NJR Clean Energy Ventures Announces the Completion of Its First Onshore Wind Project

  NJR Clean Energy Ventures Announces the Completion of Its First Onshore Wind
  Project

           Two Dot Wind Farm Operational and Producing Clean Energy

Business Wire

WALL, N.J. -- June 26, 2014

NJR Clean Energy Ventures (NJRCEV), the unregulated clean energy subsidiary of
New Jersey Resources (NYSE:NJR), is pleased to announce the completion of the
Two Dot Wind Farm, its first onshore wind project. Located on 176 acres in Two
Dot, Montana, the wind farm consists of six, GE 1.62 megawatt, 87-meter rotor
diameter wind turbines with a capacity of 9.7 megawatts. NJRCEV invested
approximately $22 million to develop the project and will own and operate the
wind farm.

The energy produced at the Two Dot Wind Farm, as well as the renewable
attributes, will be sold through a 25-year power purchase agreement (PPA) with
NorthWestern Energy, a natural gas and electricity investor-owned utility that
serves over 678,200 customers in Montana, South Dakota and Nebraska.
Additionally, NJRCEV expects the wind farm will qualify for federal production
tax credits (PTC), which are based on kilowatt-hour output. All PTCs generated
by the Two Dot Wind Farm will be utilized by NJR.

“Today represents a significant milestone for our company -- the completion of
our first onshore wind project,” said Laurence M. Downes, chairman and CEO of
New Jersey Resources. “Two Dot further demonstrates NJR Clean Energy Ventures’
diversification of its investment portfolio. In addition to producing enough
clean energy to power 3,000 homes annually, it also represents a long-term
growth opportunity for our company and shareowners.”

NJRCEV invests in, owns and operates clean energy projects that generate clean
power and provide low-carbon energy solutions. These solutions benefit its
customers, while providing growth opportunity for shareholders. NJRCEV’s
approach has primarily focused on commercial and residential solar project
development in New Jersey. As a part of its clean energy strategy, NJRCEV is
effectively diversifying its holdings to include small to mid-sized onshore
wind projects, supported by long-term PPAs, as well as other energy
investments such as combined heat and power projects.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. NJR cautions readers
that the assumptions forming the basis for forward-looking statements include
many factors that are beyond NJR’s ability to control or estimate precisely,
such as estimates of future market conditions and the behavior of other market
participants. Words such as “anticipates,” “estimates,” “expects,” “projects,”
“intends,” “plans,” “believes,” “may,” “should” and similar expressions may
identify forward-looking information and such forward-looking statements are
made based upon management’s current expectations and beliefs as of this date
concerning future developments and their potential effect upon NJR. There can
be no assurance that future developments will be in accordance with
management’s expectations or that the effect of future developments on NJR
will be those anticipated by management. Forward-looking information in this
filing includes, but is not limited to, certain statements regarding NJRCEV’s
investment in the Two Dot Wind Farm, including NJRCEV’s qualification for PTCs
related to Two Dot Wind Farm, and the diversification of NJR’s clean energy
portfolio.

Factors that could cause actual results to differ materially from the
company’s expectations include, but are not limited to, weather and economic
conditions; the ability to obtain governmental approvals and/or financing for
the construction, development and operation of certain non-regulated energy
investments; risks associated with our investments in clean energy projects
and our investment in an onshore wind developer, including the availability of
regulatory and tax incentives, logistical risks and potential delays related
to construction, permitting, regulatory approvals and electric grid
interconnection, the availability of viable projects, NJR’s eligibility for
ITCs and PTCs, the future market for Solar Renewable Energy Certificates
(SRECs) and operational risks related to projects in service; timing of
qualifying for ITCs due to delays or failures to complete planned solar energy
projects and the resulting effect on our effective tax rate and earnings; NJR
does not, by including this paragraph, assume any obligation to review or
revise any particular forward-looking statement referenced herein in light of
future events. More detailed information about these factors is set forth
under the heading “Risk Factors” in NJR’s filings with the Securities and
Exchange Commission (SEC) including its most recent Form 10-K and the Form
10-Q for the quarter ended March 31, 2013, filed on May 3, 2013.

About New Jersey Resources

New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that provides safe
and reliable natural gas and renewable energy services, including
transportation, distribution and asset management. With annual revenues in
excess of $3 billion, NJR is comprised of five key businesses:

  *New Jersey Natural Gas, NJR’s principal subsidiary,  operates and
    maintains over 7,000 miles of natural gas transportation and distribution
    infrastructure to serve approximately half a million customers in New
    Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington
    counties.
  *NJR Clean Energy Ventures is a clean energy company that invests in, owns
    and operates solar and onshore wind projects with a total capacity in
    excess of 75 megawatts, providing residential and commercial customers
    with low carbon solutions.
  *NJR Energy Services, NJR’s wholesale energy services business, manages a
    diversified portfolio of natural gas transportation and storage assets and
    provides customized energy solutions to its customers across North
    America.
  *NJR Midstream invests and maintains an equity ownership in a natural gas
    storage facility and a transportation pipeline, and serves companies from
    local distributors and producers to electric generators and wholesale
    marketers.
  *NJR Home Services is a provider of heating, central air conditioning,
    standby generators, solar and other indoor and outdoor comfort products to
    nearly 120,000 residential homes and businesses throughout New Jersey.

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 at facebook.com/NewJerseyNaturalGas.
      Download our free NJR investor relations app for iPad and iPhone.

Contact:

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