NorthWestern Energy Group, Inc. reported a consolidated net income of $224.1 million for the fiscal year ending December 31, 2024, marking a 15.4% increase from $194.1 million in 2023. The company's total operating revenues rose to $1.51 billion, up from $1.42 billion in the previous year, driven primarily by new base rates in Montana and South Dakota, as well as increased electric transmission revenue. The utility margin, a non-GAAP measure reflecting operating revenues minus certain expenses, increased by 7.8% to $1.08 billion, compared to $1.00 billion in 2023.
The company experienced significant operational changes, including the completion of the Yellowstone County Generating Station (YCGS), a 175 MW natural gas-fired facility that began operations in October 2024. Additionally, NorthWestern Energy announced plans to acquire interests in Colstrip Units 3 and 4, which will increase its ownership to 55% by the end of 2025. The company also entered into an Asset Purchase Agreement to acquire the Energy West natural gas utility distribution system, serving approximately 33,000 customers, for $39 million, expected to close in the first half of 2025.
Customer engagement metrics showed that NorthWestern Energy serves approximately 787,000 customers across Montana, South Dakota, Nebraska, and Yellowstone National Park. The company reported a total of 413,400 electric customers in Montana and 65,300 in South Dakota. However, retail volumes for both electric and natural gas services declined due to unfavorable weather conditions, which impacted demand. The average customer count increased slightly, indicating a growth in the customer base despite the drop in usage.
The filing also highlighted the company's strategic focus on sustainability, with 58% of its electric portfolio derived from carbon-free resources, exceeding the national average of 41%. NorthWestern Energy aims to achieve net-zero carbon emissions by 2050 and is actively investing in renewable energy projects, including solar power agreements totaling 160 MW. The company is also involved in regional transmission development, with a $700 million grant awarded for the North Plains Connector project, which aims to enhance grid reliability and support renewable energy integration.
Looking ahead, NorthWestern Energy anticipates continued growth and investment in infrastructure, with planned capital expenditures of approximately $531 million in 2025. The company is also preparing for regulatory reviews in Montana, South Dakota, and Nebraska, which could impact future rates and revenues. Despite challenges such as fluctuating weather patterns and regulatory uncertainties, NorthWestern Energy remains committed to providing reliable and affordable energy while enhancing its operational efficiency and sustainability efforts.
About NorthWestern Energy Group, Inc.
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