8 unchanged sentences
Commodity Price Risk
−Removed: Natural gas commodity prices are subject to market fluctuations due to unpredictable factors including weather, pipeline transportation congestion, drilling technologies, market speculation, and other factors that affect supply and demand.
+Added: Natural gas commodity prices are subject to market fluctuations due to unpredictable factors including weather, pipeline transportation congestion, drilling technologies, market speculation, governmental tariffs and other factors that affect supply and demand.
Commodity price risk is primarily hedged with financial swaps, storage and physical gas reserves from a long-term investment in working interests in gas leases operated by Jonah Energy.
12 unchanged sentences
Notional amounts under foreign currency forward contracts were $10.3 million and $11.9 million as of December 31, 2024 and 2023, respectively.
−Removed: If all of the foreign currency forward contracts had been settled on December 31, 2023, a gain of $0.2 million would have been realized.
+Added: If all of the foreign currency forward contracts had been settled on December 31, 2024, a loss of $0.5 million would have been realized.
Credit Exposure to Natural Gas Suppliers
6 unchanged sentences
Credit Exposure to Financial Derivative Counterparties
−Removed: NW Natural did not have any credit exposure related to commodity swap contracts based on the estimated fair value at December 31, 2023.
−Removed: NW Natural does not have credit exposure to financial commodity swap derivative counterparties when forward gas prices are lower than our hedge prices, which was the case with all financial commodity swap counterparties at December 31, 2023.
+Added: NW Natural did not have any counterparty credit exposure related to commodity swap counterparties based on their estimated fair value at December 31, 2024.
+Added: NW Natural does not have credit exposure to financial commodity swap derivative counterparties when the value of contracts in an unrealized loss position exceeds that of contracts in an unrealized gain position.
+Added: The net unrealized loss position occurs when forward market prices are lower than our hedge prices.
NW Natural’s credit exposure also includes interest rate swap and foreign exchange forward counterparties, neither of which were significant at December 31, 2024.
−Removed: NW Natural's financial derivatives policy requires counterparties to have at least an investment-grade credit rating at the time the derivative instrument is entered into and specific limits on the notional amount and duration based on each counterparty’s credit rating.
+Added: NW Natural's financial derivatives policy requires counterparties to have at least an investment-grade credit rating at the time the derivative instrument is entered into and specific limits on the potential financial exposure and duration based on each counterparty’s credit rating.
NW Natural actively monitors and manages derivative credit exposure and places counterparties on hold for trading purposes or requires cash collateral, letters of credit, or guarantees as circumstances warrant.
15 unchanged sentences
Derivative credit exposure is primarily with investment grade counterparties rated AA-/Aa3 or higher.
−Removed: Contracts are diversified across counterparties, business types and countries to reduce credit and liquidity risk.
+Added: Contracts are diversified by counterparty, industry, sector and country to reduce credit and liquidity risk.
At December 31, 2024, financial derivative commodity credit risk on a volumetric basis was geographically concentrated 17% in the United States and 83% in Canada, based on counterparties' location.
9 unchanged sentences
As of December 31, 2024, approximately 7% of Oregon customers had opted out.
−Removed: In addition to the Oregon customers opting out, Washington residential and commercial customers account for approximately 12% of our total customer base and are not covered by weather normalization.
−Removed: The combination of Oregon and Washington customers not covered by a weather normalization mechanism is 19% o f all residential and commercial customers.
+Added: In addition to the Oregon customers opting out, Washington customers account for approximately 12% of our total customer base and are not covered by weather normalization.
+Added: The combination of Oregon and Washington customers not covered by a weather normalization mechanism is 18% o f all customers.
See "Results of Operations—Regulatory Matters—Rate Mechanisms— WARM " above.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.