New Jersey Resources Corp (NYSE: NJR) is a natural gas utility and energy services company that distributes natural gas to residential and commercial customers in New Jersey and operates complementary energy businesses. It makes money through regulated utility rates at its New Jersey Natural Gas (NJNG) subsidiary, solar renewable energy credit (SREC, TREC, SREC II) sales at its Clean Energy Ventures (CEV) segment, natural gas asset management agreements at its Energy Services (ES) segment, and natural gas storage and transportation operations. NJNG is the dominant revenue and earnings driver: it generated $213.5M in net income on $5.2B in assets in FY2025 (fiscal year ended September 30, 2025), versus $61.2M at CEV, $40.9M at ES, and $18.5M at Storage and Transportation. Total consolidated net income was $335.6M in FY2025, up from $289.8M in FY2024. Total consolidated assets were $7.6B as of September 30, 2025. CEO is Stephen D. Westhoven. Roberto Bel serves as CFO. Donald L. Correll is Chairman.

Revenue model

Regulated utility distribution rates (NJNG), solar renewable energy credit sales (SRECs, TRECs, SREC IIs) at Clean Energy Ventures, natural gas asset management agreements at Energy Services, and storage and transportation tariffs. NJNG base rates were increased effective November 21, 2024, contributing to an $80.1M year-over-year net income increase at that segment in FY2025.

Products and services

Natural gas distribution (NJNG); residential and commercial solar energy installations and renewable energy certificates including SRECs, TRECs, and SREC IIs (Clean Energy Ventures); natural gas asset management agreements (Energy Services); natural gas storage and transportation (Storage and Transportation); home services and other operations (Home Services and Other).

Customers and end markets

Residential and commercial natural gas customers in New Jersey served by NJNG. Clean Energy Ventures sells solar renewable energy credits into New Jersey's renewable portfolio standard market. Energy Services operates under asset management agreements with counterparties in the natural gas market.

Value-chain role

Regulated local distribution company for natural gas in New Jersey (NJNG); downstream solar generation and REC monetization; midstream natural gas storage and transportation; natural gas supply optimization through asset management agreements.

Geographic exposure

Operations concentrated in New Jersey. NJNG distributes natural gas across its New Jersey service territory. Clean Energy Ventures holds solar assets in New Jersey generating SRECs, TRECs, and SREC IIs under New Jersey's renewable energy programs.

Source: SEC 10-K, filed 2025-11-20

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