Aidan Kelly's questions to NorthWestern Energy Group Inc (NWE) leadership • Q2 2025
Question
Aidan Kelly of JPMorgan Chase & Co. asked for an updated timeline on signing Energy Service Agreements (ESAs) for data centers, how NorthWestern plans to meet future load requirements, and the geographic split of its prospective data center customers.
Answer
President and CEO Brian Bird stated that he expects at least one ESA to be signed by the October earnings call. To meet new load, he explained the company is exploring build-transfer agreements for new generation, which could be state-regulated or FERC-regulated. He also noted that the nine initial data center requests are split roughly evenly between Montana and South Dakota.