Unitil is a small regulated electric and natural gas utility holding company serving roughly 215,000 customers across New Hampshire, Massachusetts, and Maine. Unitil distributes electricity through two subsidiaries — Unitil Energy Systems in New Hampshire and Fitchburg Gas & Electric in Massachusetts — serving about 110,000 electric customers combined. On the gas side, Northern Utilities, Fitchburg, Bangor Natural Gas, and Maine Natural Gas collectively serve roughly 105,000 customers. Granite State Gas Transmission rounds out the portfolio with 85 miles of underground pipeline connecting Northern Utilities to interstate pipelines. Gas is the larger segment, accounting for the majority of gross margin, and has been growing faster than electric through both organic customer additions and acquisitions. As a regulated utility, Unitil earns revenue through rates set by state public utility commissions, and profits by deploying capital into infrastructure and earning a regulated return on that rate base. Unitil's 5-year capital plan totals roughly $1.1B, targeting approximately 10% annual rate base growth through 2029. Distribution revenues in New Hampshire and Massachusetts are largely decoupled from actual energy volumes, insulating earnings from weather and conservation trends. Unitil has been expanding through bolt-on acquisitions within its existing footprint, recently closing on Bangor Natural Gas and Maine Natural Gas, and has a pending deal to acquire Aquarion Water, which would mark Unitil's entry into water distribution.