Otter Tail is a holding company with three businesses: a regulated electric utility (Otter Tail Power), a metal fabrication and thermoformed plastics manufacturing business (BTD Manufacturing and T.O. Plastics), and a PVC pipe manufacturing business (Northern Pipe Products and Vinyltech). Otter Tail Power is the core business, serving roughly 134,000 customers across rural western Minnesota, eastern North Dakota, and northeastern South Dakota. It operates as a regulated monopoly, earning a return on its rate base, with earnings growing as the rate base grows. The Manufacturing segment makes custom metal parts for OEM customers like Caterpillar, Deere, and Polaris across RV, agriculture, and construction markets, with margins largely insulated from steel price swings via pass-through mechanisms in customer contracts. The Plastics segment makes PVC pipe sold to distributors for municipal water and wastewater infrastructure, primarily in the western U.S. and Canada, earning a spread between PVC resin input costs and pipe sales prices. Otter Tail's strategy centers on a $1.9B capital plan at Otter Tail Power through 2030, targeting a 10% rate base CAGR through renewable generation, battery storage, and transmission investments. Cash generated by the Plastics and Manufacturing segments funds this utility investment, reducing the need for external equity. Management targets the Electric segment growing to roughly 70% of earnings by 2028 as Plastics earnings normalize from their post-2021 peak.