New Jersey Resource's Gas Utility Approaches Final Settlement on New Rates, Modestly Below Forecast
We expect to maintain our $30 per share fair value estimate for New Jersey Resources after the company announced an Administrative Law Judge's approval of a plan to raise New Jersey Natural Gas' gas rates by $45 million beginning in October 2016. The agreement still must be approved by the Board of Public Utilities, but we expect it to be finalized as currently structured. Crucially, this ruling does not include the Southern Reliability Link project (or SRL), which isn't near enough to developme...New Jersey Resources is an energy services holding company whose principal business is the distribution of natural gas through a regulated utility, providing other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. The company's segments are: Natural Gas Distribution, which consists of regulated natural gas services, off-system sales, capacity and storage management operations; Clean Energy Ventures, which consists of capital investments in clean energy projects; Energy Services, which consists of unregulated wholesale and retail energy operations; and Midstream, which consists of investments in the midstream natural gas market.
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