Commodity Price Volatility Risk: AltaGas's midstream and NGL marketing businesses are directly exposed to fluctuations in natural gas and natural gas liquids prices, which can significantly impact their revenue and profitability.

Regulatory and Political Environment Risk: As a regulated utility, changes in rate-setting methodologies, environmental regulations, and government energy policies in their operating jurisdictions can affect their ability to recover costs and earn an adequate return on investment.

Interest Rate Fluctuation Risk: AltaGas carries substantial debt to finance its capital-intensive operations and growth projects, making it vulnerable to rising interest rates which increase financing costs and reduce financial flexibility.