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INVESTMENTS IN EQUITY INVESTEES
9 Months Ended
Jun. 30, 2024
Investments, All Other Investments [Abstract]  
INVESTMENTS IN EQUITY INVESTEES
7. INVESTMENTS IN EQUITY INVESTEES

The Company holds a 50% equity method investment in Steckman Ridge, a jointly owned and controlled natural gas storage facility located in Bedford County, Pennsylvania. The Company's investment in Steckman Ridge was $100.8M and $104.1M as of June 30, 2024 and September 30, 2023, respectively, which include loans with a total outstanding principal balance of $70.4M for both periods. On October 1, 2023, the Company entered into an Amended and Restated Loan Agreement with Steckman Ridge, which extends the existing loan agreement and moved from London Interbank Offered Rate to Secured Overnight Financing Rate. The loans accrue interest at a variable rate that resets quarterly and are due October 1, 2027.

NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 15. Related Party Transactions for more information on these intercompany transactions.