Fixed-Income Investor Presentation
12
Months of Inventory
25
RESILIENT BUSINESS MODEL
Tight Residential Real Estate Market
Leads to Fewer Losses
Housing Inventory through March 2023
Residential
Commercial
Industrial
15
20
15
10
Лич
5
1/1/2008
9/1/2008
5/1/2009
1/1/2010
9/1/2010
5/1/2011
1/1/2012
9/1/2012
5/1/2013
1/1/2014
9/1/2014
5/1/2015
1/1/2016
9/1/2016
RMLS Data for Portland Metro
5/1/2017
1/1/2018
9/1/2018
5/1/2019
1/1/2020
9/1/2020
5/1/2021
1/1/2022
9/1/2022
May 2023
1.6
~80% of Natural Gas Utility Margin is Decoupled
% of Volumes
% of Margin
% of Margin
Decoupled
38%
65%
93%
23%
25%
78%
39%
7%
0%
Other
Total
N/A
3%
N/A
100%
100%
81%
Based on 2022 SEC financials
~70% of Gas Utility Margin Earned during Heating Season
Q1
Q2
Q3
Q4
Sales Volumes
(weather normalized)
40%
18%
10%
32%
Utility Margin
35%
19%
12%
34%
Net Income
70%
0%
-29%
59%
Based on 2022 SEC financials
NW Natural®View entire presentation