NJNG receives BPU approval for $157M base rate increase; rate base rises 29% to $3.245B

NEW JERSEY RESOURCES CORP

NJNG's $157M base rate increase approved by NJ BPU; effective Nov 21, 2024.
Rate base increased 29% to $3.245B from $2.523B; ROE maintained at 9.60%.
Revenue requirement of $157M vs. original request of $222.6M; settlement reflects $62.9M reduction.
Investments of ~$850M since 2021 included in rate base for infrastructure and system enhancements.
Composite depreciation rate raised to 3.21% from 2.78% in prior case.

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