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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Assets and Liabilities
The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
Derivatives at Fair Value
June 30, 2025September 30, 2024
(Thousands)Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
NJNG:
Physical commodity contractsDerivatives - current$118 $7 $21 $579 
Financial commodity contractsDerivatives - current153 16 — 2 
ES:
Physical commodity contractsDerivatives - current2,015 6,101 1,660 4,346 
Derivatives - noncurrent4,716 3,956 727 10,758 
Financial commodity contractsDerivatives - current5,402 2,038 5,132 1,344 
Derivatives - noncurrent1,127 662 79 732 
Total fair value of derivatives$13,531 $12,780 $7,619 $17,761 
Schedule of Offsetting Assets
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of June 30, 2025
ES Contracts
Physical commodity$6,731 (3,898)— $2,833 $10,057 (3,898)(4,152)$2,007 
Financial commodity6,529 (2,700)— 3,829 2,700 (2,700)— — 
Total ES$13,260 (6,598)— $6,662 $12,757 (6,598)(4,152)$2,007 
NJNG Contracts
Physical commodity$118 — — $118 $7 — — $7 
Financial commodity153 (16)(137)— 16 (16)— — 
Total NJNG$271 (16)(137)$118 $23 (16)— $7 
As of September 30, 2024
ES Contracts
Physical commodity$2,387 (535)— $1,852 $15,104 (535)(5,551)$9,018 
Financial commodity5,211 (2,076)(1,170)1,965 2,076 (2,076)— — 
Total ES$7,598 (2,611)(1,170)$3,817 $17,180 (2,611)(5,551)$9,018 
NJNG Contracts
Physical commodity$21 (13)— $8 $579 (13)— $566 
Financial commodity— — — — 2 — (2)— 
Total NJNG$21 (13)— $8 $581 (13)(2)$566 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Schedule of Offsetting Liabilities
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of June 30, 2025
ES Contracts
Physical commodity$6,731 (3,898)— $2,833 $10,057 (3,898)(4,152)$2,007 
Financial commodity6,529 (2,700)— 3,829 2,700 (2,700)— — 
Total ES$13,260 (6,598)— $6,662 $12,757 (6,598)(4,152)$2,007 
NJNG Contracts
Physical commodity$118 — — $118 $7 — — $7 
Financial commodity153 (16)(137)— 16 (16)— — 
Total NJNG$271 (16)(137)$118 $23 (16)— $7 
As of September 30, 2024
ES Contracts
Physical commodity$2,387 (535)— $1,852 $15,104 (535)(5,551)$9,018 
Financial commodity5,211 (2,076)(1,170)1,965 2,076 (2,076)— — 
Total ES$7,598 (2,611)(1,170)$3,817 $17,180 (2,611)(5,551)$9,018 
NJNG Contracts
Physical commodity$21 (13)— $8 $579 (13)— $566 
Financial commodity— — — — 2 — (2)— 
Total NJNG$21 (13)— $8 $581 (13)(2)$566 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations
The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:
(Thousands)Location of gain (loss) recognized in income on derivativesAmount of gain (loss) recognized
in income on derivatives
Three Months EndedNine Months Ended
June 30,June 30,
Derivatives not designated as hedging instruments:2025202420252024
ES:
Physical commodity contractsOperating revenues$(24,938)$3,560 $8,510 $13,939 
Physical commodity contractsNatural gas purchases(158)210 (1,185)(1,800)
Financial commodity contractsNatural gas purchases8,924 (5,415)6,112 10,208 
Physical commodity contractsOperation and maintenance1,356 — 230 — 
Total unrealized and realized (loss) gain$(14,816)$(1,645)$13,667 $22,347 
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges on OCI The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below:
Three Months EndedNine Months Ended
June 30,June 30,
(Thousands)2025202420252024
NJNG:
Physical commodity contracts$1,166 $188 $(17,408)$(4,802)
Financial commodity contracts(21,301)7,438 14,676 8,628 
Total unrealized and realized (loss) gain$(20,135)$7,626 $(2,732)$3,826 
Schedule of Outstanding Long (Short) Derivatives
NJNG and ES had the following outstanding long (short) derivatives as of:
Natural Gas DistributionEnergy Services
Volumes (Bcf)FuturesPhysical CommodityFuturesPhysical Commodity
June 30, 202525.83.7(5.5)(3.0)
September 30, 202431.910.9(7.7)2.8
Schedule of Broker Margin Accounts by Company
The balances by reporting segment are as follows:
(Thousands)Balance Sheet LocationJune 30,
2025		September 30,
2024
NJNGRestricted broker margin accounts-current assets$1,643 $4,975 
ESRestricted broker margin accounts-current assets$11,027 $8,268 
Restricted broker margin accounts-current liabilities$— $1,146 
Schedule of Gross Credit Exposures
The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of June 30, 2025. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.
(Thousands)Gross Credit Exposure
Investment grade$108,891 
Noninvestment grade10,281 
Internally rated investment grade14,756 
Internally rated noninvestment grade21,214 
Total$155,142