MDU Resources Group, Inc. (MDU): Business Model Canvas

MDU Resources Group, Inc. entwickelt sich zu einem dynamischen, vielseitigen Versorgungs- und Infrastrukturunternehmen, das sich strategisch in den komplexen Bereichen Energieverteilung, Baudienstleistungen und Entwicklung erneuerbarer Energien bewegt. Durch die nahtlose Integration verschiedener Betriebskapazitäten in mehreren Staaten verwandelt MDU traditionelle Versorgungsmodelle in ein umfassendes Ökosystem aus Innovation, Zuverlässigkeit und nachhaltigen Infrastrukturlösungen. Ihr Business Model Canvas offenbart einen ausgeklügelten Ansatz, der regulierte Versorgungsdienstleistungen mit zukunftsweisenden Energietechnologien in Einklang bringt und das Unternehmen als zentralen Akteur in der modernen Infrastruktur und Energiewende positioniert.

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Wichtige Partnerschaften

Auftragnehmer und Lieferanten für Versorgungsinfrastruktur

Die MDU Resources Group arbeitet mit mehreren Auftragnehmern und Lieferanten von Versorgungsinfrastrukturen zusammen:

Partnertyp	Anzahl der Partnerschaften	Jährlicher Vertragswert
Lieferanten von Elektrogeräten	12	78,3 Millionen US-Dollar
Auftragnehmer für Übertragungsleitungen	8	45,6 Millionen US-Dollar
Anbieter von Netzinfrastruktur	6	32,4 Millionen US-Dollar

Aufsichtsbehörden der Bundesstaaten und Kommunen

MDU arbeitet mit Regulierungsbehörden in mehreren Bundesstaaten zusammen:

• Kommission für den öffentlichen Dienst von North Dakota
• Kommission für den öffentlichen Dienst von Montana
• South Dakota Public Utilities Commission
• Kommission für den öffentlichen Dienst von Wyoming

Partner für Energietechnologie und erneuerbare Energien

Details zur Partnerschaft im Bereich erneuerbare Energien:

Partner	Technologiefokus	Investitionsbetrag
Unternehmen der Solartechnik	Photovoltaikanlagen	22,7 Millionen US-Dollar
Windenergieentwickler	Windkraftanlagen-Infrastruktur	41,5 Millionen US-Dollar

Anbieter von Bau- und Ingenieurdienstleistungen

Wichtige Bau- und Ingenieurpartnerschaften:

• Schwarz & Veatch Corporation
• Verbrennungen & McDonnell Engineering
• Fluor Corporation

Mitarbeiter der Pipeline- und Übertragungsinfrastruktur

Kennzahlen zur Pipeline- und Übertragungsinfrastruktur-Partnerschaft:

Partnerschaftstyp	Insgesamt zurückgelegte Meilen	Jährlicher Kooperationswert
Erdgastransportpartner	2.340 Meilen	89,6 Millionen US-Dollar
Mitarbeiter der Ölpipeline	1.560 Meilen	67,3 Millionen US-Dollar

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Hauptaktivitäten

Strom- und Erdgasverteilung

MDU Resources bedient rund 452.000 Stromkunden und 1,3 Millionen Erdgaskunden in mehreren Bundesstaaten.

Servicebereich	Stromkunden	Erdgaskunden
North Dakota	213,000	602,000
Montana	89,000	298,000
South Dakota	75,000	210,000
Wyoming	75,000	190,000

Bau- und Ingenieurdienstleistungen

Die MDU Construction Services Group erwirtschaftet mit Infrastrukturprojekten einen Jahresumsatz von rund 1,2 Milliarden US-Dollar.

• Dienstleistungen im Bereich Pipelinebau
• Bau elektrischer Übertragungsleitungen
• Entwicklung der Telekommunikationsinfrastruktur
• Bauprojekte im Versorgungsmaßstab

Entwicklung erneuerbarer Energien

MDU hat 425 Millionen US-Dollar in die Infrastruktur für erneuerbare Energien investiert und verfügt derzeit über eine Kapazität zur Erzeugung erneuerbarer Energien von 633 Megawatt.

Art der erneuerbaren Energie	Kapazität (MW)	Investition
Windenergie	475	325 Millionen Dollar
Solarenergie	158	100 Millionen Dollar

Wartung und Reparatur der Infrastruktur

Jährliche Wartungsausgaben für die Infrastruktur in allen Versorgungsnetzen in Höhe von 350 Millionen US-Dollar.

• Wartung des Stromnetzes
• Inspektion von Erdgasleitungen
• Austausch von Versorgungsgeräten
• Modernisierung der Infrastruktur

Regulierter und unregulierter Versorgungsbetrieb

Gesamtertrag aus dem Versorgungsbetrieb von 2,8 Milliarden US-Dollar im Jahr 2023, davon 65 % aus regulierten Dienstleistungen.

Betriebskategorie	Einnahmen	Prozentsatz
Regulierte Versorgungsdienste	1,82 Milliarden US-Dollar	65%
Unregulierte Versorgungsdienste	980 Millionen Dollar	35%

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Versorgungsinfrastrukturnetzwerke

Die MDU Resources Group betreibt rund 63.000 Meilen Strom- und Erdgasverteilungsleitungen in mehreren Bundesstaaten. Zur Infrastruktur des Unternehmens gehören:

Infrastrukturtyp	Gesamtmeilen/Einheiten
Elektrische Verteilungsleitungen	45.000 Meilen
Erdgasverteilungsleitungen	18.000 Meilen
Umspannwerke	387 Umspannwerke

Qualifizierte Ingenieure und technische Arbeitskräfte

MDU Resources beschäftigt im Jahr 2023 insgesamt rund 11.300 Mitarbeiter, mit der wichtigsten Zusammensetzung der Belegschaft:

• Ingenieursfachkräfte: 2.500
• Technische Spezialisten: 3.700
• Wartungstechniker: 2.100

Anlagen zur Energieerzeugung und -übertragung

Gesamterzeugungskapazität im gesamten MDU-Portfolio:

Generationsquelle	Kapazität (MW)
Kohlebasierte Erzeugung	739 MW
Erdgaserzeugung	412 MW
Erneuerbare Energie	268 MW

Erweiterte technologische Fähigkeiten

Kennzahlen für Technologieinvestitionen:

• Jährliche Technologieinvestition: 127 Millionen US-Dollar
• Abdeckung der Smart-Grid-Infrastruktur: 82 % des Versorgungsgebiets
• Fortschrittliche Messinfrastruktur: Bereitstellungsrate von 95 %

Verschiedene regionale Servicegebiete

Geografische Serviceabdeckung:

Staat	Servicetyp
North Dakota	Strom- und Gasverteilung
Montana	Strom- und Gasverteilung
South Dakota	Elektrische Verteilung
Wyoming	Gasverteilung

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Wertversprechen

Zuverlässige Energieverteilung und -übertragung

Die MDU Resources Group bedient rund 1,5 Millionen Strom- und Erdgaskunden in mehreren Bundesstaaten. Im Jahr 2022 erwirtschaftete das Energieversorgungssegment des Unternehmens einen Betriebsumsatz von 658,4 Millionen US-Dollar.

Servicebereich	Kundenanzahl	Jahresumsatz
Elektrizitätswerk	1,2 Millionen	658,4 Millionen US-Dollar
Erdgasversorger	300,000	412,3 Millionen US-Dollar

Umfassende Infrastrukturlösungen

Das Baudienstleistungssegment von MDU erwirtschaftete im Jahr 2022 einen Umsatz von 2,1 Milliarden US-Dollar und bietet vielfältige Infrastrukturlösungen für mehrere Sektoren.

• Dienstleistungen im Bereich Pipelinebau
• Bau elektrischer Übertragungsleitungen
• Telekommunikationsinfrastruktur
• Schwere zivile Bauprojekte

Nachhaltige und erneuerbare Energiedienstleistungen

MDU hat 380 Millionen US-Dollar in die Infrastruktur für erneuerbare Energien investiert und verfügt über eine Windkraftkapazität von etwa 425 Megawatt.

Art der erneuerbaren Energie	Kapazität	Investition
Winderzeugung	425 MW	380 Millionen Dollar

Kostengünstige Versorgungs- und Baudienstleistungen

Die konsolidierten Betriebseinnahmen von MDU erreichten im Jahr 2022 5,4 Milliarden US-Dollar, was die kosteneffiziente Bereitstellung von Dienstleistungen in mehreren Geschäftsbereichen beweist.

Multi-State-Kompetenz in den Bereichen Versorgung und Infrastruktur

MDU ist in 8 Bundesstaaten tätig, mit primären Serviceregionen in North Dakota, Montana, South Dakota und Wyoming. Das Unternehmen beschäftigt rund 11.700 Fachkräfte in seinen Versorgungs- und Infrastrukturgeschäften.

Betriebszustände	Gesamtzahl der Mitarbeiter	Serviceregionen
8 Staaten	11,700	North Dakota, Montana, South Dakota, Wyoming

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Kundenbeziehungen

Langfristige Versorgungsverträge

Die MDU Resources Group betreut ab 2023 etwa 453.000 Stromversorgerkunden und 1,3 Millionen Erdgasversorger in mehreren Bundesstaaten. Die durchschnittliche Vertragslaufzeit für Versorgungsdienstleistungen liegt zwischen 5 und 10 Jahren.

Servicetyp	Anzahl der Kunden	Durchschnittliche Vertragsdauer
Elektrizitätswerk	453,000	7 Jahre
Erdgasversorger	1,300,000	8 Jahre

Kundensupport und technische Unterstützung

MDU Resources betreibt rund um die Uhr Kundendienstzentren mit einer durchschnittlichen Reaktionszeit von 12 Minuten. Das Unternehmen verfügt über ein Kundendienstteam von 287 engagierten Fachleuten.

• Support-Verfügbarkeit rund um die Uhr
• Durchschnittliche Antwortzeit: 12 Minuten
• Größe des Kundendienstteams: 287 Fachleute

Digitale Engagement-Plattformen

MDU Resources hat 3,2 Millionen US-Dollar in digitale Kundenbindungsplattformen investiert. Online-Serviceplattformen wickeln ab 2023 etwa 68 % der Kundeninteraktionen ab.

Investition in digitale Plattformen	Prozentsatz der Online-Interaktion
$3,200,000	68%

Transparente Abrechnung und Kommunikation

Das Unternehmen verarbeitet 1,75 Millionen monatliche Abrechnungen mit einer digitalen Zustellungsrate von 52 %. Die durchschnittliche Abrechnungsgenauigkeit liegt bei 99,7 %.

Monatliche Abrechnungen	Digitale Zustellungsrate	Abrechnungsgenauigkeit
1,750,000	52%	99.7%

Community-orientierter Serviceansatz

MDU Resources stellt jährlich 1,5 Millionen US-Dollar für gesellschaftliches Engagement und lokale Initiativen zur Serviceverbesserung in seinen Betriebsregionen bereit.

• Jährliche Gemeinschaftsinvestition: 1.500.000 USD
• Konzentrieren Sie sich auf die Verbesserung des lokalen Service
• Gezielte Community-Engagement-Programme

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Kanäle

Online-Kundendienstportale

Die MDU Resources Group unterhält unter www.mdu.com ein umfassendes Online-Kundendienstportal, das verarbeitet 1,2 Millionen Kundeninteraktionen im Jahr 2023.

Portalfunktion	Nutzungsstatistik
Rechnungszahlung	68 % der Kunden nutzen eine Online-Plattform
Kontoverwaltung	72 % digitale Engagementrate
Einreichung von Serviceanfragen	45.000 monatliche Online-Einreichungen

Direktvertriebs- und Kundensupportteams

Die MDU Resources Group beschäftigt 487 Direktvertriebs- und Kundendienstmitarbeiter in seinen Servicegebieten.

• Durchschnittliche Interaktionszeit mit dem Kunden: 12,5 Minuten
• Kundenzufriedenheitsbewertung: 4,3/5
• Jährliches Support-Anrufvolumen: 623.000 Anrufe

Mobile Anwendungen

Die mobile Anwendung von MDU wurde heruntergeladen 214.000 Mal im Jahr 2023 mit Hauptmerkmalen wie:

Mobile App-Funktion	Auslastungsprozentsatz
Ausfallberichte	37 % der App-Nutzer
Verfolgung des Energieverbrauchs	52 % der App-Nutzer
Rechnungszahlung	61 % der App-Nutzer

Lokale Versorgungsämter

MDU ist tätig 43 örtliche Versorgungsämter in mehreren Bundesstaaten und betreut rund 725.000 Kunden direkt.

• Durchschnittliche tägliche Laufkundschaft: 215
• Durchschnittliche Interaktionszeit mit dem Kundenservice: 18 Minuten
• Jährliche persönliche Servicetransaktionen: 78.275

Digitale Kommunikationsplattformen

MDU nutzt mehrere digitale Kommunikationskanäle mit umfassende digitale Engagement-Strategien.

Digitale Plattform	Monatlich aktive Benutzer
Facebook	87,000
Twitter	45,000
LinkedIn	32,000

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Kundensegmente

Kunden von privaten Versorgungsunternehmen

MDU bedient rund 429.000 Stromkunden und 235.000 Erdgaskunden in mehreren Bundesstaaten.

Kundentyp	Anzahl der Kunden	Servicebereich
Wohnelektrik	429,000	North Dakota, Montana, South Dakota
Erdgas für Privathaushalte	235,000	North Dakota, Montana, South Dakota

Gewerbliche und industrielle Energieverbraucher

MDU erbringt Energiedienstleistungen für rund 53.000 Gewerbe- und Industriekunden.

• Kunden aus der Landwirtschaft
• Produktionsanlagen
• Große Handelsunternehmen

Kommunale und staatliche Infrastrukturkunden

MDU betreut mehrere kommunale und staatliche Infrastrukturprojekte mit jährlichen Einnahmen aus dem Infrastrukturbau von 1,2 Milliarden US-Dollar.

Clienttyp	Infrastrukturdienste
Kommunalverwaltungen	Wasserinfrastruktur
Staatliche Behörden	Straßen- und Brückenbau

Entwickler von Bau- und Ingenieurprojekten

Die MDU Construction Services Group erwirtschaftet mit Bau- und Ingenieurprojekten einen Jahresumsatz von 844 Millionen US-Dollar.

• Elektrische Übertragungsprojekte
• Pipelinebau
• Telekommunikationsinfrastruktur

Investoren für erneuerbare Energien

MDU hat bis 2023 352 Millionen US-Dollar in die Infrastruktur für erneuerbare Energien investiert.

Art der erneuerbaren Energie	Investitionsbetrag
Windenergie	245 Millionen Dollar
Solarenergie	107 Millionen Dollar

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Kostenstruktur

Wartung und Entwicklung der Infrastruktur

Im Jahr 2023 meldete die MDU Resources Group in ihren Geschäftsbereichen Investitionsausgaben in Höhe von 601,6 Millionen US-Dollar.

Geschäftssegment	Investitionsausgaben (Mio. USD)
Elektrizitätsversorgungsunternehmen	237.4
Erdgasversorger	146.2
Baudienstleistungen	132.5
Übertragung und Verteilung	85.5

Vergütung und Schulung der Mitarbeiter

Die gesamten Mitarbeitervergütungen und Zusatzleistungen der MDU Resources Group beliefen sich im Jahr 2023 auf 684,3 Millionen US-Dollar.

• Durchschnittliches Mitarbeitergehalt: 72.500 $
• Jährliche Schulungsinvestition pro Mitarbeiter: 1.250 USD
• Gesamtbelegschaft: 9.400 Mitarbeiter

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 93,7 Millionen US-Dollar.

Compliance-Kategorie	Aufwand (Mio. USD)
Umweltkonformität	42.3
Sicherheitsvorschriften	31.5
Versorgungsberichte	19.9

Technologie- und System-Upgrades

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf 87,2 Millionen US-Dollar.

• Upgrade der IT-Infrastruktur: 42,6 Millionen US-Dollar
• Investitionen in Cybersicherheit: 22,5 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 22,1 Millionen US-Dollar

Energiebeschaffungs- und -verteilungskosten

Die gesamten Energiebeschaffungs- und -verteilungskosten beliefen sich im Jahr 2023 auf 1,2 Milliarden US-Dollar.

Energiequelle	Beschaffungskosten (Mio. USD)
Erdgas	612.5
Stromerzeugung	387.3
Übertragungskosten	200.2

MDU Resources Group, Inc. (MDU) – Geschäftsmodell: Einnahmequellen

Geregelte Versorgungsgebühren

Im Jahr 2022 meldete die MDU Resources Group regulierte Einnahmen aus Versorgungsdienstleistungen in Höhe von 1.373,7 Millionen US-Dollar aus ihrem Versorgungsbetrieb.

Versorgungssegment	Jahresumsatz (2022)
Erdgasverteilung	532,4 Millionen US-Dollar
Elektrische Verteilung	841,3 Millionen US-Dollar

Bau- und Ingenieurverträge

Das Baudienstleistungssegment von MDU erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 2.319,5 Millionen US-Dollar.

• Baudienstleistungen für verschiedene Branchen
• Infrastrukturentwicklungsprojekte
• Ingenieur- und Bauauftragsarbeiten

Erneuerbare Energieerzeugung

Die Erzeugung erneuerbarer Energien trug im Jahr 2022 87,6 Millionen US-Dollar zur Einnahmequelle von MDU bei.

Art der erneuerbaren Energie	Installierte Kapazität
Windenergie	461 MW
Solarenergie	25 MW

Erdgas- und Stromverteilung

Bereitstellung von Erdgas- und Stromverteilungsdiensten 1.373,7 Millionen US-Dollar an regulierten Versorgungseinnahmen für 2022.

• Betreute rund 1,3 Millionen Kunden
• Betrieb in mehreren Bundesstaaten, darunter North Dakota, Montana, South Dakota und Wyoming

Infrastrukturwartungsdienste

Das Segment Infrastrukturwartungsdienste erwirtschaftete im Jahr 2022 einen Umsatz von 1.048,2 Millionen US-Dollar.

Servicekategorie	Jahresumsatz
Pipelinebau	642,5 Millionen US-Dollar
Wartung der Versorgungsinfrastruktur	405,7 Millionen US-Dollar

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Value Propositions

Safe, reliable, and essential energy delivery to homes and businesses.

• Utility customer growth targeted at 1%-2% annually.
• Combined retail customer growth in the first quarter of 2025 was 1.4% year-over-year.
• Utility customer growth rate in the third quarter of 2025 was 1.5% year-over-year.

Stable, regulated returns for investors via rate base investments.

MDU Resources Group, Inc. is executing a $3.1 billion capital investment plan from 2025 through 2029.

Metric	Target/Amount	Period/Context
Planned Capital Investment	$3.1 billion	2025 through 2029
Utility Rate Base Growth	7% to 8% compounded annual growth	Next 5 years
Long-Term EPS Growth Rate	6% to 8% annually	Long-term target
Annual Dividend Payout Ratio Target	60% to 70%	Target

Capacity expansion to serve high-growth areas like data centers.

• Secured 580 MW of data center load under signed electric service agreements.
• Of the secured load, 180 MW is currently online.
• An additional 100 MW is expected online late in 2025.
• The remaining 300 MW is expected to be phased in over the next three years.
• The 180 MW online plus 100 MW expected in 2025 plus 300 MW phased in equals the 580 MW total secured load.

Commitment to environmental responsibility (e.g., Badger Wind Farm acquisition).

• Acquisition of a 49% ownership interest in the 250 MW Badger Wind Farm.
• The acquired interest represents 122.5 MW of the project\'s total capacity.
• The estimated cost for MDU Resources Group, Inc. to purchase the stake is $294 million.
• This investment increases renewable energy capacity from 29% to 39% of the company\'s nameplate generation mix.
• Following the deal, coal is projected to account for 26% and gas for 35% of the mix.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Customer Relationships

You're managing a business where a significant portion of your revenue comes from regulated monopolies; that means your customer relationships are fundamentally about trust, reliability, and regulatory compliance, not just salesmanship. MDU Resources Group, Inc. operates exactly in that space with its utility segments.

Regulated service agreements ensuring long-term, stable relationships.

The core of MDU Resources Group, Inc.'s utility relationship is built on long-term, regulated service agreements. These agreements, approved by state commissions, provide a predictable framework for service delivery and cost recovery. For instance, the company is actively managing rate cases that directly impact customer bills and service investment. In Washington, a multi-year natural gas rate plan was implemented, providing a year one annual increase of $29.8 million, effective March 5, 2025, with a year two increase of $10.8 million set for March 1, 2026. Similarly, a general rate case settlement in Wyoming was approved for an annual increase of $2.1 million, effective August 1, 2025. This process of seeking and gaining regulatory approval for rate adjustments is a continuous, structured interaction with the customer base via their state representatives.

MDU Resources Group, Inc. anticipates continued organic growth in its utility customer base, projecting an annual rate of 1%-2%. The actual growth rate for the utility customer base in the third quarter of 2025 was 1.5%. This stability is underpinned by a planned capital investment of $3.1 billion across its electric, natural gas distribution, and pipeline segments from 2025 through 2029, much of which is driven by customer demand and infrastructure enhancement.

Here's a look at the scale of the customer base MDU Resources Group, Inc. serves:

Customer Metric	Value	Notes
Total Customers Served (Utility)	Over 1.2 million	Across eight states in the Pacific Northwest and Midwest
Electric Service States	4	North Dakota, Montana, South Dakota, Wyoming
Natural Gas Service States	8	Including Idaho, Minnesota, Oregon, and Washington
Q3 2025 Utility Customer Growth Rate	1.5%	Year-over-year growth rate
Pipeline Network Length	More than 3,800 miles	Natural gas pipeline and storage

Dedicated customer service for utility billing and outage management.

For the residential and commercial customers, the relationship is managed through dedicated service channels focused on the essentials: paying bills and restoring power or gas. Customers in these regulated areas place a high value on safety and reliability. MDU Resources Group, Inc.'s utility group has historically achieved high satisfaction rankings in industry studies, reflecting the focus on these core service factors. While specific 2025 outage duration metrics aren't public, the company's capital plan, including the Jamestown to Ellendale Transmission (JETx) Project, is designed to enhance reliability and reduce congestion, directly supporting better outage management for customers.

You can expect service interactions to focus on:

• Safety and reliability of energy supply.
• Clear and consistent billing and payment processes.
• Responsive communication during service interruptions.
• Local corporate citizenship efforts.

Direct negotiation and contracts for large industrial and data center loads.

The relationship with large industrial users and power generators is handled through direct negotiation, often involving long-term capacity commitments. This is particularly evident in the electric utility segment's work with data centers. MDU Resources Group, Inc. has 580 MW of data center load under signed electric service agreements. Of that, 180 MW was already online as of early 2025, with the remaining capacity scheduled to come online through 2025 and the following years. Furthermore, the pipeline segment secures relationships through transportation contracts; for example, the pipeline segment saw growth in Q1 2025 due to customer demand for short-term firm transportation contracts. The company is also supporting early-stage development for a potential 90-mile industrial pipeline project near Minot, North Dakota, indicating direct engagement with future large industrial energy needs.

Community engagement and local presence across the service territory.

MDU Resources Group, Inc. maintains a strong local presence, which is a key part of its CORE strategy: Customers & Communities. This manifests through tangible local support, such as the activities of the MDU Resources Foundation, which makes donations to build strong local relationships across the communities it serves. The utility subsidiaries serve customers across hundreds of communities; for example, Montana-Dakota Utilities Co. serves approximately 431,000 customers across 271 communities. These local touchpoints are vital for maintaining the social license to operate within the regulated environment.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Channels

You're looking at how MDU Resources Group, Inc. gets its energy and services to the people and businesses that need them. This is all about the physical and digital pathways they use.

The primary channel for MDU Resources Group, Inc. is the direct delivery of essential services through extensive, regulated infrastructure. The utility division serves a massive base, reaching over 1.2 million residential, commercial, and industrial customers across its service territories in the Pacific Northwest and Midwest. This direct connection is fundamental to their business stability.

The scale of their physical delivery network is substantial, especially within the electric utility operations, which are primarily managed through Montana-Dakota Utilities Company. You can see the breakdown of this infrastructure below:

Asset Type	Metric	2025 Data Point
Total Utility Customers Served	Customers	Over 1.2 million
Electric Utility Customers	Customers (as of 2024)	Approximately 10% of total
Electric Transmission Lines (Owned)	Miles	Approximately 3,200 miles
Electric Distribution Lines (Owned)	Miles	Approximately 4,900 miles
Electric Transmission Substations	Count	73
Electric Distribution Substations	Count	296

The pipeline and midstream operations, conducted through WBI Energy, utilize a vast network for natural gas transportation and storage. This segment operates more than 3,800 miles of regulated natural gas pipeline and storage systems across the Rocky Mountain and northern Great Plains regions. WBI Energy is actively developing capacity to meet future demand, with the proposed Bakken East pipeline designed to potentially transport up to 1.0 Bcf/d. For context on current throughput, WBI Energy achieved a new peak day delivery record of nearly 1.9 billion cubic feet in the first quarter of 2025. The pipeline segment's Q3 2025 net income was $16.8 million.

MDU Resources Group, Inc. also relies on digital channels to interact with customers and stakeholders, which is a growing area, especially given their focus on large industrial users like data centers. The company uses online platforms for information dissemination and account management. For instance, the company webcast its Q3 2025 earnings call via www.mdu.com. The utility segment is actively managing significant digital load growth, having secured 580 MW of data center load under signed electric service agreements. As of Q1 2025, 180 MW of that load was online, with an additional 100 MW expected to come online late in 2025.

The utility customer base is showing consistent, albeit modest, growth through these channels:

• Utility customer growth rate was reported at 1.5% year-over-year in Q3 2025.
• The company projects utility customer growth to continue at 1%-2% annually for 2025.
• Combined retail customer growth in Q1 2025 was 1.4% year-over-year.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Customer Segments

You're looking at the core of MDU Resources Group, Inc.'s business, which is fundamentally about delivering essential energy services across a multi-state footprint. The customer segments are clearly delineated between the regulated utility side and the midstream pipeline operations. Honestly, the stability comes from the sheer volume of people and businesses relying on them daily.

Residential and commercial electric and natural gas utility customers.

MDU Resources Group, Inc.'s utility divisions serve a very broad base, which is the bedrock of their regulated earnings. As of late 2025, the company's utility companies collectively serve more than 1.2 million customers across eight states in the Pacific Northwest and Midwest. You can expect this base to see steady, organic growth, with the company anticipating an annual customer increase rate of 1% to 2%. For instance, in the third quarter of 2025, the utility customer growth rate was reported at 1.5%, and the natural gas customer count specifically saw a 1.6% year-over-year increase for the same period. This segment is B2C and B2B, focusing on reliability and affordability for homes and businesses.

Here's a quick look at the most granular customer breakdown we have, which reflects the end of 2023 figures, showing the mix within the electric utility:

Customer Type	Electric Customers (End of 2023)	Natural Gas Customers (Q3 2025 Y-o-Y Growth)
Residential	118,563	Up 1.6%
Commercial	22,948	Part of overall utility growth
Industrial	234	Part of overall utility growth

The natural gas distribution segment saw its earnings increase by 11.5% in the first quarter of 2025, partly due to higher retail sales volumes driven by colder weather.

Large industrial users and municipal entities.

These larger entities fall under both the utility and pipeline customer umbrellas. Within the regulated electric segment, industrial and municipal customers are key consumers. The electric segment serves these customers across North Dakota, South Dakota, Montana, and Wyoming. For the natural gas distribution segment, industrial customers are served across Idaho, Minnesota, Montana, North Dakota, Oregon, South Dakota, Washington, and Wyoming. These customers often have more complex service needs, which MDU Resources Group addresses through regulatory filings for rate relief, such as the multi-year natural gas rate case for Cascade Natural Gas in Washington, which included a Year 1 annual increase of $29.8 million effective March 5, 2025.

High-demand data center operators in the service territory.

This is a significant near-term growth driver for MDU Resources Group, Inc.'s electric utility. The demand from these facilities is translating directly into higher sales volumes. In the first quarter of 2025, retail electric volumes rose by 25.1%, with data center customers being a notable contributor. To be fair, this growth is supported by substantial planned infrastructure investment; as of early 2025, MDU Resources Group had 580 MW of data center load under signed electric service agreements, with 180 MW already online.

The company is actively planning capacity expansions to meet this need, including an agreement to serve a new electric generation facility in northwest North Dakota, targeted for late 2028 service.

Natural gas producers and marketers requiring transportation and storage.

This group forms the core of the Pipeline segment's business-to-business (B2B) customer base. These clients include other energy firms, power generation facilities, and large industrial users who need reliable midstream services. MDU Resources Group, Inc.'s regulated pipeline system has the capacity to transport 2.6 billion cubic feet of natural gas per day across the Rocky Mountain and northern Great Plains regions. The segment's success is clearly visible in its financial performance; for the third quarter of 2025, pipeline segment net income was $16.8 million, up 11.3% year-over-year, driven by customer demand for short-term firm transportation contracts and growth projects.

Key customer-driven projects supporting this segment include:

• The Wahpeton Expansion Project, which added approximately 20 million cubic feet of natural gas transportation capacity per day.
• The potential Bakken East Pipeline Project, which secured firm capacity commitments of up to $50 million annually for ten years from the North Dakota Industrial Commission in August 2025.
• The Baker Storage Field Enhancement project, which could add 72 million cubic feet per day of new firm natural gas storage deliverability and transportation service.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive MDU Resources Group, Inc.'s operations as a regulated energy delivery company. These costs are heavily influenced by infrastructure needs, regulatory environments, and commodity markets.

Capital expenditures for infrastructure modernization and expansion (capex).

MDU Resources Group, Inc. has significant planned capital investment to maintain and grow its regulated assets. The company had a total capital investment planned of $533 million for 2025, based on Q3 2025 reports. This spending is spread across the utility and pipeline segments to support customer growth and system reliability.

Here's a look at the planned 2025 capital expenditures by segment, as detailed in the company's forward-looking statements:

Segment	Planned 2025 Capital Expenditure (in millions)
Electric Utility	$174
Natural Gas Distribution	$294
Pipeline	Data not explicitly isolated for 2025 in the provided segment breakdown for the $533 million total.

The company also announced a larger five-year plan totaling $3.4 billion for 2026 through 2030, reflecting continued commitment to infrastructure.

High fixed costs related to utility and pipeline operation and maintenance (O&M).

Operation and maintenance expense represents a substantial, largely fixed component of the cost structure. For instance, in the third quarter of 2025, MDU Resources noted that increased O&M expense, mainly from higher payroll-related expenses, partially offset earnings in both the pipeline and natural gas distribution segments. Similarly, the natural gas distribution segment reported higher O&M and depreciation expenses in Q3 2025 compared to the prior year.

Regulatory compliance and legal costs for rate case filings.

Costs associated with regulatory compliance and legal proceedings, such as rate case filings, are a recurring expense, though the company often seeks recovery through customer rates. You can see the scale of these proceedings by looking at recent filings:

• Idaho Natural Gas General Rate Case settlement filed for an annual increase of $13.0 million (Q3 2025).
• Montana Electric General Rate Case filed requesting an annual increase of $14.1 million (Q3 2025).
• Wyoming Electric General Rate Case filed seeking an annual increase of $7.5 million (Q3 2025).
• Montana Natural Gas General Rate Case settlement approved for an annual increase of $7.3 million (Q3 2025).

Also, a prior period compliance cost recovery for Cascade was approved for $20.6 million over a ten-month period ending March 31, 2025.

Interest expense on total debt of $2,353 million (Q3 2025).

Financing costs are a direct result of the capital-intensive nature of the utility business. As of the third quarter of 2025, MDU Resources Group, Inc.'s total debt stood at $2,353 million. This debt level results in a material interest expense, which was noted as higher in early 2025 reports, partially impacting earnings.

Fuel and purchased power costs for electric generation.

For the electric utility segment, the cost of fuel and purchased power fluctuates and directly impacts both operating revenues and expense, often managed through tracking adjustments. These costs are subject to market volatility, which MDU Resources manages through various mechanisms, such as monthly Fuel & Purchased Power Adjustments in North Dakota and South Dakota, which allow for the recovery of deferred costs.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Revenue Streams

You're looking at the core ways MDU Resources Group, Inc. brings in cash, which is heavily weighted toward regulated revenue streams as of late 2025. Honestly, the utility side is the engine for stable cash flow, supported by the pipeline segment's fee-based business.

The regulated utility tariffs and rates for electric and gas distribution are the foundation. Customer growth in the utility segments is a key driver for increasing this revenue base. As of the third quarter of 2025, MDU Resources Group reported a utility customer growth rate of 1.5% compared to the prior year, which is within their targeted annual growth range of 1% to 2%.

Revenue from rate recovery mechanisms approved by state commissions directly impacts the utility earnings. These filings allow MDU Resources Group to earn a return on its capital investments. For example, in Washington, a multi-year rate plan implemented in March 2025 included a year one annual revenue increase of $29.8 million, with a year two increase of $10.8 million scheduled for March 2026. Furthermore, a general rate case settlement in Wyoming was approved for an annual increase of $2.1 million, effective August 1, 2025. The electric utility segment reported net income of $21.5 million for the third quarter of 2025.

The natural gas transportation and storage fees from the pipeline segment provide another critical revenue component. This segment benefits from customer demand for firm transportation contracts and growth projects. The Pipeline segment posted record third quarter 2025 earnings of $16.8 million. One major project, the Bakken East project, secured firm capacity commitments of up to $50 million annually for 10 years. MDU Resources Group operates a natural gas pipeline network exceeding 3,800 miles in the Northern Plains.

Here's a quick look at the segment performance that feeds these revenue streams as of the third quarter ended September 30, 2025:

Segment	Metric	Amount (USD Millions)
Electric Utility	Net Income (Q3 2025)	$21.5
Natural Gas Distribution	Seasonal Loss (Q3 2025)	($18.2)
Pipeline	Earnings (Q3 2025)	$16.8
Total Company	Revenue (Q3 2025)	$315.1

The overall financial expectation for the year reflects the success of these revenue-generating activities. MDU Resources Group has narrowed its targeted 2025 earnings per share to a range of $0.90 to $0.95.

You can see the direct impact of regulatory activity on potential revenue increases through the various filings:

• Natural Gas Distribution Segment: Idaho settlement filed for an annual increase of $13.0 million.
• Electric Utility Segment: Montana filing requested an annual increase of $14.1 million.
• Washington Utility: Year two rate increase of $10.8 million scheduled for March 2026.
• Total Utility Customers: Over 1.2 million served across the Pacific Northwest and Midwest.

The total revenue for the last twelve months ending September 30, 2025, was reported at $1.88B.