Business
NorthWestern Reports Third Quarter 2021 Financial Results
Company reports GAAP diluted earnings per share of $0.68 for the quarter, affirms 2021 earnings guidance range, and announces a $0.62 per share quarterly
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Company reports GAAP diluted earnings per share of $0.68 for the quarter, affirms 2021 earnings guidance range, and announces a $0.62 per share quarterly dividend payable December 31, 2021\nBUTTE, Mont. and SIOUX FALLS, S.D., Oct. 24, 2021 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended September 30, 2021. Net income for the period was $35.2 million, or $0.68 per diluted share, as compared with net income of $29.5 million, or $0.58 per diluted share, for the same period in 2020. This increase was primarily driven by higher Montana transmission loads and rates and warmer summer weather, partly offset by higher operating costs, lower supply cost recovery, an unfavorable QF liability adjustment compared with the prior period, and higher income tax expense. “We are pleased to report strong financial results this quarter. However, inflationary and supply chain pressures have left their mark. We made the decision to accelerate construction of the 175 megawatt facility near Laurel, Montana. At the same time, we decided not to move forward with construction of a 30-40 megawatt facility near Aberdeen, South Dakota, as originally proposed. Alternative options for the Aberdeen project will be evaluated in the 2022 Integrated Resource Plan. The 60 megawatt project near Huron, South Dakota continues, with minimal interruption, and should be online by early 2022,” said Bob Rowe, Chief Executive Officer. “As we have consistently warned, we continue to be concerned about our customers’ exposure to high energy prices and scarcity. Due to high prices, the cost of market power purchases for our Montana customers in July alone was nearly six times what we spent in the same month last year. Rowe continues, “We are glad to have the Laurel project advancing. Expected online in the winter of 2023-2024, this new resource will alleviate a significant amount of the price and availability risk that our customers and investors are currently experiencing. Laurel is our first dispatchable resource addition in Montana, and also our first thermal resource, since 2011. It is part of a set of resources resulting from a request for proposal that also included a hydro-based purchase power agreement and our first large battery storage agreement.” Additional information regardi...