Regulatory and Rate Approval Challenges: The company operates in a highly regulated environment, and unfavorable rate case outcomes, policy changes, or increased regulatory scrutiny could limit its ability to recover costs, earn a fair return, or make necessary infrastructure investments.

Operational Safety and Infrastructure Integrity Risks: The operation of natural gas pipelines inherently carries risks of leaks, explosions, or other incidents, which could result in property damage, injuries, fatalities, environmental damage, and significant financial liabilities including fines and litigation.

Natural Gas Commodity Price Volatility: Fluctuations in natural gas prices can impact customer demand, lead to unrecovered procurement costs (if not fully passed through), and affect the company's ability to maintain stable earnings, particularly in states with different rate mechanisms.