New Jersey Natural Gas Co. celebrates 50 years of service

WALL, N.J., June 6, 2002 — New Jersey Natural Gas Co. (NJNG), the principal subsidiary of New Jersey Resources Corp., marked its 50th anniversary on Monday.

Founded on June 3, 1952, NJNG provides natural gas service to residences and businesses throughout New Jersey’s Monmouth and Ocean counties, and parts of Morris and Middlesex counties.

“For 50 years, our customers have turned to us to keep them warm and ensure they have the energy they need for their homes and businesses,” said Laurence M. Downes, chairman and CEO of NJNG. “On behalf of the almost 5,000 women and men who have been part of our team for the past five decades and have worked so hard through the years to bring our customers comfort and warmth, we are grateful for the opportunity to be of service,” he said.

NJNG was founded when County Gas Company of Atlantic Highlands, a company of approximately 14,000 customers, acquired the gas properties of Jersey Central Power and Light Company, increasing the number of customers to about 98,000. The Company’s first main offices were located at 601 Bangs Avenue in Asbury Park, and NJNG still maintains a business office at this historic location.

Since then, NJNG’s customer base has grown by over 400 percent, from about 98,000 in 1952 to almost 430,000 customers recently. The Company’s annual customer growth rate of approximately 3 percent is well above the national average. NJNG’s consistent growth and performance has provided benefits for customers and strong financial results for shareowners.

“Throughout our Company’s history, our employees have demonstrated their commitment to understanding and exceeding our customers’ expectations for value, comfort and convenience,” Downes said. “We can never lose sight of the contributions of the many employees and other stakeholders who had a role in creating the Company we are recently,” he said.

NJNG’s prospects for continued long-term growth are focused on the addition of new customers as residents and businesses seek out the superior demographics and quality of life in the Company’s service area. NJNG also actively explores the development and deployment of distributed generation technologies fueled by natural gas, which offer the opportunity to serve customers’ electricity needs.

In addition, NJNG works collaboratively with regulators to identify opportunities to produce benefits for customers and shareowners in the implementation of the state’s energy policies. For example, the Company’s off-system sales and capacity management programs have realized more than $160 million in savings for customers since their inception almost 10 years ago.

“While there have been many changes through the years, certain things will not change. Our focus on providing safe, reliable and affordable service and our commitment to the communities we serve are the foundation for our half century of dedicated service and the basis for our continuing success,” said Downes.

The Company has planned employee celebrations throughout the month and recently published a history book, A Half Century of Dedicated Service – The Story of New Jersey Natural Gas Company, which has been distributed to local libraries. The text chronicles the entrepreneurial spirit of the Company’s founders to NJNG’s present-day standing as a highly regarded provider of energy services.

NJNG has also designed a special section for its Web site at njliving.com that offers a decade-by-decade review of the Company’s history. This feature will be available for public viewing in mid-June.

New Jersey Natural Gas Co. (NJNG), one of the fastest-growing local distribution companies in the United States, is the principal subsidiary of New Jersey Resources Corp.

Since 1952, natural gas customers in central and northern New Jersey have relied on NJNG to keep them warm and ensure they have the energy they need to run their homes and businesses. NJNG provides energy services to almost 430,000 residential, commercial and industrial customers in New Jersey’s Monmouth and Ocean counties and parts of Morris and Middlesex counties and maintains a nearly 6,000-mile underground pipeline system.

The company has added nearly 12,000 new customers for the past seven consecutive years, representing two billion cubic feet of new firm throughput annually. NJNG is also a leader in the off-system sales and capacity release markets. More information about NJNG can be found at their Web site at www.njliving.com.


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