Northwest Natural Holding Company reports on regulated natural gas, water and wastewater utility operations through Northwest Natural Gas Company, SiEnergy Operating and NW Natural Water. Recurring news includes earnings releases, common stock dividends, customer and connection growth, and segment updates for gas distribution in Oregon, Southwest Washington and Texas, along with water and wastewater service areas in several western states.
Company updates also cover utility regulatory proceedings, including Oregon and Washington general rate cases, capital structure assumptions, rate base matters and allowed returns. Additional recurring themes include NW Natural's Oregon gas storage assets, capital spending plans, financing needs, and governance changes affecting legal, compliance and corporate secretary functions.
NW Natural Water Company has agreed to acquire the water and wastewater utilities of Far West Water & Sewer in Yuma, Arizona, serving 25,000 connections. This acquisition marks NW Natural Water's entry into its fifth state and is expected to enhance its operational scale, providing services to about 130,000 people across multiple states with a cumulative investment of approximately $200 million. The deal is projected to be accretive to earnings per share after the first full year of operations, pending customary regulatory approvals.
NW Natural has released a report titled Vision 2050: Destination Zero, outlining strategies for achieving carbon neutrality by 2050. This comprehensive assessment showcases multiple pathways utilizing enhanced building energy efficiency, renewable natural gas, clean hydrogen, and carbon capture technologies. The report emphasizes the collaboration of electric and gas systems to ensure reliability against climate challenges. The company serves approximately 2.5 million customers in Oregon and Southwest Washington, showcasing a commitment to environmental stewardship.
NW Natural Holdings (NYSE: NWN) successfully closed a $130 million sustainable bond on November 15, 2021, under its Sustainable Financing Framework. The funds will support renewable natural gas investments and various sustainability initiatives. Additionally, the company amended its credit facility on November 3, 2021, increasing its borrowing capacity to $600 million, linked to environmental metrics. NW Natural aims for 30% carbon savings by 2035 and strives to be carbon neutral by 2050.
Archaea Energy Inc. (NYSE: LFG) announced its third quarter 2021 financial results following its business combination with Aria Energy LLC. The company reported a net loss of $21.9 million over three months, contrasting with a net income of $52.7 million for the nine-month period. Combined RNG production reached 1.43 million MMBtu, with full-year guidance for RNG production set at approximately 5.4 million MMBtu. Archaea has also partnered with NW Natural for a 21-year RNG agreement, enhancing its market position and demonstrating confidence in future growth as it moves toward operational completion of its Project Assai facility.
Archaea Energy (NYSE: LFG) announced a long-term RNG purchase agreement with Northwest Natural Gas Company (NYSE: NWN) for up to 1 million MMBtu of renewable natural gas annually, starting in early 2022, with full delivery by 2025. This contract is part of NW Natural's commitment to sustainability, aiming for carbon neutrality. The agreement is a significant milestone, affirming Archaea's role in the renewable energy sector and NW Natural's efforts towards reducing methane emissions. The contracts are aligned with Oregon's Senate Bill 98, targeting renewable energy procurement.
Northwest Natural Holding Company (NWN) reported a net loss of $0.67 per share for Q3 2021, up from a loss of $0.61 per share in Q3 2020. However, net income for the first nine months rose to $1.24 per share, a 55% increase year-over-year due to customer growth and new rates in Oregon. The company invested over $200 million in utility systems to enhance reliability. NWN also launched a competitive renewable energy strategy and raised its annual indicated dividend to $1.93 per share. The company reaffirmed 2021 earnings guidance between $2.40 and $2.60 per share.
Northwest Natural Holding Company (NYSE: NWN) will release its third quarter and year-to-date 2021 earnings on November 5, 2021, at 8 a.m. PT (11 a.m. ET). An analyst conference call will follow to review results. NW Natural serves approximately 2.5 million customers and operates over 780,000 meters in Oregon and Southwest Washington. The company also owns 20 Bcf of underground gas storage capacity and provides water services to around 65,000 customers in the Pacific Northwest and Texas.
The Board of Directors of Northwest Natural Holding Company (NYSE: NWN) has announced a quarterly dividend increase to 48.25 cents per share, raising the annual dividend rate from $1.92 to $1.93. The dividend will be distributed on November 15, 2021, for shareholders on record as of October 29, 2021.
NW Natural Holding Company (NYSE: NWN) has appointed Malia H. Wasson as the new board chair effective August 9, 2021, marking a significant milestone as she is the first woman to hold this position. Wasson, a board member for seven years and former chair of the audit committee, brings extensive experience from her roles as CEO of Sand Creek Advisors and executive VP at U.S. Bank. Her leadership will guide the board on strategic matters, contributing to NW Natural's commitment to the community and its ongoing efforts in providing natural gas and water services to millions in the Pacific Northwest.
Northwest Natural Holdings (NWN) reported a net loss of $0.02 per share for Q2 2021, an improvement from a loss of $0.17 per share in Q2 2020. Year-to-date, net income rose to $1.92 per share, up from $1.41 per share in 2020. The company added nearly 12,000 natural gas meters, achieving a growth rate of 1.6%. NWN reaffirmed its 2021 earnings guidance between $2.40 and $2.60 per share. The firm filed a settlement in its Washington general rate case, aiming for a revenue increase starting November 2021.