Good day and welcome to the New Jersey Resources Corporation First Quarter 2015 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note that today's event is being recorded. I would now like to turn the conference call over to Mr. Dennis Puma with Investor Relations, please go ahead, sir.

Thank you, Dan, and good morning everybody. Welcome to our fiscal 2015 first quarter conference call and webcast. I'm joined today by Larry Downes, our Chairman and CEO; Glenn Lockwood, our Chief Financial Officer, as well as other members of the senior management team. As you know, certain statements in our news release and in today's call contain estimates and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution readers of our news release and listeners to this call that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to control or estimate precisely which could cause results to materially differ from the Company's expectations. A list of these items can be found, but is not limited to items in the forward-looking statements section of today's news release filed on Form 8-K, and on our Form 10-K to be filed later today. Both of these items can be found at sec.gov. NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. I'd also like to point out that there are slides accompanying today's discussions which are available on our website and were also filed on our Form 8-K this morning. With that said, I'd like to turn the call over to our Chairman and CEO, Larry Downes. Larry?

Thanks, Dennis. Good morning, everyone, and thank you for joining us today. For those of you who follow our company or have seen this morning's press release, you know that fiscal 2015 is off to a strong start for New Jersey Resources. During my presentation this morning, I will be discussing our future and I’ll be making forward-looking statements. Our actual results will be affected by many factors including those that are listed on slide one. The complete list is included in our 10-K and I would ask you to please review them carefully. And also as noted on Slide 2, I'll be referring to certain non-GAAP measures such as net financial earnings or NFE, as I am discussing our results. We believe that NFE provides a more complete understanding of our financial performance. However, NFE is not intended to be a substitute for GAAP. Our non-GAAP measures are disclosed more fully in Item 7 of our 10-K and I'd ask you to take the time to review those disclosures carefully. Then moving to Slide 3, this morning we announced net financial earnings of $55.1 million or $1.30 per share for the fiscal first quarter of 2015 and that compared with $39.9 million or $0.95 per share last year. Looking at our results, you can see that all of our primary business units performed well. Our excellent first fiscal quarter NFE performance was driven by strong net financial earnings from NJR Energy Services which is off to another good start in fiscal 2015, steady growth from our two regulated businesses, New Jersey Natural Gas and NJR Midstream, and a solid contribution from NJR Clean Energy ventures. On Slides 4 and 5, I’ll review the individual performances of our subsidiaries; results in New Jersey Natural Gas reflect the continued customer growth…

We will now begin the question-and-answer session. [Operator Instructions] And our first question comes from Mark Barnett of Morningstar. Please go ahead.

Just a couple of quick questions on my end, first the (Redo) [ph] project; you’re referring to the supply agreement that was approved at the end of 2013 where there was a gas plant, yes?

Yes.

Okay so this margin is just the gas supply margin and there was some sort of a margin sharing agreement on that as well?

If there are additional BGSS credits they would be subject to that margin sharing agreement.

Okay and then when do you expect to hear about expanding SAVEGREEN and can you me remind if you asked to upsize the program or we’re just looking at kind of a similar track?

Tom Massaro who heads up our Marketing and Energy Efficiency Area will answer that question. Tom?

We expect to hear a resolution to that, a settlement of that by the end of June, so we're looking for a continuation of the current programs, so we file for an extension of pretty much what we have in place with very minor modifications but the spending levels would remain the same for the three year period that we petitioned for.

Our next question comes from Michael Weinstein of UBS. Please go ahead.

Great first quarter, just wondering if you could talk a little bit about the possibilities and things that you have seen about opportunities that might be present for monetizing the SREC portfolio or perhaps even securitizing at some point. I know that it's a pretty thin market for bar transactions but just wondering if you could just talk about that for a minute.

Sure, Mike. We currently as you point out it's still fairly (to work) [ph] with market (if anything) [ph] really long-term as far as hedging or that type of financial strategy. We currently as you can talk them out I think the fundamentals should provide continued strength in that price. And our current strategy is to generate and build our portfolio and part of the growth and the whole strategy of diversifying from their reliance clients on ITC is counting on much higher SREC sales from our portfolio down the road both because of volume and price.

Our next question comes from [indiscernible] Asset Management. Please go ahead.

Good morning and congratulations on a great quarter. Given the strength we saw this quarter in the energy services business do we expect that we can perhaps be on the upper end of the guidance range or the 5% to 15%?

If our philosophy tweak at a whole winter is (upon us) [ph] before we officially update guidance but obviously we're off to a good start.

And can you just provide some clarity on the low natural gas price and is this positive for the business, are you guys seeing additional opportunities from the volatility?

Well it's good for our utility and helps keep prices low for customers obviously that helps the whole strategy and working with regulators on additional initiatives. And in the energy services environment, again we don't take price directional risk if you will in our strategy we hedge any commodity that we own. But when there are pockets of cold weather that we've seen this winter we have seen some nice spikes in short-term prices that our team can take advantage of.

The only thing that I would add is that the low gas price certainly encourages demand and as our supply grows in the U.S that demand should grow as well, so it should provide for more opportunities in the energy services business [technical difficulty] services.

[Operator Instructions]. At this time I see no further questions. I would like to turn the conference back over to Dennis Puma for any closing remarks.

Okay. Thank you, Dan. I want to thank everybody for joining us today. As a reminder a recording of this call's available for replay on our website. Again, we appreciate your interest and investment in New Jersey Resources enjoy rest of your day. Thanks. Good Bye.