New Jersey Resources (NYSE:NJR) announced the release of its 2014 Corporate Sustainability Report (CSR), which highlights the company’s long-term initiatives and continued innovation that drives its commitment to conservation, energy efficiency and protecting natural resources. “Over the past year, we continued to build on our commitment to grow a sustainable business while strengthening our environmental profile; we believe it is the right thing to do for our company and the communities we proudly serve,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. As part of its sustainability efforts, NJR created Conserve to Preserve® (CTP), the umbrella for its commitment to environmental stewardship, as a means to provide customers with the tools and resources they need to use energy more responsibly. Since its inception in 2006, it has helped NJR customers collectively reduce their carbon footprint by more than 3.2 billion pounds of carbon dioxide, or the equivalent of removing 302,493 cars from New Jersey’s roadways each year.* CTP represents a continued investment in NJR’s future that enhances stakeholder value while ensuring a more sustainable business from an economical, environmental and social perspective. “With this report, we are pleased to share the efforts and accomplishments of our more than 900 women and men who give their best every day to responsibly and reliably meet our customers’ energy needs, create a sustainable future and make a positive difference for our environment,” Downes stated. Highlights of key sustainability efforts and accomplishments achieved by NJR and its subsidiaries, many which are detailed further in the 2014 Sustainability Report, include:
- Energy savings for customers. The SAVEGREEN Project®, the energy-efficiency program of principal subsidiary New Jersey Natural Gas (NJNG), provides customers with rebates and incentives to make energy-efficiency upgrades more affordable. These rebates and incentives helped more than 3,800 customers offset the costs of converting to natural gas heat. Moreover, over the past year, SAVEGREEN has helped customers reduce carbon emissions, with the average customer who upgrades to an energy-efficiency furnace, and benefits from SAVEGREEN’s rebates, saving 147.11 therms annually and avoiding the release of 1,720 pounds of CO2 (per furnace) into the atmosphere.*
- Green initiatives for transportation. NJNG is investing about $10 million to build the first public compressed natural gas (CNG) fueling stations in Monmouth and Ocean counties. NJNG has entered into agreements with three host facilities and expects to complete construction by the end of fiscal 2014. In addition, more than 25 percent of the NJR fleet is CNG, hybrid, electric and bio-fuel vehicles, reducing fleet emissions as much as 28 percent by replacing older vehicles and with higher-efficiency models.
- Facility and operational enhancements. Since joining Natural Gas STAR 10 years ago, NJR has helped reduce greenhouse gas (GHG) emissions by more than 247,232 tons through facility upgrades and operational improvements. This equates to eliminating 47,218 passenger vehicles from New Jersey’s roadways each year.*
- System improvements. As part of its Safety Acceleration and Facility Enhancement (SAFE) program to upgrade older, more vulnerable infrastructure, in fiscal 2013, NJNG replaced 84 miles of infrastructure throughout 52 municipalities within its service territory. Furthermore, NJNG submitted a proposal to the New Jersey Board of Public Utilities for its New Jersey Reinvestment in System Enhancement (NJ RISE) initiative to invest more than $100 million on targeted storm hardening and mitigation projects for enhancing the safety and resiliency of the NJNG infrastructure in future weather events.
- Community involvement. Over the past 12 months, NJR provided financial and in-kind support, including more than 5,000 employee volunteer hours, to over 1,500 charities and nonprofit organizations. And, since 1997, through the company’s home ownership program, NJR has supported the construction of more than 83 affordable homes throughout Monmouth, Morris and Ocean counties. Moreover, in 2013, NJNG’s Energy Assistance Days and other proactive outreach efforts identified nearly 2,800 customers who qualified for energy assistance and home energy-improvement programs.
- Clean energy investments. NJR Clean Energy Ventures (NJRCEV), NJR’s renewable energy subsidiary, has installed more than 294,000 solar panels on customers’ homes and businesses since 2010, creating in excess of 131,600 megawatt hours of clean energy, helping residential and commercial customers reduce GHG emissions by 100,028 tons. NJRCEV also has acquired two community onshore wind projects. When operational, these wind farms will have total capacity of 30 MWs of energy.
About New Jersey ResourcesNew Jersey Resources (NYSE:NJR) is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $2 billion, NJR is comprised of five key businesses:
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains 7,000 miles of natural gas transportation and distribution infrastructure to serve half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity in excess of 62 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR 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.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its equity ownership in a natural gas storage facility and a transportation pipeline, both of which are Federal Energy Regulatory Commission, or FERC-regulated investments.
- NJR Home Services provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey and serves approximately 120,000 service contract customers.