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New Jersey Resources

ON EARTH DAY 2020 NEW JERSEY RESOURCES REINFORCES ITS COMMITMENT TO SUSTAINABILITY AND EMISSIONS REDUCTION GOAL

04/22/2020 - For Immediate Release

April 22, 2020, WALL, N.J. – In recognition of Earth Day in the United States and across the globe, New Jersey Resources (NYSE: NJR) reinforced its commitment to sustainability and environmental responsibility, including its goal to voluntarily reduce its operational emissions in New Jersey 50% from 2006 levels by 2030, consistent with the state’s Global Warming Response Act (GWRA).

“On Earth Day’s 50th anniversary, New Jersey Resources is proud of our commitment to a clean energy future and our sustainability agenda to help reach it,” said Steve Westhoven, President and CEO of New Jersey Resources. “We know we can responsibly grow our business while significantly reducing emissions because we’ve been doing it for 20 years through investments in energy efficiency, solar and decarbonizing our gas supply.  NJR will continue to focus on sustainability while delivering the reliable and clean energy our customers depend on.”

In January, NJR announced its ambitious emissions reduction goal as part of a far-reaching sustainability agenda to take its strong record of environmental stewardship even further. In addition to the 50% by 2030 goal, the agenda included the creation of an Office of Sustainability within NJR, the adoption of guiding principles, and the launch of a dedicated sustainability site, www.njrsustainability.com.

NJR’s track record of leadership on sustainability has included:

  • Invested over $1.6 billion over the last decade to build the most environmentally sound natural gas system among New Jersey utilities, as measured by leaks per mile.
  • First New Jersey natural gas utility to fully replace all cast iron pipes, which are more susceptible to leaks.
  • Expects to be the first utility in New Jersey to replace all its bare steel by the end of 2021.
  • One of the earliest investors in New Jersey’s solar market - and, today, is one of the largest with nearly $900 million invested through fiscal 2019.
  • Created one of the most successful residential energy-efficiency programs in the state, helping achieve a 12% reduction in its average customer’s natural gas consumption since 2006.
  • First utility in the state to join ONE Future, a national coalition of natural gas companies with a commitment to voluntary, measurable emission reduction targets.
  • First utility in the nation to purchase a portion of its natural gas supply through the TrustWell™ Responsible Gas program, which certifies environmental compliance and sustainability best practices from natural gas suppliers.
  • And, for nearly 20 years, NJR has voluntarily acted to report and reduce emissions from its system through the EPA Natural Gas STAR program, reducing emissions by over 1.3 million cubic feet - the equivalent of powering 75,000 homes for an entire year.
  • In December 2019, NJR’s principal subsidiary, New Jersey Natural Gas (NJNG), announced it had completely offset its facility and fleet use of natural gas with renewable energy.  

To learn more about NJR’s Sustainability Agenda, its record on environmental stewardship and to access its Corporate Sustainability Report, please visit www.njrsustainability.com.

 

Forward-Looking Statements

Certain statements within this release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and 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,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions 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, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s environmental, sustainability and clean energy goals, emission reduction targets, and future capital expenditures, infrastructure programs and investments.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

 

About New Jersey Resources

NJR is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It is composed of five primary businesses:

  • 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, Morris, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of nearly 300 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 ownership of Leaf River Energy Center, Adelphia Gateway Pipeline Project and 50 percent equity ownership in Steckman Ridge natural gas storage facilities, as well as its 20 percent equity interest in the planned PennEast Pipeline Project.
  • NJR 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.

NJR and its more than 1,100 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: www.njresources.com.

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Contact:

Kevin Roberts, Media Contact
732-938-1197

Dennis Puma, Investor Contact
732-938-1229

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