{"product_id":"swgasholdings-pestle-analysis","title":"Southwest Gas PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMake Smarter Strategic Decisions with a Complete PESTEL View\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eDiscover how regulatory shifts, fuel prices, and technological advances are reshaping Southwest Gas’s strategic landscape—our concise PESTLE highlights key external drivers and their implications for growth and risk. Ready-made for investors and strategists, the full analysis delivers actionable, sourced insights and editable charts to inform decisions. Purchase now to download the complete PESTLE and turn external trends into competitive advantage.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eState Regulatory Commissions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSouthwest Gas is regulated by commissions in Arizona, Nevada and California that set retail rates and allowed returns on equity; in 2024 allowed ROE decisions ranged roughly 8.5–10.5% across those states, directly affecting revenue. Political shifts on these bodies can alter ROE or approve capital projects—Arizona Corporation Commission, Nevada PUC and California CPUC each influence multi‑year capital plans totaling over $1.5B yearly. Navigating varied state political climates is essential to secure long‑term investment approvals and stable cash flows.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFederal Energy Policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs of late 2025 federal decarbonization and methane rules—targeting a 30% cut in methane from oil and gas by 2030 and tighter EPA methane limits—are shaping Southwest Gas strategy; the company faces potential CO2 pricing exposure as federal proposals study $50–$75\/ton CO2-equivalent pathways and could unlock tax credits up to $85\/ton for low‑carbon projects under expanded clean energy incentives.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMunicipal Natural Gas Restrictions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSeveral municipalities in Southwest Gas territory, notably in California, have proposed or enacted natural gas hookup bans for new buildings; California aimed for 9 cities with bans by 2024 and ~20% of state new-builds affected in 2023 estimates.\u003c\/p\u003e\n\u003cp\u003eSouthwest Gas must lobby against restrictions while diversifying into electrification, RNG and hydrogen pilots; capex reallocation could impact its $1.2–1.5B annual infrastructure spend (2024 guidance range).\u003c\/p\u003e\n\u003cp\u003eLocal political outcomes will materially affect customer growth and pipeline expansion: a 10% reduction in new hookups could lower long-term load growth projections by ~3–5% and strain rate-base recovery.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCenturi Group Separation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe political and strategic decision to separate Centuri Group from Southwest Gas's core utility was a focal issue into 2025, driven by activist pressure and a push to simplify structure for valuation uplift; Centuri generated roughly $300M revenue in 2024 and the divestiture targeted unlocking a potential 10–15% improvement in market multiple.\u003c\/p\u003e\n\u003cp\u003eManaging regulatory approvals and state utility commissions preserved Southwest Gas’s primary regulated focus, limited reclassification risk, and aimed to protect investment-grade credit metrics—net debt\/EBITDA remained near 3.5x in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCenturi divestiture addressed activist demands and valuation complexity\u003c\/li\u003e\n\u003cli\u003eCenturi ~ $300M revenue (2024); targeted 10–15% multiple uplift\u003c\/li\u003e\n\u003cli\u003eRegulatory handling preserved utility mission and credit (net debt\/EBITDA ~3.5x)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfrastructure Funding and Grants\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe availability of federal and California\/Arizona infrastructure grants—such as DOE’s $8.8bn Grid Resilience and ARPA funds—reduces Southwest Gas’s need for rate hikes by subsidizing pipeline replacement and modernization projects tied to safety and emissions targets.\u003c\/p\u003e\n\u003cp\u003eActive political advocacy is essential to secure allocations that are performance-contingent; winning grants covering 20–50% of project costs can materially lower capital recovery pressure on ratepayers while improving reliability.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eGrants cut capital burden: often 20–50% of project costs\u003c\/li\u003e\n\u003cli\u003eFunds tied to safety\/emissions metrics\u003c\/li\u003e\n\u003cli\u003eAdvocacy needed to capture federal\/state allocations\u003c\/li\u003e\n\u003cli\u003eReduces need for rate increases, boosts system reliability\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory ROEs, capex and bans reshape utility growth; Centuri divestiture targets multiple uplift\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRegulatory ROEs (AZ, NV, CA ~8.5–10.5% in 2024) and commissions (ACC, NV PUC, CPUC) drive revenue and capex approvals; federal methane\/clean‑energy rules and potential CO2 pricing ($50–$75\/ton pathways) reshape costs; municipal gas bans (≈20% new‑builds impact CA 2023) pressure hookups and load growth (10% fewer hookups → 3–5% lower load); Centuri divestiture (~$300M rev 2024) aimed at 10–15% multiple uplift.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024\/2025 Data\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAllowed ROE range\u003c\/td\u003e\n\u003ctd\u003e8.5–10.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual capex\u003c\/td\u003e\n\u003ctd\u003e$1.2–1.5B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCenturi revenue\u003c\/td\u003e\n\u003ctd\u003e$300M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt\/EBITDA\u003c\/td\u003e\n\u003ctd\u003e~3.5x\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how macro-environmental factors uniquely affect Southwest Gas across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with data-driven trends and region-specific examples to identify risks and opportunities for executives, consultants, and investors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary for Southwest Gas that clarifies regulatory, economic, and environmental risks and opportunities—ready to drop into presentations or share across teams for faster decision-making.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Rate Environment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a capital-intensive utility, Southwest Gas faces direct sensitivity to interest-rate moves: average long-term borrowing costs rose to about 4.5% in 2023–24 before stabilizing near 4.0% by late 2025; further upward pressure would raise annual debt service and compress EBITDA margins. The firm must time debt issuance to lock rates, preserve its Baa1\/BBB+ investment-grade profile, and limit refinancing risk on roughly $3–4 billion of long-term liabilities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegional Population Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eArizona and Nevada posted 2020–2025 population growth among the fastest in the US, with Arizona rising ~6.5% and Nevada ~7.0% through 2024–25, fueling demand for new residential and commercial gas connections that support Southwest Gas revenue expansion.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNatural Gas Price Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFluctuations in natural gas prices directly affect Southwest Gas’s cost of goods sold, with NYMEX Henry Hub volatility—which swung ~45% from 2023 to 2024—typically passed to customers via rate adjustment mechanisms. Sharp price spikes, such as the 2024 winter surge that pushed spot prices over $8\/MMBtu at times, can raise utility bills and reduce consumption or trigger regulatory relief for low-income households. Southwest Gas uses hedging and fixed-price contracts to cap exposure; as of 2024 the company reported hedges covering roughly 30–40% of forecasted demand to stabilize margins and customer rates.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflationary Operating Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003ePersistent mid-2020s inflation raised Southwest Gas’s labor, materials and specialized-equipment costs—CPI averaged 4.7% in 2023–2024—pushing the company to seek more frequent rate filings to protect margins.\u003c\/p\u003e\n\u003cp\u003eSuch filings face scrutiny from regulators and consumer advocates; in 2024 Southwest Gas requested rate adjustments in multiple states to offset higher O\u0026amp;M and capital expenses.\u003c\/p\u003e\n\u003cp\u003eEfficient cost control and operational streamlining remain critical to sustain profitability amid rising input prices and tightening rate case outcomes.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2023–24 CPI ~4.7% (US Bureau of Labor Statistics)\u003c\/li\u003e\n\u003cli\u003eIncreased O\u0026amp;M and capital spend drove multiple 2024 rate filings\u003c\/li\u003e\n\u003cli\u003eCost management and efficiency critical to protect margins\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCenturi Infrastructure Services Demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eCenturi’s revenue growth tracks North American utility capital expenditure; U.S. utility grid investment rose ~6% in 2024 to $130bn, supporting steady demand for Centuri’s construction and maintenance services.\u003c\/p\u003e\n\u003cp\u003eGrid modernization and electrification programs keep backlog healthy—Centuri reported backlog up ~8% in 2024—yet a macro slowdown could prompt clients to defer maintenance, pressuring margins and cash flow for the Holdings group.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eU.S. utility capex ~130bn in 2024 (+6%)\u003c\/li\u003e\n\u003cli\u003eCenturi backlog +8% in 2024\u003c\/li\u003e\n\u003cli\u003eDeferred maintenance risk from economic slowdown\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRising rates, $3–4B refinance risk; AZ\/NV growth offsets cost pressures\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInterest rates (LT debt ~4.0%–4.5% 2023–25) raise debt service; ~$3–4bn refinancing risk. AZ\/NV pop +6–7% (2020–25) supports connection growth. Henry Hub volatility ~45% (2023–24); hedges cover ~30–40% of demand. CPI ~4.7% (2023–24) pushed multiple 2024 rate filings; cost control and timely rate recoveries critical.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLT rates\u003c\/td\u003e\n\u003ctd\u003e4.0%–4.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRefinancing\u003c\/td\u003e\n\u003ctd\u003e$3–4bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAZ\/NV pop\u003c\/td\u003e\n\u003ctd\u003e+6–7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHenry Hub vol\u003c\/td\u003e\n\u003ctd\u003e~45%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHedge coverage\u003c\/td\u003e\n\u003ctd\u003e30–40%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCPI (23–24)\u003c\/td\u003e\n\u003ctd\u003e4.7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eSouthwest Gas PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Southwest Gas PESTLE Analysis you’ll receive after purchase—fully formatted, professionally structured, and ready to use.\u003c\/p\u003e\n\u003cp\u003eNo placeholders or teasers: the layout, content, and structure visible here match the final downloadable file you’ll get immediately after payment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751311061369,"sku":"swgasholdings-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/swgasholdings-pestle-analysis.png?v=1772230139","url":"https:\/\/matrixbcg.com\/products\/swgasholdings-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}