New Jersey Resources (NJR) 10-K26 Nov 242024 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 30, 2024	Nov. 22, 2024	Mar. 31, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--09-30
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	938‑1000
Title of 12(b) Security	Common Stock ‑ $2.50 Par Value
Trading Symbol	NJR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,220,553,504
Entity Common Stock, Shares Outstanding		99,769,083
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Shareowners (Proxy Statement) to be held on January 21, 2025, are incorporated by reference into Part I and Part III of this report.
Entity Central Index Key	0000356309
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Morristown, New Jersey

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
OPERATING REVENUES
Utility	$ 1,018,482	$ 1,011,284	$ 1,127,417
Nonutility	778,057	951,710	1,778,562
Total operating revenues	1,796,539	1,962,994	2,905,979
Natural gas purchases:
Related parties	7,147	7,206	7,395
Operation and maintenance	394,636	373,568	361,866
Regulatory rider expenses	60,327	50,542	59,437
Depreciation and amortization	166,567	152,941	129,249
Total operating expenses	1,338,435	1,555,994	2,499,504
OPERATING INCOME	458,104	407,000	406,475
Other income, net	41,553	26,083	22,295
Interest expense, net of capitalized interest	130,275	123,014	85,830
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	369,382	310,069	342,940
Income tax provision	84,906	49,275	76,195
Equity in earnings of affiliates	5,299	3,930	8,177
NET INCOME	$ 289,775	$ 264,724	$ 274,922
EARNINGS PER COMMON SHARE
Basic (usd per share)	$ 2.94	$ 2.73	$ 2.86
Diluted (usd per share)	$ 2.92	$ 2.71	$ 2.85
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	98,634	97,028	96,100
Diluted (in shares)	99,289	97,627	96,488
Utility
Natural gas purchases:
Gas purchases - Utility and Nonutility	$ 405,332	$ 416,158	$ 547,901
Nonutility
Natural gas purchases:
Gas purchases - Utility and Nonutility	$ 304,426	$ 555,579	$ 1,393,656

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 289,775	$ 264,724	$ 274,922
Other comprehensive income (loss), net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(317), $(317) and $(317), respectively	1,054	1,053	1,054
Adjustment to postemployment benefit obligation, net of tax of $(706), $1,873 and $(8,657), respectively	2,384	(6,186)	28,648
Other comprehensive income (loss), net of tax	3,438	(5,133)	29,702
Comprehensive income	$ 293,213	$ 259,591	$ 304,624

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Tax on reclassifications of losses to net income on derivatives	$ (317)	$ (317)	$ (317)
Tax on adjustment to postemployment benefit obligation	$ (706)	$ 1,873	$ (8,657)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 289,775	$ 264,724	$ 274,922
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments	19,574	(38,081)	(59,906)
Depreciation and amortization	166,567	152,941	129,249
Amortization of acquired wholesale energy contracts	125	2,271	2,561
Allowance for equity used during construction	(6,874)	(7,137)	(11,243)
Allowance for doubtful accounts	1,229	1,570	2,401
Non-cash lease expense	4,674	3,708	4,850
Deferred income taxes	85,735	30,462	81,659
Equivalent value of ITCs recognized on equipment financing	(15,328)	(6,986)	(7,542)
Manufactured gas plant remediation costs	(23,451)	(9,571)	(17,538)
Cost of removal - asset retirement obligations	(1,727)	(1,526)	(1,289)
Contributions to postemployment benefit plans	(2,659)	(4,706)	(6,785)
Taxes related to stock-based compensation	(1,219)	(588)	(144)
Changes in:
Components of working capital	(61,058)	61,525	(77,687)
Other noncurrent assets and liabilities	(27,956)	30,387	9,972
Cash flows from operating activities	427,407	478,993	323,480
Expenditures for:
Cost of removal	(48,385)	(40,555)	(39,293)
Distribution from equity investees in excess of equity in earnings	2,246	2,294	2,336
Investments in equity investees, net of return of capital	0	0	5,479
Cash flows used in investing activities	(569,073)	(538,625)	(590,613)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	250,000	225,000	360,000
Payments of long-term debt	(125,066)	(71,934)	(68,343)
Proceeds from term loan	0	0	150,000
Payments of term loan	0	(150,000)	0
Proceeds from (payments of) short-term debt, net	39,700	(21,850)	(103,350)
Proceeds from sale leaseback transactions - solar	64,694	167,790	24,071
Proceeds from sale leaseback transactions - natural gas meters	8,814	8,441	17,300
Payments of common stock dividends	(165,063)	(150,973)	(127,704)
Proceeds from waiver discount issuance of common stock	59,730	42,807	0
Proceeds from issuance of common stock - DRP	14,676	14,993	14,745
Tax withholding payments related to net settled stock compensation	(5,724)	(4,577)	(4,177)
Cash flows from financing activities	141,761	59,697	262,542
Change in cash, cash equivalents and restricted cash	95	65	(4,591)
Cash, cash equivalents and restricted cash at beginning of period	1,517	1,452	6,043
Cash, cash equivalents and restricted cash at end of period	1,612	1,517	1,452
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	(12,744)	112,628	(16,658)
Inventories	(11,086)	67,445	(80,801)
Recovery of natural gas costs	734	(14,427)	1,037
Natural gas purchases payable	6,238	(183,772)	66,352
Natural gas purchases payable - related parties	16	8	(10)
Deferred revenue	(39,832)	934	33,802
Accounts payable and other	15,640	7,537	(34,259)
Prepaid expenses	(2,013)	(1,169)	(406)
Prepaid and accrued taxes	(23,517)	16,415	(1,516)
Restricted broker margin accounts	19,535	46,364	(51,165)
Customers’ credit balances and deposits	(6,315)	11,664	660
Other current assets and liabilities	(7,714)	(2,102)	5,277
Total	(61,058)	61,525	(77,687)
Cash paid for:
Interest (net of amounts capitalized)	120,239	108,194	84,375
Income taxes	21,313	4,282	4,252
Accrued capital expenditures	22,535	25,867	34,674
Utility plant
Expenditures for:
Payments to acquire PP&E	(372,019)	(350,304)	(259,081)
Solar equipment
Expenditures for:
Payments to acquire PP&E	(104,287)	(107,303)	(146,676)
Storage and transportation and other
Expenditures for:
Payments to acquire PP&E	$ (46,628)	$ (42,757)	$ (153,378)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$ 4,221,395	$ 3,843,037
Construction work in progress	233,295	237,428
Nonutility plant and equipment, at cost	1,834,956	1,767,306
Construction work in progress	206,869	142,768
Total property, plant and equipment	6,496,515	5,990,539
Accumulated depreciation and amortization, utility plant	(786,594)	(714,087)
Accumulated depreciation and amortization, nonutility plant and equipment	(306,698)	(254,397)
Property, plant and equipment, net	5,403,223	5,022,055
CURRENT ASSETS
Cash and cash equivalents	1,017	954
Customer accounts receivable:
Billed	105,531	97,540
Unbilled revenues	20,094	19,100
Allowance for doubtful accounts	(8,506)	(11,036)
Regulatory assets	73,070	73,587
Natural gas in storage, at average cost	199,125	199,501
Materials and supplies, at average cost	38,484	27,022
Prepaid expenses	11,754	9,741
Prepaid taxes	67,066	43,046
Derivatives, at fair value	6,813	30,755
Restricted broker margin accounts	13,243	20,796
Other current assets	26,904	21,071
Total current assets	554,595	532,077
NONCURRENT ASSETS
Investments in equity method investees	101,744	104,134
Regulatory assets	609,192	584,830
Operating lease assets	184,485	175,740
Derivatives, at fair value	806	1,564
Software costs	10,522	8,375
Deferred income taxes	20,751	28,383
Postemployment employee benefit assets	24,660	18,684
Other noncurrent assets	71,667	61,654
Total noncurrent assets	1,023,827	983,364
Total assets	6,981,645	6,537,496
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares September 30, 2024 — 99,461,448; September 30, 2023 — 97,584,455	248,159	243,458
Premium on common stock	633,811	558,654
Accumulated other comprehensive loss, net of tax	(6,521)	(9,959)
Treasury stock at cost and other; shares September 30, 2024 — 16,302; September 30, 2023 — 13,041	26,220	20,748
Retained earnings	1,298,774	1,177,834
Common stock equity	2,200,443	1,990,735
Long-term debt	2,879,464	2,768,017
Total capitalization	5,079,907	4,758,752
CURRENT LIABILITIES
Current maturities of long-term debt	189,006	116,155
Short-term debt	291,800	252,100
Natural gas purchases payable	57,515	51,277
Deferred revenue	21,572	61,404
Accounts payable and other	169,232	151,790
Dividends payable	44,752	40,981
Accrued taxes	10,593	10,090
Regulatory liabilities	32,981	32,287
New Jersey Clean Energy Program	18,491	15,804
Derivatives, at fair value	6,271	16,145
Restricted broker margin accounts	1,146	8,029
Operating lease liabilities	4,945	4,772
Customers’ credit balances and deposits	38,595	44,910
Total current liabilities	887,774	806,603
NONCURRENT LIABILITIES
Deferred income taxes	358,783	285,427
Deferred investment tax credits	2,156	2,434
Deferred revenue	3,095	659
Derivatives, at fair value	11,490	7,967
Manufactured gas plant remediation	161,650	169,390
Postemployment employee benefit liabilities	64,609	102,528
Regulatory liabilities	175,847	180,458
Operating lease liabilities	159,303	148,023
Asset retirement obligations	66,698	61,993
Other noncurrent liabilities	10,333	13,262
Total noncurrent liabilities	1,013,964	972,141
Commitments and contingent liabilities (Note 14)
Total capitalization and liabilities	6,981,645	6,537,496
Related Party
CURRENT LIABILITIES
Natural gas purchases payable to related parties	$ 875	$ 859

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares outstanding (in shares)	99,461,448	97,584,455
Treasury stock at cost and other, shares (in shares)	16,302	13,041

CONSOLIDATED STATEMENTS OF COMM

CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY - 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, 2021			95,710,000
Balance as of beginning of period at Sep. 30, 2021		$ 1,630,862	$ 240,644	$ 502,584	$ (34,528)	$ (12,448)	$ 934,610
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		274,922					274,922
Other comprehensive income (loss)		29,702			29,702
Common stock issued:
Incentive compensation plan (in shares)			193,000
Incentive compensation plan		9,146	$ 481	8,665
Dividend reinvestment plan (in shares)	[1]		355,000
Dividend reinvestment plan	[1]	14,741	$ 491	8,450		5,800
Cash dividend declared		(142,004)					(142,004)
Treasury stock and other (in shares)			(8,000)
Treasury stock and other		(159)		(2)		(157)
Balance as of end of period (in shares) at Sep. 30, 2022			96,250,000
Balance as of end of period at Sep. 30, 2022		1,817,210	$ 241,616	519,697	(4,826)	(6,805)	1,067,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		264,724					264,724
Other comprehensive income (loss)		(5,133)			(5,133)
Common stock issued:
Incentive compensation plan (in shares)			136,000
Incentive compensation plan		5,168	$ 339	4,829
Dividend reinvestment plan (in shares)	[1]		258,000
Dividend reinvestment plan	[1]	15,034	$ 205	6,069		8,760
Waiver discount (in shares)			948,000
Waiver discount		42,807	$ 1,298	28,059		13,450
Cash dividend declared		(154,418)					(154,418)
Treasury stock and other (in shares)			(8,000)
Treasury stock and other		$ 5,343				5,343
Balance as of end of period (in shares) at Sep. 30, 2023		97,584,455	97,584,000
Balance as of end 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		289,775					289,775
Other comprehensive income (loss)		3,438			3,438
Common stock issued:
Incentive compensation plan (in shares)			154,000
Incentive compensation plan		5,484	$ 385	5,099
Dividend reinvestment plan (in shares)	[1]		346,000
Dividend reinvestment plan	[1]	14,644	$ 864	13,780
Waiver discount (in shares)			1,380,000
Waiver discount		59,730	$ 3,452	56,278
Cash dividend declared		(168,835)					(168,835)
Treasury stock and other (in shares)			(3,000)
Treasury stock and other		$ 5,472				5,472
Balance as of end of period (in shares) at Sep. 30, 2024		99,461,448	99,461,000
Balance as of end of period at Sep. 30, 2024		$ 2,200,443	$ 248,159	$ 633,811	$ (6,521)	$ 26,220	$ 1,298,774

[1] Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.

CONSOLIDATED STATEMENTS OF CO_3

CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (usd per share)	$ 1.71	$ 1.59	$ 1.4775

NATURE OF THE BUSINESS

NATURE OF THE BUSINESS	12 Months Ended
NATURE OF THE BUSINESS	Sep. 30, 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. NJRCEV, the Company’s clean energy subsidiary, comprises the CEV segment and owns and operates clean energy projects, including commercial and residential 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 17. Subsequent Events for more information regarding the transaction. NJRES 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, 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	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Other financial investments or contractual interests that lack the characteristics of a voting interest entity, which are commonly referred to as variable interest entities, are evaluated by the Company to determine if the entity has the power to direct business activities and, therefore, would be considered a controlling interest that the Company would have to consolidate. Based on those evaluations, NJR has determined that it does not have any investments in variable interest entities as of September 30, 2024, 2023 and 2022. Investments in entities over which the Company does not have a controlling financial interest are accounted for under the equity method. 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. AROs 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 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 $137.2M and $48.5M of operating revenue related to the AMAs on the Consolidated Statements of Operations during fiscal 2024 and 2023, respectively. Amounts received in excess of revenue recognized totaling $22.3M and $58.7M are included in deferred revenue on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively. S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed. Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information. Natural Gas Purchases NJNG’s tariff includes a component for BGSS, which is designed to allow it to recover the cost of natural gas through rates charged to its customers and is typically revised on an annual basis. As part of computing its BGSS rate, NJNG projects its cost of natural gas, net of supplier refunds, the impact of hedging activities and cost savings created by BGSS incentive programs. NJNG subsequently recovers or credits the difference, if any, of actual costs compared with those included in current rates. Any underrecoveries or overrecoveries are either credited to customers or deferred and, subject to BPU approval, reflected in the BGSS rates in subsequent years. Natural gas purchases at ES are composed of natural gas costs to be paid upon completion of a variety of transactions, as well as realized gains and losses from settled derivative instruments and unrealized gains and losses on the change in fair value of derivative instruments that have not yet settled. Changes in the fair value of derivatives that economically hedge the forecasted purchases of natural gas are recognized in natural gas purchases as they occur. Demand Fees For the purpose of securing storage and pipeline capacity in support of their respective businesses, ES and NJNG enter into storage and pipeline capacity contracts, which require the payment of associated demand fees and charges that allow them access to a high priority of service in order to maintain the ability to access storage or pipeline capacity during a fixed time period, which generally ranges from one The following table summarizes the demand charges, which are net of capacity releases, and are included as a component of natural gas purchases on the Consolidated Statements of Operations for the fiscal years ended September 30: (Millions) 2024 2023 2022 ES $ 72.6 $ 74.6 $ 95.4 NJNG 200.4 183.4 170.3 Total $ 273.0 $ 258.0 $ 265.7 ES expenses demand charges over the term of the service being provided. NJNG’s costs associated with demand charges are included in its weighted average cost of natural gas. The demand charges are expensed based on NJNG’s BGSS sales and recovered as part of the natural gas commodity component of its BGSS tariff. Operations and Maintenance Expenses O&M includes salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, amortization of software costs for unregulated entities, customer service, professional fees and other outside services, insurance expense, accretion of cost of removal for future retirements of utility assets and other administrative expenses, and are expensed as incurred. Stock-Based Compensation Stock-based compensation represents costs related to stock-based awards granted to employees and members of NJR’s Board of Directors. NJR recognizes stock-based compensation based upon the estimated fair value of awards. The recognition period for these costs begins at either the applicable service inception date or grant date and continues throughout the requisite service period. The related compensation cost is recognized as O&M on the Consolidated Statements of Operations. See Note 10. Stock-Based Compensation for further information. Income Taxes The Company computes income taxes using the asset and liability method, whereby deferred income taxes are generally determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. See Note 12. Income Taxes . In addition, the Company evaluates its tax positions to determine the appropriate accounting and recognition of future obligations associated with unrecognized tax benefits. NJR evaluates its tax positions to determine the appropriate accounting and recognition of potential future obligations associated with unrecognized tax benefits. A tax benefit claimed, or expected to be claimed, on a tax return may be recognized if it is more likely than not that the position will be upheld upon examination by the applicable taxing authority. Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense and accrued interest, and penalties are recognized within other noncurrent liabilities on the Consolidated Balance Sheets. To the extent that NJNG invests in property that qualifies for ITCs, the ITC is deferred and amortized to income over the life of the equipment in accordance with regulatory treatment. ITCs at the unregulated subsidiaries of NJR are recorded on the balance sheet as a reduction to property, plant and equipment when the property is placed in service, and recognized in earnings as a reduction of depreciation expense over the useful lives of the related assets. Investments in Equity Investees The Company accounts for its investment in Steckman Ridge using the equity method of accounting where it is not the primary beneficiary, as defined under ASC 810, Consolidation ; its respective ownership interests are 50% or less and/or it has significant influence over operating and management decisions. The Company’s share of earnings is recognized as equity in earnings of affiliates on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in facts and circumstances indicate that the current fair value may be less than the asset’s carrying amount. If the Company determines the decline in the value of its equity method investment is other than temporary, an impairment charge is recorded in an amount equal to the excess of the carrying value of the asset over its fair value. See Note 7. Investments in Equity Investees for more information regarding impairments. Property, Plant and Equipment Property, plant and equipment is stated at original cost. Costs include direct labor, materials and third-party construction contractor costs, capitalized interest and certain indirect costs related to equipment and employees engaged in construction. Utility plant and nonutility plant for Adelphia also includes AFUDC. Upon retirement, the cost of depreciable property, plus removal costs less salvage, is charged to accumulated depreciation with no gain or loss recorded. Depreciation is computed on a straight-line basis over the useful life of the assets for the Company’s nonutility entities, and using rates based on the estimated average lives of the various classes of depreciable property for NJNG. The composite rate of depreciation used for NJNG was 2.69% of average depreciable property in fiscal 2024, 2.68% in fiscal 2023 and 2.66% in fiscal 2022. The Company recorded $166.6M, $152.9M and $129.2M in depreciation expense during fiscal 2024, 2023 and 2022, respectively. Property, plant and equipment was comprised of the following as of September 30: (Thousands) Estimated Property Classifications Useful Lives 2024 2023 Distribution facilities 11 to 54 years $ 3,436,308 $ 3,063,111 Transmission facilities 28 to 42 years 656,098 650,817 Storage facilities 27 to 86 years 86,329 85,603 Solar property 15 to 35 years 885,518 864,838 Storage and transportation property 5 to 50 years 929,850 884,647 All other property 5 to 40 years 62,248 61,327 Construction work in progress 440,164 380,196 Total property, plant and equipment 6,496,515 5,990,539 Accumulated depreciation and amortization (1,093,292) (968,484) Property, plant and equipment, net $ 5,403,223 $ 5,022,055 Within storage and transportation property, base gas is required to maintain the necessary pressure and to allow for efficient operation of the Leaf River storage facility. The base gas is determined to be recoverable and is considered part of the facility and thus presented as a component in property, plant and equipment. This natural gas is not depreciated, as it is expected to be recovered and sold. As of September 30, 2024 and 2023, the base gas had a cost basis of $21.4M and $20.9M, respectively. Capitalized and Deferred Interest NJNG’s base rates include the ability to recover AFUDC on its construction work in progress. For all NJNG construction projects, an incremental cost of equity is recoverable during periods when NJNG’s short-term debt balances are lower than its construction work in progress. For more information on AFUDC treatment with respect to certain accelerated infrastructure projects, see Note 4. Regulation - Infrastructure Programs. Capitalized amounts associated with the debt and equity components of NJNG’s AFUDC are recorded in utility plant on the Consolidated Balance Sheets. Corresponding amounts for the debt component are recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations. Adelphia’s base rates include the ability to recover AFUDC on its construction work in progress. Capitalized amounts associated with Adelphia’s AFUDC are recorded in nonutility plant on the Consolidated Balance Sheets. Corresponding amounts for the debt component are recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations. Capitalized and deferred interest include the following for the fiscal years ended September 30: ($ in thousands) 2024 2023 2022 AFUDC: NJNG Adelphia NJNG Adelphia NJNG Adelphia Debt $ 4,729 $ 64 $ 3,546 $ 90 $ 1,648 $ 4,019 Equity 6,761 113 6,979 158 4,169 7,074 Total $ 11,490 $ 177 $ 10,525 $ 248 $ 5,817 $ 11,093 Weighted average interest rate 6.48 % 8.28 % 6.41 % 8.28 % 4.91 % 8.28 % Pursuant to a BPU order, NJNG is permitted to recover carrying costs on uncollected balances related to SBC program costs, which include NJCEP, RAC and USF expenditures. The NJCEP and RAC interest rates change each September based on the August 31 seven-year constant maturity treasury rate plus 60 basis points. The SBC rate was 4.33%, 4.79% and 3.85% for the fiscal years ended September 30, 2024, 2023 and 2022, respectively. Accordingly, other income included $2.6M, $1.8M and $0.9M in the fiscal years ended September 30, 2024, 2023 and 2022, respectively. CEV capitalizes interest on the allocation of the costs of debt borrowed for the financing of solar investments. Capitalized amounts are included in nonutility plant and equipment on the Consolidated Balance Sheets. Corresponding amounts are recognized in interest expense on the Consolidated Statements of Operations. 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 Consolidated Balance Sheets. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total amounts in the Consolidated Statements of Cash Flows, as of September 30: (Thousands) 2024 2023 2022 Balance Sheet Cash and cash equivalents $ 1,017 $ 954 $ 1,107 Restricted cash in other noncurrent assets $ 595 $ 563 $ 345 Statements of Cash Flow Cash, cash equivalents and restricted cash $ 1,612 $ 1,517 $ 1,452 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 Regulatory Assets & Liabilities Under cost-based regulation, regulated utility enterprises generally are permitted to recover their operating expenses and earn a reasonable rate of return on their utility investment. NJNG is subject to accounting requirements resulting from the effects of rate regulation by the BPU. Accordingly, NJNG capitalizes or defers certain costs that are expected to be recovered from its customers as regulatory assets and recognizes certain obligations representing probable future expenditures as regulatory liabilities on the Consolidated Balance Sheets. See Note 4. Regulation for a more detailed description of NJNG’s regulatory assets and liabilities. Adelphia capitalizes or defers certain costs that are expected to be recovered from its customers as regulatory assets and recognizes certain obligations representing probable future expenditures as regulatory liabilities on the Consolidated Balance Sheets. See Note 4. Regulation for a more detailed description of Adelphia’s regulatory assets and liabilities. Natural Gas in Storage Natural gas in storage is reflected at average cost on the Consolidated Balance Sheets and represents natural gas and LNG that will be utilized in the ordinary course of business. The following table summarizes natural gas in storage, at average cost by company, as of September 30: 2024 2023 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 177,655 30.8 $ 175,025 29.1 ES 21,378 13.1 24,476 14.6 S&T 92 — — — Total $ 199,125 43.9 $ 199,501 43.7 Derivative Instruments The Company accounts for its financial instruments, such as futures, options and interest rate contracts, as well as its physical commodity contracts related to the purchase and sale of natural gas at ES, as derivatives, and therefore recognizes them at fair value on the Consolidated Balance Sheets. The Company’s unregulated subsidiaries record changes in the fair value of their financial commodity derivatives in natural gas purchases and changes in the fair value of their physical forward contracts in natural gas purchases or operating revenues, as appropriate, on the Consolidated Statements of Operations. Ineffective portions of the cash flow hedges are recognized immediately in earnings. Cash flows from derivative financial instruments are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. ASC 815, Derivatives and Hedging, also provides for a NPNS scope exception for qualifying physical commodity contracts for which physical delivery is probable and the quantities delivered are expected to be used or sold over a reasonable period of time in the normal course of business. The Company prospectively applies this normal scope exception on a case-by-case basis to physical commodity contracts at NJNG and PPAs at CEV. When applied, it does not account for these contracts until the contract settles and the related underlying natural gas or power is delivered. Gains and/or losses on NJNG’s derivatives used to economically hedge its regulated natural gas supply obligations, as well as its exposure to interest rate variability, are recoverable through its BGSS, a component of its tariff. Accordingly, the offset to the change in fair value of these derivatives is recorded as a regulatory asset or liability on the Consolidated Balance Sheets. See Note 5. Derivative Instruments for additional details regarding natural gas trading and hedging activities. Fair values of exchange-traded instruments, including futures and swaps, are based on unadjusted, quoted prices in active markets. The Company’s non-exchange-traded financial instruments, over-the-counter physical commodity contracts at ES and interest rate contracts are valued using observable, quoted prices for similar or identical assets when available. In establishing the fair value of contracts for which a quoted basis price is not available at the measurement date, management utilizes available market data and pricing models to estimate fair values. Fair values are subject to change in the near term and reflect management’s best estimate based on a variety of factors. Estimating fair values of instruments that do not have quoted market prices requires management’s judgment in determining amounts that could reasonably be expected to be received from, or paid to, a third party in settlement of the instruments. These amounts could be materially different from amounts that might be realized in an actual sale transaction. During fiscal 2020, the Company entered into treasury lock transactions to fix the benchmark treasury rate associated with debt issuances for NJNG and NJR that occurred during the fiscal year. Settlement of the NJNG treasury locks resulted in a loss, which was recorded as a component of regulatory assets on the Consolidated Balance Sheets and will be amortized in earnings over the term of the debt as a component of interest expense on the Consolidated Statements of Operations. NJR designated its treasury lock contracts as cash flow hedges; therefore, changes in fair value of the effective portion of the hedges were recorded in OCI. Settlement of the treasury locks resulted in a loss, which was recorded within OCI and is amortized into earnings over the term of the associated debt as a component of interest expense on the Consolidated Statements of Operations. 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 table presents the software costs included in the Consolidated Financial Statements, as of September 30: (Thousands) 2024 2023 Balance Sheets Utility plant, at cost $ 133,158 $ 51,282 Construction work in progress $ 26,659 $ 55,012 Nonutility plant and equipment, at cost $ 344 $ 344 Accumulated depreciation and amortization, utility plant $ (13,632) $ (7,480) Accumulated depreciation and amortization, nonutility plant and equipment $ (48) $ (36) Software costs $ 10,522 $ 8,375 Statements of Operations Operation and maintenance $ 13,087 $ 14,299 Depreciation and amortization $ 6,164 $ 4,130 Long-lived Assets The Company reviews the recoverability of long-lived assets and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable, such as significant adverse changes in regulation, business climate or market conditions, including prolonged periods of adverse commodity and capacity prices. If there are changes indicating that the carrying value of such assets may not be recoverable, an undiscounted cash flows test is performed. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized by reducing the recorded value of the asset to its fair value. Factors that the Company analyzes in determining whether an impairment in its long-lived assets exists include: a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent in which a long-lived asset is being used in its physical condition; legal proceedings or other contributing factors; significant business climate changes; accumulations of costs in significant excess of the amounts expected; a current-period operating or cash flow loss combined with a history of such events; and current expectations that more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life. During fiscal 2024 and 2023, there were no events or circumstances that indicated that the carrying value of long-lived assets or finite-lived intangibles was not recoverable. Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt. See Note 9. Debt for the total unamortized debt issuance costs that are recorded as a reduction to long-term debt on the Consolidated Balance Sheets. 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 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 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 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. Environmental Contingencies Loss contingencies are recorded as liabilities when it is probable a liability has been incurred and the amount of the loss is reasonably estimable in accordance with accounting standards for contingencies. Estimating probable losses requires an analysis of uncertainties that often depend upon judgments about potential actions by third parties. Accruals for loss contingencies are recorded based on an analysis of potential results. With respect to environmental liabilities and related costs, NJNG periodically, and at least annually, performs an environmental review of MGP sites, including a review of potential liability for investigation and remedial action. 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. 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 any insurance recoveries. 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. See Note 14. Commitments and Contingent Liabilities for more details. Pension and Postemployment Plans The Company has two noncontributory defined pension plans covering eligible employees, including officers. Benefits are based on each employee’s years of service and compensation. The Company’s funding policy is to contribute annually to these plans at least the minimum amount required under the Employee Retirement Income Security Act, as amended, and not more than can be deducted for federal income tax purposes. Plan assets consist of equity securities, fixed-income securities and short-term investments. The Company also provides two primarily noncontributory medical and life insurance plans for eligible retirees and dependents. Medical benefits, which make up the largest component of the plans, are based upon an age and years-of-service vesting schedule and other plan provisions. Funding of these benefits is made primarily into Voluntary Employee Beneficiary Association trust funds. See Note 11. Employee Benefit Plans for a more detailed description of the Company’s pension and postemployment plans. Asset Retirement Obligations The Company recognizes AROs related to the costs associated with cutting and capping NJNG’s main and service natural gas distribution mains, which is required by New Jersey law when taking such natural gas distribution mains out of service. The Company also recognizes AROs associated with CEV’s solar assets when there are decommissioning provisions in lease agreem

REVENUE

REVENUE	12 Months Ended
REVENUE	Sep. 30, 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 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/ Operations Performance Obligation Description NJNG Natural gas utility sales NJNG’s performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month’s deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer. CEV Commercial solar electricity CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services. CEV Residential solar electricity CEV provides access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation is to provide electricity to the customer based on generation from the underlying residential solar asset and is satisfied upon transfer of electricity generated. Revenue is derived from the contract terms and is recognized as invoiced, with the payment due each month for the previous month’s services. CEV Renewable energy certificates Certain CEV projects generate TRECs and SREC IIs under the established ADI Program. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI Program are purchased monthly by a REC Administrator. Revenue is recognized upon generation. Revenue Recognized Over Time (continued): Segment/ Performance Obligation Description 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 fiscal 2024, 2023 and 2022 are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Natural gas utility sales (1) $ 861,882 — — — — $ 861,882 Natural gas services — — 164,165 96,209 — 260,374 Service contracts — — — — 36,231 36,231 Installations and maintenance — — — — 26,404 26,404 Renewable energy certificates — 15,111 — — — 15,111 Electricity sales — 32,913 — — — 32,913 Eliminations (2) (1,350) — — (1,358) (258) (2,966) Revenues from contracts with customers 860,532 48,024 164,165 94,851 62,377 1,229,949 Alternative revenue programs (3) 1,087 — — — — 1,087 Derivative instruments 156,863 82,539 (4) 321,226 — — 560,628 Eliminations (2) — — 4,875 — — 4,875 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Natural gas utility sales (1) $ 845,392 — — — — $ 845,392 Natural gas services — — 76,975 92,859 — 169,834 Service contracts — — — — 35,210 35,210 Installations and maintenance — — — — 22,428 22,428 Renewable energy certificates — 12,636 — — — 12,636 Electricity sales — 31,733 — — — 31,733 Eliminations (2) (1,349) — — (4,159) (205) (5,713) Revenues from contracts with customers 844,043 44,369 76,975 88,700 57,433 1,111,520 Alternative revenue programs (3) 27,257 — — — — 27,257 Derivative instruments 139,984 79,762 (4) 614,641 — — 834,387 Eliminations (2) — — (10,170) — — (10,170) Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 2022 Natural gas utility sales $ 951,626 — — — — 951,626 Natural gas services — — 83,801 67,735 — 151,536 Service contracts — — — — 33,932 33,932 Installations and maintenance — — — — 22,250 22,250 Renewable energy certificates — 5,487 — — — 5,487 Electricity sales — 38,317 — — — 38,317 Eliminations (2) (1,350) — — (2,449) (364) (4,163) Revenues from contracts with customers 950,276 43,804 83,801 65,286 55,818 1,198,985 Alternative revenue programs (3) 11,259 — — — — 11,259 Derivative instruments 165,882 84,476 (4) 1,445,471 — — 1,695,829 Eliminations (2) — — (94) — — (94) Revenues out of scope 177,141 84,476 1,445,377 — — 1,706,994 Total operating revenues $ 1,127,417 128,280 1,529,178 65,286 55,818 2,905,979 (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 fiscal years ended September 30, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Residential $ 641,606 13,960 — — 62,219 $ 717,785 Commercial and industrial 123,727 34,064 164,165 94,851 158 416,965 Firm transportation 86,600 — — — — 86,600 Interruptible, off-tariff and other 8,599 — — — — 8,599 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Residential $ 621,663 13,668 — — 57,091 $ 692,422 Commercial and industrial 136,011 30,701 76,975 88,700 342 332,729 Firm transportation 77,722 — — — — 77,722 Interruptible, off-tariff and other 8,647 — — — — 8,647 Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 2022 Residential $ 586,678 12,579 — — 55,629 $ 654,886 Commercial and industrial 265,970 31,225 83,801 65,286 189 446,471 Firm transportation 92,531 — — — — 92,531 Interruptible, off-tariff and other 5,097 — — — — 5,097 Revenues out of scope 177,141 84,476 1,445,377 — — 1,706,994 Total operating revenues $ 1,127,417 128,280 1,529,178 65,286 55,818 $ 2,905,979 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 Consolidated Balance Sheets are as follows: Customer Accounts Receivable Customers’Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2022 $ 222,297 $ 13,769 $ 33,246 (Decrease) increase (124,757) 5,331 11,664 Balance as of September 30, 2023 97,540 19,100 44,910 Increase (decrease) 7,991 994 (6,315) Balance as of September 30, 2024 $ 105,531 $ 20,094 $ 38,595 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 Consolidated Balance Sheets as of September 30: (Thousands) NJNG CEV ES S&T HSO Total 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 2023 Customer accounts receivable Billed $ 55,234 9,962 23,716 6,577 2,051 $ 97,540 Unbilled 10,784 8,316 — — — 19,100 Customers’ credit balances and deposits (44,898) — — (12) — (44,910) Total $ 21,120 18,278 23,716 6,565 2,051 $ 71,730

REGULATION

REGULATION	12 Months Ended
REGULATION	Sep. 30, 2024
Regulated Operations [Abstract]
REGULATION	4. REGULATION The EDECA is the legal framework for New Jersey’s public utility and wholesale energy landscape. NJNG is required, pursuant to a written order by the BPU under EDECA, to open its residential markets to competition from third-party natural gas suppliers. Customers can choose the supplier of their natural gas commodity in NJNG’s service territory. As required by EDECA, NJNG’s rates are segregated into two primary components: the commodity portion, which represents the wholesale cost of natural gas, including the cost for interstate pipeline capacity to transport the natural gas to NJNG’s service territory; and the delivery portion, which represents the transportation of the commodity portion through NJNG’s natural gas distribution system to the end-use customer. NJNG does not earn Utility Gross Margin on the commodity portion of its natural gas sales. NJNG earns Utility Gross Margin through the delivery of natural gas to its customers, regardless of whether it or a third-party supplier provides the wholesale natural gas commodity. Under EDECA, the BPU is required to audit the state’s energy utilities every two years. The primary purpose of the audit is to ensure that utilities and their affiliates offering unregulated retail services do not have an unfair competitive advantage over nonaffiliated providers of similar retail services. A combined competitive services and management audit of NJNG commenced in November 2022. The audit is still in progress. NJNG is subject to cost-based regulation; therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility capital investments based on the BPU’s approval. The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets, and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations. NJNG’s recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make filings to the BPU for review of its BGSS, CIP and other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. The current base rates include a weighted average cost of capital of 6.84% and a return on common equity of 9.6%. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU. Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30: (Thousands) 2024 2023 Regulatory assets-current New Jersey Clean Energy Program $ 18,491 $ 15,804 Conservation Incentive Program 51,442 50,356 Derivatives at fair value, net 1,363 6,017 Other current regulatory assets 1,774 1,410 Total current regulatory assets $ 73,070 $ 73,587 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 77,475 $ 66,298 Liability for future expenditures 161,650 169,390 Deferred income taxes 42,595 41,667 SAVEGREEN 107,796 83,589 Postemployment and other benefit costs 23,772 55,274 Cost of removal 130,885 112,362 Other noncurrent regulatory assets 59,924 51,019 Total noncurrent regulatory assets $ 604,097 $ 579,599 Regulatory liability-current Overrecovered natural gas costs $ 32,457 $ 30,637 Total current regulatory liabilities $ 32,457 $ 30,637 Regulatory liabilities-noncurrent Tax Act impact (1) $ 175,328 $ 180,347 Derivatives at fair value, net 404 — Other noncurrent regulatory liabilities 115 111 Total noncurrent regulatory liabilities $ 175,847 $ 180,458 (1) Reflects the re-measurement and subsequent amortization of NJNG’s net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017. Other noncurrent regulatory assets include deferred pandemic costs of approximately $3.9M as of both September 30, 2024 and 2023, primarily related to a portion of bad debt associated with customer accounts receivable resulting from the impacts of the novel coronavirus disease pandemic. These costs are eligible for future regulatory recovery and are included in the base rate case filed on January 31, 2024. Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30: (Thousands) 2024 2023 Total noncurrent regulatory assets $ 5,095 $ 5,231 Total current regulatory liabilities $ 524 $ 1,650 The assets are comprised primarily of the tax benefit associated with the equity component of AFUDC and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval. New Jersey Clean Energy Program The NJCEP is a statewide program that encourages energy efficiency and renewable energy. Funding amounts are determined by the BPU’s Office of Clean Energy and all New Jersey utilities are required to share in the annual funding obligation. The current NJCEP program is for the State of New Jersey’s fiscal year ending June 2025. NJNG recovers the costs associated with its portion of the NJCEP obligation through its NJCEP rider, with interest. Conservation Incentive Program The CIP permits NJNG to recover Utility Gross Margin variations related to customer usage resulting from customer conservation efforts and mitigates the impact of weather on its margin. Such Utility Gross Margin variations are recovered in the year following the end of the CIP usage year, without interest, and are subject to additional conditions, including an earnings test, a revenue test and an evaluation of BGSS-related savings. This program has no expiration date. Derivatives Derivatives are utilized by NJNG to manage the price risk associated with its natural gas purchasing activities and to participate in certain BGSS incentive programs. The gains and losses associated with NJNG’s derivatives are recoverable through its BGSS, as noted above, without interest. See Note 5. Derivative Instruments . Environmental Remediation Costs NJNG is responsible for the cleanup of certain former gas manufacturing facilities. Actual expenditures are recovered from customers, with interest, over seven-year rolling periods, through a RAC rate rider. Recovery for NJNG’s estimated future liability will be requested and/or recovered when actual expenditures are incurred. See Note 14. Commitments and Contingent Liabilities . Deferred Income Taxes Upon adoption of a 1993 provision of ASC 740, Income Taxes , NJNG recognized a transition adjustment and corresponding regulatory asset representing the difference between NJNG’s existing deferred tax amounts compared with the deferred tax amounts calculated in accordance with the change in method prescribed by ASC 740. NJNG recovers the regulatory asset associated with these tax impacts through future base rates, without interest. SAVEGREEN NJNG administers certain programs that supplement the state’s NJCEP and that allow NJNG to promote clean energy to its residential and commercial customers, as described further below. NJNG will recover related expenditures and a weighted average cost of capital on the unamortized balance through a tariff rider, with interest, as approved by the BPU, over a three Postemployment and Other Benefit Costs Postemployment and Other Benefit Costs represents NJNG’s underfunded postemployment benefit obligations. See Note 11. Employee Benefit Plans . Cost of Removal NJNG accrues and collects for cost of removal in base rates on its utility property, without interest. These costs are recorded in accumulated depreciation for regulatory reporting purposes, and actual costs of removal, without interest, will be recovered in subsequent rates, pursuant to the BPU order. Consistent with GAAP, amounts recorded within accumulated depreciation for regulatory accounting purposes are reclassified out of accumulated depreciation to either a regulatory asset or a regulatory liability depending on whether actual cost of removal is still subject to collection or amounts overcollected will be refunded back to customers. Other Regulatory Assets Other regulatory assets consist primarily of deferred costs associated with certain components of NJNG’s SBC, as discussed further in the regulatory proceedings section. NJNG’s related costs to maintain the operational integrity of its distribution and transmission main are recoverable, without interest, subject to BPU review and approval. Overrecovered Natural Gas Costs NJNG recovers its cost of natural gas through the BGSS rate component of its customers’ bills. NJNG’s cost of natural gas includes the purchased cost of the natural gas commodity, fees paid to pipelines and storage facilities, adjustments as a result of BGSS incentive programs and hedging transactions. Overrecovered natural gas costs represent a regulatory liability that generally occurs when NJNG’s BGSS rates are higher than actual costs and result in returns to customers, including interest when applicable, in accordance with NJNG’s approved BGSS tariff. Conversely, underrecovered natural gas costs generally occur during periods when NJNG’s BGSS rates are lower than actual costs, in which case NJNG records a regulatory asset and requests amounts to be recovered from customers in the future. The following is a description of certain regulatory proceedings during fiscal 2023 and 2024: On January 31, 2024, NJNG filed a base rate case with the BPU requesting a natural gas revenue increase of approximately $222.6M including a recovery of infrastructure investments, a change in the Company’s overall rate of return on rate base to 7.57% and a change in the return on common equity to 10.42%. On May 15, 2024, the filing was updated to reflect actual results through March 31, 2024, which reduced the requested increase to approximately $219.6M. On August 7, 2024, the filing was updated to reflect actual results through June 30, 2024, which modified the requested increase to approximately $219.9M. 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%. BGSS and CIP BGSS rates are normally revised on an annual basis. In addition, to manage the fluctuations in wholesale natural gas costs, NJNG has the ability to make two interim filings during each fiscal year to increase residential and small commercial customer BGSS rates on a self-implementing and provisional basis. NJNG is also permitted to refund or credit back a portion of the commodity costs to customers at any time given five days’ notice when the natural gas commodity costs decrease in comparison to amounts projected or to amounts previously collected from customers. Concurrent with the annual BGSS filing, NJNG files for an annual review of its CIP. NJNG’s annual BGSS and CIP filings are summarized as follows: • In February 2023, NJNG advised the BPU of a bill credit and a reduction to the BGSS rate for residential and small commercial customers, which reduced recoveries by approximately $29.9M, effective March 1, 2023, and was approved on a final basis by the BPU on April 12, 2023. Bill credits provided to customers from March 2023 through May 2023 totaled approximately $32.4M. • 2023 BGSS/CIP filing — On April 30, 2024, the BPU approved on a final basis NJNG’s annual filing, which included a decrease of approximately $38.6M to the annual revenues credited to BGSS, an annual decrease of approximately $7.4M related to its balancing charge and an increase of approximately $27.0M to CIP rates for residential and small business customers, effective October 1, 2023. • 2024 BGSS/CIP filing — On May 31, 2024, NJNG filed its annual petition to modify its BGSS rates for residential and small business customers, the balancing charge and CIP rates. On September 25, 2024, the BPU approved, on a provisional basis, a decrease of approximately $31.0M to the annual revenues credited to BGSS, an annual increase of approximately $40.3M related to its balancing charge and a decrease of approximately $0.8M to CIP rates, effective October 1, 2024. BGSS Incentive Programs NJNG is eligible to receive financial incentives for reducing BGSS costs through a series of Utility Gross Margin-sharing programs that include off-system sales, capacity release and storage incentive programs. The Company is permitted to annually propose a process to evaluate and discuss alternative incentive programs, should performance of the existing incentives or market conditions warrant re-evaluation. Energy Efficiency Programs SAVEGREEN conducts home energy audits and provides various grants, incentives and financing alternatives, which are designed to encourage the installation of high efficiency heating and cooling equipment and other upgrades to promote energy efficiency to its residential and commercial customers while stimulating state and local economies through the creation of jobs. Depending on the specific initiative or approval, NJNG recovers costs associated with the programs over a three SAVEGREEN investments and costs are filed with the BPU on an annual basis. NJNG’s annual EE filings are summarized as follows: • 2023 EE filing — In June 2023, NJNG submitted its annual EE filing with the BPU for the recovery of SAVEGREEN costs, proposing an increase in annual recoveries of approximately $10.7M. In September 2023, the BPU approved an increase to the EE rate increasing annual recoveries by approximately $9.0M based on updated information since the initial filing, effective October 1, 2023. • On November 9, 2023, NJNG filed a letter petition seeking BPU approval to extend NJNG’s current SAVEGREEN program through December 31, 2024, with an additional $76.9M in order to meet customer demand for this program, which was approved by the BPU on April 30, 2024. • On December 1, 2023, NJNG filed a petition seeking BPU approval of its 2024 SAVEGREEN program, which would support new energy efficiency, demand response and building decarbonization start-up programs from January 1, 2025 through June 30, 2027. The 2024 SAVEGREEN program includes approximately $245.1M of direct investment, approximately $217.2M in financing options and approximately $20.1M in O&M. On October 30, 2024, the BPU approved a settlement consisting of $205.0M of direct investment, $160.5M in financing options and $20.1M in O&M, which totals $385.6M. • 2024 EE filing — On May 31, 2024, NJNG submitted its annual EE filing with the BPU for the recovery of SAVEGREEN costs, proposing an increase in annual recoveries of approximately $5.6M, to be effective January 1, 2025, if approved. Societal Benefits Charge The SBC is comprised of three primary riders that allow NJNG to recover costs associated with USF, which is a permanent statewide program for all natural gas and electric utilities for the benefit of income-eligible customers, MGP remediation and the NJCEP. NJNG has submitted the following filings to the BPU, which include a report of program expenditures incurred each program year: • 2023 USF filing — In June 2023, NJNG submitted its annual USF filing to the BPU requesting an increase to the statewide USF rate, which will result in an approximately $0.7M increase to annual recoveries. The BPU approved this matter in September 2023, effective October 1, 2023. • 2023 SBC filing — In September 2023, NJNG submitted its annual SBC filing to the BPU requesting approval of RAC expenditures through June 2023, which included an increase to the RAC annual recoveries of approximately $2.4M and an increase to the NJCEP annual recoveries of approximately $5.5M, effective April 1, 2024. On March 20, 2024, the BPU approved NJNG's annual SBC filing. • 2024 USF filing — On June 28, 2024, NJNG submitted its annual USF filing to the BPU requesting an increase to the statewide USF rate, which resulted in an approximately $6.8M increase to annual recoveries. On September 25, 2024, the BPU approved this filing, effective October 1, 2024. • 2024 SBC filing — On September 30, 2024, NJNG submitted its annual SBC filing to the BPU requesting approval of RAC expenditures through June 2024, which included an increase to the RAC annual recoveries of approximately $2.4M and an increase to the NJCEP annual recoveries of approximately $1.6M, which would be effective April 1, 2025. Infrastructure Programs NJNG has significant annual capital expenditures associated with the management of its natural gas distribution and transmission system, including new utility plant for customer growth and its associated PIM and infrastructure programs. NJNG continues to implement BPU-approved infrastructure projects that are designed to enhance the reliability of NJNG’s natural gas distribution system. Infrastructure Investment Program In February 2019, NJNG filed a petition with the BPU seeking authority to implement a five-year IIP. The IIP consists of two components, transmission and distribution investments and information technology replacement and enhancements. The total investment for the IIP is approximately $507.0M. Upon approval from the BPU, investments are being recovered through annual filings to adjust base rates. In October 2020, the BPU approved the Company’s transmission and distribution component of the IIP for $150.0M over five years, effective November 1, 2020. The recovery of information technology replacement and enhancements that was included in the original IIP filing will be included as part of base rate filings as projects are placed in service. • 2023 IIP filing — In March 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for estimated capital expenditures of approximately $31.4M through June 30, 2023. This filing was updated in July 2023, with actual expenses of approximately $28.2M through June 30, 2023. The BPU approved this filing in September 2023, which resulted in an approximately $3.2M revenue increase, effective October 1, 2023. • 2024 IIP filing — On March 28, 2024, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of approximately $43.5M through June 30, 2024. The filing was updated July 26, 2024, to reflect actual expenses of approximately $41.2M through June 30, 2024. The BPU approved this filing on September 25, 2024, which resulted in an approximately $4.7M revenue increase, effective October 1, 2024.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
DERIVATIVE INSTRUMENTS	Sep. 30, 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 to purchase and sell natural gas, SRECs and electricity. In addition, the Company is exposed to foreign currency and interest rate risk and may utilize foreign currency derivatives to hedge Canadian dollar-denominated natural gas purchases and/or sales and interest rate derivatives to reduce exposure to fluctuations in interest rates. All of these types of contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, all of the financial and certain of the Company’s physical derivative instruments are recorded at fair value on the Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value . Energy Services ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of natural gas purchases or operating revenues, as appropriate for ES, on the Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases, and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either natural gas purchases or operating revenues. 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 Consolidated Balance Sheets, with changes in value recognized in current-period earnings. Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized when the SREC is transferred to the counterparty. Natural Gas Distribution Changes in fair value of NJNG’s financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the 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 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 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 Consolidated Balance Sheets as of September 30: Derivatives at Fair Value 2024 2023 (Thousands) Balance Sheet Location Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments: NJNG: Physical commodity contracts Derivatives - current $ 21 $ 579 $ 43 $ 488 Financial commodity contracts Derivatives - current — 2 6,110 20 ES: Physical commodity contracts Derivatives - current 1,660 4,346 6,209 12,757 Derivatives - noncurrent 727 10,758 802 7,870 Financial commodity contracts Derivatives - current 5,132 1,344 18,393 2,880 Derivatives - noncurrent 79 732 762 97 Total fair value of derivatives $ 7,619 $ 17,761 $ 32,319 $ 24,112 Offsetting of Derivatives The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the 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 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 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 As of September 30, 2023 ES Contracts Physical commodity $ 7,011 (1,236) — $ 5,775 $ 20,627 (1,236) (9,728) $ 9,663 Financial commodity 19,155 (2,977) (16,178) — 2,977 (2,977) — — Total ES $ 26,166 (4,213) (16,178) $ 5,775 $ 23,604 (4,213) (9,728) $ 9,663 NJNG Contracts Physical commodity $ 43 (3) — $ 40 $ 488 (3) — $ 485 Financial commodity 6,110 (20) — 6,090 20 (20) — — Total NJNG $ 6,153 (23) — $ 6,130 $ 508 (23) — $ 485 (1) Derivative assets and liabilities are presented on a gross basis on the 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 Consolidated Statements of Operations as of September 30: (Thousands) Location of gain (loss) recognized in income on derivatives Amount of gain (loss) recognized Derivatives not designated as hedging instruments: 2024 2023 2022 ES: Physical commodity contracts Operating revenues $ 12,070 $ 33,610 $ (8,569) Physical commodity contracts Natural gas purchases (2,391) (6,846) 3,580 Financial commodity contracts Natural gas purchases 11,722 80,406 14,403 Foreign currency contracts Natural gas purchases — — (14) Total unrealized and realized gain $ 21,401 $ 107,170 $ 9,400 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 and/or (losses) associated with NJNG’s derivative instruments as of September 30: (Thousands) 2024 2023 2022 NJNG: Physical commodity contracts $ (5,215) $ (34,241) $ 7,116 Financial commodity contracts 11,064 (50,130) 32,868 Total unrealized and realized gain (loss) $ 5,849 $ (84,371) $ 39,984 NJNG and ES had the following outstanding long (short) derivatives as of September 30: Natural Gas Distribution Energy Services Volumes (Bcf) Futures Physical Commodity Futures Physical Commodity 2024 31.9 10.9 (7.7) 2.8 2023 32.1 12.1 (6.9) 0.2 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 as of September 30, by reporting segment, are as follows: (Thousands) Balance Sheet Location 2024 2023 NJNG Restricted broker margin accounts - current assets $ 4,975 $ 5,915 ES Restricted broker margin accounts - current assets $ 8,268 $ 14,881 Restricted broker margin accounts - current liabilities $ 1,146 $ 8,029 Wholesale Credit Risk NJNG, ES, CEV and S&T are exposed to credit risk as a result of their sales/wholesale marketing activities. As a result of the inherent volatility in the prices of natural gas commodities, derivatives and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties. If a counterparty fails to perform the obligations under its contract, then the Company could sustain a loss. The Company monitors and manages the credit risk of its wholesale operations through credit policies and procedures that management believes reduce overall credit risk. These policies include a review and evaluation of current and prospective counterparties’ financial statements and/or credit ratings, daily monitoring of counterparties’ credit limits and exposure, daily communication with traders regarding credit status and the use of credit mitigation measures, such as collateral requirements and netting agreements. Examples of collateral include letters of credit and cash received for either prepayment or margin deposit. Collateral may be requested due to the Company’s election not to extend credit or because exposure exceeds defined thresholds. Most of the Company’s wholesale marketing contracts contain standard netting provisions. These contracts include those governed by ISDA and the NAESB. The netting provisions refer to payment netting, whereby receivables and payables with the same counterparty are offset and the resulting net amount is paid to the party to which it is due. Internally-rated exposure applies to counterparties that are not rated by Fitch or Moody’s. In these cases, the counterparty’s or guarantor’s financial statements are reviewed, and similar methodologies and ratios used by Fitch and/or Moody’s are applied to arrive at a substitute rating. Gross credit exposure is defined as the unrealized fair value of physical and financial derivative commodity contracts, plus any outstanding wholesale receivable for the value of natural gas delivered and/or financial derivative commodity contract that has settled for which payment has not yet been received. The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of September 30, 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 and CEV residential solar installations. (Thousands) Gross Credit Investment grade $ 97,403 Noninvestment grade 7,343 Internally-rated investment grade 16,168 Internally-rated noninvestment grade 17,375 Total $ 138,289 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 both September 30, 2024 and 2023. These amounts differ from the respective net derivative liabilities reflected on the 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	12 Months Ended
FAIR VALUE	Sep. 30, 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 Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value. As of September 30, 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 (1) : (Thousands) 2024 2023 NJNG Carrying value (1) $ 1,647,845 $ 1,467,845 Fair market value $ 1,439,849 $ 1,097,088 NJR Carrying value (1) $ 1,120,000 $ 1,120,000 Fair market value $ 1,085,955 $ 1,009,448 (1) See Note 9. Debt f or a reconciliation to long-term and short-term debt . 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 Consolidated Balance Sheets. The carrying value of solar sale leasebacks was approximately $283.0M and $278.4M and the estimated fair value was approximately $290.4M and $268.1M as of September 30, 2024 and 2023, respectively. The carrying value of the natural gas meter sale leasebacks was approximately $31.6M and $31.4M and the estimated fair value of certain natural gas meter sale leasebacks amounted to approximately $26.7M and $20.9M as of September 30, 2024 and 2023, respectively. The Company utilizes a discounted cash flow method to determine the fair value of its debt. Inputs include observable municipal and corporate yields, as appropriate, for the maturity of the specific debt instrument and the Company’s credit rating. As of September 30, 2024 and 2023, the Company discloses its debt within Level 2 of the fair value hierarchy. Fair Value Hierarchy The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs-to-valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM. Level 2 Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: • widely accepted and public; • non-proprietary and sourced from an independent third party; and • observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values. Level 3 Inputs derived from a significant amount of unobservable market data These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies. Financial derivative portfolios of NJNG and ES consist mainly of futures, options and swaps. The Company primarily uses the market approach, and its policy is to use actively quoted market prices when available. The principal market for its derivative transactions is the natural gas wholesale market; therefore, the primary sources for its price inputs are CME, NYMEX and ICE. ES uses Platts and Natural Gas Exchange for Canadian delivery points. However, ES also engages in transactions that result in transporting natural gas to delivery points for which there is no actively quoted market price. In most instances, the transportation cost to the final delivery location is not significant to the overall valuation. If required, ES’s policy is to use the best information available to determine fair value based on internal pricing models, which would include estimates extrapolated from broker quotes or other pricing services. The Company also has other financial assets that include listed equities, mutual funds and money market funds for which there are active exchange quotes available. When the Company determines fair values, measurements are adjusted, as needed, for credit risk associated with its counterparties, as well as its own credit risk. The Company determines these adjustments by using historical default probabilities that correspond to the applicable S&P issuer ratings, while also taking into consideration collateral and netting arrangements that serve to mitigate risk. 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 (Thousands) (Level 1) (Level 2) (Level 3) Total 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 As of September 30, 2023 Assets Physical commodity contracts $ — $ 7,054 $ — $ 7,054 Financial commodity contracts 25,265 — — 25,265 Money market funds 145 — — 145 Other 2,641 — — 2,641 Total assets at fair value $ 28,051 $ 7,054 $ — $ 35,105 Liabilities Physical commodity contracts $ — $ 21,115 $ — $ 21,115 Financial commodity contracts 2,997 — — 2,997 Total liabilities at fair value $ 2,997 $ 21,115 $ — $ 24,112

INVESTMENTS IN EQUITY INVESTEES

INVESTMENTS IN EQUITY INVESTEES	12 Months Ended
INVESTMENTS IN EQUITY INVESTEES	Sep. 30, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS IN EQUITY INVESTEES	7. INVESTMENTS IN EQUITY INVESTEES Steckman Ridge 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 $101.7M and $104.1M as of September 30, 2024 and 2023, respectively, which includes loans with a total outstanding principal balance of $70.4M for both September 30, 2024 and 2023. On October 1, 2023, the Company entered into an Amended and Restated Loan Agreement with Steckman Ridge to extend the existing loan agreement and moved from London Interbank Offered Rate to Secured Overnight Financing Rate. These loans accrue interest at a variable rate that resets quarterly and are now due October 1, 2027. NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 16. Related Party Transactions for more information on these intercompany transactions.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Sep. 30, 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 the fiscal years ended September 30: (Thousands, except per share amounts) 2024 2023 2022 Net income, as reported $ 289,775 $ 264,724 $ 274,922 Basic earnings per share Weighted average shares of common stock outstanding-basic 98,634 97,028 96,100 Basic earnings per common share $2.94 $2.73 $2.86 Diluted earnings per share Weighted average shares of common stock outstanding-basic 98,634 97,028 96,100 Incremental shares (1) 655 599 388 Weighted average shares of common stock outstanding-diluted 99,289 97,627 96,488 Diluted earnings per common share $2.92 $2.71 $2.85 (1) Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.

DEBT

DEBT	12 Months Ended
DEBT	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	9. DEBT NJNG and NJR 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. Long-term Debt The following table presents the long-term debt of the Company as of September 30: (Thousands) 2024 2023 NJNG First mortgage bonds: Maturity date: Series OO 3.00% August 1, 2041 46,500 46,500 Series PP 3.15% April 15, 2028 50,000 50,000 Series QQ 3.58% March 13, 2024 — 70,000 Series RR 4.61% March 13, 2044 55,000 55,000 Series SS 2.82% April 15, 2025 50,000 50,000 Series TT 3.66% April 15, 2045 100,000 100,000 Series UU 3.63% June 21, 2046 125,000 125,000 Series VV 4.01% May 11, 2048 125,000 125,000 Series WW 3.50% April 1, 2042 10,300 10,300 Series XX 3.38% April 1, 2038 10,500 10,500 Series YY 2.45% April 1, 2059 15,000 15,000 Series ZZ 3.76% July 17, 2049 100,000 100,000 Series AAA 3.86% July 17, 2059 85,000 85,000 Series BBB 2.75% August 1, 2039 9,545 9,545 Series CCC 3.00% August 1, 2043 41,000 41,000 Series DDD 3.13% June 30, 2050 50,000 50,000 Series EEE 3.13% July 23, 2050 50,000 50,000 Series FFF 3.33% July 23, 2060 25,000 25,000 Series GGG 2.87% September 1, 2050 25,000 25,000 Series HHH 2.97% September 1, 2060 50,000 50,000 Series III 2.97% October 30, 2051 50,000 50,000 Series JJJ 3.07% October 28, 2061 50,000 50,000 Series LLL 4.37% May 27, 2037 50,000 50,000 Series MMM 4.71% May 27, 2052 50,000 50,000 Series NNN 5.47% October 24, 2052 125,000 125,000 Series OOO 5.56% September 28, 2033 50,000 50,000 Series PPP 5.85% October 30, 2053 50,000 — Series QQQ 5.82% June 26, 2054 125,000 — Series RRR 5.49% September 30, 2034 75,000 — Meter financing obligation Various dates 31,574 31,352 Less: Debt issuance costs (10,899) (9,770) Less: Current maturities of long-term debt (58,649) (78,477) Total NJNG long-term debt 1,609,871 1,410,950 NJR 2024 2023 First mortgage bonds: Maturity date: Unsecured senior notes 3.48% November 7, 2024 100,000 100,000 Unsecured senior notes 3.54% August 18, 2026 100,000 100,000 Unsecured senior notes 3.96% June 8, 2028 100,000 100,000 Unsecured senior notes 3.29% July 17, 2029 150,000 150,000 Unsecured senior notes 3.50% July 23, 2030 130,000 130,000 Unsecured senior notes 3.60% July 23, 2032 130,000 130,000 Unsecured senior notes 3.13% September 1, 2031 120,000 120,000 Unsecured senior notes 3.25% September 1, 2033 80,000 80,000 Unsecured senior notes 4.38% June 23, 2027 110,000 110,000 Unsecured senior notes 3.64% September 19, 2034 50,000 50,000 Unsecured senior notes 6.14% December 15, 2032 50,000 50,000 Less: Debt issuance costs (3,011) (3,656) Less: Current maturities of long-term debt (100,000) — Total NJR long-term debt 1,016,989 1,116,344 CEV Solar asset financing obligation Various dates 282,962 278,401 Less: Current maturities of long-term debt (30,358) (37,678) Total CEV long-term debt 252,604 240,723 Total long-term debt $ 2,879,464 $ 2,768,017 Annual long-term debt redemption requirements, excluding meter financing obligations, debt issuance costs and solar asset financing obligations, as of September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter NJR $ 100,000 $ 100,000 $ 110,000 $ 100,000 $ 150,000 $ 560,000 NJNG $ 50,000 $ — $ — $ 50,000 $ — $ 1,547,845 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 in 2034. NJNG First Mortgage Bonds NJNG and Trustee entered into the Mortgage Indenture, dated September 1, 2014, which secures all the outstanding FMBs issued by NJNG. The Mortgage Indenture provides a direct first mortgage lien upon substantially all the operating properties and franchises of NJNG (other than excepted property, such as cash on hand, choses-in-action, securities, rent, natural gas meters and certain materials, supplies, appliances and vehicles), subject only to certain permitted encumbrances. The Mortgage Indenture contains provisions subjecting after-acquired property (other than excepted property and subject to pre-existing liens, if any, at the time of acquisition) to the lien thereof. NJNG’s Mortgage Indenture does not restrict NJNG’s ability to pay dividends. New Jersey Administrative Code 14:4-4.7 states that a public utility cannot issue dividends without regulatory approval if its equity-to-total-capitalization ratio falls below 30%. As of September 30, 2024, NJNG’s equity-to-total-capitalization ratio is 53.4% and NJNG has the capacity to issue up to $1.4B of FMB under the terms of the Mortgage Indenture. In September 2023, NJNG entered into a Note Purchase Agreement for $100M aggregate principal amount of its senior notes consisting of $50M of 5.56% senior notes due September 28, 2033, which closed on September 28, 2023, and $50M of 5.85% senior notes due October 30, 2053, which closed on October 30, 2023. On June 26, 2024, NJNG entered into a Note Purchase Agreement for $200M aggregate principal amount of its senior notes consisting of $125M of 5.82% senior notes due June 26, 2054, which closed on June 26, 2024, and $75M of 5.49% senior notes due September 30, 2034, which closed on September 30, 2024. The senior notes are secured by an equal principal amount of NJNG’s FMBs issued under NJNG’s Mortgage Indenture. Sale Leasebacks NJNG received approximately $8.8M and $8.4M during fiscal 2024 and 2023, respectively, in connection with the sale leaseback of its natural gas meters, with terms ranging from six Contractual commitments for meter sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter Subtotal Future payments $ 9,665 7,906 5,579 6,211 3,171 1,852 $ 34,384 Less: Interest component (2,810) Total $ 31,574 Clean Energy Ventures CEV enters into transactions to sell the commercial solar assets concurrent with agreements to lease the assets back over a period of five Contractual commitments for the solar sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter Subtotal Future payments $ 57,184 20,396 22,907 34,293 81,586 32,610 $ 248,976 Less: Interest component (43,234) Total $ 205,742 Credit Facilities and Short-term Debt The following table summarizes NJR’s credit facility and NJNG’s commercial paper program and credit facility as of September 30: 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) 2024 $ 575,000 $ 236,700 6.23 % $ 325,951 (2) August 2029 2023 $ 650,000 $ 217,300 6.53 % $ 426,967 (2) September 2027 NJNG bank revolving credit facility (3) 2024 $ 250,000 $ 55,100 4.98 % $ 194,169 (4) August 2029 2023 $ 250,000 $ 34,800 5.48 % $ 214,469 (4) September 2027 (1) Committed credit facility, which requires commitment fees of 0.10% on the unused amount. (2) Letters of credit outstanding total approximately $12.3M and $5.7M as of September 30, 2024 and 2023, 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 at both September 30, 2024 and 2023, which reduces the amount available by the same amount. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility. NJR On August 7, 2024, NJR entered into a second amendment to NJR’s Second Amended and Restated Credit Agreement, which reduced the NJR Credit Facility from $650M to $575M and extended the maturity date to August 7, 2029, pursuant to NJR’s option to extend the maturity date under the NJR Second Amended and Restated Credit Agreement, and permits NJR to request that the maturity date be extended up to two times for an additional period of one year each. The NJR Credit Facility includes an accordion feature, which allows NJR, in the absence of a default or event of default, to increase from time to time, with the existing or new lenders, the revolving credit commitments under the NJR Credit Facility in increments of at least $50M, with the total revolving credit commitments not exceeding $750M. The NJR Credit Facility also permits the borrowing of revolving loans and swingline loans, as well as a $75M sublimit for the issuance of letters of credit. Certain of NJR’s unregulated subsidiaries have guaranteed all of NJR’s obligations under the NJR Credit Facility. The credit facility is used primarily to finance its share repurchases, to satisfy ES’s short-term liquidity needs and to finance, on an initial basis, unregulated investments. As of September 30, 2024, NJR had eleven letters of credit outstanding totaling $12.3M, which reduced the amount available under the NJR Credit Facility by the same amount. NJR does not anticipate that these letters of credit will be drawn upon by the counterparties, and they will be renewed as necessary. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities. NJNG On August 7, 2024, NJNG entered into a second amendment to NJNG’s Second Amended and Restated Credit Agreement governing a $250M NJNG Credit Facility, which extended the maturity date of the facility to August 7, 2029, pursuant to NJNG’s option to extend the maturity date under the NJNG Second Amended and Restated Credit Agreement, and permits NJNG to request that the maturity date be extended up to two times for an additional period of one year each. The NJNG Credit Facility includes an accordion feature, which allows NJNG, in the absence of a default or event of default, to increase from time to time, with the existing or new lenders, the revolving credit commitments under the NJNG Credit Facility in increments of at least $50M with the total revolving credit commitments not exceeding $350M. The NJNG Credit Facility also permits the borrowing of revolving loans and swingline loans, as well as a $30M sublimit for the issuance of letters of credit. As of September 30, 2024, NJNG has two letters of credit outstanding for $0.7M, which reduced the amount available under the NJNG Credit Facility by the same amount. NJNG does not anticipate that these letters of credit will be drawn upon by the counterparties.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION NJR issues shares out of its 2017 Stock Award and Incentive Plan, in the form of performance share units, restricted stock units, deferred retention stock units and unrestricted common stock to non-employee directors. As of September 30, 2024, 2,620,389 shares remain available for future issuance. The following table summarizes all stock-based compensation expense recognized during the following fiscal years: (Thousands) 2024 2023 2022 Stock-based compensation expense: Performance share awards $ 5,437 $ 4,882 $ 4,131 Restricted and non-restricted stock 3,958 3,647 3,189 Deferred retention stock 6,633 6,187 7,507 Compensation expense included in operation and maintenance expense 16,028 14,716 14,827 Income tax benefit (1) (3,898) (3,563) (3,624) Total, net of tax $ 12,130 $ 11,153 $ 11,203 (1) Excludes additional tax expense related to delivered shares of $1.2M, $0.6M and $0.1M as of September 30, 2024, 2023 and 2022, respectively. Performance Share Units In fiscal 2024, the Company granted to certain officers 54,693 performance shares, which are market condition awards that vest on September 30, 2026, subject to the Company meeting certain conditions. In fiscal 2024, the Company also granted to certain officers 88,107 performance shares, of which 50,504 vest on September 30, 2026, and 37,603 vest annually over a three-year period beginning in September 2024, both of which are subject to the Company meeting certain performance conditions. In fiscal 2023, the Company granted to certain officers 39,614 performance shares, which are market condition awards that vest on September 30, 2025, subject to the Company meeting certain conditions. In fiscal 2023, the Company also granted to certain officers 73,047 performance shares, of which 42,449 vest on September 30, 2025, and 30,598 vest annually over a three-year period beginning in September 2023, both of which are subject to the Company meeting certain performance conditions. In fiscal 2022, the Company granted to certain officers 44,965 performance shares, which are market condition awards that vested on September 30, 2024, subject to the Company meeting certain conditions. In fiscal 2022, the Company also granted to certain officers 73,561 performance shares, of which 44,596 vested on September 30, 2024, and 28,965 vest annually over a three-year period beginning in September 2022, both of which were subject to the Company meeting certain performance conditions. The vesting of these awards are shown in the table below. There is approximately $6.0M of deferred compensation related to unvested performance shares that is expected to be recognized over the weighted average period of 1.7 years. The following table summarizes the performance share activity under the stock award and incentive plans for the past three fiscal years: Shares (1) Weighted Average Total Fair Value of Vested Shares (in Thousands) Non-vested and outstanding at September 30, 2021 166,091 $36.08 — Granted 118,526 $38.84 — Vested (2) (76,708) $39.57 $ 2,765 Cancelled/forfeited (15,788) $37.33 — Non-vested and outstanding at September 30, 2022 192,121 $36.29 — Granted 112,661 $46.00 — Vested (3) (105,197) $35.07 $ 4,126 Cancelled/forfeited (9,330) $38.64 — Non-vested and outstanding at September 30, 2023 190,255 $42.60 — Granted 142,800 $42.55 — Vested (4) (112,183) $39.91 $ 5,271 Cancelled/forfeited (1,913) $43.83 — Non-vested and outstanding at September 30, 2024 218,959 $43.93 — (1) The number of common shares issued related to certain performance shares may range from zero to 150% of the number of shares shown in the table above based on the Company’s achievement of performance goals. (2) As certified by the Company’s Leadership and Compensation Committee on November 9, 2022, the number of common shares earned related to TSR performance was 112% or 30,472 shares, the number of common shares earned related to NFE performance was 105% or 26,282 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 28,965 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. (3) As certified by the Company’s Leadership and Compensation Committee on November 15, 2023, the number of common shares earned related to TSR performance was 150% or 59,192 shares, the number of common shares earned related to NFE performance was 150% or 55,832 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 30,598 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. (4) As certified by the Company’s Leadership and Compensation Committee on November 6, 2024, the number of common shares earned related to TSR performance was 150% or 60,092 shares, the number of common shares earned related to NFE performance was 124% or 49,269 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 37,603 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. The Company measures compensation expense related to performance shares based on the fair value of these awards at their date of grant. In accordance with ASC 718, Compensation - Stock Compensation , compensation expense for market condition grants are recognized for awards granted, and are not adjusted based on actual achievement of the performance goals. The Company estimated the fair value of these grants on the date of grant using a lattice model. Performance condition grants are initially fair valued at the Company’s stock price on the grant date and are subsequently adjusted for actual achievement of the performance goals. Restricted Stock Units The Company granted 67,522, 64,080 and 54,826 shares of restricted stock during fiscal 2024, 2023 and 2022, respectively. The shares vest annually over a three-year period beginning in October of the fiscal year in which they were granted. On April 25, 2024, the Company also granted an additional 3,465 shares of restricted stock that vest annually over a three-year period beginning in April of the fiscal year in which they were granted. There is approximately $1.7M of deferred compensation related to unvested restricted stock shares that is expected to be recognized over the weighted average period of 1.8 years. The following table summarizes the restricted stock activity under the stock award and incentive plans for the past three fiscal years: Shares Weighted Average Total Fair Value of Vested Shares (in Thousands) Non-vested and outstanding at September 30, 2021 101,621 $36.87 — Granted 54,826 $38.84 — Vested (47,867) $39.01 $ 1,824 Cancelled/forfeited (10,756) $37.06 — Non-vested and outstanding at September 30, 2022 97,824 $36.90 — Granted 64,080 $46.00 — Vested (48,312) $40.30 $ 1,910 Cancelled/forfeited (4,716) $38.77 — Non-vested and outstanding at September 30, 2023 108,876 $41.55 — Granted 70,987 $42.59 — Vested (53,393) $39.74 $ 2,256 Cancelled/forfeited (970) $44.52 — Non-vested and outstanding at September 30, 2024 125,500 $42.89 — Deferred Retention Stock Units Deferred retention stock awards are granted upon approval by the Board of Directors, which generally occurs subsequent to the fiscal year end. Deferred retention stock awards vest immediately when granted, with shares delivered at a future date in accordance with the terms of the underlying agreements. The expense for these awards is recognized in the fiscal year in which services are rendered. The following table summarizes the deferred retention stock award under the stock award and incentive plans for the past three fiscal years: Shares Weighted Average Total Fair Value of Vested Shares (in Thousands) Outstanding at September 30, 2021 208,856 $46.28 — Granted/Vested 192,728 $38.95 — Delivered (163,499) $47.95 $ 6,167 Forfeited (6,818) $40.33 — Outstanding at September 30, 2022 231,267 $39.16 — Granted/Vested 134,941 $45.85 — Delivered (38,115) $40.67 $ 1,517 Outstanding at September 30, 2023 328,093 $41.74 — Granted/Vested 155,188 $42.55 — Delivered (5,089) $35.86 $ 213 Forfeited (235) $42.55 — Outstanding at September 30, 2024 477,957 $42.07 — Non-Employee Director Stock Non-employee director compensation includes an annual equity retainer that is awarded at the time of the Company’s annual meeting of shareowners. The shares vest upon the earlier of the first anniversary of the grant date or the date of the Company’s next annual meeting of shareowners following the grant date and are amortized to expense over a 12-month period. The following summarizes non-employee director share awards for the past three fiscal years: 2024 2023 2022 Shares granted 29,996 24,044 30,908 Weighted average grant date fair value $41.67 $49.58 $39.09

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Sep. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	11. EMPLOYEE BENEFIT PLANS Pension and Other Postemployment Benefit Plans The Company has two trusteed, noncontributory defined benefit retirement plans covering eligible regular represented and non-represented employees with more than one year of service. Defined benefit plan benefits are based on years of service and average compensation during the highest 60 consecutive months of employment. The Company also provides postemployment medical and life insurance benefits to employees who meet certain eligibility requirements. All represented employees of NJRHS hired on or after October 1, 2000, non-represented employees hired on or after October 1, 2009 and NJNG represented employees hired on or after January 1, 2012 are covered by an enhanced defined contribution plan instead of the defined benefit plan. Participation in the postemployment medical and life insurance plan was also frozen to new employees as of the same dates, with the exception of new NJRHS represented employees, for which benefits were frozen beginning April 3, 2012. The Company maintains an unfunded nonqualified PEP that was established to provide employees with the full level of benefits as stated in the qualified plan without reductions due to various limitations imposed by the provisions of federal income tax laws and regulations. There are no plan assets in the nonqualified plan due to the nature of the plan. The Company’s funding policy for its pension plans is to contribute at least the minimum amount required by the Employee Retirement Income Security Act of 1974, as amended. In fiscal 2024 and 2023, the Company had no minimum funding requirements and did not make any discretionary contributions to the pension plans. The Company does not expect to be required to make additional contributions to fund the pension plans during the next fiscal year 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. There are no federal requirements to pre-fund OPEB benefits. However, the Company is required to fund certain amounts due to regulatory agreements with the BPU. The Company contributed $7.8M and $4.2M in fiscal 2024 and 2023, respectively, and estimates that it will contribute between $5M and $10M over each of the next five years. Additional contributions may be required based on market conditions and changes to assumptions. In January 2024, the Company announced changes to its postretirement medical benefits plan. Beginning on January 1, 2025, the Company will replace the existing retiree medical coverage for certain eligible employees age 65 and older and their Medicare-eligible dependents with an employer-funded Health Reimbursement Arrangement. Medicare-eligible participants may use the Health Reimbursement Arrangement toward the purchase of supplemental insurance coverage and for other qualified medical expenses. 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 following summarizes the changes in the funded status of the plans and the related liabilities recognized on the Consolidated Balance Sheets as of September 30: Pension (1) OPEB (Thousands) 2024 2023 2024 2023 Change in Benefit Obligation Benefit obligation at beginning of year $ 290,321 $ 290,823 $ 203,406 $ 173,217 Service cost 4,976 5,402 1,406 2,471 Interest cost 16,240 15,174 8,327 9,146 Plan amendments — — (79,881) — Plan participants’ contributions (2) 27 32 703 552 Actuarial loss (gain) 36,863 (7,057) 54,518 25,363 Benefits paid, net of retiree subsidies received (14,895) (14,053) (6,679) (7,343) Benefit obligation at end of year $ 333,532 $ 290,321 $ 181,800 $ 203,406 Change in plan assets Fair value of plan assets at beginning of year $ 298,361 $ 284,347 $ 106,783 $ 99,736 Actual return on plan assets 58,682 27,456 21,249 9,826 Employer contributions 535 579 7,846 4,192 Benefits paid, net of plan participants’ contributions (2) (14,868) (14,021) (6,157) (6,971) Fair value of plan assets at end of year $ 342,710 $ 298,361 $ 129,721 $ 106,783 Funded status $ 9,178 $ 8,040 $ (52,079) $ (96,623) Amounts recognized on Consolidated Balance Sheets Postemployment employee benefit asset Noncurrent $ 21,104 $ 18,684 $ 3,556 $ — Postemployment employee benefit liability Current $ (552) $ (538) $ (2,400) $ (4,201) Noncurrent (11,374) (10,106) (53,235) (92,422) Total $ 9,178 $ 8,040 $ (52,079) $ (96,623) (1) Includes the Company’s PEP. (2) Contributions made by employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, were immaterial during the periods. The Company recognizes a liability for its underfunded benefit plans as required by ASC 715, Compensation - Retirement Benefits . The Company records the offset to regulatory assets for the portion of liability relating to NJNG and to accumulated OCI for the portion of the liability related to its unregulated operations. The increase in actuarial loss during fiscal 2024 compared with fiscal 2023 for both pension and OPEB was due primarily to the decrease in the discount rate. The following table summarizes the amounts recognized in regulatory assets and accumulated OCI as of September 30: Regulatory Assets Accumulated Other Comprehensive Income (Loss) (Thousands) Pension OPEB Pension OPEB Balance at September 30, 2022 $ 35,321 $ 20,110 $ 5,003 $ (6,822) Amounts arising during the period: Net actuarial (gain) loss (10,493) 9,936 (4,048) 12,320 Amounts amortized to net periodic costs: Net actuarial (loss) (87) — (213) — Prior service (cost) (103) — — — Balance at September 30, 2023 $ 24,638 $ 30,046 $ 742 $ 5,498 Amounts arising during the period: Net actuarial (gain) loss (2,407) 27,108 934 14,080 Prior service (credit) — (60,504) — (19,376) Amounts amortized to net periodic costs: Net actuarial gain (loss) 2 (3,098) (119) (1,164) Prior service (cost) credit (61) 7,458 — 2,555 Balance at September 30, 2024 $ 22,172 $ 1,010 $ 1,557 $ 1,593 The amounts in regulatory assets and accumulated OCI not yet recognized as components of net periodic benefit cost as of September 30 are: Regulatory Assets Accumulated Other Comprehensive Pension OPEB Pension OPEB (Thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Net actuarial loss $ 22,172 $ 24,577 $ 54,056 $ 30,046 $ 1,557 $ 742 $ 18,414 $ 5,498 Prior service cost (credit) — 61 (53,046) — — — (16,821) — Total $ 22,172 $ 24,638 $ 1,010 $ 30,046 $ 1,557 $ 742 $ 1,593 $ 5,498 To the extent the unrecognized amounts in accumulated OCI or regulatory assets exceed 10% of the greater of the benefit obligation or the fair value of plan assets, an amortized amount over the average expected future working lifetime of the active plan participants is recognized. The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows: Pension (Thousands) 2024 2023 Projected benefit obligation $ 333,532 $ 290,321 Accumulated benefit obligation $ 306,850 $ 267,794 Fair value of plan assets $ 342,710 $ 298,361 The components of the net periodic cost for pension benefits, including the Company’s PEP, and OPEB costs (principally health care and life insurance) for employees and covered dependents for fiscal years ended September 30, are as follows: Pension OPEB (Thousands) 2024 2023 2022 2024 2023 2022 Service cost $ 4,976 $ 5,402 $ 8,291 $ 1,406 $ 2,471 $ 4,305 Interest cost 16,240 15,174 9,632 8,327 9,146 6,355 Expected return on plan assets (20,346) (19,972) (21,275) (7,920) (6,721) (7,575) Recognized actuarial loss 117 300 8,745 4,262 — 5,684 Prior service cost (credit) amortization 61 103 101 (10,013) — (144) Net periodic benefit cost recognized as expense $ 1,048 $ 1,007 $ 5,494 $ (3,938) $ 4,896 $ 8,625 Assumptions The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows: Pension OPEB 2024 2023 2022 2024 2023 2022 Benefit costs: Discount rate 5.89/5.87% (1) 5.50/5.50% (1) 3.10/3.07% (1) 5.97/5.94% (1) 5.51/5.51% (1) 3.24/3.17% (1) Expected asset return 7.00 % 7.00 % 6.75 % 7.00 % 7.00 % 6.75 % Compensation increase 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) Obligations: Discount rate 5.01/4.99% (1) 5.89/5.87% (1) 5.50/5.50% (1) 4.97/4.98% (1) 5.97/5.94% (1) 5.51/5.51% (1) Compensation increase 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) (1) Percentages for represented and non-represented plans, respectively. When measuring its PBO, the Company uses an aggregate discount rate at which its obligation could be effectively settled. The Company determines a single weighted average discount rate based on a yield curve comprised of rates of return on a population of high quality debt issuances (AA- or better) whose cash flows (via coupons or maturities) match the timing and amount of its expected future benefit payments. The Company measures its service and interest costs using a disaggregated, or spot rate, approach. The Company applies the duration-specific spot rates from the full yield curve, as of the measurement date, to each year’s future benefit payments, which aligns the timing of the plans’ separate future cash flows to the corresponding spot rates on the yield curve. Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, is as follows: ($ in thousands) 2024 2023 2022 HCCTR 8.8% 7.4% 6.6% Ultimate HCCTR 4.5% 4.5% 4.5% Year ultimate HCCTR reached 2032 2032 2027 The Company’s investment objective is a long-term real rate of return on assets before permissible expenses that is approximately 5% greater than the assumed rate of inflation, as measured by the consumer price index. The expected long-term rate of return is based on the asset categories in which the Company invests and the current expectations and historical performance for these categories. The mix and targeted allocation of the pension and OPEB plans’ assets are as follows: 2025 Assets at Target September 30, Asset Allocation Allocation 2024 2023 U.S. equity securities 29 % 29 % 34 % International equity securities 16 16 16 Fixed income 39 38 31 Collective investment trusts at NAV 16 17 19 Total 100 % 100 % 100 % The Company uses mortality assumptions published by the Society of Actuaries for its pension and other postemployment benefit obligations, which reflects life expectancies in the U.S. The Company used projection scale MP-2021 and the Pri-2012 mortality study as of September 30, 2024 and 2023. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following fiscal years: (Thousands) 2025 2026 2027 2028 2029 2030 - 2034 Pension $ 16,273 $ 17,378 $ 18,452 $ 19,423 $ 20,493 $ 115,709 OPEB $ 8,397 $ 9,300 $ 10,138 $ 10,925 $ 11,703 $ 65,473 The Company’s OPEB plans provide prescription drug benefits that are actuarially equivalent to those provided by Medicare Part D. Therefore, under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, the Company qualifies for federal subsidies. Estimated subsidy payments for fiscal 2024 and 2025 are immaterial and zero thereafter. Pension and OPEB assets held in the master trust, measured at fair value, are summarized as follows: Pension OPEB (Thousands) Quoted Prices in Active Markets for Identical Assets Total Quoted Prices in Active Markets for Identical Assets Total As of September 30, 2024 Assets Money market funds $ — $ — $ 24 $ 24 Registered Investment Companies: Equity Funds: Large Cap Index 76,897 76,897 38,040 38,040 Extended Market Index 16,665 16,665 7,977 7,977 International Stock 50,549 50,549 22,730 22,730 Fixed Income Funds: Emerging Markets 13,354 13,354 5,358 5,358 Core Fixed Income — — 28,765 28,765 High Yield Bond Fund 16,704 16,704 9,195 9,195 Long Duration Fund 106,656 106,656 — — Total assets in the fair value hierarchy $ 280,825 280,825 $ 112,089 112,089 Investments measured at net asset value Collective investment trusts 61,885 17,632 Total assets at fair value $ 342,710 $ 129,721 As of September 30, 2023 Assets Registered Investment Companies: Equity Funds: Large Cap Index $ 81,171 $ 81,171 $ 30,884 $ 30,884 Extended Market Index 17,256 17,256 6,444 6,444 International Stock 48,557 48,557 17,966 17,966 Fixed Income Funds: Emerging Markets 11,471 11,471 4,306 4,306 Core Fixed Income — — 22,241 22,241 High Yield Bond Fund 20,685 20,685 7,651 7,651 Long Duration Fund 58,484 58,484 — — Total assets in the fair value hierarchy $ 237,624 237,624 $ 89,492 89,492 Investments measured at net asset value Collective investment trusts 60,737 17,291 Total assets at fair value $ 298,361 $ 106,783 The Plan had no Level 2 or Level 3 fair value measurements during fiscal 2024 and 2023, and there have been no changes in valuation methodologies as of September 30, 2024. The Plan held assets that are valued using NAV as a practical expedient, which are excluded from the fair value hierarchy. The following is a description of the valuation methodologies used for assets measured at fair value: Asset Types Description of the Valuation Methodologies Money Market funds Represents bank balances and money market funds that are valued based on the NAV of shares held at year end. Registered Investment Companies Equity and fixed income funds valued at the NAV of shares held by the plan at year end as reported on the active market on which the individual securities are traded. Collective investment trusts The NAV for collective investment trusts is provided by the Trustee and is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund less liabilities. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Defined Contribution Plan The Company offers a Savings Plan to eligible employees. The Company matched 85% of participants’ contributions up to 6% of base compensation. Beginning on March 6, 2024, the Company’s contribution changed to 100% of the first 3% and 80% of the next 3% of base compensation. Represented NJRHS employees, non-represented employees hired on or after October 1, 2009, and NJNG represented employees hired on or after January 1, 2012, are eligible for an employer special contribution of between 4.0% and 5.0% of base compensation, depending on years of service, into the Savings Plan on their behalf. The amount expensed and contributed for the matching provision of the Savings Plan was $6.8M in fiscal 2024, $5.9M in fiscal 2023 and $5.5M in fiscal 2022. The amount contributed for the employer special contribution of the Savings Plan was $3.6M in fiscal 2024, $2.1M in fiscal 2023 and $2.4M in fiscal 2022.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The income tax provision from operations for the fiscal years ended September 30, consists of the following: (Thousands) 2024 2023 2022 Current: Federal $ 691 $ 13,393 $ 4,238 State (682) 7,716 2,104 Deferred: Federal 66,623 36,825 55,968 State 18,531 (8,381) 14,185 Investment/production tax credits (257) (278) (300) Income tax provision $ 84,906 $ 49,275 $ 76,195 As of September 30, the temporary differences, which give rise to deferred tax assets (liabilities), consist of the following: (Thousands) 2024 2023 Deferred tax assets Investment tax credits (1) $ 192,238 $ 191,948 State net operating losses 38,762 39,612 Deferred revenue 14,107 8,205 Fair value of derivatives 5,397 5,386 Impairment of equity method investment 14,004 14,004 Postemployment benefits 855 6,502 Incentive compensation 10,142 8,949 Amortization of intangibles 6,248 6,308 Overrecovered natural gas costs 9,072 8,564 Allowance for doubtful accounts 3,744 4,485 Other 7,226 7,636 Total deferred tax assets 301,795 301,599 Less: Valuation allowance (5,621) (5,747) Total deferred tax assets net of valuation allowance $ 296,174 $ 295,852 Deferred tax liabilities Property-related items $ (563,403) $ (487,294) Remediation costs (21,656) (18,532) Investments in equity investees (28,704) (28,325) Conservation incentive program (14,379) (14,075) Other (6,065) (4,670) Total deferred tax liabilities $ (634,207) $ (552,896) Total net deferred tax liabilities $ (338,033) $ (257,044) (1) Includes approximately $0.7M for NJNG for both fiscal 2024 and 2023, which is being amortized over the life of the related assets. A reconciliation of the U.S. federal statutory rate to the effective rate from operations for the fiscal years ended September 30, is as follows: (Thousands) 2024 2023 2022 Statutory income tax expense $ 78,683 $ 65,940 $ 73,735 Change resulting from: Investment/production tax credits (257) (278) (300) Cost of removal of assets placed in service prior to 1981 (5,644) (4,758) (3,533) AFUDC equity (1,444) (1,499) (2,361) State income taxes, net of federal benefit 14,517 13,293 13,072 Valuation allowance (126) (16,494) (1,372) Tax Act - utility excess deferred income taxes amortized (3,573) (3,573) (3,573) Other 2,750 (3,356) 527 Income tax provision $ 84,906 $ 49,275 $ 76,195 Effective income tax rate 22.7 % 15.7 % 21.7 % The Company and one or more of its subsidiaries files or expects to file income and/or franchise tax returns in the U.S. federal jurisdiction and in the states of Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and West Virginia. The Company neither files in, nor believes it has a filing requirement in, any foreign jurisdictions. The Company’s U.S. federal income tax returns through fiscal 2020 have either been reviewed by the IRS, or the related statute of limitations has expired and all matters have been settled. U.S. federal income tax returns for periods subsequent to fiscal 2020 are open to examination by the IRS. For all periods subsequent to those ended September 30, 2020, the Company’s state income tax returns are statutorily open to examination in all applicable states with the exception of Colorado and Texas. In March 2024, the State of New Jersey commenced an examination of the Company’s Corporate Business Tax return for NJR and certain subsidiaries for the fiscal periods ended September 30, 2019 through September 30, 2022. 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 Consolidated Balance Sheets. Inflation Reduction Act In August 2022, the President of the U.S. signed the Inflation Reduction Act, which contains provisions addressing inflation, clean energy, healthcare and taxes beginning in 2023. The Inflation Reduction Act imposes a 15% minimum tax rate on corporations with higher than $1B of annual income, along with a 1% excise tax on corporate stock repurchases. The Inflation Reduction Act raised the ITC from 26% to 30% through the end of 2032, dropping to 26% for property under construction before the end of 2033 and to 22% for property under construction before the end of 2034. The ITC expires starting in 2035 unless it is renewed. There are additional opportunities to increase the credit amount for certain facilities that are placed in service after December 31, 2022. The credit amount can be increased by 10% if certain domestic content requirements are satisfied or if the facility is located in an energy community, such as a brownfield site. ITCs are also expanded to include stand-alone energy storage projects without being integrated into a solar facility, allowing solar to claim production tax credits that are a production-based credit extending for 10 years following the placed-in-service date of the facility, and introducing the concept of transferability of tax credits, providing an additional option to monetize such credits. The Company evaluated the impacts of the Inflation Reduction Act on its financial position, results of operations and cash flows, noting the corporate alternative minimum tax does not impact the Company as the applicable income thresholds have not been met. Upon the repurchase of common stock through the Company’s share repurchase program, the Company would be subject to the 1% excise tax. Other Tax Items As of September 30, 2024 and 2023, the Company has tax credit carryforwards of approximately $191.6M and $191.2M, respectively, which each have a life of 20 years. The Company expects to utilize this entire carryforward prior to expiration, which would begin in fiscal 2036. The impairment of the equity method investment in PennEast created net capital loss attributes totaling approximately $56.6M, which could only be utilized to offset capital gains income and carried back three years and forward five years prior to expiration. During the fourth quarter of fiscal 2023, the Company determined that the tax losses created by the impairment may qualify as an ordinary loss, rather than a capital loss. As of September 30, 2024 and 2023, the Company had a valuation allowance of approximately $5.1M and $5.0M, respectively. As of September 30, 2024, the Company evaluated certain tax benefits recorded in the Consolidated Financial Statements and concluded that a portion of the tax benefits are uncertain at this time. As a result, the Company recorded a reserve for uncertain tax benefits. The reserve for uncertain tax benefits is as follows: (Thousands) 2024 2023 Balance at October 1, $ 4,978 $ — Additions based on tax positions related to the current fiscal period 15 4,978 Balance at September 30, $ 4,993 $ 4,978 As of September 30, 2024 and 2023, there are $5.0M of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The tax benefits relate to fiscal tax years open to examination by the IRS and the state of Pennsylvania and may be subject to subsequent adjustment. As of September 30, 2024 and 2023, the Company has state income tax net operating losses of approximately $634.7M and $631.2M, 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 range from seven As of September 30, 2022, the Company had a valuation allowance of approximately $17.2M related to the recognition of state net operating loss carryforwards. As of September 30, 2023, it was determined that the realization of certain deferred tax assets was more likely than not, and thus the associated valuation allowance of approximately $15.8M was no longer required. Reversal of the valuation allowance resulted in a corresponding income tax benefit on the Consolidated Statement of Operations. As of September 30, 2024, the remaining valuation allowance of approximately $0.6M related primarily to other state income tax attributes which the Company could not conclude were realizable on a more-likely-than-not basis. The Consolidated Appropriations Act extended the 30% ITC for solar property that is under construction on or before December 31, 2019. Projects placed in service after December 31, 2019, may also qualify for a 30% federal ITC if 5% or more of the total costs of a solar property are incurred before the end of the applicable year and there are continuous efforts to advance toward completion of the project, based on the IRS guidance around ITC safe harbor determination. The credit declined to 26% for property under construction before the end of 2020. The Consolidated Appropriations Act of 2021 extended the 26% tax credit for property under construction during 2021 and 2022. The Inflation Reduction Act raised the ITC from 26% to 30% through the end of 2032, as previously stated.

LEASES

LEASES	12 Months Ended
LEASES	Sep. 30, 2024
Leases [Abstract]
LEASES	13. LEASES Lessee Accounting The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases . Right-of-use assets represent the Company’s right to use the underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters. Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns. Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five two six Leases . The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation. The following table presents the Company’s lease costs included in the Consolidated Statements of Operations for the fiscal year ended September 30: (Thousands) Income Statement Location 2024 2023 2022 Operating lease cost (1) Operation and maintenance $ 10,368 $ 9,336 $ 9,702 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 2,160 2,105 $ 1,769 Interest on lease liabilities Interest expense, net of capitalized interest 914 1,084 612 Total finance lease cost $ 3,074 $ 3,189 2,381 Short-term lease cost Operation and maintenance — — 34 Variable lease cost Operation and maintenance 1,099 1,128 781 Total lease cost $ 14,541 $ 13,653 $ 12,898 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases for the fiscal year ended September 30: (Thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 7,932 $ 8,942 $ 7,417 Operating cash flows for finance leases $ 914 $ 1,084 $ 831 Financing cash flows for finance leases $ 7,792 $ 7,379 $ 7,145 Assets obtained or modified through operating lease liabilities totaled approximately $14.1M and $13.2M during fiscal 2024 and 2023, respectively. Assets obtained or modified through other leases, including those which are finance leases and financing transactions for accounting purposes, totaled $8.4M during fiscal 2023. There were no assets obtained or modified through finance leases during fiscal 2024. The following table presents the balance and classifications of the Company’s right of use assets and lease liabilities included in the Consolidated Balance Sheets for the fiscal year ended September 30: (Thousands) Balance Sheet Location 2024 2023 Assets Noncurrent Operating lease assets Operating lease assets $ 184,485 $ 175,740 Finance lease assets Utility plant 26,088 28,248 Total lease assets $ 210,573 $ 203,988 Liabilities Current Operating lease liabilities Operating lease liabilities $ 4,945 $ 4,772 Finance lease liabilities Current maturities of long-term debt 7,534 8,477 Noncurrent Operating lease liabilities Operating lease liabilities 159,303 148,023 Finance lease liabilities Long-term debt 16,026 22,875 Total lease liabilities $ 187,808 $ 184,147 For operating lease assets and liabilities, the weighted average remaining lease term was 28.6 years and 29.2 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.8% and 3.5% as of September 30, 2024 and 2023, respectively. For finance lease assets and liabilities, the weighted average remaining lease term was 3.0 years and 3.3 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.4% and 2.7% as of September 30, 2024 and 2023, respectively. The following table presents the Company’s maturities of lease liabilities as of September 30, 2024: (Thousands) Operating Finance 2025 $ 8,408 $ 8,169 2026 8,852 6,411 2027 8,834 4,083 2028 8,925 4,715 2029 8,994 1,676 Thereafter 233,942 — Total future payments 277,955 25,054 Less: interest (113,707) (1,494) Total liability $ 164,248 $ 23,560
LEASES	13. LEASES Lessee Accounting The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases . Right-of-use assets represent the Company’s right to use the underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters. Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns. Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five two six Leases . The Company has lease agreements with lease and non-lease components and has elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. Variable payments are not considered material to the Company. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation. The following table presents the Company’s lease costs included in the Consolidated Statements of Operations for the fiscal year ended September 30: (Thousands) Income Statement Location 2024 2023 2022 Operating lease cost (1) Operation and maintenance $ 10,368 $ 9,336 $ 9,702 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 2,160 2,105 $ 1,769 Interest on lease liabilities Interest expense, net of capitalized interest 914 1,084 612 Total finance lease cost $ 3,074 $ 3,189 2,381 Short-term lease cost Operation and maintenance — — 34 Variable lease cost Operation and maintenance 1,099 1,128 781 Total lease cost $ 14,541 $ 13,653 $ 12,898 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases for the fiscal year ended September 30: (Thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 7,932 $ 8,942 $ 7,417 Operating cash flows for finance leases $ 914 $ 1,084 $ 831 Financing cash flows for finance leases $ 7,792 $ 7,379 $ 7,145 Assets obtained or modified through operating lease liabilities totaled approximately $14.1M and $13.2M during fiscal 2024 and 2023, respectively. Assets obtained or modified through other leases, including those which are finance leases and financing transactions for accounting purposes, totaled $8.4M during fiscal 2023. There were no assets obtained or modified through finance leases during fiscal 2024. The following table presents the balance and classifications of the Company’s right of use assets and lease liabilities included in the Consolidated Balance Sheets for the fiscal year ended September 30: (Thousands) Balance Sheet Location 2024 2023 Assets Noncurrent Operating lease assets Operating lease assets $ 184,485 $ 175,740 Finance lease assets Utility plant 26,088 28,248 Total lease assets $ 210,573 $ 203,988 Liabilities Current Operating lease liabilities Operating lease liabilities $ 4,945 $ 4,772 Finance lease liabilities Current maturities of long-term debt 7,534 8,477 Noncurrent Operating lease liabilities Operating lease liabilities 159,303 148,023 Finance lease liabilities Long-term debt 16,026 22,875 Total lease liabilities $ 187,808 $ 184,147 For operating lease assets and liabilities, the weighted average remaining lease term was 28.6 years and 29.2 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.8% and 3.5% as of September 30, 2024 and 2023, respectively. For finance lease assets and liabilities, the weighted average remaining lease term was 3.0 years and 3.3 years and the weighted average discount rate used in the valuation over the remaining lease term was 3.4% and 2.7% as of September 30, 2024 and 2023, respectively. The following table presents the Company’s maturities of lease liabilities as of September 30, 2024: (Thousands) Operating Finance 2025 $ 8,408 $ 8,169 2026 8,852 6,411 2027 8,834 4,083 2028 8,925 4,715 2029 8,994 1,676 Thereafter 233,942 — Total future payments 277,955 25,054 Less: interest (113,707) (1,494) Total liability $ 164,248 $ 23,560

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	14. 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 $252.8M at current contract rates and volumes, 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 September 30, 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 $ 42,427 $ 1,155 $ — $ — $ — $ — Storage demand fees 16,453 11,857 5,452 3,500 2,712 4,068 Pipeline demand fees 47,950 40,197 29,543 21,493 11,005 47,686 Sub-total ES $ 106,830 $ 53,209 $ 34,995 $ 24,993 $ 13,717 $ 51,754 NJNG: Natural gas purchases $ 23,392 $ — $ — $ — $ — $ — Storage demand fees 38,214 22,678 11,207 4,900 — — Pipeline demand fees 214,625 161,954 141,818 126,080 124,498 955,035 Sub-total NJNG $ 276,231 $ 184,632 $ 153,025 $ 130,980 $ 124,498 $ 955,035 Total $ 383,061 $ 237,841 $ 188,020 $ 155,973 $ 138,215 $ 1,006,789 Certain pipeline demand fees totaling approximately $4.0M per year, for which ES is the responsible party, are being paid for by the counterparty to a capacity release transaction beginning November 1, 2021 for a period of 10 years. As of September 30, 2024, the Company’s future minimum lease payments under various operating leases will not be more than $9.0M annually for the next five years and $233.9M in the aggregate for all years thereafter. Guarantees As of September 30, 2024, there were NJR guarantees covering approximately $174.3M of ES’s natural gas purchases and demand fee commitments not yet reflected in accounts payable on the 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 September 30, 2024, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $161.7M on the 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 September 30, 2024, $77.5M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the 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	12 Months Ended
REPORTING SEGMENT AND OTHER OPERATIONS DATA	Sep. 30, 2024
Segment Reporting [Abstract]
REPORTING SEGMENT AND OTHER OPERATIONS DATA	15. 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, as of September 30, is detailed below: Segments (Thousands) NJNG CEV ES S&T Subtotal HSO Elims Total 2024 Operating revenues External customers $ 1,018,482 130,563 490,266 (1) 94,851 $ 1,734,162 62,377 — $ 1,796,539 Intercompany $ 1,350 — (4,875) 1,358 $ (2,167) 258 1,909 $ — Depreciation and amortization $ 112,492 27,869 205 (2) 24,900 $ 165,466 1,101 — $ 166,567 Interest income (3) $ 2,448 — 452 10,172 $ 13,072 1,423 (5,826) $ 8,669 Interest expense, net of capitalized interest $ 62,288 28,545 15,233 23,441 $ 129,507 768 — $ 130,275 Income tax provision $ 31,793 11,406 33,331 4,551 $ 81,081 2,666 1,159 $ 84,906 Equity in earnings of affiliates $ — — — 2,816 $ 2,816 — 2,483 $ 5,299 Net financial earnings $ 133,400 33,662 111,515 12,229 $ 290,806 26 (4) $ 290,828 Capital expenditures $ 419,453 104,287 — 45,338 $ 569,078 2,241 — $ 571,319 2023 Operating revenues External customers $ 1,011,284 124,131 681,446 (1) 88,700 $ 1,905,561 57,433 — $ 1,962,994 Intercompany $ 1,349 — 10,170 4,159 $ 15,678 205 (15,883) $ — Depreciation and amortization $ 102,326 25,320 221 (2) 24,185 $ 152,052 889 — $ 152,941 Interest income (3) $ 1,713 — 1,119 6,957 $ 9,789 2,977 (3,847) $ 8,919 Interest expense, net of capitalized interest $ 56,595 28,569 11,400 25,803 $ 122,367 647 — $ 123,014 Income tax provision (benefit) $ 33,065 (7,683) 24,343 3,444 $ 53,169 (1,477) (2,417) $ 49,275 Equity in earnings of affiliates $ — — — 3,126 $ 3,126 — 804 $ 3,930 Net financial earnings $ 131,414 44,458 68,517 12,835 $ 257,224 4,758 (155) $ 261,827 Capital expenditures $ 390,394 107,303 — 40,916 $ 538,613 2,306 — $ 540,919 2022 Operating revenues External customers $ 1,127,417 128,280 1,529,178 (1) 65,286 $ 2,850,161 55,818 — $ 2,905,979 Intercompany $ 1,350 — 94 2,449 $ 3,893 364 (4,257) $ — Depreciation and amortization $ 94,579 21,396 148 (2) 12,302 $ 128,425 824 — $ 129,249 Interest income (3) $ 895 — 16 2,110 $ 3,021 944 (1,249) $ 2,716 Interest expense, net of capitalized interest $ 46,394 21,968 4,725 12,097 $ 85,184 646 — $ 85,830 Income tax provision $ 40,141 11,361 21,776 1,879 $ 75,157 1,059 (21) $ 76,195 Equity in loss of affiliates $ — — — 9,865 $ 9,865 — (1,688) $ 8,177 Net financial earnings $ 140,124 39,403 39,121 22,454 $ 241,102 (781) — $ 240,321 Capital expenditures $ 298,374 146,676 — 151,988 $ 597,038 1,390 — $ 598,428 Return of capital from equity investees $ — — — (5,479) $ (5,479) — — $ (5,479) (1) Includes sales to Canada for ES, which were $8.4M and $2.4M during the fiscal years ended September 30, 2023 and 2022, respectively. There were no sales to Canada for ES during the fiscal year ended September 30, 2024. (2) The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Consolidated Statements of Operations. (3) Included in other income, net on the Consolidated Statements of Operations. The Company’s assets at end of period for the various reporting segments and other business operations, as of September 30, are detailed below: Segments Intercompany (Thousands) NJNG CEV ES S&T Subtotal HSO Assets (1) Total 2024 $ 4,789,835 1,157,573 108,710 1,025,457 $ 7,081,575 159,444 (259,374) $ 6,981,645 2023 $ 4,414,829 1,128,577 123,775 1,011,959 $ 6,679,140 171,275 (312,919) $ 6,537,496 2022 $ 4,030,686 1,015,065 333,064 999,520 $ 6,378,335 159,068 (275,987) $ 6,261,416 (1) Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation. The CEO, 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, as of September 30, is as follows: (Thousands) 2024 2023 2022 Net financial earnings $ 290,828 $ 261,827 $ 240,321 Less: Unrealized loss (gain) on derivative instruments and related transactions 19,574 (38,081) (59,906) Tax effect (4,652) 9,050 14,248 Effects of economic hedging related to natural gas inventory (18,192) 34,699 19,939 Tax effect 4,323 (8,246) (4,738) Gain on equity method investment — (300) (5,521) Tax effect — (19) 1,377 Net income $ 289,775 $ 264,724 $ 274,922 The Company uses derivative instruments as economic hedges of purchases and sales of physical natural gas inventory. For GAAP purposes, these derivatives are recorded at fair value and related changes in fair value are included in reported earnings. Revenues and cost of natural gas related to physical natural gas flow are recognized when the natural gas is delivered to customers. Consequently, there is a mismatch in the timing of earnings recognition between the economic hedges and physical natural gas flows. Timing differences occur in two ways: • unrealized gains and losses on derivatives are recognized in reported earnings in periods prior to physical natural gas inventory flows; and • unrealized gains and losses of prior periods are reclassified as realized gains and losses when derivatives are settled in the same period as physical natural gas inventory movements occur. NFE is a measure of the earnings based on eliminating these timing differences, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile between net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are considered unusual in nature and occur infrequently such that they are not indicative of the Company’s performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	16. 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 its affiliated FERC-jurisdictional natural gas storage facility, Steckman Ridge. As of September 30, 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 during the fiscal years ended September 30, were as follows: (Thousands) 2024 2023 2022 NJNG $ 6,319 $ 6,549 $ 6,663 ES 828 657 732 Total $ 7,147 $ 7,206 $ 7,395 The following table summarizes demand fees payable to Steckman Ridge as of September 30: (Thousands) 2024 2023 NJNG $ 775 $ 775 ES 100 84 Total $ 875 $ 859 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 Dths 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, 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, 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 LNG plant in Howell, New Jersey, with an expiration date of June 1, 2042, the effects of which are immaterial to the consolidated financial statements. The intercompany profits for certain transactions between NJNG and ES and NJNG and Adelphia are not eliminated in accordance with ASC 980, Regulated Operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENT On November 25, 2024, CEV completed the sale of its 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. The transaction is expected to generate a pre-tax gain of approximately $45M to $60M, which will be recognized in the Consolidated Statements of Operations in the first quarter of fiscal 2025.

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
VALUATION AND QUALIFYING ACCOUNTS	Sep. 30, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
VALUATION AND QUALIFYING ACCOUNTS	VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED SEPTEMBER 30, 2024, 2023 and 2022 (Thousands) ADDITIONS/ (DEDUCTIONS), NET TO CLASSIFICATION BEGINNING OTHER ENDING BALANCE 2024 Valuation allowance for deferred tax assets $ 5,747 (126) — $ 5,621 Allowance for doubtful accounts $ 11,036 1,229 (3,759) (2) $ 8,506 2023 Valuation allowance for deferred tax assets $ 22,241 (16,494) (1) — $ 5,747 Allowance for doubtful accounts $ 19,379 1,570 (9,913) (2) $ 11,036 2022 Valuation allowance for deferred tax assets $ 23,613 (1,372) — $ 22,241 Allowance for doubtful accounts $ 24,652 2,401 (7,674) (2) $ 19,379 (1) Includes valuation allowance release. See Note 12. Income Taxes for more details. (2) Uncollectible accounts written off, less recoveries and adjustments.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 289,775	$ 264,724	$ 274,922

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Other financial investments or contractual interests that lack the characteristics of a voting interest entity, which are commonly referred to as variable interest entities, are evaluated by the Company to determine if the entity has the power to direct business activities and, therefore, would be considered a controlling interest that the Company would have to consolidate. Based on those evaluations, NJR has determined that it does not have any investments in variable interest entities as of September 30, 2024, 2023 and 2022. Investments in entities over which the Company does not have a controlling financial interest are accounted for under the equity method.
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. AROs 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 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 $137.2M and $48.5M of operating revenue related to the AMAs on the Consolidated Statements of Operations during fiscal 2024 and 2023, respectively. Amounts received in excess of revenue recognized totaling $22.3M and $58.7M are included in deferred revenue on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively. S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed. Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.
Natural Gas Purchases	Natural Gas Purchases NJNG’s tariff includes a component for BGSS, which is designed to allow it to recover the cost of natural gas through rates charged to its customers and is typically revised on an annual basis. As part of computing its BGSS rate, NJNG projects its cost of natural gas, net of supplier refunds, the impact of hedging activities and cost savings created by BGSS incentive programs. NJNG subsequently recovers or credits the difference, if any, of actual costs compared with those included in current rates. Any underrecoveries or overrecoveries are either credited to customers or deferred and, subject to BPU approval, reflected in the BGSS rates in subsequent years. Natural gas purchases at ES are composed of natural gas costs to be paid upon completion of a variety of transactions, as well as realized gains and losses from settled derivative instruments and unrealized gains and losses on the change in fair value of derivative instruments that have not yet settled. Changes in the fair value of derivatives that economically hedge the forecasted purchases of natural gas are recognized in natural gas purchases as they occur.
Demand Fees	Demand Fees For the purpose of securing storage and pipeline capacity in support of their respective businesses, ES and NJNG enter into storage and pipeline capacity contracts, which require the payment of associated demand fees and charges that allow them access to a high priority of service in order to maintain the ability to access storage or pipeline capacity during a fixed time period, which generally ranges from one ES expenses demand charges over the term of the service being provided. NJNG’s costs associated with demand charges are included in its weighted average cost of natural gas. The demand charges are expensed based on NJNG’s BGSS sales and recovered as part of the natural gas commodity component of its BGSS tariff.
Operations and Maintenance Expenses	Operations and Maintenance Expenses O&M includes salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, amortization of software costs for unregulated entities, customer service, professional fees and other outside services, insurance expense, accretion of cost of removal for future retirements of utility assets and other administrative expenses, and are expensed as incurred.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation represents costs related to stock-based awards granted to employees and members of NJR’s Board of Directors. NJR recognizes stock-based compensation based upon the estimated fair value of awards. The recognition period for these costs begins at either the applicable service inception date or grant date and continues throughout the requisite service period. The related compensation cost is recognized as O&M on the Consolidated Statements of Operations. See Note 10. Stock-Based Compensation for further information.
Income Taxes	Income Taxes The Company computes income taxes using the asset and liability method, whereby deferred income taxes are generally determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. See Note 12. Income Taxes . In addition, the Company evaluates its tax positions to determine the appropriate accounting and recognition of future obligations associated with unrecognized tax benefits. NJR evaluates its tax positions to determine the appropriate accounting and recognition of potential future obligations associated with unrecognized tax benefits. A tax benefit claimed, or expected to be claimed, on a tax return may be recognized if it is more likely than not that the position will be upheld upon examination by the applicable taxing authority. Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense and accrued interest, and penalties are recognized within other noncurrent liabilities on the Consolidated Balance Sheets. To the extent that NJNG invests in property that qualifies for ITCs, the ITC is deferred and amortized to income over the life of the equipment in accordance with regulatory treatment. ITCs at the unregulated subsidiaries of NJR are recorded on the balance sheet as a reduction to property, plant and equipment when the property is placed in service, and recognized in earnings as a reduction of depreciation expense over the useful lives of the related assets.
Investments in Equity Investees	Investments in Equity Investees The Company accounts for its investment in Steckman Ridge using the equity method of accounting where it is not the primary beneficiary, as defined under ASC 810, Consolidation ; its respective ownership interests are 50% or less and/or it has significant influence over operating and management decisions. The Company’s share of earnings is recognized as equity in earnings of affiliates on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in facts and circumstances indicate that the current fair value may be less than the asset’s carrying amount. If the Company determines the decline in the value of its equity method investment is other than temporary, an impairment charge is recorded in an amount equal to the excess of the carrying value of the asset over its fair value. See Note 7. Investments in Equity Investees for more information regarding impairments.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is stated at original cost. Costs include direct labor, materials and third-party construction contractor costs, capitalized interest and certain indirect costs related to equipment and employees engaged in construction. Utility plant and nonutility plant for Adelphia also includes AFUDC. Upon retirement, the cost of depreciable property, plus removal costs less salvage, is charged to accumulated depreciation with no gain or loss recorded.
Capitalized and Deferred Interest	Capitalized and Deferred Interest NJNG’s base rates include the ability to recover AFUDC on its construction work in progress. For all NJNG construction projects, an incremental cost of equity is recoverable during periods when NJNG’s short-term debt balances are lower than its construction work in progress. For more information on AFUDC treatment with respect to certain accelerated infrastructure projects, see Note 4. Regulation - Infrastructure Programs. Capitalized amounts associated with the debt and equity components of NJNG’s AFUDC are recorded in utility plant on the Consolidated Balance Sheets. Corresponding amounts for the debt component are recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations. Adelphia’s base rates include the ability to recover AFUDC on its construction work in progress. Capitalized amounts associated with Adelphia’s AFUDC are recorded in nonutility plant on the Consolidated Balance Sheets. Corresponding amounts for the debt component are recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations. CEV capitalizes interest on the allocation of the costs of debt borrowed for the financing of solar investments. Capitalized amounts are included in nonutility plant and equipment on the Consolidated Balance Sheets. Corresponding amounts are recognized in interest expense on the Consolidated Statements of Operations.
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 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
Regulatory Assets & Liabilities	Regulatory Assets & Liabilities Under cost-based regulation, regulated utility enterprises generally are permitted to recover their operating expenses and earn a reasonable rate of return on their utility investment. NJNG is subject to accounting requirements resulting from the effects of rate regulation by the BPU. Accordingly, NJNG capitalizes or defers certain costs that are expected to be recovered from its customers as regulatory assets and recognizes certain obligations representing probable future expenditures as regulatory liabilities on the Consolidated Balance Sheets. See Note 4. Regulation for a more detailed description of NJNG’s regulatory assets and liabilities. Adelphia capitalizes or defers certain costs that are expected to be recovered from its customers as regulatory assets and recognizes certain obligations representing probable future expenditures as regulatory liabilities on the Consolidated Balance Sheets. See Note 4. Regulation for a more detailed description of Adelphia’s regulatory assets and liabilities.
Natural Gas in Storage	Natural Gas in Storage
Derivative Instruments	Derivative Instruments The Company accounts for its financial instruments, such as futures, options and interest rate contracts, as well as its physical commodity contracts related to the purchase and sale of natural gas at ES, as derivatives, and therefore recognizes them at fair value on the Consolidated Balance Sheets. The Company’s unregulated subsidiaries record changes in the fair value of their financial commodity derivatives in natural gas purchases and changes in the fair value of their physical forward contracts in natural gas purchases or operating revenues, as appropriate, on the Consolidated Statements of Operations. Ineffective portions of the cash flow hedges are recognized immediately in earnings. Cash flows from derivative financial instruments are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. ASC 815, Derivatives and Hedging, also provides for a NPNS scope exception for qualifying physical commodity contracts for which physical delivery is probable and the quantities delivered are expected to be used or sold over a reasonable period of time in the normal course of business. The Company prospectively applies this normal scope exception on a case-by-case basis to physical commodity contracts at NJNG and PPAs at CEV. When applied, it does not account for these contracts until the contract settles and the related underlying natural gas or power is delivered. Gains and/or losses on NJNG’s derivatives used to economically hedge its regulated natural gas supply obligations, as well as its exposure to interest rate variability, are recoverable through its BGSS, a component of its tariff. Accordingly, the offset to the change in fair value of these derivatives is recorded as a regulatory asset or liability on the Consolidated Balance Sheets. See Note 5. Derivative Instruments for additional details regarding natural gas trading and hedging activities. Fair values of exchange-traded instruments, including futures and swaps, are based on unadjusted, quoted prices in active markets. The Company’s non-exchange-traded financial instruments, over-the-counter physical commodity contracts at ES and interest rate contracts are valued using observable, quoted prices for similar or identical assets when available. In establishing the fair value of contracts for which a quoted basis price is not available at the measurement date, management utilizes available market data and pricing models to estimate fair values. Fair values are subject to change in the near term and reflect management’s best estimate based on a variety of factors. Estimating fair values of instruments that do not have quoted market prices requires management’s judgment in determining amounts that could reasonably be expected to be received from, or paid to, a third party in settlement of the instruments. These amounts could be materially different from amounts that might be realized in an actual sale transaction. During fiscal 2020, the Company entered into treasury lock transactions to fix the benchmark treasury rate associated with debt issuances for NJNG and NJR that occurred during the fiscal year. Settlement of the NJNG treasury locks resulted in a loss, which was recorded as a component of regulatory assets on the Consolidated Balance Sheets and will be amortized in earnings over the term of the debt as a component of interest expense on the Consolidated Statements of Operations. NJR designated its treasury lock contracts as cash flow hedges; therefore, changes in fair value of the effective portion of the hedges were recorded in OCI. Settlement of the treasury locks resulted in a loss, which was recorded within OCI and is amortized into earnings over the term of the associated debt as a component of interest expense on the Consolidated Statements of Operations. The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, the Company is exposed to foreign currency and interest rate risk and may utilize foreign currency derivatives to hedge Canadian dollar-denominated natural gas purchases and/or sales and interest rate derivatives to reduce exposure to fluctuations in interest rates. All of these types of contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, all of the financial and certain of the Company’s physical derivative instruments are recorded at fair value on the Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value . Energy Services ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of natural gas purchases or operating revenues, as appropriate for ES, on the Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases, and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either natural gas purchases or operating revenues. 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 Consolidated Balance Sheets, with changes in value recognized in current-period earnings. Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized when the SREC is transferred to the counterparty. Natural Gas Distribution Changes in fair value of NJNG’s financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the 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 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 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 Consolidated Balance Sheets.
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.
Long-lived Assets	Long-lived Assets The Company reviews the recoverability of long-lived assets and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable, such as significant adverse changes in regulation, business climate or market conditions, including prolonged periods of adverse commodity and capacity prices. If there are changes indicating that the carrying value of such assets may not be recoverable, an undiscounted cash flows test is performed. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized by reducing the recorded value of the asset to its fair value. Factors that the Company analyzes in determining whether an impairment in its long-lived assets exists include: a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent in which a long-lived asset is being used in its physical condition; legal proceedings or other contributing factors; significant business climate changes; accumulations of costs in significant excess of the amounts expected; a current-period operating or cash flow loss combined with a history of such events; and current expectations that more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life. During fiscal 2024 and 2023, there were no events or circumstances that indicated that the carrying value of long-lived assets or finite-lived intangibles was not recoverable.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt. See Note 9. Debt for the total unamortized debt issuance costs that are recorded as a reduction to long-term debt on the Consolidated Balance Sheets.
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 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 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 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.
Environmental Contingencies	Environmental Contingencies Loss contingencies are recorded as liabilities when it is probable a liability has been incurred and the amount of the loss is reasonably estimable in accordance with accounting standards for contingencies. Estimating probable losses requires an analysis of uncertainties that often depend upon judgments about potential actions by third parties. Accruals for loss contingencies are recorded based on an analysis of potential results. With respect to environmental liabilities and related costs, NJNG periodically, and at least annually, performs an environmental review of MGP sites, including a review of potential liability for investigation and remedial action. 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. 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 any insurance recoveries. 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. See Note 14. Commitments and Contingent Liabilities for more details.
Pension and Postemployment Plans	Pension and Postemployment Plans The Company has two noncontributory defined pension plans covering eligible employees, including officers. Benefits are based on each employee’s years of service and compensation. The Company’s funding policy is to contribute annually to these plans at least the minimum amount required under the Employee Retirement Income Security Act, as amended, and not more than can be deducted for federal income tax purposes. Plan assets consist of equity securities, fixed-income securities and short-term investments.
Asset Retirement Obligations	Asset Retirement Obligations The Company recognizes AROs related to the costs associated with cutting and capping NJNG’s main and service natural gas distribution mains, which is required by New Jersey law when taking such natural gas distribution mains out of service. The Company also recognizes AROs associated with CEV’s solar assets when there are decommissioning provisions in lease agreements that require removal of the asset at the end of the lease term. AROs are initially recognized when the legal obligation to retire an asset has been incurred and a reasonable estimate of fair value can be made. The discounted fair value is recognized as an ARO liability with a corresponding amount capitalized as part of the carrying cost of the underlying asset. The obligation is subsequently accreted to the future value of the expected retirement cost, and the corresponding asset retirement cost is depreciated over the life of the related asset. Accretion expense associated with CEV’s AROs are recognized as a component of operations and maintenance expense on the Consolidated Statements of Operations. Accretion amounts associated with NJNG’s AROs are recognized as part of its depreciation expense, and the corresponding regulatory asset and liability will be shown gross on the Consolidated Balance Sheets.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Intangible assets, net previously classified in its own category on the Consolidated Balance Sheets has been reclassified into other noncurrent assets. Other noncurrent assets and other noncurrent liabilities previously classified in their own categories on the Consolidated Statements of Cash Flow have been combined into one category.
Recently Adopted Updates to the Accounting Standards Codification	Recently Adopted Updates to the Accounting Standards Codification Business Combinations In October 2021, the FASB issued ASU No. 2021-08 , an amendment to ASC 805, Business Combinations , which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers . The guidance was effective for the Company beginning October 1, 2023, and was applied on a prospective basis to new acquisitions following the date of adoption. As the Company has not executed a transaction that would qualify as a business combination, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Derivatives and Hedging In March 2022, the FASB issued ASU No. 2022-01 , an amendment to ASC 815, Derivatives and Hedging , which addresses fair value hedge accounting of interest rate risk for portfolios of financial assets. This update further clarifies guidance previously released in ASU No. 2017-12, which established the ”last-of-layer” method, and this update renames that method as the “portfolio layer” method. The guidance was effective for the Company beginning October 1, 2023. As the Company does not currently apply hedge accounting to any of its risk management activities, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Financial Instruments In March 2022, the FASB issued ASU No. 2022-02 , an amendment to ASC 326, Financial Instruments-Credit Losses , which eliminates the accounting guidance for creditors in troubled debt restructuring. It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination. The amendment also adds new disclosures for creditors with loan refinancing and restructuring for borrowers experiencing financial difficulty. The guidance was effective for the Company beginning October 1, 2023. Since the Company has not experienced a troubled debt restructuring, there was no impact on its financial position, results of operations, cash flows and disclosures upon adoption. Other Recent Updates to the Accounting Standards Codification Fair Value Measurement In June 2022, the FASB issued ASU No. 2022-03 , an amendment to ASC 820, Fair Value Measurement . The amendment clarifies the fair value principles when measuring the fair value of an equity security subject to a contractual sale restriction. The guidance became effective for the Company on October 1, 2024, and the Company elected to apply it on a prospective basis. At this time, the Company does not have equity securities subject to contractual sale restrictions, and therefore this amendment would only impact the Company if, in the future, it entered into such transactions. Leases In March 2023, the FASB issued ASU No. 2023-01 , an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party. If the lessee in these types of arrangements continues to control the use of the underlying asset through a lease, the leasehold improvements are to be amortized over the improvements’ useful life to the common control group, regardless of the lease term. The guidance became effective for the Company on October 1, 2024, and the Company elected to apply it on a prospective basis. At this time, the Company does not have leases that are impacted by this amendment, and therefore it would only impact the Company if, in the future, it entered into applicable transactions. Business Combinations In August 2023, the FASB issued ASU No. 2023-05 , an amendment to ASC 805, Business Combinations , which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed. The guidance is effective for the Company for joint ventures formed beginning January 1, 2025, and the Company can elect to apply it either prospectively or retrospectively back to a joint venture’s formation date provided adequate information is available. Early adoption is permitted. This amendment would only impact the Company upon adoption if, in the future, it entered into an applicable transaction. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07 , an amendment to ASC 280, Segment Reporting , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The update requires entities to 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. This update 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 and the Company is currently evaluating the amendment to understand the impacts on its future disclosures. 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 is 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 financial position, results of operations, cash flows and 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. This update 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.
Fair Value Hierarchy	Fair Value Hierarchy The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs-to-valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM. Level 2 Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: • widely accepted and public; • non-proprietary and sourced from an independent third party; and • observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values. Level 3 Inputs derived from a significant amount of unobservable market data These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies. Financial derivative portfolios of NJNG and ES consist mainly of futures, options and swaps. The Company primarily uses the market approach, and its policy is to use actively quoted market prices when available. The principal market for its derivative transactions is the natural gas wholesale market; therefore, the primary sources for its price inputs are CME, NYMEX and ICE. ES uses Platts and Natural Gas Exchange for Canadian delivery points. However, ES also engages in transactions that result in transporting natural gas to delivery points for which there is no actively quoted market price. In most instances, the transportation cost to the final delivery location is not significant to the overall valuation. If required, ES’s policy is to use the best information available to determine fair value based on internal pricing models, which would include estimates extrapolated from broker quotes or other pricing services. The Company also has other financial assets that include listed equities, mutual funds and money market funds for which there are active exchange quotes available. When the Company determines fair values, measurements are adjusted, as needed, for credit risk associated with its counterparties, as well as its own credit risk. The Company determines these adjustments by using historical default probabilities that correspond to the applicable S&P issuer ratings, while also taking into consideration collateral and netting arrangements that serve to mitigate risk.
Lessee Accounting	Lessee Accounting The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases . Right-of-use assets represent the Company’s right to use the underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters. Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns. Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five two six Leases . 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Demand Charges	The following table summarizes the demand charges, which are net of capacity releases, and are included as a component of natural gas purchases on the Consolidated Statements of Operations for the fiscal years ended September 30: (Millions) 2024 2023 2022 ES $ 72.6 $ 74.6 $ 95.4 NJNG 200.4 183.4 170.3 Total $ 273.0 $ 258.0 $ 265.7
Schedule of Property, Plant and Equipment	Property, plant and equipment was comprised of the following as of September 30: (Thousands) Estimated Property Classifications Useful Lives 2024 2023 Distribution facilities 11 to 54 years $ 3,436,308 $ 3,063,111 Transmission facilities 28 to 42 years 656,098 650,817 Storage facilities 27 to 86 years 86,329 85,603 Solar property 15 to 35 years 885,518 864,838 Storage and transportation property 5 to 50 years 929,850 884,647 All other property 5 to 40 years 62,248 61,327 Construction work in progress 440,164 380,196 Total property, plant and equipment 6,496,515 5,990,539 Accumulated depreciation and amortization (1,093,292) (968,484) Property, plant and equipment, net $ 5,403,223 $ 5,022,055
Schedule of Capitalized Amounts Associated with Debt and Equity Component of AFUDC	Capitalized and deferred interest include the following for the fiscal years ended September 30: ($ in thousands) 2024 2023 2022 AFUDC: NJNG Adelphia NJNG Adelphia NJNG Adelphia Debt $ 4,729 $ 64 $ 3,546 $ 90 $ 1,648 $ 4,019 Equity 6,761 113 6,979 158 4,169 7,074 Total $ 11,490 $ 177 $ 10,525 $ 248 $ 5,817 $ 11,093 Weighted average interest rate 6.48 % 8.28 % 6.41 % 8.28 % 4.91 % 8.28 %
Schedule of Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total amounts in the Consolidated Statements of Cash Flows, as of September 30: (Thousands) 2024 2023 2022 Balance Sheet Cash and cash equivalents $ 1,017 $ 954 $ 1,107 Restricted cash in other noncurrent assets $ 595 $ 563 $ 345 Statements of Cash Flow Cash, cash equivalents and restricted cash $ 1,612 $ 1,517 $ 1,452
Schedule of Gas in Storage	The following table summarizes natural gas in storage, at average cost by company, as of September 30: 2024 2023 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 177,655 30.8 $ 175,025 29.1 ES 21,378 13.1 24,476 14.6 S&T 92 — — — Total $ 199,125 43.9 $ 199,501 43.7
Schedule of Software Costs Included in the Consolidated Financial Statements	The following table presents the software costs included in the Consolidated Financial Statements, as of September 30: (Thousands) 2024 2023 Balance Sheets Utility plant, at cost $ 133,158 $ 51,282 Construction work in progress $ 26,659 $ 55,012 Nonutility plant and equipment, at cost $ 344 $ 344 Accumulated depreciation and amortization, utility plant $ (13,632) $ (7,480) Accumulated depreciation and amortization, nonutility plant and equipment $ (48) $ (36) Software costs $ 10,522 $ 8,375 Statements of Operations Operation and maintenance $ 13,087 $ 14,299 Depreciation and amortization $ 6,164 $ 4,130
Schedule of Analysis of Change in ARO Liability	The following is an analysis of the change in the Company’s ARO for the fiscal years ended September 30: (Thousands) Balance at October 1 Accretion Additions Change in assumptions Retirements Balance at period end 2024 NJNG $ 55,285 3,039 152 2,925 (1,727) $ 59,674 NJRCEV $ 6,708 236 79 — — $ 7,023 2023 NJNG $ 49,874 2,693 155 4,089 (1,526) $ 55,285 NJRCEV $ 5,161 213 1,334 — — $ 6,708
Schedule of Future Accretion	Accretion for the next five years, for the fiscal years ended September 30, is estimated to be as follows: (Thousands) 2025 2026 2027 2028 2029 Total Estimated Accretion $ 3,403 3,573 3,751 3,948 4,165 $ 18,840
Schedule of Accumulated Other Comprehensive Income	The following table presents the changes in the components of accumulated other comprehensive income, net of related tax effects: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2022 $ (8,322) $ 3,496 $ (4,826) Other comprehensive income, net of tax Other comprehensive income, before reclassifications, net of tax of $0, $1,922 and $1,922, respectively — (6,350) (6,350) Amounts reclassified from accumulated other comprehensive income, net of tax of $(317), $(49) and $(366), respectively 1,053 164 (1) 1,217 Net current-period other comprehensive income, net of tax of $(317), $1,873 and $1,556, respectively 1,053 (6,186) (5,133) Balance as of September 30, 2023 $ (7,269) $ (2,690) $ (9,959) Other comprehensive income, net of tax Other comprehensive income, before reclassifications, net of tax of $0, $(1,002) and $(1,002), respectively — 3,360 3,360 Amounts reclassified from accumulated other comprehensive income, net of tax of $(317), $296 and $(21), respectively 1,054 (976) (1) 78 Net current-period other comprehensive income, net of tax of $(317), $(706) and $(1,023), respectively 1,054 2,384 3,438 Balance as of September 30, 2024 $ (6,215) $ (306) $ (6,521) (1) Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Consolidated Statements of Operations. For more details, see Note 11. Employee Benefit Plans .

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
REVENUE (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
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/ Operations Performance Obligation Description NJNG Natural gas utility sales NJNG’s performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month’s deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer. CEV Commercial solar electricity CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services. CEV Residential solar electricity CEV provides access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation is to provide electricity to the customer based on generation from the underlying residential solar asset and is satisfied upon transfer of electricity generated. Revenue is derived from the contract terms and is recognized as invoiced, with the payment due each month for the previous month’s services. CEV Renewable energy certificates Certain CEV projects generate TRECs and SREC IIs under the established ADI Program. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI Program are purchased monthly by a REC Administrator. Revenue is recognized upon generation. Revenue Recognized Over Time (continued): Segment/ Performance Obligation Description 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.
Disaggregation of Revenue	Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during fiscal 2024, 2023 and 2022 are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Natural gas utility sales (1) $ 861,882 — — — — $ 861,882 Natural gas services — — 164,165 96,209 — 260,374 Service contracts — — — — 36,231 36,231 Installations and maintenance — — — — 26,404 26,404 Renewable energy certificates — 15,111 — — — 15,111 Electricity sales — 32,913 — — — 32,913 Eliminations (2) (1,350) — — (1,358) (258) (2,966) Revenues from contracts with customers 860,532 48,024 164,165 94,851 62,377 1,229,949 Alternative revenue programs (3) 1,087 — — — — 1,087 Derivative instruments 156,863 82,539 (4) 321,226 — — 560,628 Eliminations (2) — — 4,875 — — 4,875 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Natural gas utility sales (1) $ 845,392 — — — — $ 845,392 Natural gas services — — 76,975 92,859 — 169,834 Service contracts — — — — 35,210 35,210 Installations and maintenance — — — — 22,428 22,428 Renewable energy certificates — 12,636 — — — 12,636 Electricity sales — 31,733 — — — 31,733 Eliminations (2) (1,349) — — (4,159) (205) (5,713) Revenues from contracts with customers 844,043 44,369 76,975 88,700 57,433 1,111,520 Alternative revenue programs (3) 27,257 — — — — 27,257 Derivative instruments 139,984 79,762 (4) 614,641 — — 834,387 Eliminations (2) — — (10,170) — — (10,170) Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 2022 Natural gas utility sales $ 951,626 — — — — 951,626 Natural gas services — — 83,801 67,735 — 151,536 Service contracts — — — — 33,932 33,932 Installations and maintenance — — — — 22,250 22,250 Renewable energy certificates — 5,487 — — — 5,487 Electricity sales — 38,317 — — — 38,317 Eliminations (2) (1,350) — — (2,449) (364) (4,163) Revenues from contracts with customers 950,276 43,804 83,801 65,286 55,818 1,198,985 Alternative revenue programs (3) 11,259 — — — — 11,259 Derivative instruments 165,882 84,476 (4) 1,445,471 — — 1,695,829 Eliminations (2) — — (94) — — (94) Revenues out of scope 177,141 84,476 1,445,377 — — 1,706,994 Total operating revenues $ 1,127,417 128,280 1,529,178 65,286 55,818 2,905,979 (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 fiscal years ended September 30, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Residential $ 641,606 13,960 — — 62,219 $ 717,785 Commercial and industrial 123,727 34,064 164,165 94,851 158 416,965 Firm transportation 86,600 — — — — 86,600 Interruptible, off-tariff and other 8,599 — — — — 8,599 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Residential $ 621,663 13,668 — — 57,091 $ 692,422 Commercial and industrial 136,011 30,701 76,975 88,700 342 332,729 Firm transportation 77,722 — — — — 77,722 Interruptible, off-tariff and other 8,647 — — — — 8,647 Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 2022 Residential $ 586,678 12,579 — — 55,629 $ 654,886 Commercial and industrial 265,970 31,225 83,801 65,286 189 446,471 Firm transportation 92,531 — — — — 92,531 Interruptible, off-tariff and other 5,097 — — — — 5,097 Revenues out of scope 177,141 84,476 1,445,377 — — 1,706,994 Total operating revenues $ 1,127,417 128,280 1,529,178 65,286 55,818 $ 2,905,979
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 Consolidated Balance Sheets are as follows: Customer Accounts Receivable Customers’Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2022 $ 222,297 $ 13,769 $ 33,246 (Decrease) increase (124,757) 5,331 11,664 Balance as of September 30, 2023 97,540 19,100 44,910 Increase (decrease) 7,991 994 (6,315) Balance as of September 30, 2024 $ 105,531 $ 20,094 $ 38,595
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 Consolidated Balance Sheets as of September 30: (Thousands) NJNG CEV ES S&T HSO Total 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 2023 Customer accounts receivable Billed $ 55,234 9,962 23,716 6,577 2,051 $ 97,540 Unbilled 10,784 8,316 — — — 19,100 Customers’ credit balances and deposits (44,898) — — (12) — (44,910) Total $ 21,120 18,278 23,716 6,565 2,051 $ 71,730

REGULATION (Tables)

REGULATION (Tables)	12 Months Ended
REGULATION (Tables)	Sep. 30, 2024
Regulated Operations [Abstract]
Schedule of Regulatory Assets	Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30: (Thousands) 2024 2023 Regulatory assets-current New Jersey Clean Energy Program $ 18,491 $ 15,804 Conservation Incentive Program 51,442 50,356 Derivatives at fair value, net 1,363 6,017 Other current regulatory assets 1,774 1,410 Total current regulatory assets $ 73,070 $ 73,587 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 77,475 $ 66,298 Liability for future expenditures 161,650 169,390 Deferred income taxes 42,595 41,667 SAVEGREEN 107,796 83,589 Postemployment and other benefit costs 23,772 55,274 Cost of removal 130,885 112,362 Other noncurrent regulatory assets 59,924 51,019 Total noncurrent regulatory assets $ 604,097 $ 579,599 Regulatory liability-current Overrecovered natural gas costs $ 32,457 $ 30,637 Total current regulatory liabilities $ 32,457 $ 30,637 Regulatory liabilities-noncurrent Tax Act impact (1) $ 175,328 $ 180,347 Derivatives at fair value, net 404 — Other noncurrent regulatory liabilities 115 111 Total noncurrent regulatory liabilities $ 175,847 $ 180,458 (1) Reflects the re-measurement and subsequent amortization of NJNG’s net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017. Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30: (Thousands) 2024 2023 Total noncurrent regulatory assets $ 5,095 $ 5,231 Total current regulatory liabilities $ 524 $ 1,650
Schedule of Regulatory Liabilities	Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30: (Thousands) 2024 2023 Regulatory assets-current New Jersey Clean Energy Program $ 18,491 $ 15,804 Conservation Incentive Program 51,442 50,356 Derivatives at fair value, net 1,363 6,017 Other current regulatory assets 1,774 1,410 Total current regulatory assets $ 73,070 $ 73,587 Regulatory assets-noncurrent Environmental remediation costs: Expended, net of recoveries $ 77,475 $ 66,298 Liability for future expenditures 161,650 169,390 Deferred income taxes 42,595 41,667 SAVEGREEN 107,796 83,589 Postemployment and other benefit costs 23,772 55,274 Cost of removal 130,885 112,362 Other noncurrent regulatory assets 59,924 51,019 Total noncurrent regulatory assets $ 604,097 $ 579,599 Regulatory liability-current Overrecovered natural gas costs $ 32,457 $ 30,637 Total current regulatory liabilities $ 32,457 $ 30,637 Regulatory liabilities-noncurrent Tax Act impact (1) $ 175,328 $ 180,347 Derivatives at fair value, net 404 — Other noncurrent regulatory liabilities 115 111 Total noncurrent regulatory liabilities $ 175,847 $ 180,458 (1) Reflects the re-measurement and subsequent amortization of NJNG’s net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017. Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30: (Thousands) 2024 2023 Total noncurrent regulatory assets $ 5,095 $ 5,231 Total current regulatory liabilities $ 524 $ 1,650

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Sep. 30, 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 Consolidated Balance Sheets as of September 30: Derivatives at Fair Value 2024 2023 (Thousands) Balance Sheet Location Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments: NJNG: Physical commodity contracts Derivatives - current $ 21 $ 579 $ 43 $ 488 Financial commodity contracts Derivatives - current — 2 6,110 20 ES: Physical commodity contracts Derivatives - current 1,660 4,346 6,209 12,757 Derivatives - noncurrent 727 10,758 802 7,870 Financial commodity contracts Derivatives - current 5,132 1,344 18,393 2,880 Derivatives - noncurrent 79 732 762 97 Total fair value of derivatives $ 7,619 $ 17,761 $ 32,319 $ 24,112
Offsetting Assets	The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the 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 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 As of September 30, 2023 ES Contracts Physical commodity $ 7,011 (1,236) — $ 5,775 $ 20,627 (1,236) (9,728) $ 9,663 Financial commodity 19,155 (2,977) (16,178) — 2,977 (2,977) — — Total ES $ 26,166 (4,213) (16,178) $ 5,775 $ 23,604 (4,213) (9,728) $ 9,663 NJNG Contracts Physical commodity $ 43 (3) — $ 40 $ 488 (3) — $ 485 Financial commodity 6,110 (20) — 6,090 20 (20) — — Total NJNG $ 6,153 (23) — $ 6,130 $ 508 (23) — $ 485 (1) Derivative assets and liabilities are presented on a gross basis on the 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 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 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 As of September 30, 2023 ES Contracts Physical commodity $ 7,011 (1,236) — $ 5,775 $ 20,627 (1,236) (9,728) $ 9,663 Financial commodity 19,155 (2,977) (16,178) — 2,977 (2,977) — — Total ES $ 26,166 (4,213) (16,178) $ 5,775 $ 23,604 (4,213) (9,728) $ 9,663 NJNG Contracts Physical commodity $ 43 (3) — $ 40 $ 488 (3) — $ 485 Financial commodity 6,110 (20) — 6,090 20 (20) — — Total NJNG $ 6,153 (23) — $ 6,130 $ 508 (23) — $ 485 (1) Derivative assets and liabilities are presented on a gross basis on the 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 Consolidated Statements of Operations as of September 30: (Thousands) Location of gain (loss) recognized in income on derivatives Amount of gain (loss) recognized Derivatives not designated as hedging instruments: 2024 2023 2022 ES: Physical commodity contracts Operating revenues $ 12,070 $ 33,610 $ (8,569) Physical commodity contracts Natural gas purchases (2,391) (6,846) 3,580 Financial commodity contracts Natural gas purchases 11,722 80,406 14,403 Foreign currency contracts Natural gas purchases — — (14) Total unrealized and realized gain $ 21,401 $ 107,170 $ 9,400
Effect of Derivative Instruments Designated as Cash Flow Hedges on OCI	The following table reflects the gains and/or (losses) associated with NJNG’s derivative instruments as of September 30: (Thousands) 2024 2023 2022 NJNG: Physical commodity contracts $ (5,215) $ (34,241) $ 7,116 Financial commodity contracts 11,064 (50,130) 32,868 Total unrealized and realized gain (loss) $ 5,849 $ (84,371) $ 39,984
Schedule of Outstanding Long (Short) Derivatives	NJNG and ES had the following outstanding long (short) derivatives as of September 30: Natural Gas Distribution Energy Services Volumes (Bcf) Futures Physical Commodity Futures Physical Commodity 2024 31.9 10.9 (7.7) 2.8 2023 32.1 12.1 (6.9) 0.2
Schedule of Broker Margin Accounts by Company	The balances as of September 30, by reporting segment, are as follows: (Thousands) Balance Sheet Location 2024 2023 NJNG Restricted broker margin accounts - current assets $ 4,975 $ 5,915 ES Restricted broker margin accounts - current assets $ 8,268 $ 14,881 Restricted broker margin accounts - current liabilities $ 1,146 $ 8,029
Summary of Gross Credit Exposures	The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of September 30, 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 and CEV residential solar installations. (Thousands) Gross Credit Investment grade $ 97,403 Noninvestment grade 7,343 Internally-rated investment grade 16,168 Internally-rated noninvestment grade 17,375 Total $ 138,289

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	As of September 30, 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 (1) : (Thousands) 2024 2023 NJNG Carrying value (1) $ 1,647,845 $ 1,467,845 Fair market value $ 1,439,849 $ 1,097,088 NJR Carrying value (1) $ 1,120,000 $ 1,120,000 Fair market value $ 1,085,955 $ 1,009,448 (1) See Note 9. Debt f or a reconciliation to long-term and short-term debt .
Schedule of Fair Value Hierarchy	The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM. Level 2 Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: • widely accepted and public; • non-proprietary and sourced from an independent third party; and • observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values. Level 3 Inputs derived from a significant amount of unobservable market data These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized as follows: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant (Thousands) (Level 1) (Level 2) (Level 3) Total 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 As of September 30, 2023 Assets Physical commodity contracts $ — $ 7,054 $ — $ 7,054 Financial commodity contracts 25,265 — — 25,265 Money market funds 145 — — 145 Other 2,641 — — 2,641 Total assets at fair value $ 28,051 $ 7,054 $ — $ 35,105 Liabilities Physical commodity contracts $ — $ 21,115 $ — $ 21,115 Financial commodity contracts 2,997 — — 2,997 Total liabilities at fair value $ 2,997 $ 21,115 $ — $ 24,112

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 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 the fiscal years ended September 30: (Thousands, except per share amounts) 2024 2023 2022 Net income, as reported $ 289,775 $ 264,724 $ 274,922 Basic earnings per share Weighted average shares of common stock outstanding-basic 98,634 97,028 96,100 Basic earnings per common share $2.94 $2.73 $2.86 Diluted earnings per share Weighted average shares of common stock outstanding-basic 98,634 97,028 96,100 Incremental shares (1) 655 599 388 Weighted average shares of common stock outstanding-diluted 99,289 97,627 96,488 Diluted earnings per common share $2.92 $2.71 $2.85 (1) Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table presents the long-term debt of the Company as of September 30: (Thousands) 2024 2023 NJNG First mortgage bonds: Maturity date: Series OO 3.00% August 1, 2041 46,500 46,500 Series PP 3.15% April 15, 2028 50,000 50,000 Series QQ 3.58% March 13, 2024 — 70,000 Series RR 4.61% March 13, 2044 55,000 55,000 Series SS 2.82% April 15, 2025 50,000 50,000 Series TT 3.66% April 15, 2045 100,000 100,000 Series UU 3.63% June 21, 2046 125,000 125,000 Series VV 4.01% May 11, 2048 125,000 125,000 Series WW 3.50% April 1, 2042 10,300 10,300 Series XX 3.38% April 1, 2038 10,500 10,500 Series YY 2.45% April 1, 2059 15,000 15,000 Series ZZ 3.76% July 17, 2049 100,000 100,000 Series AAA 3.86% July 17, 2059 85,000 85,000 Series BBB 2.75% August 1, 2039 9,545 9,545 Series CCC 3.00% August 1, 2043 41,000 41,000 Series DDD 3.13% June 30, 2050 50,000 50,000 Series EEE 3.13% July 23, 2050 50,000 50,000 Series FFF 3.33% July 23, 2060 25,000 25,000 Series GGG 2.87% September 1, 2050 25,000 25,000 Series HHH 2.97% September 1, 2060 50,000 50,000 Series III 2.97% October 30, 2051 50,000 50,000 Series JJJ 3.07% October 28, 2061 50,000 50,000 Series LLL 4.37% May 27, 2037 50,000 50,000 Series MMM 4.71% May 27, 2052 50,000 50,000 Series NNN 5.47% October 24, 2052 125,000 125,000 Series OOO 5.56% September 28, 2033 50,000 50,000 Series PPP 5.85% October 30, 2053 50,000 — Series QQQ 5.82% June 26, 2054 125,000 — Series RRR 5.49% September 30, 2034 75,000 — Meter financing obligation Various dates 31,574 31,352 Less: Debt issuance costs (10,899) (9,770) Less: Current maturities of long-term debt (58,649) (78,477) Total NJNG long-term debt 1,609,871 1,410,950 NJR 2024 2023 First mortgage bonds: Maturity date: Unsecured senior notes 3.48% November 7, 2024 100,000 100,000 Unsecured senior notes 3.54% August 18, 2026 100,000 100,000 Unsecured senior notes 3.96% June 8, 2028 100,000 100,000 Unsecured senior notes 3.29% July 17, 2029 150,000 150,000 Unsecured senior notes 3.50% July 23, 2030 130,000 130,000 Unsecured senior notes 3.60% July 23, 2032 130,000 130,000 Unsecured senior notes 3.13% September 1, 2031 120,000 120,000 Unsecured senior notes 3.25% September 1, 2033 80,000 80,000 Unsecured senior notes 4.38% June 23, 2027 110,000 110,000 Unsecured senior notes 3.64% September 19, 2034 50,000 50,000 Unsecured senior notes 6.14% December 15, 2032 50,000 50,000 Less: Debt issuance costs (3,011) (3,656) Less: Current maturities of long-term debt (100,000) — Total NJR long-term debt 1,016,989 1,116,344 CEV Solar asset financing obligation Various dates 282,962 278,401 Less: Current maturities of long-term debt (30,358) (37,678) Total CEV long-term debt 252,604 240,723 Total long-term debt $ 2,879,464 $ 2,768,017
Schedule of Long-term Debt Redemption Requirements	Annual long-term debt redemption requirements, excluding meter financing obligations, debt issuance costs and solar asset financing obligations, as of September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter NJR $ 100,000 $ 100,000 $ 110,000 $ 100,000 $ 150,000 $ 560,000 NJNG $ 50,000 $ — $ — $ 50,000 $ — $ 1,547,845
Finance Lease Liability, Maturity	Contractual commitments for meter sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter Subtotal Future payments $ 9,665 7,906 5,579 6,211 3,171 1,852 $ 34,384 Less: Interest component (2,810) Total $ 31,574 The following table presents the Company’s maturities of lease liabilities as of September 30, 2024: (Thousands) Operating Finance 2025 $ 8,408 $ 8,169 2026 8,852 6,411 2027 8,834 4,083 2028 8,925 4,715 2029 8,994 1,676 Thereafter 233,942 — Total future payments 277,955 25,054 Less: interest (113,707) (1,494) Total liability $ 164,248 $ 23,560
Schedule of Contractual Commitments for Finance Lease Payments	Contractual commitments for the solar sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter Subtotal Future payments $ 57,184 20,396 22,907 34,293 81,586 32,610 $ 248,976 Less: Interest component (43,234) Total $ 205,742
Schedule of Line of Credit Facilities	The following table summarizes NJR’s credit facility and NJNG’s commercial paper program and credit facility as of September 30: 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) 2024 $ 575,000 $ 236,700 6.23 % $ 325,951 (2) August 2029 2023 $ 650,000 $ 217,300 6.53 % $ 426,967 (2) September 2027 NJNG bank revolving credit facility (3) 2024 $ 250,000 $ 55,100 4.98 % $ 194,169 (4) August 2029 2023 $ 250,000 $ 34,800 5.48 % $ 214,469 (4) September 2027 (1) Committed credit facility, which requires commitment fees of 0.10% on the unused amount. (2) Letters of credit outstanding total approximately $12.3M and $5.7M as of September 30, 2024 and 2023, 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 at both September 30, 2024 and 2023, which reduces the amount available by the same amount.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Expense Recognized	The following table summarizes all stock-based compensation expense recognized during the following fiscal years: (Thousands) 2024 2023 2022 Stock-based compensation expense: Performance share awards $ 5,437 $ 4,882 $ 4,131 Restricted and non-restricted stock 3,958 3,647 3,189 Deferred retention stock 6,633 6,187 7,507 Compensation expense included in operation and maintenance expense 16,028 14,716 14,827 Income tax benefit (1) (3,898) (3,563) (3,624) Total, net of tax $ 12,130 $ 11,153 $ 11,203 (1) Excludes additional tax expense related to delivered shares of $1.2M, $0.6M and $0.1M as of September 30, 2024, 2023 and 2022, respectively.
Summary of Performance Share Activity	The following table summarizes the performance share activity under the stock award and incentive plans for the past three fiscal years: Shares (1) Weighted Average Total Fair Value of Vested Shares (in Thousands) Non-vested and outstanding at September 30, 2021 166,091 $36.08 — Granted 118,526 $38.84 — Vested (2) (76,708) $39.57 $ 2,765 Cancelled/forfeited (15,788) $37.33 — Non-vested and outstanding at September 30, 2022 192,121 $36.29 — Granted 112,661 $46.00 — Vested (3) (105,197) $35.07 $ 4,126 Cancelled/forfeited (9,330) $38.64 — Non-vested and outstanding at September 30, 2023 190,255 $42.60 — Granted 142,800 $42.55 — Vested (4) (112,183) $39.91 $ 5,271 Cancelled/forfeited (1,913) $43.83 — Non-vested and outstanding at September 30, 2024 218,959 $43.93 — (1) The number of common shares issued related to certain performance shares may range from zero to 150% of the number of shares shown in the table above based on the Company’s achievement of performance goals. (2) As certified by the Company’s Leadership and Compensation Committee on November 9, 2022, the number of common shares earned related to TSR performance was 112% or 30,472 shares, the number of common shares earned related to NFE performance was 105% or 26,282 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 28,965 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. (3) As certified by the Company’s Leadership and Compensation Committee on November 15, 2023, the number of common shares earned related to TSR performance was 150% or 59,192 shares, the number of common shares earned related to NFE performance was 150% or 55,832 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 30,598 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%. (4) As certified by the Company’s Leadership and Compensation Committee on November 6, 2024, the number of common shares earned related to TSR performance was 150% or 60,092 shares, the number of common shares earned related to NFE performance was 124% or 49,269 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 37,603 shares. Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%.
Summary of Restricted Stock Activity	The following table summarizes the restricted stock activity under the stock award and incentive plans for the past three fiscal years: Shares Weighted Average Total Fair Value of Vested Shares (in Thousands) Non-vested and outstanding at September 30, 2021 101,621 $36.87 — Granted 54,826 $38.84 — Vested (47,867) $39.01 $ 1,824 Cancelled/forfeited (10,756) $37.06 — Non-vested and outstanding at September 30, 2022 97,824 $36.90 — Granted 64,080 $46.00 — Vested (48,312) $40.30 $ 1,910 Cancelled/forfeited (4,716) $38.77 — Non-vested and outstanding at September 30, 2023 108,876 $41.55 — Granted 70,987 $42.59 — Vested (53,393) $39.74 $ 2,256 Cancelled/forfeited (970) $44.52 — Non-vested and outstanding at September 30, 2024 125,500 $42.89 —
Summary of Deferred Retention Stock Award	The following table summarizes the deferred retention stock award under the stock award and incentive plans for the past three fiscal years: Shares Weighted Average Total Fair Value of Vested Shares (in Thousands) Outstanding at September 30, 2021 208,856 $46.28 — Granted/Vested 192,728 $38.95 — Delivered (163,499) $47.95 $ 6,167 Forfeited (6,818) $40.33 — Outstanding at September 30, 2022 231,267 $39.16 — Granted/Vested 134,941 $45.85 — Delivered (38,115) $40.67 $ 1,517 Outstanding at September 30, 2023 328,093 $41.74 — Granted/Vested 155,188 $42.55 — Delivered (5,089) $35.86 $ 213 Forfeited (235) $42.55 — Outstanding at September 30, 2024 477,957 $42.07 —
Schedule of Nonemployee Director Stock Award Plan Activity	The following summarizes non-employee director share awards for the past three fiscal years: 2024 2023 2022 Shares granted 29,996 24,044 30,908 Weighted average grant date fair value $41.67 $49.58 $39.09

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Sep. 30, 2024
Retirement Benefits [Abstract]
Summary of Changes in Funded Status of Plans and Liabilities Recognized	The following summarizes the changes in the funded status of the plans and the related liabilities recognized on the Consolidated Balance Sheets as of September 30: Pension (1) OPEB (Thousands) 2024 2023 2024 2023 Change in Benefit Obligation Benefit obligation at beginning of year $ 290,321 $ 290,823 $ 203,406 $ 173,217 Service cost 4,976 5,402 1,406 2,471 Interest cost 16,240 15,174 8,327 9,146 Plan amendments — — (79,881) — Plan participants’ contributions (2) 27 32 703 552 Actuarial loss (gain) 36,863 (7,057) 54,518 25,363 Benefits paid, net of retiree subsidies received (14,895) (14,053) (6,679) (7,343) Benefit obligation at end of year $ 333,532 $ 290,321 $ 181,800 $ 203,406 Change in plan assets Fair value of plan assets at beginning of year $ 298,361 $ 284,347 $ 106,783 $ 99,736 Actual return on plan assets 58,682 27,456 21,249 9,826 Employer contributions 535 579 7,846 4,192 Benefits paid, net of plan participants’ contributions (2) (14,868) (14,021) (6,157) (6,971) Fair value of plan assets at end of year $ 342,710 $ 298,361 $ 129,721 $ 106,783 Funded status $ 9,178 $ 8,040 $ (52,079) $ (96,623) Amounts recognized on Consolidated Balance Sheets Postemployment employee benefit asset Noncurrent $ 21,104 $ 18,684 $ 3,556 $ — Postemployment employee benefit liability Current $ (552) $ (538) $ (2,400) $ (4,201) Noncurrent (11,374) (10,106) (53,235) (92,422) Total $ 9,178 $ 8,040 $ (52,079) $ (96,623) (1) Includes the Company’s PEP. (2) Contributions made by employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, were immaterial during the periods.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income	The following table summarizes the amounts recognized in regulatory assets and accumulated OCI as of September 30: Regulatory Assets Accumulated Other Comprehensive Income (Loss) (Thousands) Pension OPEB Pension OPEB Balance at September 30, 2022 $ 35,321 $ 20,110 $ 5,003 $ (6,822) Amounts arising during the period: Net actuarial (gain) loss (10,493) 9,936 (4,048) 12,320 Amounts amortized to net periodic costs: Net actuarial (loss) (87) — (213) — Prior service (cost) (103) — — — Balance at September 30, 2023 $ 24,638 $ 30,046 $ 742 $ 5,498 Amounts arising during the period: Net actuarial (gain) loss (2,407) 27,108 934 14,080 Prior service (credit) — (60,504) — (19,376) Amounts amortized to net periodic costs: Net actuarial gain (loss) 2 (3,098) (119) (1,164) Prior service (cost) credit (61) 7,458 — 2,555 Balance at September 30, 2024 $ 22,172 $ 1,010 $ 1,557 $ 1,593 The amounts in regulatory assets and accumulated OCI not yet recognized as components of net periodic benefit cost as of September 30 are: Regulatory Assets Accumulated Other Comprehensive Pension OPEB Pension OPEB (Thousands) 2024 2023 2024 2023 2024 2023 2024 2023 Net actuarial loss $ 22,172 $ 24,577 $ 54,056 $ 30,046 $ 1,557 $ 742 $ 18,414 $ 5,498 Prior service cost (credit) — 61 (53,046) — — — (16,821) — Total $ 22,172 $ 24,638 $ 1,010 $ 30,046 $ 1,557 $ 742 $ 1,593 $ 5,498
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows: Pension (Thousands) 2024 2023 Projected benefit obligation $ 333,532 $ 290,321 Accumulated benefit obligation $ 306,850 $ 267,794 Fair value of plan assets $ 342,710 $ 298,361
Components of Net Periodic Cost	The components of the net periodic cost for pension benefits, including the Company’s PEP, and OPEB costs (principally health care and life insurance) for employees and covered dependents for fiscal years ended September 30, are as follows: Pension OPEB (Thousands) 2024 2023 2022 2024 2023 2022 Service cost $ 4,976 $ 5,402 $ 8,291 $ 1,406 $ 2,471 $ 4,305 Interest cost 16,240 15,174 9,632 8,327 9,146 6,355 Expected return on plan assets (20,346) (19,972) (21,275) (7,920) (6,721) (7,575) Recognized actuarial loss 117 300 8,745 4,262 — 5,684 Prior service cost (credit) amortization 61 103 101 (10,013) — (144) Net periodic benefit cost recognized as expense $ 1,048 $ 1,007 $ 5,494 $ (3,938) $ 4,896 $ 8,625
Schedule of Weighted Average Assumptions Used	The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows: Pension OPEB 2024 2023 2022 2024 2023 2022 Benefit costs: Discount rate 5.89/5.87% (1) 5.50/5.50% (1) 3.10/3.07% (1) 5.97/5.94% (1) 5.51/5.51% (1) 3.24/3.17% (1) Expected asset return 7.00 % 7.00 % 6.75 % 7.00 % 7.00 % 6.75 % Compensation increase 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) Obligations: Discount rate 5.01/4.99% (1) 5.89/5.87% (1) 5.50/5.50% (1) 4.97/4.98% (1) 5.97/5.94% (1) 5.51/5.51% (1) Compensation increase 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) 3.00/3.50% (1) (1) Percentages for represented and non-represented plans, respectively.
Summary of Pension and OPEB Assets	Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, is as follows: ($ in thousands) 2024 2023 2022 HCCTR 8.8% 7.4% 6.6% Ultimate HCCTR 4.5% 4.5% 4.5% Year ultimate HCCTR reached 2032 2032 2027 Pension and OPEB assets held in the master trust, measured at fair value, are summarized as follows: Pension OPEB (Thousands) Quoted Prices in Active Markets for Identical Assets Total Quoted Prices in Active Markets for Identical Assets Total As of September 30, 2024 Assets Money market funds $ — $ — $ 24 $ 24 Registered Investment Companies: Equity Funds: Large Cap Index 76,897 76,897 38,040 38,040 Extended Market Index 16,665 16,665 7,977 7,977 International Stock 50,549 50,549 22,730 22,730 Fixed Income Funds: Emerging Markets 13,354 13,354 5,358 5,358 Core Fixed Income — — 28,765 28,765 High Yield Bond Fund 16,704 16,704 9,195 9,195 Long Duration Fund 106,656 106,656 — — Total assets in the fair value hierarchy $ 280,825 280,825 $ 112,089 112,089 Investments measured at net asset value Collective investment trusts 61,885 17,632 Total assets at fair value $ 342,710 $ 129,721 As of September 30, 2023 Assets Registered Investment Companies: Equity Funds: Large Cap Index $ 81,171 $ 81,171 $ 30,884 $ 30,884 Extended Market Index 17,256 17,256 6,444 6,444 International Stock 48,557 48,557 17,966 17,966 Fixed Income Funds: Emerging Markets 11,471 11,471 4,306 4,306 Core Fixed Income — — 22,241 22,241 High Yield Bond Fund 20,685 20,685 7,651 7,651 Long Duration Fund 58,484 58,484 — — Total assets in the fair value hierarchy $ 237,624 237,624 $ 89,492 89,492 Investments measured at net asset value Collective investment trusts 60,737 17,291 Total assets at fair value $ 298,361 $ 106,783
Schedule of Mix and Targeted Allocation of Plan Assets	The mix and targeted allocation of the pension and OPEB plans’ assets are as follows: 2025 Assets at Target September 30, Asset Allocation Allocation 2024 2023 U.S. equity securities 29 % 29 % 34 % International equity securities 16 16 16 Fixed income 39 38 31 Collective investment trusts at NAV 16 17 19 Total 100 % 100 % 100 %
Schedule of Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following fiscal years: (Thousands) 2025 2026 2027 2028 2029 2030 - 2034 Pension $ 16,273 $ 17,378 $ 18,452 $ 19,423 $ 20,493 $ 115,709 OPEB $ 8,397 $ 9,300 $ 10,138 $ 10,925 $ 11,703 $ 65,473
Schedule of Valuation Methodologies Used for Assets Measured at Fair Value	The following is a description of the valuation methodologies used for assets measured at fair value: Asset Types Description of the Valuation Methodologies Money Market funds Represents bank balances and money market funds that are valued based on the NAV of shares held at year end. Registered Investment Companies Equity and fixed income funds valued at the NAV of shares held by the plan at year end as reported on the active market on which the individual securities are traded. Collective investment trusts The NAV for collective investment trusts is provided by the Trustee and is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund less liabilities.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The income tax provision from operations for the fiscal years ended September 30, consists of the following: (Thousands) 2024 2023 2022 Current: Federal $ 691 $ 13,393 $ 4,238 State (682) 7,716 2,104 Deferred: Federal 66,623 36,825 55,968 State 18,531 (8,381) 14,185 Investment/production tax credits (257) (278) (300) Income tax provision $ 84,906 $ 49,275 $ 76,195
Schedule of Deferred Tax Assets and Liabilities	As of September 30, the temporary differences, which give rise to deferred tax assets (liabilities), consist of the following: (Thousands) 2024 2023 Deferred tax assets Investment tax credits (1) $ 192,238 $ 191,948 State net operating losses 38,762 39,612 Deferred revenue 14,107 8,205 Fair value of derivatives 5,397 5,386 Impairment of equity method investment 14,004 14,004 Postemployment benefits 855 6,502 Incentive compensation 10,142 8,949 Amortization of intangibles 6,248 6,308 Overrecovered natural gas costs 9,072 8,564 Allowance for doubtful accounts 3,744 4,485 Other 7,226 7,636 Total deferred tax assets 301,795 301,599 Less: Valuation allowance (5,621) (5,747) Total deferred tax assets net of valuation allowance $ 296,174 $ 295,852 Deferred tax liabilities Property-related items $ (563,403) $ (487,294) Remediation costs (21,656) (18,532) Investments in equity investees (28,704) (28,325) Conservation incentive program (14,379) (14,075) Other (6,065) (4,670) Total deferred tax liabilities $ (634,207) $ (552,896) Total net deferred tax liabilities $ (338,033) $ (257,044) (1) Includes approximately $0.7M for NJNG for both fiscal 2024 and 2023, which is being amortized over the life of the related assets.
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. federal statutory rate to the effective rate from operations for the fiscal years ended September 30, is as follows: (Thousands) 2024 2023 2022 Statutory income tax expense $ 78,683 $ 65,940 $ 73,735 Change resulting from: Investment/production tax credits (257) (278) (300) Cost of removal of assets placed in service prior to 1981 (5,644) (4,758) (3,533) AFUDC equity (1,444) (1,499) (2,361) State income taxes, net of federal benefit 14,517 13,293 13,072 Valuation allowance (126) (16,494) (1,372) Tax Act - utility excess deferred income taxes amortized (3,573) (3,573) (3,573) Other 2,750 (3,356) 527 Income tax provision $ 84,906 $ 49,275 $ 76,195 Effective income tax rate 22.7 % 15.7 % 21.7 %
Schedule of Uncertain Tax Benefits	The reserve for uncertain tax benefits is as follows: (Thousands) 2024 2023 Balance at October 1, $ 4,978 $ — Additions based on tax positions related to the current fiscal period 15 4,978 Balance at September 30, $ 4,993 $ 4,978

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Sep. 30, 2024
Leases [Abstract]
Lease, Cost	The following table presents the Company’s lease costs included in the Consolidated Statements of Operations for the fiscal year ended September 30: (Thousands) Income Statement Location 2024 2023 2022 Operating lease cost (1) Operation and maintenance $ 10,368 $ 9,336 $ 9,702 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 2,160 2,105 $ 1,769 Interest on lease liabilities Interest expense, net of capitalized interest 914 1,084 612 Total finance lease cost $ 3,074 $ 3,189 2,381 Short-term lease cost Operation and maintenance — — 34 Variable lease cost Operation and maintenance 1,099 1,128 781 Total lease cost $ 14,541 $ 13,653 $ 12,898 (1) Net of capitalized costs. The following table presents supplemental cash flow information related to leases for the fiscal year ended September 30: (Thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 7,932 $ 8,942 $ 7,417 Operating cash flows for finance leases $ 914 $ 1,084 $ 831 Financing cash flows for finance leases $ 7,792 $ 7,379 $ 7,145
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 Consolidated Balance Sheets for the fiscal year ended September 30: (Thousands) Balance Sheet Location 2024 2023 Assets Noncurrent Operating lease assets Operating lease assets $ 184,485 $ 175,740 Finance lease assets Utility plant 26,088 28,248 Total lease assets $ 210,573 $ 203,988 Liabilities Current Operating lease liabilities Operating lease liabilities $ 4,945 $ 4,772 Finance lease liabilities Current maturities of long-term debt 7,534 8,477 Noncurrent Operating lease liabilities Operating lease liabilities 159,303 148,023 Finance lease liabilities Long-term debt 16,026 22,875 Total lease liabilities $ 187,808 $ 184,147
Operating Lease Liability, Maturity	The following table presents the Company’s maturities of lease liabilities as of September 30, 2024: (Thousands) Operating Finance 2025 $ 8,408 $ 8,169 2026 8,852 6,411 2027 8,834 4,083 2028 8,925 4,715 2029 8,994 1,676 Thereafter 233,942 — Total future payments 277,955 25,054 Less: interest (113,707) (1,494) Total liability $ 164,248 $ 23,560
Finance Lease Liability, Maturity	Contractual commitments for meter sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows: (Thousands) 2025 2026 2027 2028 2029 Thereafter Subtotal Future payments $ 9,665 7,906 5,579 6,211 3,171 1,852 $ 34,384 Less: Interest component (2,810) Total $ 31,574 The following table presents the Company’s maturities of lease liabilities as of September 30, 2024: (Thousands) Operating Finance 2025 $ 8,408 $ 8,169 2026 8,852 6,411 2027 8,834 4,083 2028 8,925 4,715 2029 8,994 1,676 Thereafter 233,942 — Total future payments 277,955 25,054 Less: interest (113,707) (1,494) Total liability $ 164,248 $ 23,560

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments for Natural Gas Purchases and Future Demands Fees for the Next Five Years	Commitments as of September 30, 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 $ 42,427 $ 1,155 $ — $ — $ — $ — Storage demand fees 16,453 11,857 5,452 3,500 2,712 4,068 Pipeline demand fees 47,950 40,197 29,543 21,493 11,005 47,686 Sub-total ES $ 106,830 $ 53,209 $ 34,995 $ 24,993 $ 13,717 $ 51,754 NJNG: Natural gas purchases $ 23,392 $ — $ — $ — $ — $ — Storage demand fees 38,214 22,678 11,207 4,900 — — Pipeline demand fees 214,625 161,954 141,818 126,080 124,498 955,035 Sub-total NJNG $ 276,231 $ 184,632 $ 153,025 $ 130,980 $ 124,498 $ 955,035 Total $ 383,061 $ 237,841 $ 188,020 $ 155,973 $ 138,215 $ 1,006,789

REPORTING SEGMENT AND OTHER O_2

REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)	12 Months Ended
REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information related to the Company’s various reporting segments and other business operations, as of September 30, is detailed below: Segments (Thousands) NJNG CEV ES S&T Subtotal HSO Elims Total 2024 Operating revenues External customers $ 1,018,482 130,563 490,266 (1) 94,851 $ 1,734,162 62,377 — $ 1,796,539 Intercompany $ 1,350 — (4,875) 1,358 $ (2,167) 258 1,909 $ — Depreciation and amortization $ 112,492 27,869 205 (2) 24,900 $ 165,466 1,101 — $ 166,567 Interest income (3) $ 2,448 — 452 10,172 $ 13,072 1,423 (5,826) $ 8,669 Interest expense, net of capitalized interest $ 62,288 28,545 15,233 23,441 $ 129,507 768 — $ 130,275 Income tax provision $ 31,793 11,406 33,331 4,551 $ 81,081 2,666 1,159 $ 84,906 Equity in earnings of affiliates $ — — — 2,816 $ 2,816 — 2,483 $ 5,299 Net financial earnings $ 133,400 33,662 111,515 12,229 $ 290,806 26 (4) $ 290,828 Capital expenditures $ 419,453 104,287 — 45,338 $ 569,078 2,241 — $ 571,319 2023 Operating revenues External customers $ 1,011,284 124,131 681,446 (1) 88,700 $ 1,905,561 57,433 — $ 1,962,994 Intercompany $ 1,349 — 10,170 4,159 $ 15,678 205 (15,883) $ — Depreciation and amortization $ 102,326 25,320 221 (2) 24,185 $ 152,052 889 — $ 152,941 Interest income (3) $ 1,713 — 1,119 6,957 $ 9,789 2,977 (3,847) $ 8,919 Interest expense, net of capitalized interest $ 56,595 28,569 11,400 25,803 $ 122,367 647 — $ 123,014 Income tax provision (benefit) $ 33,065 (7,683) 24,343 3,444 $ 53,169 (1,477) (2,417) $ 49,275 Equity in earnings of affiliates $ — — — 3,126 $ 3,126 — 804 $ 3,930 Net financial earnings $ 131,414 44,458 68,517 12,835 $ 257,224 4,758 (155) $ 261,827 Capital expenditures $ 390,394 107,303 — 40,916 $ 538,613 2,306 — $ 540,919 2022 Operating revenues External customers $ 1,127,417 128,280 1,529,178 (1) 65,286 $ 2,850,161 55,818 — $ 2,905,979 Intercompany $ 1,350 — 94 2,449 $ 3,893 364 (4,257) $ — Depreciation and amortization $ 94,579 21,396 148 (2) 12,302 $ 128,425 824 — $ 129,249 Interest income (3) $ 895 — 16 2,110 $ 3,021 944 (1,249) $ 2,716 Interest expense, net of capitalized interest $ 46,394 21,968 4,725 12,097 $ 85,184 646 — $ 85,830 Income tax provision $ 40,141 11,361 21,776 1,879 $ 75,157 1,059 (21) $ 76,195 Equity in loss of affiliates $ — — — 9,865 $ 9,865 — (1,688) $ 8,177 Net financial earnings $ 140,124 39,403 39,121 22,454 $ 241,102 (781) — $ 240,321 Capital expenditures $ 298,374 146,676 — 151,988 $ 597,038 1,390 — $ 598,428 Return of capital from equity investees $ — — — (5,479) $ (5,479) — — $ (5,479) (1) Includes sales to Canada for ES, which were $8.4M and $2.4M during the fiscal years ended September 30, 2023 and 2022, respectively. There were no sales to Canada for ES during the fiscal year ended September 30, 2024. (2) The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Consolidated Statements of Operations. (3) Included in other income, net on the Consolidated Statements of Operations.
Schedule of Assets for Business Segments and Other Business Operations	The Company’s assets at end of period for the various reporting segments and other business operations, as of September 30, are detailed below: Segments Intercompany (Thousands) NJNG CEV ES S&T Subtotal HSO Assets (1) Total 2024 $ 4,789,835 1,157,573 108,710 1,025,457 $ 7,081,575 159,444 (259,374) $ 6,981,645 2023 $ 4,414,829 1,128,577 123,775 1,011,959 $ 6,679,140 171,275 (312,919) $ 6,537,496 2022 $ 4,030,686 1,015,065 333,064 999,520 $ 6,378,335 159,068 (275,987) $ 6,261,416 (1) Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Reconciliation of Consolidated NFE to Consolidated Net Income	A reconciliation of consolidated NFE to consolidated net income, as of September 30, is as follows: (Thousands) 2024 2023 2022 Net financial earnings $ 290,828 $ 261,827 $ 240,321 Less: Unrealized loss (gain) on derivative instruments and related transactions 19,574 (38,081) (59,906) Tax effect (4,652) 9,050 14,248 Effects of economic hedging related to natural gas inventory (18,192) 34,699 19,939 Tax effect 4,323 (8,246) (4,738) Gain on equity method investment — (300) (5,521) Tax effect — (19) 1,377 Net income $ 289,775 $ 264,724 $ 274,922

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Demand Fees and Demand Fees Payable	Demand fees, net of eliminations, associated with Steckman Ridge during the fiscal years ended September 30, were as follows: (Thousands) 2024 2023 2022 NJNG $ 6,319 $ 6,549 $ 6,663 ES 828 657 732 Total $ 7,147 $ 7,206 $ 7,395 The following table summarizes demand fees payable to Steckman Ridge as of September 30: (Thousands) 2024 2023 NJNG $ 775 $ 775 ES 100 84 Total $ 875 $ 859

NATURE OF THE BUSINESS (Details

NATURE OF THE BUSINESS (Details) $ in Millions		1 Months Ended	12 Months Ended
NATURE OF THE BUSINESS (Details) $ in Millions	Nov. 25, 2024 USD ($) MW	Jul. 31, 2021 Megawatt	Sep. 30, 2024 subsidiary
Nature of Business [Line Items]
Number of megawatts \| Megawatt		5
Residential Solar Portfolio \| Subsequent Event
Nature of Business [Line Items]
Number of megawatts \| MW	91
Purchase price \| $	$ 132.5
Steckman Ridge
Nature of Business [Line Items]
Ownership percentage			50%
NJR Retail Holdings Corporation
Nature of Business [Line Items]
Number of principal subsidiaries \| subsidiary			1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021 Megawatt	Sep. 30, 2024 USD ($) plan	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of megawatts \| Megawatt	5
Operating revenues		$ 1,796,539	$ 1,962,994	$ 2,905,979
Composite rate of depreciation		2.69%	2.68%	2.66%
Depreciation and amortization		$ 166,567	$ 152,941	$ 129,249
Debt instrument, term		7 years
Basis spread on variable rate		0.60%
SBC interest rate		4.33%	4.79%	3.85%
Deferred interest		$ 2,600	$ 1,800	$ 900
Loans receivable in other noncurrent assets		53,600	39,000
Amounts reclassified from accumulated other comprehensive income, net of tax		$ 78	1,217
Number of noncontributory defined benefit retirement plans (in plans) \| plan		2
Number of noncontributory medical and life insurance plans (in plans) \| plan		2
Cash Flow Hedges
Finite-Lived Intangible Assets [Line Items]
Amounts reclassified from accumulated other comprehensive income, net of tax		$ 1,054	1,053
Financial Asset, Not Past Due
Finite-Lived Intangible Assets [Line Items]
Loans receivable in other current assets		18,100	15,100
Storage and Transportation Property, Base Gas \| Nonutility
Finite-Lived Intangible Assets [Line Items]
Base gas cost		$ 21,400	20,900
Minimum
Finite-Lived Intangible Assets [Line Items]
Storage and pipeline capacity, contract term		1 year
Loans receivable term		3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Storage and pipeline capacity, contract term		10 years
Loans receivable term		10 years
ES
Finite-Lived Intangible Assets [Line Items]
Operating revenues		$ 137,200	48,500
Deferred revenue		$ 22,300	$ 58,700
ES \| Minimum
Finite-Lived Intangible Assets [Line Items]
Storage and pipeline capacity, contract term		1 year
ES \| Maximum
Finite-Lived Intangible Assets [Line Items]
Storage and pipeline capacity, contract term		10 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - DEMAND FEES (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Demand fees	$ 273	$ 258	$ 265.7
ES
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Demand fees	72.6	74.6	95.4
NJNG
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Demand fees	$ 200.4	$ 183.4	$ 170.3

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Property Classifications
Total property, plant and equipment	$ 6,496,515	$ 5,990,539
Accumulated depreciation and amortization	(1,093,292)	(968,484)
Property, plant and equipment, net	5,403,223	5,022,055
Distribution facilities
Property Classifications
Total property, plant and equipment	$ 3,436,308	3,063,111
Distribution facilities \| Minimum
Property Classifications
Estimated Useful Lives	11 years
Distribution facilities \| Maximum
Property Classifications
Estimated Useful Lives	54 years
Transmission facilities
Property Classifications
Total property, plant and equipment	$ 656,098	650,817
Transmission facilities \| Minimum
Property Classifications
Estimated Useful Lives	28 years
Transmission facilities \| Maximum
Property Classifications
Estimated Useful Lives	42 years
Storage facilities
Property Classifications
Total property, plant and equipment	$ 86,329	85,603
Storage facilities \| Minimum
Property Classifications
Estimated Useful Lives	27 years
Storage facilities \| Maximum
Property Classifications
Estimated Useful Lives	86 years
Solar property
Property Classifications
Total property, plant and equipment	$ 885,518	864,838
Solar property \| Minimum
Property Classifications
Estimated Useful Lives	15 years
Solar property \| Maximum
Property Classifications
Estimated Useful Lives	35 years
Storage and transportation property
Property Classifications
Total property, plant and equipment	$ 929,850	884,647
Storage and transportation property \| Minimum
Property Classifications
Estimated Useful Lives	5 years
Storage and transportation property \| Maximum
Property Classifications
Estimated Useful Lives	50 years
All other property
Property Classifications
Total property, plant and equipment	$ 62,248	61,327
All other property \| Minimum
Property Classifications
Estimated Useful Lives	5 years
All other property \| Maximum
Property Classifications
Estimated Useful Lives	40 years
Construction work in progress
Property Classifications
Total property, plant and equipment	$ 440,164	$ 380,196

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CAPITALIZED AND DEFERRED INTEREST (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
NJNG
AFUDC:
Debt	$ 4,729	$ 3,546	$ 1,648
Equity	6,761	6,979	4,169
Total	$ 11,490	$ 10,525	$ 5,817
Weighted average interest rate	6.48%	6.41%	4.91%
Adelphia
AFUDC:
Debt	$ 64	$ 90	$ 4,019
Equity	113	158	7,074
Total	$ 177	$ 248	$ 11,093
Weighted average interest rate	8.28%	8.28%	8.28%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,017	$ 954	$ 1,107
Restricted cash in other noncurrent assets	595	563	345
Cash, cash equivalents and restricted cash	$ 1,612	$ 1,517	$ 1,452	$ 6,043

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURAL GAS IN STORAGE (Details) $ in Thousands, Bcf in Millions	Sep. 30, 2024 USD ($) Bcf	Sep. 30, 2023 USD ($) Bcf
Inventory [Line Items]
Natural Gas in Storage, value \| $	$ 199,125	$ 199,501
Natural Gas in Storage, Bcf \| Bcf	43.9	43.7
NJNG
Inventory [Line Items]
Natural Gas in Storage, value \| $	$ 177,655	$ 175,025
Natural Gas in Storage, Bcf \| Bcf	30.8	29.1
ES
Inventory [Line Items]
Natural Gas in Storage, value \| $	$ 21,378	$ 24,476
Natural Gas in Storage, Bcf \| Bcf	13.1	14.6
S&T
Inventory [Line Items]
Natural Gas in Storage, value \| $	$ 92	$ 0
Natural Gas in Storage, Bcf \| Bcf	0	0

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SOFTWARE COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized software costs	$ 10,522	$ 8,375
Operation and maintenance
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	13,087	14,299
Depreciation and amortization
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	6,164	4,130
Utility plant, at cost
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	133,158	51,282
Construction work in progress \| Utility
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	26,659	55,012
Nonutility plant and equipment, at cost
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Software costs	344	344
Accumulated depreciation and amortization, utility plant
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Accumulated depreciation and amortization	(13,632)	(7,480)
Accumulated depreciation and amortization, nonutility plant and equipment
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Accumulated depreciation and amortization	$ (48)	$ (36)

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Estimated Accretion
2025	$ 3,403
2026	3,573
2027	3,751
2028	3,948
2029	4,165
Future accretion	18,840
NJNG
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at period beginning	55,285	$ 49,874
Accretion	3,039	2,693
Additions	152	155
Change in assumptions	2,925	4,089
Retirements	(1,727)	(1,526)
Balance at period ending	59,674	55,285
NJRCEV
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at period beginning	6,708	5,161
Accretion	236	213
Additions	79	1,334
Change in assumptions	0	0
Retirements	0	0
Balance at period ending	$ 7,023	$ 6,708

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of beginning of period	$ 1,990,735	$ 1,817,210	$ 1,630,862
Other comprehensive income, before reclassifications, net of tax	3,360	(6,350)
Amounts reclassified from accumulated other comprehensive income, net of tax	78	1,217
Other comprehensive income (loss), net of tax	3,438	(5,133)	29,702
Balance as of end of period	2,200,443	1,990,735	1,817,210
Tax on other comprehensive income before reclassifications	(1,002)	1,922
Tax on amounts reclassified from accumulated other comprehensive income	(21)	(366)
Tax on net current-period other comprehensive income	(1,023)	1,556
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of beginning of period	(9,959)	(4,826)	(34,528)
Other comprehensive income (loss), net of tax	3,438	(5,133)	29,702
Balance as of end of period	(6,521)	(9,959)	(4,826)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of beginning of period	(7,269)	(8,322)
Other comprehensive income, before reclassifications, net of tax	0	0
Amounts reclassified from accumulated other comprehensive income, net of tax	1,054	1,053
Other comprehensive income (loss), net of tax	1,054	1,053
Balance as of end of period	(6,215)	(7,269)	(8,322)
Tax on other comprehensive income before reclassifications	0	0
Tax on amounts reclassified from accumulated other comprehensive income	(317)	(317)
Tax on net current-period other comprehensive income	(317)	(317)
Postemployment Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance as of beginning of period	(2,690)	3,496
Other comprehensive income, before reclassifications, net of tax	3,360	(6,350)
Amounts reclassified from accumulated other comprehensive income, net of tax	(976)	164
Other comprehensive income (loss), net of tax	2,384	(6,186)
Balance as of end of period	(306)	(2,690)	$ 3,496
Tax on other comprehensive income before reclassifications	(1,002)	1,922
Tax on amounts reclassified from accumulated other comprehensive income	296	(49)
Tax on net current-period other comprehensive income	$ (706)	$ 1,873

REVENUE - DISAGGREGATED REVENUE

REVENUE - DISAGGREGATED REVENUE - PRODUCT (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,229,949	$ 1,111,520	$ 1,198,985
Alternative revenue programs	1,087	27,257	11,259
Derivative instruments	560,628	834,387	1,695,829
Revenues out of scope	566,590	851,474	1,706,994
Total operating revenues	1,796,539	1,962,994	2,905,979
Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	861,882	845,392	951,626
Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	260,374	169,834	151,536
Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	36,231	35,210	33,932
Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26,404	22,428	22,250
Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,111	12,636	5,487
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32,913	31,733	38,317
ES
Disaggregation of Revenue [Line Items]
Total operating revenues	137,200	48,500
Operating Segments
Disaggregation of Revenue [Line Items]
Total operating revenues	1,734,162	1,905,561	2,850,161
Operating Segments \| NJNG
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	860,532	844,043	950,276
Alternative revenue programs	1,087	27,257	11,259
Derivative instruments	156,863	139,984	165,882
Revenues out of scope	157,950	167,241	177,141
Total operating revenues	1,018,482	1,011,284	1,127,417
Operating Segments \| NJNG \| Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	861,882	845,392	951,626
Operating Segments \| NJNG \| Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| NJNG \| Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| NJNG \| Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| NJNG \| Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| NJNG \| Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| CEV
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	48,024	44,369	43,804
Alternative revenue programs	0	0	0
Derivative instruments	82,539	79,762	84,476
Revenues out of scope	82,539	79,762	84,476
Total operating revenues	130,563	124,131	128,280
Operating Segments \| CEV \| Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| CEV \| Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| CEV \| Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| CEV \| Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| CEV \| Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,111	12,636	5,487
Operating Segments \| CEV \| Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32,913	31,733	38,317
Operating Segments \| ES
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	164,165	76,975	83,801
Alternative revenue programs	0	0	0
Derivative instruments	321,226	614,641	1,445,471
Revenues out of scope	326,101	604,471	1,445,377
Total operating revenues	490,266	681,446	1,529,178
Operating Segments \| ES \| Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| ES \| Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	164,165	76,975	83,801
Operating Segments \| ES \| Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| ES \| Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| ES \| Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| ES \| Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| S&T
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	94,851	88,700	65,286
Alternative revenue programs	0	0	0
Derivative instruments	0	0	0
Revenues out of scope	0	0	0
Total operating revenues	94,851	88,700	65,286
Operating Segments \| S&T \| Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| S&T \| Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	96,209	92,859	67,735
Operating Segments \| S&T \| Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| S&T \| Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| S&T \| Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Operating Segments \| S&T \| Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Revenues out of scope	0	0	0
Total operating revenues	62,377	57,433	55,818
Corporate, Non-Segment \| HSO
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	62,377	57,433	55,818
Alternative revenue programs	0	0	0
Derivative instruments	0	0	0
Revenues out of scope	0	0	0
Total operating revenues	62,377	57,433	55,818
Corporate, Non-Segment \| HSO \| Natural gas utility sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate, Non-Segment \| HSO \| Natural gas services
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate, Non-Segment \| HSO \| Service contracts
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	36,231	35,210	33,932
Corporate, Non-Segment \| HSO \| Installations and maintenance
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26,404	22,428	22,250
Corporate, Non-Segment \| HSO \| Renewable energy certificates
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate, Non-Segment \| HSO \| Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(2,966)	(5,713)	(4,163)
Revenues out of scope	4,875	(10,170)	(94)
Total operating revenues		(15,883)	(4,257)
Eliminations \| NJNG
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,350)	(1,349)	(1,350)
Revenues out of scope	0	0	0
Eliminations \| CEV
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Revenues out of scope	0	0	0
Eliminations \| ES
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Revenues out of scope	4,875	(10,170)	(94)
Eliminations \| S&T
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,358)	(4,159)	(2,449)
Revenues out of scope	0	0	0
Eliminations \| HSO
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(258)	(205)	(364)
Revenues out of scope	$ 0	$ 0	$ 0

REVENUE - DISAGGREGATED REVEN_2

REVENUE - DISAGGREGATED REVENUE - TYPE (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,229,949	$ 1,111,520	$ 1,198,985
Revenues out of scope	566,590	851,474	1,706,994
Total operating revenues	1,796,539	1,962,994	2,905,979
Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	717,785	692,422	654,886
Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	416,965	332,729	446,471
Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86,600	77,722	92,531
Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8,599	8,647	5,097
Operating Segments
Disaggregation of Revenue [Line Items]
Total operating revenues	1,734,162	1,905,561	2,850,161
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Revenues out of scope	0	0	0
Total operating revenues	62,377	57,433	55,818
Corporate, Non-Segment \| Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	62,219	57,091	55,629
Corporate, Non-Segment \| Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	158	342	189
Corporate, Non-Segment \| Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Corporate, Non-Segment \| Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
NJNG \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	860,532	844,043	950,276
Revenues out of scope	157,950	167,241	177,141
Total operating revenues	1,018,482	1,011,284	1,127,417
NJNG \| Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	641,606	621,663	586,678
NJNG \| Operating Segments \| Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	123,727	136,011	265,970
NJNG \| Operating Segments \| Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86,600	77,722	92,531
NJNG \| Operating Segments \| Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8,599	8,647	5,097
CEV \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	48,024	44,369	43,804
Revenues out of scope	82,539	79,762	84,476
Total operating revenues	130,563	124,131	128,280
CEV \| Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,960	13,668	12,579
CEV \| Operating Segments \| Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	34,064	30,701	31,225
CEV \| Operating Segments \| Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
CEV \| Operating Segments \| Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
ES
Disaggregation of Revenue [Line Items]
Total operating revenues	137,200	48,500
ES \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	164,165	76,975	83,801
Revenues out of scope	326,101	604,471	1,445,377
Total operating revenues	490,266	681,446	1,529,178
ES \| Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
ES \| Operating Segments \| Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	164,165	76,975	83,801
ES \| Operating Segments \| Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
ES \| Operating Segments \| Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
S&T \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	94,851	88,700	65,286
Revenues out of scope	0	0	0
Total operating revenues	94,851	88,700	65,286
S&T \| Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
S&T \| Operating Segments \| Commercial and industrial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	94,851	88,700	65,286
S&T \| Operating Segments \| Firm transportation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
S&T \| Operating Segments \| Interruptible, off-tariff and other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 0	$ 0	$ 0

REVENUE - TIMING OF REVENUE REC

REVENUE - TIMING OF REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Timing of Revenue Recognition [Roll Forward]
Customers' credit, beginning balance	$ 44,910	$ 33,246
Increase (decrease) for customers' credits	(6,315)	11,664
Customers' credit, ending balance	38,595	44,910
Billed
Timing of Revenue Recognition [Roll Forward]
Billed, beginning	97,540	222,297
Increase (decrease) for customer accounts receivable	7,991	(124,757)
Billed, end	105,531	97,540
Unbilled
Timing of Revenue Recognition [Roll Forward]
Billed, beginning	19,100	13,769
Increase (decrease) for customer accounts receivable	994	5,331
Billed, end	$ 20,094	$ 19,100

REVENUE - TIMING OF REVENUE R_2

REVENUE - TIMING OF REVENUE RECOGNITION - BALANCE SHEET (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Customer accounts receivable	$ 105,531	$ 97,540
Unbilled revenues	20,094	19,100
Customers’ credit balances and deposits	(38,595)	(44,910)	$ (33,246)
Customers accounts receivables & Customers' credit balances and deposits	87,030	71,730
Operating Segments \| NJNG
Disaggregation of Revenue [Line Items]
Customer accounts receivable	51,613	55,234
Unbilled revenues	11,839	10,784
Customers’ credit balances and deposits	(38,572)	(44,898)
Customers accounts receivables & Customers' credit balances and deposits	24,880	21,120
Operating Segments \| CEV
Disaggregation of Revenue [Line Items]
Customer accounts receivable	8,441	9,962
Unbilled revenues	8,255	8,316
Customers’ credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	16,696	18,278
Operating Segments \| ES
Disaggregation of Revenue [Line Items]
Customer accounts receivable	34,002	23,716
Unbilled revenues	0	0
Customers’ credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	34,002	23,716
Operating Segments \| S&T
Disaggregation of Revenue [Line Items]
Customer accounts receivable	8,598	6,577
Unbilled revenues	0	0
Customers’ credit balances and deposits	(23)	(12)
Customers accounts receivables & Customers' credit balances and deposits	8,575	6,565
Corporate, Non-Segment
Disaggregation of Revenue [Line Items]
Customer accounts receivable	2,877	2,051
Unbilled revenues	0	0
Customers’ credit balances and deposits	0	0
Customers accounts receivables & Customers' credit balances and deposits	$ 2,877	$ 2,051

REGULATION - ADDITIONAL INFORMA

REGULATION - ADDITIONAL INFORMATION (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 21, 2024 USD ($)

Oct. 30, 2024 USD ($)

Sep. 30, 2024 USD ($)

Sep. 25, 2024 USD ($)

Aug. 07, 2024 USD ($)

Jul. 26, 2024 USD ($)

Jun. 28, 2024 USD ($)

May 31, 2024 USD ($)

May 15, 2024 USD ($)

Mar. 28, 2024 USD ($)

Jan. 31, 2024 USD ($)

Dec. 01, 2023 USD ($)

Nov. 09, 2023 USD ($)

Apr. 30, 2023 USD ($)

Sep. 30, 2023 USD ($)

Jul. 31, 2023 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Feb. 28, 2023 USD ($)

Mar. 31, 2021 USD ($)

Oct. 31, 2020 USD ($)

Feb. 28, 2019 USD ($) projectComponent

May 31, 2023 USD ($)

Sep. 30, 2024 USD ($) filing

Schedule of Regulatory Filings [Line Items]

Regulatory assets

$ 609,192

$ 584,830

$ 609,192

Approved rate increase (decrease), amount

$ 76,900

Number of interim filings during each fiscal year | filing

Number of days notice for refund

5 days

NJNG

Schedule of Regulatory Filings [Line Items]

Regulatory assets

604,097

579,599

$ 604,097

Approved rate increase (decrease), amount

$ 43,500

$ 31,400

Interim rate increase (decrease), amount

$ 41,200

$ 28,200

COVID-19 Pandemic | NJNG

Schedule of Regulatory Filings [Line Items]

Regulatory assets

$ 3,900

3,900

$ 3,900

Environmental Remediation Costs

Schedule of Regulatory Filings [Line Items]

Regulatory assets, amortization period

7 years

Base Rate Stipulation

Schedule of Regulatory Filings [Line Items]

Weighted average cost of capital

6.84%

SAVEGREEN

Schedule of Regulatory Filings [Line Items]

Public utility extension term

3 years

Capital investments approved by the BPU

$ 245,100

$ 126,100

Financing options

217,200

109,400

Operations and maintenance expense

$ 20,100

$ 23,400

Annual recovery increase

$ 5,600

9,000

$ 10,700

SAVEGREEN | Minimum

Schedule of Regulatory Filings [Line Items]

Regulatory assets, amortization period

3 years

Program recovery term

3 years

SAVEGREEN | Maximum

Schedule of Regulatory Filings [Line Items]

Regulatory assets, amortization period

10 years

Program recovery term

10 years

BPU

Schedule of Regulatory Filings [Line Items]

Weighted average cost of capital

7.08%

Approved return on equity

9.60%

Approved equity capital structure, percentage

54%

Public utilities, approved depreciation rate, percentage

3.21%

BPU | Subsequent Event

Schedule of Regulatory Filings [Line Items]

Capital investments approved by the BPU

$ 205,000

Financing options

160,500

Operations and maintenance expense

20,100

Total amount

$ 385,600

BPU | NJNG | Subsequent Event

Schedule of Regulatory Filings [Line Items]

Approved rate increase (decrease), amount

$ 157,000

BPU | NJNG

Schedule of Regulatory Filings [Line Items]

Weighted average cost of capital

7.57%

Approved return on equity

10.42%

Approved rate increase (decrease), amount

$ 4,700

$ 219,900

$ 219,600

$ 222,600

3,200

Annual recovery increase

$ 6,800

$ 700

BGSS | NJNG

Schedule of Regulatory Filings [Line Items]

Requested rate increase (decrease), amount

(31,000)

$ (38,600)

BGSS | NJNG

Schedule of Regulatory Filings [Line Items]

Interim rate increase (decrease), amount

$ (29,900)

$ (32,400)

BGSS Balancing | NJNG

Schedule of Regulatory Filings [Line Items]

Requested rate increase (decrease), amount

40,300

(7,400)

Conservation Incentive Program | NJNG

Schedule of Regulatory Filings [Line Items]

Requested rate increase (decrease), amount

$ (800)

$ 27,000

RAC

Schedule of Regulatory Filings [Line Items]

Approved rate increase (decrease), amount

$ 2,400

2,400

NJCEP

Schedule of Regulatory Filings [Line Items]

Approved rate increase (decrease), amount

$ 1,600

$ 5,500

Infrastructure Investment Program (IIP) | NJNG

Schedule of Regulatory Filings [Line Items]

Program recovery term

5 years

Number of project components | projectComponent

Public utilities, investments

$ 150,000

$ 507,000

REGULATION - REGULATORY ASSETS

REGULATION - REGULATORY ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	$ 73,070	$ 73,587
Regulatory assets-noncurrent	609,192	584,830
Regulatory liability-current	32,981	32,287
Regulatory liabilities-noncurrent	175,847	180,458
NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	73,070	73,587
Regulatory assets-noncurrent	604,097	579,599
Regulatory liability-current	32,457	30,637
Regulatory liabilities-noncurrent	175,847	180,458
Adelphia
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	5,095	5,231
Regulatory liability-current	524	1,650
Derivatives at fair value, net \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory liabilities-noncurrent	404	0
Overrecovered natural gas costs \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory liability-current	32,457	30,637
Tax Act impact \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory liabilities-noncurrent	175,328	180,347
Other noncurrent regulatory liabilities \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory liabilities-noncurrent	115	111
New Jersey Clean Energy Program \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	18,491	15,804
Conservation Incentive Program \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	51,442	50,356
Derivatives at fair value, net \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	1,363	6,017
Other current regulatory assets \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-current	1,774	1,410
Regulatory assets-noncurrent	59,924	51,019
Expended, net of recoveries
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	77,500
Expended, net of recoveries \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	77,475	66,298
Liability for future expenditures \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	161,650	169,390
Deferred income taxes \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	42,595	41,667
SAVEGREEN \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	107,796	83,589
Postemployment and other benefit costs \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	23,772	55,274
Cost of removal \| NJNG
Schedule of Regulatory Assets and Liabilities [Line Items]
Regulatory assets-noncurrent	$ 130,885	$ 112,362

DERIVATIVE INSTRUMENTS - BALANC

DERIVATIVE INSTRUMENTS - BALANCE SHEET RELATED DISCLOSURES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Fair Value
Derivative assets, current	$ 6,813	$ 30,755
Derivative liability, current	6,271	16,145
Derivative assets, noncurrent	806	1,564
Derivative liabilities, noncurrent	11,490	7,967
Not Designated as Hedging Instrument
Fair Value
Derivative assets	7,619	32,319
Derivative liabilities	17,761	24,112
NJNG \| Not Designated as Hedging Instrument \| Physical commodity contracts
Fair Value
Derivative assets, current	21	43
Derivative liability, current	579	488
NJNG \| Not Designated as Hedging Instrument \| Financial commodity contracts
Fair Value
Derivative assets, current	0	6,110
Derivative liability, current	2	20
ES \| Not Designated as Hedging Instrument \| Physical commodity contracts
Fair Value
Derivative assets, current	1,660	6,209
Derivative liability, current	4,346	12,757
Derivative assets, noncurrent	727	802
Derivative liabilities, noncurrent	10,758	7,870
ES \| Not Designated as Hedging Instrument \| Financial commodity contracts
Fair Value
Derivative assets, current	5,132	18,393
Derivative liability, current	1,344	2,880
Derivative assets, noncurrent	79	762
Derivative liabilities, noncurrent	$ 732	$ 97

DERIVATIVE INSTRUMENTS - OFFSET

DERIVATIVE INSTRUMENTS - OFFSETTING OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
ES
Asset Derivatives
Fair Value	$ 7,598	$ 26,166
Amounts Offset	(2,611)	(4,213)
Collateral Received/Pledged	(1,170)	(16,178)
Net Value	3,817	5,775
Liability Derivatives
Fair Value	17,180	23,604
Amounts Offset	(2,611)	(4,213)
Collateral Received/Pledged	(5,551)	(9,728)
Net Value	9,018	9,663
ES \| Physical commodity contracts
Asset Derivatives
Fair Value	2,387	7,011
Amounts Offset	(535)	(1,236)
Collateral Received/Pledged	0	0
Net Value	1,852	5,775
Liability Derivatives
Fair Value	15,104	20,627
Amounts Offset	(535)	(1,236)
Collateral Received/Pledged	(5,551)	(9,728)
Net Value	9,018	9,663
ES \| Financial commodity contracts
Asset Derivatives
Fair Value	5,211	19,155
Amounts Offset	(2,076)	(2,977)
Collateral Received/Pledged	(1,170)	(16,178)
Net Value	1,965	0
Liability Derivatives
Fair Value	2,076	2,977
Amounts Offset	(2,076)	(2,977)
Collateral Received/Pledged	0	0
Net Value	0	0
NJNG
Asset Derivatives
Fair Value	21	6,153
Amounts Offset	(13)	(23)
Collateral Received/Pledged	0	0
Net Value	8	6,130
Liability Derivatives
Fair Value	581	508
Amounts Offset	(13)	(23)
Collateral Received/Pledged	(2)	0
Net Value	566	485
NJNG \| Physical commodity contracts
Asset Derivatives
Fair Value	21	43
Amounts Offset	(13)	(3)
Collateral Received/Pledged	0	0
Net Value	8	40
Liability Derivatives
Fair Value	579	488
Amounts Offset	(13)	(3)
Collateral Received/Pledged	0	0
Net Value	566	485
NJNG \| Financial commodity contracts
Asset Derivatives
Fair Value	0	6,110
Amounts Offset	0	(20)
Collateral Received/Pledged	0	0
Net Value	0	6,090
Liability Derivatives
Fair Value	2	20
Amounts Offset	0	(20)
Collateral Received/Pledged	(2)	0
Net Value	$ 0	$ 0

DERIVATIVE INSTRUMENTS - INCOME

DERIVATIVE INSTRUMENTS - INCOME STATEMENT RELATED DISCLOSURES (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	$ 21,401	$ 107,170	$ 9,400
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	Nonutility
Amount of gain (loss) recognized in income on derivatives	$ 12,070	$ 33,610	$ (8,569)
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	Gas purchases - Utility and Nonutility
Amount of gain (loss) recognized in income on derivatives	$ (2,391)	$ (6,846)	$ 3,580
ES \| Financial commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	11,722	80,406	14,403
ES \| Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	0	0	(14)
NJNG
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	5,849	(84,371)	39,984
NJNG \| Physical commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	(5,215)	(34,241)	7,116
NJNG \| Financial commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivatives	$ 11,064	$ (50,130)	$ 32,868

DERIVATIVE INSTRUMENTS - ADDITI

DERIVATIVE INSTRUMENTS - ADDITIONAL INFORMATION (Details) certificate in Millions, $ in Millions	Sep. 30, 2024 USD ($) certificate	Sep. 30, 2023 USD ($) certificate
Derivative [Line Items]
Derivative, net liability position, aggregate fair value \| $	$ 0	$ 0
Physical commodity contracts \| ES
Derivative [Line Items]
Number of SRECs (in certificates) \| certificate	1.2	1.3

DERIVATIVE INSTRUMENTS - VOLUME

DERIVATIVE INSTRUMENTS - VOLUME (Details) - Bcf	12 Months Ended
DERIVATIVE INSTRUMENTS - VOLUME (Details) - Bcf	Sep. 30, 2024	Sep. 30, 2023
NJNG \| Long \| Futures
Derivative [Line Items]
Notional amount	31.9	32.1
NJNG \| Long \| Physical commodity contracts
Derivative [Line Items]
Notional amount	10.9	12.1
ES \| Long \| Physical commodity contracts
Derivative [Line Items]
Notional amount	2.8	0.2
ES \| Short \| Futures
Derivative [Line Items]
Notional amount	(7.7)	(6.9)

DERIVATIVE INSTRUMENTS - BROKER

DERIVATIVE INSTRUMENTS - BROKER MARGIN DEPOSITS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
NJNG \| Assets, Current
Derivative [Line Items]
Broker margin - current assets	$ 4,975	$ 5,915
ES \| Assets, Current
Derivative [Line Items]
Broker margin - current assets	8,268	14,881
ES \| Liabilities, Current
Derivative [Line Items]
Broker margin - current liabilities	$ 1,146	$ 8,029

DERIVATIVE INSTRUMENTS - CREDIT

DERIVATIVE INSTRUMENTS - CREDIT RISK EXPOSURE (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2024 USD ($)
Credit Derivatives [Line Items]
Gross Credit Exposure	$ 138,289
Investment grade
Credit Derivatives [Line Items]
Gross Credit Exposure	97,403
Noninvestment grade
Credit Derivatives [Line Items]
Gross Credit Exposure	7,343
Internally-rated investment grade
Credit Derivatives [Line Items]
Gross Credit Exposure	16,168
Internally-rated noninvestment grade
Credit Derivatives [Line Items]
Gross Credit Exposure	$ 17,375

FAIR VALUE - DEBT (Details)

FAIR VALUE - DEBT (Details) - Level 2 - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
NJNG \| Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,647,845	$ 1,467,845
NJNG \| Fair market value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,439,849	1,097,088
NJR \| Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,120,000	1,120,000
NJR \| Fair market value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,085,955	$ 1,009,448

FAIR VALUE - ADDITIONAL INFORMA

FAIR VALUE - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
NJNG
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Natural gas meter sale leasebacks	$ 31.6	$ 31.4
Level 2 \| NJNG
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Natural gas meter sale leasebacks	26.7	20.9
Solar Asset Financing \| CEV
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	283	278.4
Solar Asset Financing \| Fair market value \| CEV
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 290.4	$ 268.1

FAIR VALUE - HIERARCHY (Details

FAIR VALUE - HIERARCHY (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Liabilities
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities and Equity
Fair Value, Measurements, Recurring
Assets
Other	$ 2,671	$ 2,641
Total assets at fair value	10,352	35,105
Liabilities
Total liabilities at fair value	17,761	24,112
Fair Value, Measurements, Recurring \| Money market funds
Assets
Assets	62	145
Fair Value, Measurements, Recurring \| Physical commodity contracts
Assets
Assets	2,408	7,054
Liabilities
liabilities	15,683	21,115
Fair Value, Measurements, Recurring \| Financial commodity contracts
Assets
Assets	5,211	25,265
Liabilities
liabilities	2,078	2,997
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other	2,671	2,641
Total assets at fair value	7,944	28,051
Liabilities
Total liabilities at fair value	2,078	2,997
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets
Assets	62	145
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Physical commodity contracts
Assets
Assets	0	0
Liabilities
liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Financial commodity contracts
Assets
Assets	5,211	25,265
Liabilities
liabilities	2,078	2,997
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Other	0	0
Total assets at fair value	2,408	7,054
Liabilities
Total liabilities at fair value	15,683	21,115
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Assets
Assets	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Physical commodity contracts
Assets
Assets	2,408	7,054
Liabilities
liabilities	15,683	21,115
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Financial commodity contracts
Assets
Assets	0	0
Liabilities
liabilities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Other	0	0
Total assets at fair value	0	0
Liabilities
Total liabilities at fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Assets
Assets	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Physical commodity contracts
Assets
Assets	0	0
Liabilities
liabilities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Financial commodity contracts
Assets
Assets	0	0
Liabilities
liabilities	$ 0	$ 0

INVESTMENTS IN EQUITY INVESTE_2

INVESTMENTS IN EQUITY INVESTEES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Investments in equity investees	$ 101,744	$ 104,134
Steckman Ridge
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
Investments in equity investees	$ 101,700	104,100
Steckman Ridge \| Related Party
Schedule of Equity Method Investments [Line Items]
Total outstanding principal balance of loans	$ 70,400	$ 70,400

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 289,775	$ 264,724	$ 274,922
Basic earnings per share
Weighted average shares of common stock outstanding-basic (in shares)	98,634	97,028	96,100
Basic earnings per common share (usd per share)	$ 2.94	$ 2.73	$ 2.86
Diluted earnings per share
Weighted average shares of common stock outstanding-basic (in shares)	98,634	97,028	96,100
Incremental shares (in shares)	655	599	388
Weighted average shares of common stock outstanding-diluted (in shares)	99,289	97,627	96,488
Diluted earnings per common share (usd per share)	$ 2.92	$ 2.71	$ 2.85

DEBT - SCHEDULE OF LONG-TERM DE

DEBT - SCHEDULE OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Meter financing obligation	$ 16,026	$ 22,875
Total long-term debt	2,879,464	2,768,017
NJNG
Debt Instrument [Line Items]
Less: Debt issuance costs	(10,899)	(9,770)
Less: Current maturities of long-term debt	(58,649)	(78,477)
Total long-term debt	1,609,871	1,410,950
NJR
Debt Instrument [Line Items]
Less: Debt issuance costs	(3,011)	(3,656)
Less: Current maturities of long-term debt	(100,000)	0
Total long-term debt	1,016,989	1,116,344
CEV
Debt Instrument [Line Items]
Long-term debt	282,962	278,401
Less: Current maturities of long-term debt	(30,358)	(37,678)
Total CEV long-term debt	252,604	240,723
Meter financing obligation \| NJNG
Debt Instrument [Line Items]
Meter financing obligation	$ 31,574	31,352
First Mortgage Bonds \| Series OO \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3%
Long-term debt	$ 46,500	46,500
First Mortgage Bonds \| Series PP \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.15%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series QQ \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.58%
Long-term debt	$ 0	70,000
First Mortgage Bonds \| Series RR \| NJNG
Debt Instrument [Line Items]
Stated interest rate	4.61%
Long-term debt	$ 55,000	55,000
First Mortgage Bonds \| Series SS \| NJNG
Debt Instrument [Line Items]
Stated interest rate	2.82%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series TT \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.66%
Long-term debt	$ 100,000	100,000
First Mortgage Bonds \| Series UU \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.63%
Long-term debt	$ 125,000	125,000
First Mortgage Bonds \| Series VV \| NJNG
Debt Instrument [Line Items]
Stated interest rate	4.01%
Long-term debt	$ 125,000	125,000
First Mortgage Bonds \| Series WW \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.50%
Long-term debt	$ 10,300	10,300
First Mortgage Bonds \| Series XX \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.38%
Long-term debt	$ 10,500	10,500
First Mortgage Bonds \| Series YY \| NJNG
Debt Instrument [Line Items]
Stated interest rate	2.45%
Long-term debt	$ 15,000	15,000
First Mortgage Bonds \| Series ZZ \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.76%
Long-term debt	$ 100,000	100,000
First Mortgage Bonds \| Series AAA \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.86%
Long-term debt	$ 85,000	85,000
First Mortgage Bonds \| Series BBB \| NJNG
Debt Instrument [Line Items]
Stated interest rate	2.75%
Long-term debt	$ 9,545	9,545
First Mortgage Bonds \| Series CCC \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3%
Long-term debt	$ 41,000	41,000
First Mortgage Bonds \| Series DDD \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.13%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series EEE \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.13%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series FFF \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.33%
Long-term debt	$ 25,000	25,000
First Mortgage Bonds \| Series GGG \| NJNG
Debt Instrument [Line Items]
Stated interest rate	2.87%
Long-term debt	$ 25,000	25,000
First Mortgage Bonds \| Series HHH \| NJNG
Debt Instrument [Line Items]
Stated interest rate	2.97%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series III \| NJNG
Debt Instrument [Line Items]
Stated interest rate	2.97%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series JJJ \| NJNG
Debt Instrument [Line Items]
Stated interest rate	3.07%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series LLL \| NJNG
Debt Instrument [Line Items]
Stated interest rate	4.37%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series MMM \| NJNG
Debt Instrument [Line Items]
Stated interest rate	4.71%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series NNN \| NJNG
Debt Instrument [Line Items]
Stated interest rate	5.47%
Long-term debt	$ 125,000	125,000
First Mortgage Bonds \| Series OOO \| NJNG
Debt Instrument [Line Items]
Stated interest rate	5.56%
Long-term debt	$ 50,000	50,000
First Mortgage Bonds \| Series PPP \| NJNG
Debt Instrument [Line Items]
Stated interest rate	5.85%
Long-term debt	$ 50,000	0
First Mortgage Bonds \| Series QQQ \| NJNG
Debt Instrument [Line Items]
Stated interest rate	5.82%
Long-term debt	$ 125,000	0
First Mortgage Bonds \| Series RRR \| NJNG
Debt Instrument [Line Items]
Stated interest rate	5.49%
Long-term debt	$ 75,000	0
Unsecured senior notes 3.48% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.48%
Long-term debt	$ 100,000	100,000
Unsecured senior notes 3.54% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.54%
Long-term debt	$ 100,000	100,000
Unsecured senior notes 3.96% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.96%
Long-term debt	$ 100,000	100,000
Unsecured senior notes 3.29% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.29%
Long-term debt	$ 150,000	150,000
Unsecured senior note 3.50% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.50%
Long-term debt	$ 130,000	130,000
Unsecured senior note 3.60% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.60%
Long-term debt	$ 130,000	130,000
Unsecured senior note 3.13% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.13%
Long-term debt	$ 120,000	120,000
Unsecured senior notes 3.25% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.25%
Long-term debt	$ 80,000	80,000
Unsecured Senior Notes 4.38% \| NJR
Debt Instrument [Line Items]
Stated interest rate	4.38%
Long-term debt	$ 110,000	110,000
Unsecured Senior Notes 3.64% \| NJR
Debt Instrument [Line Items]
Stated interest rate	3.64%
Long-term debt	$ 50,000	50,000
Unsecured Senior Notes 6.14%, Maturing In 2032 \| NJR
Debt Instrument [Line Items]
Stated interest rate	6.14%
Long-term debt	$ 50,000	$ 50,000

DEBT - REDEMPTION REQUIREMENTS

DEBT - REDEMPTION REQUIREMENTS (Details) $ in Thousands	Sep. 30, 2024 USD ($)
NJR
Debt Instrument [Line Items]
2025	$ 100,000
2026	100,000
2027	110,000
2028	100,000
2029	150,000
Thereafter	560,000
NJNG
Debt Instrument [Line Items]
2025	50,000
2026	0
2027	0
2028	50,000
2029	0
Thereafter	$ 1,547,845

DEBT - NJR AND NJNG LONG-TERM D

DEBT - NJR AND NJNG LONG-TERM DEBT (Details) - USD ($) $ in Millions	Nov. 07, 2024	Sep. 30, 2024	Jun. 26, 2024	Sep. 28, 2023
NJNG
Debt Instrument [Line Items]
NJBPU dividend restriction, equity to capitalization ratio		53.40%
Minimum \| NJNG
Debt Instrument [Line Items]
NJBPU dividend restriction, equity to capitalization ratio		30%
First Mortgage Bonds \| NJNG
Debt Instrument [Line Items]
Maximum amount that can be issued		$ 1,400
Senior Notes \| NJNG
Debt Instrument [Line Items]
Face amount			$ 200	$ 100
Senior Notes \| Unsecured Senior Notes 5.56% \| NJNG
Debt Instrument [Line Items]
Face amount				$ 50
Stated interest rate				5.56%
Senior Notes \| Unsecured Senior Notes 5.58% \| NJNG
Debt Instrument [Line Items]
Face amount				$ 50
Stated interest rate				5.85%
Senior Notes \| Unsecured Senior Notes 5.82% \| NJNG
Debt Instrument [Line Items]
Face amount			$ 125
Stated interest rate			5.82%
Senior Notes \| Unsecured Senior Notes 5.49% \| NJNG
Debt Instrument [Line Items]
Face amount			$ 75
Stated interest rate			5.49%
Senior Notes \| Subsequent Event \| Unsecured Senior Notes 5.55% \| NJR
Debt Instrument [Line Items]
Face amount	$ 100
Stated interest rate	5.55%

DEBT - SALE-LEASEBACKS (Details

DEBT - SALE-LEASEBACKS (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - SALE-LEASEBACKS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Proceeds from sale leaseback transaction	$ 8,814	$ 8,441	$ 17,300
Minimum \| Meter License
Debt Instrument [Line Items]
Term of contract	6 years
Maximum \| Meter License
Debt Instrument [Line Items]
Term of contract	10 years
NJNG
Debt Instrument [Line Items]
Proceeds from sale leaseback transaction	$ 8,800	$ 8,400

DEBT - CONTRACTUAL COMMITMENTS

DEBT - CONTRACTUAL COMMITMENTS (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finance Leases
2025	$ 8,169
2026	6,411
2027	4,083
2028	4,715
2029	1,676
Thereafter	0
Total future payments	25,054
Less: Interest component	(1,494)
Total liability	23,560
NJNG
Finance Leases
2025	9,665
2026	7,906
2027	5,579
2028	6,211
2029	3,171
Thereafter	1,852
Total future payments	34,384
Less: Interest component	(2,810)
Total liability	31,574
CEV
Sale Leaseback Transaction, Net Book Value
2025	57,184
2026	20,396
2027	22,907
2028	34,293
2029	81,586
Thereafter	32,610
Subtotal	248,976
Less: Interest component	(43,234)
Total	$ 205,742

DEBT - CLEAN ENERGY VENTURES (D

DEBT - CLEAN ENERGY VENTURES (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - solar	$ 64,694	$ 167,790	$ 24,071
CEV
Debt Instrument [Line Items]
Proceeds from sale leaseback transactions - solar	$ 64,700	$ 167,800
Minimum \| CEV
Debt Instrument [Line Items]
Sale leaseback transaction lease term	5 years
Maximum \| CEV
Debt Instrument [Line Items]
Sale leaseback transaction lease term	7 years

DEBT - CREDIT FACILITIES AND SH

DEBT - CREDIT FACILITIES AND SHORT-TERM DEBT (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Aug. 07, 2024	Sep. 30, 2023
Letter of Credit \| NJR bank revolving credit facility
Short-term Debt [Line Items]
Letters of credit outstanding, amount	$ 12,300,000		$ 5,700,000
Letter of Credit \| NJNG bank revolving credit facility
Short-term Debt [Line Items]
Letters of credit outstanding, amount	$ 700,000		700,000
Revolving Credit Facility \| NJR bank revolving credit facility
Short-term Debt [Line Items]
Commitment fee percentage	0.10%
Revolving Credit Facility \| NJNG bank revolving credit facility
Short-term Debt [Line Items]
Commitment fee percentage	0.075%
Revolving Credit Facility \| Committed Credit Facilities Due August 2029 \| NJR bank revolving credit facility
Short-term Debt [Line Items]
Total borrowing capacity	$ 575,000,000	$ 575,000,000
Loans outstanding	$ 236,700,000
Weighted average interest rate	6.23%
Remaining borrowing capacity	$ 325,951,000
Revolving Credit Facility \| Committed Credit Facilities Due August 2029 \| NJNG bank revolving credit facility
Short-term Debt [Line Items]
Total borrowing capacity	250,000,000	$ 250,000,000
Loans outstanding	$ 55,100,000
Weighted average interest rate	4.98%
Remaining borrowing capacity	$ 194,169,000
Revolving Credit Facility \| Committed Credit Facilities Due September 2027 \| NJR bank revolving credit facility
Short-term Debt [Line Items]
Total borrowing capacity			650,000,000
Loans outstanding			$ 217,300,000
Weighted average interest rate			6.53%
Remaining borrowing capacity			$ 426,967,000
Revolving Credit Facility \| Committed Credit Facilities Due September 2027 \| NJNG bank revolving credit facility
Short-term Debt [Line Items]
Total borrowing capacity			250,000,000
Loans outstanding			$ 34,800,000
Weighted average interest rate			5.48%
Remaining borrowing capacity			$ 214,469,000

DEBT - NJR SHORT-TERM DEBT (Det

DEBT - NJR SHORT-TERM DEBT (Details) - NJR	Sep. 30, 2024 USD ($) debtInstrument	Aug. 07, 2024 USD ($)	Sep. 30, 2023 USD ($)
Letter of Credit
Short-term Debt [Line Items]
Number of debt instruments (in debt instruments) \| debtInstrument	11
Letters of credit outstanding, amount	$ 12,300,000		$ 5,700,000
Revolving Credit Facility
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity, incremental increase		$ 50,000,000
Line of credit facility, maximum borrowing capacity, maximum increase		750,000,000
Line of Credit
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity, maximum increase		75,000,000
Committed Credit Facilities Due August 2029 \| Revolving Credit Facility
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	$ 575,000,000	$ 575,000,000
Committed Credit Facilities Due September 2027 \| Revolving Credit Facility
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity			$ 650,000,000

DEBT - NJNG SHORT-TERM DEBT (De

DEBT - NJNG SHORT-TERM DEBT (Details) - NJNG	Sep. 30, 2024 USD ($) debtInstrument	Aug. 07, 2024 USD ($)	Sep. 30, 2023 USD ($)
Letter of Credit
Line of Credit Facility [Line Items]
Number of debt instruments (in debt instruments) \| debtInstrument	2
Letters of credit outstanding, amount	$ 700,000		$ 700,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity, incremental increase		$ 50,000,000
Line of credit facility, maximum borrowing capacity, maximum increase		350,000,000
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity, maximum increase		30,000,000
Committed Credit Facilities Due August 2029 \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000,000	$ 250,000,000

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 25, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)		2,620,389
Performance Shares, Market Condition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		54,693	39,614	44,965
Performance Shares, Subject to Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		88,107	73,047	73,561
Deferred compensation related to unvested performance shares, period		1 year 8 months 12 days
Performance Shares, Subject to Performance Conditions \| Vesting September 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		50,504
Performance Shares, Subject to Performance Conditions \| Vesting Annually Over Three Year Period Beginning September 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		37,603
Award vesting period		3 years
Performance Shares, Subject to Performance Conditions \| Vesting September 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)			42,449
Performance Shares, Subject to Performance Conditions \| Vesting Annually Over Three Year Period Beginning September 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)			30,598
Award vesting period			3 years
Performance Shares, Subject to Performance Conditions \| Vesting September 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)				44,596
Performance Shares, Subject to Performance Conditions \| Vesting Annually Over Three Year Period Beginning September 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)				28,965
Award vesting period				3 years
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		218,959	190,255	192,121	166,091
Deferred compensation related to unvested restricted and performance shares		$ 6
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		125,500	108,876	97,824	101,621
Deferred compensation related to unvested restricted and performance shares		$ 1.7
Deferred compensation related to unvested performance shares, period		1 year 9 months 18 days
Restricted Stock \| Vesting Annually Over Three Year Period Beginning October 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)		67,522
Award vesting period				3 years
Restricted Stock \| Vesting Annually Over Three Year Period Beginning October 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)			64,080
Award vesting period		3 years
Restricted Stock \| Vesting Annually Over Three Year Period Beginning October 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)				54,826
Award vesting period			3 years
Restricted Stock \| Vesting Annually Over Three Year Period Beginning April 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted but not issued (in shares)	3,465
Award vesting period	3 years

STOCK-BASED COMPENSATION - STOC

STOCK-BASED COMPENSATION - STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense included in operation and maintenance expense	$ 16,028	$ 14,716	$ 14,827
Income tax benefit	(3,898)	(3,563)	(3,624)
Total, net of tax	12,130	11,153	11,203
Taxes related to stock-based compensation	1,219	588	144
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense included in operation and maintenance expense	5,437	4,882	4,131
Restricted and non-restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense included in operation and maintenance expense	3,958	3,647	3,189
Deferred retention stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense included in operation and maintenance expense	$ 6,633	$ 6,187	$ 7,507

STOCK-BASED COMPENSATION - PERF

STOCK-BASED COMPENSATION - PERFORMANCE SHARES AND RESTRICTED STOCK ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Nov. 06, 2024	Nov. 15, 2023	Nov. 09, 2022
Performance share awards
Shares
Outstanding at beginning of period (in shares)	190,255	192,121	166,091
Granted (in shares)	142,800	112,661	118,526
Vested (in shares)	(112,183)	(105,197)	(76,708)
Cancelled/forfeited (in shares)	(1,913)	(9,330)	(15,788)
Outstanding at end of period (in shares)	218,959	190,255	192,121
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 42.60	$ 36.29	$ 36.08
Granted (in dollars per share)	42.55	46	38.84
Vested (in dollars per share)	39.91	35.07	39.57
Cancelled/forfeited (in dollars per share)	43.83	38.64	37.33
Outstanding at end of period (in dollars per share)	$ 43.93	$ 42.60	$ 36.29
Total Fair Value of Vested Shares
Total Fair Value of Vested Shares	$ 5,271	$ 4,126	$ 2,765
Percent of awards to common stock					150%	105%
Number of common shares issued (in shares)					55,832	26,282
Percent of awards to common stock, target					100%	100%
Performance share awards \| Subsequent Event
Total Fair Value of Vested Shares
Percent of awards to common stock				124%
Number of common shares issued (in shares)				49,269
Percent of awards to common stock, target				100%
Performance share awards \| Minimum
Total Fair Value of Vested Shares
Percent of awards to common stock	0%
Performance share awards \| Maximum
Total Fair Value of Vested Shares
Percent of awards to common stock	150%
Performance Shares, TSR
Total Fair Value of Vested Shares
Percent of awards to common stock					150%	112%
Number of common shares issued (in shares)					59,192	30,472
Performance Shares, TSR \| Subsequent Event
Total Fair Value of Vested Shares
Percent of awards to common stock				150%
Number of common shares issued (in shares)				60,092
Performance-based Restricted Stock
Total Fair Value of Vested Shares
Percent of awards to common stock					100%	100%
Number of common shares issued (in shares)					30,598	28,965
Performance-based Restricted Stock \| Subsequent Event
Total Fair Value of Vested Shares
Percent of awards to common stock				100%
Number of common shares issued (in shares)				37,603
Restricted Stock
Shares
Outstanding at beginning of period (in shares)	108,876	97,824	101,621
Granted (in shares)	70,987	64,080	54,826
Vested (in shares)	(53,393)	(48,312)	(47,867)
Cancelled/forfeited (in shares)	(970)	(4,716)	(10,756)
Outstanding at end of period (in shares)	125,500	108,876	97,824
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 41.55	$ 36.90	$ 36.87
Granted (in dollars per share)	42.59	46	38.84
Vested (in dollars per share)	39.74	40.30	39.01
Cancelled/forfeited (in dollars per share)	44.52	38.77	37.06
Outstanding at end of period (in dollars per share)	$ 42.89	$ 41.55	$ 36.90
Total Fair Value of Vested Shares
Total Fair Value of Vested Shares	$ 2,256	$ 1,910	$ 1,824

STOCK-BASED COMPENSATION - DEFE

STOCK-BASED COMPENSATION - DEFERRED RETENTION STOCK/NON-EMPLOYEE DIRECTOR STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Scheduled to Vest Immediately \| Director
Shares
Granted (in shares)	29,996	24,044	30,908
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 41.67	$ 49.58	$ 39.09
Deferred retention stock
Shares
Outstanding at beginning of period (in shares)	328,093	231,267	208,856
Granted/Vested (in shares)	155,188	134,941	192,728
Delivered (in shares)	(5,089)	(38,115)	(163,499)
Forfeited (in shares)	(235)		(6,818)
Outstanding at end of period (in shares)	477,957	328,093	231,267
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 41.74	$ 39.16	$ 46.28
Granted (in dollars per share)	42.55	45.85	38.95
Vested (in dollars per share)	42.55	45.85	38.95
Delivered (in dollars per share)	35.86	40.67	47.95
Forfeited (in dollars per share)	42.55		40.33
Outstanding at end of period (in dollars per share)	$ 42.07	$ 41.74	$ 39.16
Total Fair Value of Vested Shares
Delivered	$ 213	$ 1,517	$ 6,167

EMPLOYEE BENEFIT PLANS - PENSIO

EMPLOYEE BENEFIT PLANS - PENSION AND OTHER POSTEMPLOYMENT BENEFIT PLANS, NARRATIVE (Details)	12 Months Ended
	Sep. 30, 2024 USD ($) plan	Sep. 30, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of noncontributory defined benefit retirement plans (in plans) \| plan	2
Required number of years of service (more than)	1 year
Years of service and average compensation, basis period for plan benefits	60 months
Amortization period for plan amendment	8 years
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer discretionary contributions	$ 0	$ 0
Employer contributions	535,000	579,000
OPEB
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	7,846,000	$ 4,192,000
OPEB \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated future employer contributions over the next five years	5,000,000
OPEB \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated future employer contributions over the next five years	$ 10,000,000

EMPLOYEE BENEFIT PLANS - SUMMAR

EMPLOYEE BENEFIT PLANS - SUMMARY OF CHANGE IN FUNDED STATUS AND LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Postemployment employee benefit asset
Noncurrent	$ 24,660	$ 18,684
Postemployment employee benefit liability
Noncurrent	(64,609)	(102,528)
Pension
Change in Benefit Obligation
Benefit obligation at beginning of year	290,321	290,823
Service cost	4,976	5,402	$ 8,291
Interest cost	16,240	15,174	9,632
Plan amendments	0	0
Plan participants’ contributions	27	32
Actuarial loss (gain)	36,863	(7,057)
Benefits paid, net of retiree subsidies received	(14,895)	(14,053)
Benefit obligation at end of year	333,532	290,321	290,823
Change in plan assets
Fair value of plan assets at beginning of year	298,361	284,347
Actual return on plan assets	58,682	27,456
Employer contributions	535	579
Benefits paid, net of plan participants’ contributions	(14,868)	(14,021)
Fair value of plan assets at end of year	342,710	298,361	284,347
Funded status	9,178	8,040
Postemployment employee benefit asset
Noncurrent	21,104	18,684
Postemployment employee benefit liability
Current	(552)	(538)
Noncurrent	(11,374)	(10,106)
Total	9,178	8,040
OPEB
Change in Benefit Obligation
Benefit obligation at beginning of year	203,406	173,217
Service cost	1,406	2,471	4,305
Interest cost	8,327	9,146	6,355
Plan amendments	(79,881)	0
Plan participants’ contributions	703	552
Actuarial loss (gain)	54,518	25,363
Benefits paid, net of retiree subsidies received	(6,679)	(7,343)
Benefit obligation at end of year	181,800	203,406	173,217
Change in plan assets
Fair value of plan assets at beginning of year	106,783	99,736
Actual return on plan assets	21,249	9,826
Employer contributions	7,846	4,192
Benefits paid, net of plan participants’ contributions	(6,157)	(6,971)
Fair value of plan assets at end of year	129,721	106,783	$ 99,736
Funded status	(52,079)	(96,623)
Postemployment employee benefit asset
Noncurrent	3,556	0
Postemployment employee benefit liability
Current	(2,400)	(4,201)
Noncurrent	(53,235)	(92,422)
Total	$ (52,079)	$ (96,623)

EMPLOYEE BENEFIT PLANS - REGULA

EMPLOYEE BENEFIT PLANS - REGULATORY ASSETS AND AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pension
Amounts amortized to net periodic costs:
Net actuarial gain (loss)	$ (117)	$ (300)	$ (8,745)
Prior service (cost) credit	(61)	(103)	(101)
Pension \| Regulatory Assets
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Amounts arising during the period, Net actuarial (gain) loss	(2,407)	(10,493)
Amounts arising during the period, Prior service (credit)	0
Amounts amortized to net periodic costs:
Net actuarial gain (loss)	2	(87)
Prior service (cost) credit	(61)	(103)
Pension \| Accumulated Other Comprehensive Income (Loss)
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Amounts arising during the period, Net actuarial (gain) loss	934	(4,048)
Amounts arising during the period, Prior service (credit)	0
Amounts amortized to net periodic costs:
Net actuarial gain (loss)	(119)	(213)
Prior service (cost) credit	0	0
Pension \| Regulatory Assets
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Regulatory Assets, Balance at beginning of period	24,638	35,321
Amounts amortized to net periodic costs:
Regulatory Assets, Balance at end of period	22,172	24,638	35,321
Pension \| Accumulated Other Comprehensive Income (Loss)
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance at beginning of period	742	5,003
Amounts amortized to net periodic costs:
Accumulated Other Comprehensive Income (Loss), Balance at end of period	1,557	742	5,003
OPEB
Amounts amortized to net periodic costs:
Net actuarial gain (loss)	(4,262)	0	(5,684)
Prior service (cost) credit	10,013	0	144
OPEB \| Regulatory Assets
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Amounts arising during the period, Net actuarial (gain) loss	27,108	9,936
Amounts arising during the period, Prior service (credit)	(60,504)
Amounts amortized to net periodic costs:
Net actuarial gain (loss)	(3,098)	0
Prior service (cost) credit	7,458	0
OPEB \| Accumulated Other Comprehensive Income (Loss)
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Amounts arising during the period, Net actuarial (gain) loss	14,080	12,320
Amounts arising during the period, Prior service (credit)	(19,376)
Amounts amortized to net periodic costs:
Net actuarial gain (loss)	(1,164)	0
Prior service (cost) credit	2,555	0
OPEB \| Regulatory Assets
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Regulatory Assets, Balance at beginning of period	30,046	20,110
Amounts amortized to net periodic costs:
Regulatory Assets, Balance at end of period	1,010	30,046	20,110
OPEB \| Accumulated Other Comprehensive Income (Loss)
Regulatory Assets and Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Balance at beginning of period	5,498	(6,822)
Amounts amortized to net periodic costs:
Accumulated Other Comprehensive Income (Loss), Balance at end of period	$ 1,593	$ 5,498	$ (6,822)

EMPLOYEE BENEFIT PLANS - AMOUNT

EMPLOYEE BENEFIT PLANS - AMOUNTS NOT YET RECOGNIZED AS NET PERIODIC COST (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pension \| Regulatory Assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss	$ 22,172	$ 24,577
Prior service cost (credit)	0	61
Regulatory Assets, Total	22,172	24,638	$ 35,321
Pension \| Accumulated Other Comprehensive Income (Loss)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss	1,557	742
Prior service cost (credit)	0	0
Accumulated Other Comprehensive Income (Loss), Total	1,557	742	5,003
OPEB \| Regulatory Assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss	54,056	30,046
Prior service cost (credit)	(53,046)	0
Regulatory Assets, Total	1,010	30,046	20,110
OPEB \| Accumulated Other Comprehensive Income (Loss)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss	18,414	5,498
Prior service cost (credit)	(16,821)	0
Accumulated Other Comprehensive Income (Loss), Total	$ 1,593	$ 5,498	$ (6,822)

EMPLOYEE BENEFIT PLANS - ACCUMU

EMPLOYEE BENEFIT PLANS - ACCUMULATED BENEFIT OBLIGATION (Details) - Pension - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 333,532	$ 290,321
Accumulated benefit obligation	306,850	267,794
Fair value of plan assets	$ 342,710	$ 298,361

EMPLOYEE BENEFIT PLANS - COMPON

EMPLOYEE BENEFIT PLANS - COMPONENTS OF NET PERIODIC COST (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4,976	$ 5,402	$ 8,291
Interest cost	16,240	15,174	9,632
Expected return on plan assets	(20,346)	(19,972)	(21,275)
Recognized actuarial loss	117	300	8,745
Prior service cost (credit) amortization	61	103	101
Net periodic benefit cost recognized as expense	1,048	1,007	5,494
OPEB
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1,406	2,471	4,305
Interest cost	8,327	9,146	6,355
Expected return on plan assets	(7,920)	(6,721)	(7,575)
Recognized actuarial loss	4,262	0	5,684
Prior service cost (credit) amortization	(10,013)	0	(144)
Net periodic benefit cost recognized as expense	$ (3,938)	$ 4,896	$ 8,625

EMPLOYEE BENEFIT PLANS - WEIGHT

EMPLOYEE BENEFIT PLANS - WEIGHTED AVERAGE ASSUMPTIONS (Details)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pension
Benefit costs:
Expected asset return	7%	7%	6.75%
Pension \| Represented
Benefit costs:
Discount rate	5.89%	5.50%	3.10%
Compensation increase	3%	3%	3%
Obligations:
Discount rate	5.01%	5.89%	5.50%
Compensation increase	3%	3%	3%
Pension \| Nonrepresented
Benefit costs:
Discount rate	5.87%	5.50%	3.07%
Compensation increase	3.50%	3.50%	3.50%
Obligations:
Discount rate	4.99%	5.87%	5.50%
Compensation increase	3.50%	3.50%	3.50%
OPEB
Benefit costs:
Expected asset return	7%	7%	6.75%
OPEB \| Represented
Benefit costs:
Discount rate	5.97%	5.51%	3.24%
Compensation increase	3%	3%	3%
Obligations:
Discount rate	4.97%	5.97%	5.51%
Compensation increase	3%	3%	3%
OPEB \| Nonrepresented
Benefit costs:
Discount rate	5.94%	5.51%	3.17%
Compensation increase	3.50%	3.50%	3.50%
Obligations:
Discount rate	4.98%	5.94%	5.51%
Compensation increase	3.50%	3.50%	3.50%

EMPLOYEE BENEFIT PLANS - ASSUME

EMPLOYEE BENEFIT PLANS - ASSUMED HCCTR (Details) - OPEB	12 Months Ended
EMPLOYEE BENEFIT PLANS - ASSUMED HCCTR (Details) - OPEB	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
HCCTR	8.80%	7.40%	6.60%
Ultimate HCCTR	4.50%	4.50%	4.50%

EMPLOYEE BENEFIT PLANS - MIX AN

EMPLOYEE BENEFIT PLANS - MIX AND TARGETED ALLOCATION (Details)	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100%
Assets	100%	100%
U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	29%
Assets	29%	34%
International equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	16%
Assets	16%	16%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	39%
Assets	38%	31%
Collective investment trusts at NAV
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	16%
Assets	17%	19%

EMPLOYEE BENEFIT PLANS - EXPECT

EMPLOYEE BENEFIT PLANS - EXPECTED BENEFIT PAYMENTS (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	$ 16,273
2026	17,378
2027	18,452
2028	19,423
2029	20,493
2030 - 2034	115,709
OPEB
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	8,397
2026	9,300
2027	10,138
2028	10,925
2029	11,703
2030 - 2034	$ 65,473

EMPLOYEE BENEFIT PLANS - FAIR V

EMPLOYEE BENEFIT PLANS - FAIR VALUE (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	$ 342,710	$ 298,361	$ 284,347
OPEB
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	129,721	106,783	$ 99,736
Fair Value, Inputs, Level 1, 2 and 3 \| Pension
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	280,825	237,624
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| Large Cap Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	76,897	81,171
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| Extended Market Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	16,665	17,256
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| International Stock
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	50,549	48,557
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| Emerging Markets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	13,354	11,471
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| Core Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| High Yield Bond Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	16,704	20,685
Fair Value, Inputs, Level 1, 2 and 3 \| Pension \| Long Duration Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	106,656	58,484
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	112,089	89,492
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	24
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| Large Cap Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	38,040	30,884
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| Extended Market Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	7,977	6,444
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| International Stock
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	22,730	17,966
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| Emerging Markets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	5,358	4,306
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| Core Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	28,765	22,241
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| High Yield Bond Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	9,195	7,651
Fair Value, Inputs, Level 1, 2 and 3 \| OPEB \| Long Duration Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	280,825	237,624
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| Large Cap Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	76,897	81,171
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| Extended Market Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	16,665	17,256
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| International Stock
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	50,549	48,557
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| Emerging Markets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	13,354	11,471
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| Core Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| High Yield Bond Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	16,704	20,685
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension \| Long Duration Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	106,656	58,484
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	112,089	89,492
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	24
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| Large Cap Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	38,040	30,884
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| Extended Market Index
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	7,977	6,444
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| International Stock
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	22,730	17,966
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| Emerging Markets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	5,358	4,306
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| Core Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	28,765	22,241
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| High Yield Bond Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	9,195	7,651
Quoted Prices in Active Markets for Identical Assets (Level 1) \| OPEB \| Long Duration Fund
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Investments measured at net asset value \| Pension \| Collective investment trusts
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	61,885	60,737
Investments measured at net asset value \| OPEB \| Collective investment trusts
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	$ 17,632	$ 17,291

EMPLOYEE BENEFIT PLANS - DEFINE

EMPLOYEE BENEFIT PLANS - DEFINED CONTRIBUTION (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 06, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution, company match of employee contribution		85%
Defined contribution plan, maximum employer contribution by percentage of employee salary		6%
Defined contribution plan, cost recognized		$ 6.8	$ 5.9	$ 5.5
Deferred compensation arrangement with individual, employer contribution		$ 3.6	$ 2.1	$ 2.4
First Matching Tier
Defined Benefit Plan Disclosure [Line Items]
Defined contribution, company match of employee contribution	100%
Defined contribution plan, maximum employer contribution by percentage of employee salary	3%
Second Matching Tier
Defined Benefit Plan Disclosure [Line Items]
Defined contribution, company match of employee contribution	80%
Defined contribution plan, maximum employer contribution by percentage of employee salary	3%
NJRHS \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer contribution for employees not qualifying for the defined benefit plan		4%
NJRHS \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer contribution for employees not qualifying for the defined benefit plan		5%

INCOME TAXES - COMPONENTS OF IN

INCOME TAXES - COMPONENTS OF INCOME TAX PROVISION (BENEFIT) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current:
Federal	$ 691	$ 13,393	$ 4,238
State	(682)	7,716	2,104
Deferred:
Federal	66,623	36,825	55,968
State	18,531	(8,381)	14,185
Investment/production tax credits	(257)	(278)	(300)
Income tax provision	$ 84,906	$ 49,275	$ 76,195

INCOME TAXES - DEFERRED TAX ASS

INCOME TAXES - DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Deferred tax assets
Investment tax credits	$ 192,238	$ 191,948
State net operating losses	38,762	39,612
Deferred revenue	14,107	8,205
Fair value of derivatives	5,397	5,386
Impairment of equity method investment	14,004	14,004
Postemployment benefits	855	6,502
Incentive compensation	10,142	8,949
Amortization of intangibles	6,248	6,308
Overrecovered natural gas costs	9,072	8,564
Allowance for doubtful accounts	3,744	4,485
Other	7,226	7,636
Total deferred tax assets	301,795	301,599
Less: Valuation allowance	(5,621)	(5,747)
Total deferred tax assets net of valuation allowance	296,174	295,852
Deferred tax liabilities
Property-related items	(563,403)	(487,294)
Remediation costs	(21,656)	(18,532)
Investments in equity investees	(28,704)	(28,325)
Conservation incentive program	(14,379)	(14,075)
Other	(6,065)	(4,670)
Total deferred tax liabilities	(634,207)	(552,896)
Total net deferred tax liabilities	(338,033)	(257,044)
Tax credit carryforward	191,600	191,200
NJNG
Deferred tax liabilities
Tax credit carryforward	$ 700	$ 700

INCOME TAXES - INCOME TAX RECON

INCOME TAXES - INCOME TAX RECONCILIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory income tax expense	$ 78,683	$ 65,940	$ 73,735
Change resulting from:
Investment/production tax credits	(257)	(278)	(300)
Cost of removal of assets placed in service prior to 1981	(5,644)	(4,758)	(3,533)
AFUDC equity	(1,444)	(1,499)	(2,361)
State income taxes, net of federal benefit	14,517	13,293	13,072
Valuation allowance	(126)	(16,494)	(1,372)
Tax Act - utility excess deferred income taxes amortized	(3,573)	(3,573)	(3,573)
Other	2,750	(3,356)	527
Income tax provision	$ 84,906	$ 49,275	$ 76,195
Effective income tax rate	22.70%	15.70%	21.70%

INCOME TAXES - ADDITIONAL INFOR

INCOME TAXES - ADDITIONAL INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
ITC carryforward	$ 191,600	$ 191,200
Effective term	20 years
Potential net capital loss	$ 56,600
Unrecognized tax benefits	4,993	4,978		$ 0
Operating loss carryforward, valuation allowance	600			$ 17,200
Reversal of a valuation allowance for certain deferred tax assets		15,800
Investment tax credit, solar property, percentage			26%		26%	26%
Capital Loss Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward, valuation allowance	5,100	5,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 634,700	$ 631,200
State and Local Jurisdiction \| Minimum
Income Tax Contingency [Line Items]
Effective term	7 years
State and Local Jurisdiction \| Maximum
Income Tax Contingency [Line Items]
Effective term	20 years

INCOME TAXES - RESERVE FOR UNCE

INCOME TAXES - RESERVE FOR UNCERTAIN TAX BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 4,978	$ 0
Additions based on tax positions related to the current fiscal period	15	4,978
Ending balance	$ 4,993	$ 4,978

LEASES - ADDITIONAL INFORMATION

LEASES - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2021
Lessee, Lease, Description [Line Items]
ROU asset obtained in exchange for operating lease liability	$ 14.1	$ 13.2
ROU asset obtained in exchange for finance lease liability	$ 0	$ 8.4
Weighted average remaining lease term, operating lease	28 years 7 months 6 days	29 years 2 months 12 days
Operating lease, discount rate	3.80%	3.50%
Weighted average remaining lease term, finance lease	3 years	3 years 3 months 18 days
Finance lease, discount rate	3.40%	2.70%
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	6 years
Meter License \| Maximum
Lessee, Lease, Description [Line Items]
Term of contract	10 years
Equipment
Lessee, Lease, Description [Line Items]
Term of contract	9 years
Storage and Capacity
Lessee, Lease, Description [Line Items]
Term of contract	50 years

LEASES - LEASE COST (Details)

LEASES - LEASE COST (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - LEASE COST (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 10,368	$ 9,336	$ 9,702
Amortization of right-of-use assets	2,160	2,105	1,769
Interest on lease liabilities	914	1,084	612
Total finance lease cost	3,074	3,189	2,381
Short-term lease cost	0	0	34
Variable lease cost	1,099	1,128	781
Total lease cost	$ 14,541	$ 13,653	$ 12,898

LEASES - SUPPLEMENTAL CASH FLOW

LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 7,932	$ 8,942	$ 7,417
Operating cash flows for finance leases	914	1,084	831
Financing cash flows for finance leases	$ 7,792	$ 7,379	$ 7,145

LEASES - RIGHT-OF-USE ASSETS AN

LEASES - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Noncurrent
Operating lease assets	$ 184,485	$ 175,740
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Utility plant, at cost	Utility plant, at cost
Finance lease assets	$ 26,088	$ 28,248
Total lease assets	210,573	203,988
Current
Operating lease liabilities	$ 4,945	$ 4,772
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Finance lease liabilities	$ 7,534	$ 8,477
Noncurrent
Operating lease liabilities	$ 159,303	$ 148,023
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Finance lease liabilities	$ 16,026	$ 22,875
Total lease liabilities	$ 187,808	$ 184,147

LEASES - MATURITIES OF LEASE LI

LEASES - MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating
2025	$ 8,408
2026	8,852
2027	8,834
2028	8,925
2029	8,994
Thereafter	233,942
Total future payments	277,955
Less: interest	(113,707)
Total liability	164,248
Finance Leases
2025	8,169
2026	6,411
2027	4,083
2028	4,715
2029	1,676
Thereafter	0
Total future payments	25,054
Less: interest	(1,494)
Total liability	$ 23,560

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - SCHEDULE OF FUTURE COMMITTED EXPENSES (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Current charges recoverable through BGSS	$ 252,800
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	383,061
2025	237,841
2026	188,020
2027	155,973
2028	138,215
Thereafter	1,006,789
Operating leases, future minimum payments due, next five years (not more than)	9,000
Thereafter	233,942
ES
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	106,830
2025	53,209
2026	34,995
2027	24,993
2028	13,717
Thereafter	51,754
ES \| Natural gas purchases
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	42,427
2025	1,155
2026	0
2027	0
2028	0
Thereafter	0
ES \| Storage demand fees
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	16,453
2025	11,857
2026	5,452
2027	3,500
2028	2,712
Thereafter	4,068
ES \| Pipeline demand fees
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	47,950
2025	40,197
2026	29,543
2027	21,493
2028	11,005
Thereafter	47,686
Annual pipeline obligation to be paid over 10 year period	4,000
NJNG
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	276,231
2025	184,632
2026	153,025
2027	130,980
2028	124,498
Thereafter	955,035
NJNG \| Natural gas purchases
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	23,392
2025	0
2026	0
2027	0
2028	0
Thereafter	0
NJNG \| Storage demand fees
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	38,214
2025	22,678
2026	11,207
2027	4,900
2028	0
Thereafter	0
NJNG \| Pipeline demand fees
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024	214,625
2025	161,954
2026	141,818
2027	126,080
2028	124,498
Thereafter	$ 955,035
Minimum
Long-term Purchase Commitment [Line Items]
Storage and pipeline capacity, contract term	1 year
Minimum \| ES
Long-term Purchase Commitment [Line Items]
Storage and pipeline capacity, contract term	1 year
Maximum
Long-term Purchase Commitment [Line Items]
Storage and pipeline capacity, contract term	10 years
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	Sep. 30, 2024 USD ($)
Guarantee Obligations
Guarantor Obligations [Line Items]
Loss contingency, estimate of possible loss	$ 174.3

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - LEGAL PROCEEDINGS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Manufactured gas plant remediation	$ 161,650	$ 169,390
Recovery from third party of environmental remediation cost, period	7 years
Regulatory assets	$ 609,192	$ 584,830
Expended, net of recoveries
Loss Contingencies [Line Items]
Regulatory assets	77,500
Minimum
Loss Contingencies [Line Items]
Product liability contingency, loss exposure in excess of accrual, best estimate	130,900
Maximum
Loss Contingencies [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	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Operating revenues	$ 1,796,539	$ 1,962,994	$ 2,905,979
Depreciation and amortization	166,567	152,941	129,249
Interest income	8,669	8,919	2,716
Interest expense, net of capitalized interest	130,275	123,014	85,830
Income tax provision (benefit)	84,906	49,275	76,195
Equity in earnings of affiliates	5,299	3,930	8,177
Net financial earnings	290,828	261,827	240,321
Capital expenditures	571,319	540,919	598,428
Return of capital from equity investees			(5,479)
Nonutility	778,057	951,710	1,778,562
ES
Segment Reporting Information [Line Items]
Operating revenues	137,200	48,500
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	1,734,162	1,905,561	2,850,161
Depreciation and amortization	165,466	152,052	128,425
Interest income	13,072	9,789	3,021
Interest expense, net of capitalized interest	129,507	122,367	85,184
Income tax provision (benefit)	81,081	53,169	75,157
Equity in earnings of affiliates	2,816	3,126	9,865
Net financial earnings	290,806	257,224	241,102
Capital expenditures	569,078	538,613	597,038
Return of capital from equity investees			(5,479)
Operating Segments \| NJNG
Segment Reporting Information [Line Items]
Operating revenues	1,018,482	1,011,284	1,127,417
Depreciation and amortization	112,492	102,326	94,579
Interest income	2,448	1,713	895
Interest expense, net of capitalized interest	62,288	56,595	46,394
Income tax provision (benefit)	31,793	33,065	40,141
Equity in earnings of affiliates	0	0	0
Net financial earnings	133,400	131,414	140,124
Capital expenditures	419,453	390,394	298,374
Return of capital from equity investees			0
Operating Segments \| CEV
Segment Reporting Information [Line Items]
Operating revenues	130,563	124,131	128,280
Depreciation and amortization	27,869	25,320	21,396
Interest income	0	0	0
Interest expense, net of capitalized interest	28,545	28,569	21,968
Income tax provision (benefit)	11,406	(7,683)	11,361
Equity in earnings of affiliates	0	0	0
Net financial earnings	33,662	44,458	39,403
Capital expenditures	104,287	107,303	146,676
Return of capital from equity investees			0
Operating Segments \| ES
Segment Reporting Information [Line Items]
Operating revenues	490,266	681,446	1,529,178
Depreciation and amortization	205	221	148
Interest income	452	1,119	16
Interest expense, net of capitalized interest	15,233	11,400	4,725
Income tax provision (benefit)	33,331	24,343	21,776
Equity in earnings of affiliates	0	0	0
Net financial earnings	111,515	68,517	39,121
Capital expenditures	0	0	0
Return of capital from equity investees			0
Operating Segments \| ES \| CANADA
Segment Reporting Information [Line Items]
Nonutility	0	8,400	2,400
Operating Segments \| S&T
Segment Reporting Information [Line Items]
Operating revenues	94,851	88,700	65,286
Depreciation and amortization	24,900	24,185	12,302
Interest income	10,172	6,957	2,110
Interest expense, net of capitalized interest	23,441	25,803	12,097
Income tax provision (benefit)	4,551	3,444	1,879
Equity in earnings of affiliates	2,816	3,126	9,865
Net financial earnings	12,229	12,835	22,454
Capital expenditures	45,338	40,916	151,988
Return of capital from equity investees			(5,479)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(2,167)	15,678	3,893
Intersegment Eliminations \| NJNG
Segment Reporting Information [Line Items]
Operating revenues	1,350	1,349	1,350
Intersegment Eliminations \| CEV
Segment Reporting Information [Line Items]
Operating revenues	0	0	0
Intersegment Eliminations \| ES
Segment Reporting Information [Line Items]
Operating revenues	(4,875)	10,170	94
Intersegment Eliminations \| S&T
Segment Reporting Information [Line Items]
Operating revenues	1,358	4,159	2,449
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating revenues	62,377	57,433	55,818
Depreciation and amortization	1,101	889	824
Interest income	1,423	2,977	944
Interest expense, net of capitalized interest	768	647	646
Income tax provision (benefit)	2,666	(1,477)	1,059
Equity in earnings of affiliates	0	0	0
Net financial earnings	26	4,758	(781)
Capital expenditures	2,241	2,306	1,390
Return of capital from equity investees			0
Corporate Reconciling Items and Eliminations
Segment Reporting Information [Line Items]
Operating revenues	258	205	364
Eliminations
Segment Reporting Information [Line Items]
Operating revenues		(15,883)	(4,257)
Depreciation and amortization	0	0	0
Interest income	(5,826)	(3,847)	(1,249)
Interest expense, net of capitalized interest	0	0	0
Income tax provision (benefit)	1,159	(2,417)	(21)
Equity in earnings of affiliates	2,483	804	(1,688)
Net financial earnings	(4)	(155)	0
Capital expenditures	0	$ 0	0
Return of capital from equity investees			$ 0
Eliminations and Reconciling Items
Segment Reporting Information [Line Items]
Operating revenues	$ 1,909

REPORTING SEGMENT AND OTHER O_4

REPORTING SEGMENT AND OTHER OPERATIONS DATA - RECONCILIATION OF SEGMENT ASSETS TO CONSOLIDATED (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 6,981,645	$ 6,537,496	$ 6,261,416
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	7,081,575	6,679,140	6,378,335
Operating Segments \| NJNG
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	4,789,835	4,414,829	4,030,686
Operating Segments \| CEV
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,157,573	1,128,577	1,015,065
Operating Segments \| ES
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	108,710	123,775	333,064
Operating Segments \| S&T
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,025,457	1,011,959	999,520
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	159,444	171,275	159,068
Consolidation, Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (259,374)	$ (312,919)	$ (275,987)

REPORTING SEGMENT AND OTHER O_5

REPORTING SEGMENT AND OTHER OPERATIONS DATA - NET FINANCIAL EARNINGS LOSS RECONCILIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Net financial earnings	$ 290,828	$ 261,827	$ 240,321
Less:
Unrealized loss (gain) on derivative instruments and related transactions	19,574	(38,081)	(59,906)
Tax effect	(4,652)	9,050	14,248
Effects of economic hedging related to natural gas inventory	(18,192)	34,699	19,939
Tax effect	4,323	(8,246)	(4,738)
Gain on equity method investment	0	(300)	(5,521)
Tax effect	0	(19)	1,377
NET INCOME	$ 289,775	$ 264,724	$ 274,922

RELATED PARTY TRANSACTIONS - AD

RELATED PARTY TRANSACTIONS - ADDITIONAL INFORMATION (Details) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020 USD ($) Bcf	Sep. 30, 2024 dth / d numberOfAgreement Bcf
NJNG to ES Affiliate
Related Party Transaction [Line Items]
Asset management agreement, period	5 years
NJNG to Steckman RIdge Affiliate
Related Party Transaction [Line Items]
Natural gas sold at cost under asset management agreement (in Bcf) \| Bcf	3
Approximate annual demand fees under agreement \| $	$ 9.3
NJNG to Adelphia Affiliate
Related Party Transaction [Line Items]
Number of Transportation Agreements \| numberOfAgreement		2
NJNG to Adelphia Affiliate \| Transportation Precedent Agreement One
Related Party Transaction [Line Items]
Transportation capacity under precedent agreement with PennEast (in bcf per day) \| dth / d		130,000
Transportation precedent agreement term		5 years
NJNG to Adelphia Affiliate \| Transportation Precedent Agreement Two
Related Party Transaction [Line Items]
Transportation capacity under precedent agreement with PennEast (in bcf per day) \| dth / d		130,000
Transportation precedent agreement term		15 years
Leaf River Energy Center LLC
Related Party Transaction [Line Items]
Natural gas sold at cost under asset management agreement (in Bcf) \| Bcf		3
Storage capacity agreement term		5 years
NJNG and CEV to PPA \| Sublease Agreement One
Related Party Transaction [Line Items]
Sublease agreement term		15 years
NJNG and CEV 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) - Related Party - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	$ 7,147	$ 7,206	$ 7,395
Demand fees payable	875	859
NJNG to Steckman RIdge Affiliate
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	6,319	6,549	6,663
Demand fees payable	775	775
ES to Steckman Ridge Affiliate
Related Party Transaction [Line Items]
Demand fees expense recognized pertaining to related party agreement	828	657	$ 732
Demand fees payable	$ 100	$ 84

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Residential Solar Portfolio - Subsequent Event $ in Millions	Nov. 25, 2024 USD ($)
Subsequent Event [Line Items]
Purchase price	$ 132.5
Minimum
Subsequent Event [Line Items]
Asset acquisition, pre tax gain	45
Maximum
Subsequent Event [Line Items]
Asset acquisition, pre tax gain	$ 60

VALUATION AND QUALIFYING ACCO_2

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
BEGINNING BALANCE	$ 5,747	$ 22,241	$ 23,613
ADDITIONS CHARGED TO EXPENSE	(126)	(16,494)	(1,372)
OTHER	0	0	0
ENDING BALANCE	5,621	5,747	22,241
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
BEGINNING BALANCE	11,036	19,379	24,652
ADDITIONS CHARGED TO EXPENSE	1,229	1,570	2,401
OTHER	(3,759)	(9,913)	(7,674)
ENDING BALANCE	$ 8,506	$ 11,036	$ 19,379