Matthew Davis's questions to NorthWestern Energy Group Inc (NWE) leadership • Q4 2024
Question
Matthew Davis asked how the expected ramp-up of data center customers could help the company earn closer to its allowed return and questioned why this potential revenue uplift isn't reflected in the forward earnings outlook.
Answer
CFO Crystal Lail and CEO Brian Bird agreed that significant load growth from data centers would help reduce regulatory lag and provide broad benefits by spreading fixed costs, which helps the company earn closer to its authorized return. However, Crystal Lail clarified that the financial impact of these data centers is not yet included in the company's forecast because they are still at the letter of intent (LOI) stage. They will be incorporated as incremental upside once formal service agreements are signed.