MDU Resources increases capital investment plan for 2025-2029 to $3.1B

MDU Resources (MDU) plans to make capital investments totaling $3.1B from 2025 through 2029, a 15% increase from 2024-2028. CEO Nicole Kivisto said, “By increasing our investments in electric and natural gas, we aim to support our growing customer base and modernize our infrastructure. At the same time, we will continue to optimize our pipeline operations and complete key projects driven by increasing customer demand. These strategic investments ensure we provide safe, reliable service while adapting to evolving market conditions.” MDU Resources plans to increase investments in its electric and natural gas distribution segments by 47% over the next five years compared to 2020-2024. These investments will focus on constructing electric transmission lines, substations, and natural gas delivery infrastructure to support a customer base expected to grow 1%-2% annually. The combined rate base for the electric and natural gas distribution segments is expected to grow 7%-8% on a compounded annual basis over the next five years, increasing from the previously projected 7% growth rate. With the increase in the Company’s capital program, the need for equity issuance to support growth is now anticipated in 2026, earlier than the previously projected 2027. The company remains committed to a long-term EPS growth target of 6%-8% with the enhanced capital investment plan.