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South Jersey Industries : SJG Receives NJBPU Approval for Accelerated Infrastructure Replacement Program


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2013-02-20 19:12:44 -

For Immediate Release
Phone: 609-561-9000
Investor Relations Contact: Stephen Clark x4260
Media Contact: Dan Lockwood x4108

February 20, 2013


 SJG Receives NJBPU Approval for Accelerated Infrastructure Replacement Program

Folsom, NJ - The New Jersey Board of Public Utilities today approved a proposal
by South Jersey Gas, subsidiary of South Jersey Industries (NYSE:SJI), to
implement its Accelerated Infrastructure Replacement Program, which will
continue SJG's work to bolster the safety and reliability of its natural gas
system.

"In the past four years, SJG has spent approximately $200 million to enhance our
natural gas delivery system, in turn creating jobs and supporting the local
economy," said Jeffrey E. DuBois, president of South Jersey Gas. "This approved
program, which focuses on the elimination of bare steel and cast iron main
within our system, is the natural extension of 
our ongoing efforts to advance the safety and reliability of our infrastructure," added DuBois. Based on the approved Accelerated Infrastructure Replacement Program, SJG will complete infrastructure improvement projects over the next four years totaling approximately $140 million that are incremental to the company's normal capital projects scheduled over that time period. SJG will spend approximately $35 million per year to perform this work and will be able to earn a return on these infrastructure investments as the funds are spent. Customers will not see any impact to rates as a result of these investments until SJG's next base rate case. Declining natural gas prices, resulting from the dramatic increase in gas supplies from shale formations such as the Marcellus, have helped offset the rate impact of accelerated infrastructure investments made by SJG to date. In fact, over the past three years, SJG customers have seen reductions in their bills due to lower gas prices, including a 10.6 percent Basic Gas Supply Service rate reduction granted in 2010, a 3.4 percent rate reduction granted in 2011, and three Basic Gas Supply Service bill credits for $23 million in April 2011, $20 million in December 2011 and $10 million in January 2013. Forward-Looking Statement This news release contains forward-looking statements. All statements other than statements of historical fact included in this press release should be considered forward-looking statements made in good faith by the Company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this press release words such as "anticipate", "believe", "expect", "estimate", "forecast", "goal", "intend", "objective", "plan", "project", "seek", "strategy" and similar expressions are intended to identify forward-looking statements. Such forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. These risks and uncertainties include, but are not limited to, the following: general economic conditions on an international, national, state and local level; weather conditions in our marketing areas; changes in commodity costs; the timing of new projects coming online; changes in the availability of natural gas; "non-routine" or "extraordinary" disruptions in our distribution system; regulatory, legislative and court decisions; competition; the availability and cost of capital; costs and effects of legal proceedings and environmental liabilities; the failure of customers, suppliers or business partners to fulfill their contractual obligations; and changes in business strategies. SJI assumes no duty to update these statements should actual events differ from expectations. About South Jersey Industries South Jersey Industries (NYSE: SJI), a member of the MSCI Global Climate Index, offers solutions to climate change and helps customers control energy costs. South Jersey Gas, one of the nation's fastest growing natural gas utilities, delivers clean, efficient natural gas and promotes energy efficiency to customers in southern New Jersey. SJI's non-regulated businesses, under South Jersey Energy Solutions, promote efficiency, clean technology and renewable energy by developing and operating on-site energy production facilities; acquiring and marketing natural gas and electricity for retail customers; providing wholesale commodity marketing and risk management services; and offering HVAC and other energy-efficiency related services. For more information about SJI and its subsidiaries, visit www.sjindustries.com. ### This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: South Jersey Industries via Thomson Reuters ONE [HUG#1679800]


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