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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Dec. 31, 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
December 31, 2025September 30, 2025
(Thousands)Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
NJNG:
Physical commodity contractsDerivatives - current$39 $104 $30 $2 
Financial commodity contractsDerivatives - current— 12 349 4 
Derivatives - noncurrent— — 1 — 
ES:
Physical commodity contractsDerivatives - current3,827 5,154 3,709 5,878 
Derivatives - noncurrent534 5,767 1,312 3,931 
Financial commodity contractsDerivatives - current9,207 3,441 8,426 1,736 
Derivatives - noncurrent744 390 1,006 352 
Total fair value of derivatives$14,351 $14,868 $14,833 $11,903 
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 December 31, 2025
ES Contracts
Physical commodity$4,361 (1,653)— $2,708 $10,921 (1,653)(2,183)$7,085 
Financial commodity9,951 (3,831)(2,357)3,763 3,831 (3,831)— — 
Total ES$14,312 (5,484)(2,357)$6,471 $14,752 (5,484)(2,183)$7,085 
NJNG Contracts
Physical commodity$39 (5)— $34 $104 (5)— $99 
Financial commodity— — — — 12 — (12)— 
Total NJNG$39 (5)— $34 $116 (5)(12)$99 
As of September 30, 2025
ES Contracts
Physical commodity$5,021 (2,061)— $2,960 $9,809 (2,061)(2,022)$5,726 
Financial commodity9,432 (2,088)(3,951)3,393 2,088 (2,088)— — 
Total ES$14,453 (4,149)(3,951)$6,353 $11,897 (4,149)(2,022)$5,726 
NJNG Contracts
Physical commodity$30 (1)— $29 $2 (1)— $1 
Financial commodity350 (4)— 346 4 (4)— — 
Total NJNG$380 (5)— $375 $6 (5)— $1 
(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 December 31, 2025
ES Contracts
Physical commodity$4,361 (1,653)— $2,708 $10,921 (1,653)(2,183)$7,085 
Financial commodity9,951 (3,831)(2,357)3,763 3,831 (3,831)— — 
Total ES$14,312 (5,484)(2,357)$6,471 $14,752 (5,484)(2,183)$7,085 
NJNG Contracts
Physical commodity$39 (5)— $34 $104 (5)— $99 
Financial commodity— — — — 12 — (12)— 
Total NJNG$39 (5)— $34 $116 (5)(12)$99 
As of September 30, 2025
ES Contracts
Physical commodity$5,021 (2,061)— $2,960 $9,809 (2,061)(2,022)$5,726 
Financial commodity9,432 (2,088)(3,951)3,393 2,088 (2,088)— — 
Total ES$14,453 (4,149)(3,951)$6,353 $11,897 (4,149)(2,022)$5,726 
NJNG Contracts
Physical commodity$30 (1)— $29 $2 (1)— $1 
Financial commodity350 (4)— 346 4 (4)— — 
Total NJNG$380 (5)— $375 $6 (5)— $1 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations
The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:
(Thousands)Location of gain (loss) recognized in income on derivativesAmount of gain (loss) recognized
in income on derivatives
Three Months Ended
December 31,
Derivatives not designated as hedging instruments:20252024
ES:
Physical commodity contractsOperating revenues$(761)$(2,632)
Physical commodity contractsNatural gas purchases(456)(1,752)
Financial commodity contractsNatural gas purchases97 1,538 
Physical commodity contractsOperation and maintenance(4)1,053 
Total unrealized and realized loss$(1,124)$(1,793)
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 Ended
December 31,
(Thousands)20252024
NJNG:
Physical commodity contracts$286 $(13,386)
Financial commodity contracts(4,478)5,939 
Total unrealized and realized loss$(4,192)$(7,447)
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
December 31, 202529.00.3(0.3)(0.6)
September 30, 202536.16.0(4.7)5.5
Schedule of Broker Margin Accounts by Company
The balances by reportable segment are as follows:
(Thousands)Balance Sheet LocationDecember 31,
2025		September 30,
2025
NJNGRestricted broker margin accounts-current assets$2,300 $5,480 
ESRestricted broker margin accounts-current assets$3,082 $3,440 
Restricted broker margin accounts-current liabilities$2,355 $3,949 
Schedule of Gross Credit Exposures
The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of December 31, 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$117,608 
Noninvestment grade37,430 
Internally rated investment grade17,668 
Internally rated noninvestment grade36,195 
Total$208,901