HIGHBuilt-inGeographic
67%
North Dakota
“10-K Item 1: 'percentage of electric retail revenues by jurisdiction ... North Dakota| 67 | %'”
MDU · Concentration risk · 10-K extracted
MDU Resources Group (MDU) concentration risks
Updated
The most significant concentration MDU Resources Group discloses is North Dakota at 67%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: MDU Resources Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH3
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inRegulatory
67%
NDPSC
“10-K Item 1: 'North Dakota| 67 | % ... subject to regulation by the MTPSC, NDPSC, SDPUC and WYPSC'”
HIGHOutside partyCounterparty
60%
MISO market
“10-K Item 1: 'Montana-Dakota purchased approximately 60 percent of its net kWh needs for its interconnected system through the MISO market'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is geographic, regulatory, and counterparty-driven across its electric utility operations. The largest disclosed geographic exposure is North Dakota, which represents the largest share of electric retail revenues by jurisdiction; this is a high-share, structural concentration reflecting where the utility's rate base and customer base are located, rather than a dependency that could be withdrawn. Because it is structural, the exposure changes slowly — it is a feature of the regional utility franchise, not a counterparty-specific relationship. Closely tied to the geographic concentration is the regulatory exposure: operations in the same geographic footprint are subject to regulation by the NDPSC among other state commissions, a high-share regulatory dependency that is also structural. Utility rate cases, capital investment recovery, and allowed returns are all governed by state regulators; the largest geographic market carries the largest regulatory exposure by disclosed size. The third disclosed exposure is a procurement dependency: the interconnected system purchased approximately 60 percent of its net kWh needs for its interconnected system through the MISO market — a high-share, dependency-character counterparty exposure. Reliance on a single wholesale market for that share of energy procurement means that MISO pricing volatility, capacity constraints, or market rule changes would flow through a large portion of the power supply cost stack. Together, the three concentrations are interrelated: the North Dakota geography drives the regulatory exposure, and the MISO market dependence governs a high share of power procurement economics.
For the engine’s reasoning on MDU’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Gas
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MDU● | MDU Resources Group, Inc. | 3 | 0 | 0 | 3 |
| ATO | Atmos Energy Corporation | 1 | 0 | 0 | 1 |
| BKH | Black Hills Corporation | 0 | 2 | 0 | 2 |
| CPK | Chesapeake Utilities Corporatio | 0 | 1 | 1 | 2 |
| CTRI | Centuri Holdings, Inc. | 0 | 1 | 0 | 1 |
| NI | NiSource Inc | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.