Year-to-date, we saw economic earnings increase by roughly $25 million, up nearly 24% over the same period in 2020, reflecting strong performance in both our utility and nonutility businesses.
Natural gas remains in strong demand across New Jersey, with our utilities adding more than 11,000 new customers in the last 12 months alone.
Also in April, we announced an industry-leading commitment to decarbonization, setting an aggressive goal to reduce our operational emissions of consumption 70% by 2030 and 100% by 2040.
We also announced commitments to deploy at least 25% of annual capital spend toward sustainability investments moving forward.
We were excited to see Atlantic Shores awarded a project to develop 1,500 megawatts of clean, renewable wind energy for our state.
This fuel cell, which will be our 30 catamaran is similar to the two Staten Island fuel cells that were brought online in 2020.
It's eligible under New York's VDER program, which fixes 75% of revenue.
It's supported by an O&M agreement that guarantees 95% availability and long-term offtake agreements with creditworthy anchor customers.
Like our previous fuel cell investments, SJI received 92% of the ITCs, cash flows and net income.
On the regulatory front, as you know, we have requested $742 million in phase three infrastructure modernization investment at South Jersey Gas.
Second quarter economic earnings were $2 million compared with a loss of $900,000 for the comparable period a year ago.
Our utilities contributed second quarter earnings of $3.3 million compared to $3 million last year.
Our nonutility operations contributed second quarter economic earnings of $8.1 million compared to $5 million last year.
Energy management contributed second quarter economic earnings of $7 million compared to $6.3 million last year, primarily reflecting improved asset optimization opportunities as well as fuel management contracts that became operational over the last 12 months.
Energy production contributed to second quarter economic earnings loss of $200,000 compared to a loss of $2.4 million last year, primarily reflecting contributions from our fuel cell and solar investments over the past year.
And our midstream segment contributed second quarter earnings of $1.2 million compared to $900,000 last year, reflecting AFUDC related to our PennEast pipeline investment.
Our other segment contributed a loss in economic earnings of $9.3 million compared to a loss of $8.8 million last year, reflecting an increase in outstanding debt, partially offset by debt repayments and refinancing activity.
For the six months year-to-date, economic earnings were $130.9 million compared with $106 million last year, reflecting improved utility and nonutility profitability.
Our capital expenditures and clean energy investments for the year-to-date were approximately $270 million, with more than 80% of this amount allocated for regulated utility investments in support of utility infrastructure upgrades, system maintenance and customer growth.
Our GAAP equity to total capitalization improved to approximately 37% as of June 30 compared with approximately 32% at December 31, 2020, reflecting debt and equity financing and repayment of debt using proceeds from asset sales.
Our non-GAAP equity to total cap, which adjusts for mandatory convertible units and other long-duration debt improved to approximately 45% at June 30 compared with approximately 40% at December 31, 2020.
We continue to have ample liquidity at both SJI and our utilities, with $1.18 billion in total cash, credit capacity and available through our equity forward and approximately $1.14 billion available as of June 30.
Turning now to guidance.
Based on solid operational performance through the first half of the year, we are reaffirming our expectation for 2021 economic earnings of $1.55 to $1.65 per diluted share.
Our long-term economic earnings-per-share growth target remains 5% to 8%, with significant step-ups expected in 2023 and 2025, driven by timing associated with utility rate cases and clean energy investments.
We're also affirming our 5-year capital expenditures outlook through 2025 of approximately $3.5 billion and our expected 2021 investment of $740 million to $780 million, with $490 million to $510 million for utility investment and $250 million to $270 million for nonutility investment, primarily focused on decarbonization and renewables.

Summary:
Turning now to guidance.