新泽西能源 2023年度报告

ENERGYEVOLUTION LEADINGTHE 2024ANNUALREPORT 1 Wearecommittedtoenhancingourcustomers’qualityoflifebymeetingtheirexpectationsforreliabilityandvalue inanenvironmentallyresponsibleway —everyday. THESECOREVALUESDRIVEOURCOMMITMENTTOSTAKEHOLDERS: •SafeandReliableService •CustomerSatisfaction •SustainableGrowthandInnovation •EngagedandHigh-PerformingWorkforce •SocialResponsibility •SuperiorFinancialPerformance Cover:LeafRiverEnergyCenter’ssaltcavernstoragefacilitiesplayanimportantroleintheenergyevolutionbyprovidingreliableaccesstoenergysupplyduringpeak-demandperiods. 1.1GW APPROXIMATELY pipelineofsolarprojectsundercontract,constructionorexclusivity. Aleaderinthesolarmarketplacewithmorethan70commercialprojectsinservice,NJRCleanEnergyVenturescontinuestoprioritizebeneficialuseprojectsthatturnbrownfieldsandotherunderutilizedsitesintorenewableenergy,helpingtosupportcleanenergygoals. 3 FinancialSummary NETFINANCIALEARNINGSPERSHARE*DIVIDENDSPAIDPERSHARE $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $2.50 $2.70 $2.95 $2.16 $1.74 FY2020FY2021FY2022FY2023FY2024 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 $0.00 $1.45 $1.56 $1.68 $1.25 $1.33 FY2020FY2021FY2022FY2023FY2024 *NetFinancialEarningsorNFEisafinancialmeasurenotcalculatedinaccordancewithGenerallyAcceptedAccountingPrinciples(GAAP)oftheUnitedStatesasitexcludesallunrealizedandcertainrealizedgainsandlossesassociatedwithderivativeinstrumentsandnetapplicabletaxadjustments.NFEalsoexcludescertaintransactionsassociatedwithequitymethodinvestments,includingimpairmentcharges,whicharenon-cashcharges,andreturnofcapitalinexcessofthecarryingvalueofNJR’sinvestment.ForfurtherdiscussionandreconciliationtoGAAPofthisnon-GAAPfinancialmeasure,seeourfiscal2024ReportonForm10-K. †Representsthehighestprojectedlong-termNFEgrowthrateof7-9%inourpeergroup. PeerGroupCompaniesinclude:AtmosEnergyCorporation,BlackHillsCorporation,ChesapeakeUtilitiesCorporation,NationalFuelGasCompany,NiSourceInc.,NorthwestNaturalHoldingCompany,ONEGas,Inc.,SouthwestGasCorporation,SpireInc.,UGICorporation. §Asmeasuredbyleakspermile. œInvestmentsincludeSAVEGREEN®.ForGAAPpurposes,SAVEGREENinvestmentsareincludedaspartofcashflowsfromoperations. μUtilityGrossMarginisdefinedasoperatingrevenueslessnaturalgaspurchases,salestaxandregulatoryriderexpenses.Thismeasurediffersfromgross marginaspresentedonaGAAPbasis,asitexcludescertainoperationsandmaintenanceexpenseanddepreciationandamortization.ForfurtherdiscussionandareconciliationtoGAAPofthisnon-GAAPfinancialmeasure,pleaseseeourfiscal2024reportonForm10-K. ±Seenjrhomeservices.comformoreinformation. InformationRegardingForward-LookingStatements—Thisreportcontainsforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,asamended,Section21EoftheSecuritiesExchangeActof1934,asamended,andthePrivateSecuritiesLitigationReformActof1995.NJRcautionsreadersthattheassumptionsformingthebasisforforward-lookingstatementsincludemanyfactorsthatarebeyondNJR’sabilitytocontrolorestimateprecisely,suchasestimatesoffuturemarketconditionsandthebehaviorofothermarketparticipants.Wordssuchas“anticipates,”“estimates,”“expects,”“projects,”“may,”“will,”“intends,”“plans,”“believes,”“should”andsimilarexpressionsmayidentifyforward-lookingstatementsandsuchforward-lookingstatementsaremadebaseduponmanagement’scurrentexpectations,assumptionsandbeliefsasofthisdateconcerningfuturedevelopmentsandtheirpotentialeffectuponNJR.Therecanbenoassurancethatfuturedevelopmentswillbeinaccordancewithmanagement’sexpectations,assumptionsandbeliefsorthattheeffectoffuturedevelopmentsonNJRwillbethoseanticipatedbymanagement.Forward-lookingstatementsinthisreportinclude,butarenot limitedto,certainstatementsregardingNJR’sNFEguidance,futuregrowthofNJNG’scustomerbase,investmentprogramsandinfrastructureinvestments,NJR’senvironmentalsustainability,decarbonizationandcleanenergygoals,CEVprojectsunderconstruction,contractorexclusivity,expansionofoursolarfootprint,assetmanagementagreements,emissionsreductionstrategies,initiativesandtargets,ourinvestmentsininfrastructure,low-carbonfuelsandrenewablesandemergingtechnologiessuchasrenewablenaturalgasandhydrogengas. AdditionalinformationandfactorsthatcouldcauseactualresultstodiffermateriallyfromNJR’sexpectationsarecontainedinNJR’sfilingswiththeU.S.SecuritiesandExchangeCommission(SEC),includingNJR’sAnnualReportonForm10-KandsubsequentQuarterlyReportsonForm10-Q,recentCurrentReportsonForm8-K,andotherSECfilings,whichareavailableattheSEC’swebsite,http://www.sec.gov.InformationincludedinthisreportisrepresentativeasoftodayonlyandwhileNJRperiodicallyreassessesmaterialtrendsanduncertaintiesaffectingNJR’sresultsofoperationsandfinancialconditioninconnectionwithitspreparationofmanagement’sdiscussionandanalysisofresultsofoperationsandfinancialconditioncontainedinitsQuarterlyandAnnualReportsfiledwiththeSEC,NJRdoesnot,byincludingthisstatement,assumeanyobligationtorevieworreviseanyparticularforward-lookingstatementreferencedhereininlightoffutureevents. 2 NJRishelpingleadthewaywithtechnologi