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

Steckman Ridge

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 $101.7M and $104.1M as of September 30, 2024 and 2023, respectively, which includes loans with a total outstanding principal balance of $70.4M for both September 30, 2024 and 2023. On October 1, 2023, the Company entered into an Amended and Restated Loan Agreement with Steckman Ridge to extend the existing loan agreement and moved from London Interbank Offered Rate to Secured Overnight Financing Rate. These loans accrue interest at a variable rate that resets quarterly and are now due October 1, 2027.

NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 16. Related Party Transactions for more information on these intercompany transactions.