Southwest Gas Holdings, Inc. (SWX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da distribuição de energia, a Southwest Gas Holdings, Inc. surge como um jogador fundamental que transforma serviços de serviços públicos no sudoeste dos Estados Unidos. Esta empresa inovadora utiliza um modelo de negócios sofisticado que integra perfeitamente infraestrutura confiável de gás natural, tecnologias de ponta e um compromisso com soluções de energia sustentável. Ao equilibrar estrategicamente a excelência operacional com abordagens centradas no cliente, a Southwest Gas Holdings se posicionou como um facilitador crítico da conectividade energética para consumidores residenciais, comerciais e industriais, impulsionando a eficiência e a confiabilidade em um ecossistema de energia em constante evolução.

Southwest Gas Holdings, Inc. (SWX) - Modelo de negócios: Parcerias -chave

Reguladores de serviços públicos no Arizona, Califórnia e Nevada

A Southwest Gas Holdings colabora com os principais órgãos regulatórios:

Agência regulatória	Estado	Supervisão regulatória
Comissão da Corporação do Arizona	Arizona	Regulamento da taxa de gás natural
Comissão de Utilidade Pública da Califórnia	Califórnia	Território de serviço e aprovação de preços
Comissão de Serviços Públicos de Nevada	Nevada	Autorização de investimento em infraestrutura

Infraestrutura de energia e empresas de construção de dutos

As principais parcerias de construção e infraestrutura incluem:

• Michels Corporation - Empreiteiro de Construção de Pipeline
• Kinder Morgan, Inc. - Colaboração de infraestrutura de pipeline
• MASTEC, Inc. - Desenvolvimento de infraestrutura de utilidade

Fornecedores de equipamentos de distribuição e transmissão de gás natural

Fornecedor	Tipo de equipamento	Valor anual do contrato
Mueller Systems	Equipamento de medição	US $ 12,4 milhões
McWane dúctil	Materiais de pipeline	US $ 8,7 milhões
Emerson Electric	Sistemas de controle	US $ 6,2 milhões

Governos municipais e departamentos de planejamento urbano

As jurisdições colaborativas incluem:

• Departamento de Planejamento da Cidade de Phoenix
• Desenvolvimento urbano de Las Vegas
• Divisão de Infraestrutura Municipal de San Jose

Organizações de consultoria ambiental e de sustentabilidade

Organização	Área de foco	Escopo de colaboração
Fundo de Defesa Ambiental	Redução de emissões	Programas de detecção de vazamento de metano
Instituto Rocky Mountain	Integração de energia renovável	Estratégias de modernização da grade
Instituto de Recursos Mundiais	Relatórios de sustentabilidade	Avaliação da pegada de carbono

Southwest Gas Holdings, Inc. (SWX) - Modelo de negócios: Atividades -chave

Distribuição e transmissão de gás natural

A Southwest Gas atende a aproximadamente 2 milhões de clientes em todo o Arizona, Nevada e Califórnia. A Companhia opera 71.700 milhas de Distribuição de Gás Natural e Pipelines de Transmissão a partir de 2023.

Área de serviço	Número de clientes	Miles de pipeline
Arizona	643,000	26.700 milhas
Nevada	775,000	22.300 milhas
Califórnia	582,000	22.700 milhas

Manutenção de infraestrutura e gerenciamento de pipeline

O investimento anual de infraestrutura totaliza US $ 510 milhões em 2023. O Programa de Gerenciamento de Integridade de Pipeline capas:

• Sistemas de detecção de vazamentos
• Prevenção de corrosão
• Protocolos de inspeção regulares
• Tecnologias avançadas de monitoramento

Serviço de energia e suporte ao cliente de utilidade

As operações de atendimento ao cliente lidam com aproximadamente 3,2 milhões de interações de serviço anualmente. Os canais de suporte incluem:

• Resposta de emergência 24/7
• Plataformas de clientes digitais
• Serviços de cobrança e pagamento
• Programas de eficiência energética

Integração e desenvolvimento de energia renovável

O sudoeste de gás comprometeu US $ 75 milhões a projetos de energia renovável em 2023. As iniciativas renováveis ​​atuais incluem:

Tipo de projeto renovável	Valor do investimento	Capacidade esperada
Mistura de hidrogênio	US $ 35 milhões	5% de mistura de hidrogênio
Gás natural renovável	US $ 25 milhões	3 milhões de pés cúbicos/dia
Integração solar	US $ 15 milhões	Capacidade de 15 MW

Conformidade regulatória e gerenciamento de segurança

Os gastos com segurança e conformidade atingiram US $ 95 milhões em 2023. As principais métricas de conformidade incluem:

• Zero grandes incidentes de segurança
• 100% de conformidade regulatória PHMSA
• Treinamento anual de segurança: 95.000 horas de funcionário
• Investimentos de segurança de infraestrutura: US $ 45 milhões

Southwest Gas Holdings, Inc. (SWX) - Modelo de negócios: Recursos -chave

Extensa rede de gasoduto de gás natural

A Southwest Gas Holdings opera aproximadamente 71.000 milhas de infraestrutura de gasoduto em vários estados.

Detalhes da rede de pipeline	Medição
Miles totais de pipeline	71.000 milhas
Estados de serviço	Arizona, Nevada, Califórnia
Volume anual de distribuição de gás	146,5 bilhões de pés cúbicos (2022)

Tecnologias avançadas de medição e distribuição

A empresa investiu em Infraestrutura de medição avançada (AMI) com capacidades tecnológicas significativas.

• Implantação de medidores inteligentes: 1,2 milhão de unidades
• Sistemas de monitoramento digital
• Tecnologias de transmissão de dados em tempo real

Engenharia qualificada e força de trabalho técnica

A Southwest Gas Holdings emprega uma força de trabalho especializada dedicada às operações de serviços públicos.

Composição da força de trabalho	Número
Total de funcionários	7.900 (a partir de 2022)
Equipe técnica/de engenharia	4.200 funcionários

Contratos de serviço de utilidade de longo prazo

A empresa mantém acordos de serviço de longo prazo com entidades municipais e comerciais.

• Duração do contrato: média de 10 a 15 anos
• Acordos de serviço de utilidade regulamentados
• Modelo de geração de receita estável

Cobertura geográfica

A Southwest Gas Holdings mantém uma extensa presença operacional no sudoeste dos Estados Unidos.

Alcance geográfico	Detalhes da cobertura
Território de serviço	3 Estados (Arizona, Nevada, Califórnia)
Base de clientes	2,1 milhões de clientes de gás natural

Southwest Gas Holdings, Inc. (SWX) - Modelo de Negócios: Proposições de Valor

Suprimento de gás natural confiável e consistente

A Southwest Gas atende a aproximadamente 2,2 milhões de clientes em todo o Arizona, Nevada e Califórnia. Em 2022, a empresa entregou 161 bilhões de pés cúbicos de gás natural a clientes residenciais e comerciais.

Área de serviço	Contagem de clientes	Entrega anual de gás
Arizona	1,1 milhão	80 bilhões de pés cúbicos
Nevada	750,000	55 bilhões de pés cúbicos
Califórnia	350,000	26 bilhões de pés cúbicos

Infraestrutura energética segura e eficiente

O Southwest Gas mantém mais de 71.000 milhas de infraestrutura de gasoduto. A empresa investiu US $ 591 milhões em melhorias de infraestrutura em 2022.

• Taxa de conformidade com segurança do pipeline: 99,97%
• Investimento anual de infraestrutura: US $ 591 milhões
• Rede total de pipeline: 71.000 milhas

Preços de utilidade competitiva para clientes residenciais

Taxas médias de gás natural residencial para gás sudoeste em 2022:

Estado	Conta mensal média	Preço por Therm
Arizona	$68.45	$0.85
Nevada	$72.30	$0.90
Califórnia	$76.15	$0.95

Compromisso com soluções de energia sustentável e limpa

A Southwest Gas comprometeu US $ 250 milhões a projetos de energia renovável em 2022. A Companhia pretende reduzir as emissões de carbono em 50% até 2030.

• Investimento de energia renovável: US $ 250 milhões
• Alvo de redução de emissão de carbono: 50% até 2030
• Portfólio de energia renovável atual: 15% do mix de energia total

Atendimento ao cliente responsivo e suporte técnico

A Southwest Gas mantém uma equipe de atendimento ao cliente de 1.200 funcionários com um 97,5% Classificação de satisfação do cliente.

Métrica de serviço	Desempenho
Tempo médio de resposta	45 minutos
Classificação de satisfação do cliente	97.5%
Equipe de suporte técnico	350 funcionários

Southwest Gas Holdings, Inc. (SWX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de longo prazo com clientes residenciais

A Southwest Gas Holdings atende a aproximadamente 2,1 milhões de clientes em todo o Arizona, Nevada e Califórnia em 2023. A empresa mantém contratos de serviço de longo prazo com 98,6% dos clientes residenciais em seus territórios de serviço.

Segmento de clientes	Número de clientes	Duração do contrato
Clientes residenciais	2,100,000	Contratos anuais em andamento
Clientes comerciais	189,000	Acordos de serviço de vários anos

Ferramentas de gerenciamento de consumo de energia personalizadas

A Southwest Gas fornece plataformas digitais que permitem aos clientes rastrear o consumo de energia em tempo real com 97,3% de precisão.

• Uso do aplicativo móvel: 672.000 usuários ativos
• Painel de energia online: 58% da taxa de adoção do cliente
• Recomendações personalizadas de eficiência energética: Disponível para 100% dos clientes

Plataformas de suporte ao cliente digital

A empresa mantém vários canais de suporte digital com 99,2% de classificação de satisfação do cliente.

Canal de suporte	Tempo médio de resposta	Interações mensais
Chat online	3,2 minutos	89,000
Suporte ao aplicativo móvel	4,7 minutos	62,000
Suporte telefônico	6,1 minutos	147,000

Programas de envolvimento da comunidade e educação energética

A Southwest Gas investe US $ 2,3 milhões anualmente em iniciativas comunitárias de educação energética.

• Programas de educação escolar: 87 distritos alcançaram
• Oficinas comunitárias: 214 eventos anualmente
• Treinamento de eficiência energética: 56.000 participantes

Relatórios de cobrança e uso transparentes

A empresa fornece transparência detalhada de cobrança com opções de relatórios digitais e impressos.

Método de cobrança	Preferência do cliente	Taxa de adoção digital
Cobrança on -line	73%	92%
Cobrança em papel	27%	8%

Southwest Gas Holdings, Inc. (SWX) - Modelo de Negócios: Canais

Centros diretos de atendimento ao cliente

Southwest Gas Holdings mantém 27 centros de atendimento ao cliente Em todo o Arizona, Nevada e Califórnia. Esses centros lidaram 1.247.563 Interações com o cliente em 2022.

Estado	Número de centros de serviço	Interações anuais do cliente
Arizona	12	542,316
Nevada	9	405,247
Califórnia	6	300,000

Portal da Web online e aplicativos móveis

As plataformas digitais da empresa processadas 3,2 milhões de transações online em 2022. O uso de aplicativos móveis aumentado por 37% de 2021 a 2022.

• Usuários ativos do portal da web: 876.542
• Downloads de aplicativos móveis: 423.765
• Transações de pagamento digital: 2.345.678

Sistemas de cobrança e pagamento de serviços públicos locais

O gás sudoeste processou US $ 1,4 bilhão em faturamento de serviços públicos durante 2022. A empresa suporta vários canais de pagamento, incluindo:

Método de pagamento	Porcentagem de transações
Pagamentos online	52%
Pagamentos por telefone	18%
Pagamentos pessoais	22%
Pagamentos por correio	8%

Sites de comparação de energia de terceiros

O gás sudoeste está listado em 17 plataformas de comparação de energia, gerando Aproximadamente 45.678 referências de clientes em 2022.

Sessões de divulgação e informação da comunidade

A empresa conduzida 246 sessões de informação da comunidade em 2022, alcançando 92.345 indivíduos entre territórios de serviço.

Tipo de divulgação	Número de sessões	Participantes
Oficinas de eficiência energética	124	47,562
Seminários de segurança	82	33,456
Programas ambientais	40	11,327

Southwest Gas Holdings, Inc. (SWX) - Modelo de negócios: segmentos de clientes

Consumidores de gás natural residencial

A Southwest Gas atende a aproximadamente 2,3 milhões de clientes residenciais em todo o Arizona, Nevada e Califórnia a partir de 2023.

Estado	Clientes residenciais	Consumo médio anual
Arizona	1,050,000	750 Therms/Ano
Nevada	780,000	650 Therms/Ano
Califórnia	470,000	600 Therms/Ano

Usuários de energia comercial e industrial

O segmento comercial e industrial representa 35% da base total de clientes da Southwest Gas.

• Total de clientes comerciais: 135.000
• Total de clientes industriais: 22.000
• Consumo anual médio por cliente comercial: 3.500 Therms
• Consumo anual médio por cliente industrial: 25.000 Therms

Clientes municipais e governamentais

A Southwest Gas fornece serviços de distribuição de gás natural a 70 jurisdições municipais.

Tipo de cliente	Número de clientes	Valor anual do contrato
Governos municipais	52	US $ 45 milhões
Utilitários do governo do estado	18	US $ 28 milhões

Recomenda -se os promotores imobiliários e empresas de construção

O gás sudoeste suporta aproximadamente 12.000 novas conexões de construção anualmente.

• Conexões de construção residenciais: 9.500
• Novas conexões comerciais de construção: 2.500
• Taxa de conexão média: US $ 1.250

Empresas de processamento agrícola e agrícola

O setor agrícola representa 5% da portfólio de clientes do sudoeste de gás.

Segmento agrícola	Número de clientes	Consumo anual de gás
Operações agrícolas	1,850	45.000 Therms/Cliente
Processamento de alimentos	650	120.000 Therms/Cliente

Southwest Gas Holdings, Inc. (SWX) - Modelo de negócios: estrutura de custos

Manutenção da infraestrutura de pipeline

Custos anuais de manutenção de dutos para a Southwest Gas Holdings em 2022: US $ 189,4 milhões

Categoria de manutenção	Custo anual
Reparo de infraestrutura	US $ 87,6 milhões
Inspeção de pipeline	US $ 52,3 milhões
Atualizações de segurança	US $ 49,5 milhões

Conformidade regulatória e licenciamento

Despesas totais de conformidade regulatória em 2022: US $ 45,2 milhões

• Federal Energy Regulatory Commission (FERC) Custos de conformidade: US $ 18,7 milhões
• Taxas estaduais de licenciamento: US $ 12,5 milhões
• Despesas regulatórias ambientais: US $ 14 milhões

Salários e treinamento de funcionários

Total de despesas relacionadas ao pessoal em 2022: US $ 321,6 milhões

Categoria de despesa	Custo anual
Salários da base	US $ 267,3 milhões
Treinamento de funcionários	US $ 14,2 milhões
Benefícios e compensação	US $ 40,1 milhões

Tecnologia e infraestrutura digital

Investimento de tecnologia em 2022: US $ 62,8 milhões

• Atualização de infraestrutura de TI: US $ 27,5 milhões
• Sistemas de segurança cibernética: US $ 15,3 milhões
• Iniciativas de transformação digital: US $ 20 milhões

Iniciativas de monitoramento ambiental e sustentabilidade

Despesas totais de sustentabilidade ambiental em 2022: US $ 37,5 milhões

Iniciativa de Sustentabilidade	Custo anual
Programas de redução de emissões	US $ 16,2 milhões
Sistemas de monitoramento ambiental	US $ 12,7 milhões
Investimentos de energia renovável	US $ 8,6 milhões

Southwest Gas Holdings, Inc. (SWX) - Modelo de negócios: fluxos de receita

Taxas residenciais de distribuição de gás natural

A partir de 2022, os relatórios financeiros, a Southwest Gas Holdings gerou US $ 2,16 bilhões em receitas operacionais totais, com a distribuição residencial de gás natural representando uma parcela significativa.

Segmento de clientes residenciais	Receita anual	Conta mensal média
Território do Serviço do Arizona	US $ 678,4 milhões	$85.30
Território do Serviço de Nevada	US $ 542,9 milhões	$92.15

Contratos de serviço de utilidade comercial

Os clientes comerciais e industriais contribuíram com aproximadamente US $ 456,3 milhões para a receita total em 2022.

• Grandes contratos comerciais: US $ 287,6 milhões
• Acordos de Serviço Industrial: US $ 168,7 milhões

Serviços de Desenvolvimento e Instalação de Infraestrutura

Os serviços de infraestrutura geraram US $ 124,5 milhões em 2022, incluindo novas taxas de conexão e instalação de pipeline.

Tipo de serviço	Receita	Número de projetos
Novas conexões de linha de gás	US $ 76,2 milhões	8.345 conexões
Infraestrutura de pipeline	US $ 48,3 milhões	42 projetos principais

Consultoria de eficiência energética

As receitas do programa de eficiência energética totalizaram US $ 18,7 milhões em 2022.

Investimentos de projeto de energia renovável

Os investimentos em energia renovável contribuíram com US $ 35,6 milhões para fluxos de receita diversificados em 2022.

Segmento de energia renovável	Receita de investimento	Capacidade
Investimentos de projeto solar	US $ 22,4 milhões	45 MW
Projetos de energia eólica	US $ 13,2 milhões	28 MW

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Value Propositions

You're looking at the core promises Southwest Gas Holdings, Inc. (SWX) makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete operational and financial commitments.

Safe and reliable delivery of essential natural gas service

Reliability is paramount for a regulated utility. Southwest Gas Holdings, Inc. focuses on maintaining a high standard of service integrity across its operations in Arizona, Nevada, and California.

• Maintained emergency response times, responding to 76.4% of emergencies within 30 minutes in 2024, placing them in the top 25% of the industry.
• The utility achieved a trailing 12-month Return on Equity (ROE) of 8.3% as of September 30, 2025.

The commitment to system integrity is reflected in capital allocation, though the most recent full-year data available is from 2024 for this specific metric.

Metric	Value/Period	Context
Utility Capital Expenditures for Infrastructure Modernization (2024)	$408 million	Went to infrastructure modernization and integrity management-related pipeline replacement programs.
Trailing 12-Month Utility ROE (as of Q3 2025)	8.3%	Driven by regulatory progress and cost management.

Price stability through regulated rate mechanisms

Price stability comes from working within the regulatory structure to align rates with costs and investments, reducing the lag between incurring costs and recovering them through customer rates. This is a key focus area for the management team.

• The Arizona Corporation Commission (ACC) approved an annual revenue increase of approximately $80.2 million in March 2025, which included an allowed return on equity of 9.84% on an equity layer of 48.5%.
• For the three months ended September 30, 2025, updated rates added approximately $22.3 million of incremental margin.
• For the nine months ended September 30, 2025, updated rates added approximately $73.4 million of incremental margin to operating income.
• Legislation in Nevada (SB 417) allows for alternative ratemaking, anticipated to support price stability and reduce regulatory lag.

The company also continues its annual attrition adjustment mechanism.

Regulatory Mechanism	Value/Detail	Status/Period
Annual Attrition Adjustment Continuation	2.75%	Continued mechanism, with new rates expected effective January 2026.
Nevada Purchased Gas Cost Over-collection Return	Rates effective July 2025	To accelerate the return of over-collected purchased gas costs to Nevada customers.

Fueling economic and residential growth in high-demand service areas

Southwest Gas Holdings, Inc. serves over 2 million customers across Arizona, Nevada, and California, and its value proposition includes supporting the energy needs of growing communities. This growth translates directly into increased throughput and rate base expansion.

The customer base expanded significantly over the trailing twelve months.

• Southwest Gas added approximately 40,000 new meter sets during the 12 months ended September 30, 2025.
• This resulted in a customer growth rate of 1.8% over the same period.
• Customer growth contributed an additional $1.6 million of incremental margin in the third quarter of 2025.

The expected growth trajectory is tied to rate base expansion.

Growth Projection	Rate	Period
Rate Base Compound Annual Growth Rate (CAGR)	6.0% to 8.0%	2025 to 2029.
Adjusted Net Income CAGR	6.0% to 8.0%	2025 to 2029.

Modernized infrastructure via continuous capital investment

To maintain safety and reliability while accommodating growth, Southwest Gas Holdings, Inc. commits substantial capital to its distribution system. The company fully repaid its term loan and bank debt following the separation from Centuri Holdings, Inc., strengthening its balance sheet to fund these investments.

• Projected capital expenditures for fiscal year 2025 are approximately $880 million.
• Total projected capital expenditures for the five-year span from 2025 to 2029 are $4.3 billion.
• The company had over $360 million in cash as of the end of 2024.

The company expects cash flow from operations combined with beginning-of-year cash on hand to fund the entire 2025 capital expenditure program at the utility. This investment supports the expected rate base growth.

Support for energy transition and sustainable energy solutions

Southwest Gas Holdings, Inc. is committed to providing sustainable energy solutions, detailed in its 2024 Sustainability Report, which underscores its dedication to environmental, social, and governance (ESG) priorities.

• The 2024 report highlights progress in reducing greenhouse gas emissions and investing in renewable energy technologies.
• In 2024, the company spent $245 million with diverse suppliers.

The company has also made significant investments to boost supply reliability.

Investment Area	Amount	Year
Capital Investments (Total Utility)	$859 million	2024.
Investment for Supply Reliability (including Arizona LNG facility)	$859 million	2024.

The company anticipates filing rate cases in Arizona and Nevada early next year seeking approval for new rates, which will better align investment recovery with the work being done in communities.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Customer Relationships

Southwest Gas Holdings, Inc. (SWX) operates under a structure where customer choice is virtually non-existent within its franchised service territories across Arizona, Nevada, and California. This is the definition of a regulated monopoly relationship.

The scale of this relationship is substantial, serving a total customer base of 2,258,000 as of the end of 2024, broken down by state: 1,210,000 in Arizona, 841,000 in Nevada, and 207,000 in California. The customer base is growing; Southwest Gas added approximately 40,000 first-time meter sets during the twelve months ending June 30, 2025, representing a 1.8% customer growth rate over that period. To support this growth and system integrity, Southwest Gas outlined a 2025 capital expenditure plan of $880 million.

Metric	Value (as of late 2024/mid-2025)	Context
Total Customers Served	2,258,000	As of year-end 2024
New Meter Sets (12 months ended June 30, 2025)	Approx. 40,000	Reflects customer growth
Customer Growth Rate (12 months ended June 30, 2025)	1.8%	Year-over-year growth rate
2025 Capital Expenditure Plan	$880 million	For customer growth and system improvements
J.D. Power Customer Satisfaction Score (2024 Study)	751	Ranked #1 in the West among Large Utilities

Customer interactions are primarily transactional, centered on billing and payment processing. For customers needing to discuss options or manage accounts, the dedicated customer solutions line is 877-860-6020. The company offers several structured payment and assistance options to manage these transactional relationships:

• Equal Payment Plan for fixed monthly amounts.
• Installment Plan for customers with outstanding bills.
• Energy Share, which is an emergency fund utility assistance program.
• The Energy Savings Assistance (ESA) program for income-qualified customers to increase home energy efficiency at no cost.

Dedicated customer service centers and field teams handle direct inquiries and critical emergencies. If you suspect a natural gas leak, the required protocol is to call 911 and Southwest Gas immediately at 877-860-6020, regardless of whether you are a customer. The company also provides specific contact methods for hearing-impaired customers via the relay service at 711.

Proactive communication focuses heavily on safety and energy conservation, which directly impacts the customer experience. For instance, in April 2025, Arizona celebrated Safe Digging Month, with Southwest Gas promoting the free service of calling 811 before digging. Furthermore, in June 2025, the company shared summer safety and energy saving tips ahead of the Fourth of July celebrations. These communications often include actionable advice, such as setting a programmable thermostat to 68 degrees when home, if medically safe.

The relationship is heavily shaped by regulatory mandates, resulting in specific customer protection programs. For example, in Nevada, the signing of Senate Bill 417 in June 2025 allows for alternative ratemaking, which the company anticipates will positively impact price stability and consumer protection enhancements. The Energy Savings Assistance (ESA) program is one such regulatory-driven initiative available to income-qualified customers. The company also anticipates filing rate cases in Arizona and Nevada early in 2026, seeking approval for new rates and alternative ratemaking forms.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Channels

The physical delivery of natural gas relies on an extensive, regulated infrastructure network. Southwest Gas Corporation, the primary operating subsidiary, maintains this system to serve its customer base across Arizona, Nevada, and California. Capital investment channels significant funds into maintaining and expanding this physical asset base. For 2025, capital expenditures supporting customer growth and system improvements are projected to be approximately $880 million.

The Great Basin Gas Transmission Company, a wholly owned subsidiary, operates its own infrastructure, which includes an existing 898-mile transmission system in Northern Nevada. This system is a key channel for delivering gas to a growing service area, with a potential expansion project estimated to require an incremental capital investment opportunity of approximately $800 million to $1.2 billion.

The core physical channel is the connection to the end-user via meter sets. Southwest Gas Corporation is committed to exceeding the expectations of over 2 million customers in its service territories.

Here's a look at the customer base distribution, based on the latest available figures:

Service Territory	Total Customers Served (Approximate)	2025 Capital Expenditures Guidance (Utility)
Arizona	1,210,000	$880 million (Total Projected for 2025)
Nevada	841,000
California	207,000

Customer acquisition through this physical channel remains strong, as the Utility added approximately 40,000 first-time meter sets during the twelve months ended September 30, 2025, reflecting a 1.8% customer growth rate over the same period.

Digital channels provide self-service account management. While specific adoption rates aren't public, the company supports customer interaction through digital means.

• Online customer portal for billing and service requests.
• Mobile applications for on-the-go account access.

Direct customer support is maintained through traditional service channels. These teams are essential for emergency response, new service hookups, and maintenance.

• Dedicated call centers for customer service inquiries.
• Local field service teams for in-person support and infrastructure work.

Regulatory interaction is a critical, though less visible, channel for revenue realization and service authorization. The company actively engages with state commissions to secure cost recovery and rate adjustments. The Utility achieved a trailing 12-month Return on Equity (ROE) of 8.3% as of September 30, 2025, driven by regulatory progress and cost management. For instance, in Nevada, new legislation was enacted in June 2025 allowing for alternative ratemaking plans, and updated rates were approved in Arizona in March 2025.

The company plans to file rate cases in Arizona and Nevada early next year seeking approval for new rates. Also, updated rates are expected to take effect in California this upcoming January.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Customer Segments

Southwest Gas Holdings, Inc., through its subsidiary Southwest Gas Corporation, serves its customer base across Arizona, Nevada, and California. The company is committed to exceeding the expectations of over 2 million customers in these states.

The customer base is primarily served by the natural gas distribution division, which is responsible for roughly half of Southwest Gas Holdings' total revenue. The growth in this core segment is a key driver of financial performance.

Customer Segment	Key Metric / Data Point (as of late 2025)	Context/Source Period
Residential Customers	Added approximately 40,000 new meter sets	12 months ended September 30, 2025
Residential Customers	Customer growth rate of 1.8% annually	12 months ended September 30, 2025
Total Utility Customers	Over 2 million customers served	As of late 2025
New Business/Development Investment	Approximately 30% of the 2025-2029 capital plan allocated to new business	2025-2029 projection

The customer base is segmented based on usage and service type, reflecting the regulated utility's operational structure.

• Residential customers are the primary base, showing consistent growth.
• Commercial and small business enterprises contribute to roughly half of the natural gas distribution revenue.
• Industrial and large-volume natural gas users are tracked under Large Volume Customer Updates.
• New housing and commercial real estate developers are a focus area, supported by capital allocation to new business.
• Natural gas transportation service shippers are an active area, with initial agreements being negotiated with potential new shippers at Great Basin Gas Transmission.

Customer growth contributed approximately $1.6 million of incremental margin in the third quarter of 2025 compared to the same period in 2024. For the nine months ended September 30, 2025, customer growth was responsible for approximately $9.2 million of higher operating margin.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the regulated natural gas distribution business of Southwest Gas Holdings, Inc. as we move through late 2025. For a utility like this, the cost structure is heavily weighted toward commodity purchase and system upkeep, which you'll see reflected in the numbers we have from the first three quarters of the year.

Cost of purchased natural gas (a pass-through cost)

The single largest variable cost is the natural gas itself, which Southwest Gas Corporation purchases and then passes through to customers. While the commodity cost is recovered, the timing difference creates balance sheet impacts, seen in the deferred purchased gas cost (PGA) balances. These balances represent amounts due to or from the utility related to gas costs that haven't yet been reflected in customer rates. As of March 31, 2025, the deferred PGA balances were a net liability of $282 million; this grew to a net liability of $349 million by June 30, 2025. This shift suggests that, at those points in time, the actual cost of gas purchased exceeded the amount collected through current rates, creating a short-term cash flow consideration, even if it's ultimately recoverable.

Significant capital expenditures for infrastructure upgrades

Keeping the pipes safe and expanding the system to meet growing demand requires serious investment. For the full year 2025, capital expenditures are projected to be approximately $880 million. This spending supports customer growth, system improvements, and critical pipe replacement programs. This figure aligns with the company's multi-year plan, which previously projected a total capital investment of $\$4,300$ million for the 2025-2029 period. It's defintely a major, non-negotiable cost center for a regulated utility.

Here's a quick look at how that CapEx fits into the overall picture:

Cost Component	Period/Projection	Amount (Millions USD)
Projected Capital Expenditures	Full Year 2025	~880
Average Gas Plant in Service Increase	Q1 2025 vs Q1 2024	7%
Projected CapEx (2025-2029)	Five-Year Total	4,300

Operations and maintenance (O&M) expenses, including labor and safety

Operations and maintenance (O&M) covers the day-to-day running of the system, including labor, safety protocols, and routine maintenance. The company has been actively managing this line item. For the first quarter of 2025, O&M expense actually decreased by $1.5 million compared to the first quarter of 2024. However, looking at the trailing twelve months ending June 30, 2025, O&M expense was up $5.6 million, or 2%, year-over-year. The stated goal is to achieve flat O&M expense per customer across the 2024-2026 period, which shows a focus on efficiency gains offsetting inflation and growth. You can see the cost drivers below:

• Labor and safety protocols
• Routine pipeline inspection and repair
• General administrative overhead

Interest expense on remaining debt (reduced post-Centuri sale)

The financial structure changed significantly as Southwest Gas Holdings, Inc. completed the full separation of Centuri Holdings, Inc. (CTRI). Proceeds from the final sell-downs, which generated approximately $879 million in net proceeds, were used to fully repay the SWX term loan and bank debt. This debt reduction has had a clear, positive impact on interest expense. For the nine months ended September 30, 2025, corporate and administrative expenses improved primarily due to lower interest expense on debt. Similarly, the second quarter of 2025 income improvement was largely due to lower interest expense between comparable periods. While interest expense did increase in Q1 2025 by $8.2 million compared to Q1 2024-driven by interest on the over-collected PGA balance-the overall trend post-Centuri separation is toward lower core debt interest costs, leading to an upgrade in both SWX and SWG S&P Credit Ratings to BBB+.

Regulatory and compliance costs

Regulatory costs are embedded in the O&M and capital recovery mechanisms. Compliance is non-negotiable, but regulatory outcomes can either increase or decrease the effective cost burden. In 2025, constructive developments were key. The Arizona Corporation Commission (ACC) approved a capital tracker program in March 2025. Furthermore, Nevada enacted Senate Bill 417 in June 2025, which is anticipated to positively impact regulatory cost reduction. These regulatory actions are designed to better align investment recovery with costs incurred, which helps stabilize the cost recovery side of the equation, even if the initial filing and compliance efforts themselves carry administrative costs.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Southwest Gas Holdings, Inc. brings in cash now that the focus is entirely on the regulated natural gas utility business following the Centuri separation. The revenue picture is heavily tied to regulated rates, customer volume, and regulatory recovery mechanisms.

The primary revenue driver is the regulated tariff sales of natural gas and associated service fees. While specific line items for pure transportation and storage fees aren't itemized separately in the latest releases, their impact is visible through the Operating Margin growth, which reflects the allowed rate of return on utility assets.

Here's a look at the key drivers impacting the utility's recognized margin and income as of the nine months ended September 30, 2025:

Revenue Stream Component	Financial Amount (YTD Q3 2025)	Financial Amount (Q3 2025 Only)
Total Operating Margin Increase	$92.3 million higher	$26.8 million higher
Incremental Margin from Rate Relief/Updated Rates	Approximately $73.4 million	Approximately $22.3 million
Margin Attributable to Customer Growth	$9.2 million	$1.6 million

Customer growth is a tangible revenue input. Southwest Gas Holdings added approximately 40,000 new meter sets over the twelve months ending September 30, 2025, representing a 1.8% customer growth rate.

The overall financial performance expectation for the core utility business is reflected in the net income guidance. Management reaffirmed its 2025 full-year guidance, expecting net income from continuing operations toward the top end of the range of $265 million to $275 million. For context, the year-to-date net income from continuing operations through the first nine months of 2025 reached $371.5 million. The third quarter of 2025 itself saw net income from continuing operations of $4.2 million.

Earnings from non-utility sources are less emphasized post-separation, but residual impacts exist. For instance, in the third quarter of 2025, Income tax expense was $4.6 million higher, which included impacts from corporate-owned life insurance (COLI). Consolidated operating revenues for the third quarter of 2025 were reported at $316.9 million.

You should also note the following operational metrics that underpin revenue stability:

• Trailing 12-month utility Return on Equity (ROE) reached 8.3%.
• Total system throughput for the first nine months of 2025 was 159.81 million dekatherms.

Finance: draft 13-week cash view by Friday.