Whitney

Whitney from Wells Fargo & Company inquired about the updated timing and scope for filing a large load tariff for new data center loads, and the progress of stakeholder education plans regarding data center cost causation and affordability in the context of the merger.

Answer

CFO Crystal Lail clarified that the large load tariff filing is tied to signing an ESA, expected by the end of Q2 2026, to ensure specific mechanics are presented to the Montana Commission. President and CEO Brian Bird added that the tariff is ready, awaiting an ESA, and discussed ongoing efforts to educate the public on data center benefits and customer protection through tariffs, noting positive community votes for projects like Sabey.

Whitney from Wells Fargo inquired about the updated timing and scope for filing a large load tariff, specifically asking what has changed regarding the previously indicated Q4 filing and what stakeholders should expect from the Public Service Commission.

Answer

Crystal Lail (CFO, NorthWestern Energy) and Brian Bird (President and CEO, NorthWestern Energy) clarified that the tariff filing is now tied to signing an Energy Service Agreement (ESA) with a specific data center, which is expected by the end of Q2 2026. They emphasized the goal is to strengthen the tariff to protect customers and demonstrate that data centers pay their fair share. Brian Bird also addressed the focus on data center cost causation and stakeholder education, noting positive community engagement in Butte and the company's efforts to demonstrate customer protection through the proposed tariff. Crystal Lail added that while existing tariffs could serve customers, the national narrative necessitates transparency with regulators and maintaining positive public sentiment.