Earnings call transcript: New Jersey Resources tops Q2 2025 earnings forecasts

New Jersey Resources (NJR) reported robust financial results for the second quarter of 2025, significantly exceeding Wall Street expectations. The company posted earnings per share (EPS) of $1.78, surpassing the forecasted $1.55. Revenue reached $913 million, outpacing the anticipated $800.57 million. Following the announcement, NJR’s stock price rose by 0.93% to $49.56, reflecting investor confidence in the company’s performance and outlook. According to InvestingPro data, NJR maintains strong profitability with a healthy gross margin of 38.7% and has raised its dividend for 29 consecutive years, demonstrating consistent shareholder returns.

Key Takeaways

• NJR’s Q2 earnings per share of $1.78 exceeded forecasts by 14.8%.
• Revenue climbed to $913 million, beating expectations by over $112 million.
• The company’s stock price increased by 0.93% in post-earnings trading.
• NJR raised its fiscal 2025 net financial earnings guidance to $3.15-$3.30 per share.
• Expansion in solar capacity and new rates contributed to performance.

Company Performance

New Jersey Resources showcased a strong performance in Q2 2025, with significant contributions from its Clean Energy Ventures and New Jersey Natural Gas divisions. The company added 31 megawatts of solar capacity and completed its first full quarter under new rates, bolstering its financial results. NJR’s balanced mix of regulated and non-regulated investments continues to drive growth, aligning with industry trends towards sustainable energy solutions.

Financial Highlights

• Revenue: $913 million, up from the forecasted $800.57 million.
• Earnings per share: $1.78, an increase from $1.41 in the previous year.
• Fiscal 2025 net financial earnings guidance: Raised to $3.15-$3.30 per share.
• Expected cash flow from operations: $460-$500 million in fiscal 2025.

Earnings vs. Forecast

NJR reported an EPS of $1.78, surpassing the forecast of $1.55 by 14.8%, marking a positive surprise for investors. Revenue also exceeded expectations, reaching $913 million compared to the projected $800.57 million. This performance reflects NJR’s effective operational strategies and market positioning.

Market Reaction

Following the earnings announcement, NJR’s stock price rose by 0.93% to $49.56, indicating investor approval of the company’s strong quarterly performance. This movement positions the stock within its 52-week range, which has seen a high of $51.95 and a low of $41.58. The positive market reaction underscores confidence in NJR’s strategic direction and financial health. InvestingPro analysis suggests the stock is slightly overvalued at current levels, though it maintains a favorable P/E ratio of 14.9x and demonstrates low price volatility with a beta of 0.68. For deeper insights into NJR’s valuation and 8 additional exclusive ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.

Outlook & Guidance

Looking ahead, NJR has raised its fiscal 2025 net financial earnings guidance to a range of $3.15-$3.30 per share, reflecting optimism in its growth initiatives. The company is targeting long-term NFE growth of 7-9%, supported by its expanding solar capacity and potential investments in the Leaf River storage facility. NJR also anticipates operational cash flow between $460 and $500 million and plans capital expenditures of $610-$790 million for fiscal 2025. InvestingPro data reveals that 2 analysts have recently revised their earnings estimates upward, while the company maintains a solid Financial Health Score of 2.54 (rated as GOOD). The company’s PEG ratio of 0.41 suggests attractive growth potential relative to its current valuation.

Executive Commentary

Steve Westhoven, President and CEO, emphasized the importance of delivering "safe, affordable and reliable energy" as a cornerstone of NJR’s strategy. He also highlighted the company’s strong financial position, noting, "We are not reliant on equity issuances to fund our capital plan." A company representative underscored the cost-effectiveness of natural gas, stating, "Natural gas is still the cheapest way to heat your home in the state of New Jersey."

Risks and Challenges

• Potential tariff impacts on solar investments could affect future profitability.
• Regulatory changes in New Jersey may pose challenges to operational strategies.
• Market saturation in high-income counties could limit customer growth.
• Supply chain disruptions could impact project timelines and costs.
• Macroeconomic pressures, such as inflation, may affect overall financial performance.

Q&A

During the earnings call, analysts inquired about the Leaf River storage expansion potential and the implications of tariffs on solar investments. NJR addressed these concerns, emphasizing its strategic focus on customer growth and navigating the regulatory environment in New Jersey. The company remains vigilant in monitoring these factors as it continues to execute its growth strategy.

Full transcript - NewJersey Resources Corp (NJR) Q2 2025:

Karen, Conference Operator: Good morning, everyone. The New Jersey Resources fiscal conference call will begin in approximately ten minutes at ten a. M. Eastern Time. In advance of the call, we want to provide a general set of instructions, which will be repeated at the start of the call.

For those of you listening on the live call, all participants will be in a listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note this event will be recorded. The conference call will begin at ten a. M.

Eastern Time. Thank you. Hello, everyone. My name is Karen. I’ll be your conference operator today.

At this time, I would like to welcome everyone to the New Jersey Resources Fiscal twenty twenty five Second Quarter and First Half Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. Thank you. I would now like to turn the call over to Adam Prior, Director of Investor Relations.

Please go ahead.

Adam Prior, Director of Investor Relations, New Jersey Resources: Thank you. Welcome to New Jersey Resources fiscal twenty twenty five second quarter conference call and webcast. I’m joined here today by Steve Westhoven, our President and CEO Roberto Bell, our Senior Vice President and Chief Financial Officer as well as other members of our senior management team. Certain statements in today’s call contain estimates and other forward looking statements within the meaning of the securities laws. We wish to caution listeners of this call that the current expectations, assumptions and beliefs forming the basis of our forward looking statements include many factors that are beyond our ability to control or estimate precisely.

This could cause results to materially differ from our expectations as found on Slide two. These items can also be found in the forward looking statements section of yesterday’s earnings release, furnished on Form eight ks and in our most recent Forms 10 ks

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: and 10 Q as filed with the SEC.

Adam Prior, Director of Investor Relations, New Jersey Resources: We do not, by including this statement, assume any obligation to review or revise any particular forward looking statement referenced herein in light of future events. We will also be referring to certain non GAAP financial measures such as net financial earnings or NFE. We believe that NFE, net financial loss, utility gross margin, financial margin, adjusted funds from operation and adjusted debt provide a more complete understanding of our financial performance. However, these non GAAP measures are not intended to be a substitute for GAAP. Our non GAAP financial measures are discussed more fully in Item seven of our 10 ks.

The slides accompanying today’s presentation are available on our website and were furnished on our Form eight ks filed yesterday. Steve will begin with this quarter’s highlights beginning on Slide four, followed by Roberto, who will review our financial results. Then we will open the call for your questions. With that, I’ll turn the

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: call over to our President and CEO, Steve Westhoven. Please go ahead, Steve.

Steve Westhoven, President and CEO, New Jersey Resources: Thanks, Adam, and good morning, everyone. At NJR, we recognize that affordability and reliability remain the foundation of our value proposition to our customers, and our long term strategy reflects that. In today’s environment, delivering safe, affordable and reliable energy is more critical than ever. That’s why we are focused on disciplined capital deployment, operational excellence and strategic innovation across all of our business segments. Our results this quarter once again demonstrate the strength of this approach.

Fiscal twenty twenty five continues to be a strong year for NJR. In the second quarter, we delivered solid results across all of our business segments. These results reflect the strength of our integrated portfolio and consistent execution by our team to drive long term sustainable growth. In particular, our wholesale gas marketing business NJR Energy Services reported strong performance during the winter by capitalizing on periods of pricing volatility through its long option strategy. As a result of this outperformance, we are raising our fiscal twenty twenty five NFEPS guidance by $0.10 a share to a revised range of $3.15 to $3.3 per share.

Looking at our other subsidiaries, we saw solid execution in the quarter from our entire portfolio of complementary businesses. At New Jersey Natural Gas, we completed the first full quarter of new rates following our base rate case settlement. We also initiated investments under the expanded Save Green program, our largest energy efficiency filing to date, which earns near real time returns. At Clean Energy Ventures, we are advancing our solar portfolio with new projects coming online and building a growing diversified project pipeline. We continue to prioritize disciplined capital deployment and strategic expansion across multiple states.

Our storage and transportation business also continued to make progress. We continued the capacity recovery project at Leaf River and remain engaged in the settlement process for Adelphia Gateway’s Section four rate case, which is proceeding as expected. Turning to Slide five for more details on our guidance. We are raising our fiscal twenty twenty five NFEPS guidance range to $3.15 to $3.3 per share, an increase of $0.10 from our prior range. This new outlook reflects our strong operating performance through the winter season for Energy Services and includes the gain from the sale of our residential solar portfolio at Clean Energy Ventures.

Importantly, this revised guidance exceeds our long term NFEPS growth target of 7% to 9%. On Slide six, we present our updated NFEPS guidance by segment. New Jersey Natural Gas remains the largest contributor followed by Clean Energy Ventures and Energy Services. In the second quarter, we slightly narrowed the range of contributions across our business lines, consistent with our practice as the year progresses. These updates reflect outperformance in Energy Services and a modest change in the relative contributions from New Jersey Natural Gas and Clean Energy Ventures.

Now let’s discuss our complementary business units, starting with New Jersey Natural Gas on Slide 7. New Jersey Natural Gas continues to deliver consistent customer growth quarter after quarter driven by a healthy mix of new construction activity, system expansions and steady conversions across our service territory. This underscores the ongoing demand for reliable, affordable natural gas service and supports long term investment in our utility infrastructure. We also remain proactive in strengthening the relationship with all of our customers. Throughout the winter season, we regularly shared information on utility assistance programs and focused on maintaining our reputation as a responsive and dependable service provider.

We continue to leverage mechanisms that help manage energy affordability. Most notably, our BGSS incentive programs, which allow us to temporarily release excess capacity or supply when it’s not needed. The resulting margin benefits are largely credited to customers, helping to mitigate the impact of higher energy prices. In the last ten years, New Jersey Natural Gas has saved customers nearly $800,000,000 as a result of this program. Alongside these efforts, we remain focused on long term investments that support system reliability, customer growth and New Jersey’s clean energy goals.

We’ve invested two fifty four million dollars at New Jersey Natural Gas this year 46% of that CapEx providing near real time returns. And as I noted earlier, we began making investments under the latest iteration of our Save Green program. These investments assist our customers with affordability, helping them lower their energy usage, reduce emissions and manage bills more effectively, all while delivering timely returns to NJR through a proven regulatory construct.

: Moving to Slide eight.

Steve Westhoven, President and CEO, New Jersey Resources: We are consistently placing new projects into service at Clean Energy Ventures, adding 31 megawatts of solar capacity into service this fiscal year. In addition, we are moving projects through our pipeline with 60 megawatts currently under construction. Our project pipeline stands at over one gigawatt with the majority of those investment opportunities located outside of New Jersey. The CEB team was deliberate in their efforts to diversify the project pipeline seeking to avoid an overreliance on any one market or policy regime. This strategy is proving more valuable as the renewable energy industry continues to navigate interconnection and policy related complexities.

Our robust pipeline of capital deployment opportunities combined with a disciplined SREC hedging strategy positions us to continue generating stable predictable cash flows from our solar investments. Moving to Slide nine, storage and transportation continues to deliver steady fee based revenues. At Leaf River, we continued our capacity recovery project restoring capacity that had been impacted by Salt Creek over time. Separately, we are exploring the potential development of a fourth cavern and recently completed a nonbinding open season with encouraging interest as we evaluate the economics and design optimization. At Adelphia Gateway, we continue to advance through the FERC rate case process with settlement discussions ongoing as we move towards achieving resolution and recovering the significant investments we’ve made to the system.

These assets represent strong long term value proposition, particularly as system constraints highlight the critical role of existing natural gas infrastructure. So with that, I’ll turn the call over to Roberto for a review of our financial results.

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: Thank you, Steve, and good morning, everyone. Slide 11 shows the main drivers of our NFE for the second quarter and year to date period of fiscal twenty twenty five. In the second quarter, we reported an NFEPS of $1.78 per share compared with NFEPS of $1.41 per share last year. We saw higher NFE at New Jersey Natural Gas, driven by higher utility gross margin as a result of our recent base rate case settlement. And Storage and Transportation reported improved performance versus the prior year driven by higher revenues at Leaf River.

At Clean Energy Ventures, we reported higher NFE for the year to date period, primarily driven by the sale of our residential solar portfolio during our fiscal first quarter. For fiscal twenty twenty five, we expect that the sale of our residential solar assets will generate a net benefit of approximately $0.30 per share, reflecting both the gain on sale and the lack of earnings contribution from that business for the remainder of the year. Now let’s move to Slide 12, where we will discuss in Europe’s capital plan. For fiscal twenty twenty five and fiscal twenty twenty six, we’re planning capital expenditures ranging from 1,300,000,000.0 to $1,600,000,000 which aligns with our long term and ACPS growth target of 7% to 9%. We did not make any changes to our capital plan compared to our prior disclosure and expect spending between $610,000,000 and $790,000,000 in capital investments during fiscal twenty twenty five.

These investments align with our long term strategy to enhance utility infrastructure, expand clean energy investments and optimize our storage and transportation capabilities. As highlighted on Slide 13, our strong balance sheet and liquidity position enable us to execute on our strategic priorities while maintaining financial flexibility. Our adjusted funds from operations to adjusted debt ratio is projected to range between 1921% for fiscal twenty twenty five, which reflects our ability to generate solid operating cash flows and manage debt effectively. These levels are consistent with maintaining our investment grade credit rating at NGNG and a strong balance sheet at NGAR. We expect our cash flow from operations to be between $460,000,000 and $500,000,000 in fiscal twenty twenty five, providing a solid foundation for our capital plan, dividends and other corporate needs.

With that, I’ll turn the call back to Steve for concluding remarks on Slide 14.

Steve Westhoven, President and CEO, New Jersey Resources: Thanks, Roberto. Before we move to Q and A, I’d like to briefly address NJR’s positioning in light of the evolving macroeconomic environment, specifically in relation to tariffs. As many of you know, the situation remains fluid. New Jersey Natural Gas is our largest business unit. And because our business activities are domestic, we are largely insulated from the impact of imported goods and materials.

Almost all of our gas supply comes from domestic suppliers, including many of the nation’s largest interstate pipelines. Additionally, New Jersey Natural Gas’ capital program uses domestically sourced materials such as plastic pipe and infrastructure components, minimizing exposure to current tariffs. At Clean Energy Ventures, we are proactive when it comes to project cost containment. Most of our contracts incorporate structured provisions to preserve returns in the event of cost increases. As a result, we do not expect the uncertainty around tariffs will materially impact our near term investments.

Our solar investment pipeline remains broad and diverse, giving us meaningful flexibility in how and when we deploy capital. It’s also important to emphasize that NJR’s strong balance sheet continues to support our strategy and is well positioned in any short term market dislocation. We are not reliant on equity issuances to fund our capital plan. We have substantial liquidity and healthy cash flows. And our debt maturity profile is staggered with no term debt due at the holdco level in fiscal twenty twenty five.

To conclude, NJR is poised for sustained long term growth across our diverse portfolio of businesses. Our balanced mix of regulated and non regulated investments continues to support peer leading performance. We raised our initial NFEPS guidance for the fifth consecutive year and our revised range of $3.15

: to $3.3

Steve Westhoven, President and CEO, New Jersey Resources: per share reflects the strength of our business model and our ability to navigate dynamic market conditions. So with that, let’s open up the line for questions.

Karen, Conference Operator: Your first question comes from the line of Richard Sunderland of JPMorgan. Please go ahead.

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: Hi, good morning and thanks for the time today.

: Hey, Richard.

Richard Sunderland, Analyst, JPMorgan: Starting with the Leaf River expansion, what is the timing of a potential decision to advance that project? Also curious how much capital would that require and what sort of returns you’re targeting?

: So, you know, we just completed the open season and and evaluating, you know, those bids and doing that at the same exact time as, you know, the cost associated with expansion to really put together the entire transaction. We don’t have a finite timeline set right now. You know, we don’t have a determined point in which we actually go because you don’t know whether you’re gonna complete contracts or not. You know, as far as, total capital costs, I’m gonna estimate somewhere between, I don’t know, a hundred and 75,000,000 to $200,000,000, you know, total costs. Don’t hold me to that, but it’d probably be somewhere, you know, in that area.

And then, you know, as far as returns go, you know, to be in line with what you’d expect were, you know, a midstream, you know, invest. Think that’s as far as we’ll probably go with that right now. But, yeah, it’s it’s you know, from the positive side, you know, it’s great. You know, market’s very supportive team down in that region. It’s a great asset.

You know, I think we’re in a in a good position, you know, to move forward. We just need to put all these pieces together, to make that capital invest.

Richard Sunderland, Analyst, JPMorgan: Understood. That that’s very helpful. And then I appreciate the tariff commentary. I just wanted to drill in drill in a little bit more for CEV. So at the sort of project level, do you see cost exposure to tariffs, which is then covered by the contractual protections you referenced?

I guess I’m just trying to think, how do you see development pace if cost do increase even if your returns are protected?

: You know what? It’s really too early to say. I mean, such a fluid situation. You know? You know, we put that commentary in place just to kinda give a view of how we’re thinking about it and also, know, that we’ve already thought about, you know, change to this market.

You know, if you remember, you know, we’ve had tariffs in solar panels. We’ve had changes in ITC. We’ve had a number of issues over the past, what, fifteen years that we’ve been, you know, in this market developing this market. So, you know, safe borrowing provisions, you know, certainly offer us some protection. As you can imagine, if you look at our, you know, capital plan, you know, the construction for many of these facilities is already happening even though their commercial operation isn’t going to happen until, you know, fiscal year ’20 ’20 ’6 or 2027.

So these things are done, you know, well in advance, and we’re just trying to convey to the market that we thought about this. You know, we’ve got some protections in place. And, you know, given the fact that, you know, from a state perspective, very high financials, you know, solar’s been, you know, one place where, you know, it’s been a a a, you know, successful program driving down costs. We’ve been able to develop we’ve been able to deploy capital. So we feel for all those reasons, it’s a good place to be.

And I think, you know, you know, with, you know, tariffs and, you know, all the other things that could happen, you know, we’re trying to prepare ahead of them, but we don’t really see any impacts over the next, like, twelve, twenty four months or so.

Richard Sunderland, Analyst, JPMorgan: Understood. Thanks for the time today. I’ll leave it there.

Karen, Conference Operator: Your next question comes from the line of Richard Sunderland. Excuse me. Richard, do we have another Richard Sunderland of JPMorgan. Did you have another question, Richard?

Richard Sunderland, Analyst, JPMorgan: No, I’m all set. Thank you.

Karen, Conference Operator: Okay. I wasn’t sure why that popped in. Thank you very much. Sorry about that, ladies and gentlemen. Your next question comes from the line of Jamison Ward of Jefferies.

Please go ahead.

Jamison Ward, Analyst, Jefferies: Good morning.

: Yes.

Jamison Ward, Analyst, Jefferies: Hey, it was great hosting you guys recently in Texas and nicely done on the beaten race. If I could just expand on Richard’s Leaf River question here, How should we think about the expected economics in terms of how they compare to your existing caverns and and also just given current storage market dynamics?

: Yeah. It’s You know, the the way to think about that, you

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: know, this is something that,

: you know, we’re only going to build if we get the returns that are appropriate for the, you know, investments that we’re making. Right? So what I’m trying to say there is that gotta get the contracts in place. We’ve gotta be able to lock in, you know, significant portion of, you know, materials and and that clear line of sight and what our construction costs are. And then, you know, have a little bit of an extra in order to, you know, have safety factor through, you know, probably a multiyear cycle of developing out that cavern.

So hoping that gives you a flavor for, you know, how we’re thinking about this and the types of returns that we would have to have in order to make all that happen. I don’t know if it’s comparable to our initial investment because that investment was up and running. It was already contracted. It already done. Was largely largely derisked.

This is a little bit different from that.

Jamison Ward, Analyst, Jefferies: Got you. Okay. Thank you for the color there. I appreciated your comments in the prepared remarks around affordability. Just wanted to also expand on that.

Just with your core utility business now contributing about 65% to 68 of earnings and after successful November 2024 rate case settlement. Just given the affordability concerns and legislative initiatives highlighted recently in the state, how do you view the regulatory environment over the next twelve to twenty four months and then maybe heading into your next rate case? And are there any specific regulatory mechanisms you’re pursuing to further reduce lag between investment and recovery beyond Save Green and IIP? Thank you.

: Yeah. Jason, we’re we’re in a good spot from a regulatory calendar perspective. You know, having completed our rate case and having completed our energy efficiency filing, having that, you know, done, really gives some clear air, you know, for the next, you know, twelve, twenty four, thirty six months, and when our next rate case would come back. There’s a lot of legislation that’s being put forth right now around affordability. I’d say that, you know, in any year, there’s about, you know, 10,000 pieces of legislation that are submitted.

So what’s gonna make it through and then what’s not, it’s hard to say right now. But I can tell you from our perspective as a company, you know, we’ve been very focused on affordability. We’re focused on, making certain that the way that we invest money, has a minimal impact on our customers and everything that we do from hedging programs to VGSS to deploying capital at times. You know, it’s really, really conscious around affordability, you know, for our customers. Natural gas is still the cheapest way to to heat your home in the state of New Jersey, and, we don’t wanna give up, you know, that positioning willingly.

So we’re gonna work on on making certain that we still maintain that position, you know, going forward.

Jamison Ward, Analyst, Jefferies: Got it. Thank you very much.

Karen, Conference Operator: Your next question comes from the line of Travis Miller of Morningstar. Please go ahead.

Jamison Ward, Analyst, Jefferies: Hi, everyone. Thank you. Two more quick ones on Leaf River. 1, is there any equipment or supplies that you need to order to complete that project if you decide to go forward?

: Yeah. I mean, we certainly have to order, you know, compressors to be typing associated with it. You know, a big chunk of the the dollars is, just the, you know, order in and out. And that is there. Sorry.

Jamison Ward, Analyst, Jefferies: Yeah. You broke up a little bit there. But, anyway, the so you you do have to order this. Is there risk then you know, the the implication there, is there risk in terms of supply chain or tariffs or anything else in terms of getting what you need to build that?

: It’s more latest on that right now. You know, we’re still working through kind of preliminary signs and things like that, trying to find those up for contracts, you know, so for even an optimistic time frame, you know, those worries, you know, would be out, you multiple months or maybe even here. I think it would take a while to to determine whether this is gonna be impactful and and because the environment’s so fluid. You know, it’s a it’s a brownfield site, so we don’t have to order as much. We don’t have to put as much infrastructure in place as somebody’s building a greenfield site.

You know? So that’s certainly, you know, positive to our point. And given the fact that we’ve already, you know, have the wells in place, you know, for for order, and we’ve got the brining facilities in place, which is a big part of construction, puts us in an advantage. So so we’re in a good place, you know, from that perspective, but too early to tell on, you know, on things of that nature at this point.

Jamison Ward, Analyst, Jefferies: Okay. Perfect. And then higher level question, the utility. You continue to see customer growth over and over and over. What’s going on there?

Right? What are some of the fundamentals where we don’t necessarily see that at some other utilities? Is there a business mix change in terms of residential to business or business to residential? What are some of the fundamental shifts you’re seeing here in terms of still continuing to get customer growth?

Pat Migliaccio, New Jersey Resources: I’m was Pat Migliaccio. To so to answer your question, there’s been no change in in the mix. We are predominantly residential service territory, so 93% residential, 7% commercial. I I would say that, you know, we we have a really attractive service territory, principally Monmouth, Ocean, and Morris Counties, and more room for development, great demographics in terms of some of highest per capita income brackets in the state of New Jersey, and just a great place to live. We hit those all by the short traps.

So and and on the flip side, though, we are also constantly advocating for ways we can save customers money, and that’s through our same green energy efficiency program, largest ever in in the state. But that really provides customers an opportunity to conduct an energy out of their home and figure out a way to make them warranty efficient for those homes that have already been constructed. So hope that answers your question, but, you know, we we do believe that we continue to see fantastic customer growth.

Jamison Ward, Analyst, Jefferies: Yeah. Oh, okay. Very good. Well, we’ll see all of you soon.

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: Thanks. Our

Karen, Conference Operator: next question comes from Robert Moskow of Mizuho Securities. Please go ahead.

Robert Moskow, Analyst, Mizuho Securities: Hi, good morning everyone. One from I think there was maybe an updated draft to the proposed Energy Master Plan a little bit after your 1Q update. Just wondering if there’s anything in particular you’re focused on during the common period and anything that might change just given some of the recent affordability legislation proposed in New Jersey? Kind of open ended question, but curious to get your thoughts there.

: Thanks, Rob. So there was a presentation that was put forth on the energy master plan, but there was not a whole draft document of the energy master plan issue. They did allow for a comment period, which we did submit comments on. I’m not sure what the, you know, follow-up will be on that. Just as a reminder,

Jamison Ward, Analyst, Jefferies: we are gonna go through

: a gubernatorial election this November, so you’re gonna change the administration. I fully expect that a new administration, you know, this fall will be drafting probably a new energy answer plan. So I think as far as you’re concerned, it’s a it’s a staging moment to see, you know, how this plays out over the next, year or so and see what the new administration’s focus and goals are.

Robert Moskow, Analyst, Mizuho Securities: Got it. Appreciate the time.

: Alright. Thanks.

Karen, Conference Operator: This concludes our Q and A section. I will now turn the call back over to Adam Prior for closing remarks. Please go ahead.

: You very much. I’d like to thank you all for joining us.

Roberto Bell, Senior Vice President and Chief Financial Officer, New Jersey Resources: We look forward to seeing many of

: you at AGA later this month.

Adam Prior, Director of Investor Relations, New Jersey Resources: And as always, we appreciate your interest and investment in NJR. Great day.

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