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New Jersey Resources Highlights Expanded Commitment to Environmental Stewardship and Community Engagement

Business Wire 25-Jan-2023 7:00 AM

Announces $20 million endowment of charitable foundations with funding provided over the past two years

In conjunction with its 70th Annual Shareowners Meeting, New Jersey Resources (NYSE:NJR) released its fiscal 2022 Corporate Sustainability Report, highlighting progress on its sustainability agenda spanning environmental, social and governance initiatives — including emission reduction goals and decarbonization priorities — across the company.

"As a leader in the energy industry and sustainability, New Jersey Resources continues to deliver strong results for our stakeholders," said Steve Westhoven, President and CEO of New Jersey Resources. "This past year has seen an immense change in the conversation about energy in America and how to ensure it remains accessible, reliable, affordable and clean. As we move into 2023, we are optimistic and sharply focused on a path forward that will advance sustainability goals and drive more innovation, action and positive impacts in our communities."

Highlights within NJR's 2022 Corporate Sustainability Report include:

  • Achieved a 59% reduction in operational emissions in New Jersey from the 2006 baseline, advancing NJR's goal to reach a 60% reduction by 2030.
  • Eliminated both unprotected bare steel and cast iron from New Jersey Natural Gas' (NJNG) distribution system. NJNG is the first natural gas utility in New Jersey to achieve this and currently operates the most environmentally sound natural gas delivery system with the fewest leaks per mile in the state.
  • Completed the first year of operation of NJNG's milestone green hydrogen blending facility, which showcases the real-world value of its pipeline infrastructure to integrate, store, transport and deliver blended green hydrogen. Clean hydrogen has emerged as a critical tool in achieving emissions reduction goals in a variety of sectors and is a key focus of federal policy and recently passed legislation.
  • Continued its track record of energy-efficiency leadership with over $53 million in energy-efficiency initiatives, which was NJNG's largest annual investment to date in The SAVEGREEN Project®. The energy-efficiency offerings help provide immediate emissions reduction by lowering energy consumption, regardless of fuel type, and reducing energy bills — creating a win-win proposition for participating homeowners and businesses. The program is an essential component of NJNG's decarbonization strategy and critical to reaching New Jersey's 2050 carbon reduction goals.
  • Advanced NJR's leadership in renewable energy through the development of two projects of national significance: Mount Olive, one of North America's largest capped landfill installations, and Canoe Brook floating solar, the nation's largest floating solar array, both located in New Jersey.

NJR also announced $20 million in funding provided to its charitable foundations over the past two years will establish an endowment that will support the company's philanthropic work long into the future with a focus on community impact and environmental stewardship.

Through its charitable foundations, NJR is solidifying its commitment to the environment with plans to invest up to $2 million over the next five years to support initiatives such as environmental conservation, restoration, enhancement, education and research. Through its Coastal Climate Initiative, NJR will focus its support for nature-based climate solutions that improve local ecosystems and add resiliency to local communities.

"We all have a role to play in addressing climate change and strengthening our communities," Mr. Westhoven said. "With this dedicated funding, we will continue to take this challenge head-on to help ensure a better, more resilient and more sustainable future for us all."

To read the full sustainability report, please visit our website: 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, emission reduction and clean energy goals, future capital expenditures, including charitable endowments, infrastructure programs and developments, including Mount Olive and Canoe Brook, improvements and initiatives through programs including the Coast Climate Initiative, improvements and investments in decarbonized fuels, such as renewable natural gas and green hydrogen.

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

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 7,700 miles of natural gas transportation and distribution infrastructure to serve over 569,300 customers in New Jersey's Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.
  • 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 and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • 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 over 1,300 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.

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