UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 21, 2024

NEW JERSEY RESOURCES CORPORATION

(Exact Name of registrant as specified in its charter)

New Jersey	001-08359	22-2376465
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1415 Wyckoff Road Wall, New Jersey		07719
(Address of Principal Executive Offices)		(Zip Code)

(732) 938-1480

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - $2.50 par value	NJR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01

Regulation FD Disclosure.

Base Rate Case Settlement

On November 21, 2024, New Jersey Natural Gas Company (“NJNG”) issued a press release announcing it received approval from the New Jersey Board of Public Utilities on the settlement of its rate case resulting in a $157.0 million increase to its base rates (the “Press Release”) and published an investor fact sheet summarizing the base rate case filing (the “Investor Fact Sheet”). A copy of the Press Release and Investor Fact Sheet are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Exhibit
99.1		Press Release dated November 21, 2024 (furnished, not filed)
99.2		Investor Fact Sheet (furnished, not filed)
104		Cover page in Inline XBRL format

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NEW JERSEY RESOURCES CORPORATION

Date: November 21, 2024	By:	/s/ Roberto F. Bel
		Roberto F. Bel
		Senior Vice President and Chief Financial Officer

Exhibit 99.1

NEW JERSEY BOARD OF PUBLIC UTILITIES APPROVES NEW RATES

FOR NEW JERSEY NATURAL GAS

WALL, NJ, November 21, 2024 – New Jersey Natural Gas (NJNG) today received approval from the New Jersey Board of Public Utilities on the settlement of its base rate case resulting in a $157 million increase to its base rates. NJNG requested the increase to recover costs associated with the company’s infrastructure investments, system enhancements and the overall operation of its business.

“This is a reasonable, fair settlement that recognizes the value of the approximately $850 million of investments New Jersey Natural Gas has made in its operations and system since 2021,” said Steve Westhoven, President and CEO of New Jersey Natural Gas. “These investments have significantly enhanced the reliability of our delivery system and supported the critical operation of our lifeline utility service. We thank the Board of Public Utilities and the Division of Rate Counsel for their work in reaching an outcome that balances the interests of our customers and our company.”

After a thorough review by regulators, the settlement reflects a rate base of $3.25 billion, an increase in revenue requirement of $157 million, an overall rate of return of 7.08% (including a return on equity of 9.6% with a 54% equity ratio) and a composite depreciation rate of 3.21%.

The approved rates help ensure the continued responsible operation of NJNG’s business and recovers costs associated with investments made to support critical resiliency efforts, such as looping and reinforcement projects and the replacement of 140 miles of vintage distribution mains and associated services, as well as the modernization of NJNG’s Customer Service and Dispatch operations and cybersecurity enhancements consistent with industry standards. It also resolves any outstanding arrearages incurred due to the COVID-19 pandemic.

NJNG’s infrastructure investments have made its system one of the most environmentally sound in the state as measured by the fewest leaks per mile of any natural gas utility in New Jersey. These investments also position NJNG to deliver the next generation of lower and zero carbon fuels, like clean hydrogen and renewable natural gas, which will play a key role in achieving a cleaner energy future for New Jersey.

Energy assistance is available for customers struggling to pay their natural gas bill. Email [email protected] or call 800-221-0051 to learn more about eligibility and available programs. Through SAVEGREEN^®, NJNG also offers energy-efficiency rebates and financing options for high-efficiency equipment to help customers save energy and money. For more information, visit savegreenproject.com.

NEW JERSEY BOARD OF PUBLIC UTILITIES APPROVES NEW RATES FOR NEW JERSEY NATURAL GAS

Page 2 of 2

About New Jersey Resources:

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

•	New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.

•	Clean Energy Ventures invests in, owns and operates solar projects, providing residential and commercial customers with low-carbon solutions.

•	Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.

•	Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.

•	Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®.

For more information about NJR, visit www.njresources.com.

“Like” us on facebook.com/NewJerseyNaturalGas.

# # #

Exhibit 99.2

NJR CONTACT:

Adam Prior

Director, Investor Relations

Office Phone: 732-938-1145

[email protected]

www.njresources.com

1415 Wyckoff Road Wall, NJ 07719

November 21, 2024

NEW JERSEY NATURAL GAS COMPANY

SUMMARY OF BASE RATE CASE SETTLEMENT

A 29% Increase in Rate Base to $3.245 Billion

At its regularly scheduled meeting today, the New Jersey Board of Public Utilities (“BPU”) approved a $157.0 million base rate increase for New Jersey Natural Gas Company (“NJNG” or the “Company”), the principal subsidiary of New Jersey Resources Corporation (NJR). New base rates will be effective on November 21, 2024.

BACKGROUND

NJNG filed a base rate case in January 2024 seeking a $222.6 million increase in its delivery rates. Based upon its final update, NJNG supported an increase of $219.9 million, reflecting the Company’s actual test year. Since the conclusion of its last base rate case in 2021, NJNG has invested approximately $850 million to upgrade and enhance the safety and reliability of its transmission and distribution systems.

KEY PROVISIONS

The rate case settlement (the “Settlement”) contains several important components including:

•	A 29% increase in rate base to $3.245 billion from $2.523 billion.

•	An overall rate of return of 7.08% calculated as follows:

	Ratios	Cost Rate	Weighted Cost Rate
Long-term Debt	46.0%	4.11%	1.89%
Common Equity	54.0%	9.60%	5.18%
Total	100.0%		7.08%

•	An agreed upon Return on Equity of 9.60% with a 54.0% equity ratio. This maintains the 9.60% ROE with a 54.0% equity ratio in NJNG’s last base rate case in 2021.

•	Increasing the existing composite depreciation rate to 3.21%.

REVENUE INCREASE DETAILS

The following components support the revenue increase in the Settlement:

($ millions, except as noted)
Rate Base	$	3,245
Rate of Return		7.08	%
Income Requirement	$	229.6
Pro-Forma Income	$	117.7
Operating Income Deficiency	$	111.9
Revenue Factor		1.4029
Revenue Requirement	$	157.0

RECONCILIATION

The primary differences between the Company’s original request and the increase granted are as follows:

($ millions)	Amount
AMOUNT REQUESTED – January 2024				$	222.6

UPDATES
Rate Base/Cost of Debt Updates		(3.7	)
Operating Income Updates		1.0			(2.7	)
SUPPORTED AMOUNT AFTER UPDATES – November 2024				$	219.9

SETTLEMENT RECONCILIATION
Reduction in Rate Base/WACC		(31.0	)
Operating Income Adjustments		(31.9	)		(62.9	)

SETTLEMENT AMOUNT				$	157.0

COMPARISON OF PREVIOUS NJNG BASE RATE CASES

Listed below is a comparison of the major financial aspects of NJNG’s last three base rate cases:

($ millions, except as noted)	November 2024 Order			November 2021 Order			November 2019 Order
Rate Base	$	3,245		$	2,523		$	1,764
Common Equity Component		54.0	%		54.0	%		54.0	%
Return on Equity		9.60	%		9.60	%		9.60	%
Depreciation Rate		3.21	%		2.78	%		2.78	%
Filing Date	January 2024			March 2021			March 2019

FORWARD-LOOKING STATEMENTS:

This investor fact sheet contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this investor fact sheet include, but are not limited to, certain statements NJNG’s base rate case and investment programs.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this investor fact sheet is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

About New Jersey Resources

•	New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.

•	Clean Energy Ventures invests in, owns and operates solar projects, providing residential and customers with low-carbon solutions.

•	Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.

•	Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.

•	Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR: www.njresources.com.

“Like” us on facebook.com/NewJerseyNaturalGas