New Jersey Board of Public Utilities Approves Decrease to New Jersey Natural Gas Energy-Efficiency Rate

New Jersey Natural Gas (NJNG) today received approval from the New
Jersey Board of Public Utilities (BPU) for a decrease to its
Energy-Efficiency (EE) rate. A typical residential heat customer using
1,000 therms annually will see their bill go from $1,062.88 to 1,056.78
per year, a savings of $6.10 or 0.6 percent. These savings come on top
of a 0.7 percent reduction to their bills, which was previously approved
by the BPU in September. The net effect of these rate changes is an
overall annual decrease of $13.40 or 1.3 percent. The new rate and
cumulative savings will be effective November 1, 2017.

“With the weather turning colder, we are pleased to help further lower
customers’ bills heading into the winter heating season,” said Laurence
M. Downes, chairman and CEO of New Jersey Natural Gas. “As always, we
are committed to doing our best to ensure safe, reliable, affordable
service for our customers.”

NJNG’s EE rate recovers costs associated with its offerings through The
SAVEGREEN Project^® (SAVEGREEN), including investment in
energy-efficient equipment upgrades and whole-house improvements.
Launched in September 2009, SAVEGREEN provides rebates and incentives to
help customers reduce their energy costs and emissions. These offerings
complement those administered by New Jersey’s Clean Energy Program™ and
support the state’s goal to lower customer energy costs, improve energy
efficiency, reduce greenhouse gas emissions and encourage economic
development.

Since its inception in 2009, SAVEGREEN has completed over 40,000 energy
audits, helped nearly 49,000 customers with energy-efficiency upgrades
and generated more than $370 million of economic activity in New Jersey.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that,
through its subsidiaries, provides safe and reliable natural gas and
clean energy services, including transportation, distribution, asset
management and home services. NJR is comprised of five primary
businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates
  and maintains over 7,300 miles of natural gas transportation and
  distribution infrastructure to serve over half a million customers in
  New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex
  and Burlington counties.
• NJR Energy Services manages a diversified portfolio of natural
  gas transportation and storage assets and provides physical natural
  gas services to its customers across North America.
• NJR Clean Energy Ventures invests in, owns and operates solar
  and onshore wind projects with a total capacity of more than 300
  megawatts, providing residential and commercial customers with
  low-carbon solutions.
• NJR Midstream serves customers from local distributors and
  producers to electric generators and wholesale marketers through its
  50 percent equity ownership in the Steckman Ridge natural gas storage
  facility and its stake in Dominion Midstream Partners, L.P., as well
  as its 20 percent equity interest in the PennEast Pipeline Project.
• NJR Home Services provides service contracts as well as
  heating, central air conditioning, water heaters, standby generators,
  solar and other indoor and outdoor comfort products to residential
  homes throughout New Jersey.

NJR and its more than 1,000 employees are committed to helping customers
save energy and money by promoting conservation and encouraging
efficiency through Conserve to Preserve^® and initiatives such
as The SAVEGREEN Project^® and The Sunlight Advantage^®.

For more information about NJR:

Visit www.njresources.com.
Follow
us on Twitter @NJNaturalGas.
“Like” us on
facebook.com/NewJerseyNaturalGas.
Download our free NJR investor
relations app for iPad, iPhone and Android.

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