NJR - New Jersey Natural Gas hedges 80%-plus of projected heating supply

New Jersey Resources (NYSE:NJR) said Wednesday that its New Jersey Natural Gas subsidiary has already hedged more than 80% of its projected supply for the 2022-23 winter heating season to offset some of the impact of higher market prices to customers. The moves follow NJNG's proposed rate increase filed with the New Jersey Board of Public Utilities, seeking to adjust its periodic Basic Gas Supply Service rates to reflect higher wholesale market prices for natural gas, which the company said has more than doubled since May 2021. New Jersey Resources (NJR) said NJNG is looking to increase the BGSS rate, which reflects the commodity cost passed to consumers, for the typical heating customer using 100 therms/month by 12.5% and boost the balancing charge by 1.1%. New Jersey Resources (NJR) recently reported FQ2 adjusted earnings of $1.36/share on revenues of $912M.

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New Jersey Natural Gas hedges 80%-plus of projected heating supply