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INVESTMENTS IN EQUITY METHOD INVESTEES
 3 Months Ended
Dec. 31, 2017
Investments, All Other Investments [Abstract]  
INVESTMENTS IN EQUITY METHOD INVESTEES
6. INVESTMENTS IN EQUITY INVESTEES

NJR's investments in equity method investees include the following as of:
(Thousands)
December 31,
2017
September 30,
2017
Steckman Ridge (1)
$
119,433

$
120,262

PennEast
59,996

52,323

Total
$
179,429

$
172,585


(1)
Includes loans with a total outstanding principal balance of $70.4 million for both December 31, 2017 and September 30, 2017. The loans accrue interest at a variable rate that resets quarterly and are due October 1, 2023.

The Company, through its subsidiary NJR Pipeline Company, is an investor in PennEast, which is expected to construct and operate a 120-mile pipeline that will extend from northeast Pennsylvania to western New Jersey and is estimated to be completed and operational in 2019.
NJNG and Energy Services have entered into storage and park and loan agreements with Steckman Ridge. In addition, NJNG has entered into a precedent capacity agreement with PennEast. See Note 14. Related Party Transactions for more information on these intercompany transactions.