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orthwest-natural

=F0=9F=8F=A2 Company Overview
=F0=9F=8E=AF What does the company do?
Northwest Natural Holding Company operates as a diversified utility holding=
 company providing essential energy and water services across seven states.=
 The company was formed on October 1, 2018, and is headquartered in Portlan=
d, Oregon, with a history spanning over 165 years.=E2=80=8B
The company operates three main business segments: Natural Gas Distribution=
 (NGD), which delivers natural gas to approximately 2 million people in mor=
e than 140 communities across Oregon and southwest Washington; Water and Wa=
stewater Utilities, providing water and wastewater services through NW Natu=
ral Water Company in Pacific Northwest, Texas, Arizona, Idaho, and Californ=
ia; and Other Operations, including interstate storage services at the Mist=
 underground gas storage facility in Oregon, third-party asset management s=
ervices, and renewable natural gas development through NW Natural Renewable=
s.=E2=80=8B
In January 2025, the company significantly expanded its Texas presence by c=
ompleting the acquisition of SiEnergy Operating, LLC, a fast-growing natura=
l gas utility serving the Houston, Dallas, and Austin metropolitan areas wi=
th approximately 70,000 customers and a rate base of $247 million. SiEnergy=
 has demonstrated remarkable growth with a 26% compound annual growth rate =
in rate base and 22% in customer growth over the past five years. The compa=
ny further expanded in Texas with the June 2025 acquisition of Hughes Gas R=
esources for $60 million, adding 6,900 connections with a contracted backlo=
g of 11,000 future meters.=E2=80=8B
Northwest Natural Holding Company=E2=80=99s revenue breakdown by business s=
egment (2024), showing the dominant Natural Gas Distribution segment accoun=
ting for over 90% of total revenues
=F0=9F=92=B0 How does it make money?
Northwest Natural Holding Company generates revenue through multiple regula=
ted utility operations, with natural gas distribution representing the over=
whelming majority of earnings:
Revenue Streams (2024 Full Year):
Natural Gas Distribution: $1,076M (91.5% of total revenue) - This includes =
residential and commercial gas sales, industrial sales and transportation s=
ervices, gas storage revenues, and other regulated services=E2=80=8B
Water & Wastewater Services: $77M (6.5% of total revenue) - Growing segment=
 through strategic acquisitions in Texas, Arizona, Idaho, Washington, Orego=
n, and California=E2=80=8B
Interstate Storage & Other: $23M (2.0% of total revenue) - Includes North M=
ist storage facility services, asset management, and renewable natural gas =
operations=E2=80=8B
Natural Gas Distribution Margin Breakdown (2024):
The NGD segment generates margin (revenues minus cost of gas, environmental=
 costs, and revenue taxes) from several sources:
Residential & Commercial Sales: $540.9M (90% of NGD margin) - The core reve=
nue driver, serving 735,117 residential meters and 69,362 commercial meters=
=2E Despite representing only 61% of ga=
s volumes, these customers generate 90=
% of margin due to higher per-unit rates=E2=80=8B
Industrial Sales & Transportation: $34.1M (6% of NGD margin) - Serving 1,05=
0 industrial customers who consume 39% of total volumes but generate lower =
margins due to competitive pricing=E2=80=8B
Gas Cost Incentive Sharing: $2.6M (0.4% of NGD margin) - Performance-based =
incentive from efficient gas procurement=E2=80=8B
Other Margin: $4.1M (0.7% of NGD margin)=E2=80=8B
Other Regulated Services: $19.5M (3% of NGD margin) - Primarily North Mist =
storage services=E2=80=8B
The company=E2=80=99s regulated utility model provides revenue stability th=
rough cost-of-service rate structures approved by state regulators. The Pur=
chased Gas Adjustment (PGA) mechanism allows the company to recover actual =
gas costs, eliminating commodity price risk. Decoupling mechanisms in Orego=
n and Washington protect revenues from conservation efforts and weather var=
iations by separating sales volumes from revenue collection.=E2=80=8B
=F0=9F=91=A5 Who are its customers?
Northwest Natural serves nearly one million meters across its utility opera=
tions, with a diverse customer base spanning multiple sectors and states.=
=E2=80=8B
Natural Gas Distribution Customers (805,529 total meters as of December 31,=
 2024):
The NGD segment serves three primary customer categories across Oregon and =
southwest Washington, with each playing a distinct role in the business mod=
el:
Residential Customers: 735,117 meters (91% of total meters) - Homeowners an=
d apartment dwellers using natural gas primarily for heating, water heating=
, and cooking. This segment consumes 38% of gas volumes but generates 65% o=
f margin, making it the most profitable customer class. Residential demand =
exhibits high weather sensitivity but strong recession resistance, as heati=
ng and cooking are essential needs.=E2=80=8B
Commercial Customers: 69,362 meters (9% of total meters) - Small and medium=
 businesses including restaurants, retail stores, offices, and service esta=
blishments. This segment consumes 23% of volumes and contributes 25% of mar=
gin. Commercial customers benefit from the same regulatory protections as r=
esidential customers through decoupling mechanisms.=E2=80=8B
Industrial Customers: 1,050 meters (0.1% of total meters) - Large manufactu=
ring facilities, food processing plants, and industrial operations consumin=
g 39% of total gas volumes but generating only 6% of margin. These customer=
s typically have interruptible service contracts allowing the utility to cu=
rtail service during peak demand periods in exchange for lower rates.=E2=80=
=8B
SiEnergy Texas Operations (Post-January 2025 Acquisition):
SiEnergy serves approximately 70,000 residential and commercial customers i=
n high-growth areas of Houston, Dallas, and Austin. The company has a contr=
acted customer backlog of over 217,000 future meters from signed infrastruc=
ture development agreements, providing exceptional visibility into multi-ye=
ar growth. The Hughes acquisition added another 11,000 contracted meters, p=
ositioning the company for sustained organic expansion.=E2=80=8B
Water and Wastewater Customers:
NW Natural Water serves residential, commercial, and municipal customers ac=
ross multiple states through approximately 62,000 connections. The segment =
has grown through strategic acquisitions, including the 2024 Puttman/Infras=
tructure Capital Holdings acquisition and the pending ICH Utilities acquisi=
tion in Houston (1,500 connections). The water business demonstrated 4.1% c=
ustomer growth in the 12 months ended September 2025.=E2=80=8B
Customer composition analysis showing that while residential customers domi=
nate in number (735K meters, 91%), industrial customers account for 39% of =
volumes despite representing only 1,050 meters. Residential and commercial =
customers generate 90% of margin despite using only 61% of volumes
=F0=9F=8C=8D Where does it operate?
Northwest Natural Holding Company operates across seven states in the weste=
rn United States, with a particularly strong presence in the Pacific Northw=
est and rapidly expanding operations in Texas.=E2=80=8B
Primary Operating Territories:
Oregon (Primary Market - Northwest Natural Gas)
The company=E2=80=99s historic home market where it has operated for over 1=
65 years
Serves approximately 775,000 meters across more than 140 communities
Covers the Portland metropolitan area and extends throughout western Oregon
Regulated by the Oregon Public Utility Commission (OPUC)
Represents the majority of natural gas distribution revenues
In November 2024, implemented new rates including a $73.5 million revenue r=
equirement increase (9.9% rate increase), though regulatory settlements res=
ulted in a more modest final increase=E2=80=8B
Washington (Secondary Gas Market)
Serves southwest Washington communities including Vancouver and surrounding=
 areas
Represents approximately 10% of Northwest Natural=E2=80=99s gas utility cus=
tomer base and revenues
Regulated by the Washington Utilities and Transportation Commission (WUTC)
Filed a three-year general rate case in August 2025 requesting $42.4 millio=
n revenue requirement increase over three years, with new rates beginning A=
ugust 2026=E2=80=8B
Texas (High-Growth Expansion Market)
SiEnergy Operations: Serves the =E2=80=9CTexas Triangle=E2=80=9D high-growt=
h metropolitan areas of Houston, Dallas, and Austin with approximately 70,0=
00 customers and a contracted backlog of 217,000 future meters
Hughes Gas Resources: Serves 6,900 connections in 12 communities northeast =
of Houston with an 11,000-meter contracted backlog
Regulated by the Railroad Commission of Texas, which enacted highly favorab=
le House Bill 4384 in June 2025 enabling real-time recovery of distribution=
 investments and essentially eliminating regulatory lag
SiEnergy accounts for approximately 10% of consolidated business and is exp=
ected to be a significant growth driver over the next decade=E2=80=8B
Arizona, Idaho, California, and Washington (Water Operations)
NW Natural Water operates regulated water and wastewater systems across the=
se states
Arizona represents the largest water utility operation
In 2025, completed seven rate cases at utilities in Idaho, Washington, and =
Oregon, receiving approximately 67% of requested revenue increases
Pursuing organic expansion in Texas water markets following fair market val=
ue acquisition methodology=E2=80=8B
While specific revenue percentages by state are not disclosed in SEC filing=
s, the approximate breakdown based on customer counts and regulatory disclo=
sures suggests: Oregon ~70-75%, Washington ~10%, Texas (post-SiEnergy) ~10%=
, and Water Operations (multi-state) ~6-7% of consolidated operations.=E2=
=80=8B
=F0=9F=94=84 Business Dynamics
=F0=9F=9B=92 How often do customers buy?
Natural gas and water utility services represent the most recurring revenue=
 model possible in business - customers consume and pay for services contin=
uously on a monthly basis with extraordinarily high retention rates.=E2=80=
=8B
Natural Gas Distribution - Firm Service Contracts:
The vast majority of Northwest Natural=E2=80=99s customers (residential, co=
mmercial, and most industrial) receive firm service under regulatory tariff=
s, meaning their service cannot be interrupted to meet the needs of other c=
ustomers. These customers are billed monthly based on consumption measured =
in therms, creating a highly predictable recurring revenue stream.=E2=80=8B
The company benefits from several mechanisms that ensure revenue stability =
regardless of consumption patterns:
Decoupling Mechanisms in Oregon and Washington separate revenue collection =
from sales volumes. Under decoupling (also called a =E2=80=9Cconservation t=
ariff=E2=80=9D), the utility recovers a fixed margin per customer regardles=
s of how much gas is consumed. This protects revenues even when customers r=
educe usage through conservation or during mild weather. The mechanism accu=
mulates differences between actual and authorized margins monthly, which ar=
e then refunded or collected from customers in subsequent periods.=E2=80=8B
Weather Adjustment Mechanisms (WARM) in Oregon normalize revenues for tempe=
rature variances from 25-year average heating degree days, further stabiliz=
ing cash flows during unseasonably warm or cold periods.=E2=80=8B
Purchased Gas Adjustment (PGA) mechanisms allow automatic monthly adjustmen=
t of customer rates to reflect changes in forecasted and actual gas costs, =
ensuring the company recovers its commodity costs without margin exposure.=
=E2=80=8B
Customer Retention and Growth:
Natural gas utility customers exhibit extraordinarily high retention rates =
because:
Service is essential for heating, cooking, and water heating
Switching costs are prohibitively high (requires replacing appliances and i=
nfrastructure)
Natural gas provides cost advantages over electric alternatives in most mar=
kets
Regulatory frameworks ensure reasonable, stable pricing
The company added 6,279 meters (0.8% growth) in 2024, with particularly str=
ong growth expected from the Texas acquisitions. The SiEnergy contracted ba=
cklog of over 217,000 meters provides visibility into customer additions fo=
r the next several years as residential and commercial developments in Hous=
ton, Dallas, and Austin are completed.=E2=80=8B
Industrial Transportation Customers:
Industrial customers typically operate under one to three-year contracts fo=
r transportation services, where they purchase gas from suppliers but pay N=
orthwest Natural to transport it through the distribution system. Some indu=
strial customers have interruptible service contracts allowing curtailment =
during peak demand periods in exchange for discounted rates. While these co=
ntracts renew periodically, industrial customers rarely switch providers du=
e to infrastructure constraints.=E2=80=8B
Water and Wastewater Services:
Similar to natural gas, water and wastewater services represent essential u=
tilities with monthly recurring revenues and near-100% customer retention. =
Water customers cannot reasonably switch providers, creating permanent, inf=
lation-protected revenue streams subject to regulatory rate-setting.=E2=80=
=8B
The business model=E2=80=99s recurring nature is evidenced by the company=
=E2=80=99s ability to maintain 70 consecutive years of dividend increases, =
demonstrating the exceptional cash flow predictability and stability inhere=
nt in regulated utility operations.=E2=80=8B
Dividend history showing steady annual increases from $1.892 in 2018 to $1.=
9525 in 2024, representing 70 consecutive years of dividend growth. The pay=
out ratio increased significantly to 96% in 2024 due to regulatory disallow=
ances, compared to the 75-80% range in prior years
=F0=9F=93=88 Can it raise prices?
Northwest Natural possesses significant pricing power, though it operates w=
ithin a regulated framework that requires demonstrating cost justification =
and obtaining regulatory approval before implementing rate increases. The c=
ompany=E2=80=99s recent track record demonstrates consistent success in sec=
uring rate increases that support margin expansion and earnings growth.=E2=
=80=8B
Regulatory Rate-Setting Framework:
As a regulated utility, Northwest Natural cannot unilaterally raise prices.=
 Instead, the company must file general rate cases with state regulators (O=
PUC in Oregon, WUTC in Washington, Railroad Commission of Texas) demonstrat=
ing that increased rates are justified by:
Capital investments in infrastructure and safety improvements
Rising operating costs (labor, materials, insurance)
Regulatory requirements and environmental compliance
A fair return on invested capital for shareholders
However, this regulatory process has consistently resulted in rate approval=
s that support profitability.=E2=80=8B
Recent Evidence of Pricing Power:
Oregon Rate Case (November 2024): Northwest Natural successfully implemente=
d new rates effective November 1, 2024, following an all-party settlement a=
pproved by the OPUC. The outcome included:
Revenue requirement increase of $20.7 million (original request was $73.5 m=
illion or 9.9%)
Authorized Return on Equity (ROE) of 9.5%, up from 9.4% previously
Cost of capital of approximately 7.12%
Rate base increased $180 million to $2.3 billion total
Residential customer rates increased approximately 2.5% on average
Notably, the company highlighted that Oregon residential customers are payi=
ng =E2=80=9Capproximately the same today for their natural gas service as t=
hey did 20 years ago=E2=80=9D in nominal terms, demonstrating the affordabi=
lity of natural gas even with regular rate adjustments. This affordability =
creates political support for rate increases.=E2=80=8B
Washington Rate Case Filing (August 2025): The company filed its first Wash=
ington general rate case since 2021, requesting a three-year rate plan with=
:
Total revenue requirement increase of $42.4 million over current rates, spr=
ead over three years
51% equity / 48% long-term debt capital structure
ROE of 10.2% by year two
Cost of capital of approximately 7.6% by year two
Rate base increase of $175 million since the last rate case
New rates beginning August 1, 2026
This represents approximately 10% of consolidated gas utility revenues.=E2=
=80=8B
Texas Regulatory Environment: The June 2025 enactment of House Bill 4384 in=
 Texas created one of the most favorable regulatory frameworks in the count=
ry for SiEnergy. The legislation enables:
Real-time recovery of distribution investments, essentially eliminating reg=
ulatory lag
Streamlined regulatory processes
Enhanced earned ROEs
Ability to invest efficiently in infrastructure without extended periods of=
 unrecovered costs
This mechanism is expected to be =E2=80=9Cparticularly beneficial after our=
 first rate case=E2=80=9D and =E2=80=9Cstrengthens our ability to invest ef=
ficiently in the infrastructure build-out needed in Texas=E2=80=9D.=E2=80=
=8B
Water Utility Rate Cases (2025): NW Natural Water completed seven rate case=
s in Idaho, Washington, and Oregon during 2025, receiving approximately 67%=
 of requested revenue increases on average. Management characterized these =
as =E2=80=9Cconstructive outcomes=E2=80=9D reflecting the value of system u=
pgrades.=E2=80=8B
Margin Performance Evidence:
The company=E2=80=99s Natural Gas Distribution margin increased from $505.9=
 million in 2022 to $575.0 million in 2023 (+13.7%) and $601.3 million in 2=
024 (+4.6%), demonstrating successful execution of rate strategies despite =
declining volumes. Net profit margins improved from 7.2% in 2023 to 8.3% in=
 2024, aided by regulatory rate increases and higher allowed ROE.=E2=80=8B
Automatic Cost Recovery Mechanisms:
Beyond general rate cases, Northwest Natural benefits from multiple automat=
ic adjustment mechanisms that provide ongoing pricing power:
Purchased Gas Adjustment (PGA): Automatically adjusts customer bills to ref=
lect natural gas commodity cost changes, ensuring cost recovery without mar=
gin risk
Environmental Cost Recovery Mechanisms: SRRM in Oregon and ECRM in Washingt=
on allow recovery of environmental remediation costs
RNG Automatic Adjustment Clause: Recovers renewable natural gas procurement=
 costs
Asset Optimization Revenue Sharing: Shares storage and asset management rev=
enues with customers while retaining a portion for shareholders=E2=80=8B
Regulatory Relationships:
The company has demonstrated constructive relationships with regulators, ev=
idenced by collaborative settlement processes, multi-year rate plans, and r=
ecognition that the utility has kept customer bills remarkably stable over =
decades. Management stated: =E2=80=9CWe carefully considered this rate case=
 filing and the effect on customers=E2=80=99 bills=E2=80=9D while simultane=
ously identifying =E2=80=9Coperational efficiencies and cost-saving opportu=
nities=E2=80=9D.=E2=80=8B
The combination of regulatory approval authority, demonstrated track record=
 of rate case success, automatic cost recovery mechanisms, and constructive=
 regulatory relationships provides Northwest Natural with substantial prici=
ng power to offset inflation, recover capital investments, and maintain mar=
gins, though within the constraints of regulatory oversight and political c=
onsiderations around customer affordability.=E2=80=8B
=F0=9F=93=89 What happens in a recession?
Northwest Natural has demonstrated exceptional recession resistance, with t=
he company actually growing earnings during the 2008-2009 Great Recession. =
Natural gas utilities represent one of the most recession-proof business mo=
dels due to the essential nature of the service, regulatory protections, an=
d customer composition.=E2=80=8B
Historical Performance: Great Recession (2007-2010)
During one of the most severe economic downturns in modern history, Northwe=
st Natural achieved consistent earnings growth every single year:
2007 EPS: $1.44 (pre-recession baseline)
2008 EPS: $1.52 (+5.6% growth during recession onset)
2009 EPS: $1.60 (+5.3% growth during peak recession)
2010 EPS: $1.68 (+5.0% growth during recovery)
This represents four consecutive years of approximately 5% earnings growth =
spanning the period before, during, and after the Great Recession, demonstr=
ating remarkable earnings stability when most companies experienced severe =
disruptions.=E2=80=8B
Earnings per share performance during the Great Recession (2007-2010) demon=
strating the recession-resistant nature of the natural gas utility business=
=2E NWN achieved consistent earnings gr=
owth of 5-6% annually throughout the e=
conomic downturn, showcasing the stability of regulated utility earnings
Factors Explaining Recession Resistance:
1. Essential Service with Inelastic Demand:
Natural gas service for heating, cooking, and water heating represents a no=
n-discretionary necessity. Residential customers cannot realistically reduc=
e consumption significantly during recessions - homes must be heated in win=
ter, food must be cooked, and water must be heated regardless of economic c=
onditions.=E2=80=8B
2. Residential Customer Concentration:
Approximately 65% of Northwest Natural=E2=80=99s margin comes from resident=
ial customers (91% of meters), who demonstrate the highest recession resist=
ance. Unlike industrial customers who may reduce production during downturn=
s, residential heating and cooking demand remains stable. The company noted=
 that =E2=80=9Calmost two-thirds of Northwest=E2=80=99s customers are resid=
ential=E2=80=9D and =E2=80=9Cwe believe Northwest=E2=80=99s fairly heavy co=
ncentration on residential customers will continue to serve it well during =
future recessions=E2=80=9D.=E2=80=8B
3. Regulatory Revenue Protections:
The company=E2=80=99s decoupling mechanisms in Oregon and Washington ensure=
 that revenues are not dependent on sales volumes. Even if economic weaknes=
s causes some reduction in discretionary gas usage, the decoupling mechanis=
m adjusts rates to maintain authorized margin levels. This regulatory prote=
ction is specifically designed to insulate utility earnings from demand flu=
ctuations.=E2=80=8B
4. Fixed Cost Recovery Model:
Regulated utilities recover a substantial portion of fixed costs (infrastru=
cture, labor, debt service) through base rates regardless of sales volumes.=
 The cost-of-service regulatory model ensures the utility earns a fair retu=
rn on invested capital independent of economic cycles.=E2=80=8B
5. Low Default Risk:
Utility bills represent a payment priority for households even during finan=
cial stress because service disconnection results in loss of heating (poten=
tially dangerous in winter). The company maintains regulatory mechanisms to=
 manage bad debt, including the ability to recover uncollectible accounts t=
hrough future rates. The allowance for uncollectible accounts was $9.2 mill=
ion as of December 31, 2024, representing less than 1% of annual revenues.=
=E2=80=8B
6. Counter-Cyclical Weather Benefits:
During recessions, consumers may reduce thermostat settings to save money, =
but Northwest Natural=E2=80=99s weather normalization mechanisms (WARM in O=
regon, decoupling in Washington) adjust revenues for temperature-related co=
nsumption changes, largely offsetting this effect.=E2=80=8B
Recent Pandemic Performance (2020):
While detailed 2020 earnings are not provided in the search results, the co=
mpany maintained its dividend throughout the COVID-19 pandemic and recessio=
n, consistent with its 70-year streak of annual dividend increases. The 202=
4 10-K references COVID-19 cost deferrals and regulatory mechanisms that pr=
otected earnings during the pandemic period.=E2=80=8B
Capital Structure Provides Stability:
The company=E2=80=99s balanced 50/50 debt-to-equity capital structure (Oreg=
on gas utility) and investment-grade credit ratings (A+ by S&P, A2 by Moody=
=E2=80=99s) ensure continued access to capital markets during recessions at=
 reasonable costs. Long-term debt maturities are well-laddered, with no sig=
nificant refinancing risk.=E2=80=8B
Industrial Segment Cyclicality:
The one potential area of cyclical exposure is the industrial customer segm=
ent (6% of margin, 39% of volumes). Industrial production can decline durin=
g recessions, reducing transportation service revenues. However, this segme=
nt=E2=80=99s small contribution to overall margin limits the impact. Additi=
onally, some industrial customers operate in less cyclical sectors like foo=
d processing.=E2=80=8B
Regulatory Lag Considerations:
The primary recession risk for utilities is =E2=80=9Cregulatory lag=E2=80=
=9D - the time delay between when costs rise and when rate increases are im=
plemented. During severe recessions with deflationary pressures, this actua=
lly benefits the company as costs may stabilize or decline while recently a=
pproved rate increases take effect. Conversely, rapid inflation can tempora=
rily compress margins until the next rate case, though automatic cost adjus=
tment mechanisms (PGA, environmental cost recovery) mitigate this for speci=
fic cost categories.=E2=80=8B
Investment Takeaway:
Northwest Natural=E2=80=99s recession performance validates the defensive c=
haracteristics of regulated natural gas utilities. The combination of essen=
tial service, residential customer focus, regulatory protections, and fixed=
-cost recovery creates a business model that can actually grow earnings dur=
ing severe economic downturns. This makes the company particularly attracti=
ve for income-focused investors seeking portfolio stability during market v=
olatility.=E2=80=8B
=F0=9F=93=8A Dividend statistics and is it a good opportunity to invest tod=
ay?...

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55,255,255);"><head><meta charset=3D"utf-8"><title>&#128202; Business Analy=
sis: Northwest Natural Holding Company (NWN)</title><style>
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    margin-left: var(--image-offset-margin);
  }
  .typography:not(:has(#toc)) .captioned-image-container figure:has(> a.ima=
ge2-offset-right),
  .typography.editor:not(:has(#toc)) .captioned-image-container figure:has(=
> a.image2-offset-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (min-width: 1300px) {
  .typography .captioned-image-container figure:has(> a.image2-offset-left)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-left) {
    margin-left: var(--image-offset-margin);
  }
  .typography .captioned-image-container figure:has(> a.image2-offset-right=
),
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (max-width: 1024px) {
  .typography,
  .typography.editor {
    /* Disable offset on mobile/tablet */
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left),
  .typography .captioned-image-container figure:has(> a.image2-align-right)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right) {
    float: none;
    margin: 1em auto;
    max-width: 100%;
    width: auto;
    padding: 0;
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left.t=
hefp),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left.thefp),
  .typography .captioned-image-container figure:has(> a.image2-align-right.=
thefp),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right.thefp) {
    margin: 1em auto;
  }
  .typography .captioned-image-container figure:has(> a.image2-offset-left)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-left),
  .typography .captioned-image-container figure:has(> a.image2-offset-right=
),
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-right) {
    margin: 1em auto;
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left) =
=2Eimage2-inset,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left) .image2-inset,
  .typography .captioned-image-container figure:has(> a.image2-align-right)=
 .image2-inset,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right) .image2-inset {
    display: block;
    justify-content: initial;
  }
}
@media (max-width: 768px) {
  .typography .markup div.sponsorship-campaign-embed,
  .typography.editor .markup div.sponsorship-campaign-embed {
    margin-top: 24px;
    margin-bottom: 24px;
  }
  .typography .markup div.sponsorship-campaign-embed:first-child,
  .typography.editor .markup div.sponsorship-campaign-embed:first-child {
    margin-top: 0px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.youtube-overlay,
  .typography.editor .markup div.youtube-overlay,
  .typography .markup div.vimeo-overlay,
  .typography.editor .markup div.vimeo-overlay {
    display: none !important;
  }
}
@media screen and (max-width: 370px) {
  .typography .markup div.tiktok-wrap,
  .typography.editor .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
  .typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
    padding: 24px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
  .typography .markup div.subscription-widget-wrap-editor .subscription-wid=
get.show-subscribe,
  .typography.editor .markup div.subscription-widget-wrap-editor .subscript=
ion-widget.show-subscribe,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
    padding: 0px 24px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.subscription-widget-wrap-editor .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap-editor .subscript=
ion-widget.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}
@media (max-width: 650px) {
  .typography .markup .tweet,
  .typography.editor .markup .tweet {
    padding: 12px;
  }
}
@media (max-width: 650px) {
  .typography .markup .tweet .tweet-text,
  .typography.editor .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}
@media (max-width: 650px) {
  .typography .markup .tweet .tweet-photos-container.two,
  .typography.editor .markup .tweet .tweet-photos-container.two,
  .typography .markup .tweet .tweet-photos-container.three,
  .typography.editor .markup .tweet .tweet-photos-container.three,
  .typography .markup .tweet .tweet-photos-container.four,
  .typography.editor .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}
@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-img,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}
@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-description,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
    display: none;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup .apple-podcast-container,
  .typography.editor .markup .apple-podcast-container {
    width: unset;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
  .typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
    margin: 0 auto 16px auto;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
    display: flex;
    justify-content: center;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container {
    height: 38px;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container a.comment {
    height: 38px;
    line-height: 38px;
    padding-right: 10px;
  }
}
@media screen and (max-width: 480px) {
  .share-button-container .separator {
    display: block;
    margin: 0;
    height: 8px;
    border-left: none;
  }
}
@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
    padding-left: 0;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container a.mobile {
    display: none !important;
  }
}
@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
    padding: 36px;
    height: 680px;
  }
}
@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
    position: absolute;
    bottom: 36px;
    margin: 0px;
  }
}
@media screen and (max-width: 650px) {
  .header-anchor-parent {
    display: none;
  }
}
@media screen and (max-width: 768px) {
  .post {
    padding: 16px 0 0 0;
  }
}
@media screen and (max-width: 650px) {
  .post .post-header .post-label {
    margin-top: 8px;
  }
}
@media screen and (max-width: 650px) {
  .post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
    margin-top: 6px;
  }
}
@media screen and (max-width: 650px) {
  .post .footer-facepile-container {
    height: 64px;
    padding: 0 16px;
    display: flex;
    align-items: center;
    justify-content: flex-start;
    width: 100%;
  }
}
@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
    justify-content: center;
  }
}
@media screen and (max-width: 650px) {
  .post .post-footer.next-prev {
    height: 64px;
    justify-content: space-between;
    box-sizing: border-box;
  }
}
@media screen and (max-width: 650px) {
  .post-contributor-footer .post-contributor-bio-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-table-row {
    display: flex;
    flex-direction: row;
  }
  .post-contributor-footer .post-contributor-bio-userhead-cell,
  .post-contributor-footer .post-contributor-bio-body-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-cell {
    flex-grow: 1;
  }
  .post-contributor-footer .post-contributor-bio-body-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-table-row {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell,
  .post-contributor-footer .post-contributor-bio-controls-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell {
    margin: 0 0 16px 0;
  }
  .post-contributor-footer .post-contributor-bio-controls-cell {
    width: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls {
    margin: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls .button.primary {
    width: 100%;
  }
  .post-contributor-footer .post-contributor-bio-text {
    font-size: 14px;
  }
}
@media screen and (min-width: 768px) {
  .post-silhouette {
    padding: 32px 0;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-title {
    margin-top: 10.44225025px;
    height: 120px;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta {
    width: 75%;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta.with-byline-image {
    margin: 20px 0;
  }
}
@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    padding-right: 16px;
  }
}
@media screen and (max-width: 370px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    font-size: 14px;
  }
}
@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
  .post-meta.alternative-meta .post-meta-item.guest-author-publication {
    display: none;
  }
}
@media screen and (max-width: 370px) {
  .post-meta .post-meta-item .post-meta-button {
    height: 36px !important;
    /* important to override in-line height style on emails */
  }
  .post-meta .post-meta-item .post-meta-button .meta-button-label {
    display: none;
  }
  .post-meta .post-meta-item .post-meta-button > svg {
    margin-right: 0;
  }
}
@media screen and (max-width: 370px) {
  .post-meta .post-meta-item {
    font-size: 12px;
  }
}
@media screen and (max-width: 650px) {
  .post .floating-subscribe-button {
    bottom: 20px;
    right: 20px;
  }
}
@media (max-width: 1024px) {
  body .pullquote-align-left,
  body .pullquote-align-right,
  body .pullquote-align-wide,
  body .pullquote-align-center {
    float: none;
    margin: 0 auto;
    width: 100%;
    max-width: 100%;
  }
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  body .markup table.image-wrapper img,
  body .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}
@media (min-width: 1024px) {
  body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off=
set-left) {
    margin-left: var(--image-offset-margin);
  }
  body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off=
set-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (min-width: 1300px) {
  body .captioned-image-container figure:has(> a.image2-offset-left) {
    margin-left: var(--image-offset-margin);
  }
  body .captioned-image-container figure:has(> a.image2-offset-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (max-width: 1024px) {
  body {
    /* Disable offset on mobile/tablet */
  }
  body .captioned-image-container figure:has(> a.image2-align-left),
  body .captioned-image-container figure:has(> a.image2-align-right) {
    float: none;
    margin: 1em auto;
    max-width: 100%;
    width: auto;
    padding: 0;
  }
  body .captioned-image-container figure:has(> a.image2-align-left.thefp),
  body .captioned-image-container figure:has(> a.image2-align-right.thefp) =
{
    margin: 1em auto;
  }
  body .captioned-image-container figure:has(> a.image2-offset-left),
  body .captioned-image-container figure:has(> a.image2-offset-right) {
    margin: 1em auto;
  }
  body .captioned-image-container figure:has(> a.image2-align-left) .image2=
-inset,
  body .captioned-image-container figure:has(> a.image2-align-right) .image=
2-inset {
    display: block;
    justify-content: initial;
  }
}
@media (max-width: 768px) {
  body .markup div.sponsorship-campaign-embed {
    margin-top: 24px;
    margin-bottom: 24px;
  }
  body .markup div.sponsorship-campaign-embed:first-child {
    margin-top: 0px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.youtube-overlay,
  body .markup div.vimeo-overlay {
    display: none !important;
  }
}
@media screen and (max-width: 370px) {
  body .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}
@media screen and (max-width: 650px) {
  body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
    padding: 24px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
  body .markup div.subscription-widget-wrap-editor .subscription-widget.sho=
w-subscribe,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
    padding: 0px 24px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
  body .markup div.subscription-widget-wrap-editor .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}
@media (max-width: 650px) {
  body .markup .tweet {
    padding: 12px;
  }
}
@media (max-width: 650px) {
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}
@media (max-width: 650px) {
  body .markup .tweet .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}
@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}
@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}
@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
    width: unset;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
    margin: 0 auto 16px auto;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
 {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-link=
 {
    display: flex;
    justify-content: center;
  }
}
@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 12px;
  }
}
@media screen and (max-width: 420px) {
  body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
    width: 72px !important;
  }
}
@media screen and (min-width: 481px) {
  body .share-button-container {
    height: auto;
  }
}
@media screen and (max-width: 480px) {
  body .share-button-container .separator {
    display: block !important;
    margin: 0 !important;
    height: 8px !important;
    border-left: none !important;
  }
}
@media screen and (max-width: 650px) {
  .digest .item .post-meta-item.audience {
    display: none;
  }
}
@media screen and (min-width: 500px) {
  .digest-publication .logo img {
    width: 42px;
    height: 42px;
    border-radius: 8px;
  }
}
@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
    margin-left: calc(10 + 32px - 24px);
  }
}
@media screen and (max-width: 650px) {
  .comment > .comment-list {
    padding-left: 24px;
  }
}
@media screen and (max-width: 650px) {
  .finish-magic-login-modal .modal-content .container {
    padding: 24px 0;
  }
}
@media (max-width: 650px) {
  .reader2-text-b3 {
    line-height: 24px;
  }
}
@media screen and (max-width: 650px) {
  .reader2-text-h4 {
    line-height: 24px;
  }
}
@media screen and (min-width: 541px) {
  .user-profile-modal {
    padding-left: 12px;
    padding-right: 12px;
  }
}
@media screen and (max-width: 650px) {
  .subscribe-widget form.form .sideBySideWrap button.rightButton {
    padding: 10px 12px;
  }
}
@media screen and (min-width: 541px) {
  .pub-icon:hover .logo-hover,
  .feed-item-icon:hover .logo-hover {
    display: block;
  }
}
@media screen and (max-width: 650px) {
  .post-ufi.single-full-width-button .post-ufi-button-wrapper {
    width: 100%;
    padding: 16px;
  }
  .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
    display: none;
  }
  .post-ufi.single-full-width-button .post-ufi-button {
    width: 100%;
    justify-content: center;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper {
    padding: 0;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor {
    padding: 0;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor:active {
    padding: 0;
  }
}
@media only screen and (max-width: 650px) {
  .file-embed-button.wide,
  .file-embed-error-button.wide {
    display: none;
  }
}
@media only screen and (min-width: 630px) {
  .file-embed-button.narrow,
  .file-embed-error-button.narrow {
    display: none;
  }
}
@media screen and (min-width: 541px) {
  .audio-player-wrapper .audio-player {
    min-width: 500px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}
@media (min-width: 250px) {
  .audio-player-wrapper-fancy .audio-player {
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r><tr><td></td><td class=3D"content" width=3D"550" align=3D"left"><div styl=
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6px 0 32px;"><tbody><tr><td align=3D"center" style=3D"text-align: center;pa=
dding: 0;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZ=
XRkaXZpZGVuZHMubmV0L3AvYnVzaW5lc3MtYW5hbHlzaXMtbm9ydGh3ZXN0LW5hdHVyYWw_dXRt=
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"><img class=3D"header-image" role=3D"presentation" width=3D"550" height=3D=
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t: 26px;"><div class=3D"post-header" role=3D"region" aria-label=3D"Post hea=
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ublished title-X77sOw" dir=3D"auto" style=3D"direction: auto;text-align: st=
art;unicode-bidi: isolate;color: rgb(54,55,55);font-family: 'SF Pro Display=
',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe =
UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji',=
'Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-mo=
z-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-m=
oz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 0;=
line-height: 36px;font-size: 32px;"><a href=3D"https://substack.com/app-lin=
k/post?publication_id=3D6658155&post_id=3D181670469&utm_source=3Dpost-email=
-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D1ba88s&token=
=3DeyJ1c2VyX2lkIjo3OTQxOTE5NiwicG9zdF9pZCI6MTgxNjcwNDY5LCJpYXQiOjE3NjYxNTA5=
MjIsImV4cCI6MTc2ODc0MjkyMiwiaXNzIjoicHViLTY2NTgxNTUiLCJzdWIiOiJwb3N0LXJlYWN=
0aW9uIn0.vu0i9Lv-f-tJ10na1cC95e7JcrSYHI2IC1BECSEbM7o" style=3D"color: rgb(5=
4,55,55);text-decoration: none;">&#128202; Business Analysis: Northwest Nat=
ural Holding Company (NWN)</a></h1><h3 class=3D"subtitle subtitle-HEEcLo" d=
ir=3D"auto" style=3D"direction: auto;text-align: start;unicode-bidi: isolat=
e;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-sys=
tem,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple =
Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit=
-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-a=
ppearance: optimizelegibility;-moz-appearance: optimizelegibility;appearanc=
e: optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24px;font=
-size: 18px;margin-top: 12px;">Is It A Good Opportunity To Invest Today</h3=
><table class=3D"post-meta" role=3D"presentation" width=3D"100%" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin: 1em 0;height: 20px;=
align-items: center;"><tbody><tr><td><table role=3D"presentation" width=3D"=
auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td><tabl=
e role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><div class=3D"=
pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBu=
mP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-Ixi=
VJZ meta-EgzBVA custom-css-email-post-author" style=3D"list-style: none;fon=
t-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,55);=
margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,B=
linkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color=
 Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform:=
 uppercase;letter-spacing: .2px;"><a class=3D"pencraft pc-reset color-prima=
ry-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medi=
um-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"lis=
t-style: none;color: rgb(54,55,55);margin: 0;font-size: 11px;line-height: 2=
0px;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMa=
cSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji=
','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: upper=
case;letter-spacing: .2px;text-decoration: none" href=3D"https://substack.c=
om/@getdividends">Get Dividends</a></div></td></tr></tbody></table></td></t=
r><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspac=
ing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"=
><div class=3D"pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0=
El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase=
-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;font-size: 11px=
;line-height: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0=
;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSy=
stemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','=
Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercas=
e;letter-spacing: .2px;"><time datetime=3D"2025-12-19T13:28:37.808Z">Dec 19=
</time></div></td><td width=3D"4" style=3D"min-width: 4px"></td><td style=
=3D"vertical-align:middle;"><table role=3D"presentation" width=3D"auto" bor=
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rtical-align: middle;max-width: 0;min-height: 18px;"></div><span class=3D"e=
mail-button-text" style=3D"vertical-align: middle;margin-right: 4px">READ I=
N APP</span><img class=3D"icon text-icon" src=3D"https://substackcdn.com/im=
age/fetch/$s_!ET-_!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/htt=
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d></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table>=
</td></tr><tr height=3D"16"><td height=3D"16" style=3D"font-size:0px;line-h=
eight:0;">&nbsp;</td></tr></tbody></table></div></div><div class=3D"post ty=
pography" dir=3D"auto" style=3D"--image-offset-margin: -120px;padding: 32px=
 0 0 0;font-size: 16px;line-height: 26px;"><div class=3D"body markup" dir=
=3D"auto" style=3D"text-align: initial;font-size: 16px;line-height: 26px;wi=
dth: 100%;word-break: break-word;margin-bottom: 16px;"><h2 class=3D"header-=
anchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-app=
le-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Ro=
boto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe=
 UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-=
font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-app=
earance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.=
625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;margin-=
top: 0;">&#127970; Company Overview</h2><h2 class=3D"header-anchor-post" st=
yle=3D"position: relative;font-family: 'SF Pro Display',-apple-system-headl=
ine,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,=
Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';fon=
t-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing:=
 antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimi=
zelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: =
rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#127919; What does =
the company do?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin=
e-height: 26px;font-size: 16px;">Northwest Natural Holding Company operates=
 as a diversified utility holding company providing essential energy and wa=
ter services across seven states. The company was formed on October 1, 2018=
, and is headquartered in Portland, Oregon, with a history spanning over 16=
5 years.&#8203;</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line=
-height: 26px;font-size: 16px;"><span>The company operates three main busin=
ess segments: </span><strong>Natural Gas Distribution (NGD)</strong><span>,=
 which delivers natural gas to approximately 2 million people in more than =
140 communities across Oregon and southwest Washington; </span><strong>Wate=
r and Wastewater Utilities</strong><span>, providing water and wastewater s=
ervices through NW Natural Water Company in Pacific Northwest, Texas, Arizo=
na, Idaho, and California; and </span><strong>Other Operations</strong><spa=
n>, including interstate storage services at the Mist underground gas stora=
ge facility in Oregon, third-party asset management services, and renewable=
 natural gas development through NW Natural Renewables.&#8203;</span></p><p=
 style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-si=
ze: 16px;">In January 2025, the company significantly expanded its Texas pr=
esence by completing the acquisition of SiEnergy Operating, LLC, a fast-gro=
wing natural gas utility serving the Houston, Dallas, and Austin metropolit=
an areas with approximately 70,000 customers and a rate base of $247 millio=
n. SiEnergy has demonstrated remarkable growth with a 26% compound annual g=
rowth rate in rate base and 22% in customer growth over the past five years=
=2E The company further expanded in Tex=
as with the June 2025 acquisition of H=
ughes Gas Resources for $60 million, adding 6,900 connections with a contra=
cted backlog of 11,000 future meters.&#8203;</p><div class=3D"captioned-ima=
ge-container-static" style=3D"font-size: 16px;line-height: 26px;margin: 32p=
x auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"imag=
e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1=
=2E6em;"><tbody><tr><td style=3D"text-a=
lign: center;"></td><td class=3D"conte=
nt" align=3D"left" width=3D"1456" style=3D"text-align: center;"><a class=3D=
"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/f798a4=
e4-5095-4c32-8df4-95023de3362e?j=3DeyJ1IjoiMWJhODhzIn0.ULnY6oUjOznRAZ2waPYm=
8PuOd1d-YuvRHzafzNvQR90" rel=3D"" style=3D"position: relative;flex-directio=
n: column;align-items: center;padding: 0;width: auto;height: auto;border: n=
one;text-decoration: none;display: block;margin: 0;"><img class=3D"wide-ima=
ge" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.ama=
zonaws.com/public/images/0308c2ba-02ec-46fa-a2c3-1e1710a2f0f2_2400x1600.png=
&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;im=
ageSize&quot;:null,&quot;height&quot;:971,&quot;width&quot;:1456,&quot;resi=
zeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Northwest N=
atural Holding Company's revenue breakdown by business segment (2024), show=
ing the dominant Natural Gas Distribution segment accounting for over 90% o=
f total revenues&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;h=
ref&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&qu=
ot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&q=
uot;:null,&quot;offset&quot;:false}" alt=3D"Northwest Natural Holding Compa=
ny's revenue breakdown by business segment (2024), showing the dominant Nat=
ural Gas Distribution segment accounting for over 90% of total revenues" ti=
tle=3D"Northwest Natural Holding Company's revenue breakdown by business se=
gment (2024), showing the dominant Natural Gas Distribution segment account=
ing for over 90% of total revenues" width=3D"550" height=3D"366.79258241758=
24" src=3D"https://substackcdn.com/image/fetch/$s_!tx2y!,w_1100,c_limit,f_a=
uto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2F0308c2ba-02ec-46fa-a2c3-1e1710a2f0f2_2400x=
1600.png" style=3D"border: none !important;vertical-align: middle;display: =
block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: =
auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td st=
yle=3D"text-align: center;"></td></tr></tbody></table></figure></div><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;">Northwest Natural Holding Company&#8217;s revenue breakdown by busin=
ess segment (2024), showing the dominant Natural Gas Distribution segment a=
ccounting for over 90% of total revenues</p><h2 class=3D"header-anchor-post=
" style=3D"position: relative;font-family: 'SF Pro Display',-apple-system-h=
eadline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvet=
ica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'=
;font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smooth=
ing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: op=
timizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;col=
or: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#128176; How do=
es it make money?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);l=
ine-height: 26px;font-size: 16px;">Northwest Natural Holding Company genera=
tes revenue through multiple regulated utility operations, with natural gas=
 distribution representing the overwhelming majority of earnings:</p><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;"><strong>Revenue Streams (2024 Full Year):</strong></p><ul style=3D"m=
argin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-for=
mat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bot=
tom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"=
><strong>Natural Gas Distribution</strong><span>: $1,076M (91.5% of total r=
evenue) - This includes residential and commercial gas sales, industrial sa=
les and transportation services, gas storage revenues, and other regulated =
services&#8203;</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-specia=
l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi=
n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin=
: 0;"><strong>Water &amp; Wastewater Services</strong><span>: $77M (6.5% of=
 total revenue) - Growing segment through strategic acquisitions in Texas, =
Arizona, Idaho, Washington, Oregon, and California&#8203;</span></p></li><l=
i style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"co=
lor: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-bo=
x;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Interstate Storage =
&amp; Other</strong><span>: $23M (2.0% of total revenue) - Includes North M=
ist storage facility services, asset management, and renewable natural gas =
operations&#8203;</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color:=
 rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Natural Gas Dist=
ribution Margin Breakdown (2024):</strong></p><p style=3D"margin: 0 0 20px =
0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">The NGD segment =
generates margin (revenues minus cost of gas, environmental costs, and reve=
nue taxes) from several sources:</p><ul style=3D"margin-top: 0;padding: 0;"=
><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D=
"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Residential &amp=
; Commercial Sales</strong><span>: $540.9M (90% of NGD margin) - The core r=
evenue driver, serving 735,117 residential meters and 69,362 commercial met=
ers. Despite representing only 61% of gas volumes, these customers generate=
 90% of margin due to higher per-unit rates&#8203;</span></p></li><li style=
=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg=
b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi=
ng-left: 4px;font-size: 16px;margin: 0;"><strong>Industrial Sales &amp; Tra=
nsportation</strong><span>: $34.1M (6% of NGD margin) - Serving 1,050 indus=
trial customers who consume 39% of total volumes but generate lower margins=
 due to competitive pricing&#8203;</span></p></li><li style=3D"margin: 8px =
0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line=
-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon=
t-size: 16px;margin: 0;"><strong>Gas Cost Incentive Sharing</strong><span>:=
 $2.6M (0.4% of NGD margin) - Performance-based incentive from efficient ga=
s procurement&#8203;</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-s=
pecial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;=
margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;m=
argin: 0;"><strong>Other Margin</strong><span>: $4.1M (0.7% of NGD margin)&=
#8203;</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format:=
 bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom:=
 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><st=
rong>Other Regulated Services</strong><span>: $19.5M (3% of NGD margin) - P=
rimarily North Mist storage services&#8203;</span></p></li></ul><p style=3D=
"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;=
">The company&#8217;s regulated utility model provides revenue stability th=
rough cost-of-service rate structures approved by state regulators. The Pur=
chased Gas Adjustment (PGA) mechanism allows the company to recover actual =
gas costs, eliminating commodity price risk. Decoupling mechanisms in Orego=
n and Washington protect revenues from conservation efforts and weather var=
iations by separating sales volumes from revenue collection.&#8203;</p><h2 =
class=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF P=
ro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFo=
nt,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe =
UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antia=
liased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizeleg=
ibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;=
margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size:=
 1.625em;">&#128101; Who are its customers?</h2><p style=3D"margin: 0 0 20p=
x 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Northwest Natu=
ral serves nearly one million meters across its utility operations, with a =
diverse customer base spanning multiple sectors and states.&#8203;</p><p st=
yle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size:=
 16px;"><strong>Natural Gas Distribution Customers (805,529 total meters as=
 of December 31, 2024):</strong></p><p style=3D"margin: 0 0 20px 0;color: r=
gb(54,55,55);line-height: 26px;font-size: 16px;">The NGD segment serves thr=
ee primary customer categories across Oregon and southwest Washington, with=
 each playing a distinct role in the business model:</p><ul style=3D"margin=
-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: =
bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: =
0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><str=
ong>Residential Customers</strong><span>: 735,117 meters (91% of total mete=
rs) - Homeowners and apartment dwellers using natural gas primarily for hea=
ting, water heating, and cooking. This segment consumes 38% of gas volumes =
but generates 65% of margin, making it the most profitable customer class. =
Residential demand exhibits high weather sensitivity but strong recession r=
esistance, as heating and cooking are essential needs.&#8203;</span></p></l=
i><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=
=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor=
der-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Commercial Cu=
stomers</strong><span>: 69,362 meters (9% of total meters) - Small and medi=
um businesses including restaurants, retail stores, offices, and service es=
tablishments. This segment consumes 23% of volumes and contributes 25% of m=
argin. Commercial customers benefit from the same regulatory protections as=
 residential customers through decoupling mechanisms.&#8203;</span></p></li=
><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D=
"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Industrial Custo=
mers</strong><span>: 1,050 meters (0.1% of total meters) - Large manufactur=
ing facilities, food processing plants, and industrial operations consuming=
 39% of total gas volumes but generating only 6% of margin. These customers=
 typically have interruptible service contracts allowing the utility to cur=
tail service during peak demand periods in exchange for lower rates.&#8203;=
</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li=
ne-height: 26px;font-size: 16px;"><strong>SiEnergy Texas Operations (Post-J=
anuary 2025 Acquisition):</strong></p><p style=3D"margin: 0 0 20px 0;color:=
 rgb(54,55,55);line-height: 26px;font-size: 16px;">SiEnergy serves approxim=
ately 70,000 residential and commercial customers in high-growth areas of H=
ouston, Dallas, and Austin. The company has a contracted customer backlog o=
f over 217,000 future meters from signed infrastructure development agreeme=
nts, providing exceptional visibility into multi-year growth. The Hughes ac=
quisition added another 11,000 contracted meters, positioning the company f=
or sustained organic expansion.&#8203;</p><p style=3D"margin: 0 0 20px 0;co=
lor: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Water and Wa=
stewater Customers:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(5=
4,55,55);line-height: 26px;font-size: 16px;">NW Natural Water serves reside=
ntial, commercial, and municipal customers across multiple states through a=
pproximately 62,000 connections. The segment has grown through strategic ac=
quisitions, including the 2024 Puttman/Infrastructure Capital Holdings acqu=
isition and the pending ICH Utilities acquisition in Houston (1,500 connect=
ions). The water business demonstrated 4.1% customer growth in the 12 month=
s ended September 2025.&#8203;</p><div class=3D"captioned-image-container-s=
tatic" style=3D"font-size: 16px;line-height: 26px;margin: 32px auto;"><figu=
re style=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrapper" wid=
th=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component=
-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody>=
<tr><td style=3D"text-align: center;"></td><td class=3D"content" align=3D"l=
eft" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" t=
arget=3D"_blank" href=3D"https://substack.com/redirect/f5b34a1f-161b-4d17-b=
bbe-6d68490ce4fe?j=3DeyJ1IjoiMWJhODhzIn0.ULnY6oUjOznRAZ2waPYm8PuOd1d-YuvRHz=
afzNvQR90" rel=3D"" style=3D"position: relative;flex-direction: column;alig=
n-items: center;padding: 0;width: auto;height: auto;border: none;text-decor=
ation: none;display: block;margin: 0;"><img class=3D"wide-image" data-attrs=
=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/pub=
lic/images/a415d20b-374e-4cf3-8dbc-23031b0b29b8_2400x1600.png&quot;,&quot;s=
rcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:=
null,&quot;height&quot;:971,&quot;width&quot;:1456,&quot;resizeWidth&quot;:=
null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Customer composition anal=
ysis showing that while residential customers dominate in number (735K mete=
rs, 91%), industrial customers account for 39% of volumes despite represent=
ing only 1,050 meters. Residential and commercial customers generate 90% of=
 margin despite using only 61% of volumes&quot;,&quot;title&quot;:null,&quo=
t;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot=
;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&=
quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt=3D"Custom=
er composition analysis showing that while residential customers dominate i=
n number (735K meters, 91%), industrial customers account for 39% of volume=
s despite representing only 1,050 meters. Residential and commercial custom=
ers generate 90% of margin despite using only 61% of volumes" title=3D"Cust=
omer composition analysis showing that while residential customers dominate=
 in number (735K meters, 91%), industrial customers account for 39% of volu=
mes despite representing only 1,050 meters. Residential and commercial cust=
omers generate 90% of margin despite using only 61% of volumes" width=3D"55=
0" height=3D"366.7925824175824" src=3D"https://substackcdn.com/image/fetch/=
$s_!LmdW!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2=
F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa415d20b-374e-=
4cf3-8dbc-23031b0b29b8_2400x1600.png" style=3D"border: none !important;vert=
ical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: a=
uto;margin-bottom: 0;width: auto !important;max-width: 100% !important;marg=
in: 0 auto;"></a></td><td style=3D"text-align: center;"></td></tr></tbody><=
/table></figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);l=
ine-height: 26px;font-size: 16px;">Customer composition analysis showing th=
at while residential customers dominate in number (735K meters, 91%), indus=
trial customers account for 39% of volumes despite representing only 1,050 =
meters. Residential and commercial customers generate 90% of margin despite=
 using only 61% of volumes</p><h2 class=3D"header-anchor-post" style=3D"pos=
ition: relative;font-family: 'SF Pro Display',-apple-system-headline,system=
-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans=
-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: =
bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialias=
ed;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibili=
ty;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,=
55);line-height: 1.16em;font-size: 1.625em;">&#127757; Where does it operat=
e?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26p=
x;font-size: 16px;"><span>Northwest Natural Holding Company operates across=
 </span><strong>seven states</strong><span> in the western United States, w=
ith a particularly strong presence in the Pacific Northwest and rapidly exp=
anding operations in Texas.&#8203;</span></p><p style=3D"margin: 0 0 20px 0=
;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Primary O=
perating Territories:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb=
(54,55,55);line-height: 26px;font-size: 16px;"><strong>Oregon (Primary Mark=
et - Northwest Natural Gas)</strong></p><ul style=3D"margin-top: 0;padding:=
 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p styl=
e=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bo=
rder-box;padding-left: 4px;font-size: 16px;margin: 0;">The company&#8217;s =
historic home market where it has operated for over 165 years</p></li><li s=
tyle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color=
: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;p=
adding-left: 4px;font-size: 16px;margin: 0;">Serves approximately 775,000 m=
eters across more than 140 communities</p></li><li style=3D"margin: 8px 0 0=
 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-he=
ight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-s=
ize: 16px;margin: 0;">Covers the Portland metropolitan area and extends thr=
oughout western Oregon</p></li><li style=3D"margin: 8px 0 0 32px;mso-specia=
l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi=
n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin=
: 0;">Regulated by the Oregon Public Utility Commission (OPUC)</p></li><li =
style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"colo=
r: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;=
padding-left: 4px;font-size: 16px;margin: 0;">Represents the majority of na=
tural gas distribution revenues</p></li><li style=3D"margin: 8px 0 0 32px;m=
so-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 2=
6px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16=
px;margin: 0;">In November 2024, implemented new rates including a $73.5 mi=
llion revenue requirement increase (9.9% rate increase), though regulatory =
settlements resulted in a more modest final increase&#8203;</p></li></ul><p=
 style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-si=
ze: 16px;"><strong>Washington (Secondary Gas Market)</strong></p><ul style=
=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-specia=
l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi=
n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin=
: 0;">Serves southwest Washington communities including Vancouver and surro=
unding areas</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: =
bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: =
0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Repr=
esents approximately 10% of Northwest Natural&#8217;s gas utility customer =
base and revenues</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-for=
mat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bot=
tom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"=
>Regulated by the Washington Utilities and Transportation Commission (WUTC)=
</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p =
style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing=
: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Filed a three-ye=
ar general rate case in August 2025 requesting $42.4 million revenue requir=
ement increase over three years, with new rates beginning August 2026&#8203=
;</p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei=
ght: 26px;font-size: 16px;"><strong>Texas (High-Growth Expansion Market)</s=
trong></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px =
0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line=
-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon=
t-size: 16px;margin: 0;"><strong>SiEnergy Operations</strong><span>: Serves=
 the &#8220;Texas Triangle&#8221; high-growth metropolitan areas of Houston=
, Dallas, and Austin with approximately 70,000 customers and a contracted b=
acklog of 217,000 future meters</span></p></li><li style=3D"margin: 8px 0 0=
 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-he=
ight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-s=
ize: 16px;margin: 0;"><strong>Hughes Gas Resources</strong><span>: Serves 6=
,900 connections in 12 communities northeast of Houston with an 11,000-mete=
r contracted backlog</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-s=
pecial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;=
margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;m=
argin: 0;">Regulated by the Railroad Commission of Texas, which enacted hig=
hly favorable House Bill 4384 in June 2025 enabling real-time recovery of d=
istribution investments and essentially eliminating regulatory lag</p></li>=
<li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"=
color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-=
box;padding-left: 4px;font-size: 16px;margin: 0;">SiEnergy accounts for app=
roximately 10% of consolidated business and is expected to be a significant=
 growth driver over the next decade&#8203;</p></li></ul><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><stron=
g>Arizona, Idaho, California, and Washington (Water Operations)</strong></p=
><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;=
mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: =
26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 1=
6px;margin: 0;">NW Natural Water operates regulated water and wastewater sy=
stems across these states</p></li><li style=3D"margin: 8px 0 0 32px;mso-spe=
cial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;ma=
rgin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;mar=
gin: 0;">Arizona represents the largest water utility operation</p></li><li=
 style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"col=
or: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box=
;padding-left: 4px;font-size: 16px;margin: 0;">In 2025, completed seven rat=
e cases at utilities in Idaho, Washington, and Oregon, receiving approximat=
ely 67% of requested revenue increases</p></li><li style=3D"margin: 8px 0 0=
 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-he=
ight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-s=
ize: 16px;margin: 0;">Pursuing organic expansion in Texas water markets fol=
lowing fair market value acquisition methodology&#8203;</p></li></ul><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;"><span>While specific revenue percentages by state are not disclosed =
in SEC filings, the approximate breakdown based on customer counts and regu=
latory disclosures suggests: </span><strong>Oregon ~70-75%</strong><span>, =
</span><strong>Washington ~10%</strong><span>, </span><strong>Texas (post-S=
iEnergy) ~10%</strong><span>, and </span><strong>Water Operations (multi-st=
ate) ~6-7%</strong><span> of consolidated operations.&#8203;</span></p><h2 =
class=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF P=
ro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFo=
nt,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe =
UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antia=
liased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizeleg=
ibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;=
margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size:=
 1.625em;">&#128260; Business Dynamics</h2><h2 class=3D"header-anchor-post"=
 style=3D"position: relative;font-family: 'SF Pro Display',-apple-system-he=
adline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helveti=
ca,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';=
font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothi=
ng: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: opt=
imizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;colo=
r: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">&#128722; How oft=
en do customers buy?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55=
);line-height: 26px;font-size: 16px;"><span>Natural gas and water utility s=
ervices represent the most recurring revenue model possible in business - c=
ustomers consume and pay for services </span><strong>continuously on a mont=
hly basis</strong><span> with extraordinarily high retention rates.&#8203;<=
/span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: =
26px;font-size: 16px;"><strong>Natural Gas Distribution - Firm Service Cont=
racts:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line=
-height: 26px;font-size: 16px;"><span>The vast majority of Northwest Natura=
l&#8217;s customers (residential, commercial, and most industrial) receive =
</span><strong>firm service</strong><span> under regulatory tariffs, meanin=
g their service cannot be interrupted to meet the needs of other customers.=
 These customers are billed monthly based on consumption measured in therms=
, creating a highly predictable recurring revenue stream.&#8203;</span></p>=
<p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-=
size: 16px;">The company benefits from several mechanisms that ensure reven=
ue stability regardless of consumption patterns:</p><ul style=3D"margin-top=
: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bull=
et;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;bo=
x-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>=
Decoupling Mechanisms</strong><span> in Oregon and Washington separate reve=
nue collection from sales volumes. Under decoupling (also called a &#8220;c=
onservation tariff&#8221;), the utility recovers a fixed margin per custome=
r regardless of how much gas is consumed. This protects revenues even when =
customers reduce usage through conservation or during mild weather. The mec=
hanism accumulates differences between actual and authorized margins monthl=
y, which are then refunded or collected from customers in subsequent period=
s.&#8203;</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-form=
at: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bott=
om: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">=
<strong>Weather Adjustment Mechanisms (WARM)</strong><span> in Oregon norma=
lize revenues for temperature variances from 25-year average heating degree=
 days, further stabilizing cash flows during unseasonably warm or cold peri=
ods.&#8203;</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-fo=
rmat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bo=
ttom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;=
"><strong>Purchased Gas Adjustment (PGA)</strong><span> mechanisms allow au=
tomatic monthly adjustment of customer rates to reflect changes in forecast=
ed and actual gas costs, ensuring the company recovers its commodity costs =
without margin exposure.&#8203;</span></p></li></ul><p style=3D"margin: 0 0=
 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Cu=
stomer Retention and Growth:</strong></p><p style=3D"margin: 0 0 20px 0;col=
or: rgb(54,55,55);line-height: 26px;font-size: 16px;">Natural gas utility c=
ustomers exhibit extraordinarily high retention rates because:</p><ol style=
=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;"><p style=
=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor=
der-box;padding-left: 4px;font-size: 16px;margin: 0;">Service is essential =
for heating, cooking, and water heating</p></li><li style=3D"margin: 8px 0 =
0 32px;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: =
0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Swit=
ching costs are prohibitively high (requires replacing appliances and infra=
structure)</p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"color: r=
gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd=
ing-left: 4px;font-size: 16px;margin: 0;">Natural gas provides cost advanta=
ges over electric alternatives in most markets</p></li><li style=3D"margin:=
 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-b=
ottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0=
;">Regulatory frameworks ensure reasonable, stable pricing</p></li></ol><p =
style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-siz=
e: 16px;">The company added 6,279 meters (0.8% growth) in 2024, with partic=
ularly strong growth expected from the Texas acquisitions. The SiEnergy con=
tracted backlog of over 217,000 meters provides visibility into customer ad=
ditions for the next several years as residential and commercial developmen=
ts in Houston, Dallas, and Austin are completed.&#8203;</p><p style=3D"marg=
in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><st=
rong>Industrial Transportation Customers:</strong></p><p style=3D"margin: 0=
 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>In=
dustrial customers typically operate under </span><strong>one to three-year=
 contracts</strong><span> for transportation services, where they purchase =
gas from suppliers but pay Northwest Natural to transport it through the di=
stribution system. Some industrial customers have </span><strong>interrupti=
ble service</strong><span> contracts allowing curtailment during peak deman=
d periods in exchange for discounted rates. While these contracts renew per=
iodically, industrial customers rarely switch providers due to infrastructu=
re constraints.&#8203;</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(=
54,55,55);line-height: 26px;font-size: 16px;"><strong>Water and Wastewater =
Services:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);l=
ine-height: 26px;font-size: 16px;">Similar to natural gas, water and wastew=
ater services represent essential utilities with monthly recurring revenues=
 and near-100% customer retention. Water customers cannot reasonably switch=
 providers, creating permanent, inflation-protected revenue streams subject=
 to regulatory rate-setting.&#8203;</p><p style=3D"margin: 0 0 20px 0;color=
: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>The business mode=
l&#8217;s recurring nature is evidenced by the company&#8217;s ability to m=
aintain </span><strong>70 consecutive years of dividend increases</strong><=
span>, demonstrating the exceptional cash flow predictability and stability=
 inherent in regulated utility operations.&#8203;</span></p><div class=3D"c=
aptioned-image-container-static" style=3D"font-size: 16px;line-height: 26px=
;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table c=
lass=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td cl=
ass=3D"content" align=3D"left" width=3D"1456" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/506d9370-7c10-4ac4-8bad-18f2b9933014?j=3DeyJ1IjoiMWJhODhzIn0.ULnY6oUj=
OznRAZ2waPYm8PuOd1d-YuvRHzafzNvQR90" rel=3D"" style=3D"position: relative;f=
lex-direction: column;align-items: center;padding: 0;width: auto;height: au=
to;border: none;text-decoration: none;display: block;margin: 0;"><img class=
=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-=
media.s3.amazonaws.com/public/images/d209046c-c36f-4b6a-89f2-f7ca8540841c_2=
400x1600.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:n=
ull,&quot;imageSize&quot;:null,&quot;height&quot;:971,&quot;width&quot;:145=
6,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot=
;Dividend history showing steady annual increases from $1.892 in 2018 to $1=
=2E9525 in 2024, representing 70 consec=
utive years of dividend growth. The pa=
yout ratio increased significantly to 96% in 2024 due to regulatory disallo=
wances, compared to the 75-80% range in prior years&quot;,&quot;title&quot;=
:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:=
true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isP=
rocessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt=
=3D"Dividend history showing steady annual increases from $1.892 in 2018 to=
 $1.9525 in 2024, representing 70 consecutive years of dividend growth. The=
 payout ratio increased significantly to 96% in 2024 due to regulatory disa=
llowances, compared to the 75-80% range in prior years" title=3D"Dividend h=
istory showing steady annual increases from $1.892 in 2018 to $1.9525 in 20=
24, representing 70 consecutive years of dividend growth. The payout ratio =
increased significantly to 96% in 2024 due to regulatory disallowances, com=
pared to the 75-80% range in prior years" width=3D"550" height=3D"366.79258=
24175824" src=3D"https://substackcdn.com/image/fetch/$s_!TgJl!,w_1100,c_lim=
it,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-medi=
a.s3.amazonaws.com%2Fpublic%2Fimages%2Fd209046c-c36f-4b6a-89f2-f7ca8540841c=
_2400x1600.png" style=3D"border: none !important;vertical-align: middle;dis=
play: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;w=
idth: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td>=
<td style=3D"text-align: center;"></td></tr></tbody></table></figure></div>=
<p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-=
size: 16px;">Dividend history showing steady annual increases from $1.892 i=
n 2018 to $1.9525 in 2024, representing 70 consecutive years of dividend gr=
owth. The payout ratio increased significantly to 96% in 2024 due to regula=
tory disallowances, compared to the 75-80% range in prior years</p><h2 clas=
s=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro D=
isplay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'=
Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI E=
moji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialias=
ed;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibil=
ity;-moz-appearance: optimizelegibility;appearance: optimizelegibility;marg=
in: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.6=
25em;">&#128200; Can it raise prices?</h2><p style=3D"margin: 0 0 20px 0;co=
lor: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Northwest Natu=
ral possesses </span><strong>significant pricing power</strong><span>, thou=
gh it operates within a regulated framework that requires demonstrating cos=
t justification and obtaining regulatory approval before implementing rate =
increases. The company&#8217;s recent track record demonstrates consistent =
success in securing rate increases that support margin expansion and earnin=
gs growth.&#8203;</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55=
,55);line-height: 26px;font-size: 16px;"><strong>Regulatory Rate-Setting Fr=
amework:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li=
ne-height: 26px;font-size: 16px;">As a regulated utility, Northwest Natural=
 cannot unilaterally raise prices. Instead, the company must file general r=
ate cases with state regulators (OPUC in Oregon, WUTC in Washington, Railro=
ad Commission of Texas) demonstrating that increased rates are justified by=
:</p><ol style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 3=
2px;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;b=
ox-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Capital=
 investments in infrastructure and safety improvements</p></li><li style=3D=
"margin: 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);line-height: 26px;=
margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;m=
argin: 0;">Rising operating costs (labor, materials, insurance)</p></li><li=
 style=3D"margin: 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);line-heig=
ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz=
e: 16px;margin: 0;">Regulatory requirements and environmental compliance</p=
></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"color: rgb(54,55,55);=
line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px=
;font-size: 16px;margin: 0;">A fair return on invested capital for sharehol=
ders</p></li></ol><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-=
height: 26px;font-size: 16px;">However, this regulatory process has consist=
ently resulted in rate approvals that support profitability.&#8203;</p><p s=
tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size=
: 16px;"><strong>Recent Evidence of Pricing Power:</strong></p><p style=3D"=
margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"=
><strong>Oregon Rate Case (November 2024):</strong><span> Northwest Natural=
 successfully implemented new rates effective November 1, 2024, following a=
n all-party settlement approved by the OPUC. The outcome included:</span></=
p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px=
;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height:=
 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: =
16px;margin: 0;">Revenue requirement increase of $20.7 million (original re=
quest was $73.5 million or 9.9%)</p></li><li style=3D"margin: 8px 0 0 32px;=
mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: =
26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 1=
6px;margin: 0;">Authorized Return on Equity (ROE) of 9.5%, up from 9.4% pre=
viously</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bulle=
t;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box=
-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Cost of c=
apital of approximately 7.12%</p></li><li style=3D"margin: 8px 0 0 32px;mso=
-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26p=
x;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px=
;margin: 0;">Rate base increased $180 million to $2.3 billion total</p></li=
><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D=
"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;margin: 0;">Residential customer rat=
es increased approximately 2.5% on average</p></li></ul><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Notabl=
y, the company highlighted that Oregon residential customers are paying &#8=
220;approximately the same today for their natural gas service as they did =
20 years ago&#8221; in nominal terms, demonstrating the affordability of na=
tural gas even with regular rate adjustments. This affordability creates po=
litical support for rate increases.&#8203;</p><p style=3D"margin: 0 0 20px =
0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Washingt=
on Rate Case Filing (August 2025):</strong><span> The company filed its fir=
st Washington general rate case since 2021, requesting a three-year rate pl=
an with:</span></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"mar=
gin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55=
,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left=
: 4px;font-size: 16px;margin: 0;">Total revenue requirement increase of $42=
=2E4 million over current rates, sprea=
d over three years</p></li><li style=3D=
"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(5=
4,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-=
left: 4px;font-size: 16px;margin: 0;">51% equity / 48% long-term debt capit=
al structure</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: =
bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: =
0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">ROE =
of 10.2% by year two</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-=
format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-=
bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: =
0;">Cost of capital of approximately 7.6% by year two</p></li><li style=3D"=
margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54=
,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-l=
eft: 4px;font-size: 16px;margin: 0;">Rate base increase of $175 million sin=
ce the last rate case</p></li><li style=3D"margin: 8px 0 0 32px;mso-special=
-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin=
-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin:=
 0;">New rates beginning August 1, 2026</p></li></ul><p style=3D"margin: 0 =
0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This repr=
esents approximately 10% of consolidated gas utility revenues.&#8203;</p><p=
 style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-si=
ze: 16px;"><strong>Texas Regulatory Environment:</strong><span> The June 20=
25 enactment of House Bill 4384 in Texas created one of the most favorable =
regulatory frameworks in the country for SiEnergy. The legislation enables:=
</span></p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px=
 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);lin=
e-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fo=
nt-size: 16px;margin: 0;"><strong>Real-time recovery of distribution invest=
ments</strong><span>, essentially eliminating regulatory lag</span></p></li=
><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D=
"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;margin: 0;">Streamlined regulatory p=
rocesses</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bull=
et;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;bo=
x-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Enhanced=
 earned ROEs</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: =
bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: =
0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Abil=
ity to invest efficiently in infrastructure without extended periods of unr=
ecovered costs</p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55=
,55);line-height: 26px;font-size: 16px;">This mechanism is expected to be &=
#8220;particularly beneficial after our first rate case&#8221; and &#8220;s=
trengthens our ability to invest efficiently in the infrastructure build-ou=
t needed in Texas&#8221;.&#8203;</p><p style=3D"margin: 0 0 20px 0;color: r=
gb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Water Utility Rate=
 Cases (2025):</strong><span> NW Natural Water completed seven rate cases i=
n Idaho, Washington, and Oregon during 2025, receiving approximately 67% of=
 requested revenue increases on average. Management characterized these as =
&#8220;constructive outcomes&#8221; reflecting the value of system upgrades=
=2E&#8203;</span></p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line=
-height: 26px;font-size: 16px;"><strong>Margin Performance Evidence:</stron=
g></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px=
;font-size: 16px;">The company&#8217;s Natural Gas Distribution margin incr=
eased from $505.9 million in 2022 to $575.0 million in 2023 (+13.7%) and $6=
01.3 million in 2024 (+4.6%), demonstrating successful execution of rate st=
rategies despite declining volumes. Net profit margins improved from 7.2% i=
n 2023 to 8.3% in 2024, aided by regulatory rate increases and higher allow=
ed ROE.&#8203;</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-=
height: 26px;font-size: 16px;"><strong>Automatic Cost Recovery Mechanisms:<=
/strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height=
: 26px;font-size: 16px;">Beyond general rate cases, Northwest Natural benef=
its from multiple automatic adjustment mechanisms that provide ongoing pric=
ing power:</p><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: =
8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);=
line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px=
;font-size: 16px;margin: 0;"><strong>Purchased Gas Adjustment (PGA)</strong=
><span>: Automatically adjusts customer bills to reflect natural gas commod=
ity cost changes, ensuring cost recovery without margin risk</span></p></li=
><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D=
"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border=
-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Environmental Co=
st Recovery Mechanisms</strong><span>: SRRM in Oregon and ECRM in Washingto=
n allow recovery of environmental remediation costs</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: r=
gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd=
ing-left: 4px;font-size: 16px;margin: 0;"><strong>RNG Automatic Adjustment =
Clause</strong><span>: Recovers renewable natural gas procurement costs</sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">=
<p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-siz=
ing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Asset=
 Optimization Revenue Sharing</strong><span>: Shares storage and asset mana=
gement revenues with customers while retaining a portion for shareholders&#=
8203;</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5=
5);line-height: 26px;font-size: 16px;"><strong>Regulatory Relationships:</s=
trong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: =
26px;font-size: 16px;">The company has demonstrated constructive relationsh=
ips with regulators, evidenced by collaborative settlement processes, multi=
-year rate plans, and recognition that the utility has kept customer bills =
remarkably stable over decades. Management stated: &#8220;We carefully cons=
idered this rate case filing and the effect on customers&#8217; bills&#8221=
; while simultaneously identifying &#8220;operational efficiencies and cost=
-saving opportunities&#8221;.&#8203;</p><p style=3D"margin: 0 0 20px 0;colo=
r: rgb(54,55,55);line-height: 26px;font-size: 16px;">The combination of reg=
ulatory approval authority, demonstrated track record of rate case success,=
 automatic cost recovery mechanisms, and constructive regulatory relationsh=
ips provides Northwest Natural with substantial pricing power to offset inf=
lation, recover capital investments, and maintain margins, though within th=
e constraints of regulatory oversight and political considerations around c=
ustomer affordability.&#8203;</p><h2 class=3D"header-anchor-post" style=3D"=
position: relative;font-family: 'SF Pro Display',-apple-system-headline,sys=
tem-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,s=
ans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weigh=
t: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antial=
iased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegib=
ility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,=
55,55);line-height: 1.16em;font-size: 1.625em;">&#128201; What happens in a=
 recession?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-he=
ight: 26px;font-size: 16px;"><span>Northwest Natural has demonstrated </spa=
n><strong>exceptional recession resistance</strong><span>, with the company=
 actually growing earnings during the 2008-2009 Great Recession. Natural ga=
s utilities represent one of the most recession-proof business models due t=
o the essential nature of the service, regulatory protections, and customer=
 composition.&#8203;</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54=
,55,55);line-height: 26px;font-size: 16px;"><strong>Historical Performance:=
 Great Recession (2007-2010)</strong></p><p style=3D"margin: 0 0 20px 0;col=
or: rgb(54,55,55);line-height: 26px;font-size: 16px;">During one of the mos=
t severe economic downturns in modern history, Northwest Natural achieved c=
onsistent earnings growth every single year:</p><ul style=3D"margin-top: 0;=
padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"=
><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-si=
zing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>2007=
 EPS</strong><span>: $1.44 (pre-recession baseline)</span></p></li><li styl=
e=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: r=
gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd=
ing-left: 4px;font-size: 16px;margin: 0;"><strong>2008 EPS</strong><span>: =
$1.52 (+5.6% growth during recession onset)</span></p></li><li style=3D"mar=
gin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55=
,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left=
: 4px;font-size: 16px;margin: 0;"><strong>2009 EPS</strong><span>: $1.60 (+=
5.3% growth during peak recession)</span></p></li><li style=3D"margin: 8px =
0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line=
-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon=
t-size: 16px;margin: 0;"><strong>2010 EPS</strong><span>: $1.68 (+5.0% grow=
th during recovery)</span></p></li></ul><p style=3D"margin: 0 0 20px 0;colo=
r: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>This represents =
</span><strong>four consecutive years of approximately 5% earnings growth</=
strong><span> spanning the period before, during, and after the Great Reces=
sion, demonstrating remarkable earnings stability when most companies exper=
ienced severe disruptions.&#8203;</span></p><div class=3D"captioned-image-c=
ontainer-static" style=3D"font-size: 16px;line-height: 26px;margin: 32px au=
to;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wr=
apper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data=
-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em=
;"><tbody><tr><td style=3D"text-align: center;"></td><td class=3D"content" =
align=3D"left" width=3D"1456" style=3D"text-align: center;"><a class=3D"ima=
ge-link" target=3D"_blank" href=3D"https://substack.com/redirect/e90c85e0-7=
996-4d8f-88b5-ac0ca90f90f5?j=3DeyJ1IjoiMWJhODhzIn0.ULnY6oUjOznRAZ2waPYm8PuO=
d1d-YuvRHzafzNvQR90" rel=3D"" style=3D"position: relative;flex-direction: c=
olumn;align-items: center;padding: 0;width: auto;height: auto;border: none;=
text-decoration: none;display: block;margin: 0;"><img class=3D"wide-image" =
data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazona=
ws.com/public/images/93ca7e12-275a-4846-a22a-6bf24e492fbb_2400x1600.png&quo=
t;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageS=
ize&quot;:null,&quot;height&quot;:971,&quot;width&quot;:1456,&quot;resizeWi=
dth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Earnings per sh=
are performance during the Great Recession (2007-2010) demonstrating the re=
cession-resistant nature of the natural gas utility business. NWN achieved =
consistent earnings growth of 5-6% annually throughout the economic downtur=
n, showcasing the stability of regulated utility earnings&quot;,&quot;title=
&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&=
quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&qu=
ot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false=
}" alt=3D"Earnings per share performance during the Great Recession (2007-2=
010) demonstrating the recession-resistant nature of the natural gas utilit=
y business. NWN achieved consistent earnings growth of 5-6% annually throug=
hout the economic downturn, showcasing the stability of regulated utility e=
arnings" title=3D"Earnings per share performance during the Great Recession=
 (2007-2010) demonstrating the recession-resistant nature of the natural ga=
s utility business. NWN achieved consistent earnings growth of 5-6% annuall=
y throughout the economic downturn, showcasing the stability of regulated u=
tility earnings" width=3D"550" height=3D"366.7925824175824" src=3D"https://=
substackcdn.com/image/fetch/$s_!Wa1q!,w_1100,c_limit,f_auto,q_auto:good,fl_=
progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpubl=
ic%2Fimages%2F93ca7e12-275a-4846-a22a-6bf24e492fbb_2400x1600.png" style=3D"=
border: none !important;vertical-align: middle;display: block;-ms-interpola=
tion-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max=
-width: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-align: =
center;"></td></tr></tbody></table></figure></div><p style=3D"margin: 0 0 2=
0px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Earnings per=
 share performance during the Great Recession (2007-2010) demonstrating the=
 recession-resistant nature of the natural gas utility business. NWN achiev=
ed consistent earnings growth of 5-6% annually throughout the economic down=
turn, showcasing the stability of regulated utility earnings</p><p style=3D=
"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;=
"><strong>Factors Explaining Recession Resistance:</strong></p><p style=3D"=
margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"=
><strong>1. Essential Service with Inelastic Demand:</strong><br><span>Natu=
ral gas service for heating, cooking, and water heating represents a non-di=
scretionary necessity. Residential customers cannot realistically reduce co=
nsumption significantly during recessions - homes must be heated in winter,=
 food must be cooked, and water must be heated regardless of economic condi=
tions.&#8203;</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55)=
;line-height: 26px;font-size: 16px;"><strong>2. Residential Customer Concen=
tration:</strong><br><span>Approximately 65% of Northwest Natural&#8217;s m=
argin comes from residential customers (91% of meters), who demonstrate the=
 highest recession resistance. Unlike industrial customers who may reduce p=
roduction during downturns, residential heating and cooking demand remains =
stable. The company noted that &#8220;almost two-thirds of Northwest&#8217;=
s customers are residential&#8221; and &#8220;we believe Northwest&#8217;s =
fairly heavy concentration on residential customers will continue to serve =
it well during future recessions&#8221;.&#8203;</span></p><p style=3D"margi=
n: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><str=
ong>3. Regulatory Revenue Protections:</strong><br><span>The company&#8217;=
s decoupling mechanisms in Oregon and Washington ensure that revenues are n=
ot dependent on sales volumes. Even if economic weakness causes some reduct=
ion in discretionary gas usage, the decoupling mechanism adjusts rates to m=
aintain authorized margin levels. This regulatory protection is specificall=
y designed to insulate utility earnings from demand fluctuations.&#8203;</s=
pan></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;"><strong>4. Fixed Cost Recovery Model:</strong><br><spa=
n>Regulated utilities recover a substantial portion of fixed costs (infrast=
ructure, labor, debt service) through base rates regardless of sales volume=
s. The cost-of-service regulatory model ensures the utility earns a fair re=
turn on invested capital independent of economic cycles.&#8203;</span></p><=
p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s=
ize: 16px;"><strong>5. Low Default Risk:</strong><br><span>Utility bills re=
present a payment priority for households even during financial stress beca=
use service disconnection results in loss of heating (potentially dangerous=
 in winter). The company maintains regulatory mechanisms to manage bad debt=
, including the ability to recover uncollectible accounts through future ra=
tes. The allowance for uncollectible accounts was $9.2 million as of Decemb=
er 31, 2024, representing less than 1% of annual revenues.&#8203;</span></p=
><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font=
-size: 16px;"><strong>6. Counter-Cyclical Weather Benefits:</strong><br><sp=
an>During recessions, consumers may reduce thermostat settings to save mone=
y, but Northwest Natural&#8217;s weather normalization mechanisms (WARM in =
Oregon, decoupling in Washington) adjust revenues for temperature-related c=
onsumption changes, largely offsetting this effect.&#8203;</span></p><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;"><strong>Recent Pandemic Performance (2020):</strong></p><p style=3D"=
margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"=
>While detailed 2020 earnings are not provided in the search results, the c=
ompany maintained its dividend throughout the COVID-19 pandemic and recessi=
on, consistent with its 70-year streak of annual dividend increases. The 20=
24 10-K references COVID-19 cost deferrals and regulatory mechanisms that p=
rotected earnings during the pandemic period.&#8203;</p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><stron=
g>Capital Structure Provides Stability:</strong></p><p style=3D"margin: 0 0=
 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">The compan=
y&#8217;s balanced 50/50 debt-to-equity capital structure (Oregon gas utili=
ty) and investment-grade credit ratings (A+ by S&amp;P, A2 by Moody&#8217;s=
) ensure continued access to capital markets during recessions at reasonabl=
e costs. Long-term debt maturities are well-laddered, with no significant r=
efinancing risk.&#8203;</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,=
55);line-height: 26px;font-size: 16px;"><strong>Industrial Segment Cyclical=
ity:</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h=
eight: 26px;font-size: 16px;">The one potential area of cyclical exposure i=
s the industrial customer segment (6% of margin, 39% of volumes). Industria=
l production can decline during recessions, reducing transportation service=
 revenues. However, this segment&#8217;s small contribution to overall marg=
in limits the impact. Additionally, some industrial customers operate in le=
ss cyclical sectors like food processing.&#8203;</p><p style=3D"margin: 0 0=
 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Re=
gulatory Lag Considerations:</strong></p><p style=3D"margin: 0 0 20px 0;col=
or: rgb(54,55,55);line-height: 26px;font-size: 16px;">The primary recession=
 risk for utilities is &#8220;regulatory lag&#8221; - the time delay betwee=
n when costs rise and when rate increases are implemented. During severe re=
cessions with deflationary pressures, this actually benefits the company as=
 costs may stabilize or decline while recently approved rate increases take=
 effect. Conversely, rapid inflation can temporarily compress margins until=
 the next rate case, though automatic cost adjustment mechanisms (PGA, envi=
ronmental cost recovery) mitigate this for specific cost categories.&#8203;=
</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f=
ont-size: 16px;"><strong>Investment Takeaway:</strong></p><p style=3D"margi=
n: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><spa=
n>Northwest Natural&#8217;s recession performance validates the defensive c=
haracteristics of regulated natural gas utilities. The combination of essen=
tial service, residential customer focus, regulatory protections, and fixed=
-cost recovery creates a business model that can actually </span><strong>gr=
ow earnings during severe economic downturns</strong><span>. This makes the=
 company particularly attractive for income-focused investors seeking portf=
olio stability during market volatility.&#8203;</span></p><h2 class=3D"head=
er-anchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-=
apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI'=
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goe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-o=
sx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-=
appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0=
 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;marg=
in-bottom: 0;">&#128202; Dividend statistics and is it a good opportunity t=
o invest today?...</h2></div></div><div class=3D"paywall paywall-white-back=
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