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    Aidan Kelly

    Research Analyst at JPMorgan Chase & Co.

    Aidan Kelly is an Equity Research Analyst at JPMorgan Chase & Co., focusing on the European food retail and distribution sector. He covers major companies such as Tesco, Ocado, Ahold Delhaize, and Carrefour, and is noted for detailed sector expertise and strong client relationships. Kelly began his career in financial analysis roles at firms like Credit Suisse before joining JPMorgan in 2017, where he has since contributed to influential research publications and strategic recommendations. He holds relevant professional certifications including CFA charterholder status and is FINRA registered, demonstrating his commitment to rigorous research standards and investment analysis.

    Aidan Kelly's questions to NorthWestern Energy Group (NWE) leadership

    Aidan Kelly's questions to NorthWestern Energy Group (NWE) leadership • Q2 2025

    Question

    Aidan Kelly of JPMorgan Chase & Co. inquired about the timeline for converting data center Letters of Intent (LOIs) to Energy Service Agreements (ESAs), potential gating items, and strategies for meeting load requirements if demand surpasses current capacity. He also asked for a geographic breakdown of the nine data center requests between Montana and South Dakota.

    Answer

    CEO Brian Bird stated that he expects at least one, and possibly both of the initial two, LOIs to become signed ESAs by the October earnings call. To address future demand, he explained that NorthWestern Energy is exploring build-own-transfer options for new generation with the data center partners, which could be regulated at either the state or federal level. He also clarified that the nine initial requests are split roughly evenly between Montana and South Dakota.

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    Aidan Kelly's questions to NorthWestern Energy Group (NWE) leadership • Q2 2025

    Question

    Aidan Kelly of JPMorgan Chase & Co. inquired about the potential timing for signing Energy Service Agreements (ESAs) for the three data centers under LOIs, how NorthWestern plans to address load requirements if demand exceeds existing capacity, and the geographic split of the nine data center requests between Montana and South Dakota.

    Answer

    Brian Bird, President and CEO, stated that he expects at least one, and possibly two, of the LOIs to convert to an ESA by the next earnings call in October. To meet excess demand, he explained the company is exploring build-transfer agreements for new generation with the data center developers, which could be state or FERC-regulated. He also estimated that the nine initial requests are split roughly evenly between Montana and South Dakota.

    Ask Fintool Equity Research AI

    Aidan Kelly's questions to NorthWestern Energy Group (NWE) leadership • Q2 2025

    Question

    Aidan Kelly inquired about the expected timeline for converting data center Letters of Intent (LOIs) to Energy Service Agreements (ESAs), the strategy for meeting load requirements if demand surpasses existing capacity, and the geographical split of the nine initial data center requests.

    Answer

    CEO Brian Bird projected that at least one ESA would be signed by the next earnings call in October. He explained that to meet excess demand, NorthWestern is exploring build-transfer agreements for new generation with the data centers, which could be pursued on a state-regulated or FERC-regulated basis. He also estimated that the initial nine requests are split roughly evenly between Montana and South Dakota.

    Ask Fintool Equity Research AI