New Jersey Resources (NJR) is a New Jersey-based diversified energy holding company. Its core business is New Jersey Natural Gas (NJNG), a regulated natural gas utility serving approximately 588,000 residential and commercial customers across roughly 1,500 square miles of suburban New Jersey. NJNG earns a regulated return on a $3.2B rate base, with an allowed ROE of 9.6%. NJNG's margins are insulated from weather and commodity price swings through a decoupling mechanism and a gas cost pass-through clause, respectively. NJR also owns three non-utility businesses: Clean Energy Ventures (CEV), which owns and operates approximately 479 MW of commercial solar capacity across seven states and earns revenue from electricity sales and renewable energy certificates; Energy Services, an unregulated wholesale natural gas marketing operation that captures geographic and seasonal price differentials using contracted pipeline and storage capacity, supplemented by fee-based asset management agreements running through fiscal 2031; and Storage and Transportation, which owns FERC-regulated natural gas storage and pipeline assets, including Leaf River in Mississippi and Adelphia Gateway in Pennsylvania, earning fee-based revenue under long-term contracts. NJR's growth strategy is anchored by a $4.8B–$5.2B five-year CapEx plan through fiscal 2030, targeting high single-digit rate base growth at NJNG, a planned expansion of Leaf River's storage capacity from ~32 Bcf to 55 Bcf, and more than 50% growth in CEV's in-service solar capacity.