NW Natural Holding Company’s (NYSE: NWN) subsidiary, NW Natural has
completed its North Mist Expansion Project and is now providing
no-notice storage to Portland General Electric’s (NYSE: POR) Port
Westward plants to balance renewable power on the grid.
“We’ve worked diligently to complete this innovative,
one-of-a-kind service. I’m proud of everyone involved as we place
one of the largest projects in our utility’s history into service,”
said David H. Anderson, president and CEO of NW Natural. “We
believe this is an important step in supporting our region’s move
to more renewable power while also enhancing grid reliability.”
The $149 million project includes a compressor station, a
13-mile pipeline, and a new 3 Bcf reservoir. Through this storage
service, PGE will be able to draw on its natural gas resources from
NW Natural’s facilities in Mist, Ore. to meet its fueling needs and
rapidly respond to peak demand and variability of wind, hydro and
solar generation.
The facility is contracted for an initial 30-year period to
Portland General with renewal options of up to 50 years beyond
that.
“Our customers are counting on us to be clean energy leaders and
keep our electric grid as reliable and affordable as possible,”
said Maria Pope, PGE’s president and CEO. “The North Mist Expansion
gives us more flexibility to continue adding renewable resources
without compromising our ability to keep the system resilient and
reliable.”
NW Natural will recover its cost of service for the investment,
inclusive of its authorized cost of capital, with immediate
earnings under an established tariff schedule that was previously
approved by the Oregon PUC.
ABOUT NW NATURAL HOLDINGS Northwest Natural
Holding Company, (NYSE: NWN) (NW Natural Holdings), is
headquartered in Portland, Oregon, and through its subsidiaries has
been doing business for 160 years in the Pacific Northwest. It owns
NW Natural Gas Company (NW Natural), NW Natural Water Company (NW
Natural Water), and other business interests and activities.
NW Natural is a local distribution company that currently
provides natural gas service to approximately two million people in
more than 140 communities through more than 750,000 meters in
Oregon and Southwest Washington with one of the most modern
pipeline systems in the nation. NW Natural consistently leads the
industry with high J.D. Power & Associates customer
satisfaction scores.
NW Natural has 19 Bcf of storage in Oregon with 3 Bcf supporting
renewables. NW Natural Holdings’ subsidiaries own and operate 34
Bcf of underground gas storage capacity.
NW Natural Water currently provides water distribution service
to approximately 23,000 people through 7,900 connections. To date,
NW Natural Water has acquired five water distribution utilities
with several additional acquisitions pending. Upon closing current
outstanding transactions, cumulatively, NW Natural Water expects to
have invested $70 million and serve nearly 45,000 people through
approximately 18,000 connections in the Pacific Northwest.
Additional information is available
at nwnaturalholdings.com.
FORWARD-LOOKING STATEMENTS This report, and
other presentations made by NW Natural Holdings from time to time,
may contain forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as
"anticipates," "assumes," "intends," "plans," "seeks," "believes,"
"estimates," "expects" and similar references to future periods.
Examples of forward-looking statements include, but are not limited
to, statements regarding the following: plans, objectives,
assumptions, estimates, timing, goals, strategies, future events,
investments, performance, capital expenditures, stability,
reliability, customer and business growth, weather, customer rates
or rate recovery, adoption of renewable energy and our ability to
provide effective supporting resources, infrastructure availability
and development, gas storage development or costs or timing related
thereto, the water utility strategy and the related pending water
acquisitions, plans of third parties, timing or effects of future
regulatory proceedings or future regulatory approvals, and other
statements that are other than statements of historical facts.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Actual
results may differ materially from those contemplated by the
forward-looking statements. NW Natural Holdings cautions you
therefore against relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future operational, economic or
financial performance. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements are discussed by reference to the factors described in
Part I, Item 1A "Risk Factors", and Part II, Item 7 and Item 7A
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Quantitative and Qualitative Disclosure
about Market Risk" in NW Natural Holdings’ most recent Annual
Report on Form 10-K and in Part I, Items 2 and 3 "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and "Quantitative and Qualitative Disclosures About
Market Risk", and Part II, Item 1A, "Risk Factors", in NW Natural
Holdings’ quarterly reports filed thereafter.
All forward-looking statements made in this report and all
subsequent forward-looking statements, whether written or oral and
whether made by or on behalf of NW Natural Holdings, are expressly
qualified by these cautionary statements. Any forward-looking
statement speaks only as of the date on which such statement is
made, and NW Natural Holdings undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law. New factors emerge from time to time and it is not
possible for NW Natural Holdings to predict all such factors, nor
can it assess the impact of each such factor or the extent to which
any factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking
statements.
Investor Contact: Nikki Sparley
Phone: 503-721-2530
Email: nikki.sparley@nwnatural.com
Media Contact: Melissa Moore
Phone: 503-220-2436
Email: melissa.moore@nwnatural.com
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