<SUBMISSION>
<ACCESSION-NUMBER>0000950123-03-010132
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20030904
<ITEMS>7
<ITEMS>9
<FILING-DATE>20030905
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NEW JERSEY RESOURCES CORP
<CIK>0000356309
<ASSIGNED-SIC>4924
<IRS-NUMBER>222376465
<STATE-OF-INCORPORATION>NJ
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-08359
<FILM-NUMBER>03883234
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1415 WYCKOFF RD
<STREET2>PO BOX 1468
<CITY>WALL
<STATE>NJ
<ZIP>07719
<PHONE>9089381494
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1350 CAMPUS PKWY
<STREET2>P O BOX 1468
<CITY>WALL
<STATE>NJ
<ZIP>07719
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y89757e8vk.htm
<DESCRIPTION>NEW JERSEY RESOURCES CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>NEW JERSEY RESOURCES CORPORATION</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT>


<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>


<P align="center"><FONT size="5"><B>FORM 8-K
</B></FONT>


<P align="center"><FONT size="3"><B>CURRENT REPORT</B>
</FONT>


<P align="center"><FONT size="3"><B>PURSUANT TO SECTION 13 OR 15 (d)&nbsp;OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>


<P align="center"><FONT size="2">Date of Report (Date of earliest event reported): September&nbsp;4, 2003
</FONT>


<P align="center"><FONT size="6"><B>NEW JERSEY RESOURCES CORPORATION
</B></FONT>


<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>New Jersey</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>1-8359</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>22-2376465</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Commission<BR>
File Number)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">(IRS Employer<BR>
Identification No.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>1415 Wyckoff Road</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Wall, New Jersey</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>07719</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">(Zip Code)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"><B>(732)&nbsp;938-1480</B><BR>
(Registrant&#146;s telephone number, including area code)
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7. Financial Statements and Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9. Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y89757exv99w01.htm">PRESS RELEASE</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left"><FONT size="2"><B><I>Item&nbsp;7. Financial Statements and Exhibits</I></B>
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">(a)&nbsp;None.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">(b)&nbsp;None.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">(c)&nbsp;Exhibits:</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Exhibit&nbsp;99.01: Press Release dated September&nbsp;4, 2003
</FONT>

<!-- link2 "Item&nbsp;9. Regulation&nbsp;FD Disclosure" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B><I>Item&nbsp;9. Regulation&nbsp;FD Disclosure</I></B>
</FONT>

<P align="left"><FONT size="2">On September&nbsp;4, 2003, the Registrant issued a press release regarding an
upgrade of its credit rating and guidance on its year-end earnings. Pursuant to
Regulation&nbsp;FD, the Registrant is filing this press release as Exhibit&nbsp;99.
</FONT>

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2">SIGNATURE
</FONT>

<P align="left"><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">NEW JERSEY RESOURCES CORPORATION</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: September&nbsp;4, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">/s/Glenn C. Lockwood
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">Glenn C. Lockwood</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">Senior Vice President,
Chief Financial Officer
and Treasurer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center"><FONT size="2">EXHIBIT INDEX
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.01:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release Entitled: NJNG RECEIVES UPGRADE FROM STANDARD &#038; POOR&#146;S</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">&nbsp;</FONT>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.01
<SEQUENCE>3
<FILENAME>y89757exv99w01.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>PRESS RELEASE</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="y89757y8975700.gif" alt="(PRESS RELEASE BANNER)">
</FONT>

<DIV align="center"><FONT size="2">1415 Wyckoff Road, P.O. Box 1468, Wall, NJ 07719<BR>
<HR align="center" size="1" width="100%" noshade>
</FONT></DIV>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>DATE: </B>September&nbsp;4, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>CONTACT:</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Roseanne Koberle (media)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">732-938-1112</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Dennis Puma (investors)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">732-938-1229</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="3"><B>NJNG RECEIVES UPGRADE FROM STANDARD &#038; POOR&#146;S</B>
</FONT>


<DIV align="center"><FONT size="2"><B><I>Parent Company, NJR, Projects 12th Consecutive Year of Earnings Growth</I></B>
</FONT></DIV>

<P align="left"><FONT size="2"><B>WALL, N.J. &#150; </B>New Jersey Resources Corporation (<B>NYSE: NJR</B>) announced today that
Standard &#038; Poor&#146;s (S&#038;P) has upgraded the corporate credit and first mortgage
bond ratings of its principal subsidiary, New Jersey Natural Gas Company
(NJNG). The corporate rating was increased to A&#043; from A, and the first
mortgage bond rating was raised to AA- from A&#043;. With the upgrade, NJNG has the
highest credit rating among all natural gas and electric utilities in
New Jersey and is among only 10 natural gas and electric utilities nationwide
that have received an upgrade in 2003.
</FONT>

<P align="left"><FONT size="2">In announcing the upgrade, S&#038;P cited &#147;NJNG&#146;s successful efforts in managing its
balance sheet, debt maturities and liquidity needs in a conservative manner,
while maintaining an above-average business profile.&#148; S&#038;P
referenced NJNG&#146;s healthy financial profile and factors such as solid customer
growth and a diversified natural gas supply portfolio. The upgrade report also
noted the value of NJNG&#146;s strategies to develop innovative programs that
benefit both customers and shareowners, working within New Jersey&#146;s supportive
regulatory environment. Specifically, NJNG&#146;s margin-sharing incentive programs,
developed in partnership with the New Jersey Board of Public Utilities and the
Ratepayer Advocate&#146;s Office, have saved customers more than $200&nbsp;million over
the past 10&nbsp;years.
</FONT>

<P align="left"><FONT size="2">&#147;We are proud to be the lowest-cost provider of natural gas with the highest
ranking in customer satisfaction and the strongest financial profile among the
state&#146;s natural gas and electric utilities,&#148; said Laurence M. Downes, chairman
and CEO of NJR. &#147;At a time when credit quality has been generally on the
decline in our industry, our team continues to deliver outstanding results. It
is a testament to their dedication that we have received this independent
acknowledgement by a well-recognized and prestigious organization,&#148; Mr.
Downes said.
</FONT>

<P align="left"><FONT size="2">As one of the fastest-growing local distribution companies in the United
States, NJNG adds customers at a rate of about 3&nbsp;percent each year, capturing
approximately 95&nbsp;percent of the new construction market. NJNG invests about $50
million annually for system maintenance and expansion to ensure safe, reliable
service.
</FONT>

<P align="left"><FONT size="2">NJNG holds the current record for the number of consecutive years without a
traditional base rate filing among all of the state&#146;s natural gas, electric and
water companies. Since the last filing
</FONT>


<P align="center"><FONT size="2"><B>-more-</B>
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="right"><FONT size="2">&nbsp;2
</FONT>

<P align="left"><FONT size="2">in 1993, NJNG has invested over half a billion dollars in new capital while
adding over 120,000 new heating customers. This substantial, ongoing investment
in its infrastructure has enhanced NJNG&#146;s ability to meet its customers&#146;
primary expectation of safe, reliable service.
</FONT>

<P align="left"><FONT size="2">NJR also announced that, based on year-to-date results and projections for the
balance of the fiscal year, it will achieve its 12th consecutive year of
earnings growth, the longest streak of any natural gas or electric utility in
the nation. Fiscal 2003 results benefited from 14&nbsp;percent
colder-than-normal weather, which resulted in higher margins at both NJNG and
NJR Energy Services, NJR&#146;s wholesale energy services subsidiary. NJR expects to
exceed the financial community&#146;s consensus estimate of $2.33 per diluted share.
The current range of estimates is $2.20 to $2.41 per diluted share, and NJR
believes that its results will be toward the upper end of the range.
</FONT>

<P align="left"><FONT size="2">New Jersey Resources Corporation (NYSE: NJR), a <I>Fortune 1000 </I>company
and a
member of the <I>Forbes Platinum 400</I>, provides retail and wholesale energy
services to customers in New Jersey and in states from the Gulf Coast to New
England, and Canada. Its principal subsidiary, New Jersey Natural Gas (NJNG),
is one of the fastest-growing local distribution companies in the United
States, serving nearly 450,000 customers in central and northern New Jersey.
NJNG is the low-cost provider of natural gas in the state and ranks highest in
customer satisfaction for the Eastern U.S. Region in the J.D. Power and
Associates 2002 Gas Utility Residential Customer Satisfaction
Study.<sup>SM</sup> Other
major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR
Energy Services is an emerging leader in the unregulated wholesale energy
services market, providing outstanding customer service and management of
natural gas storage and capacity assets. NJR Home Services offers retail
customers expert heating, air conditioning and appliance services. NJR&#146;s
progress is a tribute to the more than 5,000 dedicated employees who have
shared their expertise and focus on quality through more than 50&nbsp;years of
serving customers and the community to make the Company a leader in the
competitive energy marketplace. More information on NJR can be found on their
Company Web site at <B><I>njliving.com</I></B>.
</FONT>

<P align="left"><FONT size="2">This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. NJR wishes to caution
readers that the assumptions forming the basis for forward-looking statements
include many factors that are beyond NJR&#146;s ability to control or
estimate precisely, such as estimates of future market conditions and the
behavior of other market participants. Other factors that could cause actual
results to differ materially from our expectations include, but are not limited
to, weather conditions, economic conditions in NJNG&#146;s service territory, impact
of regulation (including the regulation of rates), fluctuations in
energy-related commodity prices, conversion activity, other marketing efforts,
environmental matters and other uncertainties. More detailed information about
these factors is set forth in NJR&#146;s filings with the Securities and Exchange
Commission, including NJR&#146;s quarterly report on Form&nbsp;10-Q filed on August&nbsp;14,
2003. NJR&#146;s Form&nbsp;10-Q is available at www.sec.gov.
</FONT>

<P align="left"><FONT size="2">The Company does not, by including this statement, assume any obligation to
review or revise any particular forward-looking statement referenced herein in
light of future events.
</FONT>


<P align="center"><FONT size="2"># # #
</FONT>


<P align="right"><FONT size="2">03-48
</FONT>

<P align="left"><FONT size="2">J.D. Power and Associates 2002 Gas Utility Residential Customer Satisfaction
Study.SM Study based on a total of 9,126 consumer responses. In the Eastern
U.S., the top 15 largest Gas Utility companies were ranked in the study.
www.jdpower.com
</FONT>



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`
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