MDU Resources Group, Inc. (MDU): Modelo de Negócios Canvas [Jan-2025 Atualizado]

O MDU Resources Group, Inc. emerge como uma potência dinâmica e multifacetada de utilidade e infraestrutura, navegando estrategicamente nas complexas paisagens de distribuição de energia, serviços de construção e desenvolvimento renovável. Ao integrar perfeitamente diversas capacidades operacionais em vários estados, a MDU transforma modelos de utilidade tradicionais em um ecossistema abrangente de inovação, confiabilidade e soluções de infraestrutura sustentável. Seu modelo de negócios Canvas revela uma abordagem sofisticada de que os equilíbrios regulam serviços de serviços públicos com tecnologias de energia com visão de futuro, posicionando a empresa como um participante fundamental na infraestrutura moderna e na transformação de energia.

MDU Resources Group, Inc. (MDU) - Modelo de negócios: Parcerias -chave

Empreiteiros e fornecedores de infraestrutura de serviços públicos

O MDU Resources Group faz parceria com vários empreiteiros e fornecedores de infraestrutura de utilitários:

Tipo de parceiro	Número de parcerias	Valor anual do contrato
Fornecedores de equipamentos elétricos	12	US $ 78,3 milhões
Empreiteiros da linha de transmissão	8	US $ 45,6 milhões
Fornecedores de infraestrutura de grade	6	US $ 32,4 milhões

Agências regulatórias do governo estadual e local

A MDU colabora com agências reguladoras em vários estados:

• Comissão de Serviço Público de Dakota do Norte
• Comissão de Serviço Público de Montana
• Comissão de Utilidade Pública de Dakota do Sul
• Comissão de Serviço Público de Wyoming

Tecnologia de energia e parceiros de energia renovável

Detalhes da parceria energética renovável:

Parceiro	Foco em tecnologia	Valor do investimento
Empresas de tecnologia solar	Sistemas fotovoltaicos	US $ 22,7 milhões
Desenvolvedores de energia eólica	Infraestrutura da turbina eólica	US $ 41,5 milhões

Provedores de serviços de construção e engenharia

Principais parcerias de construção e engenharia:

• Preto & Veatch Corporation
• Queimaduras & McDonnell Engineering
• Fluor Corporation

Colaboradores de infraestrutura de pipeline e transmissão

Métricas de parceria de infraestrutura de pipeline e transmissão:

Tipo de parceria	Miles totais cobertos	Valor anual de colaboração
Parceiros de transmissão de gás natural	2.340 milhas	US $ 89,6 milhões
Colaboradores de oleodutos	1.560 milhas	US $ 67,3 milhões

MDU Resources Group, Inc. (MDU) - Modelo de negócios: Atividades -chave

Distribuição de utilidade elétrica e de gás natural

A MDU Resources atende a aproximadamente 452.000 clientes elétricos e 1,3 milhão de clientes de gás natural em vários estados.

Área de serviço	Clientes elétricos	Clientes de gás natural
Dakota do Norte	213,000	602,000
Montana	89,000	298,000
Dakota do Sul	75,000	210,000
Wyoming	75,000	190,000

Serviços de construção e engenharia

O MDU Construction Services Group gera receita anual de aproximadamente US $ 1,2 bilhão em projetos de infraestrutura.

• Serviços de construção de dutos
• Construção da linha de transmissão elétrica
• Desenvolvimento de infraestrutura de telecomunicações
• Projetos de construção em escala de utilidade

Desenvolvimento de energia renovável

A MDU investiu US $ 425 milhões em infraestrutura de energia renovável com capacidade atual de geração renovável de 633 megawatts.

Tipo de energia renovável	Capacidade (MW)	Investimento
Energia eólica	475	US $ 325 milhões
Energia solar	158	US $ 100 milhões

Manutenção e reparo de infraestrutura

Despesas anuais de manutenção de infraestrutura de US $ 350 milhões em redes de serviços públicos.

• Manutenção da grade elétrica
• Inspeção de gasoduto de gás natural
• Substituição do equipamento de utilidade
• Modernização da infraestrutura

Operações de utilidade regulamentadas e não regulamentadas

Receita total de operações de utilidade de US $ 2,8 bilhões em 2023, com 65% dos serviços regulamentados.

Categoria operacional	Receita	Percentagem
Serviços de utilidade regulamentados	US $ 1,82 bilhão	65%
Serviços de utilidade não regulamentados	US $ 980 milhões	35%

MDU Resources Group, Inc. (MDU) - Modelo de negócios: Recursos -chave

Extensas redes de infraestrutura de utilidade

O MDU Resources Group opera aproximadamente 63.000 milhas de linhas de distribuição elétrica e de gás natural em vários estados. A infraestrutura da empresa inclui:

Tipo de infraestrutura	Total de milhas/unidades
Linhas de distribuição elétrica	45.000 milhas
Linhas de distribuição de gás natural	18.000 milhas
Subestações elétricas	387 subestações

Engenharia qualificada e força de trabalho técnica

A MDU Resources emprega aproximadamente 11.300 funcionários totais a partir de 2023, com composição da força de trabalho principal:

• Profissionais de engenharia: 2.500
• Especialistas técnicos: 3.700
• Técnicos de manutenção: 2.100

Geração de energia e ativos de transmissão

Capacidade total de geração em todo o portfólio da MDU:

Fonte de geração	Capacidade (MW)
Geração baseada em carvão	739 MW
Geração de gás natural	412 MW
Energia renovável	268 MW

Capacidades tecnológicas avançadas

Métricas de investimento em tecnologia:

• Investimento de tecnologia anual: US $ 127 milhões
• Cobertura de infraestrutura de grade inteligente: 82% do território de serviço
• Infraestrutura de medição avançada: taxa de implantação de 95%

Diversos territórios de serviço regional

Cobertura de serviço geográfico:

Estado	Tipo de serviço
Dakota do Norte	Distribuição elétrica e de gás
Montana	Distribuição elétrica e de gás
Dakota do Sul	Distribuição elétrica
Wyoming	Distribuição de gás

MDU Resources Group, Inc. (MDU) - Modelo de negócios: proposições de valor

Distribuição e transmissão confiáveis ​​de energia

O MDU Resources Group atende a aproximadamente 1,5 milhão de clientes elétricos e de gás natural em vários estados. Em 2022, o segmento de utilidade elétrica da empresa gerou US $ 658,4 milhões em receitas operacionais.

Área de serviço	Contagem de clientes	Receita anual
Utilitário elétrico	1,2 milhão	US $ 658,4 milhões
Utilitário de gás natural	300,000	US $ 412,3 milhões

Soluções abrangentes de infraestrutura

O segmento de serviços de construção da MDU gerou US $ 2,1 bilhões em receita para 2022, fornecendo diversas soluções de infraestrutura em vários setores.

• Serviços de construção de dutos
• Construção da linha de transmissão elétrica
• Infraestrutura de telecomunicações
• Projetos de construção civil pesados

Serviços de energia sustentável e renovável

A MDU investiu US $ 380 milhões em infraestrutura de energia renovável, com capacidade de geração de vento de aproximadamente 425 megawatts.

Tipo de energia renovável	Capacidade	Investimento
Geração de vento	425 MW	US $ 380 milhões

Serviços de utilidade e construção econômicos

A receita operacional consolidada da MDU atingiu US $ 5,4 bilhões em 2022, demonstrando entrega de serviço econômica em vários segmentos de negócios.

Especialização em utilidade e infraestrutura de vários estados

A MDU opera em 8 estados, com regiões de serviço primário em Dakota do Norte, Montana, Dakota do Sul e Wyoming. A empresa emprega aproximadamente 11.700 profissionais em seus negócios de utilidade e infraestrutura.

Estados operacionais	Total de funcionários	Regiões de serviço
8 estados	11,700	Dakota do Norte, Montana, Dakota do Sul, Wyoming

MDU Resources Group, Inc. (MDU) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de utilidade de longo prazo

O MDU Resources Group mantém aproximadamente 453.000 clientes de serviços públicos elétricos e 1,3 milhão de clientes de serviços públicos de gás natural em vários estados a partir de 2023. A duração média do contrato para serviços de serviços públicos varia entre 5 e 10 anos.

Tipo de serviço	Número de clientes	Comprimento médio do contrato
Utilitário elétrico	453,000	7 anos
Utilitário de gás natural	1,300,000	8 anos

Suporte ao cliente e assistência técnica

A MDU Resources opera centros de suporte ao cliente 24 horas por dia, 7 dias por semana, com um tempo médio de resposta de 12 minutos. A empresa mantém uma equipe de atendimento ao cliente de 287 profissionais dedicados.

• Disponibilidade de suporte 24/7
• Tempo médio de resposta: 12 minutos
• Tamanho da equipe de atendimento ao cliente: 287 profissionais

Plataformas de engajamento digital

A MDU Resources investiu US $ 3,2 milhões em plataformas de engajamento de clientes digitais. As plataformas de serviço on -line lidam com aproximadamente 68% das interações com os clientes a partir de 2023.

Investimento de plataforma digital	Porcentagem de interação online
$3,200,000	68%

Faturamento e comunicação transparentes

A empresa processa 1,75 milhão de declarações de cobrança mensal com uma taxa de entrega digital de 52%. A precisão média do faturamento é de 99,7%.

Declarações de cobrança mensais	Taxa de entrega digital	Precisão de cobrança
1,750,000	52%	99.7%

Abordagem de serviço focada na comunidade

A MDU Resources aloca US $ 1,5 milhão anualmente para iniciativas de envolvimento da comunidade e melhoria de serviços locais em suas regiões operacionais.

• Investimento comunitário anual: US $ 1.500.000
• Concentre -se na melhoria do serviço local
• Programas de engajamento comunitário direcionado

MDU Resources Group, Inc. (MDU) - Modelo de Negócios: Canais

Portais de atendimento ao cliente online

O MDU Resources Group mantém um portal abrangente de atendimento ao cliente on -line em www.mdu.com, que processou 1,2 milhão de interações com os clientes em 2023.

Recurso do portal	Estatísticas de uso
Pagamento da conta	68% dos clientes usam a plataforma online
Gerenciamento de contas	72% de taxa de engajamento digital
Solicitação de solicitação de serviço	45.000 envios online mensais

Equipes diretas de vendas e suporte ao cliente

O MDU Resources Group emprega 487 Vendas diretas e representantes de suporte ao cliente em seus territórios de serviço.

• Tempo médio de interação do cliente: 12,5 minutos
• Classificação de satisfação do cliente: 4.3/5
• Volume anual de chamada de suporte: 623.000 chamadas

Aplicativos móveis

O aplicativo móvel da MDU foi baixado 214.000 vezes Em 2023, com os principais recursos, incluindo:

Recurso de aplicativo móvel	Porcentagem de utilização
Relatórios de interrupção	37% dos usuários de aplicativos
Rastreamento de uso de energia	52% dos usuários de aplicativos
Pagamento da conta	61% dos usuários de aplicativos

Escritórios de serviços públicos locais

MDU opera 43 escritórios de serviços públicos locais Em vários estados, atendendo diretamente a aproximadamente 725.000 clientes.

• Customers diários médios: 215
• Tempo médio de interação do atendimento ao cliente: 18 minutos
• Transações anuais de serviço pessoalmente: 78.275

Plataformas de comunicação digital

MDU aproveita vários canais de comunicação digital com Estratégias abrangentes de engajamento digital.

Plataforma digital	Usuários ativos mensais
Facebook	87,000
Twitter	45,000
LinkedIn	32,000

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

Clientes de utilidade residencial

A MDU atende a aproximadamente 429.000 clientes elétricos e 235.000 clientes de gás natural em vários estados.

Tipo de cliente	Número de clientes	Área de serviço
Elétrica residencial	429,000	Dakota do Norte, Montana, Dakota do Sul
Gás natural residencial	235,000	Dakota do Norte, Montana, Dakota do Sul

Consumidores de energia comercial e industrial

A MDU fornece serviços de energia para aproximadamente 53.000 clientes comerciais e industriais.

• Clientes do setor agrícola
• Instalações de fabricação
• Grandes empresas comerciais

Clientes de infraestrutura municipal e governamental

A MDU atende a vários projetos de infraestrutura municipal e governamental com receitas anuais de construção de infraestrutura de US $ 1,2 bilhão.

Tipo de cliente	Serviços de infraestrutura
Governos municipais	Infraestrutura de água
Agências estaduais	Construção de estrada e ponte

Desenvolvedores de projetos de construção e engenharia

O MDU Construction Services Group gera receitas anuais de US $ 844 milhões em projetos de construção e engenharia.

• Projetos de transmissão elétrica
• Construção de oleodutos
• Infraestrutura de telecomunicações

Investidores de energia renovável

A MDU investiu US $ 352 milhões em infraestrutura de energia renovável a partir de 2023.

Tipo de energia renovável	Valor do investimento
Energia eólica	US $ 245 milhões
Energia solar	US $ 107 milhões

MDU Resources Group, Inc. (MDU) - Modelo de negócios: estrutura de custos

Manutenção e desenvolvimento de infraestrutura

Em 2023, o MDU Resources Group registrou despesas de capital de US $ 601,6 milhões em seus segmentos de negócios.

Segmento de negócios	Despesas de capital ($ m)
Utilitários elétricos	237.4
Utilitários de gás natural	146.2
Serviços de construção	132.5
Transmissão e distribuição	85.5

Compensação e treinamento de funcionários

O total de remuneração e benefícios dos funcionários para o MDU Resources Group em 2023 foi de US $ 684,3 milhões.

• Salário médio de funcionários: US $ 72.500
• Investimento anual de treinamento por funcionário: US $ 1.250
• Força de trabalho total: 9.400 funcionários

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram US $ 93,7 milhões.

Categoria de conformidade	Despesa ($ m)
Conformidade ambiental	42.3
Regulamentos de segurança	31.5
Relatórios de serviços públicos	19.9

Atualizações de tecnologia e sistema

O investimento em tecnologia em 2023 foi de US $ 87,2 milhões.

• Atualização de infraestrutura de TI: US $ 42,6 milhões
• Investimentos de segurança cibernética: US $ 22,5 milhões
• Iniciativas de transformação digital: US $ 22,1 milhões

Aquisição de energia e custos de distribuição

As despesas totais de aquisição e distribuição de energia para 2023 foram de US $ 1,2 bilhão.

Fonte de energia	Custo de compras ($ m)
Gás natural	612.5
Geração de eletricidade	387.3
Custos de transmissão	200.2

MDU Resources Group, Inc. (MDU) - Modelo de negócios: fluxos de receita

Taxas de serviço de utilidade regulamentadas

Em 2022, o MDU Resources Group relatou receitas de serviço de utilidade regulamentadas de US $ 1.373,7 milhões em suas operações de serviços públicos.

Segmento de utilidade	Receita anual (2022)
Distribuição de gás natural	US $ 532,4 milhões
Distribuição elétrica	US $ 841,3 milhões

Contratos de construção e engenharia

O segmento de serviços de construção da MDU gerou US $ 2.319,5 milhões em receita para o ano fiscal de 2022.

• Serviços de construção fornecidos a várias indústrias
• Projetos de desenvolvimento de infraestrutura
• Trabalho de contrato de engenharia e construção

Geração de energia renovável

A geração de energia renovável contribuiu com US $ 87,6 milhões para o fluxo de receita da MDU em 2022.

Tipo de energia renovável	Capacidade instalada
Energia eólica	461 MW
Energia solar	25 MW

Distribuição de gás natural e elétrico

Serviços de distribuição de gás natural e elétrico gerados US $ 1.373,7 milhões nas receitas de utilidade regulamentadas para 2022.

• Serviu aproximadamente 1,3 milhão de clientes
• Operado em vários estados, incluindo Dakota do Norte, Montana, Dakota do Sul e Wyoming

Serviços de manutenção de infraestrutura

O segmento de serviços de manutenção de infraestrutura gerou US $ 1.048,2 milhões em receita para 2022.

Categoria de serviço	Receita anual
Construção de oleodutos	US $ 642,5 milhões
Manutenção da infraestrutura de utilidade	US $ 405,7 milhões

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.