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Rex Savage

Research Analyst at Clear Street LLC

Rex Savage's questions to NorthWestern Energy Group (NWE) leadership

Question · Q4 2025

Rex Savage from Clear Street LLC inquired about potential concerns regarding the delay in South Dakota's merger regulatory review and whether the Montana review timeline is at risk due to interveners claiming the application is incomplete. He also asked about the connection between the Montana IRP process and the merger review timeline.

Answer

CFO Crystal Lail stated no concerns about the South Dakota delay, explaining it's an extension to the procedural schedule for a 6-month statute, and expects it to still be ahead of Montana. She described the Montana review as progressing normally, with intervenor concerns being typical and not indicative of timeline issues. President and CEO Brian Bird confirmed that the IRP is out and he anticipates no connection between the IRP and the merger process.

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Question · Q4 2025

Rex Savage from Clear Street inquired about potential delays in the South Dakota merger regulatory review and concerns regarding the Montana review, where intervenors claim the application is incomplete, and also asked about the connection between the Montana IRP process and the merger review timeline.

Answer

Crystal Lail (CFO, NorthWestern Energy) addressed the South Dakota merger review, explaining that while there's a six-month statute, they are working with staff on an extension to the procedural schedule, expressing no concerns and expecting it to still conclude ahead of Montana. For Montana, she noted the docket is progressing normally, with intervenor concerns being typical, and the company is comfortable with the timeline. Brian Bird (President and CEO, NorthWestern Energy) clarified that the Integrated Resource Plan (IRP) is already out, and he anticipates no connection between the IRP and the merger process.

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