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New Jersey Natural Gas

NEW JERSEY RESOURCES MARKS EARTH DAY WITH THE LAUNCH OF THE COASTAL CLIMATE INITIATIVE

04/22/2021 - For Immediate Release

April 22, 2021 (Wall, N.J.) – Building on its track record of sustainability leadership, New Jersey Resources (NYSE: NJR), a diversified energy company and parent company of New Jersey Natural Gas (NJNG), marks Earth Day with the launch of the Coastal Climate Initiative — a program aimed at advancing climate change solutions to positively impact the communities it serves.

The program kicks off with support for The Nature Conservancy in New Jersey, an environmental nonprofit with over 60 years of experience working to protect water and lands in New Jersey, and their work to restore saltwater tidal wetlands in the Barnegat Bay – part of NJNG’s service territory. The salt marsh islands in Barnegat Bay and along the New Jersey shore are vital ecosystems and have been identified by the New Jersey Department of Environmental Protection as playing a critical role in the state meeting its emissions reduction targets.

“As a business headquartered at the Jersey Shore and serving its communities, combating climate change and helping advance the state’s clean energy goals are top priorities for New Jersey Resources,” said Steve Westhoven, president and CEO of New Jersey Resources. “Through our Coastal Climate Initiative, we’re teaming up with The Nature Conservancy in New Jersey to take action on climate solutions that will restore precious natural habitats in the Barnegat Bay, reduce emissions and make a real difference for our communities on the front line of climate change.”

The Nature Conservancy, alongside a broad coalition of partners, is advancing an innovative restoration technique that holds great potential for large-scale renewal of struggling marshes in New Jersey.

Coastal marshes act as “carbon sinks”, reducing emissions by actively removing carbon from the atmosphere and safely sequestering it away in the ground. They also act as a natural barrier against climate impacts, reducing the impact of storm surge and providing a barrier to help protect people and property in New Jersey’s coastal communities.

“The support and partnership of New Jersey Resources comes at a critical time as we look to expand our work and identify restoration needs and plans for more than 80 marsh islands throughout the Barnegat Bay,” said Dr. Barbara Brummer, state director of The Nature Conservancy in New Jersey. “We thank New Jersey Resources and their customers for taking action and supporting this opportunity to make a real, long-term difference combating the effects of climate change.”

The Coastal Climate Initiative builds on NJR’s support for The Nature Conservancy in this effort, which began with an initial $25,000 donation announced earlier this year.

How the Program Works:

Through the Coastal Climate Initiative, NJNG customers can join this effort with a simple, on-bill donation option that will directly support the salt marsh restoration and preservation efforts being led by The Nature Conservancy in New Jersey.

To maximize the impact of their contributions, NJR will match each customer donation dollar for dollar up to $50,000. All donations go directly to The Nature Conservancy.

NJNG customers can donate to the Coastal Climate Initiative at njng.com/climate.

NJR’s Record of Sustainability Action

Today’s announcement builds on NJR’s strong record as a sustainability and environmental leader across its businesses:

  • Achieved its goal of a 50% reduction in its New Jersey operational emissions from 2006 levels, 10 years ahead of schedule; set a new, higher target of a 60% emissions reduction by 2030.
  • Expected to make 50% of its more than $2.6 billion of capital expenditures across NJR’s businesses in sustainability investments over the next four years.
  • NJNG has invested nearly $2 billion in its system over the last decade, building the most environmentally sound natural gas distribution system in the state, as measured by leaks per mile.
  • NJR has invested significantly in New Jersey’s clean energy economy, as the largest solar owner and operator in New Jersey, with 357 megawatts total installed capacity.
  • Since 2009, NJNG invested nearly $220 million to help customers install energy-efficient equipment.
  • NJNG was also recognized today as an Environmental Champion by Cogent Syndicated 2021 Utility Trusted Brand & Customer EngagementTM Residential Study.

To learn more about NJR’s commitment to sustainability, visit NJRSustainability.com.

 

Forward-looking Statements

This release contains 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 climate change initiatives and investments as well as NJR’s environmental, sustainability and clean energy goals and emission reduction targets.

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 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

New Jersey Resources (NYSE: 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. NJR 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 more than 357 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.
  • Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility, and our 20% equity interest in the 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 nearly 1,200 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
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

 


Contact:

Michael Kinney, Media
732-938-1031

Dennis Puma, Investor
732-938-1229

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