MDU Resources Group, Inc. ( MDU ) laid out a $3.4 billion capital investment roadmap covering 2026 through 2030.

The plan, released Thursday, expands funding for its regulated electric, natural gas, and pipeline operations.

The company aims to strengthen energy delivery systems while supporting long-term customer and shareholder growth.

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The new plan marks a clear step up from the prior $3.1 billion blueprint for 2025–2029. It also exceeds spending during the 2021–2025 period by about 34%.

Management is reshaping the company as a pure-play regulated energy delivery business with predictable cash flows.

President and CEO Nicole Kivisto said, “Our capital investment plan for 2026 through 2030 reflects our commitment to building the energy infrastructure that communities depend on.”

She added that the company remains focused on safety, system reliability, and delivering steady long-term value.

Electric Utility Focus

The electric segment will receive about $1.37 billion between 2026 and 2030. Spending targets substation upgrades, grid modernization, and generation investments.

The company will complete its final payment in 2026 for the 49% stake in Badger Wind Farm. MDU also plans to energize its Jamestown-to-Ellendale transmission project by late 2028 or early 2029.

Natural Gas Expansion

MDU earmarked roughly $1.35 billion for gas distribution infrastructure during the five-year period.

The money supports system replacements, service extensions, and capacity enhancements. These projects target the growing population and economic activity across its eight-state service territory.

Pipeline Growth

The pipeline unit will receive about $643 million over the same period. Investments include the Line Section 32 Expansion Project, which supports power generation demand.

The company also plans to advance the Minot Industrial Expansion Project to serve the rising industrial load.

Management expects equity issuance of $150 million to $175 million in 2026. Another $100 million to $125 million may follow in 2027.

The rest of the funding will come from internal cash flow and debt. Leaders plan to review capital needs again after 2027.

MDU expects the regulated rate base to expand at 7% to 8% annually. Despite heavy investment, the company aims to maintain earnings per share growth between 6% and 8%. Executives noted actual spending may vary due to demand shifts or regulatory outcomes.

Price Action: MDU shares were trading lower by 1.32% to $20.75 premarket at last check Friday.

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