NW Natural Holding Company filed a settlement with the Railroad Commission of Texas on behalf of its SiEnergy subsidiary. The agreement lifts SiEnergy's annual revenue requirement by $8.6 million, compared with the $12 million increase originally sought.
The rate base for SiEnergy is set at $343 million, reflecting a $177 million rise since the last rate case in 2023. The company's capital structure is 59.75 % equity and 40.25 % long‑term debt, with a reported return on equity of 9.8 % and an overall cost of capital of 8.0 %.
The settlement permits the consolidation of SiEnergy Gas, LLC and its related gas distribution entities. It also establishes criteria for participation in the Grid Reliability Infrastructure Program, allowing interim rate adjustments based on net plant investment changes if a filing is made within two years of the case filing.
Acquisitions completed in 2025—SiEnergy Operating, LLC in January and Pines Gas and Pines Development, LLC in June—are incorporated into the filing. The settlement still requires regulatory approval, and the new rates are slated to become effective in November 2026, pending commission sign‑off.
NW Natural, headquartered in Portland, Oregon, provides energy and water services to nearly one million customers across seven states.
