October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Market Size Driver: Regulation The Gas Distribution market is primarily driven by new housing starts and since 2008/2010, regulations supporting asset replacement programs. Regulations and, more specifically, accelerated replacement programs are the primary driver of gas distribution spending and mileage installed since 2008/2010. The current spending split for nearly all local distribution companies (LDCs) around the country is 20% or less for new connections and 80% or more for replacement spending. In a recent proprietary study by Continuum, the industry average split of spending and mileage between New and Replacement was: – Spending: 26% New versus 74% Replacement. – Mileage: 36% New versus 64% Replacement. 63
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