MDU Resources Group, Inc. (MDU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

MDU Resources Group, Inc. emerge como una potencia dinámica y multifacética de utilidades e infraestructura, navegando estratégicamente los complejos paisajes de distribución de energía, servicios de construcción y desarrollo renovable. Al integrar a la perfección diversas capacidades operativas en múltiples estados, MDU transforma los modelos de utilidad tradicionales en un ecosistema integral de innovación, confiabilidad y soluciones de infraestructura sostenibles. Su lienzo de modelo de negocio revela un enfoque sofisticado que equilibra los servicios de servicios públicos regulados con tecnologías energéticas con visión de futuro, posicionando a la compañía como un jugador fundamental en la infraestructura moderna y la transformación energética.

MDU Resources Group, Inc. (MDU) - Modelo de negocios: asociaciones clave

Contratistas y proveedores de infraestructura de servicios públicos

MDU Resources Group se asocia con múltiples contratistas y proveedores de infraestructura de servicios públicos:

Tipo de socio	Número de asociaciones	Valor anual del contrato
Proveedores de equipos eléctricos	12	$ 78.3 millones
Contratistas de la línea de transmisión	8	$ 45.6 millones
Proveedores de infraestructura de cuadrícula	6	$ 32.4 millones

Agencias reguladoras del gobierno estatal y local

MDU colabora con agencias reguladoras en múltiples estados:

• Comisión de Servicio Público de Dakota del Norte
• Comisión de Servicio Público de Montana
• Comisión de servicios públicos de Dakota del Sur
• Comisión de Servicio Público de Wyoming

Tecnología energética y socios de energía renovable

Detalles de la asociación de energía renovable:

Pareja	Enfoque tecnológico	Monto de la inversión
Empresas de tecnología solar	Sistemas fotovoltaicos	$ 22.7 millones
Desarrolladores de energía eólica	Infraestructura de turbina eólica	$ 41.5 millones

Proveedores de servicios de construcción e ingeniería

Asociaciones clave de construcción e ingeniería:

• Negro & Veatch Corporation
• Quemaduras & Ingeniería McDonnell
• Fluor Corporation

Colaboradores de infraestructura de tuberías y transmisión

Métricas de asociación de infraestructura de tuberías y transmisión:

Tipo de asociación	Total millas cubiertas	Valor de colaboración anual
Socios de transmisión de gas natural	2,340 millas	$ 89.6 millones
Colaboradores de oleoductos	1,560 millas	$ 67.3 millones

MDU Resources Group, Inc. (MDU) - Modelo de negocio: actividades clave

Distribución de servicios eléctricos y de gas natural

MDU Resources atiende a aproximadamente 452,000 clientes eléctricos y 1.3 millones de clientes de gas natural en múltiples estados.

Vía de Servício	Clientes eléctricos	Clientes de gas natural
Dakota del Norte	213,000	602,000
Montana	89,000	298,000
Dakota del Sur	75,000	210,000
Wyoming	75,000	190,000

Servicios de construcción e ingeniería

MDU Construction Services Group genera ingresos anuales de aproximadamente $ 1.2 mil millones de proyectos de infraestructura.

• Servicios de construcción de tuberías
• Construcción de la línea de transmisión eléctrica
• Desarrollo de infraestructura de telecomunicaciones
• Proyectos de construcción a escala de servicios públicos

Desarrollo de energía renovable

MDU ha invertido $ 425 millones en infraestructura de energía renovable con capacidad actual de generación renovable de 633 megavatios.

Tipo de energía renovable	Capacidad (MW)	Inversión
Energía eólica	475	$ 325 millones
Energía solar	158	$ 100 millones

Mantenimiento y reparación de la infraestructura

Gasto anual de mantenimiento de infraestructura de $ 350 millones en redes de servicios públicos.

• Mantenimiento de la red eléctrica
• Inspección de tuberías de gas natural
• Reemplazo de equipos de servicios públicos
• Modernización de infraestructura

Operaciones de servicios públicos regulados y no regulados

Ingresos totales de operaciones de servicios públicos de $ 2.8 mil millones en 2023, con un 65% de los servicios regulados.

Categoría operativa	Ganancia	Porcentaje
Servicios de servicios públicos regulados	$ 1.82 mil millones	65%
Servicios de servicios públicos no regulados	$ 980 millones	35%

MDU Resources Group, Inc. (MDU) - Modelo de negocio: recursos clave

Extensas redes de infraestructura de servicios públicos

MDU Resources Group opera aproximadamente 63,000 millas de líneas de distribución de gas eléctrico y natural en múltiples estados. La infraestructura de la compañía incluye:

Tipo de infraestructura	Total de millas/unidades
Líneas de distribución eléctrica	45,000 millas
Líneas de distribución de gas natural	18,000 millas
Subestaciones eléctricas	387 subestaciones

Ingeniería especializada y fuerza laboral técnica

MDU Resources emplea aproximadamente 11,300 empleados en total a partir de 2023, con composición clave de la fuerza laboral:

• Profesionales de ingeniería: 2.500
• Especialistas técnicos: 3.700
• Técnicos de mantenimiento: 2,100

Activos de generación de energía y transmisión

Capacidad de generación total en la cartera de MDU:

Fuente de generación	Capacidad (MW)
Generación a base de carbón	739 MW
Generación de gas natural	412 MW
Energía renovable	268 MW

Capacidades tecnológicas avanzadas

Métricas de inversión tecnológica:

• Inversión tecnológica anual: $ 127 millones
• Cobertura de infraestructura de cuadrícula inteligente: 82% del territorio de servicio
• Infraestructura de medición avanzada: tasa de implementación del 95%

Diversos territorios de servicio regional

Cobertura de servicio geográfico:

Estado	Tipo de servicio
Dakota del Norte	Distribución eléctrica y de gas
Montana	Distribución eléctrica y de gas
Dakota del Sur	Distribución eléctrica
Wyoming	Distribución de gases

MDU Resources Group, Inc. (MDU) - Modelo de negocio: propuestas de valor

Distribución y transmisión de energía confiable

MDU Resources Group atiende a aproximadamente 1,5 millones de clientes eléctricos y de gas natural en múltiples estados. En 2022, el segmento de servicios eléctricos de la compañía generó $ 658.4 millones en ingresos operativos.

Vía de Servício	Conteo de clientes	Ingresos anuales
Utilidad eléctrica	1.2 millones	$ 658.4 millones
Utilidad de gas natural	300,000	$ 412.3 millones

Soluciones integrales de infraestructura

El segmento de servicios de construcción de MDU generó $ 2.1 mil millones en ingresos para 2022, proporcionando diversas soluciones de infraestructura en múltiples sectores.

• Servicios de construcción de tuberías
• Construcción de la línea de transmisión eléctrica
• Infraestructura de telecomunicaciones
• Proyectos de construcción civil pesados

Servicios de energía sostenible y renovable

MDU ha invertido $ 380 millones en infraestructura de energía renovable, con una capacidad de generación de viento de aproximadamente 425 megavatios.

Tipo de energía renovable	Capacidad	Inversión
Generación de viento	425 MW	$ 380 millones

Servicios rentables de servicios públicos y de construcción

Los ingresos operativos consolidados de MDU alcanzaron los $ 5.4 mil millones en 2022, lo que demuestra la prestación de servicios rentable en múltiples segmentos comerciales.

Experiencia en servicios públicos e infraestructura de varios estados

MDU opera en 8 estados, con regiones de servicio primario en Dakota del Norte, Montana, Dakota del Sur y Wyoming. La compañía emplea a aproximadamente 11,700 profesionales en sus negocios de servicios públicos e infraestructura.

Estados operativos	Total de empleados	Regiones de servicio
8 estados	11,700	Dakota del Norte, Montana, Dakota del Sur, Wyoming

MDU Resources Group, Inc. (MDU) - Modelo de negocios: relaciones con los clientes

Contratos de servicio de servicios públicos a largo plazo

MDU Resources Group mantiene aproximadamente 453,000 clientes de servicios eléctricos y 1.3 millones de clientes de servicios de gas natural en múltiples estados a partir de 2023. La duración promedio del contrato para servicios de servicios públicos oscila entre 5 y 10 años.

Tipo de servicio	Número de clientes	Longitud promedio del contrato
Utilidad eléctrica	453,000	7 años
Utilidad de gas natural	1,300,000	8 años

Atención al cliente y asistencia técnica

MDU Resources opera centros de atención al cliente 24/7 con un tiempo de respuesta promedio de 12 minutos. La compañía mantiene un equipo de servicio al cliente de 287 profesionales dedicados.

• Disponibilidad de soporte 24/7
• Tiempo de respuesta promedio: 12 minutos
• Tamaño del equipo de servicio al cliente: 287 profesionales

Plataformas de compromiso digital

MDU Resources ha invertido $ 3.2 millones en plataformas digitales de participación del cliente. Las plataformas de servicio en línea manejan aproximadamente el 68% de las interacciones del cliente a partir de 2023.

Inversión de plataforma digital	Porcentaje de interacción en línea
$3,200,000	68%

Facturación y comunicación transparentes

La Compañía procesa 1,75 millones de extractos de facturación mensuales con una tasa de entrega digital del 52%. La precisión promedio de facturación es del 99.7%.

Extractos de facturación mensual	Tasa de entrega digital	Precisión de facturación
1,750,000	52%	99.7%

Enfoque de servicio centrado en la comunidad

MDU Resources asigna $ 1.5 millones anuales a la participación comunitaria y las iniciativas de mejora de servicios locales en sus regiones operativas.

• Inversión comunitaria anual: $ 1,500,000
• Centrarse en la mejora del servicio local
• Programas de participación comunitaria específicos

MDU Resources Group, Inc. (MDU) - Modelo de negocios: canales

Portales de servicio al cliente en línea

MDU Resources Group mantiene un portal integral de servicio al cliente en línea en www.mdu.com, que procesó 1,2 millones de interacciones con los clientes en 2023.

Característica de portal	Estadísticas de uso
Pago de facturas	El 68% de los clientes usan la plataforma en línea
Gestión de cuentas	72% Tasa de compromiso digital
Envíos de solicitudes de servicio	45,000 presentaciones mensuales en línea

Ventas directas y equipos de atención al cliente

MDU Resources Group emplea 487 Representantes de ventas directas y atención al cliente a través de sus territorios de servicio.

• Tiempo promedio de interacción con el cliente: 12.5 minutos
• Calificación de satisfacción del cliente: 4.3/5
• Volumen de llamadas de soporte anual: 623,000 llamadas

Aplicaciones móviles

Se descargó la aplicación móvil de MDU 214,000 veces en 2023 con características clave que incluyen:

Función de la aplicación móvil	Porcentaje de utilización
Informes de interrupción	37% de los usuarios de aplicaciones
Seguimiento de uso de energía	52% de los usuarios de aplicaciones
Pago de facturas	61% de los usuarios de aplicaciones

Oficinas de servicios públicos locales

MDU opera 43 oficinas de servicios públicos locales En múltiples estados, atendiendo a aproximadamente 725,000 clientes directamente.

• Clientes promedio diarios de cine: 215
• Tiempo promedio de interacción con servicio al cliente: 18 minutos
• Transacciones de servicio anuales en persona: 78,275

Plataformas de comunicación digital

MDU aprovecha múltiples canales de comunicación digital con Estrategias integrales de participación digital.

Plataforma digital	Usuarios activos mensuales
Facebook	87,000
Gorjeo	45,000
LinkedIn	32,000

MDU Resources Group, Inc. (MDU) - Modelo de negocios: segmentos de clientes

Clientes de servicios residenciales

MDU atiende a aproximadamente 429,000 clientes eléctricos y 235,000 clientes de gas natural en múltiples estados.

Tipo de cliente	Número de clientes	Vía de Servício
Eléctrico residencial	429,000	Dakota del Norte, Montana, Dakota del Sur
Gas natural residencial	235,000	Dakota del Norte, Montana, Dakota del Sur

Consumidores de energía comercial e industrial

MDU ofrece servicios de energía a aproximadamente 53,000 clientes comerciales e industriales.

• Clientes del sector agrícola
• Instalaciones de fabricación
• Grandes empresas comerciales

Clientes de infraestructura municipal y gubernamental

MDU sirve múltiples proyectos de infraestructura municipal y gubernamental con ingresos anuales de construcción de infraestructura de $ 1.2 mil millones.

Tipo de cliente	Servicios de infraestructura
Gobiernos municipales	Infraestructura de agua
Agencias estatales	Construcción de carreteras y puentes

Desarrolladores de proyectos de construcción e ingeniería

MDU Construction Services Group genera ingresos anuales de $ 844 millones de proyectos de construcción e ingeniería.

• Proyectos de transmisión eléctrica
• Construcción de tuberías
• Infraestructura de telecomunicaciones

Inversores de energía renovable

MDU ha invertido $ 352 millones en infraestructura de energía renovable a partir de 2023.

Tipo de energía renovable	Monto de la inversión
Energía eólica	$ 245 millones
Energía solar	$ 107 millones

MDU Resources Group, Inc. (MDU) - Modelo de negocio: Estructura de costos

Mantenimiento y desarrollo de infraestructura

En 2023, MDU Resources Group informó gastos de capital de $ 601.6 millones en sus segmentos comerciales.

Segmento de negocios	Gasto de capital ($ M)
Utilidades eléctricos	237.4
Utilidades de gas natural	146.2
Servicios de construcción	132.5
Transmisión y distribución	85.5

Compensación y capacitación de empleados

La compensación total de los empleados y los beneficios para MDU Resources Group en 2023 fueron de $ 684.3 millones.

• Salario promedio de empleados: $ 72,500
• Inversión de capacitación anual por empleado: $ 1,250
• Fuerza laboral total: 9,400 empleados

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 totalizaron $ 93.7 millones.

Categoría de cumplimiento	Gasto ($ M)
Cumplimiento ambiental	42.3
Regulaciones de seguridad	31.5
Informes de servicios públicos	19.9

Actualizaciones de tecnología y sistema

La inversión tecnológica en 2023 fue de $ 87.2 millones.

• Actualización de infraestructura de TI: $ 42.6 millones
• Inversiones de ciberseguridad: $ 22.5 millones
• Iniciativas de transformación digital: $ 22.1 millones

Costos de adquisición y distribución de energía

Los gastos totales de adquisición y distribución de energía para 2023 fueron de $ 1.2 mil millones.

Fuente de energía	Costo de adquisición ($ M)
Gas natural	612.5
Generación de electricidad	387.3
Costos de transmisión	200.2

MDU Resources Group, Inc. (MDU) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de servicios públicos regulados

En 2022, MDU Resources Group informó ingresos regulados de servicios de servicios públicos de $ 1,373.7 millones de sus operaciones de servicios públicos.

Segmento de servicios públicos	Ingresos anuales (2022)
Distribución de gas natural	$ 532.4 millones
Distribución eléctrica	$ 841.3 millones

Contratos de construcción e ingeniería

El segmento de servicios de construcción de MDU generó $ 2,319.5 millones en ingresos para el año fiscal 2022.

• Servicios de construcción proporcionados a varias industrias
• Proyectos de desarrollo de infraestructura
• Trabajo de contrato de ingeniería y construcción

Generación de energía renovable

La generación de energía renovable contribuyó con $ 87.6 millones al flujo de ingresos de MDU en 2022.

Tipo de energía renovable	Capacidad instalada
Energía eólica	461 MW
Energía solar	25 MW

Gas natural y distribución eléctrica

Servicios de distribución de gas natural y eléctrico generados $ 1,373.7 millones En los ingresos de utilidad regulados para 2022.

• Atendió aproximadamente 1.3 millones de clientes
• Operado en múltiples estados, incluidos Dakota del Norte, Montana, Dakota del Sur y Wyoming

Servicios de mantenimiento de infraestructura

El segmento de Servicios de Mantenimiento de Infraestructura generó $ 1,048.2 millones en ingresos para 2022.

Categoría de servicio	Ingresos anuales
Construcción de tuberías	$ 642.5 millones
Mantenimiento de infraestructura de servicios públicos	$ 405.7 millones

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.