New Jersey Resources (NJR) 10-Q 4 Feb 25 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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		100,289,422
Entity Central Index Key	0000356309
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
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, 2024	Dec. 31, 2023
OPERATING REVENUES
Utility	$ 333,427	$ 293,093
Nonutility	154,934	174,117
Total operating revenues	488,361	467,210
Natural gas purchases:
Related parties	1,718	1,879
Operation and maintenance	88,632	94,439
Regulatory rider expenses	22,476	19,189
Depreciation and amortization	45,329	40,287
Gain on sale of assets	(54,859)	0
Total operating expenses	298,784	331,391
OPERATING INCOME	189,577	135,819
Other income, net	11,617	6,341
Interest expense, net of capitalized interest	33,891	31,473
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	167,303	110,687
Income tax provision	37,384	22,936
Equity in earnings of affiliates	1,400	1,660
NET INCOME	$ 131,319	$ 89,411
EARNINGS PER COMMON SHARE
Basic (usd per share)	$ 1.32	$ 0.91
Diluted (usd per share)	$ 1.31	$ 0.91
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	99,855	97,869
Diluted (in shares)	100,478	98,563
Utility
Natural gas purchases:
Gas purchases - Utility and Nonutility	$ 127,680	$ 116,120
Nonutility
Natural gas purchases:
Gas purchases - Utility and Nonutility	$ 67,808	$ 59,477

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 131,319	$ 89,411
Other comprehensive income
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively	263	264
Adjustment to postemployment benefit obligation, net of tax of $58 and $(40), respectively	(195)	131
Other comprehensive income	68	395
Comprehensive income	$ 131,387	$ 89,806

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Tax on reclassifications of losses to net income on derivatives	$ (79)	$ (79)
Tax on adjustment to postemployment benefit obligation	$ 58	$ (40)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES
Net income	$ 131,319	$ 89,411
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments	6,368	(5,400)
Gain on sale of assets	(54,859)	0
Depreciation and amortization	45,329	40,287
Amortization of acquired wholesale energy contracts	0	111
Allowance for equity used during construction	(1,086)	(1,482)
Allowance for doubtful accounts	194	(1,575)
Non cash lease expense	1,071	1,152
Deferred income taxes	20,522	18,758
Equivalent value of ITCs recognized on equipment financing	(4,352)	(2,888)
Manufactured gas plant remediation costs	(1,126)	(4,575)
Cost of removal - asset retirement obligations	(432)	(382)
Contributions to postemployment benefit plans	(227)	(1,996)
Taxes related to stock-based compensation	1,805	1,185
Changes in:
Components of working capital	(187,879)	(97,615)
Other noncurrent assets and liabilities	34,398	11,424
Cash flows (used in) from operating activities	(8,955)	46,415
Expenditures for:
Cost of removal	(10,775)	(8,977)
Distribution from equity investees in excess of equity in earnings	99	830
Proceeds from sale of assets	132,500	0
Cash flows used in investing activities	(19,271)	(113,792)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	100,000	50,000
Payments of long-term debt	(107,676)	(6,188)
Proceeds from short-term debt, net	45,200	16,550
Proceeds from sale leaseback transactions - solar	12,567	24,394
Proceeds from sale leaseback transactions - natural gas meters	11,714	8,814
Payments of common stock dividends	(44,752)	(40,981)
Proceeds from waiver discount issuance of common stock	19,910	17,919
Proceeds from issuance of common stock - DRP	3,793	3,781
Tax withholding payments related to net settled stock compensation	(11,579)	(5,000)
Cash flows from financing activities	29,177	69,289
Change in cash, cash equivalents and restricted cash	951	1,912
Cash, cash equivalents and restricted cash at beginning of period	1,612	1,517
Cash, cash equivalents and restricted cash at end of period	2,563	3,429
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	(203,094)	(146,377)
Inventories	5,247	1,948
Recovery of natural gas costs	(375)	479
Natural gas purchases payable	30,998	24,901
Natural gas purchases payable - related parties	6	(2)
Deferred revenue, current	650	57,115
Accounts payable and other	(45,967)	(47,797)
Prepaid expenses	(7,421)	(5,794)
Prepaid and accrued taxes	35,204	20,895
Restricted broker margin accounts	(2,849)	(837)
Customers' credit balances and deposits	3,992	551
Other current assets and liabilities	(4,270)	(2,697)
Total	(187,879)	(97,615)
Cash paid for:
Interest (net of amounts capitalized)	34,843	29,779
Income taxes	863	629
Accrued capital expenditures	19,309	13,333
Utility plant
Expenditures for:
Payments to acquire PP&E	(99,143)	(71,166)
Solar equipment
Expenditures for:
Payments to acquire PP&E	(33,476)	(25,766)
Storage and Transportation and other
Expenditures for:
Payments to acquire PP&E	$ (8,476)	$ (8,713)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$ 4,280,115	$ 4,221,395
Construction work in progress	272,360	233,295
Nonutility plant and equipment, at cost	1,724,166	1,834,956
Construction work in progress	219,905	206,869
Total property, plant and equipment	6,496,546	6,496,515
Accumulated depreciation and amortization, utility plant	(811,164)	(786,594)
Accumulated depreciation and amortization, nonutility plant and equipment	(257,139)	(306,698)
Property, plant and equipment, net	5,428,243	5,403,223
CURRENT ASSETS
Cash and cash equivalents	1,908	1,017
Customer accounts receivable
Billed	211,036	105,531
Unbilled revenues	117,280	20,094
Allowance for doubtful accounts	(8,297)	(8,506)
Regulatory assets	64,689	73,070
Natural gas in storage, at average cost	192,046	199,125
Materials and supplies, at average cost	40,316	38,484
Prepaid expenses	19,175	11,754
Prepaid taxes	31,862	67,066
Derivatives, at fair value	5,073	6,813
Restricted broker margin accounts	23,003	13,243
Other current assets	32,613	26,904
Total current assets	730,704	554,595
NONCURRENT ASSETS
Investments in equity method investees	101,609	101,744
Regulatory assets	612,595	609,192
Operating lease assets	183,252	184,485
Derivatives, at fair value	1,872	806
Software costs	10,561	10,522
Deferred income taxes	23,303	20,751
Postemployment employee benefit assets	23,014	24,660
Other noncurrent assets	78,812	71,667
Total noncurrent assets	1,035,018	1,023,827
Total assets	7,193,965	6,981,645
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2024 — 100,191,159; September 30, 2024 — 99,461,448	249,984	248,159
Premium on common stock	663,882	633,811
Accumulated other comprehensive loss, net of tax	(6,453)	(6,521)
Treasury stock at cost and other; shares December 31, 2024 — 16,658; September 30, 2024 — 16,302	20,188	26,220
Retained earnings	1,385,083	1,298,774
Common stock equity	2,312,684	2,200,443
Long-term debt	2,989,473	2,879,464
Total capitalization	5,302,157	5,079,907
CURRENT LIABILITIES
Current maturities of long-term debt	91,558	189,006
Short-term debt	337,000	291,800
Natural gas purchases payable	88,513	57,515
Natural gas purchases payable to related parties	881	875
Deferred revenue	22,222	21,572
Accounts payable and other	112,529	169,232
Dividends payable	45,009	44,752
Accrued taxes	10,593	10,593
Regulatory liabilities	32,610	32,981
New Jersey Clean Energy Program	16,523	18,491
Derivatives, at fair value	13,463	6,271
Operating lease liabilities	5,177	4,945
Restricted broker margin accounts	0	1,146
Customers' credit balances and deposits	42,587	38,595
Total current liabilities	818,665	887,774
NONCURRENT LIABILITIES
Deferred income taxes	383,362	358,783
Deferred investment tax credits	2,086	2,156
Deferred revenue	32,451	3,095
Derivatives, at fair value	12,321	11,490
Manufactured gas plant remediation	161,024	161,650
Postemployment employee benefit liability	71,143	64,609
Regulatory liabilities	174,726	175,847
Operating lease liabilities	158,583	159,303
Asset retirement obligations	67,278	66,698
Other noncurrent liabilities	10,169	10,333
Total noncurrent liabilities	1,073,143	1,013,964
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	7,193,965	6,981,645
Related Party
CURRENT LIABILITIES
Natural gas purchases payable to related parties	$ 881	$ 875

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Sep. 30, 2024
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)	100,191,159	99,461,448
Treasury stock at cost and other, shares (in shares)	16,658	16,302

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, 2023			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)	[1]		94,000
Dividend reinvestment plan	[1]	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			98,202,000
Balance as of end of period at Dec. 31, 2023		$ 2,066,201	$ 245,009	582,551	(9,564)	22,136	1,226,069
Balance as of beginning of period (in shares) at Sep. 30, 2024		99,461,448	99,461,000
Balance as of beginning of period at Sep. 30, 2024		$ 2,200,443	$ 248,159	633,811	(6,521)	26,220	1,298,774
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		131,319					131,319
Other comprehensive income		68			68
Common stock issued:
Incentive compensation plan (in shares)			232,000
Incentive compensation plan		8,242	$ 581	7,661
Dividend reinvestment plan (in shares)			80,000
Dividend reinvestment plan		3,744	$ 199	3,545
Waiver discount (in shares)			418,000
Waiver discount		19,910	$ 1,045	18,865
Cash dividend declared		(45,010)					(45,010)
Treasury stock and other		$ (6,032)				(6,032)
Balance as of end of period (in shares) at Dec. 31, 2024		100,191,159	100,191,000
Balance as of end of period at Dec. 31, 2024		$ 2,312,684	$ 249,984	$ 663,882	$ (6,453)	$ 20,188	$ 1,385,083
[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, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (usd per share)	$ 0.45	$ 0.42

NATURE OF THE BUSINESS

NATURE OF THE BUSINESS	3 Months Ended
	Dec. 31, 2024
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 residential and commercial 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, which owns and operates clean energy projects, including commercial solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana. On November 25, 2024, CEV completed the sale of its 91 MW residential solar portfolio, and related assets and liabilities included in The Sunlight Advantage® program to a third party for a total purchase price of $132.5M. See Note 16. Dispositions for more information regarding the transaction. 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. 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, a FERC-jurisdictional natural gas storage facility 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, 2024
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, 2024 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 2024 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, 2025. 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 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 and the fair value of derivative instruments and debt. 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. 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 SREC program officially closed to new qualified solar projects in April 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, or SREC IIs. The ADI Program provides administratively set incentives for net metered 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 for forward sales 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 $4.9M and $9.5M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during the three months ended December 31, 2024 and 2023, respectively. Amounts received in excess of revenue totaling $51.6M and $22.3M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, 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 $ 1,908 $ 1,017 $ 2,739 Restricted cash in other noncurrent assets $ 655 $ 595 $ 690 Statements of Cash Flow Cash, cash equivalents and restricted cash $ 2,563 $ 1,612 $ 3,429 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 three Natural Gas in Storage The following table summarizes natural gas in storage, at average cost by segment as of: December 31, 2024 September 30, 2024 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 161,613 25.3 $ 177,655 30.8 ES 30,311 12.7 21,378 13.1 S&T 122 0.1 92 — Total $ 192,046 38.1 $ 199,125 43.9 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 $ 133,268 $ 133,158 Construction work in progress $ 34,028 $ 26,659 Nonutility plant and equipment, at cost $ 344 $ 344 Accumulated depreciation and amortization, utility plant $ (16,045) $ (13,632) Accumulated depreciation and amortization, nonutility plant and equipment $ (50) $ (48) Software costs $ 10,561 $ 10,522 Three Months Ended December 31, Statements of Operations 2024 2023 Operation and maintenance $ 2,736 $ 3,253 Depreciation and amortization $ 2,415 $ 990 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. 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 its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; 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) Income The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended December 31, 2024 and 2023: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2024 $ (6,215) $ (306) $ (6,521) Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(79), $58 and $(21), respectively 263 (195) (1) 68 Balance as of December 31, 2024 $ (5,952) $ (501) $ (6,453) Balance as of September 30, 2023 $ (7,269) $ (2,690) $ (9,959) Other comprehensive income, net of tax Amounts reclassified from accumulated other comprehensive income, 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) (1) Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations. Recently Adopted 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 became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have equity securities subject to contractual sale restrictions, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption. 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 became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have leases that are impacted by this amendment, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption. 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 disclose 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. The guidance became effective for the Company on October 1, 2024, for the first annual period and will become effective on October 1, 2025, for the interim periods. It will be applied retrospectively to all periods presented. As the amendments in this update only impact disclosures, there was no impact on the Company’s financial position, results of operations, and cash flows upon adoption. 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 became effective for the Company for joint ventures formed beginning January 1, 2025, and was applied on a prospective basis. As the Company does not have any applicable transactions, there was no impact to the Company's financial position, results of operations, cash flows, and disclosures upon adoption. Other Recent Updates to the Accounting Standards Codification Income Taxes In December 2023, the FASB issued ASU No. 2023-09 , an amendment to ASC 740, Income Taxes , which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance becomes effective for the Company on October 1, 2025, and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03 , an amendment to ASC 220, Income Statement Reporting , which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.

REVENUE

REVENUE	3 Months Ended
	Dec. 31, 2024
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. Revenue Recognized Over Time (continued): Segment/ Performance Obligation Description 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 provided access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation was to provide electricity to the customer based on generation from the underlying residential solar asset and was satisfied upon transfer of electricity generated. Revenue was derived from the contract terms and was recognized as invoiced, with the payment due each month for the previous month's services. In November 2024, CEV's residential solar asset portfolio was sold to a third party. CEV Renewable energy certificates Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. 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 ADI & CSI Programs 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 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. 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, 2024 and 2023, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Natural gas utility sales (1) $ 296,402 — — — — $ 296,402 Natural gas services — — 11,947 26,628 — 38,575 Service contracts — — — — 9,232 9,232 Installations and maintenance — — — — 6,562 6,562 Renewable energy certificates — 2,896 — — — 2,896 Electricity sales — 5,826 — — — 5,826 Eliminations (2) (337) — — (42) (161) (540) Revenues from contracts with customers 296,065 8,722 11,947 26,586 15,633 358,953 Alternative revenue programs (3) (5,391) — — — — (5,391) Derivative instruments 42,754 17,684 (4) 74,361 — — 134,799 Revenues out of scope 37,363 17,684 74,361 — — 129,408 Total operating revenues $ 333,428 26,406 86,308 26,586 15,633 $ 488,361 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 (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, 2024 and 2023, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Residential $ 223,819 2,110 — — 15,544 $ 241,473 Commercial and industrial 41,805 6,612 11,947 26,586 89 87,039 Firm transportation 27,325 — — — — 27,325 Interruptible, off-tariff and other 3,116 — — — — 3,116 Revenues out of scope 37,363 17,684 74,361 — — 129,408 Total operating revenues $ 333,428 26,406 86,308 26,586 15,633 $ 488,361 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 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, 2024 and 2023, are as follows: Customer Accounts Receivable Customers' Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2024 $ 105,531 $ 20,094 $ 38,595 Increase 105,505 97,186 3,992 Balance as of December 31, 2024 $ 211,036 $ 117,280 $ 42,587 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 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, 2024 and September 30, 2024: (Thousands) NJNG CEV ES S&T HSO Total December 31, 2024 Customer accounts receivable Billed $ 138,967 8,171 52,677 8,455 2,766 $ 211,036 Unbilled 112,000 5,280 — — — 117,280 Customers' credit balances and deposits (42,565) — — (22) — (42,587) Total $ 208,402 13,451 52,677 8,433 2,766 $ 285,729 September 30, 2024 Customer accounts receivable Billed $ 51,613 8,441 34,002 8,598 2,877 $ 105,531 Unbilled 11,839 8,255 — — — 20,094 Customers' credit balances and deposits (38,572) — — (23) — (38,595) Total $ 24,880 16,696 34,002 8,575 2,877 $ 87,030

REGULATION

REGULATION	3 Months Ended
	Dec. 31, 2024
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 7.08% 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 $ 16,523 $ 18,491 Conservation Incentive Program 46,052 51,442 Derivatives at fair value, net 570 1,363 Other current regulatory assets 1,544 1,774 Total current regulatory assets $ 64,689 $ 73,070 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 74,146 $ 77,475 Liability for future expenditures 161,024 161,650 Deferred income taxes 42,776 42,595 SAVEGREEN 114,391 107,796 Postemployment and other benefit costs 24,695 23,772 Cost of removal 135,006 130,885 Other noncurrent regulatory assets 55,488 59,924 Total noncurrent regulatory assets $ 607,526 $ 604,097 Regulatory liability-current Overrecovered natural gas costs $ 26,692 $ 32,457 Derivatives at fair value, net 5,337 — Total current regulatory liabilities $ 32,029 $ 32,457 Regulatory liabilities-noncurrent Tax Act impact $ 174,074 $ 175,328 Derivatives at fair value, net — 404 Other noncurrent regulatory liabilities 652 115 Total noncurrent regulatory liabilities $ 174,726 $ 175,847 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 $ 5,069 $ 5,095 Total current regulatory liabilities $ 581 $ 524 The assets are comprised primarily of the tax benefit associated with the equity component of Allowance for Funds Used During Construction 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 October 30, 2024, the BPU approved a settlement of the new SAVEGREEN program running from January 1, 2025 to June 30, 2027, and consisting of $205.0M of direct investment, $160.5M in financing options and $20.1M in O&M, which totals $385.6M. Annual recoveries are expected to increase by approximately $12.3M, effective January 1, 2025. • On November 21, 2024, the BPU issued an order adopting a stipulation of settlement approving a $157.0M increase to base rates, effective November 21, 2024. The increase includes an overall rate of return on rate base of 7.08%, return on common equity of 9.60%, a common equity ratio of 54.0% and a depreciation rate of 3.21%. • On December 17, 2024, NJNG filed a petition with the BPU seeking authority to issue up to $700M in Medium Term Notes over a three-year period. • On December 18, 2024, the BPU approved NJNG's annual EE filing for the recovery of SAVEGREEN costs, which will increase annual recoveries by approximately $3.1M, effective January 1, 2025.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Dec. 31, 2024
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. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, 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 operating expenses 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 operating expenses or operating revenues. 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 purchases and production of SRECs are 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. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively. 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, 2024 September 30, 2024 (Thousands) Balance Sheet Location Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments: NJNG: Physical commodity contracts Derivatives - current $ 159 $ 728 $ 21 $ 579 Financial commodity contracts Derivatives - current 10 2,327 — 2 ES: Physical commodity contracts Derivatives - current 2,079 7,049 1,660 4,346 Derivatives - noncurrent 1,602 12,052 727 10,758 Financial commodity contracts Derivatives - current 2,825 3,359 5,132 1,344 Derivatives - noncurrent 270 269 79 732 Total fair value of derivatives $ 6,945 $ 25,784 $ 7,619 $ 17,761 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, 2024 ES Contracts Physical commodity $ 3,681 (444) — $ 3,237 $ 19,101 (444) (6,043) $ 12,614 Financial commodity 3,095 (3,095) — — 3,628 (3,095) (533) — Total ES $ 6,776 (3,539) — $ 3,237 $ 22,729 (3,539) (6,576) $ 12,614 NJNG Contracts Physical commodity $ 159 — — $ 159 $ 728 — — $ 728 Financial commodity 10 (10) — — 2,327 (10) — 2,317 Total NJNG $ 169 (10) — $ 159 $ 3,055 (10) — $ 3,045 As of September 30, 2024 ES Contracts Physical commodity $ 2,387 (535) — $ 1,852 $ 15,104 (535) (5,551) $ 9,018 Financial commodity 5,211 (2,076) (1,170) 1,965 2,076 (2,076) — — Total ES $ 7,598 (2,611) (1,170) $ 3,817 $ 17,180 (2,611) (5,551) $ 9,018 NJNG Contracts Physical commodity $ 21 (13) — $ 8 $ 579 (13) — $ 566 Financial commodity — — — — 2 — (2) — Total NJNG $ 21 (13) — $ 8 $ 581 (13) (2) $ 566 (1) Derivative assets and liabilities are presented on a gross basis on the Unaudited 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, create 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: 2024 2023 ES: Physical commodity contracts Operating revenues $ (2,632) $ 14,030 Physical commodity contracts Natural gas purchases (1,752) (586) Financial commodity contracts Natural gas purchases 1,538 18,082 Physical commodity contracts Operation and maintenance 1,053 — Total unrealized and realized (loss) gain $ (1,793) $ 31,526 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) 2024 2023 NJNG: Physical commodity contracts $ (13,386) $ (1,070) Financial commodity contracts 5,939 4,332 Total unrealized and realized (loss) gain $ (7,447) $ 3,262 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, 2024 26.6 4.9 (7.7) (0.3) September 30, 2024 31.9 10.9 (7.7) 2.8 Not included in the above table are 1.0M and 1.2M SRECs that were open as of December 31, 2024 and September 30, 2024, respectively. 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 $ 10,761 $ 4,975 ES Restricted broker margin accounts-current assets $ 12,242 $ 8,268 Restricted broker margin accounts-current liabilities $ — $ 1,146 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, S&P or Moody's. In these cases, the counterparty's or guarantor's financial statements are reviewed, and similar methodologies and ratios used by credit rating agencies 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, 2024. 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. (Thousands) Gross Credit Exposure Investment grade $ 133,065 Noninvestment grade 23,522 Internally rated investment grade 17,276 Internally rated noninvestment grade 23,005 Total $ 196,868 Conversely, certain of NJNG's and ES's 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. Derivative instruments with credit-risk-related contingent features that were in a liability position for which collateral is required were immaterial as of December 31, 2024 and September 30, 2024. 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, 2024
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 loans receivable, 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. Noncurrent 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 sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows: (Thousands) December 31, September 30, Carrying value (1) (2) $ 2,767,845 $ 2,767,845 Fair market value $ 2,391,501 $ 2,525,804 (1) Excludes NJNG's debt issuance costs of $10.8M and $10.9M as of December 31, 2024 and September 30, 2024, respectively. (2) Excludes NJR's debt issuance costs of $3.4M and $3.0M as of December 31, 2024 and September 30, 2024, 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 approximately $288.0M and $283.0M and the estimated fair value was approximately $287.9M and $290.4M as of December 31, 2024 and September 30, 2024, respectively. The carrying value of the natural gas meter sale leasebacks was approximately $39.4M and $31.6M and the estimated fair value of certain natural gas meter sale leasebacks amounted to approximately $36.5M and $26.7M as of December 31, 2024 and September 30, 2024, 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 debt instrument and the Company's credit rating. As of December 31, 2024 and September 30, 2024, 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 contracts 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, 2024 Assets: Physical commodity contracts $ — $ 3,840 $ — $ 3,840 Financial commodity contracts 3,105 — — 3,105 Money market funds 10 — — 10 Other 2,714 — — 2,714 Total assets at fair value $ 5,829 $ 3,840 $ — $ 9,669 Liabilities: Physical commodity contracts $ — $ 19,829 $ — $ 19,829 Financial commodity contracts 5,955 — — 5,955 Total liabilities at fair value $ 5,955 $ 19,829 $ — $ 25,784 As of September 30, 2024 Assets: Physical commodity contracts $ — $ 2,408 $ — $ 2,408 Financial commodity contracts 5,211 — — 5,211 Money market funds 62 — — 62 Other 2,671 — — 2,671 Total assets at fair value $ 7,944 $ 2,408 $ — $ 10,352 Liabilities: Physical commodity contracts $ — $ 15,683 $ — $ 15,683 Financial commodity contracts 2,078 — — 2,078 Total liabilities at fair value $ 2,078 $ 15,683 $ — $ 17,761

INVESTMENTS IN EQUITY INVESTEES

INVESTMENTS IN EQUITY INVESTEES	3 Months Ended
	Dec. 31, 2024
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 $101.6M and $101.7M as of December 31, 2024 and September 30, 2024, respectively, which include loans with a total outstanding principal balance of approximately $70.4M for both periods. The loans accrue interest at a variable rate that resets quarterly and are 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, 2024
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) 2024 2023 Net income, as reported $ 131,319 $ 89,411 Basic earnings per share Weighted average shares of common stock outstanding-basic 99,855 97,869 Basic earnings per common share $1.32 $0.91 Diluted earnings per share Weighted average shares of common stock outstanding-basic 99,855 97,869 Incremental shares (1) 623 694 Weighted average shares of common stock outstanding-diluted 100,478 98,563 Diluted (loss) earnings per common share $1.31 $0.91 (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, 2024
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 facility (1) December 31, 2024 $ 575,000 $ 193,100 5.68 % $ 363,432 (2) August 2029 September 30, 2024 $ 575,000 $ 236,700 6.23 % $ 325,951 (2) August 2029 NJNG bank revolving credit facility (3) December 31, 2024 $ 250,000 $ 143,900 4.67 % $ 105,369 (4) August 2029 September 30, 2024 $ 250,000 $ 55,100 4.98 % $ 194,169 (4) August 2029 (1) Committed credit facility, which requires commitment fees of 0.10% on the unused amount. (2) Letters of credit outstanding total approximately $18.5M and $12.3M as of December 31, 2024 and September 30, 2024, respectively, which reduces the amount available by the same amount. (3) Committed credit facility, which requires commitment fees of 0.075% on the unused amount. (4) Letters of credit outstanding total approximately $0.7M as of both December 31, 2024 and September 30, 2024, 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. Long-term Debt NJR On November 7, 2024, NJR entered into a Note Purchase Agreement under which NJR issued $100M senior notes at a fixed interest rate of 5.55%, maturing on November 7, 2034. NJNG NJNG received approximately $11.7M and $8.8M during the three months ended December 31, 2024 and 2023, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes that is paid over the term of the arrangement and has the option to purchase the meters back at fair value upon expiration of the lease. Clean Energy Ventures CEV received proceeds of approximately $12.6M and $24.4M during the three months ended December 31, 2024 and 2023, 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 RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	10. EMPLOYEE BENEFIT PLANS Pension and Other Postemployment Benefit Plans In January 2024, the Company announced changes to its postretirement medical benefits plan that replaced the existing retiree medical coverage for certain eligible employees and their dependents with an employer funded Health Reimbursement Arrangement. The liability associated with postretirement medical benefits was remeasured as of January 1, 2024. The change in post-retirement medical benefits is being amortized into earnings over approximately eight years, the average remaining service to retirement for all plan participants. 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) 2024 2023 2024 2023 Service cost $ 1,381 $ 1,244 $ 273 $ 642 Interest cost 3,858 4,060 2,097 2,902 Expected return on plan assets (5,925) (5,087) (2,346) (1,858) Recognized actuarial loss 301 29 1,793 496 Prior service cost (credit) amortization — 16 (3,270) — Net periodic benefit (credit) cost $ (385) $ 262 $ (1,453) $ 2,182 The Company does not expect to make additional contributions to fund the pension plans during fiscal 2025 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, 2024 and 2023.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 2024
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 on which the act is signed into law. Similarly, the tax effect of unusual or infrequent events and transactions are recognized in the financial reporting period in which they occur. These items are excluded from the calculation of the estimated annual effective tax rate and are reported discretely in each interim reporting period. 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 tax position will be upheld upon examination by the applicable taxing authority and is measured based on the largest tax benefit that is more than 50% likely to be realized. 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 23.2% and 21.5%, for the three months ended December 31, 2024 and 2023, 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. Discrete tax items primarily relate to the income tax effects associated with the sale of the Company’s residential solar energy projects and host customer power purchase agreements for the three months ended December 31, 2024 and the vesting of share based awards for the three months ended December 31, 2023. NJR’s effective tax rate was 22.2% and 20.4% during the three months ended December 31, 2024 and 2023, respectively. Other Tax Items As of December 31, 2024 and September 30, 2024, the Company has tax credit carryforwards of approximately $190.8M and $191.6M, 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, 2024 and September 30, 2024, the Company has state income tax net operating losses of approximately $599.3M and $634.7M, respectively. These state net operating losses have varying carry-forward periods dictated by the state in which they were incurred; these state carry-forward periods and range from seven

LEASES

LEASES	3 Months Ended
	Dec. 31, 2024
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 seven 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 2024 2023 Operating lease cost (1) Operation and maintenance $ 2,709 $ 2,540 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 540 528 Interest on lease liabilities Interest expense, net of capitalized interest 188 252 Total finance lease cost 728 780 Variable lease cost Operation and maintenance 230 200 Total lease cost $ 3,667 $ 3,520 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases: Three Months Ended December 31, (Thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 2,364 $ 2,236 Operating cash flows for finance leases $ 188 $ 252 Financing cash flows for finance leases $ 3,596 $ 1,956 Assets obtained or modified through operating lease liabilities totaled approximately $1.5M during the three months ended December 31, 2023. There were no assets obtained or modified through operating leases during the three months ended December 31, 2024. There were no assets obtained or modified through finance leases during the three months ended December 31, 2024 and 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 $ 183,252 $ 184,485 Finance lease assets Utility plant 25,548 26,088 Total lease assets $ 208,800 $ 210,573 Liabilities Current Operating lease liabilities Operating lease liabilities $ 5,177 $ 4,945 Finance lease liabilities Current maturities of long-term debt 7,158 7,534 Noncurrent Operating lease liabilities Operating lease liabilities 158,583 159,303 Finance lease liabilities Long-term debt 12,806 16,026 Total lease liabilities $ 183,724 $ 187,808 For operating lease assets and liabilities, the weighted average remaining lease term was 28.5 years and 28.6 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.8% as of both December 31, 2024 and September 30, 2024. For finance lease assets and liabilities, the weighted average remaining lease term was 3.0 years as of both December 31, 2024 and September 30, 2024, and the weighted average discount rate used in the valuation over the remaining lease term was 3.3% and 3.4% as of December 31, 2024 and September 30, 2024, 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 seven 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 2024 2023 Operating lease cost (1) Operation and maintenance $ 2,709 $ 2,540 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 540 528 Interest on lease liabilities Interest expense, net of capitalized interest 188 252 Total finance lease cost 728 780 Variable lease cost Operation and maintenance 230 200 Total lease cost $ 3,667 $ 3,520 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases: Three Months Ended December 31, (Thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 2,364 $ 2,236 Operating cash flows for finance leases $ 188 $ 252 Financing cash flows for finance leases $ 3,596 $ 1,956 Assets obtained or modified through operating lease liabilities totaled approximately $1.5M during the three months ended December 31, 2023. There were no assets obtained or modified through operating leases during the three months ended December 31, 2024. There were no assets obtained or modified through finance leases during the three months ended December 31, 2024 and 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 $ 183,252 $ 184,485 Finance lease assets Utility plant 25,548 26,088 Total lease assets $ 208,800 $ 210,573 Liabilities Current Operating lease liabilities Operating lease liabilities $ 5,177 $ 4,945 Finance lease liabilities Current maturities of long-term debt 7,158 7,534 Noncurrent Operating lease liabilities Operating lease liabilities 158,583 159,303 Finance lease liabilities Long-term debt 12,806 16,026 Total lease liabilities $ 183,724 $ 187,808 For operating lease assets and liabilities, the weighted average remaining lease term was 28.5 years and 28.6 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.8% as of both December 31, 2024 and September 30, 2024. For finance lease assets and liabilities, the weighted average remaining lease term was 3.0 years as of both December 31, 2024 and September 30, 2024, and the weighted average discount rate used in the valuation over the remaining lease term was 3.3% and 3.4% as of December 31, 2024 and September 30, 2024, respectively.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Dec. 31, 2024
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 July 2039, for the supply, transportation and storage of natural gas. These contracts include annual fixed charges of approximately $187.8M 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, 2024, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter ES: Natural gas purchases $ 40,459 $ 1,272 $ — $ — $ — $ — Storage demand fees 12,443 11,967 5,452 3,500 2,712 4,068 Pipeline demand fees 40,058 42,072 29,651 21,493 11,005 47,686 Sub-total ES $ 92,960 $ 55,311 $ 35,103 $ 24,993 $ 13,717 $ 51,754 NJNG: Natural gas purchases $ 20,303 $ — $ — $ — $ — $ — Storage demand fees 26,747 22,669 11,207 4,900 — — Pipeline demand fees 161,035 215,296 149,328 128,439 124,709 955,051 Sub-total NJNG $ 208,085 $ 237,965 $ 160,535 $ 133,339 $ 124,709 $ 955,051 Total $ 301,045 $ 293,276 $ 195,638 $ 158,332 $ 138,426 $ 1,006,805 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 in November 2021, for a period of 10 years. Guarantees As of December 31, 2024, there were NJR guarantees covering approximately $180.4M of ES’s natural gas purchases and demand fee commitments not yet reflected in accounts payable on the Unaudited Condensed Consolidated Balance Sheets. 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 $130.9M to $194.6M. 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, 2024, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $161.0M 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, 2024, $74.1M 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 different 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, 2024
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 business 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 business operations during the three months ended December 31, 2024 and 2023, are as follows: Segments (Thousands) NJNG CEV ES S&T Subtotal HSO Elims Total 2024 Operating revenues External customers $ 333,428 26,406 86,308 26,586 $ 472,728 15,633 — $ 488,361 Intercompany $ 337 — — 42 $ 379 161 (540) $ — Depreciation and amortization $ 32,084 6,425 47 6,496 $ 45,052 277 — $ 45,329 Interest income (2) $ 637 — 34 2,456 $ 3,127 273 (1,345) $ 2,055 Interest expense, net of capitalized interest $ 17,454 6,374 3,885 5,969 $ 33,682 209 — $ 33,891 Income tax provision $ 18,261 14,141 2,769 1,489 $ 36,660 469 255 $ 37,384 Equity in earnings of affiliates $ — — — 961 $ 961 — 439 $ 1,400 Net financial earnings (loss) $ 66,908 48,130 7,833 5,664 $ 128,535 615 (256) $ 128,894 Capital expenditures $ 109,904 33,476 — 8,201 $ 151,581 289 — $ 151,870 2023 Operating revenues External customers $ 293,093 35,295 100,801 23,187 $ 452,376 14,834 — $ 467,210 Intercompany $ 337 — (1,133) 675 $ (121) — 121 $ — Depreciation and amortization $ 26,917 6,922 57 (1) 6,162 $ 40,058 229 — $ 40,287 Interest income (2) $ 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 (1) 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. (2) Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations. The Company's assets for the various reporting segments and other business operations are detailed below: Segments Intercompany (Thousands) NJNG CEV ES S&T Subtotal HSO Assets (1) Total December 31, 2024 $ 5,031,714 1,104,304 138,545 1,026,150 $ 7,300,713 142,143 (248,891) $ 7,193,965 September 30, 2024 $ 4,789,835 1,157,573 108,710 1,025,457 $ 7,081,575 159,444 (259,374) $ 6,981,645 (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) 2024 2023 Net financial earnings $ 128,894 $ 72,444 Less: Unrealized loss (gain) on derivative instruments and related transactions 6,368 (5,400) Tax effect (1,513) 1,282 Effects of economic hedging related to natural gas inventory (9,527) (16,228) Tax effect 2,264 3,857 NFE tax adjustment (17) (478) Net income $ 131,319 $ 89,411 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 and SRECs. 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, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS In April 2020, NJNG entered into a five-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 Steckman Ridge. As of December 31, 2024, 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) 2024 2023 NJNG $ 1,524 $ 1,655 ES 194 224 Total $ 1,718 $ 1,879 The following table summarizes demand fees payable to Steckman Ridge as of: (Thousands) December 31, September 30, NJNG $ 775 $ 775 ES 106 100 Total $ 881 $ 875 NJNG and ES enter into various AMAs, the effects of which are eliminated in consolidation. Under the terms of these AMAs, NJNG releases certain transportation and storage contracts to ES. NJNG and ES had one AMA, which expired on March 31, 2024, and was not renewed. NJNG entered into two transportation agreements with Adelphia, each for committed capacity of 130,000 Dekatherms per day. The first is for five 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 had a five-year agreement for 3 Bcf of firm storage capacity with Leaf River, the effects of which were eliminated in consolidation. The agreement expired on March 31, 2024, and was not renewed. 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, each 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. On January 3, 2025, Adelphia and ES entered into a transportation agreement for committed capacity of 10,000 Dekatherms per day with an expiration date of February 28, 2025. The intercompany profits for certain transactions between NJNG and ES and NJNG and Adelphia are not eliminated in accordance with ASC 980, Regulated Operations.

DISPOSITIONS

DISPOSITIONS	3 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
DISPOSITIONS	16. DISPOSITIONS On November 25, 2024, CEV completed the sale of its residential solar asset portfolio to a third party, which primarily includes residential solar energy projects and host customer contracts, included in The Sunlight Advantage® program, for a total purchase price of $132.5M. The transaction also included a post-closing working capital adjustment and is subject to a transition services agreement. During the three months ended December 31, 2024, the Company recognized a pre-tax gain on sale of assets of approximately $54.9M on the Unaudited Condensed Consolidated Statements of Operations. CEV currently has certain residential solar energy projects that are under contract and in various stages of development that will transfer to the buyer once the assets become operational. The value of these unsold projects is considered immaterial to the Company’s consolidated financial statements. The transfer of these projects is expected to take place during fiscal 2025. Also, in connection with the sale, CEV entered into an agreement with the buyer to leaseback certain residential solar energy projects that have not yet passed the fifth anniversary of their placed-in-service dates. The assets are subject to leaseback until the fifth anniversary of the applicable placed-in-service date of the project. The impact of these transactions is considered immaterial to the Company’s consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 131,319	$ 89,411

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Roberto Bel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 19, 2024, Roberto Bel, our Senior Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement, which is intended to satisfy the affirmative defense of Rule 10b5-1(c). The Rule 10b5-1 trading arrangement provides for sales of up to 3,519 shares of our common stock beginning on March 20, 2025 until August 10, 2025, or once all of the shares have been sold. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules and regulations.
Name	Roberto Bel
Title	Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 19, 2024
Expiration Date	August 10, 2025
Arrangement Duration	234 days
Aggregate Available	3,519

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2024
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, 2024 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 2024 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, 2025. 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 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 and the fair value of derivative instruments and debt. 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. 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 SREC program officially closed to new qualified solar projects in April 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, or SREC IIs. The ADI Program provides administratively set incentives for net metered 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 for forward sales 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 $4.9M and $9.5M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during the three months ended December 31, 2024 and 2023, respectively. Amounts received in excess of revenue totaling $51.6M and $22.3M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, 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 three
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. 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 its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; 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.
Recently Adopted Updates to the Accounting Standards Codification	Recently Adopted 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 became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have equity securities subject to contractual sale restrictions, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption. 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 became effective for the Company on October 1, 2024, and was applied on a prospective basis. As the Company does not have leases that are impacted by this amendment, there was no impact on the Company’s financial position, results of operations, cash flows, and disclosures upon adoption. 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 disclose 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. The guidance became effective for the Company on October 1, 2024, for the first annual period and will become effective on October 1, 2025, for the interim periods. It will be applied retrospectively to all periods presented. As the amendments in this update only impact disclosures, there was no impact on the Company’s financial position, results of operations, and cash flows upon adoption. 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 became effective for the Company for joint ventures formed beginning January 1, 2025, and was applied on a prospective basis. As the Company does not have any applicable transactions, there was no impact to the Company's financial position, results of operations, cash flows, and disclosures upon adoption. Other Recent Updates to the Accounting Standards Codification Income Taxes In December 2023, the FASB issued ASU No. 2023-09 , an amendment to ASC 740, Income Taxes , which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance becomes effective for the Company on October 1, 2025, and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03 , an amendment to ASC 220, Income Statement Reporting , which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.
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. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, 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 operating expenses 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 operating expenses or operating revenues. 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 purchases and production of SRECs are 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. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively. 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 contracts 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 seven Leases .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Dec. 31, 2024
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 $ 1,908 $ 1,017 $ 2,739 Restricted cash in other noncurrent assets $ 655 $ 595 $ 690 Statements of Cash Flow Cash, cash equivalents and restricted cash $ 2,563 $ 1,612 $ 3,429
Schedule of Natural Gas in Storage	The following table summarizes natural gas in storage, at average cost by segment as of: December 31, 2024 September 30, 2024 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 161,613 25.3 $ 177,655 30.8 ES 30,311 12.7 21,378 13.1 S&T 122 0.1 92 — Total $ 192,046 38.1 $ 199,125 43.9
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 $ 133,268 $ 133,158 Construction work in progress $ 34,028 $ 26,659 Nonutility plant and equipment, at cost $ 344 $ 344 Accumulated depreciation and amortization, utility plant $ (16,045) $ (13,632) Accumulated depreciation and amortization, nonutility plant and equipment $ (50) $ (48) Software costs $ 10,561 $ 10,522 Three Months Ended December 31, Statements of Operations 2024 2023 Operation and maintenance $ 2,736 $ 3,253 Depreciation and amortization $ 2,415 $ 990
Schedule of Accumulated Other Comprehensive (Loss) Income	The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended December 31, 2024 and 2023: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2024 $ (6,215) $ (306) $ (6,521) Other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(79), $58 and $(21), respectively 263 (195) (1) 68 Balance as of December 31, 2024 $ (5,952) $ (501) $ (6,453) Balance as of September 30, 2023 $ (7,269) $ (2,690) $ (9,959) Other comprehensive income, net of tax Amounts reclassified from accumulated other comprehensive income, 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) (1) Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Dec. 31, 2024
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. Revenue Recognized Over Time (continued): Segment/ Performance Obligation Description 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 provided access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation was to provide electricity to the customer based on generation from the underlying residential solar asset and was satisfied upon transfer of electricity generated. Revenue was derived from the contract terms and was recognized as invoiced, with the payment due each month for the previous month's services. In November 2024, CEV's residential solar asset portfolio was sold to a third party. CEV Renewable energy certificates Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. 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 ADI & CSI Programs 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 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. 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, 2024 and 2023, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Natural gas utility sales (1) $ 296,402 — — — — $ 296,402 Natural gas services — — 11,947 26,628 — 38,575 Service contracts — — — — 9,232 9,232 Installations and maintenance — — — — 6,562 6,562 Renewable energy certificates — 2,896 — — — 2,896 Electricity sales — 5,826 — — — 5,826 Eliminations (2) (337) — — (42) (161) (540) Revenues from contracts with customers 296,065 8,722 11,947 26,586 15,633 358,953 Alternative revenue programs (3) (5,391) — — — — (5,391) Derivative instruments 42,754 17,684 (4) 74,361 — — 134,799 Revenues out of scope 37,363 17,684 74,361 — — 129,408 Total operating revenues $ 333,428 26,406 86,308 26,586 15,633 $ 488,361 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 (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, 2024 and 2023, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Residential $ 223,819 2,110 — — 15,544 $ 241,473 Commercial and industrial 41,805 6,612 11,947 26,586 89 87,039 Firm transportation 27,325 — — — — 27,325 Interruptible, off-tariff and other 3,116 — — — — 3,116 Revenues out of scope 37,363 17,684 74,361 — — 129,408 Total operating revenues $ 333,428 26,406 86,308 26,586 15,633 $ 488,361 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
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, 2024 and 2023, are as follows: Customer Accounts Receivable Customers' Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2024 $ 105,531 $ 20,094 $ 38,595 Increase 105,505 97,186 3,992 Balance as of December 31, 2024 $ 211,036 $ 117,280 $ 42,587 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
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, 2024 and September 30, 2024: (Thousands) NJNG CEV ES S&T HSO Total December 31, 2024 Customer accounts receivable Billed $ 138,967 8,171 52,677 8,455 2,766 $ 211,036 Unbilled 112,000 5,280 — — — 117,280 Customers' credit balances and deposits (42,565) — — (22) — (42,587) Total $ 208,402 13,451 52,677 8,433 2,766 $ 285,729 September 30, 2024 Customer accounts receivable Billed $ 51,613 8,441 34,002 8,598 2,877 $ 105,531 Unbilled 11,839 8,255 — — — 20,094 Customers' credit balances and deposits (38,572) — — (23) — (38,595) Total $ 24,880 16,696 34,002 8,575 2,877 $ 87,030

REGULATION (Tables)

REGULATION (Tables)	3 Months Ended
	Dec. 31, 2024
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 $ 16,523 $ 18,491 Conservation Incentive Program 46,052 51,442 Derivatives at fair value, net 570 1,363 Other current regulatory assets 1,544 1,774 Total current regulatory assets $ 64,689 $ 73,070 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 74,146 $ 77,475 Liability for future expenditures 161,024 161,650 Deferred income taxes 42,776 42,595 SAVEGREEN 114,391 107,796 Postemployment and other benefit costs 24,695 23,772 Cost of removal 135,006 130,885 Other noncurrent regulatory assets 55,488 59,924 Total noncurrent regulatory assets $ 607,526 $ 604,097 Regulatory liability-current Overrecovered natural gas costs $ 26,692 $ 32,457 Derivatives at fair value, net 5,337 — Total current regulatory liabilities $ 32,029 $ 32,457 Regulatory liabilities-noncurrent Tax Act impact $ 174,074 $ 175,328 Derivatives at fair value, net — 404 Other noncurrent regulatory liabilities 652 115 Total noncurrent regulatory liabilities $ 174,726 $ 175,847 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 $ 5,069 $ 5,095 Total current regulatory liabilities $ 581 $ 524
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 $ 16,523 $ 18,491 Conservation Incentive Program 46,052 51,442 Derivatives at fair value, net 570 1,363 Other current regulatory assets 1,544 1,774 Total current regulatory assets $ 64,689 $ 73,070 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 74,146 $ 77,475 Liability for future expenditures 161,024 161,650 Deferred income taxes 42,776 42,595 SAVEGREEN 114,391 107,796 Postemployment and other benefit costs 24,695 23,772 Cost of removal 135,006 130,885 Other noncurrent regulatory assets 55,488 59,924 Total noncurrent regulatory assets $ 607,526 $ 604,097 Regulatory liability-current Overrecovered natural gas costs $ 26,692 $ 32,457 Derivatives at fair value, net 5,337 — Total current regulatory liabilities $ 32,029 $ 32,457 Regulatory liabilities-noncurrent Tax Act impact $ 174,074 $ 175,328 Derivatives at fair value, net — 404 Other noncurrent regulatory liabilities 652 115 Total noncurrent regulatory liabilities $ 174,726 $ 175,847 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 $ 5,069 $ 5,095 Total current regulatory liabilities $ 581 $ 524

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Dec. 31, 2024
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, 2024 September 30, 2024 (Thousands) Balance Sheet Location Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments: NJNG: Physical commodity contracts Derivatives - current $ 159 $ 728 $ 21 $ 579 Financial commodity contracts Derivatives - current 10 2,327 — 2 ES: Physical commodity contracts Derivatives - current 2,079 7,049 1,660 4,346 Derivatives - noncurrent 1,602 12,052 727 10,758 Financial commodity contracts Derivatives - current 2,825 3,359 5,132 1,344 Derivatives - noncurrent 270 269 79 732 Total fair value of derivatives $ 6,945 $ 25,784 $ 7,619 $ 17,761
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, 2024 ES Contracts Physical commodity $ 3,681 (444) — $ 3,237 $ 19,101 (444) (6,043) $ 12,614 Financial commodity 3,095 (3,095) — — 3,628 (3,095) (533) — Total ES $ 6,776 (3,539) — $ 3,237 $ 22,729 (3,539) (6,576) $ 12,614 NJNG Contracts Physical commodity $ 159 — — $ 159 $ 728 — — $ 728 Financial commodity 10 (10) — — 2,327 (10) — 2,317 Total NJNG $ 169 (10) — $ 159 $ 3,055 (10) — $ 3,045 As of September 30, 2024 ES Contracts Physical commodity $ 2,387 (535) — $ 1,852 $ 15,104 (535) (5,551) $ 9,018 Financial commodity 5,211 (2,076) (1,170) 1,965 2,076 (2,076) — — Total ES $ 7,598 (2,611) (1,170) $ 3,817 $ 17,180 (2,611) (5,551) $ 9,018 NJNG Contracts Physical commodity $ 21 (13) — $ 8 $ 579 (13) — $ 566 Financial commodity — — — — 2 — (2) — Total NJNG $ 21 (13) — $ 8 $ 581 (13) (2) $ 566 (1) Derivative assets and liabilities are presented on a gross basis on the Unaudited 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, 2024 ES Contracts Physical commodity $ 3,681 (444) — $ 3,237 $ 19,101 (444) (6,043) $ 12,614 Financial commodity 3,095 (3,095) — — 3,628 (3,095) (533) — Total ES $ 6,776 (3,539) — $ 3,237 $ 22,729 (3,539) (6,576) $ 12,614 NJNG Contracts Physical commodity $ 159 — — $ 159 $ 728 — — $ 728 Financial commodity 10 (10) — — 2,327 (10) — 2,317 Total NJNG $ 169 (10) — $ 159 $ 3,055 (10) — $ 3,045 As of September 30, 2024 ES Contracts Physical commodity $ 2,387 (535) — $ 1,852 $ 15,104 (535) (5,551) $ 9,018 Financial commodity 5,211 (2,076) (1,170) 1,965 2,076 (2,076) — — Total ES $ 7,598 (2,611) (1,170) $ 3,817 $ 17,180 (2,611) (5,551) $ 9,018 NJNG Contracts Physical commodity $ 21 (13) — $ 8 $ 579 (13) — $ 566 Financial commodity — — — — 2 — (2) — Total NJNG $ 21 (13) — $ 8 $ 581 (13) (2) $ 566 (1) Derivative assets and liabilities are presented on a gross basis on the Unaudited 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: 2024 2023 ES: Physical commodity contracts Operating revenues $ (2,632) $ 14,030 Physical commodity contracts Natural gas purchases (1,752) (586) Financial commodity contracts Natural gas purchases 1,538 18,082 Physical commodity contracts Operation and maintenance 1,053 — Total unrealized and realized (loss) gain $ (1,793) $ 31,526
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) 2024 2023 NJNG: Physical commodity contracts $ (13,386) $ (1,070) Financial commodity contracts 5,939 4,332 Total unrealized and realized (loss) gain $ (7,447) $ 3,262
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, 2024 26.6 4.9 (7.7) (0.3) September 30, 2024 31.9 10.9 (7.7) 2.8
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 $ 10,761 $ 4,975 ES Restricted broker margin accounts-current assets $ 12,242 $ 8,268 Restricted broker margin accounts-current liabilities $ — $ 1,146
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, 2024. 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. (Thousands) Gross Credit Exposure Investment grade $ 133,065 Noninvestment grade 23,522 Internally rated investment grade 17,276 Internally rated noninvestment grade 23,005 Total $ 196,868

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Dec. 31, 2024
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 sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows: (Thousands) December 31, September 30, Carrying value (1) (2) $ 2,767,845 $ 2,767,845 Fair market value $ 2,391,501 $ 2,525,804 (1) Excludes NJNG's debt issuance costs of $10.8M and $10.9M as of December 31, 2024 and September 30, 2024, respectively. (2) Excludes NJR's debt issuance costs of $3.4M and $3.0M as of December 31, 2024 and September 30, 2024, 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 contracts 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, 2024 Assets: Physical commodity contracts $ — $ 3,840 $ — $ 3,840 Financial commodity contracts 3,105 — — 3,105 Money market funds 10 — — 10 Other 2,714 — — 2,714 Total assets at fair value $ 5,829 $ 3,840 $ — $ 9,669 Liabilities: Physical commodity contracts $ — $ 19,829 $ — $ 19,829 Financial commodity contracts 5,955 — — 5,955 Total liabilities at fair value $ 5,955 $ 19,829 $ — $ 25,784 As of September 30, 2024 Assets: Physical commodity contracts $ — $ 2,408 $ — $ 2,408 Financial commodity contracts 5,211 — — 5,211 Money market funds 62 — — 62 Other 2,671 — — 2,671 Total assets at fair value $ 7,944 $ 2,408 $ — $ 10,352 Liabilities: Physical commodity contracts $ — $ 15,683 $ — $ 15,683 Financial commodity contracts 2,078 — — 2,078 Total liabilities at fair value $ 2,078 $ 15,683 $ — $ 17,761

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2024
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) 2024 2023 Net income, as reported $ 131,319 $ 89,411 Basic earnings per share Weighted average shares of common stock outstanding-basic 99,855 97,869 Basic earnings per common share $1.32 $0.91 Diluted earnings per share Weighted average shares of common stock outstanding-basic 99,855 97,869 Incremental shares (1) 623 694 Weighted average shares of common stock outstanding-diluted 100,478 98,563 Diluted (loss) earnings per common share $1.31 $0.91 (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, 2024
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 facility (1) December 31, 2024 $ 575,000 $ 193,100 5.68 % $ 363,432 (2) August 2029 September 30, 2024 $ 575,000 $ 236,700 6.23 % $ 325,951 (2) August 2029 NJNG bank revolving credit facility (3) December 31, 2024 $ 250,000 $ 143,900 4.67 % $ 105,369 (4) August 2029 September 30, 2024 $ 250,000 $ 55,100 4.98 % $ 194,169 (4) August 2029 (1) Committed credit facility, which requires commitment fees of 0.10% on the unused amount. (2) Letters of credit outstanding total approximately $18.5M and $12.3M as of December 31, 2024 and September 30, 2024, respectively, which reduces the amount available by the same amount. (3) Committed credit facility, which requires commitment fees of 0.075% on the unused amount. (4) Letters of credit outstanding total approximately $0.7M as of both December 31, 2024 and September 30, 2024, which reduces the amount available by the same amount.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Dec. 31, 2024
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) 2024 2023 2024 2023 Service cost $ 1,381 $ 1,244 $ 273 $ 642 Interest cost 3,858 4,060 2,097 2,902 Expected return on plan assets (5,925) (5,087) (2,346) (1,858) Recognized actuarial loss 301 29 1,793 496 Prior service cost (credit) amortization — 16 (3,270) — Net periodic benefit (credit) cost $ (385) $ 262 $ (1,453) $ 2,182

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Dec. 31, 2024
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 2024 2023 Operating lease cost (1) Operation and maintenance $ 2,709 $ 2,540 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 540 528 Interest on lease liabilities Interest expense, net of capitalized interest 188 252 Total finance lease cost 728 780 Variable lease cost Operation and maintenance 230 200 Total lease cost $ 3,667 $ 3,520 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases: Three Months Ended December 31, (Thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 2,364 $ 2,236 Operating cash flows for finance leases $ 188 $ 252 Financing cash flows for finance leases $ 3,596 $ 1,956
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 $ 183,252 $ 184,485 Finance lease assets Utility plant 25,548 26,088 Total lease assets $ 208,800 $ 210,573 Liabilities Current Operating lease liabilities Operating lease liabilities $ 5,177 $ 4,945 Finance lease liabilities Current maturities of long-term debt 7,158 7,534 Noncurrent Operating lease liabilities Operating lease liabilities 158,583 159,303 Finance lease liabilities Long-term debt 12,806 16,026 Total lease liabilities $ 183,724 $ 187,808

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Long-term Purchase Commitment	Commitments as of December 31, 2024, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter ES: Natural gas purchases $ 40,459 $ 1,272 $ — $ — $ — $ — Storage demand fees 12,443 11,967 5,452 3,500 2,712 4,068 Pipeline demand fees 40,058 42,072 29,651 21,493 11,005 47,686 Sub-total ES $ 92,960 $ 55,311 $ 35,103 $ 24,993 $ 13,717 $ 51,754 NJNG: Natural gas purchases $ 20,303 $ — $ — $ — $ — $ — Storage demand fees 26,747 22,669 11,207 4,900 — — Pipeline demand fees 161,035 215,296 149,328 128,439 124,709 955,051 Sub-total NJNG $ 208,085 $ 237,965 $ 160,535 $ 133,339 $ 124,709 $ 955,051 Total $ 301,045 $ 293,276 $ 195,638 $ 158,332 $ 138,426 $ 1,006,805

REPORTING SEGMENT AND OTHER O_2

REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information related to the Company's various reporting segments and other business operations during the three months ended December 31, 2024 and 2023, are as follows: Segments (Thousands) NJNG CEV ES S&T Subtotal HSO Elims Total 2024 Operating revenues External customers $ 333,428 26,406 86,308 26,586 $ 472,728 15,633 — $ 488,361 Intercompany $ 337 — — 42 $ 379 161 (540) $ — Depreciation and amortization $ 32,084 6,425 47 6,496 $ 45,052 277 — $ 45,329 Interest income (2) $ 637 — 34 2,456 $ 3,127 273 (1,345) $ 2,055 Interest expense, net of capitalized interest $ 17,454 6,374 3,885 5,969 $ 33,682 209 — $ 33,891 Income tax provision $ 18,261 14,141 2,769 1,489 $ 36,660 469 255 $ 37,384 Equity in earnings of affiliates $ — — — 961 $ 961 — 439 $ 1,400 Net financial earnings (loss) $ 66,908 48,130 7,833 5,664 $ 128,535 615 (256) $ 128,894 Capital expenditures $ 109,904 33,476 — 8,201 $ 151,581 289 — $ 151,870 2023 Operating revenues External customers $ 293,093 35,295 100,801 23,187 $ 452,376 14,834 — $ 467,210 Intercompany $ 337 — (1,133) 675 $ (121) — 121 $ — Depreciation and amortization $ 26,917 6,922 57 (1) 6,162 $ 40,058 229 — $ 40,287 Interest income (2) $ 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 (1) 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. (2) 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 other business operations are detailed below: Segments Intercompany (Thousands) NJNG CEV ES S&T Subtotal HSO Assets (1) Total December 31, 2024 $ 5,031,714 1,104,304 138,545 1,026,150 $ 7,300,713 142,143 (248,891) $ 7,193,965 September 30, 2024 $ 4,789,835 1,157,573 108,710 1,025,457 $ 7,081,575 159,444 (259,374) $ 6,981,645 (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) 2024 2023 Net financial earnings $ 128,894 $ 72,444 Less: Unrealized loss (gain) on derivative instruments and related transactions 6,368 (5,400) Tax effect (1,513) 1,282 Effects of economic hedging related to natural gas inventory (9,527) (16,228) Tax effect 2,264 3,857 NFE tax adjustment (17) (478) Net income $ 131,319 $ 89,411

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Dec. 31, 2024
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) 2024 2023 NJNG $ 1,524 $ 1,655 ES 194 224 Total $ 1,718 $ 1,879 The following table summarizes demand fees payable to Steckman Ridge as of: (Thousands) December 31, September 30, NJNG $ 775 $ 775 ES 106 100 Total $ 881 $ 875

NATURE OF THE BUSINESS (Details

NATURE OF THE BUSINESS (Details) $ in Millions		3 Months Ended
	Nov. 25, 2024 USD ($) MW	Dec. 31, 2024 subsidiary
Discontinued Operations | Residential Solar Portfolio
Nature of Business [Line Items]
Number of megawatts | MW	91
Proceeds from divestiture of businesses | $	$ 132.5
NJR Retail Holdings Corporation
Nature of Business [Line Items]
Number of principal subsidiaries | subsidiary		1
Steckman Ridge
Nature of Business [Line Items]
Ownership percentage		50%

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, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Operating revenues		$ 488,361	$ 467,210
Loans receivable in other noncurrent assets		56,700		$ 53,600
BPU
Finite-Lived Intangible Assets [Line Items]
Number of megawatts | Megawatt	5
Financial Asset, Not Past Due
Finite-Lived Intangible Assets [Line Items]
Loans receivable in other current assets		$ 18,800		18,100
Minimum
Finite-Lived Intangible Assets [Line Items]
Loans receivable, term		3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Loans receivable, term		10 years
ES
Finite-Lived Intangible Assets [Line Items]
Operating revenues		$ 4,900	$ 9,500
Deferred revenue		$ 51,600		$ 22,300

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,908	$ 1,017	$ 2,739
Restricted cash in other noncurrent assets	655	595	690
Cash, cash equivalents and restricted cash	$ 2,563	$ 1,612	$ 3,429	$ 1,517

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURAL GAS IN STORAGE (Details) $ in Thousands	Dec. 31, 2024 USD ($) Bcf	Sep. 30, 2024 USD ($) Bcf
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 192,046	$ 199,125
Natural Gas in Storage, Bcf | Bcf	38,100,000	43,900,000
NJNG
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 161,613	$ 177,655
Natural Gas in Storage, Bcf | Bcf	25,300,000	30,800,000
ES
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 30,311	$ 21,378
Natural Gas in Storage, Bcf | Bcf	12,700,000	13,100,000
S&T
Inventory [Line Items]
Natural Gas in Storage, value | $	$ 122	$ 92
Natural Gas in Storage, Bcf | Bcf	100,000	0

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SOFTWARE COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Capitalized software costs	$ 10,561		$ 10,522
Operation and maintenance
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Software costs	2,736	$ 3,253
Depreciation and amortization
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Software costs	2,415	$ 990
Utility plant, at cost
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Software costs	133,268		133,158
Construction work in progress | Regulated
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Software costs	34,028		26,659
Nonutility plant and equipment, at cost
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Software costs	344		344
Accumulated depreciation and amortization, utility plant
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Accumulated depreciation and amortization	(16,045)		(13,632)
Accumulated depreciation and amortization, nonutility plant and equipment
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]
Accumulated depreciation and amortization	$ (50)		$ (48)

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	$ 2,200,443	$ 1,990,735
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	68	395
Balance as of end of period	2,312,684	2,066,201
Tax on amounts reclassified from accumulated other comprehensive income (loss)	(21)	(119)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	(6,521)	(9,959)
Balance as of end of period	(6,453)	(9,564)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	(6,215)	(7,269)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	263	264
Balance as of end of period	(5,952)	(7,005)
Tax on amounts reclassified from accumulated other comprehensive income (loss)	(79)	(79)
Postemployment Benefit Obligation
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Balance as of beginning of period	(306)	(2,690)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(195)	131
Balance as of end of period	(501)	(2,559)
Tax on amounts reclassified from accumulated other comprehensive income (loss)	$ 58	$ (40)

REVENUE - DISAGGREGATED REVENUE

REVENUE - DISAGGREGATED REVENUE - PRODUCT (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 358,953	$ 321,191
Alternative revenue programs	(5,391)	(2,537)
Derivative instruments	134,799	147,423
Revenues out of scope	129,408	146,019
Total operating revenues	488,361	467,210
Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	296,402	257,875
Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	38,575	40,130
Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,232	8,940
Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,562	5,894
Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,896	2,650
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,826	6,714
ES
Disaggregation of Revenue [Line Items]
Total operating revenues	4,900	9,500
Operating Segments
Disaggregation of Revenue [Line Items]
Total operating revenues	472,728	452,376
Operating Segments | NJNG
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	296,065	257,538
Alternative revenue programs	(5,391)	(2,537)
Derivative instruments	42,754	38,092
Revenues out of scope	37,363	35,555
Total operating revenues	333,428	293,093
Operating Segments | NJNG | Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	296,402	257,875
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	8,722	9,364
Alternative revenue programs	0	0
Derivative instruments	17,684	25,931
Revenues out of scope	17,684	25,931
Total operating revenues	26,406	35,295
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	2,896	2,650
Operating Segments | CEV | Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,826	6,714
Operating Segments | ES
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,947	16,268
Alternative revenue programs	0	0
Derivative instruments	74,361	83,400
Revenues out of scope	74,361	84,533
Total operating revenues	86,308	100,801
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	11,947	16,268
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	26,586	23,187
Alternative revenue programs	0	0
Derivative instruments	0	0
Revenues out of scope	0	0
Total operating revenues	26,586	23,187
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	26,628	23,862
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	15,633	14,834
Corporate, Non-Segment | HSO
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,633	14,834
Alternative revenue programs	0	0
Derivative instruments	0	0
Revenues out of scope	0	0
Total operating revenues	15,633	14,834
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	9,232	8,940
Corporate, Non-Segment | HSO | Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,562	5,894
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	(540)	(1,012)
Revenues out of scope		1,133
Total operating revenues	(540)
Eliminations | NJNG
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(337)	(337)
Revenues out of scope		0
Eliminations | CEV
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Revenues out of scope		0
Eliminations | ES
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Revenues out of scope		1,133
Eliminations | S&T
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(42)	(675)
Revenues out of scope		0
Eliminations | HSO
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ (161)	0
Revenues out of scope		$ 0

REVENUE - DISAGGREGATED REVEN_2

REVENUE - DISAGGREGATED REVENUE - TYPE (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 358,953	$ 321,191
Revenues out of scope	129,408	146,019
Total operating revenues	488,361	467,210
Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	241,473	213,812
Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	87,039	81,223
Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	27,325	24,435
Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,116	1,721
Operating Segments
Disaggregation of Revenue [Line Items]
Total operating revenues	472,728	452,376
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Revenues out of scope	0	0
Total operating revenues	15,633	14,834
Corporate, Non-Segment | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,544	14,803
Corporate, Non-Segment | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	89	31
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	296,065	257,538
Revenues out of scope	37,363	35,555
Total operating revenues	333,428	293,093
NJNG | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	223,819	195,623
NJNG | Operating Segments | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	41,805	35,759
NJNG | Operating Segments | Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	27,325	24,435
NJNG | Operating Segments | Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,116	1,721
CEV | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8,722	9,364
Revenues out of scope	17,684	25,931
Total operating revenues	26,406	35,295
CEV | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,110	3,386
CEV | Operating Segments | Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,612	5,978
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	4,900	9,500
ES | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,947	16,268
Revenues out of scope	74,361	84,533
Total operating revenues	86,308	100,801
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	11,947	16,268
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	26,586	23,187
Revenues out of scope	0	0
Total operating revenues	26,586	23,187
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	26,586	23,187
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, 2024	Dec. 31, 2023
Timing of Revenue Recognition [Roll Forward]
Customers' credit, beginning	$ 38,595	$ 44,910
Increase for customers' credits	3,992	551
Customers' credit, end	42,587	45,461
Billed
Timing of Revenue Recognition [Roll Forward]
Billed, beginning	105,531	97,540
Increase for customer accounts receivable	105,505	72,932
Billed, end	211,036	170,472
Unbilled
Timing of Revenue Recognition [Roll Forward]
Billed, beginning	20,094	19,100
Increase for customer accounts receivable	97,186	72,831
Billed, end	$ 117,280	$ 91,931

REVENUE - TIMING OF REVENUE R_2

REVENUE - TIMING OF REVENUE RECOGNITION - BALANCE SHEET (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Billed	$ 211,036	$ 105,531
Unbilled	117,280	20,094
Customers' credit balances and deposits	(42,587)	(38,595)	$ (45,461)	$ (44,910)
Customers accounts receivables & Customers' credit balances and deposits	285,729	87,030
Operating Segments | NJNG
Disaggregation of Revenue [Line Items]
Billed	138,967	51,613
Unbilled	112,000	11,839
Customers' credit balances and deposits	(42,565)	(38,572)
Customers accounts receivables & Customers' credit balances and deposits	208,402	24,880
Operating Segments | CEV
Disaggregation of Revenue [Line Items]
Billed	8,171	8,441
Unbilled	5,280	8,255
Customers' credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	13,451	16,696
Operating Segments | ES
Disaggregation of Revenue [Line Items]
Billed	52,677	34,002
Unbilled	0	0
Customers' credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	52,677	34,002
Operating Segments | S&T
Disaggregation of Revenue [Line Items]
Billed	8,455	8,598
Unbilled	0	0
Customers' credit balances and deposits	(22)	(23)
Customers accounts receivables & Customers' credit balances and deposits	8,433	8,575
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Billed	2,766	2,877
Unbilled	0	0
Customers' credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	$ 2,766	$ 2,877

REGULATION - ADDITIONAL INFORMA

REGULATION - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions					3 Months Ended
	Dec. 18, 2024	Dec. 17, 2024	Nov. 21, 2024	Oct. 30, 2024	Dec. 31, 2024
Schedule of Regulatory Filings [Line Items]
Annual recoveries				$ 12.3
Base Rate Stipulation
Schedule of Regulatory Filings [Line Items]
Weighted average cost of capital			7.08%		7.08%
Approved return on equity			9.60%
BPU
Schedule of Regulatory Filings [Line Items]
Approved return on equity					9.60%
Total amount				385.6
Approved equity capital structure, percentage			54%
Public utilities, approved depreciation rate, percentage			3.21%
BPU | NJNG
Schedule of Regulatory Filings [Line Items]
Approved rate increase (decrease), amount			$ 157
Investment		$ 700
Program term		3 years
SAVEGREEN
Schedule of Regulatory Filings [Line Items]
Capital investments approved by the BPU	$ 3.1			205
Financing options				160.5
Operations and maintenance expense				$ 20.1

REGULATION - REGULATORY ASSETS

REGULATION - REGULATORY ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	$ 64,689	$ 73,070
Regulatory assets-noncurrent	612,595	609,192
Regulatory liability-current	32,610	32,981
Regulatory liabilities-noncurrent	174,726	175,847
Expended, net of recoveries
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	74,100
NJNG
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	64,689	73,070
Regulatory assets-noncurrent	607,526	604,097
Regulatory liability-current	32,029	32,457
Regulatory liabilities-noncurrent	174,726	175,847
NJNG | Overrecovered natural gas costs
Regulatory Assets and Liabilities [Line Items]
Regulatory liability-current	26,692	32,457
NJNG | Tax Act impact
Regulatory Assets and Liabilities [Line Items]
Regulatory liabilities-noncurrent	174,074	175,328
NJNG | Derivatives at fair value, net
Regulatory Assets and Liabilities [Line Items]
Regulatory liability-current	5,337	0
Regulatory liabilities-noncurrent	0	404
NJNG | Other noncurrent regulatory liabilities
Regulatory Assets and Liabilities [Line Items]
Regulatory liabilities-noncurrent	652	115
NJNG | New Jersey Clean Energy Program
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	16,523	18,491
NJNG | Conservation Incentive Program
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	46,052	51,442
NJNG | Derivatives at fair value, net
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	570	1,363
NJNG | Other current regulatory assets
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	1,544	1,774
Regulatory assets-noncurrent	55,488	59,924
NJNG | Expended, net of recoveries
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	74,146	77,475
NJNG | Liability for future expenditures
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	161,024	161,650
NJNG | Deferred income taxes
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	42,776	42,595
NJNG | SAVEGREEN
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	114,391	107,796
NJNG | Postemployment and other benefit costs
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	24,695	23,772
NJNG | Cost of removal
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	135,006	130,885
Adelphia
Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	5,069	5,095
Regulatory liability-current	$ 581	$ 524

DERIVATIVE INSTRUMENTS - BALANC

DERIVATIVE INSTRUMENTS - BALANCE SHEET RELATED DISCLOSURES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Fair Value
Derivative assets, current	$ 5,073	$ 6,813
Derivative liability, current	13,463	6,271
Derivative assets, noncurrent	1,872	806
Derivative liabilities, noncurrent	12,321	11,490
Not Designated as Hedging Instrument
Fair Value
Derivative assets	6,945	7,619
Derivative liabilities	25,784	17,761
NJNG | Not Designated as Hedging Instrument | Physical commodity contracts
Fair Value
Derivative assets, current	159	21
Derivative liability, current	728	579
NJNG | Not Designated as Hedging Instrument | Financial commodity contracts
Fair Value
Derivative assets, current	10	0
Derivative liability, current	2,327	2
ES | Not Designated as Hedging Instrument | Physical commodity contracts
Fair Value
Derivative assets, current	2,079	1,660
Derivative liability, current	7,049	4,346
Derivative assets, noncurrent	1,602	727
Derivative liabilities, noncurrent	12,052	10,758
ES | Not Designated as Hedging Instrument | Financial commodity contracts
Fair Value
Derivative assets, current	2,825	5,132
Derivative liability, current	3,359	1,344
Derivative assets, noncurrent	270	79
Derivative liabilities, noncurrent	$ 269	$ 732

DERIVATIVE INSTRUMENTS - OFFSET

DERIVATIVE INSTRUMENTS - OFFSETTING OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
ES
Asset Derivatives
Fair Value	$ 6,776	$ 7,598
Amounts Offset	(3,539)	(2,611)
Collateral Received/Pledged	0	(1,170)
Net Value	3,237	3,817
Liability Derivatives
Fair Value	22,729	17,180
Amounts Offset	(3,539)	(2,611)
Collateral Received/Pledged	(6,576)	(5,551)
Net Value	12,614	9,018
ES | Physical commodity contracts
Asset Derivatives
Fair Value	3,681	2,387
Amounts Offset	(444)	(535)
Collateral Received/Pledged	0	0
Net Value	3,237	1,852
Liability Derivatives
Fair Value	19,101	15,104
Amounts Offset	(444)	(535)
Collateral Received/Pledged	(6,043)	(5,551)
Net Value	12,614	9,018
ES | Financial commodity contracts
Asset Derivatives
Fair Value	3,095	5,211
Amounts Offset	(3,095)	(2,076)
Collateral Received/Pledged	0	(1,170)
Net Value	0	1,965
Liability Derivatives
Fair Value	3,628	2,076
Amounts Offset	(3,095)	(2,076)
Collateral Received/Pledged	(533)	0
Net Value	0	0
NJNG
Asset Derivatives
Fair Value	169	21
Amounts Offset	(10)	(13)
Collateral Received/Pledged	0	0
Net Value	159	8
Liability Derivatives
Fair Value	3,055	581
Amounts Offset	(10)	(13)
Collateral Received/Pledged	0	(2)
Net Value	3,045	566
NJNG | Physical commodity contracts
Asset Derivatives
Fair Value	159	21
Amounts Offset	0	(13)
Collateral Received/Pledged	0	0
Net Value	159	8
Liability Derivatives
Fair Value	728	579
Amounts Offset	0	(13)
Collateral Received/Pledged	0	0
Net Value	728	566
NJNG | Financial commodity contracts
Asset Derivatives
Fair Value	10	0
Amounts Offset	(10)	0
Collateral Received/Pledged	0	0
Net Value	0	0
Liability Derivatives
Fair Value	2,327	2
Amounts Offset	(10)	0
Collateral Received/Pledged	0	(2)
Net Value	$ 2,317	$ 0

DERIVATIVE INSTRUMENTS - INCOME

DERIVATIVE INSTRUMENTS - INCOME STATEMENT RELATED DISCLOSURES (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	$ (1,793)	$ 31,526
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	$ (2,632)	$ 14,030
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	$ (1,752)	$ (586)
ES | Physical commodity contracts | Operation and maintenance
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	1,053	0
ES | Financial commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	1,538	18,082
NJNG
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	(7,447)	3,262
NJNG | Physical commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	(13,386)	(1,070)
NJNG | Financial commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	$ 5,939	$ 4,332

DERIVATIVE INSTRUMENTS - VOLUME

DERIVATIVE INSTRUMENTS - VOLUME (Details) - Bcf	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
NJNG | Long | Futures
Derivative [Line Items]
Notional amount	26.6	31.9
NJNG | Long | Physical Commodity
Derivative [Line Items]
Notional amount	4.9	10.9
ES | Short | Futures
Derivative [Line Items]
Notional amount	(7.7)	(7.7)
ES | Short | Physical Commodity
Derivative [Line Items]
Notional amount	(0.3)	2.8

DERIVATIVE INSTRUMENTS - ADDITI

DERIVATIVE INSTRUMENTS - ADDITIONAL INFORMATION (Details) - certificate certificate in Millions	Dec. 31, 2024	Sep. 30, 2024
Physical commodity contracts | ES
Derivative [Line Items]
Number of SRECs (in certificates)	1	1.2

DERIVATIVE INSTRUMENTS - BROKER

DERIVATIVE INSTRUMENTS - BROKER MARGIN DEPOSITS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
NJNG | Assets, Current
Derivative [Line Items]
Broker margin - current assets	$ 10,761	$ 4,975
ES | Assets, Current
Derivative [Line Items]
Broker margin - current assets	12,242	8,268
ES | Liabilities, Current
Derivative [Line Items]
Broker margin - current liabilities	$ 0	$ 1,146

DERIVATIVE INSTRUMENTS - CREDIT

DERIVATIVE INSTRUMENTS - CREDIT RISK EXPOSURE (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Credit Risk Exposure [Line Items]
Gross Credit Exposure	$ 196,868
Investment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	133,065
Noninvestment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	23,522
Internally rated investment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	17,276
Internally rated noninvestment grade
Credit Risk Exposure [Line Items]
Gross Credit Exposure	$ 23,005

FAIR VALUE - DEBT (Details)

FAIR VALUE - DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
NJR
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	$ 3,400	$ 3,000
NJNG
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	10,800	10,900
Level 2 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,767,845	2,767,845
Level 2 | Fair market value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 2,391,501	$ 2,525,804

FAIR VALUE - ADDITIONAL INFORMA

FAIR VALUE - ADDITIONAL INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance leases	$ 39,400	$ 31,600
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance leases	36,500	26,700
Fair market value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,391,501	2,525,804
Solar Asset Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	288,000	283,000
Solar Asset Financing | Fair market value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 287,900	$ 290,400

FAIR VALUE - HIERARCHY (Details

FAIR VALUE - HIERARCHY (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
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	$ 2,714	$ 2,671
Total assets at fair value	9,669	10,352
Liabilities:
Total liabilities at fair value	25,784	17,761
Fair Value, Measurements, Recurring | Money market funds
Assets:
Assets	10	62
Fair Value, Measurements, Recurring | Physical commodity contracts
Assets:
Assets	3,840	2,408
Liabilities:
Liabilities	19,829	15,683
Fair Value, Measurements, Recurring | Financial commodity contracts
Assets:
Assets	3,105	5,211
Liabilities:
Liabilities	5,955	2,078
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1)
Assets:
Other	2,714	2,671
Total assets at fair value	5,829	7,944
Liabilities:
Total liabilities at fair value	5,955	2,078
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets, (Level 1) | Money market funds
Assets:
Assets	10	62
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	3,105	5,211
Liabilities:
Liabilities	5,955	2,078
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Other	0	0
Total assets at fair value	3,840	2,408
Liabilities:
Total liabilities at fair value	19,829	15,683
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	3,840	2,408
Liabilities:
Liabilities	19,829	15,683
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, 2024	Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]
Investments in equity method investees	$ 101,609	$ 101,744
Steckman Ridge
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
Investments in equity method investees	$ 101,600	101,700
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, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 131,319	$ 89,411
Basic earnings per share
Weighted average shares of common stock outstanding-basic (in shares)	99,855	97,869
Basic earnings per common share (usd per share)	$ 1.32	$ 0.91
Diluted earnings per share
Weighted average shares of common stock outstanding-basic (in shares)	99,855	97,869
Incremental shares (in shares)	623	694
Weighted average shares of common stock outstanding-diluted (in shares)	100,478	98,563
Diluted (loss) earnings per common share (usd per share)	$ 1.31	$ 0.91

DEBT - CREDIT FACILITIES AND SH

DEBT - CREDIT FACILITIES AND SHORT-TERM DEBT (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Letter of Credit on Behalf of NJRES | NJR
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 18,500,000	$ 12,300,000
Letter of Credit | NJNG
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 August 2029 | NJR
Line of Credit Facility [Line Items]
Total borrowing capacity	$ 575,000,000	575,000,000
Loans outstanding	$ 193,100,000	$ 236,700,000
Weighted average interest rate	5.68%	6.23%
Remaining borrowing capacity	$ 363,432,000	$ 325,951,000
Revolving Credit Facility | Committed Credit Facilities Due August 2029 | NJNG
Line of Credit Facility [Line Items]
Total borrowing capacity	250,000,000	250,000,000
Loans outstanding	$ 143,900,000	$ 55,100,000
Weighted average interest rate	4.67%	4.98%
Remaining borrowing capacity	$ 105,369,000	$ 194,169,000

DEBT - LONG TERM DEBT (Details)

DEBT - LONG TERM DEBT (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Nov. 07, 2024
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - natural gas meters	$ 11,714	$ 8,814
Proceeds from sale leaseback transactions - solar	12,567	24,394
NJR | Unsecured Senior Notes 5.55% | Senior Notes
Debt Instrument [Line Items]
Face amount			$ 100,000
Stated interest rate			5.55%
NJNG
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - natural gas meters	11,700	8,800
NJRCEV
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - solar	$ 12,600	$ 24,400

EMPLOYEE BENEFIT PLANS - ADDITI

EMPLOYEE BENEFIT PLANS - ADDITIONAL INFORMATION (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Amortization period for plan amendment	8 years
Pension
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 0	$ 0

EMPLOYEE BENEFIT PLANS - COMPON

EMPLOYEE BENEFIT PLANS - COMPONENTS OF NET PERIODIC COST (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 1,381	$ 1,244
Interest cost	3,858	4,060
Expected return on plan assets	(5,925)	(5,087)
Recognized actuarial loss	301	29
Prior service cost (credit) amortization	0	16
Net periodic benefit (credit) cost	(385)	262
OPEB
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	273	642
Interest cost	2,097	2,902
Expected return on plan assets	(2,346)	(1,858)
Recognized actuarial loss	1,793	496
Prior service cost (credit) amortization	(3,270)	0
Net periodic benefit (credit) cost	$ (1,453)	$ 2,182

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Income Tax Contingency [Line Items]
Forecasted effective tax rate	23.20%	21.50%
Actual effective tax rate	22.20%	20.40%
ITC carryforward	$ 190.8		$ 191.6
Effective term	20 years
Operating loss carryforward, valuation allowance	$ 0.5		0.6
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 599.3		$ 634.7
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 Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Jul. 31, 2021
Lessee, Lease, Description [Line Items]
ROU asset obtained in exchange for operating lease liability	$ 0	$ 1.5
ROU asset obtained in exchange for finance lease liability	$ 0	$ 0
Weighted average remaining lease term, operating lease	28 years 6 months		28 years 7 months 6 days
Operating lease, discount rate	3.80%		3.80%
Weighted average remaining lease term, finance lease	3 years		3 years
Finance lease, discount rate	3.30%		3.40%
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	11 years
Meter License | Minimum
Lessee, Lease, Description [Line Items]
Term of contract	7 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, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 2,709	$ 2,540
Amortization of right-of-use assets	540	528
Interest on lease liabilities	188	252
Total finance lease cost	728	780
Variable lease cost	230	200
Total lease cost	$ 3,667	$ 3,520

LEASES - SUPPLEMENTAL CASH FLOW

LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 2,364	$ 2,236
Operating cash flows for finance leases	188	252
Financing cash flows for finance leases	$ 3,596	$ 1,956

LEASES - RIGHT-OF-USE ASSETS AN

LEASES - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Noncurrent
Operating lease assets	$ 183,252	$ 184,485
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Utility plant, at cost	Utility plant, at cost
Finance lease assets	$ 25,548	$ 26,088
Total lease assets	208,800	210,573
Current
Operating lease liabilities	$ 5,177	$ 4,945
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	$ 7,158	$ 7,534
Noncurrent
Operating lease liabilities	$ 158,583	$ 159,303
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Finance lease liabilities	$ 12,806	$ 16,026
Total lease liabilities	$ 183,724	$ 187,808

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - SCHEDULE OF FUTURE COMMITTED EXPENSES (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Current charges recoverable through BGSS	$ 187,800
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	301,045
2026	293,276
2027	195,638
2028	158,332
2029	138,426
Thereafter	1,006,805
ES
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	92,960
2026	55,311
2027	35,103
2028	24,993
2029	13,717
Thereafter	51,754
ES | Natural gas purchases
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	40,459
2026	1,272
2027	0
2028	0
2029	0
Thereafter	0
ES | Storage demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	12,443
2026	11,967
2027	5,452
2028	3,500
2029	2,712
Thereafter	4,068
ES | Pipeline demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	40,058
2026	42,072
2027	29,651
2028	21,493
2029	11,005
Thereafter	47,686
Annual pipeline obligation to be paid over 10 year period	4,000
NJNG
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	208,085
2026	237,965
2027	160,535
2028	133,339
2029	124,709
Thereafter	955,051
NJNG | Natural gas purchases
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	20,303
2026	0
2027	0
2028	0
2029	0
Thereafter	0
NJNG | Storage demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	26,747
2026	22,669
2027	11,207
2028	4,900
2029	0
Thereafter	0
NJNG | Pipeline demand fees
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years
2025	161,035
2026	215,296
2027	149,328
2028	128,439
2029	124,709
Thereafter	$ 955,051
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 - GUARANTEES (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Demand fee commitments	$ 180.4

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - LEGAL PROCEEDINGS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Site Contingency [Line Items]
Manufactured gas plant remediation	$ 161,024	$ 161,650
Recovery from third party of environmental remediation cost, period	7 years
Regulatory assets	$ 612,595	$ 609,192
Expended, net of recoveries
Site Contingency [Line Items]
Regulatory assets	74,100
Minimum
Site Contingency [Line Items]
Product liability contingency, loss exposure in excess of accrual, best estimate	130,900
Maximum
Site Contingency [Line Items]
Product liability contingency, loss exposure in excess of accrual, best estimate	$ 194,600

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, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 488,361	$ 467,210
Depreciation and amortization	45,329	40,287
Interest income	2,055	2,026
Interest expense, net of capitalized interest	33,891	31,473
Income tax provision (benefit)	37,384	22,936
Equity in earnings of affiliates	1,400	1,660
Net financial earnings (loss)	128,894	72,444
Capital expenditures	151,870	114,622
ES
Segment Reporting Information [Line Items]
Operating revenues	4,900	9,500
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	472,728	452,376
Depreciation and amortization	45,052	40,058
Interest income	3,127	3,076
Interest expense, net of capitalized interest	33,682	31,257
Income tax provision (benefit)	36,660	22,330
Equity in earnings of affiliates	961	993
Net financial earnings (loss)	128,535	73,437
Capital expenditures	151,581	113,266
Operating Segments | NJNG
Segment Reporting Information [Line Items]
Operating revenues	333,428	293,093
Depreciation and amortization	32,084	26,917
Interest income	637	578
Interest expense, net of capitalized interest	17,454	14,751
Income tax provision (benefit)	18,261	10,656
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	66,908	51,444
Capital expenditures	109,904	79,715
Operating Segments | CEV
Segment Reporting Information [Line Items]
Operating revenues	26,406	35,295
Depreciation and amortization	6,425	6,922
Interest income	0	0
Interest expense, net of capitalized interest	6,374	7,447
Income tax provision (benefit)	14,141	3,131
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	48,130	10,522
Capital expenditures	33,476	25,766
Operating Segments | ES
Segment Reporting Information [Line Items]
Operating revenues	86,308	100,801
Depreciation and amortization	47	57
Interest income	34	128
Interest expense, net of capitalized interest	3,885	3,126
Income tax provision (benefit)	2,769	7,511
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	7,833	7,831
Capital expenditures	0	0
Operating Segments | S&T
Segment Reporting Information [Line Items]
Operating revenues	26,586	23,187
Depreciation and amortization	6,496	6,162
Interest income	2,456	2,370
Interest expense, net of capitalized interest	5,969	5,933
Income tax provision (benefit)	1,489	1,032
Equity in earnings of affiliates	961	993
Net financial earnings (loss)	5,664	3,640
Capital expenditures	8,201	7,785
Intersegment Eliminations
Segment Reporting Information [Line Items]
Operating revenues	379	(121)
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	0	(1,133)
Intersegment Eliminations | S&T
Segment Reporting Information [Line Items]
Operating revenues	42	675
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating revenues	15,633	14,834
Depreciation and amortization	277	229
Interest income	273	356
Interest expense, net of capitalized interest	209	216
Income tax provision (benefit)	469	(52)
Equity in earnings of affiliates	0	0
Net financial earnings (loss)	615	(600)
Capital expenditures	289	1,356
Corporate Reconciling Items and Eliminations
Segment Reporting Information [Line Items]
Operating revenues	161	0
Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(540)
Depreciation and amortization	0	0
Interest income	(1,345)	(1,406)
Interest expense, net of capitalized interest	0	0
Income tax provision (benefit)	255	658
Equity in earnings of affiliates	439	667
Net financial earnings (loss)	(256)	(393)
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, 2024	Sep. 30, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 7,193,965	$ 6,981,645
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	7,300,713	7,081,575
Operating Segments | NJNG
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	5,031,714	4,789,835
Operating Segments | CEV
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,104,304	1,157,573
Operating Segments | ES
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	138,545	108,710
Operating Segments | S&T
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,026,150	1,025,457
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	142,143	159,444
Intercompany Assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (248,891)	$ (259,374)

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, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Net financial earnings	$ 128,894	$ 72,444
Less:
Unrealized loss (gain) on derivative instruments and related transactions	6,368	(5,400)
Tax effect	(1,513)	1,282
Effects of economic hedging related to natural gas inventory	(9,527)	(16,228)
Tax effect	2,264	3,857
NFE tax adjustment	(17)	(478)
NET INCOME	$ 131,319	$ 89,411

RELATED PARTY TRANSACTIONS - AD

RELATED PARTY TRANSACTIONS - ADDITIONAL INFORMATION (Details) $ in Millions		1 Months Ended	3 Months Ended
	Jan. 03, 2025 dth / d	Apr. 30, 2020 USD ($) Bcf	Dec. 31, 2024 dth / d numberOfAgreement Bcf
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 | Subsequent Event
Related Party Transaction [Line Items]
Transportation capacity under precedent agreement (in bcf per day)	10,000
NJNG to Adelphia Affiliate | Transportation Precedent Agreement One
Related Party Transaction [Line Items]
Transportation capacity under precedent agreement (in bcf per day)			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 (in bcf per day)			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, 2024	Dec. 31, 2023	Sep. 30, 2024
Related Party Transaction [Line Items]
Demand fees payable	$ 881		$ 875
Related Party
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	1,718	$ 1,879
Demand fees payable	881		875
Related Party | NJNG to Steckman RIdge Affiliate
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	1,524	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	194	$ 224
Demand fees payable	$ 106		$ 100

DISPOSITIONS (Details)

DISPOSITIONS (Details) - Discontinued Operations - Residential Solar Portfolio - USD ($) $ in Millions		3 Months Ended
	Nov. 25, 2024	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 132.5
Pre-tax gain on sale of assets		$ 54.9