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REVENUE
 9 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE

Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations.
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 ObligationDescription
NJNGNatural 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.
CEVCommercial 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.
CEVResidential solar electricity
CEV provided access to residential rooftop and ground-mount solar equipment to customers who then paid the Company a monthly fee. The performance obligation was to provide electricity to the customer based on generation from the underlying residential solar asset and was satisfied upon transfer of electricity generated.

Revenue was derived from the contract terms and was recognized as invoiced, with the payment due each month for the previous month's services. In November 2024, CEV's residential solar asset portfolio was sold to a third party.
CEVRenewable energy certificates
Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. 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 ADI & CSI Programs are purchased monthly by a REC Administrator.

Revenue is recognized upon generation.
ESNatural 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.
HSOService contracts
Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. 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:
Segment/
Operations		Performance ObligationDescription
ESNatural 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.
HSOInstallationsHome 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.

Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended June 30, 2025 and 2024, are as follows:

(Thousands)NJNGCEVESS&THSOTotal
2025
Natural gas utility sales (1)
$168,140 — — — — $168,140 
Natural gas services— — 11,807 27,129 — 38,936 
Service contracts— — — — 9,381 9,381 
Installations and maintenance— — — — 6,796 6,796 
Renewable energy certificates— 4,964 — — — 4,964 
Electricity sales— 6,887 — — — 6,887 
Eliminations (2)
(238)— — — (30)(268)
Revenues from contracts with customers167,902 11,851 11,807 27,129 16,147 234,836 
Alternative revenue programs (3)
48 — — — — 48 
Derivative instruments36,840 179 (4)27,043 — — 64,062 
Revenues out of scope36,888 179 27,043 — — 64,110 
Total operating revenues$204,790 12,030 38,850 27,129 16,147 $298,946 
2024
Natural gas utility sales (1)
$138,804 — — — — $138,804 
Natural gas services— — 16,204 24,475 — 40,679 
Service contracts— — — — 9,062 9,062 
Installations and maintenance— — — — 7,294 7,294 
Renewable energy certificates— 4,872 — — — 4,872 
Electricity sales— 9,575 — — — 9,575 
Eliminations (2)
(337)— — — (57)(394)
Revenues from contracts with customers138,467 14,447 16,204 24,475 16,299 209,892 
Alternative revenue programs (3)
(1,033)— — — — (1,033)
Derivative instruments20,339 201 (4)46,237 — — 66,777 
Revenues out of scope19,306 201 46,237 — — 65,744 
Total operating revenues$157,773 14,648 62,441 24,475 16,299 $275,636 
(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 nine months ended June 30, 2025 and 2024, are as follows:

(Thousands)NJNGCEVESS&THSOTotal
2025
Natural gas utility sales (1)
$973,993 — — — — $973,993 
Natural gas services— — 35,644 79,064 — 114,708 
Service contracts— — — — 27,883 27,883 
Installations and maintenance— — — — 19,206 19,206 
Renewable energy certificates— 10,726 — — — 10,726 
Electricity sales— 17,680 — — — 17,680 
Eliminations (2)
(881)— — (41)(287)(1,209)
Revenues from contracts with customers973,112 28,406 35,644 79,023 46,802 1,162,987 
Alternative revenue programs (3)
(25,487)— — — — (25,487)
Derivative instruments208,933 17,997 (4)335,904 — — 562,834 
Revenues out of scope183,446 17,997 335,904 — — 537,347 
Total operating revenues$1,156,558 46,403 371,548 79,023 46,802 $1,700,334 
2024
Natural gas utility sales (1)
$767,698 — — — — $767,698 
Natural gas services— — 48,617 71,379 — 119,996 
Service contracts— — — — 27,073 27,073 
Installations and maintenance— — — — 19,022 19,022 
Renewable energy certificates— 10,194 — — — 10,194 
Electricity sales— 22,842 — — — 22,842 
Eliminations (2)
(1,012)— — (1,348)(210)(2,570)
Revenues from contracts with customers766,686 33,036 48,617 70,031 45,885 964,255 
Alternative revenue programs (3)
3,812 — — — — 3,812 
Derivative instruments143,231 26,232 (4)258,354 — — 427,817 
Eliminations (2)
— — 4,875 — — 4,875 
Revenues out of scope147,043 26,232 263,229 — — 436,504 
Total operating revenues$913,729 59,268 311,846 70,031 45,885 $1,400,759 
(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 June 30, 2025 and 2024, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2025
Residential$114,878 — — — 16,107 $130,985 
Commercial and industrial27,970 11,851 11,807 27,129 40 78,797 
Firm transportation22,011 — — — — 22,011 
Interruptible, off-tariff and other3,043 — — — — 3,043 
Revenues out of scope36,888 179 27,043 — — 64,110 
Total operating revenues$204,790 12,030 38,850 27,129 16,147 $298,946 
2024
Residential$97,112 3,647 — — 16,272 $117,031 
Commercial and industrial21,279 10,800 16,204 24,475 27 72,785 
Firm transportation17,481 — — — — 17,481 
Interruptible, off-tariff and other2,595 — — — — 2,595 
Revenues out of scope19,306 201 46,237 — — 65,744 
Total operating revenues$157,773 14,648 62,441 24,475 16,299 $275,636 

Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the nine months ended June 30, 2025 and 2024, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2025
Residential$730,797 2,110 — — 46,630 $779,537 
Commercial and industrial143,271 26,296 35,644 79,023 172 284,406 
Firm transportation91,744 — — — — 91,744 
Interruptible, off-tariff and other7,300 — — — — 7,300 
Revenues out of scope183,446 17,997 335,904 — — 537,347 
Total operating revenues$1,156,558 46,403 371,548 79,023 46,802 $1,700,334 
2024
Residential$580,559 10,262 — — 45,759 $636,580 
Commercial and industrial107,400 22,774 48,617 70,031 126 248,948 
Firm transportation72,596 — — — — 72,596 
Interruptible, off-tariff and other6,131 — — — — 6,131 
Revenues out of scope147,043 26,232 263,229 — — 436,504 
Total operating revenues$913,729 59,268 311,846 70,031 45,885 $1,400,759 
Customer Accounts Receivable/Credit Balances and Deposits

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 nine months ended June 30, 2025 and 2024, are as follows:
Customer Accounts ReceivableCustomers' Credit
(Thousands)BilledUnbilledBalances and Deposits
Balance as of September 30, 2024$105,531 $20,094 $38,595 
Increase (decrease)67,730 1,815 (14,711)
Balance as of June 30, 2025$173,261 $21,909 $23,884 
Balance as of September 30, 2023$97,540 $19,100 $44,910 
Increase (decrease)30,724 1,464 (16,029)
Balance as of June 30, 2024$128,264 $20,564 $28,881 

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 June 30, 2025 and September 30, 2024:
(Thousands)NJNGCEVESS&THSOTotal
June 30, 2025
Customer accounts receivable
Billed$129,147 6,997 25,166 10,102 1,849 $173,261 
Unbilled15,128 6,781 — — — 21,909 
Customers' credit balances and deposits(23,809)— — (75)— (23,884)
Total$120,466 13,778 25,166 10,027 1,849 $171,286 
September 30, 2024
Customer accounts receivable
Billed$51,613 8,441 34,002 8,598 2,877 $105,531 
Unbilled11,839 8,255 — — — 20,094 
Customers' credit balances and deposits(38,572)— — (23)— (38,595)
Total$24,880 16,696 34,002 8,575 2,877 $87,030