This report does not constitute a rating action. Overview Key strengths Key risks Lower-risk natural gas utility distribution operations. Geographic footprint limited to Wisconsin. Constructive regulatory environment in Wisconsin. Capital spending requires balanced funding. Majority of cash flows are derived from relatively stable customer base. Negative discretionary cash flow leads to external funding needs. In April 2024, Wisconsin Gas filed for its latest rate case with the Public Service Commission of Wisconsin (PSCW). In December 2024, the PSCW authorized the utility to increase its rates by $34.5 million and $23.5 million effective Jan. 1, 2025, and Jan. 1, 2026, respectively. We believe this will strengthen Wisconsin Gas? credit metrics and provide additional cash flow to fund anticipated cash flow deficits
