 2025 2026 2027 2028 Thereafter ES: Natural gas purchases $ 41,616 $ 1,826 $ — $ — $ — $ — Storage demand fees 13,788 15,297 11,467 5,478 3,505 6,780 Pipeline demand fees 35,249 46,316 31,762 24,383 13,894 14,648 Sub-total ES $ 90,653 $ 63,439 $ 43,229 $ 29,861 $ 17,399 $ 21,428 NJNG: Natural gas purchases $ 20,156 $ — $ — $ — $ — $ — Storage demand fees 31,211 30,645 14,971 10,163 5,084 — Pipeline demand fees 116,451 193,428 138,266 128,643 113,990 966,947 Sub-total NJNG $ 167,818 $ 224,073 $ 153,237 $ 138,806 $ 119,074 $ 966,947 Total $ 258,471 $ 287,512 $ 196,466 $ 168,667 $ 136,473 $ 988,375

REPORTING SEGMENT AND OTHER O_2

REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)	3 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information related to the Company's various reporting segments and other operations during the three months ended December 31, 2023 and 2022, are as follows: Segments (Thousands) NJNG CEV ES S&T Subtotal HSO Elims Total 2023 Operating revenues External customers $ 293,093 35,295 100,801 (1) 23,187 $ 452,376 14,834 — $ 467,210 Intercompany $ 337 — (1,133) 675 $ (121) — 121 $ — Depreciation and amortization $ 26,917 6,922 57 (2) 6,162 $ 40,058 229 — $ 40,287 Interest income (3) $ 578 — 128 2,370 $ 3,076 356 (1,406) $ 2,026 Interest expense, net of capitalized interest $ 14,751 7,447 3,126 5,933 $ 31,257 216 — $ 31,473 Income tax provision (benefit) $ 10,656 3,131 7,511 1,032 $ 22,330 (52) 658 $ 22,936 Equity in earnings of affiliates $ — — — 993 $ 993 — 667 $ 1,660 Net financial earnings (loss) $ 51,444 10,522 7,831 3,640 $ 73,437 (600) (393) $ 72,444 Capital expenditures $ 79,715 25,766 — 7,785 $ 113,266 1,356 — $ 114,622 2022 Operating revenues External customers $ 357,409 12,792 313,399 (1) 25,714 $ 709,314 14,253 — $ 723,567 Intercompany $ 337 — 8,383 1,124 $ 9,844 13 (9,857) $ — Depreciation and amortization $ 24,890 5,576 57 (2) 5,942 $ 36,465 218 — $ 36,683 Interest income (3) $ 413 — 269 1,401 $ 2,083 654 (778) $ 1,959 Interest expense, net of capitalized interest $ 13,709 5,895 3,058 6,707 $ 29,369 122 — $ 29,491 Income tax provision (benefit) $ 14,383 (1,837) 20,064 1,943 $ 34,553 217 (1,792) $ 32,978 Equity in earnings of affiliates $ — — — 909 $ 909 — 37 $ 946 Net financial earnings (loss) $ 54,664 (3,582) 52,533 6,243 $ 109,858 (29) 455 $ 110,284 Capital expenditures $ 82,071 43,993 — 19,719 $ 145,783 140 — $ 145,923 (1) Includes sales to Canada for the ES segment, which are immaterial. (2) The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations. (3) Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
Schedule of Assets for Business Segments and Business Operations	The Company's assets for the various reporting segments and business operations are detailed below: Segments Intercompany (Thousands) NJNG CEV ES S&T Subtotal HSO Assets (1) Total December 31, 2023 $ 4,590,049 1,131,841 151,932 1,009,549 $ 6,883,371 170,421 (304,744) $ 6,749,048 September 30, 2023 $ 4,414,829 1,128,577 123,775 1,011,959 $ 6,679,140 171,275 (312,919) $ 6,537,496 (1) Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Schedule of Reconciliation of Consolidated NFE to Consolidated Net Income	A reconciliation of consolidated NFE to consolidated net income is as follows: Three Months Ended December 31, (Thousands) 2023 2022 Net financial earnings $ 72,444 $ 110,284 Less: Unrealized gain on derivative instruments and related transactions (5,400) (31,503) Tax effect 1,282 7,487 Effects of economic hedging related to natural gas inventory (16,228) 23,972 Tax effect 3,857 (5,697) NFE tax adjustment (478) 104 Net income $ 89,411 $ 115,921

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Demand Fees and Demand Fees Payable	Demand fees, net of eliminations, associated with Steckman Ridge were as follows: Three Months Ended December 31, (Thousands) 2023 2022 NJNG $ 1,655 $ 1,655 ES 224 172 Total $ 1,879 $ 1,827 The following table summarizes demand fees payable to Steckman Ridge as of: (Thousands) December 31, September 30, NJNG $ 775 $ 775 ES 82 84 Total $ 857 $ 859

NATURE OF THE BUSINESS (Details

NATURE OF THE BUSINESS (Details)	3 Months Ended
	Dec. 31, 2023 customer subsidiary
Steckman Ridge
Nature of Business [Line Items]
Ownership percentage	50%
NJNG
Nature of Business [Line Items]
Total retail customers | customer	579,600
NJR Retail Holdings Corporation
Nature of Business [Line Items]
Number of principal subsidiaries | subsidiary	1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2021 Megawatt	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of megawatts | Megawatt	5
Operating revenues		$ 467,210	$ 723,567
Loans receivable in other noncurrent assets		41,700		$ 39,000
Financial Asset, Not Past Due
Finite-Lived Intangible Assets [Line Items]
Loans receivable in other current assets		$ 15,600		15,100
Minimum
Finite-Lived Intangible Assets [Line Items]
Loans receivable, term		2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Loans receivable, term		10 years
ES
Finite-Lived Intangible Assets [Line Items]
Operating revenues		$ 9,500	$ 20,000
Deferred revenue		$ 116,800		$ 58,700

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,739	$ 954	$ 2,407
Restricted cash in other noncurrent assets	690	563	461
Cash, cash equivalents and restricted cash	$ 3,429	$ 1,517	$ 2,868	$ 1,452

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURAL GAS IN STORAGE (Details) $ in Thousands	Dec. 31, 2023 USD ($) Bcf	Sep. 30, 2023 USD ($) Bcf
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 193,742	$ 199,501
Natural Gas in Storage, Bcf | Bcf	42,600,000	43,700,000
NJNG
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 154,572	$ 175,025
Natural Gas in Storage, Bcf | Bcf	25,500,000	29,100,000
ES
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 39,170	$ 24,476
Natural Gas in Storage, Bcf | Bcf	17,100,000	14,600,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SOFTWARE COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized software costs	$ 9,105		$ 8,375
Software amortization	100	$ 100
Operation and maintenance
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	3,253	3,753
Depreciation and amortization
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	990	$ 871
Utility plant, at cost
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	51,466		51,282
Construction work in progress | Regulated
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	69,276		55,012
Nonutility plant and equipment, at cost
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	344		344
Accumulated depreciation and amortization, utility plant
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Accumulated depreciation and amortization	(8,467)		(7,480)
Accumulated depreciation and amortization, nonutility plant and equipment
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Accumulated depreciation and amortization	$ (39)		$ (36)

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	$ 1,990,735	$ 1,817,210
Amounts reclassified from accumulated other comprehensive income, net of tax	395	304
Balance as of end of period	2,066,201	1,922,795
Tax on amounts reclassified from accumulated other comprehensive income	(119)	(91)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	(9,959)	(4,826)
Balance as of end of period	(9,564)	(4,522)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	(7,269)	(8,322)
Amounts reclassified from accumulated other comprehensive income, net of tax	264	263
Balance as of end of period	(7,005)	(8,059)
Tax on amounts reclassified from accumulated other comprehensive income	(79)	(79)
Postemployment Benefit Obligation
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	(2,690)	3,496
Amounts reclassified from accumulated other comprehensive income, net of tax	131	41
Balance as of end of period	(2,559)	3,537
Tax on amounts reclassified from accumulated other comprehensive income	$ (40)	$ (12)

REVENUE - DISAGGREGATED REVENUE

REVENUE - DISAGGREGATED REVENUE - PRODUCT (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 321,191	$ 364,551
Alternative revenue programs	(2,537)	(3,465)
Derivative instruments	147,423	370,864
Revenues out of scope	146,019	359,016
Total operating revenues	467,210	723,567
Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	257,875	288,167
Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	40,130	54,686
Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8,940	8,661
Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,894	5,605
Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,650	1,202
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,714	7,704
ES
Disaggregation of Revenue [Line Items]
Total operating revenues	9,500	20,000
Operating Segments
Disaggregation of Revenue [Line Items]
Total operating revenues	452,376	709,314
Operating Segments | NJNG
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	257,538	287,830
Alternative revenue programs	(2,537)	(3,465)
Derivative instruments	38,092	73,044
Revenues out of scope	35,555	69,579
Total operating revenues	293,093	357,409
Operating Segments | NJNG | Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	257,875	288,167
Operating Segments | NJNG | Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | NJNG | Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | NJNG | Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | NJNG | Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | NJNG | Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | CEV
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,364	8,906
Alternative revenue programs	0	0
Derivative instruments	25,931	3,886
Revenues out of scope	25,931	3,886
Total operating revenues	35,295	12,792
Operating Segments | CEV | Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | CEV | Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | CEV | Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | CEV | Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | CEV | Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,650	1,202
Operating Segments | CEV | Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,714	7,704
Operating Segments | ES
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	16,268	27,848
Alternative revenue programs	0	0
Derivative instruments	83,400	293,934
Revenues out of scope	84,533	285,551
Total operating revenues	100,801	313,399
Operating Segments | ES | Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | ES | Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	16,268	27,848
Operating Segments | ES | Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | ES | Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | ES | Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | ES | Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | S&T
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,187	25,714
Alternative revenue programs	0	0
Derivative instruments	0	0
Revenues out of scope	0	0
Total operating revenues	23,187	25,714
Operating Segments | S&T | Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | S&T | Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,862	26,838
Operating Segments | S&T | Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | S&T | Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | S&T | Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | S&T | Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Revenues out of scope	0	0
Total operating revenues	14,834	14,253
Corporate, Non-Segment | HSO
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,834	14,253
Alternative revenue programs	0	0
Derivative instruments	0	0
Revenues out of scope	0	0
Total operating revenues	14,834	14,253
Corporate, Non-Segment | HSO | Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate, Non-Segment | HSO | Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate, Non-Segment | HSO | Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8,940	8,661
Corporate, Non-Segment | HSO | Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,894	5,605
Corporate, Non-Segment | HSO | Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate, Non-Segment | HSO | Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,012)	(1,474)
Revenues out of scope	1,133	(8,383)
Total operating revenues		(9,857)
Eliminations | NJNG
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(337)	(337)
Revenues out of scope	0	0
Eliminations | CEV
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Revenues out of scope	0	0
Eliminations | ES
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Revenues out of scope	1,133	(8,383)
Eliminations | S&T
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(675)	(1,124)
Revenues out of scope	0	0
Eliminations | HSO
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	(13)
Revenues out of scope	$ 0	$ 0

REVENUE - DISAGGREGATED REVEN_2

REVENUE - DISAGGREGATED REVENUE - TYPE (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 321,191	$ 364,551
Revenues out of scope	146,019	359,016
Total operating revenues	467,210	723,567
Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	213,812	234,411
Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	81,223	103,043
Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	24,435	26,199
Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,721	898
Operating Segments
Disaggregation of Revenue [Line Items]
Total operating revenues	452,376	709,314
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Revenues out of scope	0	0
Total operating revenues	14,834	14,253
Corporate, Non-Segment | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,803	14,180
Corporate, Non-Segment | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	31	73
Corporate, Non-Segment | Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate, Non-Segment | Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
NJNG | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	257,538	287,830
Revenues out of scope	35,555	69,579
Total operating revenues	293,093	357,409
NJNG | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	195,623	216,938
NJNG | Operating Segments | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	35,759	43,795
NJNG | Operating Segments | Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	24,435	26,199
NJNG | Operating Segments | Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,721	898
CEV | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,364	8,906
Revenues out of scope	25,931	3,886
Total operating revenues	35,295	12,792
CEV | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,386	3,293
CEV | Operating Segments | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,978	5,613
CEV | Operating Segments | Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
CEV | Operating Segments | Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
ES
Disaggregation of Revenue [Line Items]
Total operating revenues	9,500	20,000
ES | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	16,268	27,848
Revenues out of scope	84,533	285,551
Total operating revenues	100,801	313,399
ES | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
ES | Operating Segments | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	16,268	27,848
ES | Operating Segments | Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
ES | Operating Segments | Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
S&T | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,187	25,714
Revenues out of scope	0	0
Total operating revenues	23,187	25,714
S&T | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
S&T | Operating Segments | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,187	25,714
S&T | Operating Segments | Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
S&T | Operating Segments | Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 0	$ 0

REVENUE - TIMING OF REVENUE REC

REVENUE - TIMING OF REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Timing of Revenue Recognition [Roll Forward]
Customers' credit, beginning	$ 44,910	$ 33,246
Increase for customers' credits	551	7,724
Customers' credit, end	45,461	40,970
Billed
Timing of Revenue Recognition [Roll Forward]
Billed, beginning	97,540	222,297
Increase for customer accounts receivable	72,932	148,668
Billed, end	170,472	370,965
Unbilled
Timing of Revenue Recognition [Roll Forward]
Billed, beginning	19,100	13,769
Increase for customer accounts receivable	72,831	95,378
Billed, end	$ 91,931	$ 109,147

REVENUE - TIMING OF REVENUE R_2

REVENUE - TIMING OF REVENUE RECOGNITION - BALANCE SHEET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Billed	$ 170,472	$ 97,540
Unbilled	91,931	19,100
Customers' credit balances and deposits	(45,461)	(44,910)	$ (40,970)	$ (33,246)
Customers accounts receivables & Customers' credit balances and deposits	216,942	71,730
Operating Segments | NJNG
Disaggregation of Revenue [Line Items]
Billed	112,364	55,234
Unbilled	86,961	10,784
Customers' credit balances and deposits	(45,446)	(44,898)
Customers accounts receivables & Customers' credit balances and deposits	153,879	21,120
Operating Segments | CEV
Disaggregation of Revenue [Line Items]
Billed	8,391	9,962
Unbilled	4,970	8,316
Customers' credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	13,361	18,278
Operating Segments | ES
Disaggregation of Revenue [Line Items]
Billed	40,372	23,716
Unbilled	0	0
Customers' credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	40,372	23,716
Operating Segments | S&T
Disaggregation of Revenue [Line Items]
Billed	7,169	6,577
Unbilled	0	0
Customers' credit balances and deposits	(15)	(12)
Customers accounts receivables & Customers' credit balances and deposits	7,154	6,565
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Billed	2,176	2,051
Unbilled	0	0
Customers' credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	$ 2,176	$ 2,051

REGULATION - ADDITIONAL INFORMA

REGULATION - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions				3 Months Ended
	Jan. 31, 2024	Dec. 01, 2023	Nov. 09, 2023	Dec. 31, 2023
Schedule of Regulatory Filings [Line Items]
Approved rate increase (decrease), amount			$ 76.9
Base Rate Stipulation
Schedule of Regulatory Filings [Line Items]
Weighted average cost of capital				6.84%
Approved return on equity				9.60%
SAVEGREEN
Schedule of Regulatory Filings [Line Items]
Capital investments approved by the BPU		$ 245.1
Financing options		217.2
Operations and maintenance expense		$ 20.1
BPU | NJNG | Subsequent Event
Schedule of Regulatory Filings [Line Items]
Weighted average cost of capital	7.57%
Approved rate increase (decrease), amount	$ 222.6

REGULATION - REGULATORY ASSETS

REGULATION - REGULATORY ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-current	$ 76,728	$ 73,587
Regulatory assets-noncurrent	581,907	584,830
Regulatory liability-current	30,344	32,287
Regulatory liabilities-noncurrent	179,638	180,458
Expended, net of recoveries
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	67,100
NJNG
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-current	76,728	73,587
Regulatory assets-noncurrent	576,710	579,599
Regulatory liability-current	28,579	30,637
Regulatory liabilities-noncurrent	179,638	180,458
NJNG | Overrecovered natural gas costs
Regulatory Assets And Liabilities [Line Items]
Regulatory liability-current	28,579	30,637
NJNG | Tax Act impact
Regulatory Assets And Liabilities [Line Items]
Regulatory liabilities-noncurrent	179,093	180,347
NJNG | Other noncurrent regulatory liabilities
Regulatory Assets And Liabilities [Line Items]
Regulatory liabilities-noncurrent	545	111
NJNG | New Jersey Clean Energy Program
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-current	14,382	15,804
NJNG | Conservation Incentive Program
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-current	47,819	50,356
NJNG | Derivatives at fair value, net
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-current	13,215	6,017
NJNG | Other current regulatory assets
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-current	1,312	1,410
Regulatory assets-noncurrent	48,710	51,019
NJNG | Expended, net of recoveries
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	67,065	66,298
NJNG | Liability for future expenditures
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	165,315	169,390
NJNG | Deferred income taxes
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	42,028	41,667
NJNG | SAVEGREEN
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	83,486	83,589
NJNG | Postemployment and other benefit costs
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	54,904	55,274
NJNG | Cost of removal
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	115,202	112,362
Adelphia
Regulatory Assets And Liabilities [Line Items]
Regulatory assets-noncurrent	5,197	5,231
Regulatory liability-current	$ 1,765	$ 1,650

DERIVATIVE INSTRUMENTS - BALANC

DERIVATIVE INSTRUMENTS - BALANCE SHEET RELATED DISCLOSURES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Fair Value
Derivative assets, current	$ 37,771	$ 30,755
Derivative liability, current	13,196	16,145
Derivative assets, noncurrent	1,178	1,564
Derivative liabilities, noncurrent	7,464	7,967
Not Designated as Hedging Instrument
Fair Value
Derivative assets	38,949	32,319
Derivative liabilities	20,660	24,112
NJNG | Not Designated as Hedging Instrument | Physical commodity contracts
Fair Value
Derivative assets, current	109	43
Derivative liability, current	749	488
NJNG | Not Designated as Hedging Instrument | Financial commodity contracts
Fair Value
Derivative assets, current	8,872	6,110
Derivative liability, current	421	20
ES | Not Designated as Hedging Instrument | Physical commodity contracts
Fair Value
Derivative assets, current	8,630	6,209
Derivative liability, current	8,929	12,757
Derivative assets, noncurrent	1,154	802
Derivative liabilities, noncurrent	7,086	7,870
ES | Not Designated as Hedging Instrument | Financial commodity contracts
Fair Value
Derivative assets, current	20,160	18,393
Derivative liability, current	3,097	2,880
Derivative assets, noncurrent	24	762
Derivative liabilities, noncurrent	$ 378	$ 97

DERIVATIVE INSTRUMENTS - OFFSET

DERIVATIVE INSTRUMENTS - OFFSETTING OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
ES
Asset Derivatives
Fair Value	$ 29,968	$ 26,166
Amounts Offset	(4,036)	(4,213)
Collateral Received/Pledged	(16,709)	(16,178)
Net Value	9,223	5,775
Liability Derivatives
Fair Value	19,490	23,604
Amounts Offset	(4,036)	(4,213)
Collateral Received/Pledged	0	(9,728)
Net Value	15,454	9,663
ES | Physical commodity contracts
Asset Derivatives
Fair Value	9,784	7,011
Amounts Offset	(561)	(1,236)
Collateral Received/Pledged	0	0
Net Value	9,223	5,775
Liability Derivatives
Fair Value	16,015	20,627
Amounts Offset	(561)	(1,236)
Collateral Received/Pledged	0	(9,728)
Net Value	15,454	9,663
ES | Financial commodity contracts
Asset Derivatives
Fair Value	20,184	19,155
Amounts Offset	(3,475)	(2,977)
Collateral Received/Pledged	(16,709)	(16,178)
Net Value	0	0
Liability Derivatives
Fair Value	3,475	2,977
Amounts Offset	(3,475)	(2,977)
Collateral Received/Pledged	0	0
Net Value	0	0
NJNG
Asset Derivatives
Fair Value	8,981	6,153
Amounts Offset	(428)	(23)
Collateral Received/Pledged	0	0
Net Value	8,553	6,130
Liability Derivatives
Fair Value	1,170	508
Amounts Offset	(428)	(23)
Collateral Received/Pledged	0	0
Net Value	742	485
NJNG | Physical commodity contracts
Asset Derivatives
Fair Value	109	43
Amounts Offset	(7)	(3)
Collateral Received/Pledged	0	0
Net Value	102	40
Liability Derivatives
Fair Value	749	488
Amounts Offset	(7)	(3)
Collateral Received/Pledged	0	0
Net Value	742	485
NJNG | Financial commodity contracts
Asset Derivatives
Fair Value	8,872	6,110
Amounts Offset	(421)	(20)
Collateral Received/Pledged	0	0
Net Value	8,451	6,090
Liability Derivatives
Fair Value	421	20
Amounts Offset	(421)	(20)
Collateral Received/Pledged	0	0
Net Value	$ 0	$ 0

DERIVATIVE INSTRUMENTS - INCOME

DERIVATIVE INSTRUMENTS - INCOME STATEMENT RELATED DISCLOSURES (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	$ 31,526	$ 50,979
ES | Physical commodity contracts | Operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonutility	Nonutility
Amount of gain (loss) recognized in income on derivatives	$ 14,030	$ 10,038
ES | Physical commodity contracts | Natural gas purchases
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gas purchases - Utility and Nonutility	Gas purchases - Utility and Nonutility
Amount of gain (loss) recognized in income on derivatives	$ (586)	$ (670)
ES | Financial commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	18,082	41,611
NJNG
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	3,262	(59,694)
NJNG | Physical commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	(1,070)	(28,031)
NJNG | Financial commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	$ 4,332	$ (31,663)

DERIVATIVE INSTRUMENTS - ADDITI

DERIVATIVE INSTRUMENTS - ADDITIONAL INFORMATION (Details) certificate in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($) certificate	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) certificate
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 0.1		$ 0.1
Treasury Lock | Interest expense
Derivative [Line Items]
Amount of pre-tax gain (loss) reclassified from OCI into income	$ (0.3)	$ (0.3)
Physical commodity contracts | ES
Derivative [Line Items]
Number of SRECs (in certificates) | certificate	1.2		1.3

DERIVATIVE INSTRUMENTS - VOLUME

DERIVATIVE INSTRUMENTS - VOLUME (Details) - Bcf	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
NJNG | Long | Futures
Derivative [Line Items]
Notional amount	17.7	32.1
NJNG | Long | Physical Commodity
Derivative [Line Items]
Notional amount	7.8	12.1
ES | Long | Physical Commodity
Derivative [Line Items]
Notional amount	(1.6)	0.2
ES | Short | Futures
Derivative [Line Items]
Notional amount	(10)	(6.9)

DERIVATIVE INSTRUMENTS - BROKER

DERIVATIVE INSTRUMENTS - BROKER MARGIN DEPOSITS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
NJNG | Assets, Current
Derivative [Line Items]
Broker margin - current assets	$ 6,161	$ 5,915
ES | Assets, Current
Derivative [Line Items]
Broker margin - current assets	13,170	14,881
ES | Liabilities, Current
Derivative [Line Items]
Broker margin - Current liabilities	$ 12,419	$ 8,029

DERIVATIVE INSTRUMENTS - CREDIT

DERIVATIVE INSTRUMENTS - CREDIT RISK EXPOSURE (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Credit Risk Exposure [Line Items]
Gross Credit Exposure	$ 210,648
Investment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	141,847
Noninvestment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	16,544
Internally rated investment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	24,722
Internally rated noninvestment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	$ 27,535

FAIR VALUE - DEBT (Details)

FAIR VALUE - DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
NJR
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	$ 3,500	$ 3,700
NJNG
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	10,200	9,800
Level 2 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,637,845	2,587,845
Level 2 | Fair market value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 2,334,582	$ 2,106,536

FAIR VALUE - ADDITIONAL INFORMA

FAIR VALUE - ADDITIONAL INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance leases	$ 38,200	$ 31,400
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance leases	29,800	20,900
Fair market value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,334,582	2,106,536
Solar Asset Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	296,300	278,400
Solar Asset Financing | Fair market value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 297,000	$ 268,100

FAIR VALUE - HIERARCHY (Details

FAIR VALUE - HIERARCHY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Liabilities:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities and Equity
Fair Value, Measurements, Recurring
Assets:
Other	$ 3,111	$ 2,641
Total assets at fair value	42,146	35,105
Liabilities:
Total liabilities at fair value	20,660	24,112
Fair Value, Measurements, Recurring | Money market funds
Assets:
Assets	86	145
Fair Value, Measurements, Recurring | Physical commodity contracts
Assets:
Assets	9,893	7,054
Liabilities:
Liabilities	16,764	21,115
Fair Value, Measurements, Recurring | Financial commodity contracts
Assets:
Assets	29,056	25,265
Liabilities:
Liabilities	3,896	2,997
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1)
Assets:
Other	3,111	2,641
Total assets at fair value	32,253	28,051
Liabilities:
Total liabilities at fair value	3,896	2,997
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Money market funds
Assets:
Assets	86	145
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Physical commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Financial commodity contracts
Assets:
Assets	29,056	25,265
Liabilities:
Liabilities	3,896	2,997
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Other	0	0
Total assets at fair value	9,893	7,054
Liabilities:
Total liabilities at fair value	16,764	21,115
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Money market funds
Assets:
Assets	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Physical commodity contracts
Assets:
Assets	9,893	7,054
Liabilities:
Liabilities	16,764	21,115
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Financial commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Other	0	0
Total assets at fair value	0	0
Liabilities:
Total liabilities at fair value	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Money market funds
Assets:
Assets	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Physical commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Financial commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	$ 0	$ 0

INVESTMENTS IN EQUITY INVESTE_2

INVESTMENTS IN EQUITY INVESTEES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Investments in equity method investees	$ 103,268	$ 104,134
Steckman Ridge
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
Investments in equity method investees	$ 103,300	104,100
Steckman Ridge | Related Party
Schedule of Equity Method Investments [Line Items]
Total outstanding principal balance of loans	$ 70,400	$ 70,400

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 89,411	$ 115,921
Basic earnings per share
Weighted average shares of common stock outstanding-basic (in shares)	97,869	96,485
Basic earnings per common share (usd per share)	$ 0.91	$ 1.20
Diluted earnings per share
Weighted average shares of common stock outstanding-basic (in shares)	97,869	96,485
Incremental shares (in shares)	694	598
Weighted average shares of common stock outstanding-diluted (in shares)	98,563	97,083
Diluted earnings per common share (usd per share)	$ 0.91	$ 1.19

DEBT - CREDIT FACILITIES AND SH

DEBT - CREDIT FACILITIES AND SHORT-TERM DEBT (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
NJR | Letter of Credit on Behalf of NJRES
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 8,800,000	$ 5,700,000
NJNG | Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 700,000	700,000
Revolving Credit Facility | NJR
Line of Credit Facility [Line Items]
Commitment fee percentage	0.10%
Revolving Credit Facility | NJNG
Line of Credit Facility [Line Items]
Commitment fee percentage	0.075%
Revolving Credit Facility | Committed Credit Facilities Due September 2027 | NJR
Line of Credit Facility [Line Items]
Total borrowing capacity	$ 650,000,000	650,000,000
Loans outstanding	$ 165,150,000	$ 217,300,000
Weighted average interest rate	6.56%	6.53%
Remaining borrowing capacity	$ 476,002,000	$ 426,967,000
Revolving Credit Facility | Committed Credit Facilities Due September 2027 | NJNG
Line of Credit Facility [Line Items]
Total borrowing capacity	250,000,000	250,000,000
Loans outstanding	$ 103,500,000	$ 34,800,000
Weighted average interest rate	5.48%	5.48%
Remaining borrowing capacity	$ 145,769,000	$ 214,469,000

DEBT - LONG TERM DEBT (Details)

DEBT - LONG TERM DEBT (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 28, 2023
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - natural gas meters	$ 8,814,000	$ 8,441,000
Proceeds from sale leaseback transactions - solar	24,394,000	33,150,000
CEV
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - solar	24,400,000	33,200,000
NJNG
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - natural gas meters	$ 8,800,000	$ 8,400,000
NJNG | Senior Notes
Debt Instrument [Line Items]
Face amount			$ 100,000,000
NJNG | Senior Notes | Unsecured Senior Notes 5.56%
Debt Instrument [Line Items]
Face amount			$ 50,000,000
Stated interest rate			5.56%
NJNG | Senior Notes | Unsecured Senior Notes 5.85%
Debt Instrument [Line Items]
Face amount			$ 50,000,000
Stated interest rate			5.85%

EMPLOYEE BENEFIT PLANS - COMPON

EMPLOYEE BENEFIT PLANS - COMPONENTS OF NET PERIODIC COST (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 1,244	$ 1,350
Interest cost	4,060	3,794
Expected return on plan assets	(5,087)	(4,993)
Recognized actuarial loss	29	75
Prior service cost amortization	16	25
Net periodic benefit cost	262	251
OPEB
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	642	618
Interest cost	2,902	2,286
Expected return on plan assets	(1,858)	(1,680)
Recognized actuarial loss	496	0
Prior service cost amortization	0	0
Net periodic benefit cost	$ 2,182	$ 1,224

EMPLOYEE BENEFIT PLANS - ADDITI

EMPLOYEE BENEFIT PLANS - ADDITIONAL INFORMATION (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 0	$ 0
Net periodic postretirement benefit costs	262,000	251,000
OPEB
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation, amount	82,000,000
Net periodic postretirement benefit costs	2,182,000	$ 1,224,000
OPEB | Minimum
Defined Benefit Plan Disclosure [Line Items]
Net periodic postretirement benefit costs	11,000,000
OPEB | Maximum
Defined Benefit Plan Disclosure [Line Items]
Net periodic postretirement benefit costs	$ 13,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Income Tax Contingency [Line Items]
Forecasted effective tax rate	21.50%	22.50%
Revaluation of deferred tax assets and liabilities	$ (1.2)	$ (0.6)
Actual effective tax rate	20.40%	22.20%
ITC carryforward	$ 185.7		$ 191.2
Effective term	20 years
Operating loss carryforward, valuation allowance	$ 0.7		0.7
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 634.2		$ 631.2
State | Minimum
Income Tax Contingency [Line Items]
Effective term	7 years
State | Maximum
Income Tax Contingency [Line Items]
Effective term	20 years

LEASES - ADDITIONAL INFORMATION

LEASES - ADDITIONAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jul. 31, 2021
Lessee, Lease, Description [Line Items]
ROU asset obtained in exchange for operating lease liability	$ 1,500	$ 100
Proceeds from sale leaseback transactions - natural gas meters	8,814	8,441
ROU asset obtained in exchange for finance lease liability	$ 0
Weighted average remaining lease term, operating lease	29 years 2 months 12 days		29 years 2 months 12 days
Operating lease, discount rate	3.50%		3.50%
Weighted average remaining lease term, finance lease	3 years 7 months 6 days		3 years 3 months 18 days
Finance lease, discount rate	3.30%		2.70%
NJNG
Lessee, Lease, Description [Line Items]
Proceeds from sale leaseback transactions - natural gas meters	$ 8,800	$ 8,400
Solar Property | Minimum
Lessee, Lease, Description [Line Items]
Term of contract	20 years
Renewal term	5 years
Solar Property | Maximum
Lessee, Lease, Description [Line Items]
Term of contract	50 years
Renewal term	20 years
Office Building
Lessee, Lease, Description [Line Items]
Term of contract				16 years
Office Building | Minimum
Lessee, Lease, Description [Line Items]
Term of contract	2 years
Office Building | Maximum
Lessee, Lease, Description [Line Items]
Term of contract	17 years
Meter License | Minimum
Lessee, Lease, Description [Line Items]
Term of contract	6 years
Meter License | Maximum
Lessee, Lease, Description [Line Items]
Term of contract	10 years
Equipment
Lessee, Lease, Description [Line Items]
Term of contract	9 years
Storage and Capacity
Lessee, Lease, Description [Line Items]
Term of contract	50 years

LEASES - LEASE COST (Details)

LEASES - LEASE COST (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,540	$ 2,417
Amortization of right-of-use assets	528	485
Interest on lease liabilities	252	235
Total finance lease cost	780	720
Variable lease cost	200	223
Total lease cost	$ 3,520	$ 3,360

LEASES - SUPPLEMENTAL CASH FLOW

LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 2,236	$ 1,231
Operating cash flows for finance leases	252	235
Financing cash flows for finance leases	$ 1,956	$ 1,699

LEASES - RIGHT-OF-USE ASSETS AN

LEASES - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Noncurrent
Operating lease assets	$ 175,864	$ 175,740
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Utility plant, at cost	Utility plant, at cost
Finance lease assets	$ 27,720	$ 28,248
Total lease assets	203,584	203,988
Current
Operating lease liabilities	$ 4,798	$ 4,772
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Finance lease liabilities	$ 9,433	$ 8,477
Noncurrent
Operating lease liabilities	$ 148,849	$ 148,023
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Finance lease liabilities	$ 19,964	$ 22,875
Total lease liabilities	$ 183,044	$ 184,147

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - SCHEDULE OF FUTURE COMMITTED EXPENSES (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Current charges recoverable through BGSS	$ 208,100
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	258,471
2025	287,512
2026	196,466
2027	168,667
2028	136,473
Thereafter	988,375
ES
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	90,653
2025	63,439
2026	43,229
2027	29,861
2028	17,399
Thereafter	21,428
ES | Natural gas purchases
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	41,616
2025	1,826
2026	0
2027	0
2028	0
Thereafter	0
ES | Storage demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	13,788
2025	15,297
2026	11,467
2027	5,478
2028	3,505
Thereafter	6,780
ES | Pipeline demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	35,249
2025	46,316
2026	31,762
2027	24,383
2028	13,894
Thereafter	14,648
Annual pipeline obligation to be paid over 10 year period	4,000
NJNG
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	167,818
2025	224,073
2026	153,237
2027	138,806
2028	119,074
Thereafter	966,947
NJNG | Natural gas purchases
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	20,156
2025	0
2026	0
2027	0
2028	0
Thereafter	0
NJNG | Storage demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	31,211
2025	30,645
2026	14,971
2027	10,163
2028	5,084
Thereafter	0
NJNG | Pipeline demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2024	116,451
2025	193,428
2026	138,266
2027	128,643
2028	113,990
Thereafter	$ 966,947
Minimum | ES
Long-term Purchase Commitment [Line Items]
Storage and pipeline capacity, contract term	1 year
Maximum | ES
Long-term Purchase Commitment [Line Items]
Storage and pipeline capacity, contract term	10 years

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - LEGAL PROCEEDINGS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Site Contingency [Line Items]
Manufactured gas plant remediation	$ 165,315	$ 169,390
Recovery from third party of environmental remediation cost, period	7 years
Regulatory assets	$ 581,907	$ 584,830
Expended, net of recoveries
Site Contingency [Line Items]
Regulatory assets	67,100
Minimum
Site Contingency [Line Items]
Product liability contingency, loss exposure in excess of accrual, best estimate	137,300
Maximum
Site Contingency [Line Items]
Product liability contingency, loss exposure in excess of accrual, best estimate	$ 201,500

REPORTING SEGMENT AND OTHER O_3

REPORTING SEGMENT AND OTHER OPERATIONS DATA - RECONCILIATION OF SEGMENT INCOME TO CONSOLIDATED (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating revenues	$ 467,210	$ 723,567
Depreciation and amortization	40,287	36,683
Interest income	2,026	1,959
Interest expense, net of capitalized interest	31,473	29,491
Income tax provision (benefit)	22,936	32,978
Equity in earnings of affiliates	1,660	946
Net financial earnings (loss)	72,444	110,284
Capital expenditures	114,622	145,923
ES
Segment Reporting Information [Line Items]
Operating revenues	9,500	20,000
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	452,376	709,314
Depreciation and amortization	40,058	36,465
Interest income	3,076	2,083
Interest expense, net of capitalized interest	31,257	29,369
Income tax provision (benefit)	22,330	34,553
Equity in earnings of affiliates	993	909
Net financial earnings (loss)	73,437	109,858
Capital expenditures	113,266	145,783
Operating Segments | NJNG
Segment Reporting Information [Line Items]
Operating revenues	293,093	357,409
Depreciation and amortization	26,917	24,890
Interest income	578	413
Interest expense, net of capitalized interest	14,751	13,709
Income tax provision (benefit)	10,656	14,383
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	51,444	54,664
Capital expenditures	79,715	82,071
Operating Segments | CEV
Segment Reporting Information [Line Items]
Operating revenues	35,295	12,792
Depreciation and amortization	6,922	5,576
Interest income	0	0
Interest expense, net of capitalized interest	7,447	5,895
Income tax provision (benefit)	3,131	(1,837)
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	10,522	(3,582)
Capital expenditures	25,766	43,993
Operating Segments | ES
Segment Reporting Information [Line Items]
Operating revenues	100,801	313,399
Depreciation and amortization	57	57
Interest income	128	269
Interest expense, net of capitalized interest	3,126	3,058
Income tax provision (benefit)	7,511	20,064
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	7,831	52,533
Capital expenditures	0	0
Operating Segments | S&T
Segment Reporting Information [Line Items]
Operating revenues	23,187	25,714
Depreciation and amortization	6,162	5,942
Interest income	2,370	1,401
Interest expense, net of capitalized interest	5,933	6,707
Income tax provision (benefit)	1,032	1,943
Equity in earnings of affiliates	993	909
Net financial earnings (loss)	3,640	6,243
Capital expenditures	7,785	19,719
Intersegment Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(121)	9,844
Intersegment Eliminations | NJNG
Segment Reporting Information [Line Items]
Operating revenues	337	337
Intersegment Eliminations | CEV
Segment Reporting Information [Line Items]
Operating revenues	0	0
Intersegment Eliminations | ES
Segment Reporting Information [Line Items]
Operating revenues	(1,133)	8,383
Intersegment Eliminations | S&T
Segment Reporting Information [Line Items]
Operating revenues	675	1,124
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating revenues	14,834	14,253
Depreciation and amortization	229	218
Interest income	356	654
Interest expense, net of capitalized interest	216	122
Income tax provision (benefit)	(52)	217
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	(600)	(29)
Capital expenditures	1,356	140
Corporate Reconciling Items And Eliminations
Segment Reporting Information [Line Items]
Operating revenues	0	13
Eliminations
Segment Reporting Information [Line Items]
Operating revenues		(9,857)
Depreciation and amortization	0	0
Interest income	(1,406)	(778)
Interest expense, net of capitalized interest	0	0
Income tax provision (benefit)	658	(1,792)
Equity in earnings of affiliates	667	37
Net financial earnings (loss)	(393)	455
Capital expenditures	0	$ 0
Eliminations And Reconciling Items
Segment Reporting Information [Line Items]
Operating revenues	$ 121

REPORTING SEGMENT AND OTHER O_4

REPORTING SEGMENT AND OTHER OPERATIONS DATA - RECONCILIATION OF SEGMENT ASSETS TO CONSOLIDATED (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 6,749,048	$ 6,537,496
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	6,883,371	6,679,140
Operating Segments | NJNG
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	4,590,049	4,414,829
Operating Segments | CEV
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,131,841	1,128,577
Operating Segments | ES
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	151,932	123,775
Operating Segments | S&T
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,009,549	1,011,959
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	170,421	171,275
Intercompany Assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (304,744)	$ (312,919)

REPORTING SEGMENT AND OTHER O_5

REPORTING SEGMENT AND OTHER OPERATIONS DATA - NET FINANCIAL EARNINGS (LOSS) RECONCILIATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Net financial earnings	$ 72,444	$ 110,284
Less:
Unrealized gain on derivative instruments and related transactions	(5,400)	(31,503)
Tax effect	1,282	7,487
Effects of economic hedging related to natural gas inventory	(16,228)	23,972
Tax effect	3,857	(5,697)
NFE tax adjustment	(478)	104
NET INCOME	$ 89,411	$ 115,921

RELATED PARTY TRANSACTIONS - AD

RELATED PARTY TRANSACTIONS - ADDITIONAL INFORMATION (Details) $ in Millions		3 Months Ended
	Apr. 01, 2020 USD ($) Bcf	Dec. 31, 2023 dth / d lease numberOfAgreement Bcf
Related Party Transaction [Line Items]
Number of asset management agreements | lease		1
NJNG to NJRES Affiliate
Related Party Transaction [Line Items]
Asset management agreement, period	5 years
NJNG to Steckman RIdge Affiliate
Related Party Transaction [Line Items]
Natural gas sold at cost under asset management agreement (in Bcf) | Bcf	3
Approximate annual demand fees under agreement | $	$ 9.3
NJNG to Adelphia Affiliate
Related Party Transaction [Line Items]
Number of transportation agreements | numberOfAgreement		2
NJNG to Adelphia Affiliate | Transportation Precedent Agreement One
Related Party Transaction [Line Items]
Transportation capacity under precedent agreement with PennEast (in bcf per day) | dth / d		130,000
Transportation precedent agreement term		5 years
NJNG to Adelphia Affiliate | Transportation Precedent Agreement Two
Related Party Transaction [Line Items]
Transportation capacity under precedent agreement with PennEast (in bcf per day) | dth / d		130,000
Transportation precedent agreement term		15 years
Leaf River Energy Center LLC
Related Party Transaction [Line Items]
Natural gas sold at cost under asset management agreement (in Bcf) | Bcf		3
Storage capacity agreement term		5 years
NJNG and Clean Energy Ventures to PPA | Sublease Agreement One
Related Party Transaction [Line Items]
Sublease agreement term		15 years
NJNG and Clean Energy Ventures to PPA | Sublease Agreement Two
Related Party Transaction [Line Items]
Sublease agreement term		20 years
NJNG To NJR Subsidiaries
Related Party Transaction [Line Items]
Term of contract		16 years

RELATED PARTY TRANSACTIONS - DE

RELATED PARTY TRANSACTIONS - DEMAND FEES (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Related Party Transaction [Line Items]
Demand fees payable	$ 857		$ 859
Related Party
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	1,879	$ 1,827
Demand fees payable	857		859
Related Party | NJNG to Steckman RIdge Affiliate
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	1,655	1,655
Demand fees payable	775		775
Related Party | NJRES to Steckman Ridge Affiliate
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	224	$ 172
Demand fees payable	$ 82		$ 84