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New Jersey Sources Highlights Expanded Dedication to Environmental Stewardship and Neighborhood Engagement

Pronounces $20 million endowment of charitable foundations with funding offered over the previous two years

WALL, NJ, January 25, 2023–(BUSINESS WIRE)–Together with its 70sth Annual Shareowners Assembly, New Jersey Sources (NYSE: NJR) launched its fiscal 2022 Company Sustainability Report, highlighting progress on its sustainability agenda spanning environmental, social and governance initiatives — together with emission discount targets and decarbonization priorities — throughout the corporate.

“As a frontrunner within the power trade and sustainability, New Jersey Sources continues to ship robust outcomes for our stakeholders,” mentioned Steve Westhoven, President and CEO of New Jersey Sources. “This previous yr has seen an immense change within the dialog about power in America and the way to make sure it stays accessible, dependable, reasonably priced and clear. As we transfer into 2023, we’re optimistic and sharply targeted on a path ahead that can advance sustainability targets and drive extra innovation, motion and optimistic impacts in our communities.”

Highlights inside NJR’s 2022 Company Sustainability Report embody:

  • Achieved a 59% discount in operational emissions in New Jersey from the 2006 baseline, advancing NJR’s purpose to succeed in a 60% discount by 2030.

  • Eradicated each unprotected naked metal and forged iron from New Jersey Pure Fuel’ (NJNG) distribution system. NJNG is the primary pure gasoline utility in New Jersey to realize this and presently operates probably the most environmentally sound pure gasoline supply system with the fewest leaks per mile within the state.

  • Accomplished the primary yr of operation of NJNG’s milestone inexperienced hydrogen mixing facility, which showcases the real-world worth of its pipeline infrastructure to combine, retailer, transport and ship blended inexperienced hydrogen. Clear hydrogen has emerged as a vital device in reaching emissions discount targets in a wide range of sectors and is a key focus of federal coverage and just lately handed laws.

  • Continued its monitor file of energy-efficiency management with over $53 million in energy-efficiency initiatives, which was NJNG’s largest annual funding to this point in The SAVEGREEN Venture®. The energy-efficiency choices assist present speedy emissions discount by reducing power consumption, no matter gas sort, and lowering power payments—making a win-win proposition for taking part owners and companies. This system is a vital part of NJNG’s decarbonization technique and important to reaching New Jersey’s 2050 carbon discount targets.

  • Superior NJR’s management in renewable power by means of the event of two tasks of nationwide significance: Mount Olive, considered one of North America’s largest capped landfill installations, and Canoe Brook floating photo voltaic, the nation’s largest floating photo voltaic array, each situated in New Jersey.

NJR additionally introduced $20 million in funding offered to its charitable foundations over the previous two years will set up an endowment that can assist the corporate’s philanthropic work lengthy into the long run with a give attention to neighborhood influence and environmental stewardship.

By way of its charitable foundations, NJR is solidifying its dedication to the surroundings with plans to speculate as much as $2 million over the following 5 years to assist initiatives resembling environmental conservation, restoration, enhancement, schooling and analysis. By way of its Coastal Local weather Initiative, NJR will focus its assist for nature-based local weather options that enhance native ecosystems and add resilience to native communities.

“All of us have a job to play in addressing local weather change and strengthening our communities,” Mr. Westhoven mentioned. “With this devoted funding, we are going to proceed to take this problem head-on to assist guarantee a greater, extra resilient and extra sustainable future for us all.”

To learn the complete sustainability report, please go to our web site: www.njrsustainability.com.

Ahead-looking Statements:
Sure statements inside this launch are forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, Part 21E of the Securities Change Act of 1934, as amended, and the Personal Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the idea for forward-looking statements embody many components which can be past NJR’s skill to regulate or estimate exactly, resembling estimates of future market circumstances and the conduct of different market members. Phrases resembling “anticipates,” “estimates,” “expects,” “tasks,” “could,” “will,” “intends,” “plans,” “believes,” “ought to” and comparable expressions could determine forward-looking statements and such forward-looking statements are made based mostly upon administration’s present expectations, assumptions and beliefs as of this date regarding future developments and their potential impact upon NJR. There could be no assurance that future developments might be in accordance with administration’s expectations, assumptions and beliefs or that the impact of future developments on NJR might be these anticipated by administration. Ahead-looking statements on this launch embody, however should not restricted to, sure statements concerning NJR’s environmental, sustainability, emission discount and clear power targets, future capital expenditures, together with charitable endowments, infrastructure applications and developments, together with Mount Olive and Canoe Brook, enhancements and initiatives by means of applications together with the Coast Local weather Initiative, enhancements and investments in decarbonized fuels, resembling renewable pure gasoline and inexperienced hydrogen.

Further data and components that might trigger precise outcomes to vary materially from NJR’s expectations are contained in NJR’s filings with the US Securities and Change Fee (“SEC”), together with NJR’s Annual Reviews on Type 10-Ok and subsequent Quarterly Reviews on Type 10-Ok. Q, current Present Reviews on Type 8-Ok, and different SEC filings, which can be found on the SEC’s website online, http://www.sec.gov. Info included on this launch is consultant as of at present solely and whereas NJR periodically reassesses materials tendencies and uncertainties affecting NJR’s outcomes of operations and monetary situation in reference to its preparation of administration’s dialogue and evaluation of outcomes of operations and monetary situation contained in its Quarterly and Annual Reviews filed with the SEC, NJR doesn’t, by together with this assertion, assume any obligation to assessment or revise any explicit forward-looking assertion referenced herein in mild of future occasions.

About New Jersey Sources

New Jersey Sources (NYSE: NJR) is a Fortune 1000 firm that, by means of its subsidiaries, gives protected and dependable pure gasoline and clear power providers, together with transportation, distribution, asset administration and residential providers. NJR consists of 5 main companies:

  • New Jersey Pure Fuel, NJR’s principal subsidiary, operates and maintains over 7,700 miles of pure gasoline transportation and distribution infrastructure to serve over 569,300 clients in New Jersey’s Monmouth, Ocean and components of Morris, Middlesex, Sussex and Burlington counties.

  • Clear Power Ventures invests in, owns and operates photo voltaic tasks with a complete capability of greater than 386 megawatts, offering residential and industrial clients with low-carbon options.

  • Power Providers Manages a diversified portfolio of pure gasoline transportation and storage belongings and gives bodily pure gasoline providers and customised power options to its clients throughout North America.

  • Storage and Transportation serves clients from native distributors and producers to electrical mills and wholesale entrepreneurs by means of its possession of Leaf River and the Adelphia Gateway Pipeline, in addition to our 50% fairness possession within the Steckman Ridge pure gasoline storage facility.

  • Residence Providers gives service contracts in addition to heating, central air-con, water heaters, standby mills, photo voltaic and different indoor and out of doors consolation merchandise to residential properties all through New Jersey.

NJR and its over 1,300 workers are dedicated to serving to clients save power and cash by selling conservation and inspiring effectivity by means of Preserve to Protect® and initiatives resembling The SAVEGREEN Venture® and The Daylight Benefit®.

For extra details about NJR:
www.njresources.com.
Comply with us on Twitter @NJNaturalGas.
“Like” us on fb.com/NewJerseyNaturalGas.

View supply model on businesswire.com: https://www.businesswire.com/information/dwelling/20230125005282/en/

contacts

Half:
mike kinney
732-938-1031
mkinney@njresources.com

buyers:
Adam Prior
732-938-1145
aprior@njresources.com

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