8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 24, 2012 (October 23, 2012)

NEW JERSEY RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	001-8359	22-2376465
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1415 Wyckoff Road Wall, New Jersey		07719
(Address of principal executive offices)		(Zip Code)

(732) 938-1480

(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

On October 23, 2012, New Jersey Natural Gas Company (“NJNG”), a wholly-owned subsidiary of New Jersey Resources Corporation (“NJR”), received approval from the New Jersey Board of Public Utilities (“BPU’) to implement a Safety Acceleration and Facility Enhancement (“SAFE”) program. NJNG announced the approval in a press release dated October 23, 2012, attached hereto as Exhibit 99.1 and incorporated by reference herein. NJR also published an Investor Fact Sheet entitled “New Jersey Board of Public Utilities Approves Natural Gas Company’s “SAFE” Filing,” attached hereto as Exhibit 99.2 and incorporated by reference herein.

Forward-Looking Statements

This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Other factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, economic conditions and demographic changes in NJNG’s service territory, rate of customer growth, volatility of natural gas commodity prices and its impact on customer usage, changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the company, conditions in the credit markets and their potential impact on the company’s access to capital and borrowing costs, the impact of federal and state regulation (including the regulation of rates), the outcome of any future base rate cases, fluctuations in energy-related commodity prices, customer conversions, other marketing efforts, actual energy usage patterns of NJNG’s customers, access to adequate supplies of natural gas, changes due to legislation at the federal and state level, the effects and impacts of inflation, change in accounting pronouncements issued by the appropriate standard setting bodies and terrorist attacks or threatened attacks on energy facilities or unrelated energy companies. NJR does not, by including this paragraph, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. More detailed information about these factors is set forth under the heading “Risk Factors” in NJR’s filings with the Securities and Exchange Commission (SEC) including its most recent Form 10-K filed on November 23, 2011.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

Exhibit Number	Exhibit
99.1	Press Release dated October 23, 2012.
99.2	Investor Fact Sheet dated October 24, 2012

SIGNATURE

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: October 24, 2012
	By:	/s/ Glenn C. Lockwood
		Glenn C. Lockwood Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated October 23, 2012.
99.2	Investor Fact Sheet dated October 24, 2012.

EX-99.1

Exhibit 99.1

Date: October 23, 2012

Media Contact:

Michael Kinney

732-938-1031

mkinney@njresources.com

Investor Contact:

Dennis Puma

732-938-1229

dpuma@njresources.com

NEW JERSEY NATURAL GAS’ “SAFE” PROGRAM APPROVED

BY THE BOARD OF PUBLIC UTILITIES

WALL, N.J. – New Jersey Natural Gas (NJNG) today received approval from the New Jersey Board of Public Utilities (BPU) to implement its Safety Acceleration and Facility Enhancement (SAFE) program. Through SAFE, NJNG will replace 276 miles, or approximately 50 percent, of the cast iron and unprotected steel mains and associated services in its delivery system over the next four years. Cast iron and unprotected steel mains and services were the most commonly used in the industry prior to 1970, and are more susceptible to corrosion and leaks. Excluding third-party damage, this aged infrastructure accounts for over 95 percent of all leaks found within NJNG’s system.

“Ensuring the safety of our customers and the reliability of our system is the most important thing we do,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “With the approval of our SAFE program, we will significantly reduce the older and more susceptible parts of our infrastructure over the next four years. We commend the BPU and Division of Rate Counsel and appreciate their support of our commitment to improve NJNG’s system and best serve our customers now and for generations to come.”

Approximately 570 miles of NJNG’s infrastructure have been identified as being at least 45 years old, and the company routinely addresses the replacement of these facilities through its annual capital construction plan. The accelerated replacement of this aged main through the SAFE program is consistent with the state’s Energy Master Plan and its emphasis on investment in natural gas infrastructure as a pathway to lower energy costs and enhanced energy security.

NJNG will provide to the BPU and Rate Counsel a list of SAFE projects to be addressed each year, with the first to be provided within 90 days of the Board Order. Anticipated work schedules will be filed on or about October 1 for each subsequent year the program is in effect.

NJNG will seek to recover its investment of $130 million of SAFE replacements over the four-year program, including a weighted average cost of capital of 6.9 percent, in the future. These investments will be subject to review in NJNG’s next base rate case, which will be filed no later than November 2015. There is no immediate impact on customer rates as a result of the approval of SAFE.

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NEW JERSEY NATURAL GAS’ “SAFE” PROGRAM APPROVED

BY THE BOARD OF PUBLIC UTILITIES

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The SAFE program also has the potential to have a significant impact on New Jersey’s economy. According to a study conducted by the Rutgers University Bloustein School of Planning and Public Policy, for every million dollars spent on infrastructure construction projects by NJNG, 10.2 jobs are created. Utilizing this formula, it is projected that the SAFE program could create approximately 1,325 direct and indirect jobs, as well as $100 million in gross state product.

“In addition to strengthening our system, our SAFE investments can help New Jersey’s economy continue to grow,” Downes said. “And, that’s good for our customers, company and state.”

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Other factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, economic conditions and demographic changes in NJNG’s service territory, conditions in the credit markets and their potential impact on the company’s access to capital and borrowing costs, the impact of federal and state regulation (including the regulation of rates), the outcome of any future base rate cases, changes due to legislation at the federal and state level and terrorist attacks or threatened attacks on energy facilities or unrelated energy companies. NJR does not, by including this paragraph, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. More detailed information about these factors is set forth under the heading “Risk Factors” in NJR’s filings with the Securities and Exchange Commission (SEC) including its most recent Form 10-K filed on November 23, 2011.

New Jersey Natural Gas

New Jersey Natural Gas is the principal subsidiary of New Jersey Resources, a Fortune 1000 company, that provides safe and reliable natural gas and renewable energy services, including transportation, distribution and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With $3 billion in annual revenues, NJR safely and reliably operates and maintains 6,800 miles of natural gas transportation and distribution infrastructure to serve approximately half a million customers; develops and manages a diverse portfolio of 1.5 Bcf/day of firm transportation and over 62.1 Bcf of firm storage capacity; offers low carbon, clean energy solutions through its commercial and residential solar programs and provides appliance installation, repair and contract service to nearly 135,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve^®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njresources.com, “Like” us at Facebook.com/NewJerseyNaturalGas, follow us on Twitter @NJNaturalGas and download our free NJR investor relations app for iPad.

###

EX-99.2

Exhibit 99.2

Investor Fact Sheet NYSE: NJR

NJR CONTACTS:
DENNIS R. PUMA, DIRECTOR, INVESTOR RELATIONS	732-938-1229
GLENN C. LOCKWOOD, EXEC. VICE PRESIDENT & CHIEF FINANCIAL OFFICER	732-938-1491

October 24, 2012

NEW JERSEY BOARD OF PUBLIC UTILITIES APPROVES NATURAL GAS COMPANY’S “SAFE” FILING

On October 23, 2012, New Jersey Natural Gas Company (NJNG), the principal subsidiary of New Jersey Resources Corporation (NJR), received approval from the New Jersey Board of Public Utilities (BPU) to implement its Safety Acceleration and Facility Enhancement (SAFE) program. Through SAFE, NJNG will invest $130 million over the next four years to replace 276 miles, or approximately 50 percent, of the cast iron and unprotected steel mains and associated services in its delivery system.

Over time, these facilities become more susceptible to corrosion and leaks, and currently account for over 95 percent of all leaks found on NJNG’s system, excluding third-party damage. NJNG has been routinely addressing the replacement of these facilities through its annual capital construction plan. The accelerated replacement of these facilities is consistent with the state’s Energy Master Plan and its emphasis on natural gas infrastructure investment as a pathway to lower energy costs and enhance energy security.

The SAFE program also has the potential to have a significant impact on New Jersey’s economy. According to a study conducted by the Rutgers University Bloustein School of Planning and Public Policy, for every million dollars spent on infrastructure construction projects by NJNG, 10.2 jobs are created. Utilizing this formula, it is projected that the SAFE program could create approximately 1,325 direct and indirect jobs, as well as $100 million in gross state product.

CAPITAL INVESTMENT COSTS

Capital investment costs will consist of all prudently incurred capital expenditures associated with the projects; actual costs of engineering, design and construction, including actual labor, materials and overheads. Expected capital investment by year is listed below.

Fiscal Year	Estimated Capital Expenditures (millions)
2013	$	32.5
2014	$	32.5
2015	$	32.5
2016	$	32.5
Total	$	130.0

NJNG will seek to recover these costs with a weighted average cost of capital (WACC) of 6.9 percent calculated as follows:

	Amount $000		Ratios			Cost Rate			Weighted Cost Rate
Long-term Debt	$	51,180		39.37	%		4.10	%		1.61	%
Short-term Debt		8,680		6.68	%		1.00	%		0.07	%
Customer Deposits		590		0.45	%		0.13	%		0.00	%
Common Equity		69,550		53.50	%		9.75	%		5.22	%
Total	$	130,000		100.00	%					6.90	%

The agreed upon equity rate for SAFE is 9.75 percent with a 53.5 percent equity ratio, compares with a 10.3 percent equity rate with a 51.3 percent equity ratio in NJNG’s last base rate case.

ACCOUNTING TREATMENT AND REGULATORY TIMELINE

As has been the practice in the previously approved AIP projects, and consistent with regulatory accounting practices, NJNG has received authorization to accrue an Allowance for Funds Used During Construction or AFUDC on SAFE capital expenditures.

NJNG will provide a list of SAFE projects to be addressed each year for the BPU and Rate Counsel, with the first to be provided within 90 days of the Board Order. Anticipated work schedules will be filed on or about October 1st for each subsequent year the SAFE program is in effect.

These investments will be subject to review in NJNG’s next base rate case, which NJNG has agreed will be filed no later than November 2015.

RATE IMPACT

Customer rates will not be impacted until NJNG’s next base rate case, which will be filed by November 2015.

ABOUT NEW JERSEY RESOURCES

New Jersey Resources, a Fortune 1000 company, provides safe and reliable natural gas and renewable energy services, including transportation, distribution and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With $3 billion in annual revenues, NJR safely and reliably operates and maintains 6,800 miles of natural gas transportation and distribution infrastructure to serve half a million customers; develops and manages a diverse portfolio of 1.5 Bcf/day of firm transportation and over 62.1 Bcf of firm storage capacity; offers low-carbon, clean energy solutions through its commercial and residential renewable energy programs and provides appliance installation, repair and contract service to nearly 150,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njresources.com, “Like” us at facebook.com/NewJerseyNaturalGas or follow us on Twitter @NJNaturalGas and download our free NJR investor relations app for iPad.

FORWARD LOOKING STATEMENTS

This investor fact sheet contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Certain statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. “Words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes,” “may,” “should,” “will” and similar expressions may identify forward-looking information and such forward-looking statements are made based upon management’s current expectations and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on NJR will be those anticipated by management.

FOR FURTHER INFORMATION CONTACT:

Dennis R. Puma, Director, Investor Relations, 732-938-1229

dpuma@njresources.com

Glenn C. Lockwood, Executive Vice President and Chief Financial Officer, 732-938-1491

gclockwood@njresources.com

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