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NorthWestern Energy Group discusses its planned merger with Black Hills Corporation, highlighting that the combined regulated utility would serve about 2.1 million customers across eight contiguous states, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. NorthWestern currently serves about 842,000 electric and natural gas customers, including 414,000 electric and 247,000 natural gas customers in Montana.
NorthWestern emphasizes that local service, walk-in centers and field crews are expected to remain in place and that Montana operations will continue to be regulated by the Montana Public Service Commission. The merger is presented as a way to gain economies of scale, cost efficiencies and more resources to meet changing energy demands, while keeping day-to-day customer experience largely unchanged.
Completion of the merger is targeted by the end of 2026 and is subject to approvals from state regulators in Montana, South Dakota and Nebraska, as well as federal approval from FERC. Black Hills plans to file a Form S-4 registration statement, including a joint proxy statement/prospectus, and investors are encouraged to review those SEC filings when available before making any voting or investment decisions.
NorthWestern Energy Group, Inc. officer Shannon Heim, who serves as VP and General Counsel, reported a Form 4 insider transaction in the company’s common stock. On 01/15/2026, a transaction coded “F” involved 442 shares at a price of $64.54 per share. Following this activity, Heim is shown as beneficially owning 7,195 shares of NorthWestern Energy Group common stock in direct ownership.
NorthWestern Energy Group, Inc. executive John D. Hines, VP - Energy Supply & MT Gov, reported a small disposition of company stock on a Form 4. On January 15, 2026, he disposed of 84 shares of common stock at a reported price of $64.54 per share under transaction code F. After this transaction, he beneficially owned 38,599 shares of NorthWestern Energy Group common stock in direct ownership.
NorthWestern Energy Group, Inc. director Sherina M. Edwards reported receiving a first quarter 2026 stock grant of company common shares. On January 2, 2026, she acquired 581 shares of common stock at $64.54 per share under the company’s compensation rate schedule for non-employee directors. Following this grant, she beneficially owned 8,885 common shares, held directly in her name.
NorthWestern Energy Group, Inc. director David L. Goodin received 581 shares of common stock as a stock grant. The grant was made on 01/02/2026 at a reported price of $64.54 per share, according to the Form 4. This award is described as the first quarter 2026 stock grant under the company’s compensation rate schedule for non-employee directors. Following this grant, Goodin beneficially owns 4,531 shares of NorthWestern Energy Group, Inc. common stock held directly.
NorthWestern Energy Group, Inc. director Kent T. Larson reported a routine stock-based compensation grant. On January 2, 2026, he received 581 shares of common stock at a value of $64.54 per share, described as a first quarter 2026 stock grant under the company’s compensation rate schedule for non-employee directors. Following this grant, he directly holds 10,948 shares of NorthWestern Energy Group common stock.
NorthWestern Energy Group, Inc. describes plans to merge with Black Hills Corp. and increase its ownership in Montana’s Colstrip Power Plant from 15% to 55% starting Jan. 1. The combined company is expected to serve about 2.1 million electric and natural gas customers across eight states, with the merger targeted for completion in 2026, subject to regulatory and other approvals. NorthWestern emphasizes that Montana operations will remain locally managed and that the merger will not result in changes to customer rates, which remain regulated by the Montana Public Service Commission. The company frames the larger scale and added Colstrip capacity as ways to support reliability, manage peak demand and enable future economic growth, including potential data center development in Montana.
NorthWestern Energy Group (NWE) said its subsidiary, NorthWestern Corporation, reopened its March 2025 issuance and sold an additional $100 million of Montana First Mortgage Bonds due 2030, bringing total 2030 Notes outstanding to $500 million. The new bonds carry a 5.073% coupon with semi-annual payments on March 21 and September 21, starting March 21, 2026.
The bonds were placed to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S, without Securities Act registration. Proceeds are intended for future capital expenditures, working capital (including revolver paydown), and general corporate purposes. The bonds rank equally with other first‑lien mortgage debt and are redeemable at par on or after February 21, 2030, plus accrued interest.
NorthWestern Energy Group (NWE) shared details of its pending merger with Black Hills Corporation in a Montana PBS interview. CEO Brian Bird said customers should see “very little” day‑to‑day change, and that rates will not change as part of the merger; rates only change through a rate review. He highlighted scale benefits such as stronger procurement leverage and reduced duplicative costs, with expected savings to be reflected over time in rate reviews.
Bird will lead the combined company. He noted workforce duplication risks but expects impacts to be handled largely through attrition, citing 5–10% annual attrition and a similar level of anticipated duplication. The company expects greater regulatory and business diversification: today NorthWestern is “85–90% Montana,” while post‑merger Montana would be “just over 30%.” He acknowledged investor focus on Montana approval, given past commission decisions, and emphasized this is a merger of two financially strong utilities.
NorthWestern Energy Group (Nasdaq: NWE) reaffirmed its adjusted 2025 non-GAAP earnings guidance of $3.53 to $3.65 per diluted share. Company leadership will attend the 60th EEI Financial Conference on November 10–11, 2025, and host one-on-one meetings with investors.
The slide presentation used for these meetings was furnished under Regulation FD as Exhibit 99.1 and incorporated by reference; it is not deemed “filed” for liability purposes.