Northwest Natural Holding (NWN) risk factors, FY2024 10-K

Northwest Natural Holding's FY2024 10-K, filed Feb 28, 2025, lists 22 risk factors in 4 groups. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
224 groups
Section length
14k wordsItem 1A

Northwest Natural Holding's biggest risks in the FY2024 10-K

  • Heavy reliance on regulated utility rate-making, customer growth, and environmental safety compliance.

The risks most specific to Northwest Natural Holding

  • Legal, Regulatory and Legislative Risks

    If we can no longer apply regulatory accounting, we could be required to write off our regulatory assets and precluded from the future deferral of costs not recovered through rates at the time such amounts are incurred, even if we are expected to recover these amounts from customers in the future

    Legislative or regulatory changes could eliminate our ability to apply regulatory accounting and force write-offs of regulatory assets.

  • Legal, Regulatory and Legislative Risks

    CUSTOMER GROWTH RISK. NW Holdings’ and NW Natural’s NGD margin, earnings and cash flow may be negatively affected if we are unable to sustain customer growth rates in our NGD segment

    Our natural gas distribution margins and cash flow depend heavily on sustaining residential and commercial customer growth rates.

  • Operational Risks

    THIRD PARTY PIPELINE RISK. NW Natural’s gas storage business depends on third-party pipelines that connect our storage facilities to interstate pipelines, the failure or unavailability of which could adversely affect NW Holdings’ or NW Natural’s financial condition, results of operations and cash flows

    Our gas storage business relies entirely on third-party pipelines for connection to interstate transport, which are outside our control.

  • Business Continuity and Technology Risks

    RELIANCE ON TECHNOLOGY RISK. NW Holdings’ and NW Natural’s efforts to integrate, consolidate and streamline each of their operations has resulted in increased reliance on technology, the failure of which could adversely affect NW Holdings’ or NW Natural’s financial condition and results of operations

    Integration and streamlining initiatives have increased our reliance on internal technology like our enterprise resource planning and digital dispatch systems.

  • Financial and Economic Risks

    CUSTOMER CONSERVATION RISK. Customers’ conservation efforts may have a negative impact on NW Holdings’ and NW Natural’s revenues

    Customer energy conservation and efficiency improvements can reduce our volumetric natural gas sales and revenues.

  • Financial and Economic Risks

    WEATHER RISK. Warmer than average weather may have a negative impact on our revenues and results of operations

    Warmer than average winter weather reduces gas sales to space heating residential and small commercial customers.

  • Financial and Economic Risks

    INVESTMENT RISK. NW Holdings’ expectations with respect to the financial results of its investments in water, wastewater and water services operations are based on various assumptions and beliefs that may not prove accurate, resulting in failures or delays in achieving expected returns or performance

    Our expansion into water and wastewater utility operations carries risks of contamination, supply disruptions, and delayed returns.

  • Financial and Economic Risks

    INVESTMENT RISK. NW Holdings’ expectations with respect to the financial results of its investments in non-regulated RNG investments are based on various assumptions and beliefs that may not prove accurate, resulting in failures or delays in achieving expected returns

    Our investments in non-regulated renewable natural gas projects may fail to achieve expected financial returns.

All 22 risk factors

Headings as the filing states them, in filing order.

Legal, Regulatory and Legislative Risks

  1. 01We cannot predict the timing or outcome of these proceedings, or the effects of those outcomes on NW Holdings’ and NW Natural’s results of operations and financial condition
  2. 02REPUTATIONAL RISKS. To the extent that customers, legislators, or regulators have or develop a negative opinion of our businesses, NW Holdings’ and NW Natural’s financial position, results of operations and cash flows could be adversely affected
  3. 03If we can no longer apply regulatory accounting, we could be required to write off our regulatory assets and precluded from the future deferral of costs not recovered through rates at the time such amounts are incurred, even if we are expected to recover these amounts from customers in the future
  4. 04STRATEGIC TRANSACTION RISK. NW Holdings’ and NW Natural’s ability to successfully complete strategic transactions is subject to significant risks, which could adversely affect NW Holdings’ or NW Natural’s financial condition, results of operations, and cash flows
  5. 05JOINT PARTNER RISK. Investing in business development projects through partnerships, joint ventures or other business arrangements affects our ability to manage certain risks and could adversely impact NW Holdings’ or NW Natural’s financial condition, results of operations and cash flows
  6. 06CUSTOMER GROWTH RISK. NW Holdings’ and NW Natural’s NGD margin, earnings and cash flow may be negatively affected if we are unable to sustain customer growth rates in our NGD segment
  7. 07RISK OF COMPETITION. Our NGD business is subject to increased competition which could negatively affect NW Holdings’ or NW Natural’s results of operations

Operational Risks

  1. 08SAFETY REGULATION RISK. NW Holdings and NW Natural may experience increased federal, state and local regulation of the safety of our systems and operations, which could adversely affect NW Holdings’ or NW Natural’s operating costs and financial results
  2. 09THIRD PARTY PIPELINE RISK. NW Natural’s gas storage business depends on third-party pipelines that connect our storage facilities to interstate pipelines, the failure or unavailability of which could adversely affect NW Holdings’ or NW Natural’s financial condition, results of operations and cash flows
  3. 10ENVIRONMENTAL REGULATION COMPLIANCE RISK. NW Holdings and NW Natural are subject to environmental regulations, compliance with which or failure to comply with, could adversely affect our operations or financial results
  4. 11GLOBAL CLIMATE CHANGE RISK. Our businesses may be subject to physical risks associated with climate change, all of which could adversely affect NW Holdings’ or NW Natural’s financial condition, results of operations and cash flows

Business Continuity and Technology Risks

  1. 12RELIANCE ON TECHNOLOGY RISK. NW Holdings’ and NW Natural’s efforts to integrate, consolidate and streamline each of their operations has resulted in increased reliance on technology, the failure of which could adversely affect NW Holdings’ or NW Natural’s financial condition and results of operations
  2. 13CYBERSECURITY RISK. NW Holdings’ and NW Natural’s status as an infrastructure services provider coupled with its reliance on technology could result in a security breach which could adversely affect NW Holdings’ or NW Natural’s financial condition and results of operations

Financial and Economic Risks

  1. 14GAS PRICE RISK. Higher natural gas commodity prices and volatility in the price of gas may adversely affect our NGD business, whereas lower gas price volatility may adversely affect NW Natural’s gas storage business, negatively affecting NW Holdings’ and NW Natural’s results of operations and cash flows
  2. 15INABILITY TO ACCESS CAPITAL MARKET RISK. NW Holdings’ or NW Natural’s inability to access capital, or significant increases in the cost of capital, could adversely affect NW Holdings’ or NW Natural’s financial condition and results of operations
  3. 16IMPAIRMENT OF LONG-LIVED ASSETS OR GOODWILL RISK. Impairments of the value of long-lived assets or goodwill could have a material effect on NW Holdings’ or NW Natural’s financial condition, or results of operations
  4. 17CUSTOMER CONSERVATION RISK. Customers’ conservation efforts may have a negative impact on NW Holdings’ and NW Natural’s revenues
  5. 18ECONOMIC RISK. Changes in the economy and in the financial markets may have a negative impact on our financial condition and results of operations
  6. 19WEATHER RISK. Warmer than average weather may have a negative impact on our revenues and results of operations
  7. 20WATER SECTOR BUSINESS. NW Holdings' water, wastewater and water services businesses are subject to a number of risks in addition to the risks described above
  8. 21INVESTMENT RISK. NW Holdings’ expectations with respect to the financial results of its investments in water, wastewater and water services operations are based on various assumptions and beliefs that may not prove accurate, resulting in failures or delays in achieving expected returns or performance
  9. 22INVESTMENT RISK. NW Holdings’ expectations with respect to the financial results of its investments in non-regulated RNG investments are based on various assumptions and beliefs that may not prove accurate, resulting in failures or delays in achieving expected returns

Other Northwest Natural Holding 10-Ks

  • FY2025 10-K risk factors
    24 risks4 new2 dropped15 reworded

    Acquisition activity expands risks into new gas markets and less mature IT systems. Climate and wildfire physical threats threaten infrastructure and customer demand. Water businesses face specific contaminants like PFAS. Customer conservation and slower housing starts pressure margins.

    Filed Feb 27, 2026

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.