PR Newswire·Nov 20, 2025, 4:30 PM ET

MDU Resources Group Announces Increased Capital Investment Plan for 2026-2030

MDU

MDU Resources Group, Inc. announced a $3.4 billion capital investment plan for the period 2026 through 2030, representing a 34% increase over the 2021–2025 five-year period.
The new plan exceeds the company's prior 2025–2029 planned capital investment of $3.1 billion.
Total forecasted capital expenditures for 2026–2030 are $3,374 million across three segments: Electric ($1,377 million), Natural Gas ($1,354 million), and Pipeline ($643 million).
Electric utility investments will fund system upgrades, substation improvements, generation projects, final payment for a 49% stake in Badger Wind Farm in 2026, and the Jamestown to Ellendale transmission line (JETx) project expected to energize in late 2028 to early 2029.
Natural gas distribution investments will focus on system replacements, expansions, modernization, new service extensions, and capacity expansions to accommodate growth in an eight-state territory.
Pipeline business investments will support customer-driven projects including the Line Section 32 Expansion Project for power generation, the Minot Industrial Expansion Project for industrial demand, system maintenance, and capacity expansion where market conditions support it.
The company anticipates equity issuance of $150 million to $175 million in 2026 and $100 million to $125 million in 2027 to support near-term capital expenditures, with remaining funding sourced from internally generated cash flows and debt financing.
MDU Resources expects to achieve rate base growth of 7%–8% annually across regulated operations while maintaining a long-term earnings per share growth target of 6%–8%.
Actual expenditures may differ from estimates due to factors such as load growth changes, regulatory decisions, permitting, or other variables.