XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.25.2

REGULATION | 9 Months Ended
--- | ---
Jun. 30, 2025
Regulated Operations [Abstract] |
REGULATION | 4. 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 capital investments based on the BPU's approval. 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 in accordance with accounting guidance applicable to regulated operations. NJNG's recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make filings to the BPU for review of its BGSS, CIP and other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. The current base rates include a weighted average cost of capital of 7.08% and a return on common equity of 9.6%. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU. Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands) | June 30, 2025 | September 30, 2024
Regulatory assets-current |  |
New Jersey Clean Energy Program | $ | 18,688 |  | $ | 18,491 |
Conservation Incentive Program | 25,957 |  | 51,442 |
Derivatives at fair value, net | — |  | 1,363 |
Other current regulatory assets | 1,571 |  | 1,774 |
Total current regulatory assets | $ | 46,216 |  | $ | 73,070 |
Regulatory assets-noncurrent |  |
Environmental remediation costs: |  |
Expended, net of recoveries | $ | 70,512 |  | $ | 77,475 |
Liability for future expenditures | 155,861 |  | 161,650 |
Deferred income taxes | 44,516 |  | 42,595 |
SAVEGREEN | 122,996 |  | 107,796 |
Postemployment and other benefit costs | 26,541 |  | 23,772 |
Cost of removal | 132,494 |  | 130,885 |
Other noncurrent regulatory assets | 57,946 |  | 59,924 |
Total noncurrent regulatory assets | $ | 610,866 |  | $ | 604,097 |
Regulatory liability-current |  |
Overrecovered natural gas costs | $ | 12,561 |  | $ | 32,457 |
Derivatives at fair value, net | 13,054 |  | — |
Total current regulatory liabilities | $ | 25,615 |  | $ | 32,457 |
Regulatory liabilities-noncurrent |  |
Tax Act impact | $ | 171,564 |  | $ | 175,328 |
Derivatives at fair value, net | — |  | 404 |
Other noncurrent regulatory liabilities | 124 |  | 115 |
Total noncurrent regulatory liabilities | $ | 171,688 |  | $ | 175,847 |
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands) | June 30, 2025 | September 30, 2024
Total noncurrent regulatory assets | $ | 4,993 |  | $ | 5,095 |
Total current regulatory liabilities | $ | 3,537 |  | $ | 524 |
The assets are comprised primarily of the tax benefit associated with the equity component of Allowance for Funds Used During Construction and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval. Regulatory filings and/or actions that occurred during the current fiscal year include the following: •On October 30, 2024, the BPU approved a settlement of the new SAVEGREEN program effective from January 1, 2025 to June 30, 2027, consisting of $205.0M of direct investment, $160.5M in financing options and $20.1M in O&M, which totals $385.6M, with expected recoveries through September 30, 2025, of approximately $12.3M. •On November 21, 2024, the BPU issued an order adopting a stipulation of settlement approving a $157.0M increase to base rates, effective November 21, 2024. The increase includes an overall rate of return on rate base of 7.08%, return on common equity of 9.60%, a common equity ratio of 54.0% and a depreciation rate of 3.21%. •On December 17, 2024, NJNG filed a petition with the BPU seeking authority to issue up to $700M in Medium Term Notes over a three-year period. On June 18, 2025, the BPU approved this petition. •On December 18, 2024, the BPU approved NJNG's annual SAVEGREEN filing for the recovery of costs, which will increase annual recoveries by approximately $3.1M, effective January 1, 2025. •On April 23, 2025, the BPU approved NJNG's annual SBC filing of RAC expenditures through June 30, 2024, which included an increase to the RAC annual recoveries of approximately $2.4M and an increase to the NJCEP annual recoveries of approximately $1.6M, effective May 1, 2025. •On May 21, 2025, the 2025 BGSS/CIP filing was approved by the BPU on a final basis. This filing was provisionally approved on September 25, 2024, with rates that went into effect on October 1, 2024. There was no rate impact with the final Order. •On May 30, 2025, the 2026 BGSS/CIP filing was submitted to the BPU requesting an increase of approximately $63.3M to annual revenues related to BGSS, an annual increase of approximately $6.1M related to its balancing charge and a decrease of approximately $25.5M to CIP rates, effective October 1, 2025. •On May 30, 2025, NJNG submitted its annual SAVEGREEN cost recovery filing to the BPU requesting an increase to annual recoveries of approximately $17.3M, effective October 1, 2025. •On June 27, 2025, NJNG submitted its annual USF filing to the BPU requesting a decrease to annual recoveries of approximately $0.5M, effective October 1, 2025. •On July 25, 2025, NJNG submitted a filing with the BPU to extend the IIP through June 30, 2026.

X
- Definition The entire disclosure for public utilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 980 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/980/tableOfContent + Details
Name: | us-gaap_PublicUtilitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RegulatedOperationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration