New Jersey Resources's biggest risks in the FY2024 10-K
- Regulatory policy changes from the New Jersey Energy Master Plan threaten customer growth targets and pricing.
- Joint ventures and partnerships reduce management control over storage and transportation investments.
- Credit rating downgrades could prevent NJNG from passing increased costs to natural gas customers.
The risks most specific to New Jersey Resources
- Risks Related to Regulations and Litigation
We cannot predict the impact of any future revisions or changes in interpretations of existing regulations or the adoption of new laws and applicable regulations. Changes in regulations or the imposition of additional regulations could influence our operating environment and may result in substantial costs to us
Operating hazards in natural gas handling, storage, transport, LNG facilities, and vehicle refueling stations could cause substantial costs.
- Risks Related to Regulations and Litigation
ITEM 1A. RISK FACTORS (Continued)
New Jersey Energy Master Plan rules and legislation de-emphasizing natural gas threaten customer growth targets and raise prices.
- Risks Related to Our Markets
ITEM 1A. RISK FACTORS (Continued)
NJNG's Utility Gross Margin depends heavily on new home construction and customer conversions from other fuel sources.
- Risks Related to Acquisition and Investment Strategies
ITEM 1A. RISK FACTORS (Continued)
Investing in partnerships and joint ventures for storage and transportation assets decreases our ability to manage risk.
- Risks Related to Credit and Liquidity
Additionally, lower credit ratings could adversely affect relationships with NJNG’s state regulators, who may be unwilling to allow NJNG to pass along increased costs to its natural gas customers
Lower credit ratings could lead state regulators to block NJNG from passing increased costs onto natural gas customers.
- Risks Related to Tax and Accounting Matters
ITEM 1A. RISK FACTORS (Continued)
The BPU might disallow the future recovery of significant regulatory assets recorded on NJNG financial statements.
Risk factor headings as read
Headings as the filing states them, in filing order.
Risks Related to Regulations and Litigation
- 01We cannot predict the impact of any future revisions or changes in interpretations of existing regulations or the adoption of new laws and applicable regulations. Changes in regulations or the imposition of additional regulations could influence our operating environment and may result in substantial costs to us
- 02ITEM 1A. RISK FACTORS (Continued)
Risks Related to Our Markets
- 03ITEM 1A. RISK FACTORS (Continued)
Risks Related to Acquisition and Investment Strategies
- 04ITEM 1A. RISK FACTORS (Continued)
Risks Related to Credit and Liquidity
- 05Additionally, lower credit ratings could adversely affect relationships with NJNG’s state regulators, who may be unwilling to allow NJNG to pass along increased costs to its natural gas customers
Risks Related to Tax and Accounting Matters
- 06ITEM 1A. RISK FACTORS (Continued)
Other New Jersey Resources 10-Ks
- FY2025 10-K risk factors7 risks2 new1 dropped5 reworded
Acquisition integration and joint venture governance risks were added, while credit market and regulatory asset risks were remapped.
Filed Nov 20, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.