Northwestern Corporation (NWE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Northwestern Corporation (NWE) é um provedor fundamental de energia, transformando a paisagem de energia em Montana, Dakota do Sul e Nebraska por meio de um modelo de negócios inovador e estratégico. Ao misturar a geração tradicional de eletricidade com as tecnologias renováveis ​​de ponta, essa empresa de utilidade dinâmica navega com desafios complexos de mercado enquanto oferece soluções de energia confiáveis ​​e sustentáveis ​​para diversos segmentos de clientes. Sua abrangente modelo de negócios Canvas revela uma abordagem sofisticada que equilibra a inovação tecnológica, a conformidade regulatória e o serviço focado na comunidade, tornando a NWE um estudo de caso convincente no gerenciamento moderno de utilidades e na entrega estratégica de energia.

Northwestern Corporation (NWE) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos elétricos

A Northwestern Corporation faz parceria com os principais fabricantes de equipamentos para manter a infraestrutura de grade. Os principais fornecedores de equipamentos incluem:

Fabricante	Tipo de equipamento	Valor anual do contrato
General Electric	Transformadores	US $ 14,3 milhões
Siemens	Sistemas de gerenciamento de grade	US $ 9,7 milhões
ABB LTD	Equipamento de transmissão	US $ 11,2 milhões

Provedores regionais de infraestrutura de transmissão e distribuição

A Northwestern mantém parcerias estratégicas com provedores regionais de infraestrutura:

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

Agências regulatórias estaduais e federais

Os detalhes da parceria regulatória incluem:

Agência	Jurisdição	Interações de conformidade
Comissão de Serviço Público de Montana	Estado regulatório	38 Interações formais em 2023
Comissão Federal de Regulamentação de Energia	Supervisão federal	24 Relatórios de conformidade enviados

Desenvolvedores de tecnologia de energia renovável

Investimentos de parceria de energia renovável:

Parceiro de tecnologia	Foco em tecnologia	Valor do investimento
Primeiro solar	Sistemas fotovoltaicos	US $ 6,5 milhões
Vestas Wind Systems	Tecnologia da turbina eólica	US $ 8,2 milhões

Governo local e partes interessadas da comunidade

Métricas de engajamento de parceria comunitária:

• Investimento Comunitário Total: US $ 3,1 milhões em 2023
• Número de parcerias municipais locais: 17
• Projetos de infraestrutura comunitária: 12

Northwestern Corporation (NWE) - Modelo de Negócios: Atividades -chave

Geração e distribuição de energia elétrica

A Northwestern Corporation opera 11 instalações hidrelétricas com uma capacidade total de geração de 208 megawatts. O portfólio de geração elétrica da empresa inclui:

Tipo de geração	Capacidade (MW)	Porcentagem de portfólio
Hidrelétrico	208	37.5%
Gás natural	280	50.4%
Carvão	68	12.1%

Manutenção de infraestrutura e gerenciamento de grade

A Northwestern mantém 16.445 milhas de linhas de transmissão e distribuição elétricas em Montana, Dakota do Sul e Nebraska.

• Investimento anual de manutenção de infraestrutura: US $ 87,3 milhões
• Índice de confiabilidade da grade: 99,95%
• Cobertura de implantação de tecnologia de grade inteligente: 76% do território de serviço

Desenvolvimento de projetos de energia renovável

Projetos de energia renovável a partir de 2024:

Tipo renovável	Capacidade instalada (MW)	Investimento projetado
Vento	122	US $ 215 milhões
Solar	45	US $ 82 milhões

Atendimento ao cliente e programas de eficiência energética

Métricas de atendimento ao cliente:

• Total de contas de clientes: 743.900
• Tempo médio de resposta para solicitações de serviço: 2,3 horas
• Participação do Programa de Eficiência Energética: 42% dos clientes

Conformidade regulatória e gestão ambiental

Conformidade e investimentos ambientais:

• Gastos anuais de conformidade ambiental: US $ 42,6 milhões
• Alvo de redução de emissão de carbono: 40% até 2030
• Equipe de gestão ambiental: 87 funcionários em tempo integral

Northwestern Corporation (NWE) - Modelo de negócios: Recursos -chave

Instalações de geração elétrica

A Northwestern Energy possui e opera várias instalações de geração em Montana, Dakota do Sul e Nebraska:

Tipo de geração	Capacidade (MW)	Número de instalações
Hidrelétrico	633	11
Gás natural	377	4
Vento	63	3

Infraestrutura de transmissão e distribuição

Northwestern mantém uma extensa infraestrutura energética:

• Linhas de transmissão: 4.700 milhas
• Linhas de distribuição: 15.400 milhas
• Subestações: 204
• Área de serviço total: 30.000 milhas quadradas

Força de trabalho técnica qualificada

Total de funcionários: 1.280 a partir de 2023

Categoria de funcionários	Número de funcionários
Operações técnicas	580
Engenharia	210
Atendimento ao Cliente	290
Gerenciamento	200

Tecnologias avançadas de gerenciamento de energia

Investimentos de tecnologia em 2023: US $ 42,3 milhões

• Infraestrutura de grade inteligente
• Sistemas de medição avançada
• Tecnologias de integração de energia renovável

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 4,2 bilhões
Patrimônio total	US $ 1,8 bilhão
Despesas de capital	US $ 280 milhões

Northwestern Corporation (NWE) - Modelo de Negócios: Proposições de Valor

Fonte de energia elétrica confiável

A Northwestern Energy atende 382.700 clientes elétricos em Montana, Dakota do Sul e Nebraska. Planta de utilidade elétrica total em serviço: US $ 2,06 bilhões em 2022.

Estado	Clientes elétricos	Território de serviço
Montana	223,400	44.000 milhas quadradas
Dakota do Sul	63,400	22.000 milhas quadradas
Nebraska	95,900	18.000 milhas quadradas

Portfólio de energia sustentável

Mix de geração de energia renovável:

• Hidroelétrico: 43% da capacidade de geração
• Vento: 24% da capacidade de geração
• Solar: 7% da capacidade de geração
• Gás natural: 26% da capacidade de geração

Taxas de eletricidade competitivas

Taxa média de eletricidade residencial: US $ 0,11 por quilowatt-hora, que é 8,3% abaixo da média nacional.

Segmento de clientes	Taxa média (¢/kWh)
residencial	11.0
Comercial	9.2
Industrial	7.5

Modernização da grade

Investimento anual em infraestrutura de grade: US $ 180 milhões a partir de 2022. Implantação de medidores inteligentes: 78% da base total de clientes.

Apoio econômico local

Contribuição econômica anual: US $ 237 milhões entre os territórios de serviço. Pagamentos totais de impostos locais: US $ 52,3 milhões em 2022.

Northwestern Corporation (NWE) - Modelo de Negócios: Relacionamentos do Cliente

Suporte direto ao atendimento ao cliente

A Northwestern Corporation mantém uma equipe de atendimento ao cliente dedicada com as seguintes métricas:

Canal de suporte	Volume de contato anual	Tempo médio de resposta
Suporte telefônico	342.567 chamadas	7,2 minutos
Suporte por e -mail	128.945 e -mails	24 horas
Bate -papo ao vivo	87.233 interações	3,5 minutos

Plataformas de gerenciamento de contas online

Estatísticas de engajamento digital para a Northwestern Corporation:

• Usuários totais de conta on -line: 276.542
• Downloads de aplicativos móveis: 184.376
• Taxa de pagamento da conta on -line: 68,3%

Serviços de consulta de eficiência energética

Tipo de serviço	Consultas anuais	Taxa de participação do cliente
Auditoria de energia residencial	12,345	4.2%
Avaliação de energia comercial	2,876	6.7%

Programas de divulgação e educação comunitária

Métricas de engajamento da comunidade:

• Eventos anuais da comunidade: 87
• Participantes da Oficina Educacional: 15.234
• Programa de educação energética escolar Alcance: 42 escolas

Comunicação proativa durante interrupções do serviço

Canal de comunicação	Velocidade de notificação	Alcance do cliente
Alertas de texto	Dentro de 15 minutos	78% da base de clientes
Atualizações de mídia social	Em tempo real	62.345 seguidores
Notificações de telefone automatizadas	Dentro de 30 minutos	92% dos clientes afetados

Northwestern Corporation (NWE) - Modelo de Negócios: Canais

Centros de atendimento ao cliente físico

A Northwestern Corporation mantém 7 centros de atendimento ao cliente físico em Montana, Dakota do Sul e Nebraska a partir de 2024.

Localização	Estado	Horário de serviço
Butte	Montana	8:00 - 17:00
Sioux cai	Dakota do Sul	8:00 - 17:00
Lincoln	Nebraska	8:00 - 17:00

Portal da Web online

O Portal da Web on -line da Northwestern Energy atende a aproximadamente 362.000 clientes elétricos e 217.000 de gás natural em 2024.

• Visitantes mensais de portal da web: 124.500
• Recursos de gerenciamento de contas online disponíveis
• Rastreamento de uso de energia digital

Aplicativos para smartphones móveis

A Northwestern Corporation lançou seu aplicativo móvel com 89.000 usuários mensais ativos em 2024.

Recurso do aplicativo	Disponibilidade
Pagamento da conta	iOS/Android
Relatórios de interrupção	iOS/Android
Rastreamento de uso de energia	iOS/Android

Suporte ao cliente por telefone

A Northwestern Corporation opera um centro de suporte ao cliente centralizado que lida com 214.000 chamadas de clientes anualmente em 2024.

• Tempo médio de espera de chamada: 3,2 minutos
• Linha de suporte de emergência 24/7
• Suporte multilíngue disponível

Sistemas de cobrança e comunicação digital

A plataforma de cobrança digital processa 578.000 contas eletrônicas mensais em 2024.

Canal de comunicação digital	Porcentagem do usuário
Cobrança por e -mail	68%
Alertas de mensagem de texto	42%
Notificações de aplicativos móveis	35%

Northwestern Corporation (NWE) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

A Northwestern Energy atende a aproximadamente 370.000 clientes elétricos em Montana, Dakota do Sul e Nebraska. O segmento residencial representa 68% de sua base total de clientes elétricos.

Estado	Clientes residenciais	Conta mensal média
Montana	224,000	$117.50
Dakota do Sul	92,000	$105.25
Nebraska	54,000	$98.75

Empresas comerciais e industriais

Os clientes comerciais e industriais constituem 29% da base de clientes elétricos da Northwestern, totalizando aproximadamente 107.000 clientes.

• Grandes clientes industriais incluem instalações de mineração, fabricação e processamento agrícola
• Consumo médio anual de eletricidade por cliente comercial: 45.000 kWh
• Receita total de eletricidade comercial e industrial: US $ 247,3 milhões em 2022

Clientes do setor agrícola

Os clientes agrícolas representam um segmento significativo na categoria de cliente comercial, com necessidades específicas em Montana e Dakota do Sul.

Tipo de cliente agrícola	Número de clientes	Uso médio anual
Irrigação	3,200	65.000 kWh
Operações agrícolas	2,800	42.000 kWh

Instituições municipais e governamentais

A Northwestern atende a aproximadamente 1.200 clientes municipais e governamentais em seus territórios de serviço.

• Escolas públicas: 450 clientes
• Instalações do governo local: 350 clientes
• Edifícios do governo estadual: 400 clientes
• Receita anual de eletricidade do setor municipal: US $ 38,6 milhões

Usuários rurais e urbanos de eletricidade

A área de serviço da Northwestern inclui diversas paisagens geográficas com padrões distintos de consumo de eletricidade.

Localização do cliente	Número de clientes	Consumo de eletricidade
Áreas rurais	198,000	1.850 kWh/mês
Áreas urbanas	279,000	2.350 kWh/mês

Northwestern Corporation (NWE) - Modelo de negócios: estrutura de custos

Geração de energia e manutenção de infraestrutura

Custos anuais de manutenção de infraestrutura: US $ 78,4 milhões em 2022

Categoria de infraestrutura	Custo anual
Manutenção da linha de transmissão	US $ 32,6 milhões
Manutenção de equipamentos de usina	US $ 25,9 milhões
Modernização da grade	US $ 19,9 milhões

Despesas de conformidade regulatória

Custos totais de conformidade regulatória: US $ 45,2 milhões em 2022

• Conformidade de regulamentação ambiental: US $ 22,7 milhões
• Aderência padrão de segurança: US $ 15,5 milhões
• Relatórios e documentação: US $ 7 milhões

Salários e benefícios dos funcionários

Total de despesas de pessoal: US $ 143,6 milhões em 2022

Categoria de despesa	Quantia
Salários da base	US $ 98,3 milhões
Seguro de saúde	US $ 22,1 milhões
Benefícios de aposentadoria	US $ 23,2 milhões

Atualizações de tecnologia e sistema

Investimento em tecnologia total: US $ 56,7 milhões em 2022

• Tecnologia de grade inteligente: US $ 27,4 milhões
• Sistemas de segurança cibernética: US $ 15,3 milhões
• Infraestrutura digital: US $ 14 milhões

Iniciativas de proteção ambiental e sustentabilidade

Despesas totais de sustentabilidade: US $ 41,5 milhões em 2022

Iniciativa de Sustentabilidade	Investimento
Desenvolvimento de energia renovável	US $ 24,6 milhões
Programas de redução de carbono	US $ 11,2 milhões
Pesquisa ambiental	US $ 5,7 milhões

Northwestern Corporation (NWE) - Modelo de negócios: fluxos de receita

Vendas de eletricidade residencial

Para o ano fiscal de 2023, a Northwestern Corporation registrou receita de vendas de eletricidade residencial de US $ 458,3 milhões.

Segmento de clientes	Receita anual	Taxa média
Clientes residenciais	US $ 458,3 milhões	$ 0,1237 por kWh
Total de conexões residenciais	358,642	N / D

Contratos de energia comercial e industrial

As vendas comerciais e industriais de eletricidade geraram US $ 612,7 milhões em receita para a Northwestern em 2023.

Tipo de cliente	Receita anual	Consumo médio
Clientes comerciais	US $ 387,4 milhões	6.542 MWh
Clientes industriais	US $ 225,3 milhões	12.387 MWh

Vendas de crédito energético renováveis

A Northwestern Corporation gerou US $ 24,6 milhões com vendas de crédito de energia renovável em 2023.

• Créditos de energia eólica: US $ 14,2 milhões
• Créditos de energia solar: US $ 10,4 milhões

Taxas de serviço de infraestrutura

As taxas de serviço de infraestrutura e transmissão totalizaram US $ 87,5 milhões em 2023.

Tipo de serviço	Receita anual
Taxas de conexão da grade	US $ 53,2 milhões
Serviços de transmissão	US $ 34,3 milhões

Incentivos ao Programa de Eficiência Energética

O programa de eficiência energética incentiva e os descontos geraram US $ 12,4 milhões em 2023.

• Programas de eficiência energética residencial: US $ 7,6 milhões
• Programas comerciais de eficiência energética: US $ 4,8 milhões

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.