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SJI (NYSE: SJI) has announced a 2.54% increase in its quarterly dividend, raising it from $0.2950 to $0.3025 per share. This marks the 22nd consecutive year of dividend increases, reflecting the company's commitment to returning value to shareholders. The new annualized dividend is $1.21. The dividend will be payable on December 29, 2020 to shareholders of record as of December 10, 2020, with an ex-dividend date of December 9, 2020.
South Jersey Gas, a subsidiary of SJI (NYSE:SJI), has filed a petition for an Infrastructure Investment Program with the New Jersey Board of Public Utilities. The proposed five-year initiative aims to invest approximately $742.5 million to replace 825 miles of aging steel pipelines and install Excess Flow Valves for enhanced safety. The program is designed to bolster economic growth without raising customer rates. This follows previous investments of $320 million under existing programs aimed at modernizing gas systems and improving reliability.
SJI reported its Q3 2020 results, showing a GAAP loss of $10.3 million, a notable improvement from a $34.7 million loss in Q3 2019. Economic earnings for the quarter were a loss of $6.0 million, compared to a loss of $27.5 million the previous year. Key factors included contributions of $0.12 per share from clean energy investments. SJI updated its 2020 economic earnings guidance to the upper end of $1.50-$1.60 per diluted share, supported by a $600 million capital expenditure plan, with $500 million allocated for utility growth and safety enhancements.
SJI announced it will host a conference call on November 5, 2020, to discuss its third quarter 2020 financial results. The results will be released on November 4, 2020, after market close. The call will be led by CEO Michael J. Renna and the senior management team, providing insights into the company's financial performance. Interested parties can join via toll-free or international numbers, or through a live webcast available on the SJI website. The archived broadcast will be accessible for 30 days.
SJI announced a change to its Special Meeting of Shareholders, moving from an optional in-person format to a virtual-only meeting due to the COVID-19 pandemic. The meeting is set for October 16, 2020, at 9:00 a.m. EDT. Shareholders must visit www.virtualshareholdermeeting.com/SJI2020 to attend, using their control number from proxy materials. Only those eligible as of the record date, August 24, 2020, can vote.
South Jersey Gas, a subsidiary of SJI (NYSE:SJI), has filed a request with the New Jersey Board of Public Utilities seeking to expand its energy efficiency programs with proposed investments of approximately $167 million, starting July 2021. This initiative aims to align with New Jersey's climate goals, promising about $201 million in customer savings, 481,957 tons of avoided CO2 emissions, and nearly 3,000 jobs created over three years. The program will provide various incentives to assist all customer demographics in reducing energy consumption and costs.
South Jersey Gas, a subsidiary of SJI (NYSE:SJI), has filed a request with the New Jersey Board of Public Utilities to expand its energy efficiency programs over three years, starting July 2021, with projected investments of $167 million. This initiative aims to align with New Jersey's clean energy goals, potentially saving customers $201 million on bills, avoiding 481,957 tons of CO2 emissions, and creating nearly 3,000 jobs. The comprehensive suite of programs will offer incentives for all customer types, enhancing energy efficiency across the state.
Elizabethtown Gas, a subsidiary of SJI (NYSE:SJI), has requested a significant expansion of its energy efficiency programs, proposing $100 million in investments to the New Jersey Board of Public Utilities. This initiative aims to align with state environmental goals, offering approximately $185 million in customer savings, avoiding 576,670 tons of CO2 emissions, and creating over 2,000 jobs over three years. The program includes extensive support for residential and commercial customers, enhancing their ability to manage energy costs and promote sustainability.
Elizabethtown Gas, a subsidiary of SJI, has filed a request with the New Jersey Board of Public Utilities to expand its energy efficiency programs starting July 2021, proposing investments of approximately $100 million. This initiative aims to deliver about $185 million in customer bill savings, avoid 576,670 tons of CO2 emissions, and create over 2,000 jobs within three years. The program will feature a variety of incentives for residential, commercial, and industrial customers to reduce energy usage and costs.
South Jersey Gas, a subsidiary of SJI (NYSE: SJI), has received approval from the New Jersey Board of Public Utilities for changes to its rates, effective October 1. These changes will result in a $0.14 decrease in the average customer's monthly bill. The settlement allows for a $39.5 million increase in annual revenues from base rates with a 9.6% return on equity. The adjustments reflect investments in infrastructure improvements to enhance the safety and reliability of the natural gas distribution system.