April 16, 2014 1:33 PM ET

Gas Utilities

Company Overview of New Jersey Natural Gas Company

Company Overview

New Jersey Natural Gas Company operates as a natural gas distribution company that provides regulated retail natural gas services to residential and commercial customers in central and northern New Jersey. The company also participates in the off-system sales and capacity release markets. It owns approximately 6,990 miles of distribution main, 7,000 miles of service main, 226 miles of transmission main, and approximately 518,000 meters. In addition, the company owns and operates 2 LNG storage plants in Stafford Township, Ocean County, and Howell Township, Monmouth County with an aggregate estimated capacity of approximately 170,000 dths per day. New Jersey Natural Gas Company serves approxim...

1415 Wyckoff Road

Wall, NJ 07719

United States

Key Executives for New Jersey Natural Gas Company

Age: 56
Chief Operating Officer and Executive Vice President
Age: 60
Senior Vice President and General Counsel
Age: 47
Senior Vice President of Customer Services
Age: 67
Senior Vice President of Energy Delivery
Age: 63
Compensation as of Fiscal Year 2013.

New Jersey Natural Gas Company Key Developments

New Jersey Natural Gas Company Reports Earnings Results for the First Quarter Ended December 31, 2013

New Jersey Natural Gas Company reported earnings results for the first quarter ended December 31, 2013. For the quarter, the company has reported net financial earnings of $27,639,000 against $25,492,000 a yea ago. The increase was due to steady growth from customer additions, higher utility gross margin from incentive programs, The SAVEGREEN Project(R) and the impact of customers who had been curtailed in fiscal 2013 due to Superstorm Sandy returning to service in fiscal 2014.

NJNG Receives Approval from BPU to Supply Gas Service to Red Oak Plant

New Jersey Natural Gas received approval from the New Jersey Board of Public Utilities, or BPU, to provide natural gas service to the Red Oak power plant, an 830MW combined cycle power plant located in Sayreville, New Jersey, under a contract executed between NJNG and TAQA GEN-X, LLC, a provider of electric services. The agreement calls for NJNG to provide natural gas delivery service to TAQA-Red Oak, which may be interrupted by NJNG when cold weather or other conditions occur. At its option, NJNG will supply natural gas to TAQA-Red Oak under its gas supply incentive program with margins to be shared with customers. TAQA-Red Oak will be responsible for the cost of connecting to NJNG's distribution main, which currently runs within 600 feet of the facility. NJNG's existing customers will not pay for any of the costs of connecting or providing natural gas service to TAQA-Red Oak. The agreement will be effective through September 30, 2022. NJNG expects to begin serving and supplying natural gas to Red Oak in the fall of 2014, once the connection to its main is completed.

New Jersey Natural Gas Reports Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2013; Provides Earnings Guidance for Fiscal 2014 and 2015

New Jersey Natural Gas reported earnings results for the fourth quarter and full year ended September 30, 2013. For the three-month, the company reported a net financial loss of $3 million, compared with a net financial loss of $5.2 million in the same period last year. In both periods, lost gross margin due to the effects of Superstorm Sandy was offset by steady growth from customer additions, the continued impact of accelerated infrastructure investments, utility gross margin from incentive programs and regulatory initiatives, as well as a lower effective tax rate. For the year, net financial earnings for the company were $73.8 million, compared with $73.2 million in fiscal 2012. For the fiscal 2014 and 2015, The company expects that the new customers and conversions to contribute approximately $3.9 million annually to company's utility gross margin.

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