NORTHWEST PIPELINE LLC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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NWP
NWP - Results of Operations
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 · $ Changefrom2024* · % Changefrom2024* · 2024 | |||||
| (Millions) | |||||
| Revenues: | |||||
| Natural gas transportation service revenues | $434 | $+18 | +4% | $416 | |
| Natural gas storage service revenues | 15 | — | —% | 15 | |
| Other service revenues | 9 | -4 | -31% | 13 | |
| Total revenues | 458 | 444 | |||
| Costs and expenses: | |||||
| Operating and maintenance expenses | 96 | -1 | -1% | 95 | |
| Depreciation and amortization expenses | 117 | -6 | -5% | 111 | |
| General and administrative expenses | 49 | +2 | +4% | 51 | |
| Taxes, other than income taxes | 15 | -1 | -7% | 14 | |
| Other (income) expense - net | (13) | -5 | -28% | (18) | |
| Total costs and expenses | 264 | 253 | |||
| Operating income (loss) | 194 | +3 | +2% | 191 | |
| Interest expense | (28) | — | —% | (28) | |
| Allowance for equity and borrowed funds used during construction (AFUDC) | 9 | -1 | -10% | 10 | |
| Other income (expense) – net | 6 | -1 | -14% | 7 | |
| Net income (loss) | $181 | $+1 | +1% | $180 | |
Variances due to changes in natural gas prices and transportation volumes have little impact on revenues because, under our rate design methodology, the majority of overall cost of service is recovered through firm capacity reservation charges in NWP’s transportation rates.
Revenues increased primarily due to:
An increase in Natural gas transportation service revenues primarily due to rate increases effective April 1, 2025, and an increase in long-term firm transportation, partially offset by one less billing day in 2025 and a decrease in short-term firm transportation;
Partially offset by a decrease in Other service revenues from lower park and loan services.
Depreciation and amortization expenses increased due to additional assets placed in service.
General and administrative expenses decreased primarily due to the absence of lease termination expense incurred in the prior year.
Other (income) expense - netdecreased primarily due to the recognition of a regulatory liability to be returned to rate payers for excess deferred income taxes.
Allowance for equity and borrowed funds used during construction (AFUDC)decreased as a result of lower capital expenditures.
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