05:58 PM EST, 11/21/2024 (MT Newswires) -- MDU Resources Group ( MDU ) said late Thursday it plans capital investments of $3.06 billion over the next five years, higher compared with capital investments in prior five-year period beginning 2020.

MDU said it intends to boost investments in its electric and natural gas distribution segments by 47% over the next five years, focusing on constructing electric transmission lines, substations, and natural gas delivery infrastructure and upgrading existing ones.

The company said it now expects a 7% to 8% compound annual growth rate in the combined rate base for the electric and natural gas distribution segments over the next five years, compared with its previous 7% growth projection.

"With the increase in the company's capital program, the need for equity issuance to support growth is now anticipated in 2026, earlier than the previously projected 2027," MDU said, adding that its long-term goal of 6% to 8% growth in earnings per share remains intact.

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