Fixed-Income Investor Presentation
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INVESTMENT THESIS
Stable and growing utility margins driven by the following
targets over the next five years including:
Stable
• Gas utility customer growth averaging 1.1%
Utility
• Gas utility cap-ex $1.3 - $1.5 billion with rate base growth
of 5% -7%1
Margins
BUSINESS
STRATEGY
Excellent operations and efficient cost structure
Commitment to safety, reliability, and high-quality service
• Continued focus on efficient business operations
Long-term growth opportunities
•
Strong cap-ex profile with attractive service territory
Focused on decarbonizing energy through investment and
procurement of renewable natural gas for the utility
1 Rate base growth forecasted for period 2022 - 2027
Stable and Growing Return Proposition
Low-Risk
Growth
Efficient
Cost
Structure
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