For both projects, NJNG is allowed to earn an Allowance for Funds Used During Construction (AFUDC) rate on its invested capital during construction and request rate increases for related spending in annual filings over the duration of the programs. Pending BPU approval, NJNG is seeking to adjust its rates effective October 1, 2017 to recover approximately $31.4 million of related NJ RISE and SAFE II costs made through June 30, 2017, resulting in a base rate increase of $4.3 million.About New Jersey Resources New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is comprised of five primary businesses:
- New Jersey Natural Gas, NJR's principal subsidiary, operates and maintains over 7,300 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey's Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
- 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 Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of nearly 280 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 20 percent equity interest in the PennEast Pipeline Project.
- NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
Visit www.njresources.com.Follow us on Twitter @NJNaturalGas."Like" us on facebook.com/NewJerseyNaturalGas.Download our free NJR investor relations app for iPad, iPhone and Android.