REVENUE

9 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

3. REVENUE

Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations.

Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations:


Revenue Recognized Over Time:
Segment/ Operations	Performance Obligation	Description
NJNG	Natural gas utility sales	NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
CEV	Commercial solar electricity	CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
CEV	Residential solar electricity	CEV provided access to residential rooftop and ground-mount solar equipment to customers who then paid the Company a monthly fee. The performance obligation was to provide electricity to the customer based on generation from the underlying residential solar asset and was satisfied upon transfer of electricity generated. Revenue was derived from the contract terms and was recognized as invoiced, with the payment due each month for the previous month's services. In November 2024, CEV's residential solar asset portfolio was sold to a third party.
CEV	Renewable energy certificates	Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator. Revenue is recognized upon generation.
ES	Natural gas services	The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T	Natural gas services	The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement.
HSO	Service contracts	Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.


Revenue Recognized at a Point in Time:
Segment/ Operations	Performance Obligation	Description
ES	Natural gas services	For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty. Revenue is recognized upon the transfer of the underlying contractual rights.
S&T	Natural gas services	The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Usage fees and hub services revenues are recognized as services are performed.
HSO	Installations	Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.

Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended June 30, 2025 and 2024, are as follows:


(Thousands)	NJNG		CEV		ES	S&T	HSO	Total
2025
Natural gas utility sales (1)	$	168,140	—		—	—	—	$	168,140
Natural gas services	—		—		11,807	27,129	—	38,936
Service contracts	—		—		—	—	9,381	9,381
Installations and maintenance	—		—		—	—	6,796	6,796
Renewable energy certificates	—		4,964		—	—	—	4,964
Electricity sales	—		6,887		—	—	—	6,887
Eliminations (2)	(238)		—		—	—	(30)	(268)
Revenues from contracts with customers	167,902		11,851		11,807	27,129	16,147	234,836
Alternative revenue programs (3)	48		—		—	—	—	48
Derivative instruments	36,840		179	(4)	27,043	—	—	64,062

Revenues out of scope	36,888		179		27,043	—	—	64,110
Total operating revenues	$	204,790	12,030		38,850	27,129	16,147	$	298,946
2024
Natural gas utility sales (1)	$	138,804	—		—	—	—	$	138,804
Natural gas services	—		—		16,204	24,475	—	40,679
Service contracts	—		—		—	—	9,062	9,062
Installations and maintenance	—		—		—	—	7,294	7,294
Renewable energy certificates	—		4,872		—	—	—	4,872
Electricity sales	—		9,575		—	—	—	9,575
Eliminations (2)	(337)		—		—	—	(57)	(394)
Revenues from contracts with customers	138,467		14,447		16,204	24,475	16,299	209,892
Alternative revenue programs (3)	(1,033)		—		—	—	—	(1,033)
Derivative instruments	20,339		201	(4)	46,237	—	—	66,777

Revenues out of scope	19,306		201		46,237	—	—	65,744
Total operating revenues	$	157,773	14,648		62,441	24,475	16,299	$	275,636

(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.

(2)Consists of transactions between subsidiaries that are eliminated in consolidation.

(3)Includes CIP revenue.

(4)Includes SREC revenue.

Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the nine months ended June 30, 2025 and 2024, are as follows:


(Thousands)	NJNG		CEV		ES	S&T	HSO	Total
2025
Natural gas utility sales (1)	$	973,993	—		—	—	—	$	973,993
Natural gas services	—		—		35,644	79,064	—	114,708
Service contracts	—		—		—	—	27,883	27,883
Installations and maintenance	—		—		—	—	19,206	19,206
Renewable energy certificates	—		10,726		—	—	—	10,726
Electricity sales	—		17,680		—	—	—	17,680
Eliminations (2)	(881)		—		—	(41)	(287)	(1,209)
Revenues from contracts with customers	973,112		28,406		35,644	79,023	46,802	1,162,987
Alternative revenue programs (3)	(25,487)		—		—	—	—	(25,487)
Derivative instruments	208,933		17,997	(4)	335,904	—	—	562,834

Revenues out of scope	183,446		17,997		335,904	—	—	537,347
Total operating revenues	$	1,156,558	46,403		371,548	79,023	46,802	$	1,700,334
2024
Natural gas utility sales (1)	$	767,698	—		—	—	—	$	767,698
Natural gas services	—		—		48,617	71,379	—	119,996
Service contracts	—		—		—	—	27,073	27,073
Installations and maintenance	—		—		—	—	19,022	19,022
Renewable energy certificates	—		10,194		—	—	—	10,194
Electricity sales	—		22,842		—	—	—	22,842
Eliminations (2)	(1,012)		—		—	(1,348)	(210)	(2,570)
Revenues from contracts with customers	766,686		33,036		48,617	70,031	45,885	964,255
Alternative revenue programs (3)	3,812		—		—	—	—	3,812
Derivative instruments	143,231		26,232	(4)	258,354	—	—	427,817
Eliminations (2)	—		—		4,875	—	—	4,875
Revenues out of scope	147,043		26,232		263,229	—	—	436,504
Total operating revenues	$	913,729	59,268		311,846	70,031	45,885	$	1,400,759

(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.

(2)Consists of transactions between subsidiaries that are eliminated in consolidation.

(3)Includes CIP revenue.

(4)Includes SREC revenue.

Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended June 30, 2025 and 2024, are as follows:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
2025
Residential	$	114,878	—	—	—	16,107	$	130,985
Commercial and industrial	27,970		11,851	11,807	27,129	40	78,797
Firm transportation	22,011		—	—	—	—	22,011
Interruptible, off-tariff and other	3,043		—	—	—	—	3,043
Revenues out of scope	36,888		179	27,043	—	—	64,110
Total operating revenues	$	204,790	12,030	38,850	27,129	16,147	$	298,946
2024
Residential	$	97,112	3,647	—	—	16,272	$	117,031
Commercial and industrial	21,279		10,800	16,204	24,475	27	72,785
Firm transportation	17,481		—	—	—	—	17,481
Interruptible, off-tariff and other	2,595		—	—	—	—	2,595
Revenues out of scope	19,306		201	46,237	—	—	65,744
Total operating revenues	$	157,773	14,648	62,441	24,475	16,299	$	275,636

Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the nine months ended June 30, 2025 and 2024, are as follows:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
2025
Residential	$	730,797	2,110	—	—	46,630	$	779,537
Commercial and industrial	143,271		26,296	35,644	79,023	172	284,406
Firm transportation	91,744		—	—	—	—	91,744
Interruptible, off-tariff and other	7,300		—	—	—	—	7,300
Revenues out of scope	183,446		17,997	335,904	—	—	537,347
Total operating revenues	$	1,156,558	46,403	371,548	79,023	46,802	$	1,700,334
2024
Residential	$	580,559	10,262	—	—	45,759	$	636,580
Commercial and industrial	107,400		22,774	48,617	70,031	126	248,948
Firm transportation	72,596		—	—	—	—	72,596
Interruptible, off-tariff and other	6,131		—	—	—	—	6,131
Revenues out of scope	147,043		26,232	263,229	—	—	436,504
Total operating revenues	$	913,729	59,268	311,846	70,031	45,885	$	1,400,759

Customer Accounts Receivable/Credit Balances and Deposits

The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the nine months ended June 30, 2025 and 2024, are as follows:


	Customer Accounts Receivable				Customers' Credit
(Thousands)	Billed		Unbilled		Balances and Deposits
Balance as of September 30, 2024	$	105,531	$	20,094	$	38,595
Increase (decrease)	67,730		1,815		(14,711)
Balance as of June 30, 2025	$	173,261	$	21,909	$	23,884
Balance as of September 30, 2023	$	97,540	$	19,100	$	44,910
Increase (decrease)	30,724		1,464		(16,029)
Balance as of June 30, 2024	$	128,264	$	20,564	$	28,881

The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and September 30, 2024:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
June 30, 2025
Customer accounts receivable
Billed	$	129,147	6,997	25,166	10,102	1,849	$	173,261
Unbilled	15,128		6,781	—	—	—	21,909
Customers' credit balances and deposits	(23,809)		—	—	(75)	—	(23,884)
Total	$	120,466	13,778	25,166	10,027	1,849	$	171,286
September 30, 2024
Customer accounts receivable
Billed	$	51,613	8,441	34,002	8,598	2,877	$	105,531
Unbilled	11,839		8,255	—	—	—	20,094
Customers' credit balances and deposits	(38,572)		—	—	(23)	—	(38,595)
Total	$	24,880	16,696	34,002	8,575	2,877	$	87,030

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

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