New Jersey Resources Corporation (NJR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación energética, la Corporación de Recursos de Nueva Jersey (NJR) emerge como una potencia, navegando estratégicamente la compleja intersección de la distribución tradicional de gas natural y las soluciones de energía renovable de vanguardia. Con un modelo de negocio multifacético que equilibra la confiabilidad, la sostenibilidad y el avance tecnológico, NJR está a la vanguardia de la transformación de cómo las comunidades y las empresas consumen e interactúan con los recursos energéticos. Su enfoque integral no solo aborda las necesidades energéticas inmediatas, sino que también es pionera en una visión a futuro que promete remodelar el futuro del sector energético.

New Jersey Resources Corporation (NJR) - Modelo de negocios: asociaciones clave

Productores y distribuidores de gas natural

NJR se asocia con múltiples productores y distribuidores de gas natural para garantizar operaciones estables de la cadena de suministro.

Pareja	Detalles de la asociación	Volumen anual
Transmisión oriental de Texas	Acuerdo de transporte de gas	87.3 millones de dekatherms
Oleoducto	Colaboración de infraestructura	102.5 millones de Dekatherms

Proveedores de tecnología de energía renovable

NJR colabora activamente con empresas de tecnología renovable para expandir la cartera de energía limpia.

• Asociación de tecnología solar con Sunrun Inc.
• Colaboración de energía eólica con Vestas Wind Systems
• Acuerdo de tecnología de almacenamiento de baterías con Tesla

Infraestructura y empresas de construcción de servicios públicos

NJR mantiene asociaciones estratégicas con empresas de construcción e ingeniería.

Socio de construcción	Tipo de proyecto	Inversión anual
Jacobs Engineering Group	Desarrollo de infraestructura	$ 45.2 millones
Negro & Timón	Proyectos de expansión de servicios públicos	$ 37.6 millones

Agencias gubernamentales locales y estatales

NJR colabora con entidades gubernamentales para el cumplimiento regulatorio y el desarrollo de la infraestructura.

• Junta de servicios públicos de Nueva Jersey
• Departamento de Protección Ambiental de Nueva Jersey
• Autoridad de desarrollo económico de Nueva Jersey

Instituciones financieras y socios de inversión

NJR mantiene asociaciones financieras estratégicas para apoyar el crecimiento y los requisitos de capital.

Socio financiero	Tipo de asociación	Monto de la inversión
Goldman Sachs	Recaudación de capital	Capacidad de crédito de $ 250 millones
JPMorgan Chase	Financiamiento de proyectos	Inversión de infraestructura de $ 180 millones

New Jersey Resources Corporation (NJR) - Modelo de negocio: actividades clave

Distribución y transmisión de gas natural

New Jersey Resources Corporation opera a través de New Jersey Natural Gas (NJNG), atendiendo a aproximadamente 564,000 clientes en 241 millas cuadradas en Nueva Jersey. En el año fiscal 2023, la compañía reportó $ 2.07 mil millones en ingresos operativos totales para su segmento de gas natural.

Métrico	Valor
Millas de distribución de gas total	6.800 millas
Rendimiento anual de gas	239.2 mil millones de pies cúbicos
Base de clientes	564,000 clientes residenciales y comerciales

Desarrollo del proyecto de energía renovable

NJR Clean Energy Ventures se centra en las inversiones de energía renovable con un cartera actual de 273 MW de activos solares y eólicos.

• Inversiones de proyectos solares en múltiples estados
• Asociaciones de desarrollo de energía eólica
• Implementaciones del programa solar comunitario

Gestión de infraestructura energética

NJR Capital Markets administra inversiones de infraestructura energética con $ 272 millones en inversiones de proyectos de infraestructura a partir del año fiscal 2023.

Categoría de inversión de infraestructura	Monto de la inversión
Infraestructura de la corriente intermedia	$ 156 millones
Proyectos de almacenamiento de energía	$ 86 millones
Modernización de la cuadrícula	$ 30 millones

Servicios de eficiencia energética

NJNG proporciona programas de eficiencia energética con Inversión anual de $ 14.5 millones en iniciativas de conservación de energía del cliente.

• Rendimiento en el hogar con el programa Energy Star®
• Incentivos de reemplazo del sistema de calefacción
• Auditorías de energía comercial e industrial

Soluciones de energía minorista

NJR ofrece soluciones de energía integrales para clientes residenciales y comerciales con $ 638 millones en ingresos por energía minorista en el año fiscal 2023.

Segmento de clientes	Ingresos anuales
Clientes residenciales	$ 412 millones
Clientes comerciales	$ 226 millones

New Jersey Resources Corporation (NJR) - Modelo de negocios: recursos clave

Extensa red de tuberías de gas natural

NJR posee y opera aproximadamente 1,100 millas de tuberías de transmisión y distribución de gas natural en Nueva Jersey.

Activo de tuberías	Especificación
Longitud total de la tubería	1.100 millas
Vía de Servício	Nueva Jersey
Rango de diámetro de la tubería	2 a 24 pulgadas

Activos de generación de energía renovable

NJR ha invertido en infraestructura de energía renovable con capacidades específicas:

• Capacidad de generación de energía solar de 45 megavatios
• Proyectos de desarrollo de energía eólica en múltiples estados
• La cartera de energía renovable se expande anualmente

Experiencia técnica en infraestructura energética

NJR mantiene fuerza laboral técnica altamente especializada con experiencia promedio de la industria de 15 años.

Categoría de experiencia técnica	Número de profesionales
Personal de ingeniería	225
Especialistas en infraestructura	175

Capacidades de capital financiero y de inversión sólidos

Recursos financieros a partir del informe anual de 2023:

• Activos totales: $ 4.6 mil millones
• Equidad de los accionistas: $ 1.8 mil millones
• Gastos de capital anuales: $ 350 millones

Fuerza laboral calificada con conocimiento de la industria energética

Composición y capacidades de la fuerza laboral:

Métrica de la fuerza laboral	Valor
Total de empleados	1,100
Títulos avanzados	38%
Promedio de la tenencia del empleado	12 años

New Jersey Resources Corporation (NJR) - Modelo de negocio: propuestas de valor

Soluciones de energía confiables y asequibles

NJR entregó 75.6 mil millones de pies cúbicos de gas natural en el año fiscal 2023. El segmento de servicios públicos regulado de la compañía atendió aproximadamente 564,000 clientes residenciales y comerciales en Nueva Jersey.

Métricas de entrega de energía	2023 cifras
Gas natural total entregado	75.6 mil millones de pies cúbicos
Base de clientes	564,000 clientes
Vía de Servício	Nueva Jersey

Alternativas de energía sostenible y limpia

Las inversiones de energía limpia de NJR alcanzaron los $ 150 millones en 2023, centrándose en la infraestructura renovable y las estrategias de reducción de carbono.

• Proyectos de desarrollo de energía solar
• Iniciativas de reducción de emisiones de carbono
• Inversiones de infraestructura renovable

Servicios integrales de infraestructura energética

El segmento Midstream y Storage de NJR logró 5.400 millones de pies cúbicos de capacidad de almacenamiento de gas natural en 2023.

Capacidades de infraestructura	2023 métricas
Capacidad de almacenamiento de gas natural	5.400 millones de pies cúbicos
Infraestructura de tuberías	Extensa red de Nueva Jersey

Soluciones de energía personalizadas para diversas necesidades del cliente

El segmento comercial e industrial de NJR generó $ 347 millones en ingresos durante el año fiscal 2023, demostrando soluciones de energía a medida.

• Estrategias flexibles de adquisición de energía
• Paquetes de energía comercial personalizados
• Servicios avanzados de gestión de energía

Compromiso con la responsabilidad ambiental e innovación

NJR invirtió $ 200 millones en innovaciones ambientales y tecnológicas en 2023, dirigido a la neutralidad de carbono y las transiciones de energía sostenible.

Categorías de inversión ambiental	2023 inversión
Proyectos de energía renovable	$ 100 millones
Tecnologías de reducción de carbono	$ 50 millones
Investigación de innovación	$ 50 millones

New Jersey Resources Corporation (NJR) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

NJR mantiene un equipo de servicio al cliente dedicado que maneja 412,563 cuentas de energía residencial y comercial en Nueva Jersey a partir de 2023. La compañía opera un centro de atención al cliente 24/7 con un tiempo de respuesta promedio de 3.2 minutos.

Métrica de servicio al cliente	2023 rendimiento
Cuentas totales de clientes	412,563
Tiempo de respuesta promedio	3.2 minutos
Calificación de satisfacción del cliente	87.5%

Plataformas de compromiso digital

NJR ha invertido $ 2.3 millones en infraestructura digital, proporcionando a los clientes herramientas de gestión de cuentas en línea. La aplicación móvil y el soporte del portal web de la compañía:

• Seguimiento de uso de energía en tiempo real
• Servicios de pago de facturas
• Análisis de consumo de energía digital
• Acceso automatizado de lectura del medidor

Contratos de servicio de energía a largo plazo

En 2023, NJR obtuvo 287 contratos de servicio de energía a largo plazo con clientes comerciales e industriales, lo que representa $ 43.6 millones en ingresos recurrentes anuales.

Tipo de contrato	Número de contratos	Ingresos anuales
Contratos comerciales	214	$ 31.2 millones
Contratos industriales	73	$ 12.4 millones

Consulta de eficiencia energética

NJR ofrece consultas gratuitas de eficiencia energética a 6.742 clientes residenciales en 2023, ayudando a los clientes a reducir el consumo de energía en un promedio de 22.5%.

Programas de divulgación y educación comunitaria

La compañía invirtió $ 1.7 millones en iniciativas de educación comunitaria, llegando a 42,356 personas a través de:

• Programas de concientización sobre energía escolar
• Talleres de sostenibilidad de la comunidad
• Seminarios de conservación ambiental

Categoría de programa	Participantes	Inversión
Programas escolares	18,642	$752,000
Talleres de la comunidad	23,714	$948,000

New Jersey Resources Corporation (NJR) - Modelo de negocios: canales

Portal de clientes en línea

NJR proporciona una plataforma digital integral para las interacciones del cliente con $ 0.8 millones invertidos en infraestructura digital en 2023. El portal en línea procesa aproximadamente 62,000 transacciones de clientes mensualmente.

Característica de portal	Estadísticas de uso
Usuarios activos mensuales	48,375
Volumen anual de transacción digital	744,000
Inversión de plataforma digital	$800,000

Aplicaciones móviles

La aplicación móvil de NJR admite interacciones con el servicio al cliente con 35,000 usuarios mensuales activos.

• Conteo de descarga de la aplicación: 87,500
• Porcentaje de transacción móvil: 22% de las interacciones totales del cliente
• Presupuesto anual de desarrollo de aplicaciones móviles: $ 450,000

Equipos de ventas directos

NJR mantiene 127 representantes de ventas directas en Nueva Jersey y las regiones circundantes.

Métrica del equipo de ventas	Punto de datos
Representantes de ventas totales	127
Ventas anuales promedio por representante	$1,275,000
Generación de ingresos totales del equipo de ventas	$161,925,000

Centros de servicio al cliente

NJR opera 3 centros de servicio al cliente primarios que manejan 92,500 interacciones con el cliente mensualmente.

• Tiempo de resolución de llamadas promedio: 7.2 minutos
• Tasa de satisfacción del cliente: 88%
• Presupuesto operativo anual de servicio al cliente: $ 5.6 millones

Plataformas de comunicación digital

NJR utiliza múltiples canales de comunicación digital con un presupuesto anual de marketing digital de $ 1.2 millones.

Plataforma digital	Compromiso mensual
LinkedIn	45,000 seguidores
Gorjeo	32,500 seguidores
Facebook	67,800 seguidores

New Jersey Resources Corporation (NJR) - Modelo de negocios: segmentos de clientes

Consumidores de energía residencial

A partir de 2023, NJR atiende a aproximadamente 538,000 clientes residenciales en Nueva Jersey.

Categoría de clientes	Número de clientes	Consumo anual de energía
Casas unifamiliares	372,000	6.840 kWh por hogar
Residencias multifamiliares	166,000	4.200 kWh por unidad

Negocios comerciales e industriales

NJR brinda servicios de energía a 82,500 clientes comerciales e industriales en Nueva Jersey.

• Sector de fabricación: 22,300 clientes
• Negocios minoristas: 34,600 clientes
• Instalaciones de atención médica: 8,900 clientes
• Instituciones educativas: 6.700 clientes
• Otras entidades comerciales: 10,000 clientes

Entidades municipales y gubernamentales

NJR atiende a 215 organizaciones municipales y gubernamentales en Nueva Jersey.

Nivel gubernamental	Número de clientes	Gasto de energía anual
Gobiernos municipales	158	$ 14.3 millones
Gobiernos del condado	37	$ 6.7 millones
Instalaciones estatales	20	$ 9.2 millones

Desarrolladores de proyectos de energía renovable

NJR apoya activamente 47 proyectos de desarrollo de energía renovable en 2023.

• Proyectos solares: 29
• Proyectos de energía eólica: 12
• Proyectos de biomasa: 6

Organizaciones de servicios públicos e infraestructura

NJR colabora con 23 organizaciones de servicios públicos e infraestructura.

Tipo de infraestructura	Número de asociaciones	Valor de colaboración anual
Utilidades eléctricos	12	$ 42.6 millones
Distribuidores de gas natural	7	$ 18.3 millones
Proveedores de infraestructura de cuadrícula	4	$ 22.9 millones

New Jersey Resources Corporation (NJR) - Modelo de negocio: Estructura de costos

Mantenimiento y desarrollo de infraestructura

Para el año fiscal 2023, NJR reportó gastos de capital totales de $ 324.7 millones, con importantes inversiones en infraestructura de tuberías y sistemas de distribución de energía.

Categoría de infraestructura	Cantidad de gastos
Infraestructura de tuberías de gas natural	$ 187.3 millones
Sistemas de distribución de energía	$ 92.5 millones
Infraestructura de energía renovable	$ 44.9 millones

Actualizaciones de tecnología y sistema

NJR invirtió $ 42.1 millones en iniciativas tecnológicas y de transformación digital en 2023.

• Actualizaciones de infraestructura de ciberseguridad: $ 16.3 millones
• Sistemas de gestión de datos y computación en la nube: $ 12.7 millones
• Modernización de tecnología operativa: $ 13.1 millones

Salarios y capacitación de los empleados

Los gastos totales de personal para NJR en el año fiscal 2023 fueron de $ 278.6 millones.

Categoría de gastos	Cantidad
Salarios base	$ 214.3 millones
Beneficios para empleados	$ 48.7 millones
Capacitación y desarrollo profesional	$ 15.6 millones

Gastos de cumplimiento regulatorio

NJR gastó $ 37.5 millones en cumplimiento regulatorio y requisitos legales en 2023.

• Cumplimiento ambiental: $ 18.2 millones
• Regulaciones de seguridad: $ 12.7 millones
• Informes y documentación: $ 6.6 millones

Inversiones de investigación y desarrollo

NJR asignó $ 29.3 millones a iniciativas de investigación y desarrollo en el año fiscal 2023.

Área de enfoque de I + D	Monto de la inversión
Tecnologías de energía limpia	$ 15.6 millones
Soluciones de eficiencia energética	$ 8.7 millones
Innovación digital	$ 5 millones

New Jersey Resources Corporation (NJR) - Modelo de negocios: flujos de ingresos

Tarifas de distribución de gas natural

Para el año fiscal 2023, el segmento de distribución de gas natural de NJR reportó ingresos totales de $ 1,048.8 millones. La compañía atiende a aproximadamente 558,000 clientes residenciales y comerciales en Nueva Jersey.

Segmento de clientes	Número de clientes	Ingresos anuales
Clientes residenciales	502,200	$ 742.3 millones
Clientes comerciales	55,800	$ 306.5 millones

Ingresos del proyecto de energía renovable

Las inversiones de energía limpia de NJR generaron $ 157.2 millones en ingresos para 2023. La compañía se ha comprometido a invertir $ 1.5 mil millones en proyectos de energía limpia hasta 2030.

• Proyectos de energía solar: $ 86.4 millones
• Inversiones de energía eólica: $ 45.7 millones
• Proyectos de almacenamiento de baterías: $ 25.1 millones

Cargos de servicio de eficiencia energética

Los servicios de eficiencia energética generaron $ 62.5 millones en ingresos para NJR en el año fiscal 2023. La compañía completó 12,400 instalaciones de eficiencia energética para clientes residenciales y comerciales.

Consultoría de infraestructura de servicios públicos

El segmento de consultoría de infraestructura de servicios públicos de NJR ganó $ 37.6 millones en 2023, con servicios que abarcan 15 estados en los Estados Unidos.

Venta de productos de energía minorista

Las ventas de productos de energía minorista contribuyeron con $ 94.3 millones a los ingresos totales de NJR en 2023, con una cartera diversa de actividades de marketing y comercio de energía.

Categoría de productos	Ganancia	Cuota de mercado
Minorista de gas natural	$ 68.7 millones	72.8%
Minorista de electricidad	$ 25.6 millones	27.2%

New Jersey Resources Corporation (NJR) - Canvas Business Model: Value Propositions

You're looking at the core promises New Jersey Resources Corporation (NJR) makes to its various customer groups. It's a mix of regulated stability and growth-oriented clean energy plays, which is how they manage risk and deliver value across the board.

Safe, reliable, and regulated natural gas distribution service

The foundation is New Jersey Natural Gas (NJNG), the regulated utility. They operate and maintain the infrastructure to deliver gas safely. This stability is reinforced by regulatory actions, like the $157.0 million annual increase to base rates authorized by the New Jersey Board of Public Utilities (BPU) effective November 21, 2024. This helps secure predictable returns on their physical assets. They are also actively modernizing this system through the Infrastructure Investment Program (IIP), a five-year, $150 million accelerated recovery program that began in fiscal 2021; they spent $24.0 million under this program in the first nine months of fiscal 2025 alone. That's how they keep the service reliable.

Low-carbon energy solutions through commercial solar projects

Through Clean Energy Ventures (CEV), NJR invests in and operates solar projects, offering low-carbon alternatives. They placed a record 93.6 MW of solar capacity into service in fiscal 2025. As of June 30, 2025, CEV had about 418MW of commercial solar capacity in service across states like New Jersey, New York, and Michigan. This segment is clearly focused on growth, having added 32.1MW from five commercial projects in the first nine months of fiscal 2025.

Energy efficiency and savings via the SAVEGREEN® program ($98 million invested in FY2025)

NJR helps customers reduce usage and save money through energy efficiency. The company reported record investments under its SAVEGREEN energy efficiency program in fiscal 2025, with a stated investment of $98 million for the full fiscal year. This is supported by a massive new program approved in late 2024, the next generation of SAVEGREEN®, valued at $385.6 million and effective from January 1, 2025, through June 30, 2027. For the first nine months of fiscal 2025, NJNG invested $72.9 million in these upgrades and recovered $13.0 million through the efficiency rate.

Customized energy solutions and asset management for wholesale customers

NJR Energy Services manages a diverse portfolio of natural gas transportation and storage assets, providing physical gas services and tailored solutions across North America. The Storage and Transportation segment, which includes assets like Leaf River Energy Center and a 50 percent stake in Steckman Ridge, generated a fiscal 2025 year-to-date Net Financial Earnings (NFE) contribution of $13.9 million as of June 30, 2025. Energy Services contributed $39.4 million in NFE over the same nine-month period. Furthermore, Adelphia Gateway, LLC reached a settlement in principle with customers on its Section 4 rate case on June 26, 2025, addressing transportation cost-of-service rates.

Home comfort products and service contracts for residential customers

NJR Home Services provides residential customers in New Jersey with service contracts and comfort products, including HVAC and standby generators. This segment provides a steady, albeit smaller, stream of earnings, reporting a fiscal 2025 year-to-date NFE contribution of $0.4 million through the first nine months of the year.

Here's a quick look at the scale of the utility and clean energy operations as of mid-2025:

Metric	New Jersey Natural Gas (NJNG)	Clean Energy Ventures (CEV)
Customers/Capacity Served (as of June 30, 2025)	Approximately 588,000 customers	Approximately 418MW of commercial solar capacity in service
Infrastructure/Asset Value Context	$157.0 million annual base rate increase effective late 2024	$385.6 million new SAVEGREEN program approved (Jan 2025 start)
FY2025 Year-to-Date Investment/Deployment (9 Months)	$24.0 million spent on Infrastructure Investment Program (IIP)	32.1MW added to total installed capacity

The regulated utility's stability is clear, supporting about 64% to 67% of the parent company's expected fiscal 2025 Net Financial Earnings contribution, while Clean Energy Ventures is targeted for 20% to 22% of the expected contribution.

New Jersey Resources Corporation (NJR) - Canvas Business Model: Customer Relationships

You're looking at how New Jersey Resources Corporation (NJR) manages its direct interactions and ongoing commitments with its diverse customer base across its utility and non-utility segments. It's a mix of regulated service mandates and market-driven service offerings.

Regulated service model with state oversight (New Jersey Board of Public Utilities)

New Jersey Natural Gas (NJNG), the utility arm, provides regulated natural gas service to customers across Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey. This operation is directly subject to rate regulation by the New Jersey Board of Public Utilities (BPU). For instance, following a base rate case settlement approved by the BPU on November 21, 2024, NJNG implemented a $157.0 million annual increase to its base rates. The Storage and Transportation (S&T) segment's subsidiaries, like Adelphia Gateway, LLC, are subject to rate regulation by the Federal Energy Regulatory Commission (FERC), with Adelphia reaching a settlement in principle with customers on June 26, 2025.

Dedicated energy efficiency program support (SAVEGREEN®)

New Jersey Resources Corporation supports customer energy management through its dedicated energy efficiency program, SAVEGREEN®. The BPU approved a new, large-scale SAVEGREEN® program on October 30, 2024, totaling $385.6 million, set to run from January 1, 2025, through June 30, 2027. For the full fiscal year 2025, the investment under the SAVEGREEN® energy efficiency program reached a record $98 million. Year-to-date through the third quarter of fiscal 2025 (ended June 30, 2025), the investment totaled $72.9 million in energy-efficiency upgrades for homes and businesses.

Direct customer service and billing for 589,000 utility accounts

The direct relationship with the core utility customer base is substantial. As of September 30, 2025, NJNG serviced approximately 589,000 customers across its service territory. This involves direct customer service and billing operations for these accounts. The base rate increase effective in late 2024 was expected to result in an initial overall increase of $27.30, or 1.8 percent, on a typical 1,000-therm annual residential bill.

Here's a quick look at the utility customer base and related program investment figures:

Metric	Value	As of Date/Period
NJNG Utility Customers	589,000	September 30, 2025
New SAVEGREEN® Program Total Cost	$385.6 million	Approved October 30, 2024
Fiscal 2025 SAVEGREEN® Investment (YTD Q3)	$72.9 million	First nine months of fiscal 2025
Fiscal 2025 Record SAVEGREEN® Investment (Annual)	$98 million	Fiscal 2025 Year-End
Annual Base Rate Increase Authorized by BPU	$157.0 million	Effective November 21, 2024

Long-term contracts for natural gas transportation and storage capacity

For the Storage and Transportation (S&T) segment, customer relationships are formalized through long-term agreements. The performance obligation involves providing customers with storage and transportation services. Revenue is generated from firm storage contracts and transportation contracts. For example, Adelphia Gateway, LLC, filed its Section 4 rate case with FERC on September 30, 2024, and reached a settlement in principle with customers on June 26, 2025.

Home Services subscription and installation contracts

The Home Services and Other Operations segment engages customers through service contracts for maintenance and replacement of heating, cooling, or ventilation equipment. These contracts recognize revenue on a straight-line basis over the contract term. For the full fiscal year 2025 (ended September 30, 2025), Home Services reported a net financial loss of $(0.4) million, an improvement from breakeven Net Financial Earnings (NFE) in fiscal 2024. For the year-to-date period ended June 30, 2025, the segment reported higher installation and service contract revenue compared to the prior year period.

Key financial performance indicators for Home Services:

• Fiscal 2025 full-year net financial loss: $(0.4) million.
• Fiscal 2024 full-year NFE: breakeven.
• Fiscal 2025 year-to-date net financial loss (ended June 30): $(0.4) million.
• Fiscal 2024 year-to-date net financial loss (ended June 30): $(0.7) million.

Still, the segment saw higher installation and service contract revenue for the year-to-date period ended June 30, 2025.

Finance: draft 13-week cash view by Friday.

New Jersey Resources Corporation (NJR) - Canvas Business Model: Channels

You're looking at how New Jersey Resources Corporation (NJR) gets its value proposition to its customers and stakeholders as of late 2025. It's a mix of physical infrastructure, direct service, and digital interaction.

Physical natural gas distribution network and pipelines

The core channel is the physical network managed by New Jersey Natural Gas (NJNG). As of September 30, 2025, NJNG serviced approximately 589,000 customers across New Jersey's Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties. This distribution system covers 1,538 square miles, reaching an estimated population of 1.7 million people. Capital spending reflects this channel's importance; total capital expenditures for fiscal 2025 were $752.5 million. The Storage and Transportation segment also uses pipelines, like the Adelphia Gateway Pipeline, to reach wholesale marketers and electric generators.

Here's a snapshot of the physical asset scale and related investment:

Asset/Metric	Entity	Value (as of FY2025 End)
Customers Served	NJNG	589,000
Service Area Square Miles	NJNG	1,538
Total Fiscal 2025 Capital Expenditures	NJR (Consolidated)	$752.5 million
IIP Program Value	NJNG	$150 million over five years

Direct sales force and service technicians for Home Services

For the Home Services division, the channel is direct interaction via sales and service technicians. NJR has over 1,300 employees overall committed to customer support, conservation, and efficiency. This division offers service contracts and comfort products directly to residential homes in New Jersey. While this segment is smaller in terms of Net Financial Earnings (NFE) contribution-reporting a fiscal 2025 net financial loss of $(0.4) million for the full year-it represents a crucial, hands-on touchpoint for the customer base.

Investor Relations for financial community and shareowners

The financial community and shareowners are reached through formal Investor Relations channels. For fiscal 2025, the company delivered consolidated Net Financial Earnings (NFE) of $329.6 million, or $3.29 per share. Total fiscal 2025 Net Income was $335.6 million. Direct engagement with shareowners is evidenced by capital raised through the Dividend Reinvestment Plan (DRP), which brought in approximately $14.9 million, plus an additional $19.9 million from the DRP's waiver discount feature during fiscal 2025.

Digital channels for billing, conservation, and energy-saving information

Digital channels are used to deliver billing information and promote energy savings. The next generation of the SAVEGREEN® energy efficiency program, approved through June 30, 2027, represents a $385.6 million investment. In fiscal 2025 alone, the investment under the SAVEGREEN® program reached a record of $98 million. These digital and program-based channels help communicate conservation efforts like Conserve to Preserve®.

Wholesale market trading platforms for Energy Services

The Energy Services (ES) segment uses wholesale market trading platforms to transact. For the full fiscal year 2025, ES reported an NFE of $34.9 million. The fourth quarter of fiscal 2025 saw an NFE of $(4.5) million for ES, which management attributed to lower contributions from Asset Management Agreements (AMAs) signed in December 2020 compared to the prior year. The Storage and Transportation segment also interacts with wholesale markets via its assets, such as the Leaf River Energy Center.

The overall annual revenue for New Jersey Resources Corporation for the last reported fiscal year ending September 30, 2025, was $2.0 billion.

Finance: draft 13-week cash view by Friday.

New Jersey Resources Corporation (NJR) - Canvas Business Model: Customer Segments

Regulated residential and commercial natural gas customers in six NJ counties

New Jersey Natural Gas (NJNG), the principal subsidiary, serves customers across Monmouth, Ocean, Morris, Middlesex, Sussex, and Burlington counties in New Jersey. As of September 30, 2025, NJNG serviced approximately 589,000 firm customers.

Here's the quick math on the customer breakdown for the six months ended March 31, 2025, which gives a good view of the regulated base:

Customer Type	Number of Customers (Six Months Ended March 31, 2025)
Residential	532,699
Commercial, Industrial & Other	33,291
Total Firm Customers	588,050

The regulated segment's stability is enhanced by a decoupling mechanism, the Conservation Incentive Program (CIP), which insulates margin from usage volatility.

Wholesale energy marketers, electric generators, and local distributors

NJR Energy Services (NJRES) and the Storage & Transportation segment cater to these business-to-business customers across North America. The Storage & Transportation segment specifically serves customers including:

• Local distributors
• Producers
• Electric generators
• Wholesale marketers

These wholesale and transportation services are supported by assets like the Leaf River Energy Center and the Adelphia Gateway Pipeline Project.

Commercial and industrial businesses utilizing solar power solutions

NJR Clean Energy Ventures (NJRCEV) focuses on providing low-carbon solutions to commercial customers through owned solar projects. NJRCEV maintains a portfolio of approximately 417 megawatts of commercial solar capacity. As of an earlier report, the company maintained 70 commercial solar assets across six states. This segment is distinct from the residential solar portfolio, which was sold in November 2024.

Residential homeowners needing appliance service contracts and installations

NJR Home Services (NJRHS) targets residential homeowners throughout New Jersey with comfort products and related services. This segment provides:

• Service contracts
• Installation and repair of heating, central air conditioning, and water heaters
• Standby generators and other indoor/outdoor comfort products

NJRHS focuses on helping customers save energy and money through conservation and efficiency initiatives.

New Jersey Resources Corporation (NJR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive New Jersey Resources Corporation (NJR) operations, which are heavily weighted toward regulated utility assets and commodity markets. These costs are the foundation upon which their revenue streams are built.

High fixed costs from utility infrastructure and pipeline depreciation are a defining feature for NJR, especially through its New Jersey Natural Gas (NJNG) segment. These assets require constant upkeep and represent significant sunk capital. The depreciation expense reflects this investment in the physical network.

Significant capital expenditures show the ongoing commitment to maintaining and growing this infrastructure. You can see this commitment clearly in the full-year 2025 figures.

Here's a quick look at the major costs reported for the fiscal year 2025 (ending September 30, 2025), based on consolidated operating expenses:

Cost Category (GAAP Basis, Thousands)	Fiscal Year 2025 Amount
Natural gas purchases (Commodity Cost)	$528,992
Operation and maintenance	$230,876
Regulatory rider expense	$87,199
Depreciation and amortization	$140,368

Natural gas purchases and commodity costs are the largest variable expense, reported at $528,992 thousand for fiscal 2025. Remember, for the regulated utility business, these costs are generally passed through to customers via rates, meaning they are offset by corresponding revenues, but they still represent a massive cash flow component.

Operating and maintenance expenses for utility and solar assets are substantial. For the full fiscal year 2025, these expenses totaled $230,876 thousand. This covers keeping the gas mains safe and the solar facilities generating power.

The costs associated with maintaining the asset base are clear:

• Depreciation and amortization for fiscal 2025 totaled $140,368 thousand.
• The composite depreciation rate approved in the November 2024 base rate case settlement was 3.21 percent on rate base.
• NJNG invested $40.0 million under its Infrastructure Investment Program (IIP) during fiscal 2025.

Regulatory compliance and legal costs manifest in several ways. The Regulatory rider expense for fiscal 2025 was $87,199 thousand, covering state-mandated programs like energy efficiency. On the legal front, Adelphia Gateway, LLC (Adelphia), which is part of Storage and Transportation, filed a Section 4 rate case with FERC on September 30, 2024, and reached a settlement in principle with customers on June 26, 2025. While the final cost impact isn't fully detailed as a one-time charge here, rate case proceedings themselves involve significant legal and consulting expenses.

The overall investment picture for the year is stark:

• Total capital expenditures for fiscal 2025 were $752.5 million.
• This was an increase from $575.1 million in fiscal 2024.

Finance: draft 13-week cash view by Friday.

New Jersey Resources Corporation (NJR) - Canvas Business Model: Revenue Streams

The revenue streams for New Jersey Resources Corporation (NJR) are anchored by regulated utility operations, supplemented by contracted clean energy investments and midstream services. As of late 2025, the company's Total Revenue (TTM) was reported at $2.04 Billion USD for the twelve months ending September 30, 2025.

The core revenue driver remains the regulated utility gross margin generated by New Jersey Natural Gas (NJNG). For fiscal year 2025, this segment's Net Financial Earnings (NFE) totaled $213.5 million. This utility gross margin is projected to account for between 64% to 67% of total NFE. The stability of this revenue is supported by a recent base rate increase and the Conservation Incentive Program (CIP), a decoupling mechanism.

Second, earnings from Clean Energy Ventures (CEV) commercial solar projects provide a significant, growing component. CEV placed a record 93 megawatts (MW) of in-service capacity in fiscal 2025, bringing total installed capacity to 479 MW. This segment is expected to contribute between 20% to 22% of NFE. CEV is targeting installed capacity growth of over 50% by 2027.

Third, natural gas transportation and storage fees from the Storage & Transportation (S&T) business are a contracted revenue source, anticipated to represent 4% to 6% of NFE. S&T NFE for fiscal 2025 totaled $18.5 million. Management projects S&T NFE to more than double by 2027.

Finally, Energy Services (ES) generates earnings from asset management and physical natural gas sales, benefiting from natural gas price volatility. Fiscal 2025 NFE for Energy Services was $34.9 million, though this was down from $111.5 million in fiscal 2024 due to lower contributions from Asset Management Agreements (AMAs) signed in December 2020. The company has maintained profitability for over two decades, showing operational resilience.

Here's a look at the NFE contribution breakdown based on the guidance percentages and the total reported FY2025 NFE of $329.6 million:

Revenue Stream Segment	FY 2025 NFE (Reported USD)	Expected NFE Contribution Range (as per outline)
New Jersey Natural Gas (NJNG) - Regulated Utility Gross Margin	$213.5 million	64% to 67%
Clean Energy Ventures (CEV) - Solar Projects	Not explicitly stated as a percentage of NFE in final reports, but guidance suggests 20-25%	20% to 22%
Storage & Transportation (S&T) - Fees	$18.5 million	4% to 6%
Energy Services (ES) - Asset Management/Physical Sales	$34.9 million	Segment Earnings

The total consolidated NFE for fiscal 2025 was $329.6 million, up from $290.8 million in fiscal 2024.

• NJNG serviced approximately 588,000 customers as of June 30, 2025.
• CEV placed a record 93 MW of in-service capacity in fiscal 2025.
• The company is executing a $4.8 billion to $5.2 billion Capital Expenditure (CAPEX) plan through fiscal 2030.
• NJR has a long-term NFEPS growth target of 7 to 9 percent.