NW Natural unit reaches $8.6 million rate settlement

• NW Natural Holding Company (NYSE:NWN) said its SiEnergy subsidiaries reached a settlement in a Texas general rate case.
• The agreement provides for an $8.6 million annual revenue requirement increase, subject to approval from the Railroad Commission of Texas.
• The settlement establishes a new capital structure and supports future infrastructure investment through Texas’s Grid Reliability Infrastructure Program.

NW Natural Holding Company (NYSE:NWN) said its SiEnergy subsidiaries reached a settlement with key parties in a Texas general rate case that includes an $8.6 million annual revenue increase.

The settlement was filed with the Railroad Commission of Texas on September 22 and resolves all items in the rate case if approved by regulators.

The agreement includes a capital structure of 59.75% equity and 40.25% long-term debt, a 9.8% return on equity, and an overall cost of capital of 8%.

The settlement reflects a SiEnergy rate base of $343 million, representing an increase of $177 million since its previous rate case in 2023, and allows consolidation of its gas distribution entities.

NW Natural acquired SiEnergy Operating in January 2025, and the company later completed its acquisition of Pines Gas and Pines Development in June 2025.