REGULATION (Tables)

12 Months Ended

Sep. 30, 2023

Regulated Operations [Abstract]

Schedule of Regulatory Assets

Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30:

(Thousands)	2023		2022
Regulatory assets-current
New Jersey Clean Energy Program	$	15,804	$	15,697
Conservation Incentive Program	50,356		23,099
Derivatives at fair value, net	6,017		—
Other current regulatory assets	1,410		1,290
Total current regulatory assets	$	73,587	$	40,086
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries	$	66,298	$	66,149
Liability for future expenditures	169,390		127,070
Deferred income taxes	41,667		40,520
SAVEGREEN	83,589		52,690
Postemployment and other benefit costs	55,274		56,021
Deferred storm damage costs	—		2,172
Cost of removal	112,362		104,850
Other noncurrent regulatory assets	51,019		45,828
Total noncurrent regulatory assets	$	579,599	$	495,300
Regulatory liability-current
Overrecovered natural gas costs	$	30,637	$	17,807
Derivatives at fair value, net	—		7,972
Total current regulatory liabilities	$	30,637	$	25,779
Regulatory liabilities-noncurrent
Tax Act impact (1)	$	180,347	$	185,367
Derivatives at fair value, net	—		116
Other noncurrent regulatory liabilities	111		151
Total noncurrent regulatory liabilities	$	180,458	$	185,634

(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. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017.

Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30:

(Thousands)	2023		2022
Total noncurrent regulatory assets	$	5,231	$	5,366
Total current regulatory liabilities	$	1,650	$	5,311

Schedule of Regulatory Liabilities

Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30:

(Thousands)	2023		2022
Regulatory assets-current
New Jersey Clean Energy Program	$	15,804	$	15,697
Conservation Incentive Program	50,356		23,099
Derivatives at fair value, net	6,017		—
Other current regulatory assets	1,410		1,290
Total current regulatory assets	$	73,587	$	40,086
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries	$	66,298	$	66,149
Liability for future expenditures	169,390		127,070
Deferred income taxes	41,667		40,520
SAVEGREEN	83,589		52,690
Postemployment and other benefit costs	55,274		56,021
Deferred storm damage costs	—		2,172
Cost of removal	112,362		104,850
Other noncurrent regulatory assets	51,019		45,828
Total noncurrent regulatory assets	$	579,599	$	495,300
Regulatory liability-current
Overrecovered natural gas costs	$	30,637	$	17,807
Derivatives at fair value, net	—		7,972
Total current regulatory liabilities	$	30,637	$	25,779
Regulatory liabilities-noncurrent
Tax Act impact (1)	$	180,347	$	185,367
Derivatives at fair value, net	—		116
Other noncurrent regulatory liabilities	111		151
Total noncurrent regulatory liabilities	$	180,458	$	185,634

(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. The Tax Act is an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017.

Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30:

(Thousands)	2023		2022
Total noncurrent regulatory assets	$	5,231	$	5,366
Total current regulatory liabilities	$	1,650	$	5,311