Regulatory & Policy Changes: New Jersey Resources operates in a highly regulated environment, and adverse changes in state or federal energy policies, environmental regulations, or rate-setting methodologies could negatively impact its profitability and operations.

Commodity Price Volatility: Fluctuations in natural gas prices, influenced by supply, demand, and geopolitical factors, can affect NJR's purchasing costs, hedging strategies, and the profitability of its energy services and wholesale operations.

Climate Change & Environmental Mandates: Increased regulatory pressure and public scrutiny regarding greenhouse gas emissions, coupled with the physical risks of extreme weather events, could necessitate costly infrastructure upgrades, reduce demand for natural gas, and increase operational expenses.