NorthWestern Corporation (NWE): Business Model Canvas

NorthWestern Corporation (NWE) ist ein zentraler Energieversorger, der die Energielandschaft in Montana, South Dakota und Nebraska durch ein innovatives und strategisches Geschäftsmodell verändert. Durch die Kombination traditioneller Stromerzeugung mit modernsten erneuerbaren Technologien meistert dieses dynamische Versorgungsunternehmen komplexe Marktherausforderungen und liefert gleichzeitig zuverlässige, nachhaltige Energielösungen für verschiedene Kundensegmente. Ihr umfassender Business Model Canvas offenbart einen anspruchsvollen Ansatz, der technologische Innovation, Einhaltung gesetzlicher Vorschriften und gemeinschaftsorientierten Service in Einklang bringt und NWE zu einer überzeugenden Fallstudie für modernes Versorgungsmanagement und strategische Energiebereitstellung macht.

NorthWestern Corporation (NWE) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Elektrizitätsversorgungsgeräten

NorthWestern Corporation arbeitet mit wichtigen Geräteherstellern zusammen, um die Netzinfrastruktur aufrechtzuerhalten. Zu den wichtigsten Ausrüstungslieferanten gehören:

Hersteller	Gerätetyp	Jährlicher Vertragswert
General Electric	Transformatoren	14,3 Millionen US-Dollar
Siemens	Netzmanagementsysteme	9,7 Millionen US-Dollar
ABB Ltd	Übertragungsausrüstung	11,2 Millionen US-Dollar

Regionale Übertragungs- und Verteilungsinfrastrukturanbieter

NorthWestern unterhält strategische Partnerschaften mit regionalen Infrastrukturanbietern:

• Montana Electric Transmission Company
• Western Grid Development LLC
• Rocky Mountain Power Grid-Konsortium

Staatliche und bundesstaatliche Regulierungsbehörden

Zu den Einzelheiten der regulatorischen Partnerschaft gehören:

Agentur	Gerichtsstand	Compliance-Interaktionen
Kommission für den öffentlichen Dienst von Montana	Staatliche Regulierung	38 formelle Interaktionen im Jahr 2023
Eidgenössische Energieregulierungskommission	Bundesaufsicht	24 Compliance-Berichte eingereicht

Entwickler von Technologien für erneuerbare Energien

Investitionen in Partnerschaften im Bereich erneuerbare Energien:

Technologiepartner	Technologiefokus	Investitionsbetrag
Erste Solar	Photovoltaikanlagen	6,5 Millionen Dollar
Vestas Windsysteme	Windkraftanlagentechnologie	8,2 Millionen US-Dollar

Kommunalverwaltung und Interessenvertreter der Gemeinschaft

Kennzahlen zum Community-Partnerschafts-Engagement:

• Gesamtinvestition der Gemeinschaft: 3,1 Millionen US-Dollar im Jahr 2023
• Anzahl kommunaler Kommunalpartnerschaften: 17
• Kommunale Infrastrukturprojekte: 12

NorthWestern Corporation (NWE) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung und -verteilung

NorthWestern Corporation betreibt 11 Wasserkraftwerke mit einer Gesamterzeugungskapazität von 208 Megawatt. Das Stromerzeugungsportfolio des Unternehmens umfasst:

Generationstyp	Kapazität (MW)	Prozentsatz des Portfolios
Wasserkraft	208	37.5%
Erdgas	280	50.4%
Kohle	68	12.1%

Infrastrukturwartung und Netzmanagement

NorthWestern unterhält 16.445 Meilen elektrische Übertragungs- und Verteilungsleitungen in Montana, South Dakota und Nebraska.

• Jährliche Investitionen in die Instandhaltung der Infrastruktur: 87,3 Millionen US-Dollar
• Netzzuverlässigkeitsindex: 99,95 %
• Abdeckung der Smart-Grid-Technologie: 76 % des Servicegebiets

Projektentwicklung für erneuerbare Energien

Erneuerbare Energieprojekte ab 2024:

Erneuerbarer Typ	Installierte Leistung (MW)	Geplante Investition
Wind	122	215 Millionen Dollar
Solar	45	82 Millionen Dollar

Kundendienst- und Energieeffizienzprogramme

Kundendienstkennzahlen:

• Gesamtzahl der Kundenkonten: 743.900
• Durchschnittliche Antwortzeit für Serviceanfragen: 2,3 Stunden
• Teilnahme am Energieeffizienzprogramm: 42 % der Kunden

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Compliance und Umweltinvestitionen:

• Jährliche Ausgaben für die Einhaltung von Umweltvorschriften: 42,6 Millionen US-Dollar
• Ziel zur Reduzierung der CO2-Emissionen: 40 % bis 2030
• Mitarbeiter im Umweltmanagement: 87 Vollzeitmitarbeiter

NorthWestern Corporation (NWE) – Geschäftsmodell: Schlüsselressourcen

Stromerzeugungsanlagen

NorthWestern Energy besitzt und betreibt mehrere Erzeugungsanlagen in Montana, South Dakota und Nebraska:

Generationstyp	Kapazität (MW)	Anzahl der Einrichtungen
Wasserkraft	633	11
Erdgas	377	4
Wind	63	3

Übertragungs- und Verteilungsinfrastruktur

NorthWestern unterhält eine umfangreiche Energieinfrastruktur:

• Übertragungsleitungen: 4.700 Meilen
• Verteilungsleitungen: 15.400 Meilen
• Unterstationen: 204
• Gesamteinzugsgebiet: 30.000 Quadratmeilen

Qualifizierte technische Arbeitskräfte

Gesamtzahl der Mitarbeiter: 1.280 Stand 2023

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Technischer Betrieb	580
Ingenieurwesen	210
Kundenservice	290
Management	200

Fortschrittliche Energiemanagementtechnologien

Technologieinvestitionen im Jahr 2023: 42,3 Millionen US-Dollar

• Smart-Grid-Infrastruktur
• Fortschrittliche Dosiersysteme
• Technologien zur Integration erneuerbarer Energien

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	4,2 Milliarden US-Dollar
Gesamteigenkapital	1,8 Milliarden US-Dollar
Kapitalausgaben	280 Millionen Dollar

NorthWestern Corporation (NWE) – Geschäftsmodell: Wertversprechen

Zuverlässige Stromversorgung

NorthWestern Energy beliefert 382.700 Stromkunden in Montana, South Dakota und Nebraska. Gesamte in Betrieb befindliche Elektrizitätsversorgungsanlage: 2,06 Milliarden US-Dollar ab 2022.

Staat	Stromkunden	Servicegebiet
Montana	223,400	44.000 Quadratmeilen
South Dakota	63,400	22.000 Quadratmeilen
Nebraska	95,900	18.000 Quadratmeilen

Nachhaltiges Energieportfolio

Erneuerbarer Energieerzeugungsmix:

• Wasserkraft: 43 % der Erzeugungskapazität
• Wind: 24 % der Erzeugungskapazität
• Solar: 7 % der Erzeugungskapazität
• Erdgas: 26 % der Erzeugungskapazität

Wettbewerbsfähige Stromtarife

Durchschnittlicher Strompreis für Privathaushalte: 0,11 US-Dollar pro Kilowattstunde 8,3 % unter dem Landesdurchschnitt.

Kundensegment	Durchschnittspreis (¢/kWh)
Wohnen	11.0
Kommerziell	9.2
Industriell	7.5

Netzmodernisierung

Jährliche Investition in die Netzinfrastruktur: 180 Millionen US-Dollar ab 2022. Einsatz intelligenter Zähler: 78 % des gesamten Kundenstamms.

Lokale Wirtschaftsunterstützung

Jährlicher wirtschaftlicher Beitrag: 237 Millionen US-Dollar in allen Servicegebieten. Gesamte lokale Steuerzahlungen: 52,3 Millionen US-Dollar im Jahr 2022.

NorthWestern Corporation (NWE) – Geschäftsmodell: Kundenbeziehungen

Direkter Kundendienst-Support

NorthWestern Corporation unterhält ein engagiertes Kundendienstteam mit den folgenden Kennzahlen:

Support-Kanal	Jährliches Kontaktvolumen	Durchschnittliche Reaktionszeit
Telefonsupport	342.567 Anrufe	7,2 Minuten
E-Mail-Support	128.945 E-Mails	24 Stunden
Live-Chat	87.233 Interaktionen	3,5 Minuten

Online-Kontoverwaltungsplattformen

Statistiken zum digitalen Engagement für NorthWestern Corporation:

• Gesamtzahl der Online-Kontonutzer: 276.542
• Downloads mobiler Apps: 184.376
• Online-Rechnungszahlungsrate: 68,3 %

Beratungsdienste zur Energieeffizienz

Servicetyp	Jährliche Konsultationen	Kundenbeteiligungsrate
Energieaudit für Wohngebäude	12,345	4.2%
Kommerzielle Energiebewertung	2,876	6.7%

Community Outreach- und Bildungsprogramme

Kennzahlen zum Community-Engagement:

• Jährliche Gemeinschaftsveranstaltungen: 87
• Teilnehmer des Bildungsworkshops: 15.234
• Reichweite des Schulenergiebildungsprogramms: 42 Schulen

Proaktive Kommunikation bei Serviceunterbrechungen

Kommunikationskanal	Benachrichtigungsgeschwindigkeit	Kundenreichweite
Textbenachrichtigungen	Innerhalb von 15 Minuten	78 % des Kundenstamms
Social-Media-Updates	Echtzeit	62.345 Follower
Automatisierte Telefonbenachrichtigungen	Innerhalb von 30 Minuten	92 % der betroffenen Kunden

NorthWestern Corporation (NWE) – Geschäftsmodell: Kanäle

Physische Kundendienstzentren

Die NorthWestern Corporation unterhält ab 2024 sieben physische Kundendienstzentren in Montana, South Dakota und Nebraska.

Standort	Staat	Servicezeiten
Butte	Montana	8:00 - 17:00 Uhr
Sioux Falls	South Dakota	8:00 - 17:00 Uhr
Lincoln	Nebraska	8:00 - 17:00 Uhr

Online-Webportal

Das Online-Webportal von NorthWestern Energy bedient im Jahr 2024 etwa 362.000 Strom- und 217.000 Erdgaskunden.

• Monatliche eindeutige Webportalbesucher: 124.500
• Online-Kontoverwaltungsfunktionen verfügbar
• Digitale Verfolgung des Energieverbrauchs

Mobile Smartphone-Anwendungen

NorthWestern Corporation startete seine mobile Anwendung im Jahr 2024 mit 89.000 aktiven monatlichen Nutzern.

App-Funktion	Verfügbarkeit
Rechnungszahlung	iOS/Android
Ausfallberichte	iOS/Android
Verfolgung des Energieverbrauchs	iOS/Android

Telefonischer Kundensupport

NorthWestern Corporation betreibt ein zentrales Kundensupportzentrum, das im Jahr 2024 jährlich 214.000 Kundenanrufe bearbeitet.

• Durchschnittliche Anrufwartezeit: 3,2 Minuten
• 24/7-Notfall-Support-Hotline
• Mehrsprachiger Support verfügbar

Digitale Abrechnungs- und Kommunikationssysteme

Die digitale Abrechnungsplattform verarbeitet im Jahr 2024 578.000 monatliche elektronische Rechnungen.

Digitaler Kommunikationskanal	Benutzerprozentsatz
E-Mail-Abrechnung	68%
SMS-Benachrichtigungen	42%
Benachrichtigungen für mobile Apps	35%

NorthWestern Corporation (NWE) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

NorthWestern Energy beliefert rund 370.000 Stromkunden in Montana, South Dakota und Nebraska. Das Privatkundensegment macht 68 % des gesamten Stromkundenstamms aus.

Staat	Privatkunden	Durchschnittliche monatliche Rechnung
Montana	224,000	$117.50
South Dakota	92,000	$105.25
Nebraska	54,000	$98.75

Handels- und Industrieunternehmen

Gewerbe- und Industriekunden machen 29 % des Stromkundenstamms von NorthWestern aus, was einer Gesamtzahl von rund 107.000 Kunden entspricht.

• Zu den großen Industriekunden zählen Bergbau-, Fertigungs- und landwirtschaftliche Verarbeitungsbetriebe
• Durchschnittlicher jährlicher Stromverbrauch pro Gewerbekunde: 45.000 kWh
• Gesamter kommerzieller und industrieller Stromumsatz: 247,3 Millionen US-Dollar im Jahr 2022

Kunden aus dem Agrarsektor

Landwirtschaftliche Kunden stellen ein bedeutendes Segment innerhalb der gewerblichen Kundenkategorie dar, mit besonderen Bedürfnissen in Montana und South Dakota.

Kundentyp Landwirtschaft	Anzahl der Kunden	Durchschnittliche jährliche Nutzung
Bewässerung	3,200	65.000 kWh
Landwirtschaftliche Betriebe	2,800	42.000 kWh

Kommunale und staatliche Institutionen

NorthWestern bedient rund 1.200 kommunale und staatliche Kunden in seinen Servicegebieten.

• Öffentliche Schulen: 450 Kunden
• Kommunale Einrichtungen: 350 Kunden
• Landesregierungsgebäude: 400 Kunden
• Jährliche Stromeinnahmen aus dem kommunalen Sektor: 38,6 Millionen US-Dollar

Ländliche und städtische Stromnutzer

Das Versorgungsgebiet von NorthWestern umfasst vielfältige geografische Landschaften mit unterschiedlichen Stromverbrauchsmustern.

Kundenstandort	Anzahl der Kunden	Stromverbrauch
Ländliche Gebiete	198,000	1.850 kWh/Monat
Städtische Gebiete	279,000	2.350 kWh/Monat

NorthWestern Corporation (NWE) – Geschäftsmodell: Kostenstruktur

Stromerzeugung und Infrastrukturwartung

Jährliche Wartungskosten für die Infrastruktur: 78,4 Millionen US-Dollar im Jahr 2022

Kategorie „Infrastruktur“.	Jährliche Kosten
Wartung von Übertragungsleitungen	32,6 Millionen US-Dollar
Wartung der Kraftwerksausrüstung	25,9 Millionen US-Dollar
Netzmodernisierung	19,9 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtkosten für die Einhaltung gesetzlicher Vorschriften: 45,2 Millionen US-Dollar im Jahr 2022

• Einhaltung von Umweltvorschriften: 22,7 Millionen US-Dollar
• Einhaltung der Sicherheitsstandards: 15,5 Millionen US-Dollar
• Berichterstattung und Dokumentation: 7 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Gesamter Personalaufwand: 143,6 Millionen US-Dollar im Jahr 2022

Ausgabenkategorie	Betrag
Grundgehälter	98,3 Millionen US-Dollar
Krankenversicherung	22,1 Millionen US-Dollar
Altersvorsorgeleistungen	23,2 Millionen US-Dollar

Technologie- und System-Upgrades

Gesamtinvestition in die Technologie: 56,7 Millionen US-Dollar im Jahr 2022

• Smart-Grid-Technologie: 27,4 Millionen US-Dollar
• Cybersicherheitssysteme: 15,3 Millionen US-Dollar
• Digitale Infrastruktur: 14 Millionen US-Dollar

Umweltschutz- und Nachhaltigkeitsinitiativen

Gesamtausgaben für Nachhaltigkeit: 41,5 Millionen US-Dollar im Jahr 2022

Nachhaltigkeitsinitiative	Investition
Entwicklung erneuerbarer Energien	24,6 Millionen US-Dollar
Programme zur Kohlenstoffreduzierung	11,2 Millionen US-Dollar
Umweltforschung	5,7 Millionen US-Dollar

NorthWestern Corporation (NWE) – Geschäftsmodell: Einnahmequellen

Stromverkauf für Privathaushalte

Für das Geschäftsjahr 2023 meldete die NorthWestern Corporation einen Stromverkaufserlös für Privathaushalte in Höhe von 458,3 Millionen US-Dollar.

Kundensegment	Jahresumsatz	Durchschnittspreis
Privatkunden	458,3 Millionen US-Dollar	0,1237 $ pro kWh
Gesamte Wohnanschlüsse	358,642	N/A

Kommerzielle und industrielle Energieverträge

Der kommerzielle und industrielle Stromverkauf brachte NorthWestern im Jahr 2023 einen Umsatz von 612,7 Millionen US-Dollar ein.

Kundentyp	Jahresumsatz	Durchschnittlicher Verbrauch
Gewerbliche Kunden	387,4 Millionen US-Dollar	6.542 MWh
Industriekunden	225,3 Millionen US-Dollar	12.387 MWh

Verkauf von Gutschriften für erneuerbare Energien

NorthWestern Corporation erwirtschaftete im Jahr 2023 24,6 Millionen US-Dollar aus dem Verkauf von Krediten für erneuerbare Energien.

• Kredite für Windenergie: 14,2 Millionen US-Dollar
• Solarenergiegutschriften: 10,4 Millionen US-Dollar

Gebühren für Infrastrukturdienste

Die Gebühren für Infrastruktur- und Übertragungsdienste beliefen sich im Jahr 2023 auf insgesamt 87,5 Millionen US-Dollar.

Servicetyp	Jahresumsatz
Netzanschlussgebühren	53,2 Millionen US-Dollar
Übertragungsdienste	34,3 Millionen US-Dollar

Anreize für das Energieeffizienzprogramm

Anreize und Rabatte für Energieeffizienzprogramme generierten im Jahr 2023 12,4 Millionen US-Dollar.

• Programme zur Energieeffizienz von Wohngebäuden: 7,6 Millionen US-Dollar
• Kommerzielle Energieeffizienzprogramme: 4,8 Millionen US-Dollar

NorthWestern Corporation (NWE) - Canvas Business Model: Value Propositions

You're looking at the core promises NorthWestern Corporation (NWE) makes to its customers and investors as of late 2025. It's all about stability, essential service, and disciplined growth in a regulated environment.

Safe, Reliable, and Essential Electric and Natural Gas Utility Service

NorthWestern Corporation (NWE) provides the foundational energy services-electricity and natural gas-that keep its service territories running. This is the bedrock of the business, backed by infrastructure investments.

The company serves approximately 787,000 customers across Montana, South Dakota, and Nebraska, plus Yellowstone National Park, supported by 1,585 employees. The natural gas system boasts a leak-per-mile rate better than the industry average due to investments in pipe infrastructure and leak detection capabilities. Furthermore, the company brought two new generation units online recently, on time and under budget, which should improve efficiency during peak power demand periods.

Regulated Stability Providing Predictable Long-Term Earnings Growth

The regulated nature of the business is a key value proposition, translating directly into predictable financial outcomes for shareholders. NorthWestern Corporation (NWE) has consistently affirmed its long-term targets, which you can see clearly laid out here:

Metric	Target/Guidance (Late 2025)	Source Context
Long-Term EPS Growth Rate	4% to 6%	Affirmed for 2025-2029 capital plan
Long-Term Rate Base Growth Rate	4% to 6%	Expected to be supported by the 2025-2029 capital plan
2025 Non-GAAP EPS Guidance Range	$3.53 to $3.65 per diluted share	Affirmed after Q3 2025 results
Quarterly Dividend	$0.66 per share	Declared payable December 31, 2025
Targeted Total Return	8% to 11%	Combining dividend yield of 4% to 5% and EPS growth

This stability is further supported by a quarterly dividend of $0.66 per share, announced in Q3 2025.

Commitment to a Low-Carbon Future

NorthWestern Corporation (NWE) is building on existing clean energy assets while setting ambitious long-term goals. The company has already achieved a carbon-free generation level that outpaces the industry average.

• Carbon-free electric generation in 2024: 58%.
• U.S. electric power industry average carbon-free generation: 40%.
• Hydroelectric facilities provided nearly 34% of Montana customers' electricity in 2024.
• Net Zero Carbon Emissions Goal: By 2050.

The company is investing in pilot projects like energy storage, microgrids, and solar generation performance.

Supporting Regional Economic Growth

A significant part of the value proposition involves enabling large-scale regional economic development, particularly through serving data centers. This translates into concrete revenue potential.

If 500 megawatts of data center demand materializes by 2030, NorthWestern Corporation (NWE) could generate $50-70 million annually in regulated service revenues. The company has also recently grown its customer base through strategic acquisitions, integrating approximately 33,000 customers from the Energy West transaction.

Long-Term Rate Stability Expected from Merger Efficiencies

The pending all-stock merger with Black Hills Corporation is expected to create a larger, stronger regional utility, which carries its own set of financial promises, including enhanced growth targets for the combined entity.

The merged company is projected to support a long-term target EPS growth rate of 5%-7%, which is greater than what both Black Hills and NorthWestern Corporation (NWE) targeted on a standalone basis. The combined entity will serve approximately 2.1 million customers across eight contiguous states. The earlier Energy West merger also aimed to improve operational efficiency through infrastructure integration.

Finance: draft 13-week cash view by Friday.

NorthWestern Corporation (NWE) - Canvas Business Model: Customer Relationships

You're looking at how NorthWestern Corporation (NWE) manages the connection with the people and businesses that rely on its essential services. For a regulated utility, the relationship is fundamentally long-term and non-negotiable, but the quality of service dictates regulatory outcomes and customer acceptance of necessary rate adjustments.

Regulated service model ensuring long-term, non-competitive relationships

The relationship with NorthWestern Corporation (NWE) customers is defined by its regulated status across Montana, South Dakota, and Nebraska. This structure locks in a long-term service commitment, as customers generally cannot switch providers for electricity or gas delivery. This stability is reflected in the company's financial targets, which rely on predictable rate recovery. NorthWestern Energy is reaffirming its long-term earnings per share growth rate target of 4% to 6% over the next five years. To support this, the company plans to invest $2.7 billion between 2025 and 2029, aiming for a similar 4% to 6% rate base growth. The relationship is also cemented by a commitment to shareholders, with a declared quarterly common stock dividend of $0.66 per share as of late 2025, targeting a long-term payout ratio of 60%-70%.

The regulatory environment directly shapes customer interactions, especially regarding pricing. For instance, following a contested rate case, the Montana Public Service Commission (PSC) approved an electric rate increase of only 4.2% for the average residential customer, significantly lower than the 8.3% increase NWE initially implemented in May 2025. This balancing act between utility investment and customer affordability is central to the relationship.

Proactive communication during outages and Public Safety Power Shutoff events

While specific outage communication metrics for Public Safety Power Shutoff (PSPS) events aren't detailed, the focus on reliability is quantifiable through investment and performance measurement. NorthWestern Corporation (NWE) is making substantial capital investments to strengthen infrastructure, including $158 million in electric transmission and $197 million in electric distribution infrastructure, partly supporting wildfire mitigation efforts. The company measures customer satisfaction using J.D. Power surveys that specifically include components like power quality and reliability (electric) and field service (gas) when benchmarking against mid-sized investor-owned utility peers.

Community engagement through local programs and environmental trusts

NorthWestern Corporation (NWE) actively engages with communities through specific, measurable contributions. The Missouri-Madison River Fund Trust, in partnership with NorthWestern Energy, has supported 175 projects since 2007, with the utility contributing $1.8 million in matching funds to these efforts. This has leveraged total public recreation improvements of $14.1 million in the Missouri-Madison Corridor since 2007. For 2025 alone, NorthWestern Energy is contributing an additional $569,487 to state, federal, and local agencies for operation and maintenance at recreation sites that see roughly one million visits annually. These programs underscore a commitment to the local environment and community experience.

Dedicated account management for large industrial and commercial customers

The focus on large customers is evident in strategic growth areas that require specialized relationship management. NorthWestern Corporation (NWE) is actively pursuing large-load data center customers, having entered into its third Letter of Intent (LOI) with a developer targeting 500 plus megawatts of demand by 2030. The acquisition of Energy West Montana in July 2025 expanded the natural gas distribution customer base by approximately 33,000 customers, requiring integration and dedicated service management for this newly added segment.

Online portals and customer service centers for billing and service requests

The operational backbone for routine customer interactions involves digital and physical service points. As of the third quarter of 2025, NorthWestern Energy provides electricity and/or natural gas to approximately 842,100 customers across its service territories. The company uses customer satisfaction metrics from J.D. Power surveys, which specifically track performance in billing and payment, alongside communications and customer service. The company's Q3 2025 Adjusted Non-GAAP EPS was $0.79, showing operational performance that supports ongoing service delivery.

Here's a quick look at the scale of the customer base and recent financial context:

Metric	Value (as of late 2025)	Context
Total Customers Served	Approximately 842,100	Electricity and/or natural gas customers across service areas
New Gas Customers Added (2025)	Roughly 33,000	From the acquisition of Energy West Montana
Electricity Communities Served	341	In Montana, South Dakota, and Yellowstone National Park
Q3 2025 Adjusted EPS	$0.79	Reflects operational performance impacting service funding
2025 Capital Investment Plan	$531 million (for 2025)	Supports infrastructure reliability and customer service
Quarterly Dividend Declared	$0.66 per share	Indicates financial stability supporting long-term service commitments

NorthWestern Corporation (NWE) - Canvas Business Model: Channels

NorthWestern Corporation (NWE) uses a mix of extensive physical infrastructure and modern digital interfaces to reach its customer base across its service territories in Montana, South Dakota, Nebraska, and Yellowstone National Park.

Physical electric transmission and distribution lines to homes and businesses.

The core channel involves the physical assets required to deliver energy. NorthWestern Corporation (NWE) operates the high-voltage electric transmission system and the local distribution system for electricity. The company detailed significant recent investment in this physical plant, including:

• $158 million in electric transmission infrastructure upgrades in Montana.
• $197 million in electric distribution infrastructure in Montana.

Natural gas pipelines and local distribution systems.

For natural gas delivery, NorthWestern Corporation (NWE) utilizes its owned and operated production, transmission, and distribution systems. The customer base expanded significantly in mid-2025 through acquisition:

• Completed the acquisition of Energy West's natural gas distribution system in Montana on July 1, 2025.
• This acquisition added over 33,000 valued customers to the natural gas system.

The total customer base served by NorthWestern Corporation (NWE) across all services was approximately 787,000 customers as of early 2025, with a Q1 2025 report noting 775,300 customers before the latest acquisition.

Direct customer service centers and call centers.

Direct interaction remains a necessary channel for service support, billing inquiries, and emergency response. While specific call center volume data isn't public, the scale of operations supports this channel. The company has 1,585 employees working across its service territory as of Q1 2025.

Digital channels: website, mobile app, and online billing platforms.

NorthWestern Corporation (NWE) supports customer interaction through digital means, which is critical for modern utility operations, especially for managing billing and service requests. The company's 2025 capital plan of $531 million supports ongoing modernization efforts.

The following table summarizes key operational scale metrics relevant to the channel reach:

Metric	Value	Context/Date
Total Customers Served	Approximately 787,000	As of early 2025, pre-Energy West acquisition
New Natural Gas Customers Acquired (Q3 2025)	Over 33,000	Energy West acquisition, July 1, 2025
2025 Capital Expenditures Affirmed	$531 million	Affirmed for 2025
Electric Generation Fleet Mix	58% carbon-free	As of Q1 2025
Pending Merger Rate Base (Electric)	$7.0 billion	Combined with Black Hills Corp.

Regulatory filings and public hearings for rate changes.

Regulatory proceedings are a crucial, albeit indirect, channel for realizing revenue from infrastructure investments and setting customer rates. These filings directly impact the amounts customers pay through the utility bills they receive via the physical and digital channels.

Key regulatory activities impacting channels in 2025 include:

• Montana electric rate settlement resulted in a 1.7% revenue increase.
• This Montana electric rate change translated to a 4.2% increase for the average residential customer's electric rate.
• Interim electric rates were implemented in Montana on May 23, 2025, for a base rate revenue increase of $156.5 million (interim, subject to refund).
• A South Dakota Natural Gas Rate Review was approved, effective December 19, 2024.
• The outcome of the Montana general rate review was anticipated in Q4 2025.

NorthWestern Corporation (NWE) - Canvas Business Model: Customer Segments

NorthWestern Corporation (NWE) serves approximately 842,100 customers as of the Third Quarter of 2025 across its service territory. This figure reflects growth, including the addition of roughly 33,000 customers from the Energy West Montana acquisition completed on July 1, 2025.

The total customer base is spread across regulated operations in Montana, South Dakota, Nebraska, and Yellowstone National Park. Prior reporting indicated a total customer count of approximately 787,000 customers.

The customer base is segmented by service type and geography, with specific data available for the Montana operations:

• Residential electric and natural gas customers across the service territory.
• Commercial businesses, including small and medium enterprises.
• Industrial and large-load customers, notably new data center developments.

The service territory includes:

• The western two-thirds of Montana for electric and natural gas.
• Eastern South Dakota for electric service.
• Natural gas service in central Nebraska.
• Electricity service to Yellowstone National Park.

For the Montana energy operations as of December 31, 2024, the customer distribution was:

Customer Type	Count
Electric Customers (MT & Yellowstone)	413,400
Natural Gas Customers (MT & Yellowstone)	214,500

NorthWestern Corporation is actively engaging with large-load customers, reporting a third large-load letter of intent with a developer for a proposed 500 megawatt project in Montana.

The company's electric system serves 341 communities and surrounding rural areas, utilizing about 29,000 miles of transmission and distribution lines. The natural gas system serves 202 communities and surrounding rural areas with approximately 10,000 miles of transmission and distribution pipelines and storage facilities.

Here's the quick math on the geographic service footprint:

State/Area	Service Type	Historical Service Start
South Dakota, Nebraska	Electric (Generation/Distribution), Natural Gas (Distribution)	1923
Montana, Yellowstone National Park	Electric (Distribution/Generation), Natural Gas (Distribution)	2002

NorthWestern Corporation (NWE) - Canvas Business Model: Cost Structure

Capital Expenditures

NorthWestern Corporation (NWE) maintains a significant investment profile to support its energy infrastructure and growth objectives. The company affirmed a specific capital plan for the current fiscal year.

• Affirmed capital plan for 2025: $531 million.
• Long-term capital investment plan for 2025-2029: $2.7 billion.
• The long-term plan is expected to support rate base growth of 4% to 6% from a 2024 base year of approximately $5.4 billion.
• An incremental project, a 131 MW natural gas generating facility in Aberdeen, South Dakota, has an anticipated cost of approximately $300 million, which is not currently included in the five-year forecast.

Fuel, Purchased Power, and Direct Transmission Expenses

These variable costs are substantial components of NorthWestern Corporation (NWE)'s operating expenses, fluctuating based on usage and market conditions. Data from the first half of 2025 illustrates the magnitude of these costs.

Period Ending	Fuel, Purchased Supply and Direct Transmission Expense (in thousands)
March 31, 2025 (Three Months)	$91,897
June 30, 2025 (Six Months)	$147,338

The utility margin for the third quarter ended September 30, 2025, was $300.1 million, an increase of 16.6% over the prior year period.

Interest Expense on Secured Debt

Financing the capital program involves substantial interest costs on outstanding debt obligations. NorthWestern Corporation (NWE) has actively managed its debt structure through issuances of secured bonds.

For the three months ended March 31, 2025, the net interest expense was ($28,518 thousand). For the six months ended June 30, 2025, net interest expense totaled ($57,008 thousand).

A key component of this debt structure includes the Montana First Mortgage Bonds. On March 21, 2025, NorthWestern Corporation issued $400.0 million aggregate principal amount of these bonds at a fixed interest rate of 5.07 percent, maturing March 21, 2030. Later, on November 7, 2025, an additional $100 million principal amount of these Montana First Mortgage Bonds due 2030 was issued, bringing the total outstanding amount of these specific bonds to $500 million, carrying an interest rate of 5.073%.

Operating, Administrative, and General Costs

These overhead and administrative costs are a consistent drain on operating income, with specific spikes related to strategic corporate actions like mergers.

Merger-related costs incurred during the three months ended September 30, 2025, totaled $7.6 million and were included in Administrative and general expenses. This amount also represented $0.12 per share impact on the third quarter 2025 Non-GAAP EPS bridge.

Historical operating, administrative and general expenses for comparison include:

• Three Months Ended March 31, 2025: $80,524 thousand.
• Six Months Ended June 30, 2025: $159,883 thousand.

Depreciation, Property Taxes, and Regulatory Compliance Costs

Non-cash expenses like depreciation, alongside property taxes, are significant fixed costs within the operating structure. Regulatory compliance is an ongoing cost driver, evidenced by merger-related expenses and ongoing rate case activities.

Key figures for Depreciation and Property Taxes for the first quarter of 2025 were:

Expense Category (Three Months Ended March 31, 2025, in thousands)	Amount
Depreciation and depletion	$49,726
Property and other taxes	$41,097

For the six months ended June 30, 2025, these costs were:

Expense Category (Six Months Ended June 30, 2025, in thousands)	Amount
Depreciation and depletion	$99,344
Property and other taxes	$87,349

The decrease in Q3 2025 GAAP net income compared to Q3 2024 was primarily due to higher operating expenses, including merger-related costs and depreciation.

NorthWestern Corporation (NWE) - Canvas Business Model: Revenue Streams

NorthWestern Corporation (NWE) revenue streams are primarily derived from regulated utility sales and associated infrastructure services across Montana, South Dakota, and Nebraska.

For the three months ended March 31, 2025, the breakdown of reported Total Revenues was:

Revenue Component	Amount (in thousands)	Amount (in millions)
Electric Revenues	$281,439	$281.439
Gas Revenues	$87,689	$87.689
Total Revenues (Q1 2025)	$369,128	$369.128

The regulated electric sales revenue from residential, commercial, and industrial customers is represented by the Electric Revenues line item. Regulated natural gas sales revenue is represented by the Gas Revenues line item. The drivers for revenue performance in early 2025 included new rates in Montana, South Dakota, and Nebraska, alongside higher electric and natural gas retail volumes.

Revenues related to electric transmission and natural gas transportation are key components contributing to margin growth. For instance, the Consolidated gross margin for Q1 2025 was reported at $166.2 million, an increase of 16.6 percent compared to Q1 2024, driven in part by higher electric transmission revenues and higher natural gas transportation revenues. Furthermore, the Utility Margin for the third quarter of 2025 reached $300.1 million.

The financial outlook for the full year is quantified by management guidance:

• Non-GAAP earnings guidance for 2025 is $3.53 to $3.65 per diluted share.
• Consolidated gross margin for Q1 2025 was $166.2 million.

Additional context on revenue-related performance indicators includes:

• Non-GAAP EPS for the first nine months of 2025 was $2.41, up 6.2 percent from the prior year period.
• The quarterly common stock dividend declared was $0.66 per share, payable September 30, 2025.