Centuri is a utility infrastructure services company that works as a long-term subcontractor to North American electric and natural gas utilities. Centuri does not own utility infrastructure — instead, utilities hire Centuri to maintain, replace, upgrade, and expand the gas and electric distribution and transmission networks those utilities own. Customers include major utilities like American Electric Power, Exelon, National Grid, and Southern Company. Centuri sells primarily through long-term master service agreements (MSAs), which are standing contracts where utilities direct ongoing work on an as-needed basis; MSAs account for roughly 78% of revenue. The remainder is project-based bid work, where Centuri competes for discrete contracts at higher margins. Centuri operates across four segments: U.S. Gas (~43% of revenue), Union Electric (~27%), Non-Union Electric (~19%), and Canadian Operations (~8%). Centuri makes money by deploying field crews and equipment at volume — labor and fleet are the primary cost drivers, and margins improve as work volumes absorb fixed overhead. About 79% of revenue comes from variable-priced contracts, limiting fixed-price execution risk. A growing revenue stream is data center infrastructure, where Centuri handles power delivery, mechanical systems, and utility connections. Centuri also performs storm restoration work, which is high-margin but unpredictable. Demand is driven by regulatory-mandated replacement of aging gas and electric infrastructure, grid hardening, electrification, and growing power demand from data centers.