NW Natural

What NW Natural does

NW Natural, legally Northwest Natural Gas Company, is a regulated natural gas distribution utility founded in 1859 and headquartered in Portland, Oregon. The company serves approximately 2 million people through 800,000+ meters across Oregon and Southwest Washington, providing residential, commercial, and industrial customers with natural gas for heating, cooking, and water heating via one of the most modern pipeline systems in the United States (methane emissions 90% lower than EPA assumptions). Rates are set by the Oregon Public Utilities Commission and the Washington Utilities and Transportation Commission under a regulated monopoly franchise.

The company's product portfolio centers on core gas distribution, augmented by the Smart Energy voluntary carbon offset and renewable natural gas (RNG) program — the first stand-alone gas utility program of its kind in the U.S., launched in 2007 — plus the Thermostat Rewards demand-response program, appliance rebate offerings (e.g., up to $750 fireplace rebates in Washington), ultrasonic residential meters, the Bill Discount Program (up to 85% discount for qualifying customers), and the NW Natural Safety App. Under its 2016 Low Carbon Pathway strategy, NW Natural targets 30% carbon savings by 2035 (42% achieved as of 2022) and has scaled RNG to 3.35% of total deliveries in 2025 with 4% contracted for 2026. The company also operates the wholly owned NW Natural Water Company, serving 80,000 water and wastewater customers across six states, and acquired SiEnergy Natural Gas for $427 million in 2024 to establish a Texas gas utility platform.

NW Natural operates as a subsidiary of Northwest Natural Holding Company (NYSE: NWN), a publicly traded holding company. Revenue is primarily usage-based and rate-regulated, with secondary subscription revenue from Smart Energy ($8/month Average Home option, $0.15246/therm Climate Neutral option). The company has maintained 70 consecutive years of dividend increases (Dividend King status), 1,200+ employees, and 2026 EPS guidance of $2.95-$3.15 representing a 4%-6% long-term growth target. Active 2026 strategic initiatives include a Washington rate settlement ($36.5M over three years), a Texas rate case ($12M), and the $300M MX3 gas storage expansion that could lift long-term EPS growth to 5%-7%.

Name

NW Natural

Legal name

Northwest Natural Gas Company

Website

https://nwnatural.com

Company type

Public

Founded year

1859

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NW Natural is a regulated natural gas distribution utility serving approximately 2 million people through 800,000+ meters in Oregon and Southwest Washington. It also operates water and wastewater services across six states and, since 2024, a Texas gas utility acquired via SiEnergy.

Ownership category

akta.pro rank

Product category

Natural Gas Utility Distribution

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (221210), Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924)

akta.pro primary industry

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA)

akta.pro secondary industries

Residential Natural Gas Sales & Customer Growth (EUAAADAD), Commercial & Industrial (C&I) Natural Gas Sales (EUAAADAC)

Keywords

• Natural gas distribution
• Gas utility services
• Carbon offset program
• Renewable natural gas
• Water wastewater utility

Headquarters

HQ city

Portland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Gas Distribution: Regulated utility providing natural gas to approximately two million people through 800,000 meters in Oregon and Southwest Washington. Revenue derived from gas distribution charges approved by regulatory commissions.
2. Water and Wastewater Services: NW Natural Water Company provides water and wastewater utility services to 80,000 customers across six states since 2017 acquisition strategy.
3. Smart Energy Program: Voluntary carbon offset and renewable natural gas program for residential and business customers. Average Home option costs $8/month; Climate Neutral option costs $0.15246/therm. About 78% of payments used for carbon offsets and renewable thermal certificates.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

NW Natural is a regulated natural gas utility that distributes natural gas to approximately two million people through 800,000 meters across Oregon and Southwest Washington. Beyond gas distribution, the company offers the voluntary Smart Energy carbon offset and renewable natural gas program for residential and business customers and operates a water and wastewater utility serving 80,000 customers across six states through its wholly owned NW Natural Water Company subsidiary.

Product overview

NW Natural operates as a regulated natural gas utility providing distribution services to over 2 million people across Oregon and Southwest Washington through approximately 800,000 meters. The company's product portfolio centers on its core natural gas distribution service, supplemented by the Smart Energy voluntary carbon offset and renewable natural gas program. Additional offerings include demand response (Thermostat Rewards), rebate programs for appliance adoption (Fireplace Offer), payment assistance (Bill Discount Program), and digital tools including a safety mobile app and automated billing options (Auto Pay, WARM Billing). The company also operates NW Natural Water Company for water and wastewater services, though this operates under a separate privacy policy. The Smart Energy program serves as a key sustainability offering, allowing residential and business customers to mitigate natural gas usage emissions through carbon offsets and renewable natural gas certificates.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Utility Service Regulated distribution of natural gas to residential, commercial, and industrial customers through 800,000+ meters across Oregon and Southwest Washington via one of the most modern pipeline systems in the United States, with rates approved by the Oregon Public Utility Commission and Washington Utilities and Transportation Commission.
• Smart Energy Program Voluntary carbon offset and renewable natural gas program available to residential and business customers, with an Average Home option priced at $8/month fixed and a Climate Neutral option priced at $0.15246/therm, with about 78% of payments used for carbon offsets and renewable thermal certificates.
• Water and Wastewater Utility Services Water and wastewater utility services delivered through the wholly owned NW Natural Water Company subsidiary to 80,000 customers across six states, expanded since 2017 and broadened through the 2024 acquisition of SiEnergy Natural Gas.

Quantifiable outcome

• 42% of 30% carbon savings goal achieved by 2035 (ahead of target pace)
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Oregon Energy FundcoreStrategic or Co-development Partner · 19 May 2026Partnership through Oregon Low-Income Energy Efficiency (OLIEE) program delivering no-cost whole-home retrofits to 2,500 low-income households across Oregon. NW Natural was nominated by Oregon Energy Fund for NEUAC Corporate Excellence Award.
• Habitat for HumanitycoreStrategic or Co-development Partner · 19 May 2026Partnership to complete energy retrofits at Habitat communities in Portland and Hillsboro as part of OLIEE program, providing whole-home improvements to low-income families.
• Energy Trust of OregoncoreStrategic or Co-development PartnerLong-standing partnership supporting energy efficiency measures including cost-effective equipment upgrades, insulation, and building improvements. NW Natural customers funded approximately $34.5 million of energy-efficiency expenses in 2021, generating over 6.5 million therms in savings.
• Prosper PortlandminorStrategic or Co-development PartnerStrategic partnership through Sustainable Purchasing Program to build diverse supplier base, reflecting and supporting communities served.
• Oregon Association of Minority Entrepreneurs (OAME)minorStrategic or Co-development PartnerStrategic partnership to support minority-owned businesses and expand diversity of vendor base.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Northwest Natural Gas Holding: The parent holding entity of NW Natural, listed on the NYSE as NWN, comparable as a regulated gas-utility investment vehicle competing for the same dividend-growth and rate-base-growth investor capital pool.
• Portland General Electric: Portland General Electric is Oregon's largest electric utility, sharing the Oregon Public Utility Commission regulatory framework, customer base, and policy environment that governs NW Natural's core franchise.

Direct peers

• Atmos Energy: Atmos Energy is one of the largest U.S. natural gas LDCs serving more than 3 million customers across Texas and the South-Central U.S., with a comparable pipeline-modernization and rate-base growth playbook.
• Spire Inc. Spire is a natural gas distribution and midstream operator in Alabama, Mississippi, Missouri, and Texas, sharing the LDC-plus-energy-services business model and similar low-carbon transition planning profile.
• Cascade Natural Gas (MDU Resources): Cascade Natural Gas is an LDC serving Oregon, Washington, and Idaho, making it the closest geographic and operational peer to NW Natural's core gas distribution franchise with nearly identical regulatory exposure.
• New Jersey Resources: NJR operates New Jersey's natural gas LDC alongside clean energy ventures, providing a comparable regulated gas utility plus adjacent clean-energy subsidiary structure that mirrors NW Natural's gas-plus-water strategy.
• ONE Gas: ONE Gas is a pure-play natural gas distribution LDC serving Oklahoma, Kansas, and Texas, with comparable rate-base growth model, RNG initiatives, and dividend discipline directly analogous to NW Natural.
• Southwest Gas Holdings: Southwest Gas is a natural gas LDC serving Arizona, Nevada, and parts of California, making it a comparable regulated gas-distribution franchise with similar climate-policy exposure to NW Natural's Pacific Northwest service territory.

Broad incumbents

• Black Hills Corporation: Black Hills operates natural gas and electric utilities across eight states including Oregon and Washington, making it a broader multi-jurisdictional peer with overlapping regulatory exposure to NW Natural.
• Avista Corp: Avista operates both electric and natural gas utilities in the Pacific Northwest (Washington, Idaho, Oregon), sharing customer overlap and Oregon/Washington regulatory commissions with NW Natural.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/nwnatural
• YouTubeyoutube.com/user/nwnaturalgas
• Facebookfacebook.com/NWNaturalGas
• LinkedInlinkedin.com/company/19926
• Instagraminstagram.com/nwnaturalgas

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NW Natural