REVENUE (Tables)

Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reportable segment and other business operations:


Revenue Recognized Over Time:
Segment/ Operations	Performance Obligation	Description
NJNG	Natural gas utility sales	NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
CEV	Commercial solar electricity	CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services.


Revenue Recognized Over Time (continued):
Segment/ Operations	Performance Obligation	Description
CEV	Renewable energy certificates	Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator. Revenue is recognized upon generation.
ES	Natural gas services	The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T	Natural gas services	The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement.
HSO	Service contracts	Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.

Revenue Recognized at a Point in Time:

ES	Natural gas services	For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty. Revenue is recognized upon the transfer of the underlying contractual rights.
S&T	Natural gas services	The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Usage fees and hub services revenues are recognized as services are performed.
HSO	Installations	Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.

Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the three months ended March 31, 2026 and 2025, are as follows:


(Thousands)	NJNG		CEV		ES	S&T	HSO	Total
2026
Natural gas utility sales (1)	$	574,822	—		—	—	—	$	574,822
Natural gas services	—		—		13,491	29,434	—	42,925
Service contracts	—		—		—	—	9,528	9,528
Installations and maintenance	—		—		—	—	5,430	5,430
Renewable energy certificates	—		3,380		—	—	—	3,380
Electricity sales	—		5,503		—	—	—	5,503
Eliminations (2)	(238)		—		—	—	—	(238)
Revenues from contracts with customers	574,584		8,883		13,491	29,434	14,958	641,350
Alternative revenue programs (3)	(24,299)		—		—	—	—	(24,299)
Derivative instruments	90,637		1,049	(4)	230,664	—	—	322,350

Revenues out of scope	66,338		1,049		230,664	—	—	298,051
Total operating revenues	$	640,922	9,932		244,155	29,434	14,958	$	939,401
2025
Natural gas utility sales (1)	$	509,451	—		—	—	—	$	509,451
Natural gas services	—		—		11,890	25,307	—	37,197
Service contracts	—		—		—	—	9,270	9,270
Installations and maintenance	—		—		—	—	5,848	5,848
Renewable energy certificates	—		2,866		—	—	—	2,866
Electricity sales	—		4,967		—	—	—	4,967
Eliminations (2)	(306)		—		—	1	(95)	(400)
Revenues from contracts with customers	509,145		7,833		11,890	25,308	15,023	569,199
Alternative revenue programs (3)	(20,145)		—		—	—	—	(20,145)
Derivative instruments	129,339		134	(4)	234,500	—	—	363,973

Revenues out of scope	109,194		134		234,500	—	—	343,828
Total operating revenues	$	618,339	7,967		246,390	25,308	15,023	$	913,027

(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.

(2)Consists of transactions between subsidiaries that are eliminated in consolidation.

(3)Includes CIP revenue.

(4)Includes SREC revenue.

Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the six months ended March 31, 2026 and 2025, are as follows:


(Thousands)	NJNG		CEV		ES	S&T	HSO	Total
2026
Natural gas utility sales (1)	$	949,680	—		—	—	—	$	949,680
Natural gas services	—		—		26,331	57,514	—	83,845
Service contracts	—		—		—	—	18,983	18,983
Installations and maintenance	—		—		—	—	11,981	11,981
Renewable energy certificates	—		7,117		—	—	—	7,117
Electricity sales	—		11,118		—	—	—	11,118
Eliminations (2)	(475)		—		—	—	—	(475)
Revenues from contracts with customers	949,205		18,235		26,331	57,514	30,964	1,082,249
Alternative revenue programs (3)	(50,555)		—		—	—	—	(50,555)
Derivative instruments	152,173		23,457	(4)	336,931	—	—	512,561

Revenues out of scope	101,618		23,457		336,931	—	—	462,006
Total operating revenues	$	1,050,823	41,692		363,262	57,514	30,964	$	1,544,255
2025
Natural gas utility sales (1)	$	805,853	—		—	—	—	$	805,853
Natural gas services	—		—		23,837	51,935	—	75,772
Service contracts	—		—		—	—	18,502	18,502
Installations and maintenance	—		—		—	—	12,410	12,410
Renewable energy certificates	—		5,762		—	—	—	5,762
Electricity sales	—		10,793		—	—	—	10,793
Eliminations (2)	(643)		—		—	(41)	(256)	(940)
Revenues from contracts with customers	805,210		16,555		23,837	51,894	30,656	928,152
Alternative revenue programs (3)	(25,536)		—		—	—	—	(25,536)
Derivative instruments	172,093		17,818	(4)	308,861	—	—	498,772

Revenues out of scope	146,557		17,818		308,861	—	—	473,236
Total operating revenues	$	951,767	34,373		332,698	51,894	30,656	$	1,401,388

(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.

(2)Consists of transactions between subsidiaries that are eliminated in consolidation.

(3)Includes CIP revenue.

(4)Includes SREC revenue.

Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the three months ended March 31, 2026 and 2025, are as follows:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
2026
Residential	$	444,413	—	—	—	14,928	$	459,341
Commercial and industrial	84,260		8,883	13,491	29,434	30	136,098
Firm transportation	43,841		—	—	—	—	43,841
Interruptible, off-tariff and other	2,070		—	—	—	—	2,070
Revenues out of scope	66,338		1,049	230,664	—	—	298,051
Total operating revenues	$	640,922	9,932	244,155	29,434	14,958	$	939,401
2025
Residential	$	392,100	—	—	—	14,980	$	407,080
Commercial and industrial	73,496		7,833	11,890	25,308	43	118,570
Firm transportation	42,408		—	—	—	—	42,408
Interruptible, off-tariff and other	1,141		—	—	—	—	1,141
Revenues out of scope	109,194		134	234,500	—	—	343,828
Total operating revenues	$	618,339	7,967	246,390	25,308	15,023	$	913,027

Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the six months ended March 31, 2026 and 2025, are as follows:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
2026
Residential	$	728,514	—	—	—	30,909	$	759,423
Commercial and industrial	137,701		18,235	26,331	57,514	55	239,836
Firm transportation	78,518		—	—	—	—	78,518
Interruptible, off-tariff and other	4,472		—	—	—	—	4,472
Revenues out of scope	101,618		23,457	336,931	—	—	462,006
Total operating revenues	$	1,050,823	41,692	363,262	57,514	30,964	$	1,544,255
2025
Residential	$	615,919	2,110	—	—	30,524	$	648,553
Commercial and industrial	115,301		14,445	23,837	51,894	132	205,609
Firm transportation	69,733		—	—	—	—	69,733
Interruptible, off-tariff and other	4,257		—	—	—	—	4,257
Revenues out of scope	146,557		17,818	308,861	—	—	473,236
Total operating revenues	$	951,767	34,373	332,698	51,894	30,656	$	1,401,388

The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the six months ended March 31, 2026 and 2025, are as follows:


	Customer Accounts Receivable				Customers' Credit
(Thousands)	Billed		Unbilled		Balances and Deposits
Balance as of September 30, 2025	$	109,366	$	24,194	$	31,297
Increase (decrease)	181,686		54,817		(8,353)
Balance as of March 31, 2026	$	291,052	$	79,011	$	22,944
Balance as of September 30, 2024	$	105,531	$	20,094	$	38,595
Increase (decrease)	157,720		53,531		(15,746)
Balance as of March 31, 2025	$	263,251	$	73,625	$	22,849

The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
March 31, 2026
Customer accounts receivable
Billed	$	247,580	5,640	28,513	7,793	1,526	$	291,052
Unbilled	70,568		8,443	—	—	—	79,011
Customers' credit balances and deposits	(22,915)		—	—	(29)	—	(22,944)
Total	$	295,233	14,083	28,513	7,764	1,526	$	347,119
September 30, 2025
Customer accounts receivable
Billed	$	75,789	6,818	17,483	8,172	1,104	$	109,366
Unbilled	14,817		9,377	—	—	—	24,194
Customers' credit balances and deposits	(31,257)		—	—	(40)	—	(31,297)
Total	$	59,349	16,195	17,483	8,132	1,104	$	102,263