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INVESTMENTS IN EQUITY INVESTEES
12 Months Ended
Sep. 30, 2025
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 approximately $101.2M and $101.7M as of September 30, 2025 and 2024, respectively, which includes loans with a total outstanding principal balance of approximately $70.4M for both September 30, 2025 and 2024. These 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 16. Related Party Transactions for more information on these intercompany transactions.