form8-k.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 5, 2008

NEW JERSEY RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)


New Jersey (State or other jurisdiction of incorporation)	1-8359 (Commission File Number)	22-2376465 (IRS Employer Identification No.)

1415 Wyckoff Road Wall, New Jersey		07719
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

On May 5, 2008, New Jersey Resources Corporation (“NJR”) is presenting a corporate overview to members of the financial community at the American Gas Association (“AGA”) Financial Forum in Miami Beach, Florida. The slides to be used at the meeting are furnished herewith as Exhibit 99.1 and are incorporated by reference into Item 7.01 of this Current Report on Form 8-K.

The information contained in this Item 7.01 is not “filed” for purposes of the Securities Exchange Act of 1934, as amended, and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent NJR specifically incorporates the information by reference. By including this Item 7.01 disclosure in the filing of this Current Report on Form 8-K and furnishing this information, NJR makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

Item 9.01. Financial Statements and Exhibits

(a)	Financial statements of businesses acquired:	Not applicable.

(b)	Pro forma financial information:	Not applicable.

(c)	Exhibits:

Exhibit Number	Description

99.1	Presentation to the financial community at the AGA Financial Forum on May 5, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NEW JERSEY RESOURCES CORPORATION

Date: May 5, 2008
	By: /s/ Glenn C. Lockwood
	Glenn C. Lockwood Senior Vice President and Chief Financial Officer

Exhibit Number	Description

99.1	Presentation to the financial community at the AGA Financial Forum on May 5, 2008

AGA Financial Forum

Miami Beach, Fl

May 5, 2008

Certain statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can also be identified by the use of forward-looking terminology such as “may,” “intend,” “expect,” or “continue” or comparable terminology and are made based upon
management’s expectations and beliefs concerning future developments and their potential effect upon New Jersey Resources (NJR or the Company). There can be no
assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by
management.

The Company cautions persons reading or hearing this presentation that the assumptions that form the basis for forward-looking statements regarding customer growth,
customer usage, financial condition, results of operations, cash flows, capital requirements, market risk and other matters for fiscal 2008 and thereafter include many factors that
are beyond the Company’s ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the
debt and equity capital markets. The factors that could cause actual results to differ materially from NJR’s expectations include, but are not limited to, such things as
weather, economic conditions and demographic changes in the New Jersey Natural Gas (NJNG) service territory, rate of NJNG customer growth, volatility of natural
gas commodity prices, its impact on customer usage and NJR Energy Service's (NJRES) operations, the impact on the Company’s risk management efforts,
changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company, commercial and wholesale credit
risks, including the creditworthiness of customers and counterparties, the ability to obtain governmental approvals and/or financing for the construction,
development and operation of certain non-regulated energy markets, risks associated with the management of the Company’s joint venture and partnerships, the
impact of governmental regulation (including the regulation of rates), fluctuations in energy-related commodity prices, conversion activity and other marketing
efforts, actual energy usage of NJNG’s customers, the pace of deregulation of retail gas markets, access to adequate supplies of natural gas, the regulatory and
pricing policies of federal and state regulatory agencies, the ultimate outcome of pending regulatory proceeding, in particular, the base rate case filing, changes due
to legislation at the federal and state level, the availability of an adequate number of appropriate counterparties in the wholesale energy trading market, sufficient
liquidity in the wholesale energy trading market and continued access to the capital markets, the disallowance of recovery of environmental-related expenditures
and other regulatory changes, environmental-related and other litigation and other uncertainties, the effects and impacts of inflation on NJR and its subsidiaries
operations, change in accounting pronouncements issued by the appropriate standard setting bodies, terrorist attacks or threatened attacks on energy facilities or
unrelated energy companies and other uncertainties. While the Company periodically reassesses material trends and uncertainties affecting the Company’s results of
operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its
Quarterly and Annual Reports, the Company does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced
herein in light of future events.

Regarding Forward-Looking Statements

Included in this presentation are the non-GAAP financial measures, Financial Margin and Net Financial Earnings. Financial margin represents operating revenues from the sale
of natural gas sales less gas purchases, and excludes the accounting impacts of unrealized gains and losses from derivative instruments. These accounting impacts represent
the change in fair value of these financial instruments, which represent futures and swaps designed to economically hedge forecasted natural gas purchases, sales and
transportation, and are primarily open positions resulting in unrealized gains or losses. Net financial earnings represents net income excluding the accounting impacts of
unrealized gains and losses from these derivative instruments, net of taxes. Financial Margin and Net Financial Earnings should not be considered as alternatives to GAAP
measures, such as cash flow, net income, operating income, earnings per share or any other GAAP measure of liquidity or financial performance. Because Net Financial
Earnings and Financial Margin are non-GAAP financial measures, we provide a reconciliation to operating income and net income, which, respectively, are the most directly
comparable financial measures calculated and presented in accordance with GAAP. For a discussion of these non-GAAP financial measures, please see Item 7 of our Annual
Report on Form 10-K for the fiscal year ending September 30, 2007 and for reconciliations to the most comparable GAAP measures, please see our Current Report on Form 8-
K, filed on December 11, 2007.

Management uses Financial Margin and Net Financial Earnings as performance metrics to reflect the economic performance of our businesses prior to the actual settlement of
certain forecasted transactions and related derivative instruments. Our management believes that these financial measures are more reflective of our operations, provide
transparency to investors and enable period-to-period comparability of financial performance. By using Financial Margin and Net Financial Earnings as performance measures,
our management reviews the results of operations without the volatility of certain forecasted transactions and related derivative instruments to measure the economic impact that
its businesses are having.

Disclaimer Regarding Non-GAAP Financial Measures

Distribution

Wholesale

Energy Services

Midstream

Growing service area;

close to NYC and Phila.

Constructive regulatory

environment

Rate base and margin

growth

opportunities

Transportation

and storage portfolio

Disciplined risk

management

Asset optimization

Ancillary services

Iroquois Pipeline

equity owner

Steckman Ridge

storage project

Retail and Other

Appliance and

service contracts

Installations

Commercial markets

NJR Today

• Achieve long-term NFE growth of 5 percent or better

• Grow dividend a minimum of 5 percent annually

– Increased dividend 10.5 percent

• Use Share Repurchase Plan opportunistically

• Achieve a total return in top 25 percent of peer group

• Maintain a strong financial profile with a minimum average equity
ratio of 50 percent

Financial Goals

• Initial 2008 Net Financial Earnings (NFE) guidance of $2.13-$2.20/share

– Increased guidance to $2.17-$2.23 in February

Our Core Business

• Provide safe and reliable natural gas services
to 478,000 customers in Monmouth, Ocean
and Morris counties

• $953 million of rate base

• $224 million in gross margin in 2007

• Steady rate base growth opportunities

• Approximately 4 million customer interactions per year

• 16 consecutive years with fewest customer complaints with the
NJBPU

• Maintain over 6,800 miles of pipe

Profitable Customer Growth

• 3,125 new customers FYTD 2008

• 374 existing customer heat
conversions

• Expected annual gross margin of
$1.7 million

• 1.6 percent overall customer
growth rate expected in FY 2008

2013-2023

New Customers = 106,296

Non-heat customers

Non-gas
off main

Non-gas

on main

Conversions = 140,254

Residential Growth Potential

Sources: Arthur D. Little and Harte Hanks

2007-2012

Near main

As of April 2008

Electric Equivalent

Propane Equivalent

Fuel Oil Equivalent

$3,956

$3,308

$2,121

NJNG

$1,288

Competitive Advantage

Regulatory Research Associates rates NJ regulation as “Average 2”

Regulatory Relationships

Base Rate Case Overview

• November 20th petition filed

• Requested an increase of $58.4 million, update $73.1 million

• Includes equity capital of approximately $500 million

• Return on equity requested - 11.375 percent

• Proposed rate base of $953 million

Phase	Activity	Date
Filing of Testimony & Discovery	Petition/Pre-filed testimony	11/20/07
	Pre-hearing conference at OAL	1/25/07 & 2/14/08
	Discovery period	Ongoing
	Intervener Testimony filed	4/18/07, 5/09/08 & 5/30/08
	Company Rebuttal Testimony filed	5/23/08 - 6/27/08

Hearings	16 Days Scheduled	Mid June - July

• No delays thus far in schedule

• Timely conclusion of hearings allows time to reach settlement

Rate Case Schedule

Rate Counsel Testimony

• Four subject areas

– Return on Equity/Capital Structure

– Depreciation

– Cash Working Capital

– Policy

• Recommended 9.5 percent ROE (48 percent equity) vs. 11.375

percent (50 percent equity)

• Recommended $14 million reduction in depreciation expense

• Positions taken were generally anticipated

• Rebuttal testimony in progress

Existing Incentives

$24

$34

$37

$43

$45

$24

September 30

March 31

• Off-system sales and capacity release

– In place since 1992

– Optimization of capacity assets

– Sharing formula of 85 percent customer; 15
percent NJNG

• Storage Incentive (SI)

– In place since 2004

– Promotes long-term price stability

– Promotes cost efficiencies

– Sharing formula of 80 percent customer; 20
percent NJNG

• Financial Risk Management (FRM)

– In place since 1997

– Promote application of risk management
techniques

– Sharing formula of 85 percent customer; 15
percent NJNG

Proposed Incentive Structure

• Part of 2007 base rate case

• Remain in effect until next base rate case

• No change to off-system/capacity release programs

• FRM

– Eliminate transaction cost limits/or double the amount

– Tie volume to BGSS purchase requirement

• SI program

– Expand the volume from 18 Bcf to 20 Bcf

• Establishes a new winter incentive program

– Similar to SI program

– Set volume annually after considering SI and FRM volumes

– Set benchmark at initial hedges on a ratable basis for November - March

– Based on these established spreads trading can occur to improve the positions

– Sharing formula of 80 percent customer, 20 percent NJNG for the difference between the initial hedged benchmark and the
final positions

Conservation Incentive Program

• Approved by the BPU on October 12, 2006

– Outside of traditional rate proceeding

• Stabilizes NJNG gross margin from:

– Declining usage

– Weather

3-year pilot - effective October 1, 2006

– NJNG protected for all variations in customer usage

– New customer programs being launched ($2 million commitment)

• Fiscal YTD 2008 CIP accruals:

– $7.4 million in weather margin

– $8.8 million in non-weather margin

• Rate case implications

– Updated factors in CIP tariff (baselines and margins)

– Requested Usage Attrition Adjustment in the event CIP is not extended

• Adjusts prices based on pre-approved trend

• Continuing to replace existing assets as they expire

• Evaluating midstream opportunities

• Continuing to bid for asset management opportunities

NJRES Key Initiatives

• Expanding into new regions

NJRES Firm Portfolio as of March 2008

No Speculation

• NJRES has little commodity exposure

• When commodity is purchased it is sold concurrently

– For commodity injected into storage a future month is sold

– For commodity purchased at one location, another location is sold

• Both storage and transportation assets provide options

• The ability to monetize these options creates the margin

Managing Risk

• Strictly natural gas operation - no electric exposure

• Not a speculative trader

– Manage assets for primarily hedged positions

• Disciplined risk management guidelines

– Strict internal controls and credit procedures

– Daily compliance monitoring by financial department

• IT Systems in place to manage physical assets

* Credit exposure to non-investment grade companies is
mitigated through the use of prepayments or Letters of Credit.

97 percent of net sales with investment grade companies

3 months ended March 31, 2008

Updating numbers

Counterparty Credit Ratings

Rockies Supply

Steckman Ridge Project Overview

Steckman Ridge

Status

• Negotiating with potential customers

• FERC filing on November 1, 2007

• Expectations moving forward

– FERC certificate expected shortly

– Begin construction June 2008

– Begin customer injections May 2009

– Commercial operations winter 2009/2010

Iroquois Pipeline

• 411-mile pipeline system running from the Canadian
border at Waddington, NY to Long Island & NYC

• 78,100 HP of compression

• 1.2 Bcf/d of peak deliverability

• Commenced operations in 1991

NJR Home Services

• Created in 2000

• Spinout of NJNG Appliance Service

– Flexibility of Pricing

• Not capital intensive

• Principally a service business (i.e., labor intensive)

• Organic growth

• High quality and service levels

• High productivity

$11.3 million

$27.1 million

NJRHS - - Growth in Services

NJR estimates Net Financial Earnings of $2.17 to $2.23 per
basic share in fiscal 2008

* Net of certain items

September 30

March 31

Net Financial Earnings per Share

* Excludes MGP remediation costs, which are recovered through a separate rider

Capital Expenditure Forecast

Payout Ratio *

Dividend and Payout Ratio

Dividends per Share

* Based on Net Financial Earnings

** Based on mid point of 2008 company guidance

Summary

• Steady utility growth

• Continued growth in utility plant

• Constructive regulatory relations

• Healthy financial profile

• Demonstrated record of consistent financial performance