form8-k_ratecasesettlement.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): October 8, 2008 (October 3,
2008)
NEW
JERSEY RESOURCES
CORPORATION
(Exact
name of registrant as specified in its charter)
|
New
Jersey
(State
or other jurisdiction
of
incorporation)
|
1-8359
(Commission
File
Number)
|
22-2376465
(IRS
Employer
Identification
No.)
|
|
1415
Wyckoff Road
Wall,
New Jersey
(Address
of principal executive offices)
|
|
07719
(Zip
Code)
|
(732)
938-1480
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01
Other Events
As
previously reported in the Registrant’s most recent Current Report on Form 8-K
filed with the Securities and Exchange Commission on August 18, 2008, New Jersey
Natural Gas Company (“NJNG”), a wholly-owned subsidiary of the Registrant,
previously reached an agreement with the New Jersey Department of the Public
Advocate, Division of Rate Counsel and the staff of the New Jersey Board of
Public Utilities (“BPU”) on the base rate case that was also approved by the
presiding Administrative Law Judge (“ALJ”). On October 3, 2008, NJNG announced
in the press release attached hereto as Exhibit 99.1 and incorporated by
reference, that the BPU adopted the decision of the ALJ thereby approving the
previously-reached stipulations of settlement allowing NJNG to adjust its base
rates effective October 3, 2008.
Based
upon the agreed-upon terms of the stipulations of settlement, NJNG’s annual base
rate revenue will increase by $32.5 million. The settlement also
establishes a rate base of $943.9 million for NJNG with an overall rate of
return of 7.76 percent as well as a return on equity of 10.3 percent with a 51.2
percent common equity ratio. Additionally, NJNG’s Basic Gas Supply
Service incentive programs will be expanded and extended through October 31,
2011, and NJNG’s overall depreciation rate will be reduced from the previously
approved 3 percent to 2.34 percent. Also included is an annual
expenditure of $1.4 million for operation and maintenance expenses associated
with pipeline integrity management as well as a provision for a deferred
reconciliation of the actual costs incurred.
Item 9.01 Financial Statements and
Exhibits
(c)
Exhibits.
Exhibit
Number
Exhibit
|
99.1
|
Press
Release dated October 3,
2008
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
|
NEW JERSEY RESOURCES CORPORATION
|
|
Date: October
8, 2008
|
|
|
By:
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/s/Glenn C. Lockwood
|
|
|
Glenn
C. Lockwood
|
|
|
Senior
Vice President and Chief Financial
Officer
|
EXHIBIT
INDEX
|
Exhibit
Number
|
Description
|
|
|
|
|
|
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99.1
|
Press
Release dated October 3,
2008
|