Flexible Renewable Storage Potential

36 STRATEGIC RATIONALE FOR COMPETITIVE RNG The Competitive RNG business represents a significant opportunity to add earnings and cash flows in a rapidly-growing market segment Market Opportunity Opportunity to achieve attractive returns as demand exceeds RNG supply Increasing demand for renewable fuels expected to be driven by: Voluntary and mandated targets in the utility, commercial, industrial and transportation sectors Many large-scale, low-cost RNG projects have yet to be developed • RNG production forecasted to grow 5x in the next decade Strategic Fit & Competitive Advantage • Potential early-mover advantage, building on expertise and market knowledge Aligns with core competencies including: - Developing and managing critical distribution infrastructure Environmental stewardship Create long-term value for our stakeholders by decarbonizing businesses beyond NW Natural's gas utility RNG projects sized well for investment by NW Natural Renewables Thoughtful, disciplined approach with the aim of building a diverse portfolio of RNG projects Executing long-term fixed price agreements to ensure stable and predictable cash flows Investment Approach • • Operating across a variety of geographies • Focused on limiting exposure to volatile renewable fuel programs

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