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SJI reported a strong performance for Q1 2021, with GAAP earnings of $1.26 per diluted share, up from $1.09 in Q1 2020. Economic earnings also increased, reflecting positive contributions from both Utility and Non-Utility operations. Key developments include successful regulatory initiatives regarding energy efficiency programs and a commitment to decarbonization, targeting a 70% reduction in emissions by 2030. Additionally, the company announced a regular dividend of $0.3025 per share, marking its 70th consecutive year of dividends. A virtual Investor Day is scheduled for May 6 to outline long-term growth strategies.
SJI (NYSE: SJI) announced that its utilities, South Jersey Gas and Elizabethtown Gas, have received the 2020 Industry Leader Accident Prevention Awards from the American Gas Association (AGA) for their exceptional safety records. This recognition marks the second consecutive year both utilities have achieved this honor. SJI emphasizes a strong safety culture with comprehensive training programs aimed at preventing operational incidents. The awards are based on stringent criteria, including zero employee fatalities and incident rates below industry averages.
SJI has announced a virtual Investor Day set for May 6, 2021, at 10:00 a.m. ET, where CEO Michael J. Renna will outline the company's strategic value plan and long-term financial targets. The company will release its first quarter 2021 earnings on May 5, 2021, after market close. This event aims to enhance transparency and engage with investors. SJI provides natural gas services to approximately 700,000 customers in New Jersey and operates within energy solutions highlighting efficiency and clean technology.
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Elizabethtown Gas, a subsidiary of SJI, has received approval from the New Jersey Board of Public Utilities for its largest energy-efficiency program, set to invest $83 million over three years. This initiative aims to provide innovative solutions for customers to reduce energy costs and carbon footprints. The program, including a Conservation Incentive Program, is projected to save customers $152 million in energy costs and prevent the emission of over 443,000 tons of CO2, equivalent to removing 87,000 cars from the roads. It also has the potential to create 2,000 jobs.
South Jersey Gas (SJI) has received approval from the New Jersey Board of Public Utilities to expand its energy-efficiency program, authorizing a $133 million investment over three years. This initiative aims to provide customers with significant energy and cost-saving opportunities, while also aligning with state environmental goals. The program is set to deliver $177 million in customer savings and prevent over 510,000 tons of carbon dioxide emissions. Additionally, it has the potential to create more than 2,500 jobs.
South Jersey Gas and Elizabethtown Gas, subsidiaries of SJI (NYSE: SJI), have launched Conserve, an online resource designed to help customers save energy and money. This initiative, found on their websites, offers tips for reducing energy consumption and environmental impact. With over $133 million invested in energy efficiency programs, Conserve aims to provide ongoing content, games, and resources that enhance energy savings for both residential and commercial customers.
South Jersey Industries, Inc. (SJI) announced a public offering of 10,250,000 shares of common stock priced at $22.25 each, generating approximately $228 million in gross proceeds. Additionally, the company priced 6 million equity units, raising around $300 million. The offerings are expected to close by March 22, 2021. Proceeds will be used for debt repayment, capital expenditures, and general corporate purposes. Underwriters have a 30-day option to purchase more shares. This dual offering highlights SJI's financial strategy amid ongoing operational challenges.
South Jersey Industries, Inc. (NYSE: SJI) has announced plans for concurrent public offerings of up to $225 million in common stock and 6 million equity units, totaling $300 million. A forward sale agreement will allow an affiliate of BofA Securities to sell shares to underwriters. Proceeds will be used for debt repayment, regulated business investments, and general corporate purposes. Additional options for underwriters include purchasing up to $33.75 million in common stock. Equity Units will consist of a contract to purchase common stock and a beneficial interest in junior subordinated notes.
SJI (NYSE: SJI) CEO Mike Renna, along with three board members, was recognized in the ROI Influencers: Power List 2021 for their leadership in New Jersey. Renna's efforts to revitalize Atlantic City and enhance the company’s relevance were highlighted. Under his guidance, SJI has modernized its energy delivery systems and completed the integration of Elizabethtown Gas, serving over 700,000 customers. The board's recognition underscores SJI's commitment to innovation in the energy sector, focusing on safe and affordable clean energy delivery.
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