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NorthWestern Energy Announces Settlement Agreements in Montana Electric and Natural Gas Regulatory Rate Review

By: via Business Wire

NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reached settlement agreements in its Montana electric and natural gas regulatory rate review with the Montana Consumer Counsel, which represents consumers in hearings before the Montana Public Service Commission, the Montana Large Customer Group, which includes Ash Grove Cement Company, Calumet Montana Refining, Enbridge (U.S.) Inc., GCC, Par Montana, Phillips 66, REC Silicon Inc., and Stillwater Mining Company, the Federal Executive Agencies, which includes Malmstrom Air Force Base and other federal agencies with offices in NorthWestern Energy’s Montana service area, and Walmart Inc., which has 16 retail stores and 4,900 employees in Montana.

Customer Bill Impact

Natural Gas Settlement: If approved by the Montana Public Service Commission, a typical natural gas residential customer using 65 therms per month would see a monthly bill increase of $4.74, or 9.14% from rates on July 1, 2024.

Partial Electric Settlement: If the electric settlement and NorthWestern’s proposals for the new generation resource, the Yellowstone County Generating Station, state property taxes and supply costs are approved, a typical electric residential customer would see a monthly bill increase of $4.63, or 4.21% from rates on July 1, 2024.

Statement from NorthWestern Energy

“Our customers deserve the most reliable energy service available,” said NorthWestern Energy President and Chief Executive Officer Brian Bird. “Our employees work every day to deliver this service safely, 24 hours a day, 365 days a year, while keeping bills as low as possible. The cost of delivering safe, reliable energy includes maintaining a vast natural gas and electric infrastructure network.

We are pleased that the parties in these constructive settlements prioritized the best interests of our customers. These agreements ensure that NorthWestern Energy can continue making the necessary energy system investments for safe and reliable energy service for our communities.”

Financial Impact

If approved, the settlement agreements are expected to increase annual natural gas base revenues by approximately $18 million and increase annual electric base revenues, excluding Yellowstone County Generating Station, by approximately $66.4 million.

Including the unsettled request for the Yellowstone County Generating Station, NorthWestern’s base revenue request is $110.3 million. When considering NorthWestern’s proposed reduction to the flow-through Power Cost and Credit Adjustment Mechanism ($94.5 million) and its property tax tracker ($1.2 million), customer electric bills will be impacted by the net $14.6 million increase in revenues.

The natural gas settlement is based on an authorized return on equity of 9.60% for natural gas operations, and a 47.8% equity component of the capital structure.

The partial electric settlement is based on an authorized return on equity of 9.65% for electric operations, which is consistent with the current authorized ROE, and a 47.8% equity component of the capital structure.

Additional Settlement Terms

  • Standby Tariff: NorthWestern Energy and the University of Montana reached a settlement agreement for the proposed Standby Tariff. If approved by the Montana PSC, the settlement standby rates will be effective for customers that rely on NorthWestern Energy for backup power, but provide their own energy service most of the time.
  • Colstrip Plant Transition: NorthWestern Energy and the Northern Cheyenne Tribe reached a settlement agreement that defines the Tribe’s involvement in transition planning for the Colstrip Plant, which is east of the Northern Cheyenne Reservation. The Northern Cheyenne Tribe recognizes NorthWestern Energy’s impending majority ownership of the Colstrip Plant as a commitment to responsible stewardship, long-term energy reliability and economic sustainability for the region.

The settlement agreements were submitted to the Montana Public Service Commission for its consideration.

Yellowstone County Generating Station and Supply Costs

NorthWestern Energy’s proposals for the Yellowstone County Generating Station and for recovery of flow-through supply costs are not included in the settlement agreements.

"This facility has already contributed to a significant decrease in rates for our Montana residential customers, with rates dropping by more than 5% starting Dec. 1, 2024, partly due to the Yellowstone County Generating Station's service to our customers," said Bird. "The annual rate benefit for our Montana customers from the plant is expected to be $4.1 million, based upon our request."

The Yellowstone County Generating Station and Power Cost and Credit Adjustment Mechanism proposals, along with other non-revenue matters, will be litigated during the Montana Public Service Commission public hearing beginning April 22, 2025.

Follow us on Facebook and LinkedIn and Instagram: @NorthWesternEnergy

NorthWestern Energy - Delivering a Bright Future

NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 775,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.

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