UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10499 NORTHWESTERN CORP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...

Mystic Hydroelectric Facility Credit Suisse Utilities, Power & Clean Tech Virtual Conference May 13, 2021 8-K'ed on May 13, 2021 NorthWester 2 Forward Looking Statements Madison River Valley - Montana Boulder River in Montana Securities Litigation Reform Act of 1995. Forward-looking statements often | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

NorthWestern Corporation (NASDAQ:NWE) Q1 2021 Earnings Conference Call April 22, 2021 3:00 PM ET Company Participants Travis Meyer - Director, Investor Relations & Corporate Finance Bob Rowe - Chief Executive Officer Crystal Lail - Vice President and Chief Financial Officer Brian Bird - President and Chief Operating Officer Conference Call Participants Brian Russo - Sidoti Jonathan Reeder - Wells Fargo Securities Shar Pourreza - Guggenheim partners Sophie Karp - KeyBanc Ryan Greenwald - Bank of America Mer ...

CELEBRATING EARTH DAY 2021 2021 First Quarter Earnings Webcast April 22, 2021 NorthWester Presenting Today Bob Rowe, CEO Brian Bird, President & COO Crystal Lail, Vice President & CFO Forward Looking Statements During the course of this presentation, there will be forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future business and financial performance, and often conta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the transition period from to Commission File Number: 1-10499 NORTHWESTERN CORP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...

NorthWestern Energy 8-K'ed on March 1, 2021 Investor Update March 2021 NorthWester] Delivering a Bright Fur 2 Forward Looking Statements Forward Looking Statements During the course of this presentation, there will be forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "int ...

2020 - Full Year Earnings Webcast February 12, 2021 Presenting Today Brian Bird, Chief Financial Officer The information in this presentation is based upon our current expectations as of the date of this document unless otherwise noted. Our actual future business and financial performance may differ materially and adversely from our expectations expressed in any forward-looking statements. We undertake no obligation to revise or publicly update our forward-looking statements or this presentation for any rea ...

Financial Data and Key Metrics Changes - Net income for 2020 was $155.2 million, a decrease of approximately $47 million or 23% compared to 2019 [8][12] - Diluted EPS was $3.06, down $0.92 or 23% from 2019, while non-GAAP adjusted EPS was $3.35, which is $0.07 or 2% lower than in 2019 [8][28] - Operating expenses decreased by $6.8 million or 1%, with a significant reduction in OG&A by over $20 million or down 6.6% [18][19] Business Line Data and Key Metrics Changes - Gross margins decreased by approximately $47 million or 5%, with both electric and gas segments impacted by unfavorable weather and COVID-19 [12][13] - Customer growth partially offset the negative impacts on gross margin, but disallowance on PCCAM resulted in approximately $9 million loss [13][14] Market Data and Key Metrics Changes - Unfavorable weather in 2020 resulted in a pretax detriment of $9.8 million compared to normal and $17.1 million compared to 2019 [15] - The company experienced a significant increase in uncollectible accounts due to COVID-19, costing an additional $3 million [20][31] Company Strategy and Development Direction - The company plans to invest in owned capacity generation in Montana exceeding $200 million over the next three years, pending approval from the Montana Public Service Commission [10][49] - A focus on capital investment is evident, with a total capital forecast of $2.1 billion over five years, including significant generation projects in South Dakota [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to operate effectively despite COVID-19 challenges, highlighting a strong safety record and customer satisfaction [9][33] - The company expects to see a recovery in commercial and industrial segments as COVID-19 impacts lessen in the second half of 2021 [36] Other Important Information - The Board of Directors declared a quarterly dividend of $0.62 per share, reflecting a 3.3% increase [8] - The company is utilizing a $200 million three-year ATM program for equity issuance, indicating a strategic approach to financing [37][78] Q&A Session Summary Question: Impact of COVID-19 on 2021 guidance - Management expects COVID-19 effects to linger through the first two quarters of 2021, with a more normalized environment anticipated in the second half [62][66] Question: Potential for more than $200 million CapEx - Management is confident that at least one project will exceed the $200 million threshold in the current RFP, with future RFPs expected to provide additional opportunities [67][70] Question: Rate cases in Montana - Management confirmed plans to file a rate case in Montana, focusing on preapproval filings associated with supply plan implementation [83] Question: Disallowance on Colstrip - The disallowance of $9.4 million is final, and management expressed disappointment with the commission's decision but is focused on future improvements [86][88]

Customer Base and Service Areas - NorthWestern Corporation serves approximately 743,000 customers across Montana, South Dakota, Nebraska, and Yellowstone National Park[48]. - The Montana electric utility business serves approximately 384,700 customers across 208 communities, with residential, commercial, industrial, and other sales contributing 44%, 47%, 5%, and 4% respectively to retail electric utility revenue in 2020[60]. - In South Dakota, the electric utility serves over 63,900 customers, with residential, commercial, and other sales contributing approximately 39%, 59%, and 2% respectively to retail electric utility revenue in 2020[79]. - The company serves approximately 48,000 customers in South Dakota and 42,700 customers in Nebraska, delivering approximately 27.5 Bcf and 3.7 Bcf of third-party transportation volume, respectively, during 2020[95]. Business Segments and Operations - The company operates in three business segments: electric utility operations, natural gas utility operations, and unallocated corporate costs[49]. - Electric utility operations include generation, purchase, transmission, and distribution of electricity, while natural gas operations encompass production, purchase, transmission, storage, and distribution[50]. - The utility operations are not dependent on a single customer, reducing the risk of financial impact from losing major clients[50]. - The company has contracted resources totaling 388 MWs, including 268 MWs from wind and 17 MWs from solar projects[64]. Sustainability and Environmental Commitment - The company emphasizes sustainability by balancing economic, societal, and environmental objectives to meet current and future energy infrastructure needs[53]. - Approximately 65% of the company's retail energy needs in 2020 were sourced from carbon-free resources, significantly higher than the U.S. electric power industry's average of 29%[54]. - In Montana, nearly 70% of the energy supplied comes from carbon-free sources, with a commitment to reduce carbon intensity by 90% by 2045 compared to 2010 levels[58]. - The company has committed to reducing the carbon intensity of its electric energy portfolio for Montana by 90% by 2045 compared to 2010 levels, having already reduced it by over 50% in the last decade[58]. Financial Performance and Regulatory Oversight - The company is subject to regulatory oversight, which can impact financial performance and operational costs[15]. - The total rate base for Montana electric delivery and production is approximately $2,764.3 million, with an authorized overall rate of return of 6.92%[100]. - The company has faced risks from external events, regulatory changes, and economic conditions that could materially affect its financial performance[15]. Energy Demand and Supply - The demand for natural gas is heavily influenced by weather patterns, with significant revenue recognized in the first and fourth quarters due to heating needs[50]. - Seasonal weather patterns significantly affect operating performance, with higher electricity consumption during summer and winter months[50]. - The total control area peak demand reached approximately 1,799 MW on January 14, 2020, with an average demand of approximately 1,305 MW per hour and total energy delivered exceeding 12.0 million MWh in 2020[61]. - The company forecasts a generation capacity deficit of 725 MW by 2025, necessitating resource planning and acquisition activities[73]. Workforce and Employee Relations - As of December 31, 2020, the company employed 1,530 individuals, with 1,225 in Montana and 305 in South Dakota or Nebraska[128]. - The company has a diverse workforce, with 28% of employees being female and 24% of management positions held by women[136]. - The company has engaged third-party evaluations to ensure pay equity between male and female employees[136]. - The company has a good relationship with employees, with 38% of Montana employees covered by collective bargaining agreements[128]. Safety and Compliance - The company achieved a record safety year in 2020, reducing the recordable incident rate from 1.86 to 1.36 and the lost time incident rate from 0.58 to 0.39 compared to 2019[137]. - The company is committed to maintaining compliance with extensive environmental regulations, which may impact operations and require modifications to facilities[122]. - The company is subject to FERC regulations regarding electric transmission service and must comply with mandatory reliability standards enforced by NERC[115]. Infrastructure and Resource Management - The total electric transmission lines span 6,809 miles, with 497 miles at 500 kV and 956 miles at 230 kV[61]. - The total electric distribution lines measure 18,068 miles, including 13,071 miles of overhead lines and 4,997 miles of underground lines[61]. - Owned generation resources accounted for approximately 60% of retail load requirements in 2020, with expectations to increase to 65% in 2021[64]. - The company is focused on maintaining a diverse energy portfolio with a mix of owned and contracted resources[66].

| --- | --- | --- | |------------------------------|----------------------|-------------------------| | NorthWestern Energy | | 8 -K'ed on Dec. 7, 2020 | | | | | | Wells Fargo Energy Symposium | \| December 9, 2020 | | NorthWestern Delivering a Bright Futur 2 Forward Looking Statements Forward Looking Statements During the course of this presentation, there will be forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-l ...