INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The income tax provision from operations for the fiscal years ended September 30, consists of the following:

(Thousands)	2025		2024		2023
Current:
Federal	$	17,157	$	691	$	13,393
State	(874)		(682)		7,716
Deferred:
Federal	54,449		66,623		36,825
State	26,502		18,531		(8,381)
Investment/production tax credits	(278)		(257)		(278)
Income tax provision	$	96,956	$	84,906	$	49,275

Schedule of Deferred Tax Assets and Liabilities

As of September 30, the temporary differences, which give rise to deferred tax assets (liabilities), consist of the following:

(Thousands)	2025		2024
Deferred tax assets
Investment tax credits (1)	$	150,182	$	192,238
State net operating losses	28,136		38,762
Deferred revenue	14,085		14,107
Fair value of derivatives	3,020		5,397
Impairment of equity method investment	14,004		14,004
Postemployment benefits	2,841		855
Incentive compensation	7,611		10,142
Amortization of intangibles	5,543		6,248
Overrecovered natural gas costs	2,975		9,072
Allowance for doubtful accounts	4,978		3,744
Other	7,919		7,226
Total deferred tax assets	241,294		301,795
Less: Valuation allowance	(5,454)		(5,621)
Total deferred tax assets net of valuation allowance	$	235,840	$	296,174
Deferred tax liabilities
Property-related items	$	(588,101)	$	(563,403)
Remediation costs	(20,953)		(21,656)
Investments in equity investees	(30,044)		(28,704)
Conservation incentive program	(6,344)		(14,379)
Other	(7,989)		(6,065)
Total deferred tax liabilities	$	(653,431)	$	(634,207)
Total net deferred tax liabilities	$	(417,591)	$	(338,033)

(1)Includes approximately $0.5M and $0.7M for NJNG for fiscal 2025 and 2024, respectively, which is being amortized over the life of the related assets.

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory rate to the effective rate from operations for the fiscal years ended September 30, is as follows:

(Thousands)	2025			2024			2023
Statutory income tax expense	$	90,842		$	78,683		$	65,940
Change resulting from:
Investment/production tax credits	(278)			(257)			(278)
Cost of removal of assets placed in service prior to 1981	(6,527)			(5,644)			(4,758)
AFUDC equity	(2,094)			(1,444)			(1,499)
State income taxes, net of federal benefit	20,078			14,517			13,293
Valuation allowance	(167)			(126)			(16,494)
Tax Act - utility excess deferred income taxes amortized	(3,573)			(3,573)			(3,573)
Other	(1,325)			2,750			(3,356)
Income tax provision	$	96,956		$	84,906		$	49,275
Effective income tax rate	22.4		%	22.7		%	15.7		%

Schedule of Uncertain Tax Benefits

The reserve for uncertain tax benefits is as follows:

(Thousands)	2025		2024
Balance at October 1,	$	4,993	$	4,978
Additions based on tax positions related to the current fiscal period	—		15
Balance at September 30,	$	4,993	$	4,993