New Jersey Resources

What New Jersey Resources does

New Jersey Resources Corporation (NYSE: NJR) is a Fortune 1000 diversified energy services holding company headquartered in Wall, New Jersey, founded in 1952 and publicly listed since 1982. It operates through five wholly owned subsidiaries: New Jersey Natural Gas (NJNG), the core regulated local distribution company serving approximately 600,000 customers across 100+ municipalities through a 7,500-mile pipeline network in Monmouth, Ocean, Morris, Middlesex, Sussex, and Burlington counties; NJR Clean Energy Ventures (CEV), which invests in, owns, and operates solar generation assets with a nearly 1 GW commercial pipeline and over 500 MW of in-service capacity (including the 8.9 MW Canoe Brook floating array, the largest in North America at the time of commissioning); NJR Energy Services, a North American physical natural gas marketing and wholesale business; NJR Storage and Transportation, which owns the Leaf River and Adelphia Gateway pipelines and a 50% stake in the Steckman Ridge storage facility; and NJR Home Services, a residential HVAC, generator, water heater, and comfort-products contractor in New Jersey.

Revenue is generated through a hybrid regulated and merchant model. The regulated NJNG business earns a NJBPU-approved rate of return on its rate base through base delivery rates and a pass-through Basic Gas Supply Service (BGSS) commodity charge; the company has filed concurrently for an 8.9% bill reduction for the 2026-2027 winter season and recovery on approximately $950 million in system investments, plus a separate $222.6M base-rate increase tied to ~$850M of investment. Energy Services and Storage and Transportation generate merchant revenue from physical natural gas transport, storage, and customized energy solutions for wholesale and industrial customers across North America (Q2 fiscal 2026 Energy Services NFE was $37.0M, materially aided by Winter Storm Fern volatility where hedged prices around $2.25 contrasted with unhedged peaks of $135). Clean Energy Ventures earns usage-based revenue from commercial and (until November 2024) residential solar PPAs and leases; Home Services sells subscription-style service contracts and equipment. Five-year capex guidance of $4.8-5.2 billion through 2030 (with >60% to NJNG) and an executive leadership transition effective January 1, 2026 are the principal forward capital allocation and governance signals.

Name

New Jersey Resources

Legal name

New Jersey Resources Corporation

Website

https://njresources.com

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

New Jersey Resources (NYSE: NJR) is a Fortune 1000 diversified energy holding company that distributes natural gas to approximately 600,000 New Jersey customers through subsidiary NJNG and operates solar, midstream, and home services businesses.

Ownership category

akta.pro rank

Product category

Natural Gas Distribution & Energy Services

NAICS

Natural Gas Distribution (221210), Natural Gas Distribution (2212), Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862)

SIC

Natural Gas Distribution (4924), Natural Gas Transmission (4922)

akta.pro primary industry

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA)

akta.pro secondary industries

Gas Pipeline & Midstream Asset Management (EUAEAMAF), Network Construction, Replacement & Uprates (Capex Programs) (EUAJABAL), Decarbonization Planning for Distribution Networks (RNG/H2 Readiness) (EUAJAEAL)

Keywords

• Natural gas distribution
• Solar energy generation
• Energy infrastructure services
• Pipeline storage transportation
• Residential HVAC services

Headquarters

HQ city

Monroe Township

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Gas Distribution (NJNG): Regulated natural gas distribution services to approximately 600,000 customers across over 100 municipalities in New Jersey. Revenue comes from base delivery rates and BGSS (Basic Gas Supply Service) commodity charges passed through to customers. NJNG submitted filings for 8.9% bill reduction while seeking rate recovery for $950 million in system investments.
2. Clean Energy Ventures (Solar): Invests in, owns and operates solar projects providing low-carbon solutions. Sells 91 MW residential solar portfolio to Spruce Power for $132.5 million while focusing on commercial solar with nearly 1 GW pipeline. Surpassed 500 MW of in-service capacity.
3. Energy Services: Manages diversified portfolio of natural gas transportation and storage assets, providing physical natural gas services and customized energy solutions to customers across North America. Delivered $37.0 million in Q2 NFE driven by natural gas price volatility.
4. Storage and Transportation: Serves customers from local distributors and producers to electric generators and wholesale marketers through ownership of Leaf River and Adelphia Gateway Pipeline, plus 50% equity ownership in Steckman Ridge natural gas storage facility.
5. 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.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

New Jersey Resources operates as a diversified energy services holding company. Its core offering is regulated natural gas distribution through its New Jersey Natural Gas (NJNG) subsidiary, serving approximately 600,000 customers across more than 100 New Jersey municipalities via a 7,500-mile pipeline network. Complementary offerings include commercial solar project development through Clean Energy Ventures, midstream natural gas storage and transportation services, wholesale energy marketing, and residential HVAC and home comfort services.

Product overview

New Jersey Resources is a Fortune 1000 diversified energy services company composed of five primary business units operating as an integrated platform. The core offering centers on New Jersey Natural Gas (NJNG), which operates over 7,500 miles of natural gas infrastructure serving approximately 600,000 customers. Clean Energy Ventures provides solar solutions with commercial operations across multiple states. Energy Services manages natural gas transportation and storage assets across North America, while Storage and Transportation operates pipeline and storage assets including Leaf River and Adelphia Gateway. Home Services delivers HVAC and comfort products to residential customers. The company supports its utility operations with complementary programs including SAVEGREEN (energy efficiency), Conserve to Preserve (conservation), The Sunlight Advantage (residential solar), and the Coastal Climate Initiative (environmental stewardship).

Differentiator

Problem solved

Functional benefit

Brands

• The Sunlight Advantage: Residential solar program brand providing homeowners with solar system installation with no installation or maintenance expenses through lease agreements
• Conserve to Preserve
• SAVEGREEN Project
• Coastal Climate Initiative
• NJR You Days
• VISION (Volunteers Inspiring Service in Our Neighborhoods)

Products and services

• New Jersey Natural Gas (NJNG) Principal subsidiary providing regulated natural gas distribution and transportation services to approximately 600,000 customers across Monmouth, Ocean, Morris, Middlesex, Sussex, and Burlington counties in New Jersey via a 7,500-mile pipeline network.
• NJR Clean Energy Ventures Invests in, owns, and operates commercial-scale solar projects providing low-carbon energy solutions across multiple states (New Jersey, New York, Connecticut, Rhode Island, Indiana, Michigan), with nearly 1 GW of pipeline capacity and 500+ MW in-service.
• NJR Energy Services Manages a diversified portfolio of natural gas transportation and storage assets, providing physical natural gas services, hedging, and customized energy solutions to wholesale customers across North America.
• NJR Storage and Transportation Serves wholesale customers from local distributors and producers to electric generators and wholesale marketers through ownership of Leaf River and Adelphia Gateway Pipeline, plus 50% equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services Provides service contracts plus heating, central air conditioning, water heaters, standby generators, solar, and other indoor and outdoor comfort products to residential homeowners throughout New Jersey.
• SAVEGREEN Energy Efficiency Program Energy efficiency program offering rebates, 0% financing, and incentives for customers to reduce natural gas usage through equipment upgrades, hybrid heat pumps, and geothermal systems; authorized to invest $385.6 million over 30 months, projected to save 109.8 million therms of natural gas.
• Canoe Brook Floating Solar Array 8.9 MW floating solar installation at the Canoe Brook reservoir in Short Hills, NJ, the largest floating solar array in North America at the time of launch, providing approximately 95% of the power needs of the Canoe Brook Water Treatment Plant (serving 84,000 water customers) and avoiding 8,121 metric tons of greenhouse gas emissions annually.

Quantifiable outcome

• 8.9% reduction in customer bills for 2026-2027 winter season (approximately $158 annual savings per residential customer)
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered minor and core.

• Cornerstone Energy ServicesminorOthers · 11 May 2026Prior employer of Helen Ayotte, new VP of Engineering, Construction and Asset Management at NJNG.
• Summit Utilities Inc.minorOthers · 11 May 2026Prior employer of Helen Ayotte, new VP of Engineering, Construction and Asset Management at NJNG.
• Unitil Corporation/Northern UtilitiesminorOthers · 11 May 2026Prior employer of Helen Ayotte, new VP of Engineering, Construction and Asset Management at NJNG.
• Ducks UnlimitedcoreStrategic or Co-development Partner · 21 January 2026$50,000 donation from Coastal Climate Initiative to protect and enhance 35 acres of wetlands on Cattus Island in Ocean County. Supports planning, engineering design, surveying, and permitting for wetland restoration.
• Rutgers UniversitycoreStrategic or Co-development Partner · 21 January 2025$50,000 pledge to launch Rutgers Vibrant Communities Sustainability & Resiliency Project at Manitou Park in Berkeley Township, engaging graduate students in sustainable landscape master planning.
• Spruce Power Holding CorporationcoreOthers · 26 November 2024Sold 91 MW residential solar portfolio to Spruce Power for $132.5 million, with Spruce assuming approximately 9,800 homeowner lease agreements. NJR used proceeds for debt reduction and general working capital while focusing CEV on commercial solar operations.
• New Jersey American WatercoreStrategic or Co-development PartnerNJR Clean Energy Ventures developed and operates 8.9 MW floating solar array at Canoe Brook Water Treatment Plant, providing approximately 95% of facility's power needs. Project uses innovative floating racking technology on 17 acres of reservoir.
• Solar Renewable Energy LLC (SRE)coreTechnology or IntegrationProject developer for floating solar projects including Canoe Brook (8.9 MW) and Sayreville (4.4 MW) arrays. SRE developed and permitted projects before CEV acquisition.
• RETIEWminorImplementation/ SI/ Consulting PartnerEngineering, procurement, and construction services provider for Canoe Brook floating solar project.
• The Nature Conservancy in New JerseycoreStrategic or Co-development PartnerCCI partnership for salt marsh restoration along Jersey Shore. Phase 1 surveys of 20-25 municipalities targeting 2,000 acres of salt marsh restoration to protect 100,000+ coastal residents. Nearly $100,000 donated through customer and company matching.
• Monmouth Conservation FoundationcoreStrategic or Co-development PartnerFive-year funding commitment of $500,000 to reduce invasive species, restore biodiversity, expand public access and education at Scudder Preserve, a 90-acre habitat in Monmouth County.
• New Jersey AuduboncoreStrategic or Co-development PartnerFive-year funding commitment of $560,000 for preservation and restoration of Hovnanian Sanctuary including 100 acres of upland forest, 15+ acres of Atlantic white cedar forest, and 5+ miles of trails.
• Monmouth University Urban Coast InstitutecoreStrategic or Co-development Partner$75,000 funding to support Clam Cove Living Shoreline Project as part of Long Beach Township's Coastal Wetland Restoration efforts.
• Natural Resources Education FoundationcoreStrategic or Co-development Partner$50,000 funding to support expansion and preservation of The Lighthouse Center, a 200-acre coastal habitat property in Waretown, Ocean County.
• Conserve Wildlife FoundationminorStrategic or Co-development Partner$17,500 funding for American Oystercatcher Beach Nesting Bird Survey, Coastal Resilience Eco-Education Program, and Soaring with STEAM Educational Program.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Southwest Gas Holdings: Natural gas distribution utility serving customers across Arizona, Nevada, and California. Directly comparable to NJNG as a regulated LDC with infrastructure investment programs and customer growth strategies in geographically defined service territories.
• ONE Gas: Pure-play natural gas distribution utility serving Oklahoma, Kansas, and Texas. Closely comparable business model with regulated rate base growth, system integrity programs, and energy efficiency offerings similar to NJNG.
• Northwest Natural Holding: Natural gas distribution utility serving Oregon, Washington, and Idaho with growing renewable natural gas business. Comparable as a regulated LDC pursuing decarbonization through RNG blending and renewable gas investments, mirroring NJR's clean energy diversification strategy.
• Spire Inc: Natural gas distribution utility and midstream operator serving Missouri, Alabama, and Mississippi. Comparable diversified platform combining regulated gas distribution with gas storage and pipeline assets similar to NJR's Storage and Transportation segment.
• Atmos Energy: Largest U.S. natural gas-only distribution utility serving over 3 million customers across Texas, Kentucky, Tennessee, Louisiana, Mississippi, Colorado, Virginia, and other states. Comparable pure-play gas utility model with extensive pipeline infrastructure and pipeline replacement programs.
• Chesapeake Utilities: Natural gas distribution and transmission utility serving the Delmarva Peninsula and Florida. Comparable smaller-cap diversified energy platform with regulated gas distribution and unregulated energy services, similar in scale and scope to NJR.
• National Fuel Gas Company: Integrated natural gas company with exploration/production, pipeline, storage, and regulated distribution operations. Comparable diversified gas value chain exposure including midstream storage assets like NJR's Leaf River, Adelphia Gateway, and Steckman Ridge investments.
• South Jersey Industries (SJI): Natural gas distribution utility serving southern New Jersey with growing clean energy and midstream businesses. Direct geographic and business model competitor to NJNG in the overlapping New Jersey service territory.

Broad incumbents

• Public Service Enterprise Group (PSEG): Large New Jersey-based electric utility and nuclear generator. Operates in the same NJ regulatory jurisdiction and customer base as NJNG, representing both an adjacent incumbent and a potential competitor for residential energy services and clean energy programs.

Regional players

• Middlesex Water Company: New Jersey-based water and wastewater utility serving customers in the same geographic region. Comparable as a small-cap NJ regulated utility infrastructure operator, though focused on water rather than gas distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/NJNaturalGas
• Facebookfacebook.com/NewJerseyNaturalGas
• LinkedInlinkedin.com/company/new-jersey-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Jersey Resources