MDU Resources Group, Inc. (MDU): Business Model Canvas [Jan-2025 Mis à jour]

MDU Resources Group, Inc. apparaît comme une puissance dynamique de services publics et d'infrastructures à multiples facettes, naviguant stratégiquement dans les paysages complexes de la distribution d'énergie, des services de construction et du développement renouvelable. En intégrant de manière transparente diverses capacités opérationnelles dans plusieurs États, MDU transforme les modèles d'utilité traditionnels en un écosystème complet d'innovation, de fiabilité et de solutions d'infrastructure durables. Leur toile de modèle commercial révèle une approche sophistiquée qui équilibre les services de services publics réglementés avec des technologies énergétiques avant-gardistes, positionnant l'entreprise en tant qu'acteur central dans les infrastructures modernes et la transformation de l'énergie.

MDU Resources Group, Inc. (MDU) - Modèle commercial: partenariats clés

Entrepreneurs et fournisseurs à infrastructures utilitaires

MDU Resources Group s'associe à plusieurs entrepreneurs et fournisseurs d'infrastructures de services publics:

Type de partenaire	Nombre de partenariats	Valeur du contrat annuel
Fournisseurs d'équipements électriques	12	78,3 millions de dollars
Entrepreneurs en ligne de transmission	8	45,6 millions de dollars
Vendeurs d'infrastructures de grille	6	32,4 millions de dollars

Agences de réglementation des gouvernements des États et locaux

MDU collabore avec les organismes de réglementation dans plusieurs États:

• Commission de la fonction publique du Dakota du Nord
• Commission de la fonction publique du Montana
• Commission des services publics du Dakota du Sud
• Commission de la fonction publique du Wyoming

Technologie énergétique et partenaires des énergies renouvelables

Détails du partenariat d'énergie renouvelable:

Partenaire	Focus technologique	Montant d'investissement
Entreprises de technologie solaire	Systèmes photovoltaïques	22,7 millions de dollars
Développeurs d'énergie éolienne	Éolienne	41,5 millions de dollars

Fournisseurs de services de construction et d'ingénierie

Partenariats de construction et d'ingénierie clés:

• Noir & Veatch Corporation
• Brûlures & McDonnell Engineering
• Fluor Corporation

Collaborateurs d'infrastructures de pipeline et de transmission

Partenariat des infrastructures de pipeline et de transmission Mesures de partenariat:

Type de partenariat	Total des kilomètres couvert	Valeur de collaboration annuelle
Partenaires de transmission du gaz naturel	2 340 miles	89,6 millions de dollars
Collaborateurs de l'huile de pétrole	1 560 miles	67,3 millions de dollars

MDU Resources Group, Inc. (MDU) - Modèle commercial: activités clés

Distribution des services publics de gaz électrique et naturel

MDU Resources sert environ 452 000 clients électriques et 1,3 million de clients de gaz naturel dans plusieurs États.

Aire de service	Clients électriques	Clients du gaz naturel
Dakota du Nord	213,000	602,000
Montana	89,000	298,000
Dakota du Sud	75,000	210,000
Wyoming	75,000	190,000

Services de construction et d'ingénierie

MDU Construction Services Group génère un chiffre d'affaires annuel d'environ 1,2 milliard de dollars des projets d'infrastructure.

• Services de construction de pipelines
• Construction de la ligne de transmission électrique
• Développement d'infrastructures de télécommunications
• Projets de construction à l'échelle des services publics

Développement d'énergie renouvelable

MDU a investi 425 millions de dollars dans des infrastructures d'énergie renouvelable avec une capacité de production renouvelable actuelle de 633 mégawatts.

Type d'énergie renouvelable	Capacité (MW)	Investissement
Énergie éolienne	475	325 millions de dollars
Énergie solaire	158	100 millions de dollars

Entretien et réparation des infrastructures

Dépenses annuelles de maintenance des infrastructures de 350 millions de dollars entre les réseaux de services publics.

• Entretien du réseau électrique
• Inspection du gazoduc
• Remplacement de l'équipement utilitaire
• Modernisation des infrastructures

Opérations utilitaires réglementées et non réglementées

Des revenus totaux d'exploitation des services publics de 2,8 milliards de dollars en 2023, avec 65% des services réglementés.

Catégorie opérationnelle	Revenu	Pourcentage
Services de services publics réglementés	1,82 milliard de dollars	65%
Services de services publics non réglementés	980 millions de dollars	35%

MDU Resources Group, Inc. (MDU) - Modèle commercial: Ressources clés

De vastes réseaux d'infrastructures utilitaires

MDU Resources Group exploite environ 63 000 miles de lignes de distribution de gaz électrique et de gaz naturel dans plusieurs états. L'infrastructure de l'entreprise comprend:

Type d'infrastructure	Total des kilomètres / unités
Lignes de distribution électriques	45 000 miles
Lignes de distribution du gaz naturel	18 000 miles
Sous-stations électriques	387 sous-stations

Ingénierie qualifiée et main-d'œuvre technique

MDU Resources emploie environ 11 300 employés au total en 2023, avec une composition clé de la main-d'œuvre:

• Professionnels d'ingénierie: 2 500
• Spécialistes techniques: 3 700
• Techniciens de maintenance: 2 100

Génération d'énergie et actifs de transmission

Capacité de production totale dans le portefeuille de MDU:

Source de génération	Capacité (MW)
Génération à base de charbon	739 MW
Génération de gaz naturel	412 MW
Énergie renouvelable	268 MW

Capacités technologiques avancées

Métriques d'investissement technologique:

• Investissement technologique annuel: 127 millions de dollars
• Couverture des infrastructures de réseau intelligent: 82% du territoire de service
• Infrastructure de mesure avancée: taux de déploiement à 95%

Divers territoires de services régionaux

Couverture des services géographiques:

État	Type de service
Dakota du Nord	Distribution électrique et gazier
Montana	Distribution électrique et gazier
Dakota du Sud	Distribution électrique
Wyoming	Distribution de gaz

MDU Resources Group, Inc. (MDU) - Modèle d'entreprise: propositions de valeur

Distribution et transmission d'énergie fiables

MDU Resources Group dessert environ 1,5 million de clients électriques et de gaz naturel dans plusieurs États. En 2022, le segment des services publics d'électricité de la société a généré 658,4 millions de dollars de revenus d'exploitation.

Aire de service	Nombre de clients	Revenus annuels
Utilitaire électrique	1,2 million	658,4 millions de dollars
Utilité du gaz naturel	300,000	412,3 millions de dollars

Solutions d'infrastructure complètes

Le segment des services de construction de MDU a généré 2,1 milliards de dollars de revenus pour 2022, fournissant diverses solutions d'infrastructure dans plusieurs secteurs.

• Services de construction de pipelines
• Construction de la ligne de transmission électrique
• Infrastructure de télécommunications
• Projets de construction civile lourds

Services d'énergie durable et renouvelable

MDU a investi 380 millions de dollars dans des infrastructures d'énergie renouvelable, avec une capacité de production éolienne d'environ 425 mégawatts.

Type d'énergie renouvelable	Capacité	Investissement
Génération de vent	425 MW	380 millions de dollars

Services d'utilité et de construction rentables

Les revenus d'exploitation consolidés de MDU ont atteint 5,4 milliards de dollars en 2022, démontrant une prestation de services rentable sur plusieurs segments d'entreprise.

Expertise sur les services publics et l'infrastructure multi-États

MDU opère dans 8 États, avec des régions de service primaires dans le Dakota du Nord, le Montana, le Dakota du Sud et le Wyoming. L'entreprise emploie environ 11 700 professionnels dans ses activités de services publics et d'infrastructures.

États d'exploitation	Total des employés	Régions de service
8 États	11,700	Dakota du Nord, Montana, Dakota du Sud, Wyoming

MDU Resources Group, Inc. (MDU) - Modèle d'entreprise: relations clients

Contrats de services de services publics à long terme

MDU Resources Group maintient environ 453 000 clients électriques et 1,3 million de clients de services publics de gaz naturel dans plusieurs États en 2023. La durée moyenne du contrat pour les services de services publics se situe entre 5 et 10 ans.

Type de service	Nombre de clients	Durée moyenne du contrat
Utilitaire électrique	453,000	7 ans
Utilité du gaz naturel	1,300,000	8 ans

Support client et assistance technique

MDU Resources exploite des centres de support client 24/7 avec un temps de réponse moyen de 12 minutes. La société maintient une équipe de service client de 287 professionnels dévoués.

• Disponibilité du support 24/7
• Temps de réponse moyen: 12 minutes
• Taille de l'équipe du service client: 287 professionnels

Plates-formes de fiançailles numériques

MDU Resources a investi 3,2 millions de dollars dans les plateformes numériques d'engagement client. Les plateformes de service en ligne gèrent environ 68% des interactions client à partir de 2023.

Investissement de plate-forme numérique	Pourcentage d'interaction en ligne
$3,200,000	68%

Facturation et communication transparentes

La société traite 1,75 million de déclarations de facturation mensuelles avec un taux de livraison numérique de 52%. La précision de facturation moyenne s'élève à 99,7%.

Déclarations de facturation mensuelles	Taux de livraison numérique	Précision de facturation
1,750,000	52%	99.7%

Approche de service axée sur la communauté

MDU Resources alloue 1,5 million de dollars par an à l'engagement communautaire et aux initiatives d'amélioration des services locaux dans ses régions opérationnelles.

• Investissement communautaire annuel: 1 500 000 $
• Concentrez-vous sur l'amélioration des services locaux
• Programmes d'engagement communautaire ciblés

MDU Resources Group, Inc. (MDU) - Modèle d'entreprise: canaux

Portails de service à la clientèle en ligne

MDU Resources Group maintient un portail de service client complet en ligne sur www.mdu.com, qui a traité 1,2 million d'interactions client en 2023.

Caractéristique du portail	Statistiques d'utilisation
Paiement de facture	68% des clients utilisent une plate-forme en ligne
Gestion des comptes	Taux d'engagement numérique de 72%
Soumissions de demande de service	45 000 soumissions mensuelles en ligne

Équipes de vente directe et de support client

MDU Resources Group utilise 487 représentants directs des ventes et du support client à travers ses territoires de service.

• Temps moyen d'interaction du client: 12,5 minutes
• Évaluation de satisfaction du client: 4.3 / 5
• Volume annuel d'appel d'assistance: 623 000 appels

Applications mobiles

L'application mobile de MDU a été téléchargée 214 000 fois en 2023 avec des fonctionnalités clés, notamment:

Fonctionnalité d'application mobile	Pourcentage d'utilisation
Reportage des panneaux	37% des utilisateurs d'applications
Suivi de la consommation d'énergie	52% des utilisateurs d'applications
Paiement de facture	61% des utilisateurs d'applications

Bureaux de services publics locaux

MDU fonctionne 43 bureaux de services publics locaux Dans plusieurs États, desservant environ 725 000 clients directement.

• Clients de rendez-vous quotidiens moyens: 215
• Temps d'interaction moyen du service client: 18 minutes
• Transactions de services annuelles en personne: 78 275

Plateformes de communication numérique

MDU exploite plusieurs canaux de communication numérique avec Stratégies complètes d'engagement numérique.

Plate-forme numérique	Utilisateurs actifs mensuels
Facebook	87,000
Gazouillement	45,000
Liendin	32,000

MDU Resources Group, Inc. (MDU) - Modèle d'entreprise: segments de clientèle

Clients des services publics résidentiels

MDU dessert environ 429 000 clients électriques et 235 000 clients de gaz naturel dans plusieurs États.

Type de client	Nombre de clients	Aire de service
Électrique résidentiel	429,000	Dakota du Nord, Montana, Dakota du Sud
Gaz naturel résidentiel	235,000	Dakota du Nord, Montana, Dakota du Sud

Consommateurs d'énergie commerciale et industrielle

MDU fournit des services énergétiques à environ 53 000 clients commerciaux et industriels.

• Clients du secteur de l'agriculture
• Installations de fabrication
• Grandes entreprises commerciales

Clients des infrastructures municipales et gouvernementales

MDU dessert plusieurs projets d'infrastructures municipaux et gouvernementaux avec des revenus annuels de construction d'infrastructures de 1,2 milliard de dollars.

Type de client	Services d'infrastructure
Gouvernements municipaux	Infrastructure d'eau
Agences d'État	Construction de la route et des ponts

Développeurs de projets de construction et d'ingénierie

MDU Construction Services Group génère des revenus annuels de 844 millions de dollars provenant de projets de construction et d'ingénierie.

• Projets de transmission électrique
• Construction de pipeline
• Infrastructure de télécommunications

Investisseurs d'énergie renouvelable

MDU a investi 352 millions de dollars dans les infrastructures d'énergie renouvelable en 2023.

Type d'énergie renouvelable	Montant d'investissement
Énergie éolienne	245 millions de dollars
Énergie solaire	107 millions de dollars

MDU Resources Group, Inc. (MDU) - Modèle d'entreprise: Structure des coûts

Maintenance et développement des infrastructures

En 2023, MDU Resources Group a déclaré des dépenses en capital de 601,6 millions de dollars dans ses segments d'activité.

Segment d'entreprise	Dépenses en capital ($ m)
Services électriques	237.4
Services de gaz naturel	146.2
Services de construction	132.5
Transmission et distribution	85.5

Compensation et formation des employés

La rémunération totale des employés et les avantages sociaux du groupe MDU Resources en 2023 étaient de 684,3 millions de dollars.

• Salaire moyen des employés: 72 500 $
• Investissement annuel de formation par employé: 1 250 $
• Total de main-d'œuvre: 9 400 employés

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 ont totalisé 93,7 millions de dollars.

Catégorie de conformité	Dépenses ($ m)
Conformité environnementale	42.3
Règlements sur la sécurité	31.5
Représentation des services publics	19.9

Mises à niveau de la technologie et du système

L'investissement technologique en 2023 était de 87,2 millions de dollars.

• Mise à niveau des infrastructures informatiques: 42,6 millions de dollars
• Investissements en cybersécurité: 22,5 millions de dollars
• Initiatives de transformation numérique: 22,1 millions de dollars

Coûts d'approvisionnement et de distribution d'énergie

Les dépenses totales d'approvisionnement en énergie et de distribution pour 2023 étaient de 1,2 milliard de dollars.

Source d'énergie	Coût d'approvisionnement ($ m)
Gaz naturel	612.5
Production d'électricité	387.3
Frais de transmission	200.2

MDU Resources Group, Inc. (MDU) - Modèle d'entreprise: Strots de revenus

Frais de service utilitaire réglementés

En 2022, MDU Resources Group a déclaré des revenus réglementés des services de services publics de 1 373,7 millions de dollars par rapport à ses opérations de services publics.

Segment des services publics	Revenus annuels (2022)
Répartition du gaz naturel	532,4 millions de dollars
Distribution électrique	841,3 millions de dollars

Contrats de construction et d'ingénierie

Le segment des services de construction de MDU a généré 2 319,5 millions de dollars de revenus pour l'exercice 2022.

• Services de construction fournis à diverses industries
• Projets de développement des infrastructures
• Travail des contrats d'ingénierie et de construction

Production d'énergie renouvelable

La production d'énergie renouvelable a contribué 87,6 millions de dollars à la source de revenus de MDU en 2022.

Type d'énergie renouvelable	Capacité installée
Énergie éolienne	461 MW
Énergie solaire	25 MW

Distribution du gaz naturel et électrique

Services de distribution de gaz naturel et électrique générés 1 373,7 millions de dollars dans les revenus des services publics réglementés pour 2022.

• A servi environ 1,3 million de clients
• Opéré dans plusieurs États, notamment le Dakota du Nord, le Montana, le Dakota du Sud et le Wyoming

Services de maintenance des infrastructures

Le segment des services de maintenance des infrastructures a généré 1 048,2 million de dollars de revenus pour 2022.

Catégorie de service	Revenus annuels
Construction de pipeline	642,5 millions de dollars
Maintenance des infrastructures des services publics	405,7 millions de dollars

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.