Overview Key strengths Key risks Low-risk natural gas utility operations. Non-utility operations that weaken consolidated credit quality. Regulatory diversity and sizable scale. Large capital spending program that requires balanced funding. Robust economic growth across the service territory. Negative discretionary cash flow (DCF). In February 2024, the company filed a rate case with the Arizona Corporation Commission (ACC) for a revenue increase of about $126 million based on a return on equity of 10.15%. The company requested the new rates to be effective by April 1, 2025. We will continue to monitor developments in the case. In April 2024, Centuri Holdings Inc. and Southwest Gas Holdings Inc. (SWX) completed the first step of separating Centuri from SWX upon the closing of
