A mostly low-risk and rate-regulated natural gas distribution business that is offset by a higher-risk, non-regulated construction services business. We view the company's overall management of regulatory risk as generally consistent with peers. Geographical and regulatory diversity with regulated operations spanning three states (Arizona, Nevada, and California). A large, mostly residential customer base provides stability to the company's revenues. Non-regulated construction services business reflects no more than 25% of the consolidated company's earnings on a forward looking basis. Use of medial volatility benchmark table reflects the company's mostly low-risk, regulated gas utility operations that is offset by our view of a higher-risk non-regulated construction services business. Capital spending of $1.6 billion to $1.8 billion from 2017 – 2019. About 1.3%
