Fiscal 2014 First Quarter Update

February 6, 2014

Exhibit 99.2

Regarding Forward-Looking Statements

1

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,”

“may,”

"will," “intends,”

“expects,”

"believes," or “should”

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 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 NJR will be those anticipated by management. NJR cautions persons reading or hearing this presentation that the

assumptions that form the basis for forward-looking statements regarding NJR’s dividend growth goal, NJR's net financial earnings (NFE) for fiscal 2014, forecasted

contribution of business segments to fiscal 2014, long-term financial goals, growth initiatives and NFE forecasts of NJR, expected contribution by new customers of New

Jersey Natural Gas Company (NJNG) to utility gross margin, expected number of new customers of NJNG, new sources of utility gross margin at NJNG for 2014 through 2017,

Solar Renewable Energy Certificate (SREC) prices, NJR’s effective tax rate, estimated capital expenditures in fiscal 2014 and beyond by NJNG and NJRCEV, planned natural

gas

vehicle

(NGV)

stations,

the

diversification

of

NJRCEV’s

strategy,

Two

Dot

and

Carroll

Area

Wind

farms,

and

NJRES’

growth

opportunities

include many factors that are

beyond

the

Company’s

ability

to

control

or

estimate

precisely,

such

as

estimates

of

future

market

conditions

and

the

behavior

of

other

market

participants.

The

factors

that

could

cause

actual

results

to

differ

materially

from

NJR’s

expectations

include,

but

are

not

limited

to,

weather

and

economic

conditions;

demographic

changes

in

the

NJNG

service

territory

and

their

effect

on

NJNG's

customer growth; volatility of natural gas and other commodity prices and their impact on NJNG customer

usage, NJNG's Basic Gas Supply Service incentive programs, NJRES' operations and 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; the impact of volatility in the credit markets; the ability to comply with debt

covenants;

the

impact

to

the

asset

values

and

resulting

higher

costs

and

funding

obligations

of

NJR's

pension

and

postemployment

benefit

plans

as

a

result

of

downturns in

the financial markets, a lower discount rate, and impacts associated with the Patient Protection and Affordable Care Act; accounting effects and other risks associated with

hedging activities and use of derivatives contracts; commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties and

liquidity in the wholesale energy trading market; the ability to

obtain governmental approvals and/or financing for the construction, development and operation of certain

non-regulated energy investments; risks associated with the management of the Company's joint ventures and partnerships; risks associated with our investments in

renewable energy projects and our investment in an on-shore wind developer, including the availability of regulatory and tax incentives, logistical risks and potential

delays

related

to

construction,

permitting,

regulatory

approvals

and

electric grid interconnection, the availability of viable projects and NJR's eligibility for federal

investment tax credits (ITC), and production tax credits (PTC), the future market for SRECs and operational risks related to projects in service; satisfaction of conditions

precedent to acquisition of Carroll Area wind farm; timing of qualifying for ITCs due to delays or failures to complete planned solar energy projects and the resulting effect

on our effective tax rate and earnings; regulatory approval of NJNG’s planned infrastructure programs; the level and rate at which NJNG's costs and expenses (including

those related to restoration efforts resulting from Superstorm Sandy) are incurred and the extent to which they are allowed to be recovered from customers through the

regulatory process; access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply; operating risks

incidental

to

handling,

storing,

transporting

and

providing

customers

with

natural

gas;

risks

related

to

our

employee

workforce,

including a work stoppage; the regulatory

and pricing policies of federal and state regulatory agencies; the possible expiration of the NJNG Conservation Incentive Program (CIP); the costs of compliance with

present and future environmental laws, including potential climate change-related legislation; risks related to changes in accounting standards; the disallowance of

recovery of environmental-related expenditures and other regulatory changes; environmental-related and other litigation and other uncertainties; risks related to cyber-

attack of failure of information technology systems; and the impact of natural disasters, terrorist activities, and other extreme events on our operations and customers,

including

any

impacts

to

utility

gross

margin,

and

restoration

costs

resulting

from

Superstorm

Sandy.

The

aforementioned

factors

are

detailed

in

the

“Risk

Factors”

sections

of our Annual Report on Form 10-K

filed on November 26, 2013, as filed with the Securities and Exchange Commission (SEC) which is available on the SEC’s website at

sec.gov.

Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR'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 filed with the SEC, NJR 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.

1

Disclaimer Regarding Non-GAAP Financial Measures

This presentation includes the non-GAAP measures NFE (losses), financial margin and utility gross margin. A reconciliation of these

non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP

can

be

found

below.

As

an

indicator

of

the

company’s

operating

performance,

these

measures

should

not

be

considered

an

alternative

to, or more meaningful than, operating income as determined in accordance with GAAP. This information has been provided pursuant

to the requirements of SEC Regulation G.

NFE (losses) and financial margin exclude unrealized gains or losses on derivative instruments related to the company’s unregulated

subsidiaries

and

certain

realized

gains

and

losses

on

derivative

instruments

related

to

natural

gas

that

has

been

placed

into

storage

at

NJRES. Volatility associated with the change in value of these financial and physical commodity contracts is reported in the income

statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and

losses,

and

certain

realized

gains

and

losses,

caused

by

changes

in

value

of

these

financial

instruments

and

physical

commodity

contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned

transaction

ultimately

is

settled.

An

annual

estimated

effective

tax

rate is calculated for

NFE

purposes and any necessary quarterly tax

adjustment is applied to

NJRCEV, as such adjustment is related to tax credits generated by NJRCEV.

NJNG’s utility gross margin represents the results of revenues less natural gas costs, sales and other taxes and regulatory rider

expenses, which are key components of the company’s operations that move in relation to each other. Natural gas costs, sales and other

taxes and regulatory rider expenses are passed through to customers and, therefore, have no effect on gross margin.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more

complete understanding of the company’s performance. Management believes these non-GAAP measures are more reflective

of the company’s business model, provide transparency to investors and enable period-to-period comparability of financial

performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures

calculated and reported in accordance with GAAP, can be found below. For a full discussion of NJR’s non-GAAP financial

measures, please see NJR’s most recent Form 10-K, Item 7 and most recent Form 10-Q, Part I, Item 2.

2

2

First Quarter NFE

3

($MM)

Company

Q1 2014

Q1 2013

Change

New Jersey Natural Gas

$27.6

$25.5

$2.1

NJR Energy Services

7.4

3.0

4.4

NJR Clean Energy

3.6

5.3

(1.7)

NJR Midstream

1.4

1.8

           (0.4)

NJR Home Services/Other

(.1)

(.1)

            -

Total

$39.9

$35.5

$4.4

Per basic share

$.95

$.85

$.10

First Quarter Performance Drivers

New Jersey Natural Gas

NFE of $27.6 million compared with $25.5 million in Q1 last year

Strong utility gross margin growth at NJNG

NJR Energy Services

NFE of $7.4 million vs. $3 million in Q1 last year

Higher financial margin from colder weather

Pipeline and storage portfolio growth

Sales to major customers

4

($ thousands)

AIP

$2,126

Sandy/Other

1,370

Customer Growth

723

SAVEGREEN

446

BGSS Incentives

341

Total Utility Gross Margin Growth

$5,006

First Quarter Performance Drivers

NJR Clean Energy Ventures

NFE of $3.6 million vs. $5.3 million in Q1 last year

Timing of Solar Renewable Energy Certificates (SREC) sales

NJR Midstream

NFE of $1.4 million vs. $1.8 million in Q1 last year

Lower transportation values at Iroquois and maintenance expense at

Steckman Ridge

NJR Home Services

Loss of $574,000 vs. $247,000 loss in Q1 last year

First quarter fiscal 2013 positively impacted by Sandy

Lower installation sales

5

Affirm

Fiscal

2014

NFE

Per

Share

Guidance

-

$2.75

to

$2.95

6

Regulated businesses expected to contribute                    

65-80 percent of total NFE

New Jersey

Natural Gas

60

-70%

NJR Midstream

5-10%

NJR Clean Energy

Ventures

10-20%

NJR Home

Services

2-5%

NJR Energy

Services

5-15%

Goal is to grow dividend 5 percent annually

Growing and Sustainable Dividend

* Current annual rate

** Based on NJR net financial earnings

*** Peer group average based on 2013 earnings estimates and indicated dividend from Bloomberg. Peer group:   ATO, GAS, LG,

NWN, PNY, SJI,  SWX, VVC and WGL

7

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

2007

2008

2009

2010

2011

2012

2013

2014*

$1.01

$1.12

$1.24

$1.36

$1.44

$1.54

$1.62

$1.68

Dividend Growth

0%

16%

33%

49%

65%

2007

2008

2009

2010

2011

2012

2013

Peer Group***

48%

50%

52%

55%

56%

57%

59%

63%

Payout Ratio**

2,129 new customers in the

first

quarter

of

fiscal

2014,

up

8.7

percent over Q1 last year

980 new construction

customers;

up

16 percent over

Q1

last year

1,149 conversions from other

fuels;

up

3

percent

over

Q1

last

year

137 existing customer heat

conversions;

more

than

double

Q1 last year

8

Strong Customer Growth Continues

Over next two fiscal years, NJNG expects to add a total of     

14,000-16,000 new customers

9

Constructive regulatory environment and support of public policy

objectives create growth opportunities for NJNG

In place through June 2015

Investment of up to $85 million

New programs added

First Quarter Results:

More than $215 million in economic activity for New Jersey since

inception in 2009

The SAVEGREEN Project

®

Over 1,300 home energy audits

634 on-bill repayments, totaling over $6 million

Over 2,050 grants paid, totaling over $3.8 million

Diversified and Growing Utility Gross Margin

Incremental utility gross margin expected to more than double  

by fiscal 2017

10

Capital of Over $1 Billion Drives Long-Term Growth

NJNG Expects Base Rate Case Resolution by Fiscal 2017

11

NJNG Capital Investment Estimates

($mm)

2009-

2012

Actual

2013A

2014E

2015E

2016E

2017E

Total

Customer Growth

$79.4

$24.5

$24.7

$25.6

$25.5

$25.5

$205.2

Maintenance/Other

177.4

42.5

63.3

55.9

48.1

40.6

427.8

AIP/SAFE

136.7

45.3

31.6

33.7

39.1

-

286.4

Superstorm Sandy

-

26.1

5.3

5.2

-

-

36.6

NGV Advantage

-

1.0

9.0

-

-

-

10.0

NJ RISE

-

-

4.6

13.0

12.0

12.0

41.6

Liquefaction/LNG

-

-

16.0

16.3

3.4

-

35.7

Southern Reliability

-

-

2.3

12.3

80.6

34.8

130.0

SAVEGREEN

36.5

24.0

42.5

42.5

-

-

145.5

Total

$430.0

$163.4

$199.3

$204.5

$208.7

$112.9

$1,318.8

Distributed Power Portfolio Strategy

12

Long-term goal to maintain NJRCEV at 10 to 20 percent of NFE

Solar

Supports New Jersey’s Energy Master Plan

Improving SREC Fundamentals

Eliminate reliance on solar ITC by January 2017

Wind

29 states and the District of Columbia have Renewable Portfolio

Standard (RPS)

Production-based tax credits (PTC)

Long-term Power Purchase Agreements (PPAs) and PTCs provide

annuity-like returns

Combined Heat and Power

Longer-term opportunities

Improving SREC Fundamentals

NJ increased solar RPS effective June 2013

Solar construction activity has moderated

SREC prices have responded

SREC production forecasted to grow from approximately 65,000 in

fiscal 2013 to 174,000 in fiscal 2017

13

Karbone Bid Prices

Capacity Additions by Month (MW)

SREC Prices by Month ($/SREC)

85.0

7.9

Two Dot Wind Farm

Announced on October 23, 2013

9.7 MW utility scale wind farm project                         

located in Montana, east of Helena

Approximately $22 million investment;                   

PTC eligible

25-year PPA in place to sell power

to NorthWestern Energy to support their

RPS requirement

Strong partners –

GE (Turbines),

Mortenson Construction (EPC

Contractor)

Current Status:

Construction work underway

Commercial operations on track for

summer 2014

14

NJR expects Two Dot to contribute to earnings in

fiscal fourth quarter 2014

Carroll Area Wind Farm

Second wind project for CEV

20 MW wind farm project located

65 miles NW of Des Moines in

Carroll County, Iowa

Approximately $42 million

investment; PTC eligible

25-year PPA with MidAmerican

Energy

Commercial operation expected in

the spring of 2015

15

NJR expects nearly 30 MW of wind energy to be in place by 2015

NJRES: Strong Performance in a Changing Market

NFE of $7.4 million vs. $3 million in Q1 last year

Higher financial margin from colder weather

Growth opportunities from physical natural gas sales and producer

services

Providing energy solutions for diverse customers in the Marcellus Shale

and other natural gas regions

Customers include Producers, Utilities, Power Generators, Pipelines and

Industrials

Holds

1.1

Bcf/day

of

firm

transportation

and

more

than

33

Bcf

of

storage

throughout the U.S. and Canada

16

4 to 7 Percent Average Long-Term Annual NFE

Growth Strategies

Regulated Businesses

Significant increase in NJNG

regulated infrastructure

investments

Diversified sources of NJNG

utility gross margin

November 2015 base

rate filing

Targeted growth from             

NJR Midstream

Non-Regulated Businesses

Diversify distributed power

portfolio

Expand onshore wind

investments

Steady contributions from        

NJR Energy Services

Expanded products and     

markets at NJR Home Services

17

NJR Affirms Long-Term Financial Goals

Achieve average long-term NFE growth of 4 to 7 percent

Significant capital investment in regulated business to support customer

growth and maintain safe, reliable and resilient service

New customers and regulatory initiatives generate significant NJNG utility

gross margin growth

Provide annual dividend growth of at least 5 percent

Targeted payout ratio of 60 to 65 percent

Expect at least 65 to 80 percent of earnings from Regulated Businesses

Supported by constructive and collaborative regulatory relationships

18

Fiscal 2014 First Quarter Update

February 6, 2014