HIGHBuilt-inGeographic
88%
Oregon
“10-K Item 1: 'Approximately 88% of customers are located in Oregon and 12% are located in southwest Washington.'”
NWN · Concentration risk · 10-K extracted
Northwest Natural Holding Compa (NWN) concentration risks
Updated
The most significant concentration Northwest Natural Holding Compa discloses is Oregon at 88%, 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: Northwest Natural Holding Compa’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH4
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
OPUC
“10-K Item 1: 'The NWN Gas Utility business is subject to regulation by the OPUC and WUTC.'”
HIGHOutside partySupplier
single interstate transmission pipeline
“10-K Item 1: 'NW Natural's gas distribution system is reliant on a single, bi-directional interstate transmission pipeline'”
HIGHOutside partyCustomer
Portland General Electric
“10-K Item 1: 'is dedicated solely to Portland General Electric (PGE) under a 30-year contract'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is among the more layered in the utility sector, combining high-share geographic, regulatory, supply-infrastructure, and customer exposures that are all structural in character. Approximately 88% of customers are located in Oregon, with the remaining 12% in southwest Washington — a high-share geographic concentration that makes the franchise almost entirely dependent on conditions in a single state. Regulatory jurisdiction is correspondingly concentrated: the NWN Gas Utility business is subject to regulation by the OPUC and WUTC, with Oregon's Public Utility Commission representing the dominant regulator given the customer distribution. The physical supply infrastructure adds a high-share dependency: the gas distribution system relies on a single, bi-directional interstate transmission pipeline. A disruption, capacity constraint, or operational failure on that pipeline would have no immediate alternative routing, making this the most acute single-point dependency in the disclosed profile. Layered on top is a high-share customer dependency: the company has a dedicated arrangement with Portland General Electric (PGE) under a 30-year contract. A contract of that duration provides revenue visibility but also creates a long-term dependency on PGE's continued demand and creditworthiness. Together these four high-share concentrations reinforce rather than offset each other — all point to Oregon as the primary geographic, regulatory, and operational nexus. Disruption in any one of these dimensions would be difficult to mitigate through diversification.
For the engine’s reasoning on NWN’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 |
|---|---|---|---|---|---|
| NWN● | Northwest Natural Holding Compa | 4 | 0 | 0 | 4 |
| 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 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.