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REVENUE (Tables) | 6 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Performance Obligation, Recognition Period | Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations:
Revenue Recognized Over Time:
Segment/ Operations | Performance Obligation | Description
NJNG | Natural gas utility sales | NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
CEV | Commercial solar electricity | CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
Revenue Recognized Over Time (continued):
Segment/ Operations | Performance Obligation | Description
CEV | Residential solar electricity | CEV provides access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation is to provide electricity to the customer based on generation from the underlying residential solar asset and is satisfied upon transfer of electricity generated. Revenue is derived from the contract terms and is recognized as invoiced, with the payment due each month for the previous month's services.
CEV | Renewable energy certificates | Certain CEV projects generate TRECs and SREC IIs under the established Administratively Determined Incentive Program. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the Administratively Determined Incentive Program are purchased monthly by a REC Administrator. Revenue is recognized upon generation.
ES | Natural gas services | The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T | Natural gas services | The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement.
HSO | Service contracts | Home Services enters into service contracts with homeowners to provide maintenance and replacement services of applicable heating, cooling or ventilation equipment. NJR Retail enters into warranty contracts with homeowners for various appliances. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.
Revenue Recognized at a Point in Time:
ES | Natural gas services | For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty. Revenue is recognized upon the transfer of the underlying contractual rights.
S&T | Natural gas services | The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Usage fees and hub services revenues are recognized as services are performed.
HSO | Installations | Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.
Schedule of Disaggregation of Revenue | Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended March 31, 2024 and 2023, are as follows:
(Thousands) | NJNG | CEV |  | ES | S&T | HSO | Total
2024 |  |  |  |  |  |  |
Natural gas utility sales (1) | $ | 371,019 |  | — |  |  | — |  | — |  | — |  | $ | 371,019 |
Natural gas services | — |  | — |  |  | 16,145 |  | 23,042 |  | — |  | 39,187 |
Service contracts | — |  | — |  |  | — |  | — |  | 9,071 |  | 9,071 |
Installations and maintenance | — |  | — |  |  | — |  | — |  | 5,834 |  | 5,834 |
Renewable energy certificates | — |  | 2,672 |  |  | — |  | — |  | — |  | 2,672 |
Electricity sales | — |  | 6,553 |  |  | — |  | — |  | — |  | 6,553 |
Eliminations (2) | (338) |  | — |  |  | — |  | (673) |  | (153) |  | (1,164) |
Revenues from contracts with customers | 370,681 |  | 9,225 |  |  | 16,145 |  | 22,369 |  | 14,752 |  | 433,172 |
Alternative revenue programs (3) | 7,382 |  | — |  |  | — |  | — |  | — |  | 7,382 |
Derivative instruments | 84,800 |  | 100 |  | (4) | 128,717 |  | — |  | — |  | 213,617 |
Eliminations (2) | — |  | — |  |  | 3,742 |  | — |  | — |  | 3,742 |
Revenues out of scope | 92,182 |  | 100 |  |  | 132,459 |  | — |  | — |  | 224,741 |
Total operating revenues | $ | 462,863 |  | 9,325 |  |  | 148,604 |  | 22,369 |  | 14,752 |  | $ | 657,913 |
2023 |  |  |  |  |  |  |
Natural gas utility sales (1) | $ | 327,198 |  | — |  |  | — |  | — |  | — |  | $ | 327,198 |
Natural gas services | — |  | — |  |  | 16,836 |  | 20,887 |  | — |  | 37,723 |
Service contracts | — |  | — |  |  | — |  | — |  | 8,739 |  | 8,739 |
Installations and maintenance | — |  | — |  |  | — |  | — |  | 4,709 |  | 4,709 |
Renewable energy certificates | — |  | 2,085 |  |  | — |  | — |  | — |  | 2,085 |
Electricity sales | — |  | 6,084 |  |  | — |  | — |  | — |  | 6,084 |
Eliminations (2) | (338) |  | — |  |  | — |  | (1,584) |  | (183) |  | (2,105) |
Revenues from contracts with customers | 326,860 |  | 8,169 |  |  | 16,836 |  | 19,303 |  | 13,265 |  | 384,433 |
Alternative revenue programs (3) | 27,270 |  | — |  |  | — |  | — |  | — |  | 27,270 |
Derivative instruments | 46,370 |  | 6,237 |  | (4) | 179,894 |  | — |  | — |  | 232,501 |
Eliminations (2) | — |  | — |  |  | (177) |  | — |  | — |  | (177) |
Revenues out of scope | 73,640 |  | 6,237 |  |  | 179,717 |  | — |  | — |  | 259,594 |
Total operating revenues | $ | 400,500 |  | 14,406 |  |  | 196,553 |  | 19,303 |  | 13,265 |  | $ | 644,027 |
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation. (2)Consists of transactions between subsidiaries that are eliminated in consolidation. (3)Includes CIP revenue. (4)Includes SREC revenue. Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the six months ended March 31, 2024 and 2023, are as follows:
(Thousands) | NJNG | CEV |  | ES | S&T | HSO | Total
2024 |  |  |  |  |  |  |
Natural gas utility sales (1) | $ | 628,894 |  | — |  |  | — |  | — |  | — |  | $ | 628,894 |
Natural gas services | — |  | — |  |  | 32,413 |  | 46,904 |  | — |  | 79,317 |
Service contracts | — |  | — |  |  | — |  | — |  | 18,011 |  | 18,011 |
Installations and maintenance | — |  | — |  |  | — |  | — |  | 11,728 |  | 11,728 |
Renewable energy certificates | — |  | 5,322 |  |  | — |  | — |  | — |  | 5,322 |
Electricity sales | — |  | 13,267 |  |  | — |  | — |  | — |  | 13,267 |
Eliminations (2) | (675) |  | — |  |  | — |  | (1,348) |  | (153) |  | (2,176) |
Revenues from contracts with customers | 628,219 |  | 18,589 |  |  | 32,413 |  | 45,556 |  | 29,586 |  | 754,363 |
Alternative revenue programs (3) | 4,845 |  | — |  |  | — |  | — |  | — |  | 4,845 |
Derivative instruments | 122,892 |  | 26,031 |  | (4) | 212,117 |  | — |  | — |  | 361,040 |
Eliminations (2) | — |  | — |  |  | 4,875 |  | — |  | — |  | 4,875 |
Revenues out of scope | 127,737 |  | 26,031 |  |  | 216,992 |  | — |  | — |  | 370,760 |
Total operating revenues | $ | 755,956 |  | 44,620 |  |  | 249,405 |  | 45,556 |  | 29,586 |  | $ | 1,125,123 |
2023 |  |  |  |  |  |  |
Natural gas utility sales (1) | $ | 615,365 |  | — |  |  | — |  | — |  | — |  | $ | 615,365 |
Natural gas services | — |  | — |  |  | 44,684 |  | 47,725 |  | — |  | 92,409 |
Service contracts | — |  | — |  |  | — |  | — |  | 17,400 |  | 17,400 |
Installations and maintenance | — |  | — |  |  | — |  | — |  | 10,314 |  | 10,314 |
Renewable energy certificates | — |  | 3,287 |  |  | — |  | — |  | — |  | 3,287 |
Electricity sales | — |  | 13,788 |  |  | — |  | — |  | — |  | 13,788 |
Eliminations (2) | (675) |  | — |  |  | — |  | (2,708) |  | (196) |  | (3,579) |
Revenues from contracts with customers | 614,690 |  | 17,075 |  |  | 44,684 |  | 45,017 |  | 27,518 |  | 748,984 |
Alternative revenue programs (3) | 23,805 |  | — |  |  | — |  | — |  | — |  | 23,805 |
Derivative instruments | 119,414 |  | 10,123 |  | (4) | 473,828 |  | — |  | — |  | 603,365 |
Eliminations (2) | — |  | — |  |  | (8,560) |  | — |  | — |  | (8,560) |
Revenues out of scope | 143,219 |  | 10,123 |  |  | 465,268 |  | — |  | — |  | 618,610 |
Total operating revenues | $ | 757,909 |  | 27,198 |  |  | 509,952 |  | 45,017 |  | 27,518 |  | $ | 1,367,594 |
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation. (2)Consists of transactions between subsidiaries that are eliminated in consolidation. (3)Includes CIP revenue. (4)Includes SREC revenue. Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended March 31, 2024 and 2023, are as follows:
(Thousands) | NJNG | CEV | ES | S&T | HSO | Total
2024 |  |  |  |  |  |
Residential | $ | 287,824 |  | 3,229 |  | — |  | — |  | 14,684 |  | $ | 305,737 |
Commercial and industrial | 50,362 |  | 5,996 |  | 16,145 |  | 22,369 |  | 68 |  | 94,940 |
Firm transportation | 30,680 |  | — |  | — |  | — |  | — |  | 30,680 |
Interruptible, off-tariff and other | 1,815 |  | — |  | — |  | — |  | — |  | 1,815 |
Revenues out of scope | 92,182 |  | 100 |  | 132,459 |  | — |  | — |  | 224,741 |
Total operating revenues | $ | 462,863 |  | 9,325 |  | 148,604 |  | 22,369 |  | 14,752 |  | $ | 657,913 |
2023 |  |  |  |  |  |
Residential | $ | 247,623 |  | 3,204 |  | — |  | — |  | 13,089 |  | $ | 263,916 |
Commercial and industrial | 49,105 |  | 4,965 |  | 16,836 |  | 19,303 |  | 176 |  | 90,385 |
Firm transportation | 29,368 |  | — |  | — |  | — |  | — |  | 29,368 |
Interruptible, off-tariff and other | 764 |  | — |  | — |  | — |  | — |  | 764 |
Revenues out of scope | 73,640 |  | 6,237 |  | 179,717 |  | — |  | — |  | 259,594 |
Total operating revenues | $ | 400,500 |  | 14,406 |  | 196,553 |  | 19,303 |  | 13,265 |  | $ | 644,027 |
Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the six months ended March 31, 2024 and 2023, are as follows:
(Thousands) | NJNG | CEV | ES | S&T | HSO | Total
2024 |  |  |  |  |  |
Residential | $ | 483,447 |  | 6,615 |  | — |  | — |  | 29,487 |  | $ | 519,549 |
Commercial and industrial | 86,121 |  | 11,974 |  | 32,413 |  | 45,556 |  | 99 |  | 176,163 |
Firm transportation | 55,115 |  | — |  | — |  | — |  | — |  | 55,115 |
Interruptible, off-tariff and other | 3,536 |  | — |  | — |  | — |  | — |  | 3,536 |
Revenues out of scope | 127,737 |  | 26,031 |  | 216,992 |  | — |  | — |  | 370,760 |
Total operating revenues | $ | 755,956 |  | 44,620 |  | 249,405 |  | 45,556 |  | 29,586 |  | $ | 1,125,123 |
2023 |  |  |  |  |  |
Residential | $ | 464,561 |  | 6,497 |  | — |  | — |  | 27,269 |  | $ | 498,327 |
Commercial and industrial | 92,900 |  | 10,578 |  | 44,684 |  | 45,017 |  | 249 |  | 193,428 |
Firm transportation | 55,567 |  | — |  | — |  | — |  | — |  | 55,567 |
Interruptible, off-tariff and other | 1,662 |  | — |  | — |  | — |  | — |  | 1,662 |
Revenues out of scope | 143,219 |  | 10,123 |  | 465,268 |  | — |  | — |  | 618,610 |
Total operating revenues | $ | 757,909 |  | 27,198 |  | 509,952 |  | 45,017 |  | 27,518 |  | $ | 1,367,594 |
Schedule of Expected Timing of Performance | The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the six months ended March 31, 2024 and 2023, are as follows:
| Customer Accounts Receivable | Customers' Credit
(Thousands) | Billed | Unbilled | Balances and Deposits
Balance as of September 30, 2023 | $ | 97,540 |  | $ | 19,100 |  | $ | 44,910 |
Increase (decrease) | 87,529 |  | 55,356 |  | (20,032) |
Balance as of March 31, 2024 | $ | 185,069 |  | $ | 74,456 |  | $ | 24,878 |
Balance as of September 30, 2022 | $ | 222,297 |  | $ | 13,769 |  | $ | 33,246 |
(Decrease) increase | (27,844) |  | 32,271 |  | (7,725) |
Balance as of March 31, 2023 | $ | 194,453 |  | $ | 46,040 |  | $ | 25,521 |
Schedule of Performance Obligation, in Excess of Billings | The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and September 30, 2023:
(Thousands) | NJNG | CEV | ES | S&T | HSO |  | Total
March 31, 2024 |  |  |  |  |  |  |
Customer accounts receivable |  |  |  |  |  |  |
Billed | $ | 142,088 |  | 7,273 |  | 25,241 |  | 7,749 |  | 2,718 |  |  | $ | 185,069 |
Unbilled | 69,904 |  | 4,552 |  | — |  | — |  | — |  |  | 74,456 |
Customers' credit balances and deposits | (24,860) |  | — |  | — |  | (18) |  | — |  |  | (24,878) |
Total | $ | 187,132 |  | 11,825 |  | 25,241 |  | 7,731 |  | 2,718 |  |  | $ | 234,647 |
September 30, 2023 |  |  |  |  |  |  |
Customer accounts receivable |  |  |  |  |  |  |
Billed | $ | 55,234 |  | 9,962 |  | 23,716 |  | 6,577 |  | 2,051 |  |  | $ | 97,540 |
Unbilled | 10,784 |  | 8,316 |  | — |  | — |  | — |  |  | 19,100 |
Customers' credit balances and deposits | (44,898) |  | — |  | — |  | (12) |  | — |  |  | (44,910) |
Total | $ | 21,120 |  | 18,278 |  | 23,716 |  | 6,565 |  | 2,051 |  |  | $ | 71,730 |

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