Overview Key strengths Key risks Questar Gas Co. (QGC) is a low-risk regulated utility business that effectively manages its regulatory risk. Limited business and regulatory diversity as a significant majority of its customer base is in Utah. Strong access to gas supply, transportation, and storage. High capital spending and negative discretionary cash flow indicates a need for external funding. We expect the utility to maintain its stable cash flow and credit quality with support from existing cost-recovery mechanisms for purchased gas cost and activities related to energy-efficiency and conservation enablement. . Questar Gas had originally proposed a non-fuel base rate increase of $71 million. In Dec 2022, Utah Commission approved $47.7 million in non-fuel rate increases with a return on
