SJI Provides Business Update Related to COVID-19 Pandemic Actions

Folsom, NJ , April 06, 2020 (GLOBE NEWSWIRE) --                                                                                             Investor Contact: Dan Fidell
[phone] ext. 7027
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Media Contact: Marissa Travaline
[phone] ext. 4227
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SJI Provides Business Update Related to COVID-19 Pandemic Actions

FOLSOM, NJ, April 6, 2020 – SJI (NYSE: SJI) today announced an update regarding the actions it is taking in response to COVID-19 and the related impacts on the company’s business.

“Our company has been busy executing our business continuity plans since the outbreak of COVID-19,” said Mike Renna, SJI President and Chief Executive Officer. “Our primary focus during this crisis has been the safety of our 1,100 employees, 700,000 customers, business partners and communities. Through proper planning and the innovative use of technology, all our employees are currently working, with essential employees in the field and non-essential employees working from home to assist in reducing the spread of the virus.”

“I want to express my deepest thanks and ongoing confidence in the entire SJI team for their round-the-clock efforts to ensure safe and reliable service to our customers and communities,” added Renna. 

Our business operations continue to function and the delivery of natural gas to our customers has not been materially impacted. To date, SJI has not experienced significant reductions in sales volumes across our utility businesses and is closely monitoring potential impacts due to COVID-19 pandemic responses at the state and Federal level.

We continue to assess the impact of COVID-19 on our earnings. As expected, we have incurred incremental operating costs for emergency supplies, cleaning services, enabling technology and other specific needs during this crisis which have traditionally been recognized as prudent expenditures by our regulators. At present, we have not seen a significant impact to our accounts receivable. The impact to the collectability of accounts receivable has traditionally been included in rate recovery. Our infrastructure investment programs continue to move forward, but some construction activity has ceased in accordance with directives from the Governor of New Jersey. Looking forward, we expect an uptick in construction activity once we emerge from this crisis.