New Jersey Natural Gas Receives Regulatory Approval to Continue Its Conservation Incentive Program

  New Jersey Natural Gas Receives Regulatory Approval to Continue Its
  Conservation Incentive Program

Business Wire

WALL, N.J. -- May 22, 2014

The New Jersey Board of Public Utilities (BPU) approved the continuation of
New Jersey Natural Gas’ (NJNG) Conservation Incentive Program (CIP). As a
result of this action, there is no future expiration date for the CIP;
however, it is subject to review in a future rate filing in 2017. Furthermore,
customers will not see any immediate change in their rates.

First enacted in 2006, the CIP enables NJNG to more actively encourage savings
for customers through conservation and energy-efficiency improvements, while
allowing NJNG to maintain sufficient operating revenues that might otherwise
be impacted by declines in usage patterns. By eliminating the link between
usage and margin recoveries, NJNG is in a stronger position to help customers
manage their energy bills. Additionally, rate impacts continue to be subject
to tariff requirements, which ensure protection for customers.

Since its inception, the CIP has helped customers reduce their natural gas
usage by 290 million therms, saving them a total of $299 million and
preventing the release of over 3.3 billion pounds of greenhouse gas emissions.
These conservation actions help customers save energy and money through
reducing usage, and support the state’s efforts to achieve its environmental
goals without impacting NJNG’s gross margin.

About New Jersey Resources

New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that provides safe
and reliable natural gas and clean energy services, including transportation,
distribution and asset management. With annual revenues in excess of $2
billion, NJR is comprised of five key businesses:

  *New Jersey Natural Gas is NJR’s principal subsidiary that  operates and
    maintains 7,000 miles of natural gas transportation and distribution
    infrastructure to serve half a million customers in New Jersey’s Monmouth,
    Ocean and parts of Morris and Middlesex counties.
  *NJR Clean Energy Ventures invests in, owns and operates solar and onshore
    wind projects with a total capacity in excess of 62 megawatts, providing
    residential and commercial customers with low-carbon solutions.
  *NJR 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.
  *NJR Midstream serves customers from local distributors and producers to
    electric generators and wholesale marketers through its equity ownership
    in a natural gas storage facility and a transportation pipeline, both of
    which are Federal Energy Regulatory Commission, or FERC-regulated
    investments.
  *NJR Home Services provides heating, central air conditioning, standby
    generators, solar and other indoor and outdoor comfort products to
    residential homes and businesses throughout New Jersey and serves
    approximately 120,000 service contract customers.

NJR and its more than 900 employees are committed to helping customers save
energy and money by promoting conservation and encouraging efficiency through
Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The
Sunlight Advantage^®.

                       For more information about NJR:
                          Visit www.njresources.com.
                     Follow us on Twitter @NJNaturalGas.
                “Like” us on facebook.com/NewJerseyNaturalGas.
      Download our free NJR investor relations app for iPad and iPhone.

Contact:

New Jersey Resources
Michael Kinney, 732-938-1031
mkinney@njresources.com
or
Investors:
Joanne Fairechio, 732-378-4967
jfairechio@njresources.com
or
Dennis Puma, 732-938-1229
dpuma@njresources.com
 
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