REGULATION (Tables)

9 Months Ended

Jun. 30, 2020

Regulated Operations [Abstract]

Schedule of Regulator Liabilities

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets are comprised of the following:

(Thousands)	June 30, 2020		September 30, 2019
Regulatory assets-current
New Jersey Clean Energy Program	$	17,062	$	15,468
Under-recovered gas costs	—		9,506
Conservation Incentive Program	20,836		3,371
Derivatives at fair value, net	9,845		4,526
Other	4,508		—
Total current regulatory assets	$	52,251	$	32,871
Regulatory assets-noncurrent
Environmental remediation costs
Expended, net of recoveries	$	36,053	$	38,351
Liability for future expenditures	128,886		131,080
Deferred income taxes	22,477		19,631
Derivatives at fair value, net	—		486
SAVEGREEN	15,229		10,201
Postemployment and other benefit costs	161,847		212,461
Deferred storm damage costs	7,058		8,687
Cost of removal	62,831		65,660
Other noncurrent regulatory assets	16,720		10,080
Total noncurrent regulatory assets	$	451,101	$	496,637
Regulatory liabilities-current
Over-recovered gas costs	6,774		—
Total current regulatory liabilities	$	6,774	$	—
Regulatory liabilities-noncurrent
Tax Act impact (1)	$	196,705	$	200,417
New Jersey Clean Energy Program	128		197
Other noncurrent regulatory liabilities	448		1,821
Total noncurrent regulatory liabilities	$	197,281	$	202,435

(1)

Reflects the re-measurement and subsequent amortization of NJNG's net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act.

Schedule of Regulatory Assets

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets are comprised of the following:

(Thousands)	June 30, 2020		September 30, 2019
Regulatory assets-current
New Jersey Clean Energy Program	$	17,062	$	15,468
Under-recovered gas costs	—		9,506
Conservation Incentive Program	20,836		3,371
Derivatives at fair value, net	9,845		4,526
Other	4,508		—
Total current regulatory assets	$	52,251	$	32,871
Regulatory assets-noncurrent
Environmental remediation costs
Expended, net of recoveries	$	36,053	$	38,351
Liability for future expenditures	128,886		131,080
Deferred income taxes	22,477		19,631
Derivatives at fair value, net	—		486
SAVEGREEN	15,229		10,201
Postemployment and other benefit costs	161,847		212,461
Deferred storm damage costs	7,058		8,687
Cost of removal	62,831		65,660
Other noncurrent regulatory assets	16,720		10,080
Total noncurrent regulatory assets	$	451,101	$	496,637
Regulatory liabilities-current
Over-recovered gas costs	6,774		—
Total current regulatory liabilities	$	6,774	$	—
Regulatory liabilities-noncurrent
Tax Act impact (1)	$	196,705	$	200,417
New Jersey Clean Energy Program	128		197
Other noncurrent regulatory liabilities	448		1,821
Total noncurrent regulatory liabilities	$	197,281	$	202,435

(1)

Reflects the re-measurement and subsequent amortization of NJNG's net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act.