Recent Updates — NWN
Northwest Natural Holding Co announced a settlement in the Texas general rate case for its subsidiaries SiEnergy Gas, Pines Gas, and Pines Gas Development. The Railroad Commission of Texas must approve the stipulation, which consolidates these entities and establishes systemwide rates effective November 2026. The settlement grants an $8.6 million annual revenue requirement increase, down from the original $12.0 million request. It sets a rate base of approximately $343 million, up $177 million since 2023, with a capital structure of 59.75% equity and 40.25% debt, a 9.8% return on equity, and an 8.0% overall cost of capital. The agreement also enables participation in the Gas Reliability Infrastructure Program for interim rate adjustments based on net plant investments. Northwest Natural Holding Co operates as a diversified utility providing natural gas and water services to customers across seven states.
On September 3, 2026, Northwest Natural Gas Company issued $120 million in aggregate principal amount of First Mortgage Bonds to institutional investors. The issuance consists of $60 million in 5.62% Series bonds maturing on September 3, 2036, and $60 million in 6.26% Series bonds maturing on September 3, 2056. Interest is payable semi-annually starting March 3, 2027. The company operates as a regulated natural gas utility.
Northwest Natural Holding Co.'s subsidiary, Northwest Natural Gas Company, received a regulatory order from the Washington Utilities and Transportation Commission approving a general rate increase settlement effective August 1, 2026. The approval resolves all issues in the Rate Case, including preserving the line extension allowance, and authorizes revenue increases of $20.1 million in Year 1 (August 2026), $7.5 million in Year 2 (August 2027), and $7.4 million in Year 3 (August 2028). The order assumes a capital structure of 50% long-term debt and 50% common equity, with a return on equity of 9.5%. Northwest Natural Holding Co. operates as a regulated utility company providing natural gas distribution services.
Northwest Natural Holding Company issued $50 million in 5.35% Senior Notes due 2031 and agreed to issue $10 million in 5.35% Senior Notes due 2031 and $60 million in 5.83% Senior Notes due 2036. Additionally, its subsidiary, NW Natural Water Company, LLC, issued $33 million in 5.15% Senior Notes due 2031 and $42 million in 5.58% Senior Notes due 2036. The proceeds from these issuances are intended for general corporate purposes and the repayment of existing indebtedness.