- First Quarter 2026 Diluted GAAP EPS of $1.03, compared to $1.25 in 2025.
- First Quarter 2026 Adjusted Diluted Non-GAAP EPS of $1.31, compared to $1.22 in 2025.
- Affirms 2026 earnings guidance range of $3.68 to $3.83 per diluted share.
- Affirms record $683 million capital plan for 2026 and 4% to 6% long-term EPS and rate base growth rate.
- Announces $0.67 per share quarterly dividend – payable June 30, 2026.
- Received shareholder approval of all merger proposals and reached constructive settlement agreements with certain key intervenors in Montana, Nebraska, and South Dakota.
BUTTE, Mont. & SIOUX FALLS, S.D.–(BUSINESS WIRE)–NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the First Quarter of 2026. Net income for the period was $63.5 million, or $1.03 per diluted share, as compared with net income of $76.9 million, or $1.25 per diluted share, for the same period in 2025. This decrease was primarily due to retail volumes, operating, administrative, and general costs, including merger-related costs and costs associated with our additional ownership interests in Colstrip Units 3 and 4, depreciation expense, and interest expense. These were offset in part by new rates, transmission revenues, and lower non-recoverable Montana electric supply costs.
NorthWestern’s First Quarter 2026 non-GAAP net income and diluted earnings per share were $80.6 million and $1.31, respectively, compared to $75.3 million and $1.22 in 2025. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.
“The first quarter included several important developments across our regulatory and strategic priorities,” said President and CEO Brian Bird. “In South Dakota, the signing of Senate Bill 36 into law provided greater clarity around wildfire‑related liabilities and strengthened our ability to manage risk associated with critical energy infrastructure, aligning South Dakota with similar wildfire liability protections enacted in Montana last year. In Montana, we also submitted our Large New Load tariff rule proposal to the Public Service Commission—an important step in protecting existing customers while supporting long‑term energy investment and economic development in the state. Additionally, earlier this week we executed a development agreement with Quantica Infrastructure to advance its Big Sky Digital Infrastructure campus outside of Billings, MT.“
Bird continues, “We also made great progress on the merger. In March, we reached a constructive settlement agreement with the Public Advocate of Nebraska, followed by a hearing in early April. Also in April, both NorthWestern and Black Hills shareholders approved the merger proposals and we were able to reach constructive settlements with certain key intervenors in both Montana and South Dakota. Together, these milestones meaningfully advance us toward a targeted second‑half 2026 closing of the transaction.”
TRANSACTION UPDATE
On August 18, 2025, we entered into a Merger Agreement with Black Hills Corporation and a wholly owned subsidiary of Black Hills. The Merger Agreement provides for an all-stock merger of equals between NorthWestern and Black Hills upon the terms and subject to the conditions set forth therein. The new corporate name selected for the resulting parent company of the combined corporate group is Bright Horizon Energy.
We have filed applications with the Montana Public Service Commission (MPSC), Nebraska Public Service Commission (NPSC), South Dakota Public Utilities Commission (SDPUC), and Federal Energy Regulatory Commission (FERC) for approval of the Merger.
In March 2026, we reached a settlement agreement with the Public Advocate of Nebraska, which is subject to approval by the NPSC. A hearing with the NPSC was held in April 2026.
In April 2026, shareholders of each company voted to approve the Merger and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired, permitting consummation of the transaction.
In April 2026, we reached settlement agreements with certain key intervenors in both Montana and South Dakota, which are subject to approval by the MPSC and SDPUC, respectively. Hearings with the MPSC and SDPUC are scheduled in the second quarter of 2026.
We anticipate the transaction closing in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions.
During the three months ended March 31, 2026, we have incurred $3.4 million of merger-related costs, which are included in our Administrative and general expenses.
FINANCIAL OUTLOOK
Affirming 2026 Guidance and Long-Term Growth Rates
We are affirming our 2026 non-GAAP earnings guidance of $3.68 – $3.83 per diluted share. This guidance is based upon, but not limited to, the following major assumptions:
- Normal weather in our service territories;
- Excludes costs related to the pending merger with Black Hills Corp.;
- Approval of the Power Cost and Credit Adjustment Mechanism (PCCAM) waiver and power prices sufficient to recover operating expense from incremental Avista and Puget Colstrip interests;
- An effective income tax rate of approximately 14 percent to 18 percent; and
- Diluted average shares outstanding of approximately 61.7 million.
We are affirming our long-term diluted earnings per share growth guidance of 4% to 6%, based on our 2024 adjusted diluted non-GAAP EPS baseline of $3.40.
Additionally, we are affirming our $3.2 billion capital investment plan for 2026-2030, which is expected to support rate base growth of 4% to 6% from our 2024 base year of approximately $5.4 billion.
We anticipate funding capital expenditures through cash flows from operations, available credit sources, debt issuances, and future rate increases. In order to fund South Dakota generation investment, equity issuances are expected beginning in 2027.
Dividend Declared
NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.67 per share payable on June 30, 2026, to shareholders of record as of June 15, 2026.
Looking ahead, we remain committed to maintaining a dividend payout ratio within our targeted range of 60-70% over the long term.
Additional information regarding this release can be found in the earnings presentation at https://www.northwesternenergy.com/investors/earnings.
COMPANY UPDATES
Montana Rate Review
In December 2025, the MPSC issued a final order approving our partial electric settlement agreement. The final order also suspended the 90/10 cost sharing mechanism of the PCCAM on a temporary basis pending further review by the MPSC. Within this final order, the MPSC disallowed a portion of the capital costs related to the construction of Yellowstone County Generating Station (YCGS). As a result, in the fourth quarter of 2025 we recorded a $30.9 million non-cash charge for the regulatory disallowance.
In January 2026, we filed a Motion for Reconsideration (Motion) as it relates to this final order. Among other things, our Motion requests that the MPSC reconsider their prudence conclusions regarding the capital costs associated with the construction of YCGS and clarification as to the effective date of the PCCAM sharing mechanism suspension, for which we have requested an effective date of July 1, 2025, to align with the PCCAM tracker year. Any subsequent modifications by the MPSC to their final order will be reflected in our 2026 results.
Montana Large New Load Tariff Rule
In March 2026, we filed an application with the MPSC requesting approval of a Large New Load tariff rule (LNL Rule) to establish requirements and contract terms for providing electric service to bundled customers with new or expanded loads of five megawatts or greater, including data centers and other energy-intensive operations. This filing establishes a framework governing agreements between us and large new load customers and is intended to address the costs and operational considerations associated with serving those loads while protecting existing customers from cost shifting and other adverse impacts. Under this proposed framework, for the largest commitments, 50 megawatts or greater, we would file the executed Electric Service Agreement with the MPSC for review and approval before service begins. For customers with loads between 5 and 49 megawatts, the tariff’s standardized process and mandatory protections apply, but individual agreements do not require case-specific MPSC approval filings. This application initiates a public regulatory proceeding that will include opportunities for review and public comment consistent with MPSC procedures.
Data Center Development
As previously disclosed, we have signed development agreements with both Sabey Data Centers and Atlas Power Holdings LLC to provide electric supply services for data centers being developed in Montana. In April 2026, we signed a development agreement with Quantica Infrastructure to evaluate the transmission infrastructure and generation resources needed to support their proposed need. The combined energy service requirement associated with these development agreements is currently expected to be 150 megawatts beginning in late 2027, with growth of up to approximately 1,500 megawatts or more by 2030. We are working with each of these parties to execute electric service agreements.
Resources and regulatory mechanisms, such as the LNL Rule discussed above, to be utilized for serving these requests are pending further evaluation and regulatory considerations.
Colstrip Acquisitions and Requests for Cost Recovery
As previously disclosed, we entered into definitive agreements with Avista and Puget to acquire their respective interests in Colstrip Units 3 and 4 for $0 and completed these acquisitions on January 1, 2026. Accordingly, we are responsible for the associated operating costs beginning on January 1, 2026, which we will not collect through utility base rates until requested in a future Montana rate review. Puget and Avista will remain responsible for their respective pre-closing share of environmental, asset retirement obligations, and pension liabilities attributed to events or conditions existing prior to the closing of the transaction and for any future decommissioning and demolition costs associated with the existing facilities that comprise their interests.
Avista Interests – The 222 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Avista (Avista Interests) on January 1, 2026, was identified as a key element in our strategy to achieve resource adequacy for customers, as outlined in our 2023 Montana Integrated Resource Plan. Noting the costs associated with operating this resource are not currently reflected in utility customer rates, in August 2025, we filed a temporary PCCAM tariff waiver request with the MPSC that could provide a near-term cost-recovery mechanism to offset a portion of the approximately $18.0 million in annual incremental operating and maintenance costs associated with the Avista Interests. This waiver requested that the MPSC allow us to keep 100 percent of the net revenue associated with certain designated power sales contracts up to the amount of the operating and maintenance expenses we incur associated with our Avista Interests. Furthermore, the waiver request indicated that any net revenues from the designated contracts exceeding the operating and maintenance expenses associated with our Avista Interests would continue to flow back to retail customers. In January 2026, the MPSC approved our PCCAM tariff waiver request on an interim basis with final approval or denial subject to the ongoing PCCAM docket process.
During the three months ended March 31, 2026, power prices in the Pacific Northwest associated with these designated power sales contracts included within our PCCAM tariff waiver were insufficient to contribute to the recovery of the operating and maintenance expenses associated with the Avista Interests.
Puget Interests – The 370 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Puget (Puget Interests) on January 1, 2026, increases our ownership share of the facility to 55 percent and provides an increase in voting share in determining strategic direction and investment decisions at the facility. Unlike the Avista Interests, we do not currently need this capacity to serve existing customers in Montana. As such, the Puget Interests are held by our FERC regulated subsidiary to isolate the costs associated with this acquired interest from our Montana retail customers. While we expect our future opportunity to serve growing customer demand, including large-load customers, may be supported by this resource, in October 2025, we signed a contract to sell the dispatchable capacity and associated energy from the Puget Interests beginning January 1, 2026, through late 2027. Revenues from this agreement are expected to largely offset the estimated $30.0 million of annual incremental operating and maintenance costs associated with the Puget Interests. In addition, in October 2025, we submitted a request to the FERC for approval of cost-based rates for our subsidiary that will own the Puget Interests. In February 2026, the FERC approved both the cost-based rates and the contract rates retroactive to January 1, 2026. In March 2026, two MPSC commissioners, in their individual capacity, filed a motion with the FERC requesting a rehearing that largely reiterated arguments previously rejected by the FERC. We anticipate that the FERC will rule on this motion in the second quarter of 2026. If the FERC denies the motion, its order will stand. If the FERC grants the motion, it could reopen all or some portion of the proceedings.
Generation Capacity in South Dakota
The Southwest Power Pool (SPP) has recently updated its resource accreditation and Planning Reserve Margin (PRM) requirements in response to growing reliability concerns. As a result, SPP is requiring additional accredited capacity by 2030 to meet the updated PRM targets. In October 2025, we submitted a project with the SPP under their Expedited Resource Adequacy Study program for the construction of a 131 MW natural gas generating facility located in Aberdeen, South Dakota, to meet regional capacity needs by 2030. Anticipated costs for this project are approximately $300.0 million.
Regional Transmission Development Activities
In December 2024, we signed a nonbinding memorandum of understanding (MOU) with North Plains Connector LLC, a wholly owned subsidiary of Grid United, to own 10 percent (300 megawatts) of the North Plains Connector (NPC) Consortium project. The project is entering the permitting phase. Currently, construction is planned to commence in 2028, subject to receipt of regulatory approvals, with the project expected to be operational by 2032. Under the terms of the MOU, Grid United will continue to fund the development of the NPC and we will make our investment decision when the regulatory approvals and permits are in place. The project is a critical infrastructure investment that aligns with our commitment to providing reliable and affordable energy to our customers while also supporting broader grid resilience efforts in the region.
We have also entered into a nonbinding letter of intent with Grid United to continue transmission development to further enhance the grid through the southwest corridor of Montana. Development to expand the southwest corridor of Montana through grid build out would represent a significant step in enhancing connectivity between Montana and the broader Western energy market – bolstering grid reliability, allowing for critical import capability, and enabling customers to access and benefit from emerging energy markets in the West.
South Dakota Wildfire Risk Mitigation
The South Dakota Legislature approved Senate Bill 36, and the Governor signed this bill into law, in March 2026. It precludes common law strict liability claims for utility operations alleged to have caused wildfire-related damages; establishes a statutory standard of care, supplanting common law causes of action and other theories of recovery; and creates a rebuttable presumption that a valid and current wildfire mitigation plan is reasonable preparation for, and mitigation of, wildfire risk. The legislation also defines the availability of damages by allowing noneconomic personal injury damages only when there is bodily injury and punitive damages only when an injured party proves by clear and convincing evidence that a qualified utility acted with willful and wanton misconduct and the qualified utility’s willful and wanton misconduct was the actual and proximate cause of damages to the plaintiff. We anticipate filing our wildfire mitigation plan with the SDPUC in the second half of 2026.
Financing Update
On April 28, 2026, NWE Public Service priced $150.0 million aggregate principal amount of South Dakota First Mortgage Bonds at a fixed interest rate of 5.51 percent maturing on June 15, 2036. We expect to complete the issuance and sale of these bonds on June 15, 2026. A portion of the proceeds will be utilized to redeem all $60.0 million of NWE Public Service’s 2.80 percent South Dakota First Mortgage Bonds due on June 15, 2026.
CONSOLIDATED STATEMENT OF INCOME
|
|
Three Months Ended |
|||||||
|
($ in millions, except per share amounts) |
2026 |
|
2025 |
|||||
|
Revenues |
|
|
|
|||||
|
Electric |
$ |
362.1 |
|
|
$ |
335.5 |
|
|
|
Gas |
|
135.5 |
|
|
|
131.1 |
|
|
|
Total Revenues |
|
497.6 |
|
|
|
466.6 |
|
|
|
Operating expenses |
|
|
|
|||||
|
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) |
|
145.6 |
|
|
|
138.2 |
|
|
|
Operating and maintenance |
|
74.5 |
|
|
|
56.7 |
|
|
|
Administrative and general |
|
46.1 |
|
|
|
41.4 |
|
|
|
Property and other taxes |
|
50.4 |
|
|
|
43.2 |
|
|
|
Depreciation and depletion |
|
66.8 |
|
|
|
62.4 |
|
|
|
Total Operating Expenses |
|
383.5 |
|
|
|
341.9 |
|
|
|
Operating income |
|
114.1 |
|
|
|
124.7 |
|
|
|
Interest expense, net |
|
(39.9 |
) |
|
|
(36.5 |
) |
|
|
Other income, net |
|
3.1 |
|
|
|
3.9 |
|
|
|
Income before income taxes |
|
77.3 |
|
|
|
92.1 |
|
|
|
Income tax expense |
|
(13.8 |
) |
|
|
(15.2 |
) |
|
|
Net Income |
$ |
63.5 |
|
|
$ |
76.9 |
|
|
|
|
|
|
|
|||||
|
Average Common Shares Outstanding |
|
61.5 |
|
|
|
61.3 |
|
|
|
Basic Earnings per Average Common Share |
$ |
1.03 |
|
|
$ |
1.25 |
|
|
|
Diluted Earnings per Average Common Share |
$ |
1.03 |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|||||
|
Dividends Declared per Common Share |
$ |
0.67 |
|
|
$ |
0.66 |
|
|
|
Note: Subtotal variances may exist due to rounding. |
||||||||
RECONCILIATION OF PRIMARY CHANGES DURING THE QUARTER
|
Three Months Ended |
||||||||||||||||
|
($ in millions, except per share amounts) |
Pre-tax Income |
|
Income Tax (Expense) Benefit (3) |
|
Net Income |
|
Diluted Earnings Per Share |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
First Quarter, 2025 |
$ |
92.1 |
|
|
$ |
(15.2 |
) |
|
$ |
76.9 |
|
|
$ |
1.25 |
|
|
|
Variance in revenue and fuel, purchased supply, and direct transmission expense(1) items impacting net income: |
|
|
|
|
|
|
|
|||||||||
|
Rates |
|
23.7 |
|
|
|
(6.0 |
) |
|
|
17.7 |
|
|
|
0.29 |
|
|
|
Electric margin from the acquisition of the Colstrip Puget Interests |
|
5.5 |
|
|
|
(1.4 |
) |
|
|
4.1 |
|
|
|
0.07 |
|
|
|
Production tax credits, offset within income tax expense |
|
2.6 |
|
|
|
(2.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
Electric transmission revenue |
|
2.2 |
|
|
|
(0.6 |
) |
|
|
1.6 |
|
|
|
0.02 |
|
|
|
Non-recoverable Montana electric supply costs |
|
2.0 |
|
|
|
(0.5 |
) |
|
|
1.5 |
|
|
|
0.02 |
|
|
|
Electric retail volumes |
|
(12.2 |
) |
|
|
3.1 |
|
|
|
(9.1 |
) |
|
|
(0.15 |
) |
|
|
Natural gas retail volumes |
|
(6.2 |
) |
|
|
1.6 |
|
|
|
(4.6 |
) |
|
|
(0.08 |
) |
|
|
Montana property tax tracker collections |
|
(3.3 |
) |
|
|
0.8 |
|
|
|
(2.5 |
) |
|
|
(0.04 |
) |
|
|
Natural gas production step down |
|
(0.7 |
) |
|
|
0.2 |
|
|
|
(0.5 |
) |
|
|
(0.01 |
) |
|
|
Other |
|
4.0 |
|
|
|
(1.0 |
) |
|
|
3.0 |
|
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Variance in expense items(2) impacting net income: |
|
|
|
|
|
|
|
|||||||||
|
Operating, maintenance, and administrative, excluding merger-related costs |
|
(20.0 |
) |
|
|
5.1 |
|
|
|
(14.9 |
) |
|
|
(0.24 |
) |
|
|
Depreciation |
|
(4.4 |
) |
|
|
1.1 |
|
|
|
(3.3 |
) |
|
|
(0.05 |
) |
|
|
Interest expense |
|
(3.4 |
) |
|
|
0.9 |
|
|
|
(2.5 |
) |
|
|
(0.04 |
) |
|
|
Property and other taxes not recoverable within trackers |
|
(2.0 |
) |
|
|
0.5 |
|
|
|
(1.5 |
) |
|
|
(0.02 |
) |
|
|
Merger-related costs |
|
(3.4 |
) |
|
|
0.5 |
|
|
|
(2.9 |
) |
|
|
(0.05 |
) |
|
|
Other |
|
0.8 |
|
|
|
(0.3 |
) |
|
|
0.5 |
|
|
|
0.01 |
|
|
|
Dilution from higher share count |
|
|
|
|
|
|
|
— |
|
|||||||
|
First Quarter, 2026 |
$ |
77.3 |
|
|
$ |
(13.8 |
) |
|
$ |
63.5 |
|
|
$ |
1.03 |
|
|
|
Change in Net Income |
|
|
|
|
$ |
(13.4 |
) |
|
$ |
(0.22 |
) |
|||||
|
(1) Exclusive of depreciation and depletion shown separately below |
||||||||||||||||
|
(2) Excluding fuel, purchased supply, and direct transmission expense |
||||||||||||||||
|
(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. |
||||||||||||||||
EXPLANATION OF CONSOLIDATED RESULTS
Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025
Consolidated gross margin for the three months ended March 31, 2026 was $160.3 million as compared with $166.2 million in 2025, a decrease of $5.9 million, or 3.5 percent. This decrease was primarily due to retail volumes, operating expenses, including costs associated with our additional ownership interests in Colstrip Units 3 and 4, and depreciation expense. These were offset in part by new rates, transmission revenues, and lower non-recoverable Montana electric supply costs.
|
($ in millions) |
|
Three Months Ended |
||||||
|
Reconciliation of gross margin to utility margin: |
|
2026 |
|
2025 |
||||
|
|
|
|
||||||
|
Operating Revenues |
|
$ |
497.6 |
|
|
$ |
466.6 |
|
|
Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) |
|
|
145.6 |
|
|
|
138.2 |
|
|
Less: Operating and maintenance |
|
|
74.5 |
|
|
|
56.7 |
|
|
Less: Property and other taxes |
|
|
50.4 |
|
|
|
43.1 |
|
|
Less: Depreciation and depletion |
|
|
66.8 |
|
|
|
62.4 |
|
|
Gross Margin |
|
|
160.3 |
|
|
|
166.2 |
|
|
Add back: Operating and maintenance |
|
|
74.5 |
|
|
|
56.7 |
|
|
Add back: Property and other taxes |
|
|
50.4 |
|
|
|
43.1 |
|
|
Add back: Depreciation and depletion |
|
|
66.8 |
|
|
|
62.4 |
|
|
Utility Margin(1) |
|
$ |
352.0 |
|
|
$ |
328.4 |
|
| (1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below. | ||||||||
|
Three Months Ended March 31, |
|||||||||||||||
|
($ in millions) |
2026 |
|
2025 |
|
Change |
|
% Change |
||||||||
|
Utility Margin |
|
|
|
|
|
|
|
||||||||
|
Electric |
$ |
271.8 |
|
|
$ |
242.7 |
|
|
$ |
29.1 |
|
|
12.0 |
% |
|
|
Natural Gas |
|
80.2 |
|
|
|
85.7 |
|
|
|
(5.5 |
) |
|
(6.4 |
) |
|
|
Total Utility Margin(1) |
$ |
352.0 |
|
|
$ |
328.4 |
|
|
$ |
23.6 |
|
|
7.2 |
% |
|
| (1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below. | |||||||||||||||
Consolidated utility margin for the three months ended March 31, 2026 was $352.0 million as compared with $328.4 million for the same period in 2025, an increase of $23.6 million, or 7.2 percent.
Primary components of the change in utility margin include the following:
|
($ in millions) |
Utility Margin |
|||
|
Utility Margin Items Impacting Net Income |
|
|||
|
Base rates |
$ |
23.7 |
|
|
|
Electric margin from the acquisition of the Puget Interests |
|
5.5 |
|
|
|
Transmission revenue due to market conditions and rates |
|
2.2 |
|
|
|
Non-recoverable Montana electric supply costs |
|
2.0 |
|
|
|
Electric retail volumes |
|
(12.2 |
) |
|
|
Natural gas retail volumes (including a $3.2 million increase due to acquisition of Energy West Operations) |
|
(6.2 |
) |
|
|
Montana property tax tracker collections |
|
(3.3 |
) |
|
|
Natural gas production step down |
|
(0.7 |
) |
|
|
Other |
|
4.0 |
|
|
|
Change in Utility Margin Items Impacting Net Income |
|
15.0 |
|
|
|
Utility Margin Items Offset Within Net Income |
|
|||
|
Property and other taxes recovered in revenue, offset in property and other taxes |
|
5.2 |
|
|
|
Production tax credits, offset in income tax expense |
|
2.6 |
|
|
|
Operating expenses recovered in revenue, offset in operating and maintenance expense |
|
0.8 |
|
|
|
Change in Utility Margin Items Offset Within Net Income |
|
8.6 |
|
|
|
Increase in Consolidated Utility Margin(1) |
$ |
23.6 |
|
|
|
(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below. |
|
|||
Electric retail volumes were driven by unfavorable weather partly offset by customer growth. Natural gas retail volumes were driven by unfavorable weather partly offset by customer growth and the acquisition of Energy West operations.
Under the PCCAM, net supply costs higher or lower than the PCCAM base rate (PCCAM Base) (excluding qualifying facility costs) were allocated 90 percent to Montana customers and 10 percent to shareholders.
Contacts
Investor Relations Contact:
Travis Meyer, (605) 978-2967
travis.meyer@northwestern.com
Media Contact:
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