Northwest Natural Holding Company (NWN): Business Model Canvas [Dec-2025 Updated]

You're digging into how established utilities are managing the energy shift, and frankly, Northwest Natural Holding Company (NWN) presents a compelling blueprint that blends stability with aggressive growth bets. Honestly, this isn't your grandfather's gas company; they are balancing a core regulated gas rate base of about $2.3 billion in Oregon with a significant strategic push into water utilities and non-regulated Renewable Natural Gas (RNG) sales. To fund this, they are earmarking $450-$500 million in 2025 capital expenditures, all while targeting a consensus revenue of $1.33 billion for the year. This Business Model Canvas distills exactly how Northwest Natural Holding Company (NWN) manages those regulated margins while funding its cleaner, multi-state future-dive in below to see the mechanics.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Northwest Natural Holding Company (NWN) relies on to operate and grow its regulated utility and renewable energy businesses as of late 2025. These partnerships are critical for securing fuel, getting cost recovery approved, and funding capital expenditures.

State Regulatory Commissions (OPUC, WUTC) for Rate Approvals

The relationship with state regulatory commissions, specifically the Oregon Public Utilities Commission (OPUC, referred to as PUC in some filings) and the Washington Utilities and Transportation Commission (WUTC), dictates the financial health of the core business. New rates went into effect on Oct. 31, 2025, related to NW Natural Holding Company's Oregon general rate case and the Purchased Gas Adjustment (PGA) mechanism for both Oregon and Washington customers.

In Washington, NW Natural Holding Company filed a request for a general rate increase with the WUTC on Aug. 29, 2025. This filing sought annual revenue requirement increases over three years: $25.6 million in Year 1 (starting Aug. 1, 2026), $8.6 million in Year 2 (starting Aug. 1, 2027), and $8.3 million in Year 3 (starting Aug. 1, 2028). For that specific rate plan request, the capital structure proposed was 51% common equity, 48% long-term debt, and 1% short-term debt.

In Oregon, advocates helped secure a settlement limiting the utility's requested rate hike to about 3% or less starting Nov. 1, 2025, which was less than the originally proposed increase. The utility had sought to raise its guaranteed return on equity from 9.4% to 10.4%, but the agreement limited the profit margin increase to 0.1%. Separately, a WUTC filing effective Nov. 1, 2025, for an Energy Efficiency Services and Programs true-up increased total revenue by $116,989 or 0.11%. NW Natural Holding Company serves approximately 2.5 million people across its Oregon and Southwest Washington service territories.

RNG Suppliers like Archaea Energy for Long-Term Fuel Contracts

The partnership with RNG suppliers is key to meeting voluntary carbon reduction goals. The long-term agreement with Archaea Energy, which commenced in early 2022, reached its full contracted volume in 2025.

Under this 21-year agreement, NW Natural Holding Company purchases the environmental attributes related to up to one million MMBtu of RNG annually for a fixed fee. This agreement was the third RNG contract for NW Natural Holding Company under Oregon Senate Bill 98.

To further its renewable portfolio, NW Natural Holding Company issued a 2025 Request for Proposals (RFP) seeking to procure a total of 1,350,000 additional Dth of RNG for the 2025-2026 Price Gas Adjustment (PGA) year, which spans November 2025 through October 2026.

EDL Energy for Joint Development of Landfill Gas Projects

The company's strategy includes joint development for RNG production facilities. The first partnership with Brisbane, Australia-based EDL Energy involved securing 20 years of RNG supply.

NW Natural Holding Company's renewable subsidiary planned its first investment as a $50 million project with EDL Energy to develop RNG production facilities at two landfills.

Financial Institutions for Debt Financing and Equity Issuance

Capital for infrastructure investment, which totaled $333 million in the first nine months of 2025, is secured through debt and equity markets.

In the third quarter of 2025, NW Natural Holding Company successfully issued $185 million of inaugural, investment-grade bonds at its SiEnergy subsidiary, which was used for refinancing existing debt.

Looking at recent debt activity, the Net Issuance of Debt for the trailing twelve months (TTM) ended in Jun. 2025 was $580 Mil, while the total Issuance of Debt for the same TTM period was $677 Mil.

In 2024, NW Natural Holding Company issued and sold 2,382,750 shares, raising $90.3 million. The company maintained an active at-the-market (ATM) equity program, which had $151.6 million remaining available as of early 2025. As of December 2024, total debt stood at $1.81 billion.

The following table summarizes recent debt issuance activity:

Preferred Contractor Network for Customer Appliance Services

NW Natural Holding Company utilizes a network of preferred contractors to help customers with appliance services. Specific financial metrics or the size of this network, such as the number of contractors or total service volume handled, are not publicly detailed in the latest available reports.

• The company serves approximately 91,114 residential customers in its Washington service territory.
• The company's total customer connections across gas and water grew by 10.9% in the 12 months ending September 30, 2025.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Key Activities

You're looking at the core actions Northwest Natural Holding Company (NWN) takes to run its business as of late 2025. These are the things they spend time and money on every day to keep the lights on and grow the enterprise.

Operating and maintaining pipeline infrastructure

Northwest Natural Holding Company's core activity involves the physical operation and upkeep of its gas network. The utility serves approximately 2 million people across more than 140 communities in Oregon and Southwest Washington. This service is delivered through more than 800,000 meters. The company also owns and operates 21.6 Bcf of underground gas storage capacity in Oregon.

Managing the regulated rate case process for margin recovery

A critical activity is navigating the regulatory environment to recover costs and earn a return. New rates went into effect on Oct. 31, 2025, related to the Oregon general rate case for Oregon and Washington customers. The Oregon gas utility rate case settlement secured a $21.3 million revenue increase and a 9.5% Return on Equity (ROE) on a $2.2 billion rate base. This settlement limited residential rate hikes to about 2.5% over two decades. For the third quarter of 2025, margin increased $68.1 million, primarily due to this Oregon rate case. The company asked for a 1% increase in profits but is getting a 0.1% increase in that specific profit margin component.

Executing $450-$500 million in 2025 capital expenditures

Northwest Natural Holding Company expects its capital expenditures for 2025 to fall within the range of $450 - $500 million. For the first nine months of 2025, the company invested $333 million in its gas and water systems to support growth and reliability. The longer-term expectation is to invest between $450 million and $650 million over the next five years.

Here's a quick look at some key operational and investment metrics:

Acquiring and integrating new gas and water utility systems (e.g., SiEnergy)

The company closed the acquisition of SiEnergy Operating, LLC, a Texas high-growth gas utility, in early January 2025. SiEnergy serves approximately 70,000 residential and commercial customers in the Houston, Dallas, and Austin metropolitan areas. This acquisition drove significant growth; the combined utility customer growth rate was 10.6% for the 12 months ended June 30, 2025. SiEnergy's Texas gas backlog surged to 217,000 meters after the subsequent Hughes Gas acquisition. As of December 31, 2024, SiEnergy's rate base was approximately $247 million.

• Acquisition of SiEnergy closed in January 2025.
• SiEnergy customer base: Approximately 70,000 customers.
• Total connections added in 12 months ending Sept 30, 2025: Over 95,000.
• SiEnergy contracted customer backlog: Over 217,000 meters.

Developing and marketing non-regulated Renewable Natural Gas (RNG)

Northwest Natural Holding Company develops RNG through its NW Natural Renewables segment. Both of its RNG projects began operations, providing solid earnings and cash flows during the first half of 2025. The Junction City facility in Oregon started sending RNG into NW Natural pipelines in December 2021. State legislation, like Oregon Senate Bill 98, allows up to 5% of a utility's revenue requirement to cover incremental RNG infrastructure costs. The company's RNG business has no meaningful exposure to the RIN or LCFS markets.

The CEO stated that the company is happy to report all businesses are in a strong financial position and poised for future growth. Finance: draft 13-week cash view by Friday.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Key Resources

The Key Resources for Northwest Natural Holding Company are centered around its regulated infrastructure, significant storage assets, and established operational and regulatory capabilities.

The regulated gas utility rate base in Oregon is approximately $2.3 billion, as reflected in the new rates effective October 31, 2025.

Northwest Natural Holding Company owns and operates 21.6 Bcf of owned underground natural gas storage capacity in Oregon.

The extensive, modern natural gas distribution and transmission network supports a large customer base across its service territories.

Long-term Renewable Natural Gas (RNG) supply contracts are being secured to meet decarbonization goals. Northwest Natural Holding Company is seeking to procure a total of 1,350,000 additional Dth (which equals MMBtu) of RNG for the 2025-2026 Price Gas Adjustment (PGA) year, spanning November 2025-October 2026. This supports the voluntary RNG goal of adding as much as 30 percent into the state\'s natural gas pipeline system by 2050 in Oregon.

The experienced workforce and regulatory expertise are evidenced by several operational and governance achievements:

• Northwest Natural Holding Company has been doing business for 165 years.
• The company increased its dividend for the 70th consecutive year to an annual indicated dividend rate of $1.97 per share (as of November 2025).
• The utility consistently ranks high in customer satisfaction (J.D. Power & Associates).
• The company has experience working with utility regulators to achieve constructive outcomes.
• Northwest Natural Holding Company was recognized by Ethisphere for the fourth year running as one of the World\'s Most Ethical Companies® (as of May 2025).
• Corporate philanthropy donates nearly $1 million annually and supports over 250 local community and nonprofit groups.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Northwest Natural Holding Company (NWN), which boils down to dependable service, competitive cost structures, and forward-looking environmental options. Here's a breakdown of the hard numbers supporting those claims as of late 2025.

Highly reliable natural gas and water utility service

Northwest Natural Holding Company emphasizes maintaining a modern infrastructure to ensure service continuity. For instance, the company invested $102 million in its gas and water systems in the first quarter of 2025 alone to bolster reliability and resiliency. Across the first nine months of 2025, total investment in these systems reached $333 million. Operationally, the gas utility segment owns 21.6 Bcf of underground gas storage capacity in Oregon to help manage peak demand periods. Furthermore, the company added over 95,000 gas and water utility connections in the last 12 months ending September 30, 2025, showing growth alongside service delivery.

Competitive energy pricing under a regulated, cost-pass-through model

The regulated structure allows Northwest Natural Holding Company to pass through commodity costs, which is a key part of its pricing value proposition. New rates, which include estimated gas costs for the upcoming winter heating season via the Purchased Gas Adjustment (PGA) mechanism for Oregon and Washington customers, went into effect on Oct. 31, 2025. This followed the completion of the largest general rate case in the company's Oregon history, which increased the revenue requirement by $93.3 million to recover critical investments. Despite this, the company notes that customers are paying less for natural gas service now than they were 20 years ago.

Decarbonization options via Renewable Natural Gas (RNG) programs

Northwest Natural Holding Company is actively pursuing Renewable Natural Gas (RNG) to meet state mandates and customer interest in lower-carbon options. The company has set specific procurement targets for 2025 under various regulatory frameworks. The strategy involves securing RNG volumes to meet both state compliance and customer program needs, even if RNG is a more expensive resource than other compliance options like Community Climate Investments (CCIs).

Here are the stated RNG procurement goals for 2025:

For context on progress, the RNG volume procured in 2023 was 0.91% of Oregon natural gas sales, missing the utility's internal goal of 5% for that year.

Superior customer satisfaction (J.D. Power top-2 in the West)

Customer perception remains a strong value proposition, consistently ranking Northwest Natural Holding Company highly against peers. The J.D. Power Gas Utility Residential Customer Satisfaction Study for 2025 was fielded from July 2024 through May 2025.

• Ranked in the top five in the West by J.D. Power's Gas Utility Residential Customer Satisfaction Study (2025 results).
• Ranked first in the West by J.D. Power's Business Customer Satisfaction Study (2025 results).
• The 2023 results showed the utility scored second-highest among large utilities in the Western United States for the fourth consecutive year.
• In the 2023 study, Northwest Natural Holding Company also finished first among West peers in the categories of safety and reliability, price, and corporate citizenship.

Financial assistance and energy efficiency programs

The company supports customer affordability and energy reduction through various programs, though some regulatory mechanisms have faced uncertainty. For example, the Energy Trust of Oregon achieved 1.5 million therms of first-year savings through the first quarter of 2024. Previously, Northwest Natural Holding Company had planned to purchase more than $40 million in Community Climate Investment credits in 2023 to fund energy efficiency retrofits and other emission-lowering projects, but that program is currently on hold pending rulemaking.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Customer Relationships

High-touch, personalized service for new construction and large users

Northwest Natural Holding Company added over 95,000 gas and water utility connections in the last 12 months, ending September 30, 2025, for a combined growth rate of 10.9% as of that date.

For large consumers, Industrial Billing Reports track hourly consumption for approximately 450 industrial and commercial customers, who are typically the largest gas consumers impacting distribution system pressures.

The company is focused on customer growth, projecting 2% to 2.5% consolidated organic customer growth across its utilities for 2025.

Income-qualified bill discount programs offering up to 85% savings

Northwest Natural Holding Company offers bill discounts based on income level in its service territories, with the highest potential savings reaching 85% for the most qualified customers in Oregon.

The structure for the Oregon Bill Discount Program, which applies to households with income less than 60% of Oregon State Median Income (SMI), is detailed below:

In Washington, customers at or below 80% of area median income or the federal poverty level may receive discounts between 15% to 80%.

The company agreed to create a new debt forgiveness program intended to roll out in 2025 to help low-income customers with recurring bill debt.

Customers may also be eligible to receive grants totaling $1,500 over a two-year period to help pay gas bills.

Proactive communication during outages and emergency response

For Interruptible Gas customers, a Northwest Natural Holding Company representative will contact individual customers when curtailment is necessary.

As of October 2, 2025, the NW Natural Status for gas service was reported as OPEN.

Self-service options for bill payment and account management

Customers have the option to use a Level Payment Plan to reconcile their account balance over up to 12 months.

Customers may also be able to extend their payment due date directly through online sign-in.

Community engagement and corporate philanthropy

Northwest Natural Holding Company was honored as one of the World's Most Ethical Companies® by Ethisphere for the fourth year in a row as of the first quarter of 2025.

The company expects to invest approximately $60 million in its water utilities during 2025 for infrastructure replacement, treatment facility improvement, and growth support.

Over the last 20 years, Northwest Natural Holding Company has credited its customers' bills with cumulative savings of over $280 million.

The company declared a quarterly dividend of $0.49 per share, payable May 15, 2025, maintaining an indicated annual dividend rate of $1.96 per share (prior to the Q3 2025 increase).

Following Q3 2025 results, the annual indicated dividend rate was increased to $1.97 per share for the 70th consecutive year.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Channels

You're looking at how Northwest Natural Holding Company delivers its service, which is a mix of old-school infrastructure and modern digital access. Here's the breakdown of their Channels as of late 2025.

Physical distribution network (pipelines and water mains)

The core channel is the physical network itself. For the Northwest Natural Gas Utility segment, service reaches approximately 2 million people across more than 140 communities in Oregon and Southwest Washington, supported by about 807,000 meters as of the first quarter of 2025. This infrastructure investment is significant, with expected consolidated capital expenditures for 2025 in the range of $450 - $500 million. The company also manages 21.6 Bcf of underground gas storage capacity in Oregon. The expanded footprint includes SiEnergy, which serves over 83,000 meters in Texas as of the second quarter of 2025. Overall customer connections across all utilities grew by 10.9% in the twelve months ending September 30, 2025, adding over 95,000 connections.

24/7 Customer Contact Center for service and emergencies

While the primary customer service line operates Monday through Friday from 7 am to 6 pm, the emergency response channel is available around the clock. For a gas odor or emergency, customers call 800-882-3377. For general customer service inquiries, the numbers are 503-226-4211 or 800-422-4012. The company's focus on service is reflected in its industry recognition; NW Natural scored second-highest in customer satisfaction among large utilities (500,000 or more customers) in the Western United States according to the J.D. Power Gas Utility Residential Customer Satisfaction Study.

Online customer portal for billing and service requests

You can manage your account through the online Customer Payment Portal, which is powered by Paymentus. This digital channel lets you perform several key actions:

• View and print bills.
• See payment history.
• Make one-time payments or set up Auto Pay.
• Store payment methods.
• Register your account to view gas use and compare it over time.

The portal supports a mobile-friendly design and offers opt-in notifications like email and text reminders. If you need bills older than 3 years, you must email Customer Service or call 800-422-4012.

NW Natural Appliance Center and Preferred Contractor referrals

While specific sales figures for the NW Natural Appliance Center aren't public, the company's overall gas utility segment volume distribution gives us a hint about the customer mix this channel supports. Residential and commercial customers together account for approximately 60% of NGD volumes delivered. This suggests that the remaining volume, which includes industrial use, makes up about 40%, and appliance/equipment sales would target the residential and commercial base.

Direct sales teams for commercial and industrial customers

Direct engagement targets the commercial and industrial segments, which are key drivers for the natural gas distribution business. Based on the volume split, these customers represent a substantial portion of the throughput, likely around 40% of the total NGD volumes delivered. Furthermore, the acquisition of SiEnergy adds a high-growth Texas platform, which serves a mix of residential and commercial customers.

Finance: review the 2026 CapEx plan against the projected $450 - $500 million spend for 2025 by end of next week.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Customer Segments

The customer segments for Northwest Natural Holding Company reflect a diversified, multi-utility structure as of late 2025, heavily influenced by recent strategic acquisitions in Texas.

Residential natural gas consumers in Oregon and SW Washington represent the historical core of the largest utility segment. As of December 31, 2024, the NW Natural Gas Utility served approximately 2.5 million people through over 800,000 meters across Oregon and Southwest Washington. New rates went into effect on October 31, 2025, for these Oregon and Washington customers.

Commercial and Industrial (C&I) energy users are served alongside residential customers within the regulated gas utilities. The company's gas utility business is structured to serve these users, with opportunities for growth noted in Texas due to the state's robust economy and business relocations. The C&I segment contributes to the overall customer growth, which saw a combined utility rate of 10.6% for the 12 months ended June 30, 2025.

Water and wastewater utility customers across multiple states form the Northwest Natural Water Utility segment. This subsidiary provides services across the Pacific Northwest, Texas, Arizona, and California. As of the latest data, NW Natural Water is serving approximately 150,000 people through about 62,000 connections. This segment posted a 5.8% increase in its customer base over the last 12 months ending June 30, 2025, supported by three acquisitions.

High-growth residential developers in new Texas service territories are a key driver of recent expansion. The SiEnergy Gas Utility, acquired in January 2025, operates in the greater metropolitan areas of Houston, Dallas, and Austin, Texas. SiEnergy and Pines (acquired in Q2 2025) served approximately 83,000 customers combined as of June 30, 2025. Furthermore, SiEnergy has signed contracts representing over 217,000 future meters in Texas. The acquisition of EPCOR Texas Gas specifically added 6,900 metered connections northeast of Houston.

Non-utility customers for non-regulated RNG sales are served through NW Natural Renewables Holdings. This segment began operations and cash flows from two RNG facilities. The company has entered into new contracts to purchase RNG under Oregon Senate Bill 98. The company also has a fixed-volume contract for the sale of RNG extending from 2025 through 2042.

Here's a quick look at the scale of the customer base across the primary utility operations as of mid-to-late 2025:

The overall customer growth for all utilities was substantial:

• Combined Utility Customer Growth Rate (12 months ended June 30, 2025): 10.6%.
• Combined Utility Customer Growth Rate (12 months ended September 30, 2025): 10.9%.
• Northwest Natural Water Customer Growth (12 months ended June 30, 2025): 5.8%.
• Annualized Organic Customer Growth (First Half 2025): 1.9%.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Cost Structure

You're looking at the major costs Northwest Natural Holding Company incurs to run its utility operations and fund its growth initiatives as of late 2025. For a regulated utility, the cost structure is heavily influenced by asset base needs and the cost of capital.

High capital expenditures (CapEx) for infrastructure modernization represent a massive outlay. Northwest Natural Holding Company projects its 2025 Capital Expenditure guidance to be in the range of $450 million to $500 million. This investment is strategic, allocated across the Pacific Northwest gas utilities, the SiEnergy acquisition integration, and water and wastewater projects. Looking further out, long-term CapEx projections through 2030 have been increased to $2.5 billion to $2.7 billion, reflecting growth plans.

The financing for this asset base drives significant fixed costs. As of Q1 2025, Northwest Natural Holding Company's Long-term Debt stood at $2.2 billion, which included financing activities like a $273 million loan for the SiEnergy acquisition. The targeted capital structure for regulatory purposes is a 50% common equity and 50% long-term debt split. Consequently, interest expense on this debt has risen significantly, partially offsetting net income improvements from new rates.

Operations and Maintenance (O&M) expenses for utility systems are subject to inflationary pressures, especially labor costs. For the Northwest Natural Gas segment in Q1 2025, O&M expense increased by $2.2 million, primarily due to higher payroll and benefit expense. In Q2 2025, the O&M increase was $6.3 million, again mainly reflecting higher payroll and benefits. Total Operating Expenses for the first quarter of 2025 were reported at $339.9 million.

Costs related to regulatory compliance and depreciation move in tandem with capital investment. Depreciation and general taxes increased by $4.8 million in Q2 2025, a direct result of continued system investment. Higher depreciation expenses were noted as a factor impacting net income in Q1 2025. Regulatory compliance costs are tied to securing revenue requirements; for example, the Oregon general rate case order, effective October 31, 2025, approved a revenue requirement increase of $20.7 million over existing rates. Separately, the Washington rate case filing seeks an annual revenue increase of $25.6 million in its first year.

Natural gas and water procurement costs are generally pass-through items, meaning fluctuations in commodity prices are typically recovered through customer rates, though timing differences can affect short-term margins. While specific procurement cost figures aren't detailed as a standalone line item in the provided Q1/Q2 2025 summaries, the overall cost base is reflected in the total operating expenses. The company's Total Assets stood at $5.7 billion as of March 31, 2025.

Here's a quick view of the key cost-related financial data points from early 2025 filings:

The regulatory environment directly impacts the recovery of these costs. For instance, the approved capital structure includes a 9.5% Return on Equity and an overall cost of capital of 7.12%. These allowed returns help ensure the company can cover its cost of capital, which is defintely a key part of the cost structure equation.

You should check the upcoming Washington rate case filing to see how the next revenue requirement increase will offset rising operational expenses. Finance: draft 13-week cash view by Friday.

Northwest Natural Holding Company (NWN) - Canvas Business Model: Revenue Streams

You're looking for the hard numbers on how Northwest Natural Holding Company (NWN) is bringing in revenue as we close out 2025. It's a mix of regulated utility income, which is the bread and butter, and newer growth areas like water and renewables. Here's the quick math on the streams feeding the top line.

The overall expectation for the year is strong, with the full-year 2025 consensus revenue estimate landing at $1.33 billion. This compares to the forecast annual revenue of $1,266,082,000 based on analyst projections for 2025.

The primary revenue drivers break down like this:

• Regulated natural gas utility margin from Oregon and Washington
• Regulated revenue from the growing multi-state water utility segment
• Non-regulated revenue from NW Natural Renewables (RNG sales)
• Storage and transportation fees from third parties using gas storage

The regulated gas utility in Oregon and Washington saw a significant rate case impact. For the first nine months of 2025, the NW Natural Gas Utility margin increased by $68.1 million, largely due to new rates in Oregon that became effective on October 31, 2025. To give you a sense of the rate adjustments driving this, the utility had initially proposed a residential rate increase of about 7%, but an agreement in the general rate case resulted in a profit margin increase of only 0.1%, which is about standard for Oregon utilities.

The multi-state water utility segment is definitely a growth area, bolstered by acquisitions. As of September 30, 2025, Northwest Natural Holding Company added over 95,000 gas and water utility connections in the preceding 12 months, representing a combined growth rate of 10.9%. For the third quarter of 2025, the NWN Water utility saw operating revenues increase by $3.2 million, driven by new rates in Arizona and incremental revenue from the Infrastructure Capital Holdings/Puttman water utilities acquired in 2024. The segment is projected to contribute between $0.25 to $0.30 per share in EPS for the full year 2025.

Here's a look at the segment contributions based on recent quarterly data, though this is income/net income, not pure revenue:

For non-regulated revenue, NW Natural Renewables (RNG sales) is now a recognized contributor. Both renewable natural gas (RNG) facilities, which began operations last year, are meeting production expectations. The company reported a full quarter of revenues from NWN Renewables in the first quarter of 2025. The primary revenue source here is from RNG sales under long-term contracts.

Regarding gas storage fees, the company is actively managing its capacity. The company filed to recall 15,000 Dth/day of its Mist storage capacity from third-party interstate/intrastate storage customers back to core utility customers, effective October 31, 2025. This specific capacity recall adjustment is projected to result in an increase to the Company's annual revenues by $82,915, which is about 0.01% of annual revenues.

You should keep an eye on the Washington rate case filings, too. A separate filing in September 2025 proposed rate changes that, if permanent, would result in a decrease to Washington revenues of about $6.7 million, or 6.12%, effective November 1, 2025, due to purchased gas adjustments.

Finance: draft 13-week cash view by Friday.