Exhibit 99 Investor Presentation New York Utility Rate Case Update September 9, 2024 September 9, 2024 Supplement 1
Utility NY Utility Rate Case Status th Joint Proposal Filed September 9 , 2024 – Pending NY PSC Approval ü Filed case on October 31, 2023 requesting base delivery revenue increase of $88.8 million (1) ü Filed a Joint Proposal (JP) with NY PSC on September 9, 2024 for 3-year settlement Rate Case Status ü Rate plan effective October 1, 2024. Start of new rates pending NY PSC approval and Timing ü JP includes standard make-whole language allowing for the recovery of authorized revenues between October 1, 2024 and the start of new rates Rate Case Drivers Requested JP ROE 9.8% 9.7% Equity Ratio 52% 48% Rate Base $1.03B $1.04B Utility ü 3-year revenue requirement increase: RY1 +$57.3M; RY2 +$15.8M; and RY3 +$12.7M Key Ratemaking § Includes amortized recovery of regulatory assets and liabilities (~$13M per year) Items ü Increasing rate base and depreciation expense associated with higher plant in-service § Maintain leak prone pipe replacement target at ~110 miles per year ü Ratemaking mechanisms: § Continuation of: weather normalization; revenue decoupling; industrial 90/10 symmetrical sharing; merchant function charge § New: uncollectible expense tracker; gas safety and customer service performance metrics; customer bill impact levelization (1) A Joint Proposal (JP) was filed with the NY PSC on September 9, 2024 (see Case 23-G-0627). The JP is not deemed final as it is subject to Commission approval. NFG can not provide assurance as to the timing of any approval or that the Commission will approve the JP at all, on the terms set forth therein or with such modifications or additional terms that are acceptable to National Fuel Gas Distribution Corporation. September 9, 2024 Supplement 2
Rate Case Overview: Timing and Status Recent updates in orange Pipeline & Storge Utility (2) Supply Empire NY PA Regulatory Agency FERC FERC NY PSC PAPUC (Governed by) • Settlement approved by • Rates in effect since • Filed rate case October • Settlement approved FERC June 11, 2024 January 1, 2019 31, 2023 in June 2023 • New rates went into • Must file for new rates • JP filed, pending NY • Rates in effect since effect February 1, 2024 by May 1, 2025 PSC approval August 1, 2023 • No moratorium or • Rate plan effective Timing/ Status comeback period October 1, 2024, subject to make- whole provision if new rates start after (1) Rate base $823 $1,244 $317 $412 (in millions) Pending JP à $1,040 NY PSC Rate Case Not stated – Not stated – Not stated – April 2017 à 43% Equity Ratio Black box settlement Black box settlement Black box settlement Pending JP à 48% NY PSC Rate Case Not Stated – Not Stated – Not Stated – April 2017 à 8.7% Authorized ROE Black box settlement Black box settlement Black box settlement Pending JP à 9.7% (1) Represents the latest available information in regulatory filings. Supply and Empire rate base amounts are as of 12/31/2023. NY is as of 8/31/2023 and PA is as of 12/31/2023. (2) A Joint Proposal (JP) was filed with the NY PSC on September 9, 2024 (see Case 23-G-0627). The JP is not deemed final as it is subject to Commission approval. NFG can not provide assurance as to the timing of any approval or that the Commission will approve the JP at all, on the terms set forth therein or with such modifications or additional terms that are acceptable to National Fuel Gas Distribution Corporation. September 9, 2024 Supplement 3
