Requests Increase for the 2017-2018 Winter Heating Season

WALL, N.J.–(BUSINESS WIRE)–New Jersey Natural Gas Company (NJNG), a regulated subsidiary of New
Jersey Resources (NYSE:NJR), today submitted a series of filings to the
New Jersey Board of Public Utilities (BPU) seeking to adjust its rates
for the 2017-2018 winter heating season. The overall impact of the
filings will be an increase of 2.9 percent for the typical customer.
Pending BPU approval, the monthly bill for a typical residential heat
customer using 100 therms a month will go from $105.25 to $108.27, an
increase of $3.02.

“Every day, the women and men of New Jersey Natural Gas give their best
to provide our customers with safe, reliable service at a competitive
price,” said Mariellen Dugan, chief operating officer of New Jersey
Natural Gas. “Over the past eight years, customers have benefited from
the stable, low cost of natural gas. While the proposed rate adjustment
we filed today is a reflection of higher market prices, customers’
annual bills are still 41 percent lower than 2008 – a savings of nearly
$700 – due to reductions in the cost of natural gas supply.”

In its filings, NJNG is seeking a 4.2 percent increase related to its
Basic Gas Supply Service (BGSS) rate and a 0.6 percent increase related
to its Balancing Charge. The BGSS and Balancing Charge recover the costs
of natural gas supply delivered to NJNG’s system to serve its customers
and balance deliveries associated with customer usage. Market prices are
26 percent higher than last year, which is the primary factor driving
NJNG’s proposed increase. Any change in the BGSS is passed through to
the customer and does not represent an increase in company profits.

NJNG also requested a 1.5 percent and 0.4 percent decrease related to
its Conservation Incentive Program (CIP) and Energy-Efficiency (EE)
rates, respectively. The CIP normalizes year-to-year fluctuation from
changing weather and usage patterns on both customers’ bills and NJNG’s
financial margins. Since its inception in 2006, the CIP has helped NJNG
customers realize cost savings of nearly $370 million through reduced
energy usage. NJNG’s EE rate recovers costs associated with offerings
through The SAVEGREEN Project^®, including investment in
energy-efficient equipment upgrades and whole-house improvements.

Pending BPU approval, NJNG expects the new rates to go into effect on
October 1, 2017.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that,
through its subsidiaries, provides safe and reliable natural gas and
clean energy services, including transportation, distribution, asset
management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates
  and maintains over 7,300 miles of natural gas transportation and
  distribution infrastructure to serve over half a million customers in
  New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and
  Burlington counties.
• NJR Energy Services manages a diversified portfolio of natural
  gas transportation and storage assets and provides physical natural
  gas services and customized energy solutions to its customers across
  North America.
• NJR Clean Energy Ventures invests in, owns and operates solar
  and onshore wind projects with a total capacity of more than 280
  megawatts, providing residential and commercial customers with
  low-carbon solutions.
• NJR Midstream serves customers from local distributors and
  producers to electric generators and wholesale marketers through its
  50 percent equity ownership in the Steckman Ridge natural gas storage
  facility and its stake in Dominion Midstream Partners, L.P., as well
  as its 20 percent equity interest in the PennEast Pipeline Project.
• NJR Home Services provides service contracts as well as
  heating, central air conditioning, water heaters, standby generators,
  solar and other indoor and outdoor comfort products to residential
  homes throughout New Jersey.

NJR and its more than 1,000 employees are committed to helping customers
save energy and money by promoting conservation and encouraging
efficiency through Conserve to Preserve^® and initiatives such
as The SAVEGREEN Project^® and The Sunlight Advantage^®.

For more information about NJR:

Visit www.njresources.com.
Follow
us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
Download
our free NJR investor relations app for iPad, iPhone and Android.

Contacts

For New Jersey Resources
Media:
Michael Kinney,
732-938-1031
[email protected]
or
Investors:
Joanne
Fairechio, 732-378-4967
[email protected]
or
Dennis
Puma, 732-938-1229
[email protected]