Investor Contact:                                      Media Contact:
Linda S. Lennox                                        George Koodray
Director, Investor Relations                           Director, Public Affairs
(908) 719-4222                                         (908) 470-4613
llennox@nui.com                                        gkoodray@nui.com


For Immediate Release


                NUI CORPORATION REPORTS FISCAL YEAR 2003 RESULTS

Bedminster, NJ - November 12, 2003 - NUI Corporation (NYSE:NUI) today reported
fiscal 2003 earnings per share from continuing operations of $0.75, compared to
$1.16 in fiscal 2002. Income from continuing operations was $12.1 million in
fiscal 2003, compared to $17.3 million in fiscal 2002. Including discontinued
operations and the effect of a change in accounting, the company recorded a net
loss in fiscal 2003 of $23.5 million, or $1.46 per share, compared to a net loss
of $15.9 million, or $1.06 per share, in fiscal 2002.

Mark Abramovic, NUI President, stated, "Last year, we set out on a plan to
concentrate on our core business activities. We have made significant progress
in narrowing our focus this past year by shutting down or selling certain of our
businesses. However, credit rating downgrades and adverse business conditions
led the Board of Directors to put the company up for sale in order to maximize
value for our shareholders.

"We are pleased with the interest we have seen with regard to selling the
company and hope to enter into an agreement to sell the company during the first
quarter of calendar year 2004," said Abramovic.

Since September 2002, the company has either sold or exited the following
businesses: North Carolina Gas, Valley Cities/Waverly Gas, NUI Environmental
Group, NUI Energy and TIC Enterprises. In addition, in July the company
announced its intention to sell Utility Business Services and NUI Telecom and on
September 26, 2003, announced its intention to pursue a sale of the entire
company. The company has reached an agreement to sell NUI Telecom. The sale is
subject to customary closing conditions and is expected to close by the end of
the calendar year. With the sale, NUI will completely exit the
telecommunications business.

NUI is currently pursuing a refinancing of certain of its outstanding
indebtedness that will address maturities during 2004 and provide financial
flexibility and liquidity while the sale of NUI is pursued. The company hopes to
be able to announce the successful closing of the refinancing in the next few
weeks. The financing has been underwritten by Credit Suisse First Boston and is
subject to customary conditions.

The company's Board of Directors is currently undertaking a review of NUI's
dividend policy. The next dividend declaration date is November 25, 2003.
<PAGE>

FISCAL 2003 CONSOLIDATED RESULTS

Total revenues in fiscal 2003 were $641.2 million, compared to $516.4 million in
fiscal 2002, representing an increase of 24 percent. Fiscal 2003 operating
margins increased 9 percent to $214.2 million, as compared to $196.9 million in
fiscal 2002. This increase in margins primarily was due to the successful
conclusion of a rate case at Elizabethtown Gas in November 2002 and colder
temperatures in each of the company's utility service areas during the 2002/2003
winter. Operations and maintenance expenses increased $23.2 million, or 22
percent, in fiscal 2003, primarily as a result of higher outside services fees
for auditing, legal, and Sarbanes-Oxley Act compliance, as well as for increased
pension costs, labor and benefit costs, insurance costs, and bank fees. As a
result of these additional expenses, income from continuing operations was $12.1
million in fiscal 2003, compared to $17.3 million in fiscal 2002.

DISTRIBUTION SERVICES

Distribution Services, which encompasses the company's natural gas distribution
businesses in New Jersey, Florida and Maryland, posted a 15 percent increase in
margins primarily due to the successful outcome of a rate case in New Jersey in
November 2002, temperatures that averaged 36 percent colder than the previous
year, increased off-system sales, and customer growth. Distribution Services'
operating income increased 3 percent to $44.7 million in fiscal 2003, despite
higher operating expenses associated with increases in labor costs related to
the rate case, bad debt expense, pension expense, insurance costs and fees
associated with the Focused Audit being conducted by the New Jersey Board of
Public Utilities (NJBPU).

Recent Regulatory News

On October 7, 2003, City Gas Company of Florida received approval from the
Florida Public Service Commission to increase its base rates by $2.9 million, an
interim step in the utility's pending request to increase base rates by $10.5
million overall. A final decision on the requested rate increase is expected
January 7, 2004.

On September 20, 2003, Elizabethtown Gas received approval from the NJBPU to
increase its Basic Gas Supply Service (BGSS) charge by $28.8 million and its
Societal Benefits Charge (SBC) by $8.4 million. The BGSS charge covers the cost
of natural gas supplies that Elizabethtown Gas purchases for its customers,
while the SBC allows Elizabethtown Gas to recover the cost of mandated energy
efficiency, low-income assistance, energy education and environmental
remediation programs. Both of these charges involve the pass-through of costs on
which the company earns no profit.

ENERGY ASSET MANAGEMENT

Energy Asset Management, which includes NUI Energy Brokers and the storage,
pipeline and distribution operations of Virginia Gas Company, contributed
operating margins of $25.2 million in fiscal 2003, compared to $28.4 million in
fiscal 2002. The decrease in margins is attributable to decreased daily trading
activity as a result of credit rating downgrades during the year and the effect
of adopting additional provisions of Emerging Issues Task Force (EITF) 02-03.
The provisions of EITF 02-03 required the company to account for energy
contracts not falling under the provisions of Statement of Financial Accounting
Standards No.133 on an accrual basis, rather than applying mark-to-market
accounting of such non-derivative contracts. Partially offsetting this decrease
in margins were increases in margins recorded at NUI Energy Brokers associated
with gas supply procurement contracts related to forecasted sales contracts at
NUI Energy. In anticipation of the sale of NUI Corporation, NUI Energy Brokers
has limited its operations primarily to purchasing gas on behalf of the
company's utilities.
<PAGE>

The company continues to make progress in the development of its salt cavern gas
storage facility. NUI's high deliverability natural gas storage facility in
Saltville, Virginia, recently began commercial operation. The storage facility,
being jointly developed by NUI Virginia Gas Company and Duke Energy Gas
Transmission, is fully contracted through April 2004. The field is expected to
yield approximately 1 billion cubic feet (Bcf) of working gas capacity in its
first winter. Plans are to continue to expand the facility's storage capacity at
a rate of about 1.0 Bcf a year, reaching more than 6.0 Bcf by 2007, and
eventually expanding to 12.0 Bcf.

RETAIL AND BUSINESS SERVICES

NUI's Retail and Business Services segment, which includes the remaining portion
of the company's retail energy marketing business that is in the process of
winding down and the company's digital mapping business, reported negative
margins of $0.8 million in fiscal 2003, compared to positive margins of $3.5
million in fiscal 2002. The unfavorable margins were primarily due to the
divestiture of NUI Energy customer contracts during fiscal 2003. Retail and
Business Services posted an operating loss of $9.3 million in fiscal 2003,
compared to an operating loss of $1.6 million in fiscal 2002. This is primarily
due to the decrease in operating margins previously discussed, as well as
additional costs associated with the company's decision to exit the retail
energy marketing business.

DISCONTINUED OPERATIONS AND CHANGES IN ACCOUNTING

As prescribed by Statement of Financial Accounting Standards No. 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets," Utility
Business Services, NUI Telecom, NUI Environmental Group, Valley Cities/Waverly
Gas, and North Carolina Gas are reported as discontinued operations for each
fiscal year. Including discontinued operations and the effect of a change in
accounting, the company recorded a net loss in fiscal 2003 of $23.5 million, or
$1.46 per share, compared to a net loss of $15.9 million, or $1.06 per share, in
fiscal 2002. The higher losses in fiscal 2003 were primarily due to non-cash
charges of approximately $25.5 million, after tax, or $1.59 per share, to
write-down the carrying value of assets being held for sale to their fair market
value, in conjunction with the company's decision to sell its NUI Telecom
subsidiary. Lower charges for changes in accounting during fiscal 2003 partially
offset the increase in the net loss.

FOURTH QUARTER FISCAL 2003 RESULTS

For the quarter ended September 30, 2003, the company posted a loss from
continuing operations of $9.9 million, or $0.62 per share, compared to a loss of
$2.4 million, or $0.16 per share, in the same period last year. The increase in
the fourth quarter loss is primarily related to (1) lower margins from the
company's energy portfolio and risk management business, as a result of a
reduction in daily trading activity due to credit rating downgrades, (2) lower
margins from NUI Energy due to no new business during the quarter as a result
the company's decision to exit this business, (3) increased interest expense,
and (4) a severance package relating to the departure of the company's President
and Chief Executive Officer during the fourth quarter.

CONFERENCE CALL INFORMATION

NUI will hold a live teleconference today, November 12, 2003, at 11:00 a.m. EST.
The dial-in number for domestic investors is 1-800-915-4836 and 1-973-317-5319
for international callers. Participants should dial in five minutes prior to the
scheduled start time. A taped replay of the call will be available beginning at
1:00 p.m. EST and ending on November 19, 2003, at 11:59 p.m. EST. The dial-in
number for the replay is 1-800-428-6051 for domestic callers and 1-973-709-2089
for international callers. The pass code for the replay is 311338.

A live webcast of the call will be available on the company's website at
www.nui.com. Choose "Investor Relations" and then select the webcast icon on the
Corporate Overview page. Shortly following the live call, a replay will be
archived on NUI's corporate website. In addition, the company's press release
and related financial and statistical data and related 8-K filing can be found
in the Investor Relations section of the company's website under News Releases
and SEC Filings, respectively.

ABOUT NUI

NUI Corporation, based in Bedminster, NJ, is a diversified energy company that
operates natural gas utilities, as well as businesses involved in natural gas
storage and pipeline activities and wholesale energy portfolio and risk
management. NUI Utilities' companies include Elizabethtown Gas Company in New
Jersey, City Gas Company of Florida and Elkton Gas Company in Maryland. Visit
our web site at www.nui.com.

This press release contains forward-looking statements, including statements
related to the potential sale of NUI Corporation, the sale of certain
subsidiaries of NUI, and NUI's refinancing plans. These statements are based on
management's current expectations and information currently available and are
believed to be reasonable and are made in good faith. However, the
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected in the
statements. Factors that may make the actual results differ from anticipated
results include, but are not limited to, the company's ability to control
operating expenses; the volatility and level of natural gas prices; the outcome
of the Focused Audit being conducted by the New Jersey Board of Public
Utilities; the ability of the company to complete its refinancing plans; the
ability of the company to identify a buyer of the company and negotiate a
definitive agreement for the sale of the company; the ability of the company to
complete the sale of certain of its subsidiaries; economic conditions; weather
fluctuations; those factors set forth in the company's Form 10-K, Form 10-Q and
its other filings with the Securities and Exchange Commission; and other
uncertainties, all of which are difficult to predict and some of which are
beyond the company's control. For these reasons, you should not rely on these
forward-looking statements when making investment decisions. The words "expect,"
"believe," "project," "anticipate," "intend," "should," "could," "will," and
variations of such words and similar expressions, are intended to identify
forward-looking statements. The company does not undertake any obligation to
update publicly any forward-looking statement, either as a result of new
information, future events or otherwise.

                                    - more -
<PAGE>


                           NUI CORPORATION (NYSE:NUI)
                  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION
                       FOR THE PERIODS ENDED SEPTEMBER 30
                (amounts in thousands, except per share amounts)

<TABLE>

<CAPTION>

                                                                        Three Months                  Fiscal Year
                                                               -------------------------------------------------------------
                                                                      2003           2002           2003            2002
                                                               ---------------  -------------  -------------   -------------
Operating Revenues                                                    $92,491        $89,230       $641,235        $516,395
                                                               ---------------  -------------  -------------   -------------
<S>                                                            <C>              <C>            <C>              <C>

Total Operating Margins                                                33,158         38,244        214,219         196,858
Operation & Maint. Expenses                                            31,414         28,734        129,126         105,968
Restructuring charges                                                     ---            ---            ---           1,203
Depreciation and Amortization                                           9,043          7,404         33,620          31,432
Other taxes                                                             1,917          2,068          7,247           7,972
Other Income (Expense)                                                     (9)           145            803             285
                                                               ---------------  -------------  -------------   -------------
Earnings (Loss) Before Interest and Taxes (EBIT)                       (9,225)           183         45,029          50,568
Interest Expense                                                        5,823          5,212         21,947          21,243
Income Tax Expense (Benefit)                                           (5,109)        (2,583)        11,010          12,069
                                                               ---------------  -------------  -------------   -------------
Income (Loss) from Continuing Operations                               (9,939)        (2,446)        12,072          17,256
                                                               ---------------  -------------  -------------   -------------
Loss from Discontinued Operations, After Tax                           (7,785)        (6,549)       (29,690)        (15,502)
Effect of Change in Accounting, After Tax                                 ---            ---         (5,869)        (17,642)
                                                               ---------------  -------------  -------------   -------------
Net Loss                                                             $(17,724)       $(8,995)      $(23,487)       $(15,888)
                                                               ===============  =============  =============   =============
Earnings (Loss) per Share:
Income (Loss) from Continuing Operations                               $(0.62)        $(0.16)         $0.75           $1.16
Loss from Discontinued Operations, After Tax                            (0.49)         (0.41)         (1.85)          (1.04)
Effect of Change in Accounting, After Tax                                 ---            ---          (0.36)          (1.18)
                                                               ---------------  -------------  -------------   -------------
Net Loss Per Share                                                     $(1.11)        $(0.57)        $(1.46)         $(1.06)
                                                               ===============  =============  =============   =============
Weighted Average Number of Shares Outstanding                          16,023         15,844         16,035          14,938
                                                               ===============  =============  =============   =============
</TABLE>


Certain reclassifications were made to conform to current year presentation.


                                     -more-


<PAGE>


                           NUI CORPORATION (NYSE:NUI)
                     SUMMARIZED SEGMENT OPERATING HIGHLIGHTS
                        FOR THE YEARS ENDED SEPTEMBER 30
                             (Dollars in thousands)
<TABLE>

<CAPTION>
                                                     2003                                                2002
                               -----------------------------------------------    ------------------------------------------------

                                                   Energy         Retail &                             Energy        Retail &
                                Distribution        Asset          Business       Distribution          Asset        Business
                                  Services        Management       Services          Services         Management     Services
                               -----------------------------------------------    ------------------------------------------------

<S>                                <C>              <C>           <C>               <C>                <C>           <C>

Revenue                           $615,130           $26,111          $(6)            $484,834           $28,071       $3,490

Operating margins                  189,793            25,208         (782)             164,928            28,440        3,490

Operating income (loss)            $44,706           $10,964      $(9,266)             $43,224           $14,208      $(1,614)
                               ===============================================    ================================================
</TABLE>



                     SUMMARIZED SEGMENT OPERATING HIGHLIGHTS
                     FOR THE THREE MONTHS ENDED SEPTEMBER 30
                             (Dollars in thousands)
<TABLE>

<CAPTION>
                                                     2003                                                2002
                               -----------------------------------------------    ------------------------------------------------

                                                   Energy         Retail &                             Energy        Retail &
                                Distribution        Asset          Business       Distribution          Asset        Business
                                  Services        Management       Services          Services         Management     Services
                               -----------------------------------------------    ------------------------------------------------

<S>                                <C>              <C>           <C>               <C>                <C>            <C>

Revenue                            $90,439            $1,992           $60              $77,535            $9,472        $2,223

Operating margins                   31,729             1,769          (340)              26,505             9,516         2,223

Operating income (loss)            $(4,749)          $(2,440)      $(1,498)             $(5,477)           $5,616          $367
                               ===============================================    ================================================
</TABLE>

                                    - more -

<PAGE>


                           NUI CORPORATION (NYSE:NUI)
                                 OPERATING DATA
                     FOR THE FISCAL YEARS ENDED SEPTEMBER 30

<TABLE>
<CAPTION>

                                                                  ---------------------------------------
                                                                         2003                 2002

                                                                  ---------------------------------------
<S>                                                                  <C>                 <C>

Total Employees (at period end)                                          1,081               1,144

NJ Degree Days - Actual                                                  5,421               3,973

Overall Degree Day Variance from NJ 20-Year Average in 2003 and
NJ 30-Year Average in 2002                                             12% Colder          23% Warmer
Total Average Utility Customers Served by Continuing Operations        367,389             364,643
Utility Gas Sold or Transported by Continuing Operations (Bcf's)          81.8                74.9
Total Gas Sold or Transported by Continuing Operations (Bcf's)           168.6               178.6

                                                                  ###

</TABLE>