Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 15, 2024

NorthWestern Energy Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware

000-56598

93-2020320

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

3010 W. 69th Street

Sioux Falls

South Dakota

57108

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 605-978-2900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
NorthWestern Energy Group, Inc.	Common stock	NWE	Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 7.01 Regulation FD Disclosure.

NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) (the “Company”) and its wholly owned public utility subsidiaries recently filed regulatory rate reviews with respect to electric utility services in Montana and gas utility services in Montana, Nebraska, and South Dakota (collectively, the “Rate Review Filings”). The Company has prepared a presentation (the “Presentation”) summarizing key aspects and details of the Rate Review Filings.

A copy of the Presentation is being furnished pursuant to Regulation FD as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in the Presentation will not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Furthermore, the Presentation will not be deemed to be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except as set forth with respect thereto in any such filing.

Item 8.01 Other Information.

In connection with the Rate Review Filings, the Company and its public utility subsidiaries are seeking an increase in base rates driven primarily by investment in additional utility infrastructure. Certain details regarding the Rate Review Filings are summarized below and in the Presentation attached hereto as Exhibit 99.1.

Montana Electric Rate Review. On July 10, 2024, the Company’s wholly owned subsidiary, NorthWestern Corporation, filed an electric rate review with the Montana Public Service Commission (“MPSC”). The filing requests a base rate revenue increase of $156.5 million ($69.4 million net with property tax and PCCAM electric supply tracker adjustments) driven primarily by the investment of approximately $874 million for plant in service in 2023 (and expected for 2024) and other costs not included in current rates. These investments include the 175-megawatt natural gas-fired Yellowstone County Generating Station, an on-demand generation resource located in Montana that is dispatchable to meet energy demand when Montana customers need it most. The Company anticipates that the typical 750kWh residential electric bill will increase $2.09 per month over current rates if the MPSC adopts interim rates on October 1, 2024, and $9.11 per month over current rates if the MPSC adopts the proposed final rates in April 2025.

Montana Gas Rate Review. On July 10, 2024, the Company’s wholly owned subsidiary, NorthWestern Corporation, filed a gas rate review with the Montana Public Service Commission (“MPSC”). The filing requests a base rate revenue increase of $28.6 million driven primarily by the investment of approximately $174 million for plant in service in 2023 (and expected for 2024) and other costs not included in current rates. The Company anticipates that the typical 65 Therm residential bill will increase $4.81 per month over current rates if the MPSC adopts interim rates on October 1, 2024, and $8.84 per month over current rates if the MPSC adopts the proposed final rates in April 2025.

South Dakota Gas Rate Review. On June 21, 2024, the Company’s wholly owned subsidiary, NorthWestern Energy Public Service Corporation, filed a gas rate review with the South Dakota Public Utilities Commission (“SDPUC”). The filing requests a base rate revenue increase of $6.0 million, driven primarily by the investment of approximately $80 million in

infrastructure since 2010 and other costs not included in current rates. The Company anticipates that the typical 100 Therm residential bill will increase $8.38 per month over current rates if the SDPUC adopts the proposed final rates.

Nebraska Gas Rate Review. On June 6, 2024, the Company’s wholly owned subsidiary, NorthWestern Energy Public Service Corporation, filed a gas rate review with the Nebraska Public Service Commission (“NPSC”). The filing requests a base rate revenue increase of $3.6 million driven primarily by the investment of approximately $42 million in infrastructure since 2007 and other costs not included in current rates. The Company anticipates that the typical 100 Therm residential bill will increase $7.54 per month over current rates if the NPSC adopts the proposed final rates.

Item 9.01 Financial Statements and Exhibits.


Exhibit No.						Description of Document
99.1*						2024 Rate Review Summary Presentation, dated July 12, 2024
104						Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document

* filed herewith

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						NorthWestern Energy Group, Inc.

			By:			/s/ Timothy P. Olson
						Timothy P. Olson
						Corporate Secretary

Date: July 15, 2024

2024 Rate Review Summary July 2024 8-K date: July 12, 2024

2 NorthWestern Energy Group Forward Looking Statements During the course of this presentation, there will be forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” The information in this presentation is based upon our current expectations as of the date of this document unless otherwise noted. Our actual future business and financial performance may differ materially and adversely from our expectations expressed in any forward-looking statements. We undertake no obligation to revise or publicly update our forward-looking statements or this presentation for any reason. Although our expectations and beliefs are based on reasonable assumptions, actual results may differ materially. The factors that may affect our results are listed in certain of our press releases and disclosed in the Company’s 10-K and 10-Q along with other public filings with the SEC. NorthWestern Energy Group, Inc. dba: NorthWestern Energy Ticker: NWE (Nasdaq) www.northwesternenergy.com Corporate Support Office 3010 West 69th Street Sioux Falls, SD 57108 (605) 978-2900 Director of Corporate Development & Investor Relations Officer Travis Meyer 605-978-2967 travis.meyer@northwestern.com

3 NWE Rate Review Summary

4 We are continuing to invest to meet our customers’ needs, with approximately $1 billion of infrastructure investment in Montana (2023 and 2024 expected) included in this rate review, reflecting our commitment to providing customers reliable, affordable and sustainable service. Investment is focused on grid resiliency, capacity and continued wildfire mitigation. The investment in Yellowstone County Generating Station drives price stability and provides a resource within Montana to serve customers. Montana Electric & Gas Rate Review

5 Montana Electric $156.5 Million Base Rate Increase Requested & $69.4 Million Total Request While YCGS will increase base rates, we expect the reduction in market purchases to offset the impact of these costs to customers and drive price stability. * Capital investment to increase the reliability, capacity and safety of the electric system drives 112% of the total revenue request, offset by reduced market purchases.

6 Montana Electric Cost of Service Components 1 Typical 750kWh Residential Electric Bill 1.1% CAGR in Operating Costs 3 8.3% Total Bill Impact Estimate at Full Request

7 Montana Natural Gas $28.6 Million Base Rate Increase Requested * Capital investment to increase the reliability, capacity and safety of the natural gas system drives 90% of the revenue request.

8 Montana Natural Gas Cost of Service Components 1 Typical 65 Therm Residential Natural Gas Bill 3.3% CAGR in Operating Costs 17.0% Total Bill Impact Estimate at Full Request

9 South Dakota Natural Gas Rate Review $80 million investment since 2010 test year driving $29.7 million increase to rate base.

10 South Dakota Natural Gas $6.0 Million Rate Increase Requested * Capital investment to increase the reliability, capacity and safety of the natural gas system drives 52% of the revenue request.

11 South Dakota Natural Gas Cost of Service Components 1 Typical 100 Therm Residential Natural Gas Bill 1.9% CAGR in Operating Costs 7.9% Total Bill Impact Estimate at Full Request (December 2023 vs Proposed)

12 Nebraska Natural Gas Rate Review $42 million investment since 2007 test year driving $23.1 million increase to rate base.

13 Nebraska Natural Gas $3.6 Million Rate Increase Requested * Capital investment to increase the reliability, capacity and safety of the natural gas system drives 78% of the revenue request.

14 Nebraska Natural Gas Cost of Service Components 1 Typical 100 Therm Residential Natural Gas Bill 1.3% CAGR in Operating Costs 5.8% Total Bill Impact Estimate at Full Request (December 2023 vs Proposed)

Document and Entity Information Document	Jul. 15, 2024
Cover [Abstract]
Document Type	8-K
Entity Registrant Name	NorthWestern Energy Group, Inc.
Entity File Number	000-56598
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-2020320
Entity Address, Address Line One	3010 W. 69th Street
Entity Address, City or Town	Sioux Falls
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57108
City Area Code	605
Local Phone Number	978-2900
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock
Entity Central Index Key	0001993004
Amendment Flag	false
Trading Symbol	NWE
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Document Period End Date	Jul. 15, 2024