MDU · CIK 67716
What MDU Resources Group, Inc. told the SEC could break it.
MDU's disclosures track the segments of a regulated, multi-state energy company. On the utility side, its natural-gas distribution rates are set by eight separate state commissions, its largest cost is the natural gas it buys for customers ($746.3 million in 2025), and its Montana-Dakota electric system leans on the wholesale market, sourcing about 60% of its power needs through MISO. On the pipeline side, WBI Energy depends on a single third-party customer for roughly 17% of its 2025 revenue. Standing apart is an environmental liability: subsidiary Cascade is a potentially responsible party at an EPA Superfund site, with remediation and damage costs estimated between $13.6 million and $71.5 million.
5 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- WBI Energy single third-party customer (~17% of segment 2025 revenue, unnamed)medium
WBI Energy (pipeline segment) had one third-party customer accounting for ~17% of its 2025 revenue.
“WBI Energy had one third-party customer that accounted for approximate ly 17 percent of its 2025 revenue.”
SEC filing →As of 2026
Litigation
- Cascade Superfund (EPA PRP) remediation, $13.6M-$71.5M estimatedmedium
Subsidiary Cascade was named a PRP at an EPA Superfund (National Priorities List) site; projected remediation and natural-resource-damage costs range from $13.6 million to $71.5 million.
“The preliminary information received through the completion of the data report in August 2020, allowed for the projection of possible costs for a variety of site configurations, remedial measures and potential natural resource damage claims between $ 13.6 million and $ 71.5 million.”
SEC filing →As of 2026
Supplier concentration
- MISO market (~60% of Montana-Dakota interconnected-system net kWh needs)medium
Montana-Dakota purchased ~60% of its net kWh needs for its interconnected system through the MISO market in 2025, creating dependence on wholesale market power and pricing.
“In 2025, Montana-Dakota purchased approximately 60 percent of its net kWh needs for its interconnected system through the MISO market.”
SEC filing →As of 2026
Commodity & input dependence
- purchased natural gas for distribution customerslow
The natural gas distribution segment's largest cost is purchased natural gas ($746.3M in 2025); the company uses commodity derivatives to manage price volatility on gas bought for customers.
“The Company enters into commodity price derivative contracts to minimize the price volatility associated with natural gas costs for its customers at its natural gas distribution segment.”
Regulatory & policy
- multi-state utility rate regulation (8 state commissions)low
Natural gas distribution operations are rate-regulated by eight state utility commissions (ID, MN, MT, ND, OR, SD, WA, WY), which govern retail rates, service, accounting, and securities issuances.
“The natural gas distribution operations are subject to regulation by the IPUC, MNPUC, MTPSC, NDPSC, OPUC, SDPUC, WUTC and WYPSC regarding retail rates, service, accounting and certain securities issuances.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Black Hills Power, Inc.
“Montana-Dakota has a power supply contract with Black Hills Power, Inc. to purchase up to 49,000 kW of capacity annually through December 31, 2028.”
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