Risk Factors Update Summary

• The electric power and natural gas industries are undergoing significant changes driven by technological advancements and a decarbonized economy. This could lead to a reduction in demand for natural gas impacting the Utility's ability to recover investments.
• The Utility's ability to manage costs effectively is crucial. Failure could materially affect financial condition, results of operations, liquidity, and cash flows.
• Increased renewable portfolio standards and restrictions on gas appliances could accelerate the reduction in gas demand.
• The Utility faces workforce challenges with an aging workforce and potential labor disruptions, impacting operations and safety.
• Supply chain issues and inflation may adversely affect financial conditions, results of operations, liquidity, and cash flows.
• Cybersecurity threats pose significant risks, including unauthorized access, denial-of-service attacks, and potential financial and operational harm.
• The Utility's inability to recover costs fully or earn its authorized ROE could lead to financial challenges.