Fixed-Income Investor Presentation
PROGRESSIVE REGULATION
KEY DEFERRALS RECOVERING:
COVID
ERP System Upgrade
TSA Cybersecurity
KEY MECHANISMS:
Decoupling/WARM
Purchased Gas Adjustment
OREGON
✓
WASHINGTON
1
1
2
23
In Washington, NW Natural is currently recovering the ERP
System Upgrade deferral. The COVID and TSA Cybersecurity
recovery is expected to be determined through a future rate case
proceeding.
In Oregon, NW Natural shares PGA gains and losses
In 2019, SB 5116 was passed granting the WUTC authority to
incorporate costs and capital up to 48 months after the rate
effective date. In 2021, SB 5295 was passed requiring multiyear
general rate plans that include performance-based measures.
Rate base is a 13-month average ending 12/31/22. Oregon rate
base includes gas reserves and North Mist gas storage facility
Environmental Cost
Incentive Sharing²
RNG Automatic Adjustment Clause
RATE CASE TEST YEAR
Forward
Multiyear³
4
CURRENT RATE STRUCTURES:
ROE
9.4%
Not determined
ROR
6.836%
6.814%
Equity Ratio
50%
Not determined
15
2022 Rate Base4
$1.7B
$0.2B
NW NaturalⓇView entire presentation