MDU Resources Group Inc (MDU) News & EventsMDUNews & EventsMDU Resources Group Inc

MDU Resources Increases Quarterly Dividend to 14.5 Cents per Share

The board of directors of MDU Resources Group has increased the quarterly dividend on the company's common stock to 14.5c per share, for an annualized dividend of 56c per share. This represents an increase of approximately 3.6% over the previous quarterly dividend of 14c per share. The board also revised the company's long-term dividend payout ratio target to 55% to 65% of earnings, compared with the previous target of 60% to 70%. The revised range is intended to provide MDU Resources with greater flexibility to fund its capital investment program, reduce future equity needs and support the company's long-term growth, while continuing to provide a competitive return to stockholders. The dividend is payable on October 1 to stockholders of record as of September 10.

MDU Resources Subsidiary Signs Electric Service Agreement with Applied Digital

MDU Resources Group, Inc.'s (MDU) subsidiary, Montana-Dakota Utilities Co., has entered into an electric service agreement with Applied Digital Corporation (APLD) to provide power to Polaris Forge 3, an AI Factory near Center, North Dakota. At full capacity, the campus would require 430 megawatts of electricity. Under the ESA, Applied Digital would be responsible for the costs of purchasing the energy directly from the market or through other power supply arrangements. Applied Digital anticipates initial operations to commence in August 2027. Polaris Forge 3 will expand Applied Digital's footprint in North Dakota, where the company is developing purpose-built campuses designed to support high-density artificial intelligence workloads. Applied Digital has previously announced a 15-year lease with a U.S. based high investment-grade hyperscaler for this site. "Polaris Forge 3 is another example of how Applied Digital is turning power into operational AI capacity through disciplined execution and long-term partnerships," said Wes Cummins, Chairman and CEO of Applied Digital. "This campus is expected to create approximately 200 full-time jobs, generate meaningful property tax revenue and support long-term growth across Oliver County and the surrounding region. We believe AI infrastructure should create value well beyond the campus, and we're proud to continue building in North Dakota."

North Plains Connector Welcomes Minnkota Power Cooperative as Eighth Member

North Plains Connector welcomes Minnkota Power Cooperative as the eighth member of its utility consortium. Minnkota has signed a non-binding memorandum of understanding with North Plains Connector, a subsidiary of Grid United, to secure 150 megawatts of capacity on the 3,000-megawatt, high-voltage direct current transmission line once it begins operations, subject to successful negotiation of definitive agreements. Once completed, North Plains Connector will be the first HVDC transmission line in the United States to connect three regional electric energy markets - the Midcontinent Independent System Operator, the Western Interconnection, and the Southwest Power Pool - improving the reliability and resiliency of the electrical grid across the region while broadening market connections. Grid United and ALLETE are joint developers of North Plains Connector. Other members of the utility consortium with signed capacity MOUs with the project are: Avista (AVA), BHE U.S. Transmission, MDU Resources (MDU) subsidiary Montana-Dakota Utilities, NorthWestern Energy (NWE), Portland General Electric (POR), and Puget Sound Energy.