Northwest Natural Holding Co (NYSE: NWN) is a natural gas utility holding company that distributes natural gas to residential, commercial, and industrial customers primarily in Oregon and Washington. Revenue is generated through regulated rate-based distribution charges set by state utility commissions, collected from customers connected to its natural gas network. The primary operating subsidiary is Northwest Natural Gas Company, which files separately with the SEC and is wholly owned by the holding company. NWN is listed on the New York Stock Exchange and qualifies as a well-known seasoned issuer as of the 10-K filed February 27, 2026, covering fiscal year ended December 31, 2025. The regulated utility model ties returns to an approved rate base, with pricing and allowed returns determined by state regulators rather than market competition. Capital intensity is high, as the business requires ongoing investment in pipeline and distribution infrastructure to serve its customer base.

Revenue model

Regulated natural gas distribution revenue collected from residential, commercial, and industrial customers under rates approved by state utility commissions in Oregon and Washington.

Products and services

Natural gas distribution service delivered through a regulated pipeline and distribution network operated by subsidiary Northwest Natural Gas Company.

Customers and end markets

Residential, commercial, and industrial natural gas customers in Oregon and Washington, served through a regulated distribution franchise.

Value-chain role

Last-mile natural gas distributor operating between interstate pipeline transmission systems and end-use customers.

Geographic exposure

Oregon and Washington state (Pacific Northwest, United States), based on the operating territory of Northwest Natural Gas Company.

Source: SEC 10-K, filed 2026-02-27

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