Regulatory and Rate Case Outcomes: Unfavorable decisions from state utility commissions regarding rate adjustments, capital expenditure recovery, or allowed return on equity can significantly impact profitability.

Aging Infrastructure and Safety Incidents: Risks associated with maintaining and upgrading extensive natural gas pipeline infrastructure, including potential for leaks, explosions, and the high costs of ensuring public safety and compliance.

Natural Gas Commodity Price Volatility: Fluctuations in the wholesale cost of natural gas, which can impact purchasing costs and, despite pass-through mechanisms, potentially affect customer affordability and regulatory relationships.