REGULATION (Tables)

12 Months Ended

Sep. 30, 2025

Regulated Operations [Abstract]

Schedule of Regulatory Assets

Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30:

(Thousands)	2025		2024
Regulatory assets-current
New Jersey Clean Energy Program	$	17,171	$	18,491
Conservation Incentive Program	22,697		51,442
Derivatives at fair value, net	7,544		1,363
Other current regulatory assets	1,486		1,774
Total current regulatory assets	$	48,898	$	73,070
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries	$	74,961	$	77,475
Liability for future expenditures	166,990		161,650
Deferred income taxes	46,013		42,595
SAVEGREEN	141,562		107,796
Postemployment and other benefit costs	41,275		23,772
Cost of removal	132,895		130,885
Other noncurrent regulatory assets	63,612		59,924
Total noncurrent regulatory assets	$	667,308	$	604,097
Regulatory liability-current
Overrecovered natural gas costs	$	10,643	$	32,457
Total current regulatory liabilities	$	10,643	$	32,457
Regulatory liabilities-noncurrent
Tax Act impact	$	170,309	$	175,328
Derivatives at fair value, net	—		404
Other noncurrent regulatory liabilities	868		115
Total noncurrent regulatory liabilities	$	171,177	$	175,847

Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30:

(Thousands)	2025		2024
Total noncurrent regulatory assets	$	5,210	$	5,095
Total current regulatory liabilities	$	2,241	$	524

Schedule of Regulatory Liabilities

Regulatory assets and liabilities included on the Consolidated Balance Sheets for NJNG are comprised of the following, as of September 30:

(Thousands)	2025		2024
Regulatory assets-current
New Jersey Clean Energy Program	$	17,171	$	18,491
Conservation Incentive Program	22,697		51,442
Derivatives at fair value, net	7,544		1,363
Other current regulatory assets	1,486		1,774
Total current regulatory assets	$	48,898	$	73,070
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries	$	74,961	$	77,475
Liability for future expenditures	166,990		161,650
Deferred income taxes	46,013		42,595
SAVEGREEN	141,562		107,796
Postemployment and other benefit costs	41,275		23,772
Cost of removal	132,895		130,885
Other noncurrent regulatory assets	63,612		59,924
Total noncurrent regulatory assets	$	667,308	$	604,097
Regulatory liability-current
Overrecovered natural gas costs	$	10,643	$	32,457
Total current regulatory liabilities	$	10,643	$	32,457
Regulatory liabilities-noncurrent
Tax Act impact	$	170,309	$	175,328
Derivatives at fair value, net	—		404
Other noncurrent regulatory liabilities	868		115
Total noncurrent regulatory liabilities	$	171,177	$	175,847

Regulatory assets and liabilities included on the Consolidated Balance Sheets for Adelphia are comprised of the following, as of September 30:

(Thousands)	2025		2024
Total noncurrent regulatory assets	$	5,210	$	5,095
Total current regulatory liabilities	$	2,241	$	524