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REGULATION | 6 Months Ended
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Mar. 31, 2015
Regulated Operations [Abstract] |
REGULATION | REGULATION NJNG is subject to cost-based regulation, therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility investment based on the BPU's approval, in accordance with accounting guidance applicable to regulated operations. 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. Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets are comprised of the following:
(Thousands) | March 31, 2015 | September 30, 2014
Regulatory assets-current |  |
New Jersey Clean Energy Program | $ | 6,492 |  | $ | 14,285 |
Derivatives at fair value, net | 24,759 |  | — |
Underrecovered gas costs | 3,206 |  | 12,577 |
Total current regulatory assets | $ | 34,457 |  | $ | 26,862 |
Regulatory assets-noncurrent |  |
Environmental remediation costs |  |
Expended, net of recoveries | $ | 17,985 |  | $ | 30,916 |
Liability for future expenditures | 177,000 |  | 177,000 |
Deferred income taxes | 9,968 |  | 9,968 |
SAVEGREEN | 21,517 |  | 29,180 |
Postemployment and other benefit costs | 104,500 |  | 108,507 |
Deferred Superstorm Sandy costs | 15,207 |  | 15,207 |
Other noncurrent regulatory assets | 5,041 |  | 6,797 |
Total noncurrent regulatory assets | $ | 351,218 |  | $ | 377,575 |
Regulatory liability-current |  |
Conservation Incentive Program | $ | 12,115 |  | $ | 5,752 |
Derivatives at fair value, net | — |  | 320 |
Total current regulatory liabilities | $ | 12,115 |  | $ | 6,072 |
Regulatory liabilities-noncurrent |  |
Cost of removal obligation | $ | 55,372 |  | $ | 61,163 |
Derivatives at fair value, net | — |  | 57 |
Conservation programs | 14,781 |  | — |
Other noncurrent regulatory liabilities | 1,470 |  | 106 |
Total noncurrent regulatory liabilities | $ | 71,623 |  | $ | 61,326 |
NJNG's recovery of costs is facilitated through its base tariff rates, BGSS and other regulatory tariff riders. As recovery of regulatory assets is subject to BPU approval, if there are any changes in regulatory positions that indicate recovery is not probable, the related cost would be charged to income in the period of such determination. Recent regulatory filings and/or actions include the following:
• | On October 1, 2014, NJNG implemented a decrease to its BGSS rate for residential sales and general service small sales customers resulting in a 5 percent decrease to the average residential heat customer's bill. In addition, NJNG reduced its CIP rates resulting in a 4.3 percent decrease to the average residential heat customer's bill. On April 15, 2015, the BPU approved the BGSS and CIP rates on a final basis.
• | On October 22, 2014, the BPU approved, as prudent and reasonable, the deferred O&M storm costs associated with Superstorm Sandy to be recovered in NJNG's next base rate case to be filed no later than November 15, 2015.
• | On December 16, 2014, NJNG filed a petition with the BPU to extend SAVEGREEN through June 30, 2018, with minor modifications.
• | On March 18, 2015, the BPU approved the June 2014 compliance filing associated with SAVEGREEN to maintain the existing rate.
• | On March 27, 2015, NJNG filed a letter petition with the BPU to continue its existing BGSS Incentive Programs, which currently expire October 31, 2015.
• | On April 2, 2015, NJNG filed two petitions with the BPU to construct, operate and finalize the route for its Southern Reliability Link project.

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