v3.26.1
FAIR VALUE (Tables)
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, by Balance Sheet Grouping
The estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows:
(Thousands)March 31,
2026		September 30,
2025
Carrying value (1) (2)
$2,917,845 $2,917,845 
Fair market value$2,561,682 $2,631,512 
(1)Excludes NJNG's debt issuance costs of approximately $11.2M and $11.3M as of March 31, 2026 and September 30, 2025, respectively.
(2)Excludes NJR's debt issuance costs of approximately $2.6M and $2.9M as of March 31, 2026 and September 30, 2025, respectively.
Schedule of Fair Value Hierarchy The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:
Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.

Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Thousands)(Level 1)(Level 2)(Level 3)Total
As of March 31, 2026
Assets:
Physical commodity contracts$— $4,129 $— $4,129 
Financial commodity contracts7,122 — — 7,122 
Money market funds100,005 — — 100,005 
Other2,404 — — 2,404 
Total assets at fair value$109,531 $4,129 $— $113,660 
Liabilities:
Physical commodity contracts$— $9,224 $— $9,224 
Financial commodity contracts4,160 — — 4,160 
Total liabilities at fair value$4,160 $9,224 $— $13,384 
As of September 30, 2025
Assets:
Physical commodity contracts$— $5,051 $— $5,051 
Financial commodity contracts9,782 — — 9,782 
Money market funds5 — — 5 
Other2,589 — — 2,589 
Total assets at fair value$12,376 $5,051 $— $17,427 
Liabilities:
Physical commodity contracts$— $9,811 $— $9,811 
Financial commodity contracts2,092 — — 2,092 
Total liabilities at fair value$2,092 $9,811 $— $11,903