NorthWestern (US:NWE)2021-03-19 09:05Company Overview and Financial Performance - NorthWestern Energy's Non-GAAP EPS CAGR from 2011-2020 was 3.7%, with a long-term EPS growth target of 3%-6%[9] - The company targets a debt to capitalization ratio of 50%-55% and maintains liquidity of over $100 million[15] - NorthWestern Energy anticipates a 2021 effective tax rate of approximately (2.5%) to +2.5% of pre-tax income, gradually approaching 10%-12% by 2025[67] - The company affirms its 2021 earnings guidance range of $3.40 to $3.60 per diluted share[77] - The company's total capital investment over five years is projected to be $2.1 billion[97] Operational Highlights and Future Investments - The company's electric supply portfolio is approximately 65% carbon-free[9, 11] - NorthWestern Energy plans to invest over $200 million in Montana generation capacity over the next three years[107] - The company is constructing a 60 MW flexible generation facility in Huron, SD, expected to be online in late 2021, with construction costs of approximately $80 million[110] - The company estimates the gross margin detriment of Covid-19 to be $3 million - $4 million for the fourth quarter and $8 million to $11 million for the full year 2020[88] Regulatory and ESG Initiatives - The MPSC approved a pilot Fixed Cost Recovery Mechanism (FCRM), delayed to July 1, 2021, due to Covid-19 uncertainty[123] - The company refunded approximately $20.5 million to wholesale and choice customers in January 2021 related to FERC transmission rates[124] - NorthWestern Energy commits to reduce the carbon intensity of its electric energy portfolio for Montana by 90% by 2045[156]