• |
Consolidated net income of $117.9 million for fiscal 2021 compared with $163.0 million in fiscal 2020
|
• |
Consolidated net financial earnings (NFE), a non-GAAP financial measure of $207.7 million for fiscal 2021 , or $2.16 per share, compared with NFE of $165.3 million, or $1.74 per share, in fiscal 2020
|
• |
Affirmed fiscal 2022 net financial earnings per share (NFEPS) guidance range of $2.20 to $2.30 and narrowed long-term projected NFEPS growth rate to 7 to 9 percent, from previous range of 6 to 10 percent
|
• |
Increased annual dividend by nine percent to $1.45 per share
|
• |
New Jersey Natural Gas (NJNG) received approval from the BPU on the settlement of its rate case authorizing a $79.0 million increase to its base rates
|
• |
The Southern Reliability Link (SRL) was placed in service in fiscal 2021
|
• |
NJNG's Hydrogen project was completed and began producing green hydrogen in October 2021
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
($ in Thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net income
|
$
|
(1,133
|
)
|
$
|
32,707
|
$
|
117,890
|
$
|
163,007
|
|||||||
Basic EPS
|
$
|
(0.01
|
)
|
$
|
0.34
|
$
|
1.23
|
$
|
1.72
|
|||||||
Net financial earnings
|
$
|
6,599
|
$
|
43,429
|
$
|
207,712
|
$
|
165,333
|
||||||||
Basic net financial earnings per share
|
$
|
0.07
|
$
|
0.45
|
$
|
2.16
|
$
|
1.74
|
Three Months Ended
September 30, 2021
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Net income
|
$
|
(1,133
|
)
|
$
|
32,707
|
$
|
117,890
|
$
|
163,007
|
|||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
40,576
|
12,183
|
54,203
|
(9,644
|
)
|
|||||||||||
Tax effect
|
(9,647
|
)
|
(2,893
|
)
|
(12,887
|
)
|
2,296
|
|||||||||
Effects of economic hedging related to natural gas inventory
|
(30,150
|
)
|
2,216
|
(42,405
|
)
|
12,690
|
||||||||||
Tax effect
|
7,166
|
(527
|
)
|
10,078
|
(3,016
|
)
|
||||||||||
Impairment of equity method investment
|
—
|
—
|
92,000
|
—
|
||||||||||||
Tax effect
|
767
|
—
|
(11,167
|
)
|
—
|
|||||||||||
Net income to NFE tax adjustment
|
(980
|
)
|
(257
|
)
|
—
|
—
|
||||||||||
Net financial earnings (loss)
|
$
|
6,599
|
$
|
43,429
|
$
|
207,712
|
$
|
165,333
|
||||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
96,198
|
95,764
|
96,227
|
94,798
|
||||||||||||
Diluted
|
96,198
|
95,764
|
96,560
|
95,103
|
||||||||||||
Basic earnings (loss) per share
|
$
|
(0.01
|
)
|
$
|
0.34
|
$
|
1.23
|
$
|
1.72
|
|||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
0.42
|
0.13
|
0.56
|
(0.10
|
)
|
|||||||||||
Tax effect
|
(0.10
|
)
|
(0.03
|
)
|
(0.13
|
)
|
0.02
|
|||||||||
Effects of economic hedging related to natural gas inventory
|
(0.31
|
)
|
0.02
|
(0.44
|
)
|
0.13
|
||||||||||
Tax effect
|
0.07
|
(0.01
|
)
|
0.10
|
(0.03
|
)
|
||||||||||
Impairment of equity method investment
|
—
|
—
|
0.96
|
—
|
||||||||||||
Tax effect
|
0.01
|
—
|
(0.12
|
)
|
—
|
|||||||||||
Net income to NFE tax adjustment
|
(0.01
|
)
|
—
|
—
|
—
|
|||||||||||
Basic net financial earnings (loss) per share
|
$
|
0.07
|
$
|
0.45
|
$
|
2.16
|
$
|
1.74
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
New Jersey Natural Gas
|
$
|
(24,214
|
)
|
$
|
(15,258
|
)
|
$
|
107,375
|
$
|
126,902
|
||||||
Clean Energy Ventures
|
40,861
|
44,805
|
16,789
|
22,111
|
||||||||||||
Storage and Transportation
|
2,440
|
7,434
|
13,046
|
18,311
|
||||||||||||
Energy Services
|
(14,384
|
)
|
1,381
|
71,117
|
(7,873
|
)
|
||||||||||
Home Services and Other
|
(1,127
|
)
|
5,109
|
(826
|
)
|
5,784
|
||||||||||
Subtotal
|
3,576
|
43,471
|
207,501
|
165,235
|
||||||||||||
Eliminations
|
3,023
|
(42
|
)
|
211
|
98
|
|||||||||||
Total
|
$
|
6,599
|
$
|
43,429
|
$
|
207,712
|
$
|
165,333
|
Company
|
Expected Fiscal 2022
Net Financial Earnings Contribution
|
New Jersey Natural Gas
|
60 to 65 percent
|
Clean Energy Ventures
|
20 to 23 percent
|
Storage and Transportation
|
5 to 10 percent
|
Energy Services1
|
9 to 11 percent
|
Home Services and Other
|
0 to 1 percent
|
1. Assumes NFEPS contributions from Asset Management Agreements only
|
• |
NJNG added 7,854 new customers during fiscal 2021, compared with 8,349 in fiscal 2020. The lower customer growth was due primarily to the effects of the COVID-19 pandemic. NJNG expects to return to a more typical customer growth rate of
1.7% in fiscal 2022.
|
• |
On November 17, 2021, NJNG received approval from the New Jersey Board of Public Utilities on its rate
case settlement agreement and new rates will be effective on December 1, 2021. Under the approved rate case agreement, NJNG's total annual revenue is expected to increase by $79.0 million. The rate case agreement includes a return on equity of 9.60% with a 54.0% common equity ratio and
reflects a rate base of $2.52 billion with an overall rate of return of 6.84%.
|
• |
The Southern Reliability Link diversifies supply to our customers by providing a new intrastate feed into the southern end of NJNG’s distribution system. Construction was completed and the project was placed in service in August 2021. The recovery of
our investment in this project was included in the recently settled rate case.
|
• |
NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021 and consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's natural gas
distribution system. In fiscal 2021, NJNG spent $9.4 million under the program to begin work on various distribution system reinforcement projects.
|
• |
The Howell Green Hydrogen Project delivers hydrogen through NJNG's utility distribution pipeline to heat customers' homes and businesses and began commercial operation in October 2021. The recovery of investment in this project was included in
the recently settled rate case.
|
• |
Adelphia Gateway - During fiscal 2021, Adelphia Gateway received all necessary permits for the second phase of construction on the South Zone. The second phase includes construction of laterals and interconnects.
|
• |
During fiscal 2021, capital expenditures were $682.9 million, including accruals, of which $468.3 million were related to NJNG, compared with $499.1 million ($1.0 billion including the acquisition of assets), of which $333.9 million were
related to NJNG, during fiscal 2020.
|
• |
During fiscal 2021, cash flows from operations were $391.0 million, compared with $213.5 million during the same period of fiscal 2020. The increase was due primarily to increased NFE at Energy
Services.
|
• |
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to
serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
|
• |
Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon solutions.
|
• |
Energy Services
manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
|
• |
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in
the Steckman Ridge natural gas storage facility.
|
• |
Home Services
provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Utility
|
$
|
97,937
|
$
|
84,548
|
$
|
731,459
|
$
|
729,923
|
||||||||
Nonutility
|
434,591
|
315,496
|
1,425,154
|
1,223,745
|
||||||||||||
Total operating revenues
|
532,528
|
400,044
|
2,156,613
|
1,953,668
|
||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Gas purchases
|
||||||||||||||||
Utility
|
36,569
|
26,789
|
247,734
|
275,831
|
||||||||||||
Nonutility
|
356,721
|
220,304
|
1,096,920
|
1,022,805
|
||||||||||||
Related parties
|
1,850
|
1,535
|
7,013
|
6,083
|
||||||||||||
Operation and maintenance
|
101,126
|
79,425
|
366,905
|
278,143
|
||||||||||||
Regulatory rider expenses
|
3,734
|
1,993
|
38,304
|
34,529
|
||||||||||||
Depreciation and amortization
|
29,410
|
27,343
|
111,387
|
107,368
|
||||||||||||
Total operating expenses
|
529,410
|
357,389
|
1,868,263
|
1,724,759
|
||||||||||||
OPERATING (LOSS) INCOME
|
3,118
|
42,655
|
288,350
|
228,909
|
||||||||||||
Other income, net
|
10,656
|
13,618
|
24,597
|
23,878
|
||||||||||||
Interest expense, net of capitalized interest
|
19,876
|
17,180
|
78,559
|
67,597
|
||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
(6,102
|
)
|
39,093
|
234,388
|
185,190
|
|||||||||||
Income tax (benefit) provision
|
(4,427
|
)
|
10,506
|
33,286
|
36,494
|
|||||||||||
Equity in earnings of affiliates
|
542
|
4,120
|
(83,212
|
)
|
14,311
|
|||||||||||
NET (LOSS) INCOME
|
$
|
(1,133
|
)
|
$
|
32,707
|
$
|
117,890
|
$
|
163,007
|
|||||||
(LOSS) EARNINGS PER COMMON SHARE
|
||||||||||||||||
Basic
|
$
|
(0.01
|
)
|
$
|
0.34
|
$
|
1.23
|
$
|
1.72
|
|||||||
Diluted
|
$
|
(0.01
|
)
|
$
|
0.34
|
$
|
1.22
|
$
|
1.71
|
|||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||||||||||
Basic
|
96,198
|
95,933
|
96,227
|
94,798
|
||||||||||||
Diluted
|
96,198
|
95,933
|
96,560
|
95,103
|
||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
NEW JERSEY RESOURCES
|
||||||||||||||||
A reconciliation of net (loss) income, the closest GAAP financial measurement, to net financial earnings is as
follows:
|
||||||||||||||||
Net (loss) income
|
$
|
(1,133
|
)
|
$
|
32,707
|
$
|
117,890
|
$
|
163,007
|
|||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
40,576
|
12,183
|
54,203
|
(9,644
|
)
|
|||||||||||
Tax effect
|
(9,647
|
)
|
(2,893
|
)
|
(12,887
|
)
|
2,296
|
|||||||||
Effects of economic hedging related to natural gas inventory
|
(30,150
|
)
|
2,216
|
(42,405
|
)
|
12,690
|
||||||||||
Tax effect
|
7,166
|
(527
|
)
|
10,078
|
(3,016
|
)
|
||||||||||
Impairment of equity method investment
|
—
|
—
|
92,000
|
—
|
||||||||||||
Tax effect
|
767
|
—
|
(11,167
|
)
|
—
|
|||||||||||
Net income to NFE tax adjustment
|
(980
|
)
|
(257
|
)
|
—
|
—
|
||||||||||
Net financial (loss) earnings
|
$
|
6,599
|
$
|
43,429
|
$
|
207,712
|
$
|
165,333
|
||||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
96,198
|
95,933
|
96,227
|
94,798
|
||||||||||||
Diluted
|
96,198
|
95,933
|
96,560
|
95,103
|
||||||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measurement, to basic net financial
earnings per share is as follows:
|
||||||||||||||||
Basic (loss) earnings per share
|
$
|
(0.01
|
)
|
$
|
0.34
|
$
|
1.23
|
$
|
1.72
|
|||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
$
|
0.42
|
$
|
0.13
|
$
|
0.56
|
$
|
(0.10
|
)
|
|||||||
Tax effect
|
$
|
(0.10
|
)
|
$
|
(0.03
|
)
|
$
|
(0.13
|
)
|
$
|
0.02
|
|||||
Effects of economic hedging related to natural gas inventory
|
$
|
(0.31
|
)
|
$
|
0.02
|
$
|
(0.44
|
)
|
$
|
0.13
|
||||||
Tax effect
|
$
|
0.07
|
$
|
(0.01
|
)
|
$
|
0.10
|
$
|
(0.03
|
)
|
||||||
Impairment of equity method investment
|
$
|
—
|
$
|
—
|
$
|
0.96
|
$
|
—
|
||||||||
Tax effect
|
$
|
0.01
|
$
|
—
|
$
|
(0.12
|
)
|
$
|
—
|
|||||||
Net income to NFE tax adjustment
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
Basic NFE per share
|
$
|
0.07
|
$
|
0.45
|
$
|
2.16
|
$
|
1.74
|
||||||||
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as
follows:
|
||||||||||||||||
Operating revenues
|
$
|
98,274
|
$
|
84,548
|
$
|
731,796
|
$
|
729,923
|
||||||||
Less:
|
||||||||||||||||
Gas purchases
|
38,842
|
29,113
|
260,714
|
287,307
|
||||||||||||
Regulatory rider expense
|
3,734
|
1,993
|
38,304
|
34,529
|
||||||||||||
Utility gross margin
|
$
|
55,698
|
$
|
53,442
|
$
|
432,778
|
$
|
408,087
|
||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
(Unaudited)
|
September 30,
|
September 30,
|
||||||||||||||
(Thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
ENERGY SERVICES
|
||||||||||||||||
The following table is a computation of financial margin:
|
||||||||||||||||
Operating revenues
|
$
|
334,780
|
$
|
212,760
|
$
|
1,228,420
|
$
|
1,030,419
|
||||||||
Less: Gas purchases
|
357,133
|
220,882
|
1,098,261
|
1,024,579
|
||||||||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
45,011
|
12,723
|
58,362
|
(8,583
|
)
|
|||||||||||
Effects of economic hedging related to natural gas inventory
|
(30,150
|
)
|
2,216
|
(42,405
|
)
|
12,690
|
||||||||||
Financial margin
|
$
|
(7,492
|
)
|
$
|
6,817
|
$
|
146,116
|
$
|
9,947
|
|||||||
A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as
follows:
|
||||||||||||||||
Operating (loss) income
|
$
|
(32,186
|
)
|
$
|
(12,216
|
)
|
$
|
79,163
|
$
|
(11,651
|
)
|
|||||
Add:
|
||||||||||||||||
Operation and maintenance expense
|
9,805
|
4,055
|
50,885
|
17,368
|
||||||||||||
Depreciation and amortization
|
28
|
39
|
111
|
123
|
||||||||||||
Subtotal
|
(22,353
|
)
|
(8,122
|
)
|
130,159
|
5,840
|
||||||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
45,011
|
12,723
|
58,362
|
(8,583
|
)
|
|||||||||||
Effects of economic hedging related to natural gas inventory
|
(30,150
|
)
|
2,216
|
(42,405
|
)
|
12,690
|
||||||||||
Financial margin
|
$
|
(7,492
|
)
|
$
|
6,817
|
$
|
146,116
|
$
|
9,947
|
|||||||
A reconciliation of net income to net financial earnings is as follows:
|
||||||||||||||||
Net (loss) income
|
$
|
(24,731
|
)
|
$
|
(9,753
|
)
|
$
|
58,957
|
$
|
(11,008
|
)
|
|||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
45,011
|
12,723
|
58,362
|
(8,583
|
)
|
|||||||||||
Tax effect
|
(10,700
|
)
|
(3,021
|
)
|
(13,875
|
)
|
2,044
|
|||||||||
Effects of economic hedging related to natural gas
|
(30,150
|
)
|
2,216
|
(42,405
|
)
|
12,690
|
||||||||||
Tax effect
|
7,166
|
(527
|
)
|
10,078
|
(3,016
|
)
|
||||||||||
Net income to NFE tax adjustment
|
(980
|
)
|
(257
|
)
|
—
|
—
|
||||||||||
Net financial (loss) earnings
|
$
|
(14,384
|
)
|
$
|
1,381
|
$
|
71,117
|
$
|
(7,873
|
)
|
||||||
STORAGE AND TRANSPORTATION
|
||||||||||||||||
A reconciliation of net income to net financial earnings is as follows:
|
||||||||||||||||
Net (loss) income
|
$
|
1,673
|
$
|
7,434
|
$
|
(67,787
|
)
|
$
|
18,311
|
|||||||
Add:
|
||||||||||||||||
Impairment of equity method investment
|
—
|
—
|
92,000
|
—
|
||||||||||||
Tax effect
|
767
|
—
|
(11,167
|
)
|
—
|
|||||||||||
Net financial earnings
|
$
|
2,440
|
$
|
7,434
|
$
|
13,046
|
$
|
18,311
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
NEW JERSEY RESOURCES
|
||||||||||||||||
Operating Revenues
|
||||||||||||||||
Natural Gas Distribution
|
$
|
98,274
|
$
|
84,548
|
$
|
731,796
|
$
|
729,923
|
||||||||
Clean Energy Ventures
|
69,048
|
77,014
|
95,275
|
102,617
|
||||||||||||
Energy Services
|
334,780
|
212,760
|
1,228,420
|
1,030,419
|
||||||||||||
Storage and Transportation
|
12,341
|
12,717
|
51,020
|
44,728
|
||||||||||||
Home Services and Other
|
13,567
|
13,376
|
52,229
|
51,017
|
||||||||||||
Sub-total
|
528,010
|
400,415
|
2,158,740
|
1,958,704
|
||||||||||||
Eliminations
|
4,518
|
(371
|
)
|
(2,127
|
)
|
(5,036
|
)
|
|||||||||
Total
|
$
|
532,528
|
$
|
400,044
|
$
|
2,156,613
|
$
|
1,953,668
|
||||||||
Operating Income (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
(21,281
|
)
|
$
|
(12,703
|
)
|
$
|
148,993
|
$
|
173,412
|
||||||
Clean Energy Ventures
|
54,014
|
63,426
|
37,993
|
46,978
|
||||||||||||
Energy Services
|
(32,186
|
)
|
(12,216
|
)
|
79,163
|
(11,651
|
)
|
|||||||||
Storage and Transportation
|
595
|
5,436
|
10,659
|
12,451
|
||||||||||||
Home Services and Other
|
(4,091
|
)
|
(2,673
|
)
|
4,033
|
3,062
|
||||||||||
Sub-total
|
(2,949
|
)
|
41,270
|
280,841
|
224,252
|
|||||||||||
Eliminations
|
6,067
|
1,385
|
7,509
|
4,656
|
||||||||||||
Total
|
$
|
3,118
|
$
|
42,655
|
$
|
288,350
|
$
|
228,909
|
||||||||
Equity in Earnings of Affiliates
|
||||||||||||||||
Storage and Transportation
|
$
|
964
|
$
|
4,703
|
$
|
(81,072
|
)
|
$
|
15,903
|
|||||||
Eliminations
|
(422
|
)
|
(583
|
)
|
(2,140
|
)
|
(1,592
|
)
|
||||||||
Total
|
$
|
542
|
$
|
4,120
|
$
|
(83,212
|
)
|
$
|
14,311
|
|||||||
Net Income (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
(24,214
|
)
|
$
|
(15,258
|
)
|
$
|
107,375
|
$
|
126,902
|
||||||
Clean Energy Ventures
|
40,861
|
44,805
|
16,789
|
22,111
|
||||||||||||
Energy Services
|
(24,731
|
)
|
(9,753
|
)
|
58,957
|
(11,008
|
)
|
|||||||||
Storage and Transportation
|
1,673
|
7,434
|
(67,787
|
)
|
18,311
|
|||||||||||
Home Services and Other
|
(1,127
|
)
|
5,109
|
(826
|
)
|
5,784
|
||||||||||
Sub-total
|
(7,538
|
)
|
32,337
|
114,508
|
162,100
|
|||||||||||
Eliminations
|
6,405
|
370
|
3,382
|
907
|
||||||||||||
Total
|
$
|
(1,133
|
)
|
$
|
32,707
|
$
|
117,890
|
$
|
163,007
|
|||||||
Net Financial Earnings (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
(24,214
|
)
|
$
|
(15,258
|
)
|
$
|
107,375
|
$
|
126,902
|
||||||
Clean Energy Ventures
|
40,861
|
44,805
|
16,789
|
22,111
|
||||||||||||
Energy Services
|
(14,384
|
)
|
1,381
|
71,117
|
(7,873
|
)
|
||||||||||
Storage and Transportation
|
2,440
|
7,434
|
13,046
|
18,311
|
||||||||||||
Home Services and Other
|
(1,127
|
)
|
5,109
|
(826
|
)
|
5,784
|
||||||||||
Sub-total
|
3,576
|
43,471
|
207,501
|
165,235
|
||||||||||||
Eliminations
|
3,023
|
(42
|
)
|
211
|
98
|
|||||||||||
Total
|
$
|
6,599
|
$
|
43,429
|
$
|
207,712
|
$
|
165,333
|
||||||||
Throughput (Bcf)
|
||||||||||||||||
NJNG, Core Customers
|
17.8
|
17.6
|
91.4
|
97.0
|
||||||||||||
NJNG, Off System/Capacity Management
|
26.9
|
34.1
|
101.3
|
118.4
|
||||||||||||
Energy Services Fuel Mgmt. and Wholesale Sales
|
89.5
|
121.6
|
382.0
|
526.7
|
||||||||||||
Total
|
134.2
|
173.3
|
574.7
|
742.1
|
||||||||||||
Common Stock Data
|
||||||||||||||||
Yield at September 30
|
4.2
|
%
|
4.9
|
%
|
4.2
|
%
|
4.9
|
%
|
||||||||
Market Price at September 30
|
$
|
34.81
|
$
|
27.02
|
$
|
34.81
|
$
|
27.02
|
||||||||
Shares Out. at September 30
|
95,710
|
95,949
|
95,710
|
95,949
|
||||||||||||
Market Cap. at September 30
|
$
|
3,331,653
|
$
|
2,592,547
|
$
|
3,331,653
|
$
|
2,592,547
|
(Unaudited)
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
||||||||||||||
(Thousands, except customer and weather data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
Utility Gross Margin
|
||||||||||||||||
Operating revenues
|
$
|
98,274
|
$
|
84,548
|
$
|
731,796
|
$
|
729,923
|
||||||||
Less:
|
||||||||||||||||
Gas purchases
|
38,842
|
29,113
|
260,714
|
287,307
|
||||||||||||
Regulatory rider expense
|
3,734
|
1,993
|
38,304
|
34,529
|
||||||||||||
Total Utility Gross Margin
|
$
|
55,698
|
$
|
53,442
|
$
|
432,778
|
$
|
408,087
|
||||||||
Utility Gross Margin, Operating Income and Net Income
|
||||||||||||||||
Residential
|
$
|
29,947
|
$
|
30,408
|
$
|
288,723
|
$
|
275,033
|
||||||||
Commercial, Industrial & Other
|
10,578
|
8,190
|
64,950
|
57,929
|
||||||||||||
Firm Transportation
|
10,518
|
10,416
|
61,870
|
60,199
|
||||||||||||
Total Firm Margin
|
51,043
|
49,014
|
415,543
|
393,161
|
||||||||||||
Interruptible
|
1,192
|
1,675
|
3,820
|
5,455
|
||||||||||||
Total System Margin
|
52,235
|
50,689
|
419,363
|
398,616
|
||||||||||||
Off System/Capacity Management/FRM/Storage Incentive
|
3,463
|
2,753
|
13,415
|
9,471
|
||||||||||||
Total Utility Gross Margin
|
55,698
|
53,442
|
432,778
|
408,087
|
||||||||||||
Operation and maintenance expense
|
55,472
|
47,448
|
203,740
|
162,792
|
||||||||||||
Depreciation and amortization
|
21,507
|
18,697
|
80,045
|
71,883
|
||||||||||||
Operating Income
|
$
|
(21,281
|
)
|
$
|
(12,703
|
)
|
$
|
148,993
|
$
|
173,412
|
||||||
Net Income
|
$
|
(24,214
|
)
|
$
|
(15,258
|
)
|
$
|
107,375
|
$
|
126,902
|
||||||
Net Financial Earnings
|
$
|
(24,214
|
)
|
$
|
(15,258
|
)
|
$
|
107,375
|
$
|
126,902
|
||||||
Throughput (Bcf)
|
||||||||||||||||
Residential
|
3.3
|
3.4
|
46.2
|
44.6
|
||||||||||||
Commercial, Industrial & Other
|
0.7
|
0.6
|
8.6
|
8.2
|
||||||||||||
Firm Transportation
|
1.6
|
1.6
|
13.7
|
13.3
|
||||||||||||
Total Firm Throughput
|
5.6
|
5.6
|
68.5
|
66.1
|
||||||||||||
Interruptible
|
12.2
|
12.0
|
22.9
|
30.9
|
||||||||||||
Total System Throughput
|
17.8
|
17.6
|
91.4
|
97.0
|
||||||||||||
Off System/Capacity Management
|
26.9
|
34.1
|
101.3
|
118.4
|
||||||||||||
Total Throughput
|
44.7
|
51.7
|
192.7
|
215.4
|
||||||||||||
Customers
|
||||||||||||||||
Residential
|
502,546
|
497,779
|
502,546
|
497,779
|
||||||||||||
Commercial, Industrial & Other
|
30,615
|
28,735
|
30,615
|
28,735
|
||||||||||||
Firm Transportation
|
30,697
|
31,604
|
30,697
|
31,604
|
||||||||||||
Total Firm Customers
|
563,858
|
558,118
|
563,858
|
558,118
|
||||||||||||
Interruptible
|
27
|
29
|
27
|
29
|
||||||||||||
Total System Customers
|
563,885
|
558,147
|
563,885
|
558,147
|
||||||||||||
Off System/Capacity Management*
|
20
|
19
|
20
|
19
|
||||||||||||
Total Customers
|
563,905
|
558,166
|
563,905
|
558,166
|
||||||||||||
*The number of customers represents those active during the last month of the period.
|
||||||||||||||||
Degree Days
|
||||||||||||||||
Actual
|
8
|
595
|
4,247
|
4,208
|
||||||||||||
Normal
|
29
|
488
|
4,541
|
4,556
|
||||||||||||
Percent of Normal
|
27.6
|
121.9
|
93.5
|
92.4
|
(Unaudited)
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
||||||||||||||
(Thousands, except customer, SREC, TREC and megawatt)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
CLEAN ENERGY VENTURES
|
||||||||||||||||
Operating Revenues
|
||||||||||||||||
SREC sales
|
$
|
58,898
|
$
|
69,301
|
$
|
65,434
|
$
|
81,134
|
||||||||
TREC sales
|
1,496
|
1,384
|
4,571
|
1,384
|
||||||||||||
Solar electricity sales and other
|
5,878
|
3,676
|
14,491
|
9,930
|
||||||||||||
Sunlight Advantage
|
2,776
|
2,653
|
10,779
|
10,169
|
||||||||||||
Total Operating Revenues
|
$
|
69,048
|
$
|
77,014
|
$
|
95,275
|
$
|
102,617
|
||||||||
Depreciation and Amortization
|
$
|
5,249
|
$
|
5,633
|
$
|
20,567
|
$
|
25,329
|
||||||||
Operating (Loss)
|
$
|
54,014
|
$
|
63,426
|
$
|
37,993
|
$
|
46,978
|
||||||||
Income Tax (Benefit)
|
$
|
12,296
|
$
|
19,386
|
$
|
5,048
|
$
|
11,034
|
||||||||
Net (Loss)
|
$
|
40,861
|
$
|
44,805
|
$
|
16,789
|
$
|
22,111
|
||||||||
Net Financial (Loss)
|
$
|
40,861
|
$
|
44,805
|
$
|
16,789
|
$
|
22,111
|
||||||||
Solar Renewable Energy Certificates Generated
|
130,847
|
136,067
|
406,118
|
389,716
|
||||||||||||
Solar Renewable Energy Certificates Sold
|
300,530
|
345,420
|
333,025
|
408,100
|
||||||||||||
Transition Renewable Energy Certificates Generated
|
10,561
|
9,270.0
|
31,767
|
9,270.0
|
||||||||||||
Solar Megawatts Under Construction
|
59.3
|
32.5
|
59.3
|
32.5
|
||||||||||||
ENERGY SERVICES
|
||||||||||||||||
Operating Income
|
||||||||||||||||
Operating revenues
|
$
|
334,780
|
$
|
212,760
|
$
|
1,228,420
|
$
|
1,030,419
|
||||||||
Less:
|
||||||||||||||||
Gas purchases
|
357,133
|
220,882
|
1,098,261
|
1,024,579
|
||||||||||||
Operation and maintenance expense
|
9,805
|
4,055
|
50,885
|
17,368
|
||||||||||||
Depreciation and amortization
|
28
|
39
|
111
|
123
|
||||||||||||
Operating (Loss) Income
|
$
|
(32,186
|
)
|
$
|
(12,216
|
)
|
$
|
79,163
|
$
|
(11,651
|
)
|
|||||
Net (Loss) Income
|
$
|
(24,731
|
)
|
$
|
(9,753
|
)
|
$
|
58,957
|
$
|
(11,008
|
)
|
|||||
Financial Margin
|
$
|
(7,492
|
)
|
$
|
6,817
|
$
|
146,116
|
$
|
9,947
|
|||||||
Net Financial (Loss) Earnings
|
$
|
(14,384
|
)
|
$
|
1,381
|
$
|
71,117
|
$
|
(7,873
|
)
|
||||||
Gas Sold and Managed (Bcf)
|
89.5
|
121.6
|
382.0
|
526.7
|
||||||||||||
STORAGE AND TRANSPORTATION
|
||||||||||||||||
Operating Revenues
|
$
|
12,341
|
$
|
12,717
|
$
|
51,020
|
$
|
44,728
|
||||||||
Equity in Earnings of Affiliates
|
$
|
964
|
$
|
4,703
|
$
|
(81,072
|
)
|
$
|
15,903
|
|||||||
Operation and Maintenance Expense
|
$
|
8,765
|
$
|
4,460
|
$
|
29,135
|
$
|
21,862
|
||||||||
Other Income, Net
|
$
|
1,796
|
$
|
927
|
$
|
5,931
|
$
|
7,328
|
||||||||
Interest Expense
|
$
|
2,851
|
$
|
2,838
|
$
|
13,348
|
$
|
13,124
|
||||||||
Income Tax (Benefit) Provision
|
$
|
(1,169
|
)
|
$
|
794
|
$
|
(10,043
|
)
|
$
|
4,247
|
||||||
Net (Loss) Income
|
$
|
1,673
|
$
|
7,434
|
$
|
(67,787
|
)
|
$
|
18,311
|
|||||||
Net Financial Earnings
|
$
|
2,440
|
$
|
7,434
|
$
|
13,046
|
$
|
18,311
|
||||||||
HOME SERVICES AND OTHER
|
||||||||||||||||
Operating Revenues
|
$
|
13,567
|
$
|
13,376
|
$
|
52,229
|
$
|
51,017
|
||||||||
Operating Income
|
$
|
(4,091
|
)
|
$
|
(2,673
|
)
|
$
|
4,033
|
$
|
3,062
|
||||||
Other Expense, Net
|
$
|
1,602
|
$
|
(15,203
|
)
|
$
|
(1,001
|
)
|
$
|
5,177
|
||||||
Net (Loss) Income
|
$
|
(1,127
|
)
|
$
|
5,109
|
$
|
(826
|
)
|
$
|
5,784
|
||||||
Net Financial (Loss) Earnings
|
$
|
(1,127
|
)
|
$
|
5,109
|
$
|
(826
|
)
|
$
|
5,784
|
||||||
Total Service Contract Customers at September 30
|
105,720
|
107,224
|
105,720
|
107,224
|