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INVESTMENTS IN EQUITY INVESTEES | 3 Months Ended
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Dec. 31, 2018
Investments, All Other Investments [Abstract] |
INVESTMENTS IN EQUITY INVESTEES | 7. INVESTMENTS IN EQUITY INVESTEES NJR's investments in equity method investees include the following as of:
(Thousands) | December 31, 2018 | September 30, 2018
Steckman Ridge (1) | $ | 116,346 |  | $ | 117,001 |
PennEast | 75,842 |  | 73,865 |
Total | $ | 192,188 |  | $ | 190,866 |
(1) | Includes loans with a total outstanding principal balance of $70.4 million for both December 31, 2018 and September 30, 2018. 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 natural gas pipeline that will extend from northeast Pennsylvania to western New Jersey. PennEast has advised that it currently expects the pipeline to begin construction in late 2019. However, construction could be delayed beyond 2019 due to factors that are beyond PennEast’s ability to control or estimate precisely, including potential delays in obtaining (or the inability to obtain) governmental and regulatory approvals and land-use rights, and unforeseen construction delays. 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 15. Related Party Transactions for more information on these intercompany transactions.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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