−Removed: LEGAL PROCEEDINGS (Continued)
+Added: LEGAL PROCEEDINGS
+Added: Manufactured Gas Plant Remediation
+Added: NJNG is responsible for the remedial cleanup of certain former MGP sites, dating back to gas operations in the late 1800s and early 1900s, which contain contaminated residues from former gas manufacturing operations.
+Added: NJNG is currently involved in administrative proceedings with the NJDEP, and participating in various studies and investigations by outside consultants, to determine the nature and extent of any such contaminated residues and to develop appropriate programs of remedial action, where warranted, under NJDEP regulations.
NJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action.
6 unchanged sentences
NJNG recovers its remediation expenditures, including carrying costs, over rolling seven-year periods pursuant to a RAC approved by the BPU.
−Removed: In March 2022, the BPU approved an increase in the RAC, which increased the pre-tax annual recovery from $11.1M to $11.7M, effective April 1, 2022.
−Removed: On April 12, 2023, the BPU approved on a final basis NJNG’s annual SBC filing of RAC expenditures through June 30, 2022, as well as an increase to the RAC annual recoveries of $3.7M, which increased the pre-tax annual recovery to $15.4M, effective May 1, 2023.
As of September 30, 2024, $77.5M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Consolidated Balance Sheets.
7 unchanged sentences
Based upon currently available information, NJR believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows.
−Removed: The actual results of resolving the pending litigation matters may be substantially higher than the amounts accrued.
+Added: The actual results of resolving the pending litigation matters may be substantially different from the amounts accrued.
MINE SAFETY DISCLOSURES
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.