Compounding Long-term Dividends at 5-7% CAGR
High Growth Rate Regulated Utilities Platform
High Growth Utilities Platform
■ ~1.6 million customers with population growing ~40% faster than the
national average¹
■ ~70% of revenue from residential customers
Limited weather/usage sensitivity across ~70% of rate base
~US$5.0 billion regulated rate base; ~9% CAGR since 2019
Strong and Transparent Growth
2024E Utility Revenues
70%
Residential
30%
Commercial
& Industrial
■
Strong growth through customer additions and modernization programs
BATTE
a
■ Modernization programs provide incentive to upgrade networks for safety
and reliability with limited rate lag
Utilities Breakdown
Maryland
Customers²
Rate Base
(US$MM)²
Allowed ROE
OD.C.
Maryland
513,000
1,544
9.70%
Washington
Gas
Virginia
552,000
1,797
9.65%
D.C.
164,000
743
9.25%
Virginia
SEMCOENERGY
Michigan
319,000
884
9.87%
Notes: 1) United States Census Bureau, using data over the past 10 years; 2) As of June 30, 2023. *See "Forward-looking Information
AltaGas
Michigan
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