INSTRUCTIONS FOR FILING FERC FORM NOS. 1 and 3-Q

GENERAL INFORMATION

Purpose
FERC Form No. 1 (FERC Form 1) is an annual regulatory requirement for Major electric utilities, licensees and others (18 C.F.R. § 141.1). FERC Form No. 3-Q ( FERC Form 3-Q) is a quarterly regulatory requirement which supplements the annual financial reporting requirement (18 C.F.R. § 141.400). These reports are designed to collect financial and operational information from electric utilities, licensees and others subject to the jurisdiction of the Federal Energy Regulatory Commission. These reports are also considered to be non-confidential public use forms.
Who Must Submit
Each Major electric utility, licensee, or other, as classified in the Commission’s Uniform System of Accounts Prescribed for Public Utilities, Licensees, and Others Subject To the Provisions of The Federal Power Act (18 C.F.R. Part 101), must submit FERC Form 1 (18 C.F.R. § 141.1), and FERC Form 3-Q (18 C.F.R. § 141.400).
Note: Major means having, in each of the three previous calendar years, sales or transmission service that exceeds one of the following:
1. one million megawatt hours of total annual sales,
2. 100 megawatt hours of annual sales for resale,
3. 500 megawatt hours of annual power exchanges delivered, or
4. 500 megawatt hours of annual wheeling for others (deliveries plus losses).

What and Where to Submit

Submit FERC Form Nos. 1 and 3-Q electronically through the eCollection portal at https://eCollection.ferc.gov, and according to the specifications in the Form 1 and 3-Q taxonomies.
The Corporate Officer Certification must be submitted electronically as part of the FERC Forms 1 and 3-Q filings.
Submit immediately upon publication, by either eFiling or mail, two (2) copies to the Secretary of the Commission, the latest Annual Report to Stockholders. Unless eFiling the Annual Report to Stockholders, mail the stockholders report to the Secretary of the Commission at:
Secretary
Federal Energy Regulatory Commission 888 First Street, NE
Washington, DC 20426

For the CPA Certification Statement, submit within 30 days after filing the FERC Form 1, a letter or report (not applicable to filers classified as Class C or Class D prior to January 1, 1984). The CPA Certification Statement can be either eFiled or mailed to the Secretary of the Commission at the address above.

The CPA Certification Statement should:

Attest to the conformity, in all material aspects, of the below listed (schedules and pages) with the Commission's applicable Uniform System of Accounts (including applicable notes relating thereto and the Chief Accountant's published accounting releases), and

Be signed by independent certified public accountants or an independent licensed public accountant certified or licensed by a regulatory authority of a State or other political subdivision of the U. S. (See 18 C.F.R. §§ 41.10-41.12 for specific qualifications.)

Schedules	Pages
Comparative Balance Sheet	110-113
Statement of Income	114-117
Statement of Retained Earnings	118-119
Statement of Cash Flows	120-121
Notes to Financial Statements	122-123

The following format must be used for the CPA Certification Statement unless unusual circumstances or conditions, explained in the letter or report, demand that it be varied. Insert parenthetical phrases only when exceptions are reported.
“In connection with our regular examination of the financial statements of [COMPANY NAME] for the year ended on which we have reported separately under date of [DATE], we have also reviewed schedules [NAME OF SCHEDULES] of FERC Form No. 1 for the year filed with the Federal Energy Regulatory Commission, for conformity in all material respects with the requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases. Our review for this purpose included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Based on our review, in our opinion the accompanying schedules identified in the preceding paragraph (except as noted below) conform in all material respects with the accounting requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases.” The letter or report must state which, if any, of the pages above do not conform to the Commission’s requirements. Describe the discrepancies that exist.
Filers are encouraged to file their Annual Report to Stockholders, and the CPA Certification Statement using eFiling. Further instructions are found on the Commission’s website at https://www.ferc.gov/ferc-online/ferc-online/frequently-asked-questions-faqs-efilingferc-online.
Federal, State, and Local Governments and other authorized users may obtain additional blank copies of FERC Form 1 and 3-Q free of charge from https://www.ferc.gov/general-information-0/electric-industry-forms.

When to Submit
FERC Forms 1 and 3-Q must be filed by the following schedule:
1. FERC Form 1 for each year ending December 31 must be filed by April 18th of the following year (18 CFR § 141.1), and
2. FERC Form 3-Q for each calendar quarter must be filed within 60 days after the reporting quarter (18 C.F.R. § 141.400).
Where to Send Comments on Public Reporting Burden.
The public reporting burden for the FERC Form 1 collection of information is estimated to average 1,168 hours per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data-needed, and completing and reviewing the collection of information. The public reporting burden for the FERC Form 3-Q collection of information is estimated to average 168 hours per response.
Send comments regarding these burden estimates or any aspect of these collections of information, including suggestions for reducing burden, to the Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426 (Attention: Information Clearance Officer); and to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, DC 20503 (Attention: Desk Officer for the Federal Energy Regulatory Commission). No person shall be subject to any penalty if any collection of information does not display a valid control number (44 U.S.C. § 3512 (a)).

GENERAL INSTRUCTIONS

Prepare this report in conformity with the Uniform System of Accounts (18 CFR Part 101) (USofA). Interpret all accounting words and phrases in accordance with the USofA.
Enter in whole numbers (dollars or MWH) only, except where otherwise noted. (Enter cents for averages and figures per unit where cents are important. The truncating of cents is allowed except on the four basic financial statements where rounding is required.) The amounts shown on all supporting pages must agree with the amounts entered on the statements that they support. When applying thresholds to determine significance for reporting purposes, use for balance sheet accounts the balances at the end of the current reporting period, and use for statement of income accounts the current year's year to date amounts.
Complete each question fully and accurately, even if it has been answered in a previous report. Enter the word "None" where it truly and completely states the fact.
For any page(s) that is not applicable to the respondent, omit the page(s) and enter "NA," "NONE," or "Not Applicable" in column (d) on the List of Schedules, pages 2 and 3.
Enter the month, day, and year for all dates. Use customary abbreviations. The "Date of Report" included in the header of each page is to be completed only for resubmissions (see VII. below).
Generally, except for certain schedules, all numbers, whether they are expected to be debits or credits, must be reported as positive. Numbers having a sign that is different from the expected sign must be reported by enclosing the numbers in parentheses.
For any resubmissions, please explain the reason for the resubmission in a footnote to the data field.
Do not make references to reports of previous periods/years or to other reports in lieu of required entries, except as specifically authorized.
Wherever (schedule) pages refer to figures from a previous period/year, the figures reported must be based upon those shown by the report of the previous period/year, or an appropriate explanation given as to why the different figures were used.
Schedule specific instructions are found in the applicable taxonomy and on the applicable blank rendered form.

Definitions for statistical classifications used for completing schedules for transmission system reporting are as follows:

FNS - Firm Network Transmission Service for Self. "Firm" means service that can not be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Network Service" is Network Transmission Service as described in Order No. 888 and the Open Access Transmission Tariff. "Self" means the respondent.

FNO - Firm Network Service for Others. "Firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Network Service" is Network Transmission Service as described in Order No. 888 and the Open Access Transmission Tariff.

LFP - for Long-Term Firm Point-to-Point Transmission Reservations. "Long-Term" means one year or longer and” firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Point-to-Point Transmission Reservations" are described in Order No. 888 and the Open Access Transmission Tariff. For all transactions identified as LFP, provide in a footnote the termination date of the contract defined as the earliest date either buyer or seller can unilaterally cancel the contract.

OLF - Other Long-Term Firm Transmission Service. Report service provided under contracts which do not conform to the terms of the Open Access Transmission Tariff. "Long-Term" means one year or longer and “firm” means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. For all transactions identified as OLF, provide in a footnote the termination date of the contract defined as the earliest date either buyer or seller can unilaterally get out of the contract.

SFP - Short-Term Firm Point-to-Point Transmission Reservations. Use this classification for all firm point-to-point transmission reservations, where the duration of each period of reservation is less than one-year.

NF - Non-Firm Transmission Service, where firm means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions.

OS - Other Transmission Service. Use this classification only for those services which can not be placed in the above-mentioned classifications, such as all other service regardless of the length of the contract and service FERC Form. Describe the type of service in a footnote for each entry.

AD - Out-of-Period Adjustments. Use this code for any accounting adjustments or "true-ups" for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment.

DEFINITIONS

Commission Authorization (Comm. Auth.) -- The authorization of the Federal Energy Regulatory Commission, or any other Commission. Name the commission whose authorization was obtained and give date of the authorization.
Respondent -- The person, corporation, licensee, agency, authority, or other Legal entity or instrumentality in whose behalf the report is made.

EXCERPTS FROM THE LAW

Federal Power Act, 16 U.S.C. § 791a-825r

Sec. 3. The words defined in this section shall have the following meanings for purposes of this Act, to with:

’Corporation' means any corporation, joint-stock company, partnership, association, business trust, organized group of persons, whether incorporated or not, or a receiver or receivers, trustee or trustees of any of the foregoing. It shall not include 'municipalities, as hereinafter defined;
'Person' means an individual or a corporation;
'Licensee, means any person, State, or municipality Licensed under the provisions of section 4 of this Act, and any assignee or successor in interest thereof;

'municipality means a city, county, irrigation district, drainage district, or other political subdivision or agency of a State competent under the Laws thereof to carry and the business of developing, transmitting, unitizing, or distributing power; ......

"project' means. a complete unit of improvement or development, consisting of a power house, all water conduits, all dams and appurtenant works and structures (including navigation structures) which are a part of said unit, and all storage, diverting, or fore bay reservoirs directly connected therewith, the primary line or lines transmitting power there from to the point of junction with the distribution system or with the interconnected primary transmission system, all miscellaneous structures used and useful in connection with said unit or any part thereof, and all water rights, rights-of-way, ditches, dams, reservoirs, Lands, or interest in Lands the use and occupancy of which are necessary or appropriate in the maintenance and operation of such unit;

"Sec. 4. The Commission is hereby authorized and empowered

'To make investigations and to collect and record data concerning the utilization of the water 'resources of any region to be developed, the water-power industry and its relation to other industries and to interstate or foreign commerce, and concerning the location, capacity, development costs, and relation to markets of power sites; ... to the extent the Commission may deem necessary or useful for the purposes of this Act."

"Sec. 304.

Every Licensee and every public utility shall file with the Commission such annual and other periodic or special* reports as the Commission may by rules and regulations or other prescribe as necessary or appropriate to assist the Commission in the proper administration of this Act. The Commission may prescribe the manner and FERC Form in which such reports shall be made, and require from such persons specific answers to all questions upon which the Commission may need information. The Commission may require that such reports shall include, among other things, full information as to assets and Liabilities, capitalization, net investment, and reduction thereof, gross receipts, interest due and paid, depreciation, and other reserves, cost of project and other facilities, cost of maintenance and operation of the project and other facilities, cost of renewals and replacement of the project works and other facilities, depreciation, generation, transmission, distribution, delivery, use, and sale of electric energy. The Commission may require any such person to make adequate provision for currently determining such costs and other facts. Such reports shall be made under oath unless the Commission otherwise specifies*.10

"Sec. 309.

The Commission shall have power to perform any and all acts, and to prescribe, issue, make, and rescind such orders, rules and regulations as it may find necessary or appropriate to carry out the provisions of this Act. Among other things, such rules and regulations may define accounting, technical, and trade terms used in this Act; and may prescribe the FERC Form or FERC Forms of all statements, declarations, applications, and reports to be filed with the Commission, the information which they shall contain, and the time within which they shall be field..."

GENERAL PENALTIES

The Commission may assess up to $1 million per day per violation of its rules and regulations. See FPA § 316(a) (2005), 16 U.S.C. § 825o(a).

FERC FORM NO.

1/3-Q

REPORT OF MAJOR ELECTRIC UTILITIES, LICENSEES AND OTHER

Identification

01 Exact Legal Name of Respondent

NorthWestern Corporation

02 Year/ Period of Report

End of:

2025

03 Previous Name and Date of Change (If name changed during year)

04 Address of Principal Office at End of Period (Street, City, State, Zip Code)

3010 West 69th Street, Sioux Falls, SD 57108

05 Name of Contact Person

Evan VerWey

06 Title of Contact Person

Manager of Financial Reporting

07 Address of Contact Person (Street, City, State, Zip Code)

3010 West 69th Street, Sioux Falls, SD 57108

08 Telephone of Contact Person, Including Area Code

605-978-2906

09 This Report is An Original / A Resubmission

(1)

☑ An Original

(2)

☐ A Resubmission

10 Date of Report (Mo, Da, Yr)

03/31/2025

Quarterly Corporate Officer Certification

The undersigned officer certifies that:

I have examined this report and to the best of my knowledge, information, and belief all statements of fact contained in this report are correct statements of the business affairs of the respondent and the financial statements, and other financial information contained in this report, conform in all material respects to the Uniform System of Accounts.

01 Name

Jeff Berzina

02 Title

Controller

03 Signature

Jeff Berzina

04 Date Signed (Mo, Da, Yr)

05/07/2025

Title 18, U.S.C. 1001 makes it a crime for any person to knowingly and willingly to make to any Agency or Department of the United States any false, fictitious or fraudulent statements as to any matter within its jurisdiction.

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

List of Schedules
Enter in column (c) the terms "none," "not applicable," or "NA," as appropriate, where no information or amounts have been reported for certain pages. Omit pages where the respondents are "none," "not applicable," or "NA".
Line No.	Title of Schedule (a)	Reference Page No. (b)	Remarks (c)
	ScheduleIdentificationAbstract Identification	1
	ScheduleListOfSchedulesAbstract List of Schedules (Electric Utility)	2
1	ScheduleImportantChangesDuringTheQuarterYearAbstract Important Changes During the Quarter	108
2	ScheduleComparativeBalanceSheetAbstract Comparative Balance Sheet	110
3	ScheduleStatementOfIncomeAbstract Statement of Income for the Quarter	114
4	ScheduleRetainedEarningsAbstract Statement of Retained Earnings for the Quarter	118
5	ScheduleStatementOfCashFlowsAbstract Statement of Cash Flows	120
6	ScheduleNotesToFinancialStatementsAbstract Notes to Financial Statements	122
7	ScheduleStatementOfAccumulatedOtherComprehensiveIncomeAndHedgingActivitiesAbstract Statement of Accum Comp Income, Comp Income, and Hedging Activities	122a
8	ScheduleSummaryOfUtilityPlantAndAccumulatedProvisionsForDepreciationAmortizationAndDepletionAbstract Summary of Utility Plant & Accumulated Provisions for Dep, Amort & Dep	200
9	ScheduleElectricPlantInServiceAndAccumulatedProvisionForDepreciationByFunctionAbstract Electric Plant In Service and Accum Provision For Depr by Function	208
10	ScheduleTransmissionServiceAndGenerationInterconnectionStudyCostsAbstract Transmission Service and Generation Interconnection Study Costs	231
11	ScheduleOtherRegulatoryAssetsAbstract Other Regulatory Assets	232
12	ScheduleOtherRegulatoryLiabilitiesAbstract Other Regulatory Liabilities	278
13	ScheduleElectricOperatingRevenuesAbstract Elec Operating Revenues (Individual Schedule Lines 300-301)	300
14	ScheduleRegionalTransmissionServiceRevenuesAbstract Regional Transmission Service Revenues (Account 457.1)	302	Not Applicable
15	ScheduleElectricProductionOtherPowerTransmissionRegionalExpensesAbstract Electric Prod, Other Power Supply Exp, Trans and Distrib Exp	324
16	ScheduleElectricCustomerAccountServiceSalesAdministrativeAndGeneralExpensesAbstract Electric Customer Accts, Service, Sales, Admin and General Expenses	325
17	ScheduleTransmissionOfElectricityForOthersAbstract Transmission of Electricity for Others	328
18	ScheduleTransmissionOfElectricityByIsoOrRtoAbstract Transmission of Electricity by ISO/RTOs	331	Not Applicable
19	ScheduleTransmissionOfElectricityByOthersAbstract Transmission of Electricity by Others	332
20	ScheduleDepreciationDepletionAndAmortizationsAbstract Deprec, Depl and Amort of Elec Plant (403,403.1,404,and 405) (except Amortization of Acquisition Adjustments)	338
21	ScheduleAmountsIncludedInIsoOrRtoSettlementAbstract Amounts Included in ISO/RTO Settlement Statements	397	Not Applicable
22	ScheduleMonthlyPeaksAndOutputAbstract Monthly Peak Loads and Energy Output	399
23	ScheduleMonthlyTransmissionSystemPeakLoadAbstract Monthly Transmission System Peak Load	400
24	ScheduleMonthlyIsoOrRtoTransmissionSystemPeakLoadAbstract Monthly ISO/RTO Transmission System Peak Load	400a	Not Applicable

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

IMPORTANT CHANGES DURING THE QUARTER/YEAR
Give particulars (details) concerning the matters indicated below. Make the statements explicit and precise, and number them in accordance with the inquiries. Each inquiry should be answered. Enter "none," "not applicable," or "NA" where applicable. If information which answers an inquiry is given elsewhere in the report, make a reference to the schedule in which it appears. Changes in and important additions to franchise rights: Describe the actual consideration given therefore and state from whom the franchise rights were acquired. If acquired without the payment of consideration, state that fact. Acquisition of ownership in other companies by reorganization, merger, or consolidation with other companies: Give names of companies involved, particulars concerning the transactions, name of the Commission authorizing the transaction, and reference to Commission authorization. Purchase or sale of an operating unit or system: Give a brief description of the property, and of the transactions relating thereto, and reference to Commission authorization, if any was required. Give date journal entries called for by the Uniform System of Accounts were submitted to the Commission. Important leaseholds (other than leaseholds for natural gas lands) that have been acquired or given, assigned or surrendered: Give effective dates, lengths of terms, names of parties, rents, and other condition. State name of Commission authorizing lease and give reference to such authorization. Important extension or reduction of transmission or distribution system: State territory added or relinquished and date operations began or ceased and give reference to Commission authorization, if any was required. State also the approximate number of customers added or lost and approximate annual revenues of each class of service. Each natural gas company must also state major new continuing sources of gas made available to it from purchases, development, purchase contract or otherwise, giving location and approximate total gas volumes available, period of contracts, and other parties to any such arrangements, etc. Obligations incurred as a result of issuance of securities or assumption of liabilities or guarantees including issuance of short-term debt and commercial paper having a maturity of one year or less. Give reference to FERC or State Commission authorization, as appropriate, and the amount of obligation or guarantee. Changes in articles of incorporation or amendments to charter: Explain the nature and purpose of such changes or amendments. State the estimated annual effect and nature of any important wage scale changes during the year. State briefly the status of any materially important legal proceedings pending at the end of the year, and the results of any such proceedings culminated during the year. Describe briefly any materially important transactions of the respondent not disclosed elsewhere in this report in which an officer, director, security holder reported on Pages 104 or 105 of the Annual Report Form No. 1, voting trustee, associated company or known associate of any of these persons was a party or in which any such person had a material interest. (Reserved.) If the important changes during the year relating to the respondent company appearing in the annual report to stockholders are applicable in every respect and furnish the data required by Instructions 1 to 11 above, such notes may be included on this page. Describe fully any changes in officers, directors, major security holders and voting powers of the respondent that may have occurred during the reporting period. In the event that the respondent participates in a cash management program(s) and its proprietary capital ratio is less than 30 percent please describe the significant events or transactions causing the proprietary capital ratio to be less than 30 percent, and the extent to which the respondent has amounts loaned or money advanced to its parent, subsidiary, or affiliated companies through a cash management program(s). Additionally, please describe plans, if any to regain at least a 30 percent proprietary ratio.

1) None
2) None
3) Acquisition of Energy West Montana Assets In July 2024, we entered into an Asset Purchase Agreement with Hope Utilities to acquire its Energy West natural gas utility distribution system and operations serving approximately 33,000 customers located near Great Falls, Cut Bank, and West Yellowstone, Montana for approximately $39.0 million, subject to certain working capital and other agreed upon closing adjustments. The transaction is subject to a number of customary closing conditions, including MPSC approval, and we expect the acquisition to be completed in the second or third quarter of 2025. Colstrip - Puget Sound Energy Transaction In January 2023 and in July 2024, we entered into definitive agreements, the first with Avista Corporation (Avista) and the second with Puget Sound Energy (Puget), to acquire their respective interests in Colstrip Units 3 & 4 for $0. In particular, we agreed to acquire a 15% (222 megawatts) interest from Avista and a 25% (370 megawatts) interest from Puget. These agreements are substantially similar and are both scheduled to close December 31, 2025, subject to the satisfaction of customary closing conditions and approvals contained within the agreements. Under the terms of the agreements, we will be responsible for operating costs starting on January 1, 2026; while Puget and Avista will remain responsible for their respective pre-closing share of environmental and pension liabilities attributed to events or conditions existing prior to the closing of the transaction and for any future decommission and demolition costs associated with the existing facilities that comprise their interests. Acquisition of Avista and Puget's interests would result in our ownership of 55 percent of the facility with the ability to guide operating and maintenance investments. This would provide capacity to help us meet our obligation to provide reliable and cost effective power to our customers in Montana, while allowing opportunity for us to identify and plan for newer lower or no-carbon technologies in the future.
4) None
5) None
6) See Note 5 "Financing Activities." Debt Issuance: FERC Order ES25-23-000
7) None
8) None
9) See Note 8 "Commitments and Contingencies."
10) None
12) None
13) None
14) None

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

COMPARATIVE BALANCE SHEET (ASSETS AND OTHER DEBITS)
Line No.	Title of Account (a)	Ref. Page No. (b)	Current Year End of Quarter/Year Balance (c)	Prior Year End Balance 12/31 (d)
1	UtilityPlantAbstract UTILITY PLANT
2	UtilityPlant Utility Plant (101-106, 114)	200	7,163,636,258	7,136,721,129
3	ConstructionWorkInProgress Construction Work in Progress (107)	200	167,867,124	125,080,799
4	UtilityPlantAndConstructionWorkInProgress TOTAL Utility Plant (Enter Total of lines 2 and 3)		7,331,503,382	7,261,801,927
5	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility (Less) Accum. Prov. for Depr. Amort. Depl. (108, 110, 111, 115)	200	2,495,592,594	2,449,906,491
6	UtilityPlantNet Net Utility Plant (Enter Total of line 4 less 5)		4,835,910,788	4,811,895,436
7	NuclearFuelInProcessOfRefinementConversionEnrichmentAndFabrication Nuclear Fuel in Process of Ref., Conv., Enrich., and Fab. (120.1)	202
8	NuclearFuelMaterialsAndAssembliesStockAccountMajorOnly Nuclear Fuel Materials and Assemblies-Stock Account (120.2)
9	NuclearFuelAssembliesInReactorMajorOnly Nuclear Fuel Assemblies in Reactor (120.3)
10	SpentNuclearFuelMajorOnly Spent Nuclear Fuel (120.4)
11	NuclearFuelUnderCapitalLeases Nuclear Fuel Under Capital Leases (120.6)
12	AccumulatedProvisionForAmortizationOfNuclearFuelAssemblies (Less) Accum. Prov. for Amort. of Nucl. Fuel Assemblies (120.5)	202
13	NuclearFuelNet Net Nuclear Fuel (Enter Total of lines 7-11 less 12)
14	UtilityPlantAndNuclearFuelNet Net Utility Plant (Enter Total of lines 6 and 13)		4,835,910,788	4,811,895,437
15	OtherElectricPlantAdjustments Utility Plant Adjustments (116)		263,806,234	263,806,234
16	GasStoredUndergroundNoncurrent Gas Stored Underground - Noncurrent (117)		38,200,280	38,192,545
17	OtherPropertyAndInvestmentsAbstract OTHER PROPERTY AND INVESTMENTS
18	NonutilityProperty Nonutility Property (121)		686,805	686,805
19	AccumulatedProvisionForDepreciationAndAmortizationOfNonutilityProperty (Less) Accum. Prov. for Depr. and Amort. (122)		68,042	68,042
20	InvestmentInAssociatedCompanies Investments in Associated Companies (123)
21	InvestmentInSubsidiaryCompanies Investment in Subsidiary Companies (123.1)	224	16,695,279	16,896,016
23	NoncurrentPortionOfAllowances Noncurrent Portion of Allowances and Environmental Credits	228
24	OtherInvestments Other Investments (124)		16,556,795	14,135,821
25	SinkingFunds Sinking Funds (125)
26	DepreciationFund Depreciation Fund (126)
27	AmortizationFundFederal Amortization Fund - Federal (127)
28	OtherSpecialFunds Other Special Funds (128)
29	SpecialFunds Special Funds (Non Major Only) (129)
30	DerivativeInstrumentAssetsLongTerm Long-Term Portion of Derivative Assets (175)
31	DerivativeInstrumentAssetsHedgesLongTerm Long-Term Portion of Derivative Assets - Hedges (176)
32	OtherPropertyAndInvestments TOTAL Other Property and Investments (Lines 18-21 and 23-31)		33,870,837	31,650,599
33	CurrentAndAccruedAssetsAbstract CURRENT AND ACCRUED ASSETS
34	CashAndWorkingFunds Cash and Working Funds (Non-major Only) (130)
35	Cash Cash (131)		4,109,247	888,205
36	SpecialDeposits Special Deposits (132-134)		13,130,353	13,894,365
37	WorkingFunds Working Fund (135)		16,000	17,500
38	TemporaryCashInvestments Temporary Cash Investments (136)		46,062,998
39	NotesReceivable Notes Receivable (141)
40	CustomerAccountsReceivable Customer Accounts Receivable (142)		72,549,086	66,518,761
41	OtherAccountsReceivable Other Accounts Receivable (143)		13,647,422	12,617,308
42	AccumulatedProvisionForUncollectibleAccountsCredit (Less) Accum. Prov. for Uncollectible Acct.-Credit (144)		2,563,238	2,160,945
43	NotesReceivableFromAssociatedCompanies Notes Receivable from Associated Companies (145)
44	AccountsReceivableFromAssociatedCompanies Accounts Receivable from Assoc. Companies (146)		4,170,463	4,946,575
45	FuelStock Fuel Stock (151)	227	2,116,811	2,248,613
46	FuelStockExpensesUndistributed Fuel Stock Expenses Undistributed (152)	227
47	Residuals Residuals (Elec) and Extracted Products (153)	227
48	PlantMaterialsAndOperatingSupplies Plant Materials and Operating Supplies (154)	227	83,385,684	79,780,714
49	Merchandise Merchandise (155)	227
50	OtherMaterialsAndSupplies Other Materials and Supplies (156)	227
51	NuclearMaterialsHeldForSale Nuclear Materials Held for Sale (157)	202/227
52	AllowanceInventoryAndWithheld Allowances and Environmental Credits (158.1, 158.2, 158.3, and 158.4)	228	1,653,720
53	NoncurrentPortionOfAllowances (Less) Noncurrent Portion of Allowances and Environmental Credits	228
54	StoresExpenseUndistributed Stores Expense Undistributed (163)	227	10,610
55	GasStoredCurrent Gas Stored Underground - Current (164.1)		634,156	6,743,589
56	LiquefiedNaturalGasStoredAndHeldForProcessing Liquefied Natural Gas Stored and Held for Processing (164.2-164.3)
57	Prepayments Prepayments (165)		15,742,928	18,978,349
58	AdvancesForGas Advances for Gas (166-167)
59	InterestAndDividendsReceivable Interest and Dividends Receivable (171)
60	RentsReceivable Rents Receivable (172)		134,720	64,160
61	AccruedUtilityRevenues Accrued Utility Revenues (173)		66,081,370	74,104,042
62	MiscellaneousCurrentAndAccruedAssets Miscellaneous Current and Accrued Assets (174)		902,627	1,025,532
63	DerivativeInstrumentAssets Derivative Instrument Assets (175)
64	DerivativeInstrumentAssetsLongTerm (Less) Long-Term Portion of Derivative Instrument Assets (175)
65	DerivativeInstrumentAssetsHedges Derivative Instrument Assets - Hedges (176)
66	DerivativeInstrumentAssetsHedgesLongTerm (Less) Long-Term Portion of Derivative Instrument Assets - Hedges (176)
67	CurrentAndAccruedAssets Total Current and Accrued Assets (Lines 34 through 66)		321,784,957	279,666,769
68	DeferredDebitsAbstract DEFERRED DEBITS
69	UnamortizedDebtExpense Unamortized Debt Expenses (181)		12,213,841	9,376,139
70	ExtraordinaryPropertyLosses Extraordinary Property Losses (182.1)	230a
71	UnrecoveredPlantAndRegulatoryStudyCosts Unrecovered Plant and Regulatory Study Costs (182.2)	230b
72	OtherRegulatoryAssets Other Regulatory Assets (182.3)	232	706,635,962	676,869,364
73	PreliminarySurveyAndInvestigationCharges Prelim. Survey and Investigation Charges (Electric) (183)
74	PreliminaryNaturalGasSurveyAndInvestigationChargesAndOtherPreliminarySurveyAndInvestigationCharges Preliminary Natural Gas Survey and Investigation Charges 183.1)
75	OtherPreliminarySurveyAndInvestigationCharges Other Preliminary Survey and Investigation Charges (183.2)
76	ClearingAccounts Clearing Accounts (184)		1,005,580
77	TemporaryFacilities Temporary Facilities (185)
78	MiscellaneousDeferredDebits Miscellaneous Deferred Debits (186)	233	878,059	930,479
79	DeferredLossesFromDispositionOfUtilityPlant Def. Losses from Disposition of Utility Plt. (187)
80	ResearchDevelopmentAndDemonstrationExpenditures Research, Devel. and Demonstration Expend. (188)	352
81	UnamortizedLossOnReacquiredDebt Unamortized Loss on Reaquired Debt (189)		16,566,775	16,960,804
82	AccumulatedDeferredIncomeTaxes Accumulated Deferred Income Taxes (190)	234	190,083,852	194,013,891
83	UnrecoveredPurchasedGasCosts Unrecovered Purchased Gas Costs (191)		149,612	253,352
84	DeferredDebits Total Deferred Debits (lines 69 through 83)		925,522,521	898,404,029
85	AssetsAndOtherDebits TOTAL ASSETS (lines 14-16, 32, 67, and 84)		6,419,095,617	6,323,615,613

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

COMPARATIVE BALANCE SHEET (LIABILITIES AND OTHER CREDITS)
Line No.	Title of Account (a)	Ref. Page No. (b)	Current Year End of Quarter/Year Balance (c)	Prior Year End Balance 12/31 (d)
1	ProprietaryCapitalAbstract PROPRIETARY CAPITAL
2	CommonStockIssued Common Stock Issued (201)	250	1	1
3	PreferredStockIssued Preferred Stock Issued (204)	250		0
4	CapitalStockSubscribed Capital Stock Subscribed (202, 205)
5	StockLiabilityForConversion Stock Liability for Conversion (203, 206)
6	PremiumOnCapitalStock Premium on Capital Stock (207)
7	OtherPaidInCapital Other Paid-In Capital (208-211)	253	2,046,904,733	2,044,999,693
8	InstallmentsReceivedOnCapitalStock Installments Received on Capital Stock (212)	252
9	DiscountOnCapitalStock (Less) Discount on Capital Stock (213)	254
10	CapitalStockExpense (Less) Capital Stock Expense (214)	254b
11	RetainedEarnings Retained Earnings (215, 215.1, 216)	118	350,565,144	351,876,746
12	UnappropriatedUndistributedSubsidiaryEarnings Unappropriated Undistributed Subsidiary Earnings (216.1)	118	3,002,804	2,801,118
13	ReacquiredCapitalStock (Less) Reacquired Capital Stock (217)	250
14	NoncorporateProprietorship Noncorporate Proprietorship (Non-major only) (218)
15	AccumulatedOtherComprehensiveIncome Accumulated Other Comprehensive Income (219)	122(a)(b)	5,269,411	5,383,393
16	ProprietaryCapital Total Proprietary Capital (lines 2 through 15)		2,389,197,663	2,388,691,929
17	LongTermDebtAbstract LONG-TERM DEBT
18	Bonds Bonds (221)	256	2,474,660,000	2,074,660,000
19	ReacquiredBonds (Less) Reacquired Bonds (222)	256
20	AdvancesFromAssociatedCompanies Advances from Associated Companies (223)	256
21	OtherLongTermDebt Other Long-Term Debt (224)	256		342,000,000
22	UnamortizedPremiumOnLongTermDebt Unamortized Premium on Long-Term Debt (225)
23	UnamortizedDiscountOnLongTermDebtDebit (Less) Unamortized Discount on Long-Term Debt-Debit (226)
24	LongTermDebt Total Long-Term Debt (lines 18 through 23)		2,474,660,000	2,416,660,000
25	OtherNoncurrentLiabilitiesAbstract OTHER NONCURRENT LIABILITIES
26	ObligationsUnderCapitalLeaseNoncurrent Obligations Under Capital Leases - Noncurrent (227)		1,909,051	2,292,287
27	AccumulatedProvisionForPropertyInsurance Accumulated Provision for Property Insurance (228.1)
28	AccumulatedProvisionForInjuriesAndDamages Accumulated Provision for Injuries and Damages (228.2)		5,820,396	5,427,889
29	AccumulatedProvisionForPensionsAndBenefits Accumulated Provision for Pensions and Benefits (228.3)		4,161,940	4,015,920
30	AccumulatedMiscellaneousOperatingProvisions Accumulated Miscellaneous Operating Provisions (228.4)		27,947,213	30,772,444
31	AccumulatedProvisionForRateRefunds Accumulated Provision for Rate Refunds (229)
32	LongTermPortionOfDerivativeInstrumentLiabilities Long-Term Portion of Derivative Instrument Liabilities
33	LongTermPortionOfDerivativeInstrumentLiabilitiesHedges Long-Term Portion of Derivative Instrument Liabilities - Hedges
34	AssetRetirementObligations Asset Retirement Obligations (230)		33,908,578	33,987,819
35	OtherNoncurrentLiabilities Total Other Noncurrent Liabilities (lines 26 through 34)		65,423,298	68,464,519
36	CurrentAndAccruedLiabilitiesAbstract CURRENT AND ACCRUED LIABILITIES
37	NotesPayable Notes Payable (231)
38	AccountsPayable Accounts Payable (232)		78,371,732	90,053,114
39	NotesPayableToAssociatedCompanies Notes Payable to Associated Companies (233)
40	AccountsPayableToAssociatedCompanies Accounts Payable to Associated Companies (234)		6,299,470	2,928,190
41	CustomerDeposits Customer Deposits (235)		16,494,224	17,640,442
42	TaxesAccrued Taxes Accrued (236)	262	117,696,411	76,961,039
43	InterestAccrued Interest Accrued (237)		25,602,358	24,578,517
44	DividendsDeclared Dividends Declared (238)
45	MaturedLongTermDebt Matured Long-Term Debt (239)
46	MaturedInterest Matured Interest (240)
47	TaxCollectionsPayable Tax Collections Payable (241)		330,704	298,173
48	MiscellaneousCurrentAndAccruedLiabilities Miscellaneous Current and Accrued Liabilities (242)		44,432,350	57,584,644
49	ObligationsUnderCapitalLeasesCurrent Obligations Under Capital Leases-Current (243)		4,159,315	3,902,892
50	DerivativesInstrumentLiabilities Derivative Instrument Liabilities (244)
51	LongTermPortionOfDerivativeInstrumentLiabilities (Less) Long-Term Portion of Derivative Instrument Liabilities
52	DerivativeInstrumentLiabilitiesHedges Derivative Instrument Liabilities - Hedges (245)
53	LongTermPortionOfDerivativeInstrumentLiabilitiesHedges (Less) Long-Term Portion of Derivative Instrument Liabilities-Hedges
54	CurrentAndAccruedLiabilities Total Current and Accrued Liabilities (lines 37 through 53)		293,386,564	273,947,011
55	DeferredCreditsAbstract DEFERRED CREDITS
56	CustomerAdvancesForConstruction Customer Advances for Construction (252)		126,435,158	123,249,058
57	AccumulatedDeferredInvestmentTaxCredits Accumulated Deferred Investment Tax Credits (255)	266	2,183,784	2,229,208
58	DeferredGainsFromDispositionOfUtilityPlant Deferred Gains from Disposition of Utility Plant (256)
59	OtherDeferredCredits Other Deferred Credits (253)	269	96,126,808	93,579,661
60	OtherRegulatoryLiabilities Other Regulatory Liabilities (254)	278	115,884,831	119,721,846
61	UnamortizedGainOnReacquiredDebt Unamortized Gain on Reacquired Debt (257)
62	AccumulatedDeferredIncomeTaxesAcceleratedAmortizationProperty Accum. Deferred Income Taxes-Accel. Amort.(281)	272
63	AccumulatedDeferredIncomeTaxesOtherProperty Accum. Deferred Income Taxes-Other Property (282)		610,464,738	601,179,098
64	AccumulatedDeferredIncomeTaxesOther Accum. Deferred Income Taxes-Other (283)		245,332,773	235,893,283
65	DeferredCredits Total Deferred Credits (lines 56 through 64)		1,196,428,092	1,175,852,154
66	LiabilitiesAndOtherCredits TOTAL LIABILITIES AND STOCKHOLDER EQUITY (lines 16, 24, 35, 54 and 65)		6,419,095,617	6,323,615,613

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

STATEMENT OF INCOME
Quarterly Report in column (c) the current year to date balance. Column (c) equals the total of adding the data in column (g) plus the data in column (i) plus the data in column (k). Report in column (d) similar data for the previous year. This information is reported in the annual filing only. Enter in column (e) the balance for the reporting quarter and in column (f) the balance for the same three month period for the prior year. Report in column (g) the quarter to date amounts for electric utility function; in column (i) the quarter to date amounts for gas utility, and in column (k) the quarter to date amounts for other utility function for the current year quarter. Report in column (h) the quarter to date amounts for electric utility function; in column (j) the quarter to date amounts for gas utility, and in column (l) the quarter to date amounts for other utility function for the prior year quarter. If additional columns are needed, place them in a footnote. Annual or Quarterly if applicable Do not report fourth quarter data in columns (e) and (f) Report amounts for accounts 412 and 413, Revenues and Expenses from Utility Plant Leased to Others, in another utility column in a similar manner to a utility department. Spread the amount(s) over Lines 2 thru 26 as appropriate. Include these amounts in columns (c) and (d) totals. Report amounts in account 414, Other Utility Operating Income, in the same manner as accounts 412 and 413 above. Use page 122 for important notes regarding the statement of income for any account thereof. Give concise explanations concerning unsettled rate proceedings where a contingency exists such that refunds of a material amount may need to be made to the utility's customers or which may result in material refund to the utility with respect to power or gas purchases. State for each year affected the gross revenues or costs to which the contingency relates and the tax effects together with an explanation of the major factors which affect the rights of the utility to retain such revenues or recover amounts paid with respect to power or gas purchases. Give concise explanations concerning significant amounts of any refunds made or received during the year resulting from settlement of any rate proceeding affecting revenues received or costs incurred for power or gas purchases, and a summary of the adjustments made to balance sheet, income, and expense accounts. If any notes appearing in the report to stockholders are applicable to the Statement of Income, such notes may be included at page 122. Enter on page 122 a concise explanation of only those changes in accounting methods made during the year which had an effect on net income, including the basis of allocations and apportionments from those used in the preceding year. Also, give the appropriate dollar effect of such changes. Explain in a footnote if the previous year's/quarter's figures are different from that reported in prior reports. If the columns are insufficient for reporting additional utility departments, supply the appropriate account titles report the information in a footnote to this schedule.
Line No.	Title of Account (a)	(Ref.) Page No. (b)	Total Current Year to Date Balance for Quarter/Year (c)	Total Prior Year to Date Balance for Quarter/Year (d)	Current 3 Months Ended - Quarterly Only - No 4th Quarter (e)	Prior 3 Months Ended - Quarterly Only - No 4th Quarter (f)	Electric Utility Current Year to Date (in dollars) (g)	Electric Utility Previous Year to Date (in dollars) (h)	Gas Utiity Current Year to Date (in dollars) (i)	Gas Utility Previous Year to Date (in dollars) (j)	Other Utility Current Year to Date (in dollars) (k)	Other Utility Previous Year to Date (in dollars) (l)
1	UtilityOperatingIncomeAbstract UTILITY OPERATING INCOME
2	OperatingRevenues Operating Revenues (400)	300	355,128,107	361,411,191	355,128,107	361,411,191	265,060,011	278,062,875	89,621,341	82,839,364	446,755	508,952
3	OperatingExpensesAbstract Operating Expenses
4	OperationExpense Operation Expenses (401)	320	135,324,559	180,090,606	135,324,559	180,090,606	104,045,217	141,852,665	30,928,688	37,820,489	350,654	417,452
5	MaintenanceExpense Maintenance Expenses (402)	320	15,031,863	10,306,033	15,031,863	10,306,033	12,024,103	8,210,461	3,007,210	2,095,253	550	319
6	DepreciationExpense Depreciation Expense (403)	336	41,997,150	37,020,106	41,997,150	37,020,106	35,750,365	31,294,513	6,233,242	5,714,071	13,543	11,522
7	DepreciationExpenseForAssetRetirementCosts Depreciation Expense for Asset Retirement Costs (403.1)	336
8	AmortizationAndDepletionOfUtilityPlant Amort. & Depl. of Utility Plant (404-405)	336	4,184,264	3,976,575	4,184,264	3,976,575	2,482,242	2,194,533	1,702,022	1,782,042
9	AmortizationOfElectricPlantAcquisitionAdjustments Amort. of Utility Plant Acq. Adj. (406)	336	3,686,971	3,686,971	3,686,971	3,686,971	3,686,971	3,686,971
10	AmortizationOfPropertyLossesUnrecoveredPlantAndRegulatoryStudyCosts Amort. Property Losses, Unrecov Plant and Regulatory Study Costs (407)
11	AmortizationOfConversionExpenses Amort. of Conversion Expenses (407.2)
12	RegulatoryDebits Regulatory Debits (407.3)		14,926,572	5,240,597	14,926,572	5,240,597	8,434,539	3,051,582	6,492,033	2,189,015
13	RegulatoryCredits (Less) Regulatory Credits (407.4)		10,587,019	17,068,234	10,587,019	17,068,234	7,031,343	13,958,860	3,555,676	3,109,374
14	TaxesOtherThanIncomeTaxesUtilityOperatingIncome Taxes Other Than Income Taxes (408.1)	262	42,837,920	47,075,571	42,837,920	47,075,571	33,121,619	36,247,169	9,704,173	10,814,304	12,128	14,098
15	IncomeTaxesOperatingIncome Income Taxes - Federal (409.1)	262	364,031	12,226	364,031	12,226	3,273,276	1,920,801	3,621,643	1,893,830	15,664	14,745
16	IncomeTaxesUtilityOperatingIncomeOther Income Taxes - Other (409.1)	262	169,767	238,150	169,767	238,150	893,861	993,885	1,058,229	1,226,952	5,399	5,083
17	ProvisionsForDeferredIncomeTaxesUtilityOperatingIncome Provision for Deferred Income Taxes (410.1)	234, 272	34,366,740	32,453,813	34,366,740	32,453,813	27,465,339	25,315,715	6,903,896	7,140,320	2,495	2,222
18	ProvisionForDeferredIncomeTaxesCreditOperatingIncome (Less) Provision for Deferred Income Taxes-Cr. (411.1)	234, 272	21,879,554	23,011,982	21,879,554	23,011,982	15,951,690	17,086,415	5,927,864	5,925,567
19	InvestmentTaxCreditAdjustments Investment Tax Credit Adj. - Net (411.4)	266	45,424	41,896	45,424	41,896	45,424	41,896
20	GainsFromDispositionOfPlant (Less) Gains from Disp. of Utility Plant (411.6)
21	LossesFromDispositionOfServiceCompanyPlant Losses from Disp. of Utility Plant (411.7)
22	GainsFromDispositionOfAllowances (Less) Gains from Disposition of Allowances (411.8)
23	LossesFromDispositionOfAllowances Losses from Disposition of Allowances (411.9)
24	AccretionExpense Accretion Expense (411.10)
24.1	GainsFromDispositionOfEnvironmentalCredits (Less) Gains from Disposition of Environmental Credits (411.11)
24.2	LossesFromDispositionOfEnvironmentalCredits Losses from Disposition of Environmental Credits (411.12)
25	UtilityOperatingExpenses TOTAL Utility Operating Expenses (Enter Total of lines 4 thru 24.2)		260,377,840	279,954,084	260,377,840	279,954,084	199,814,801	217,851,752	60,167,596	61,641,335	395,443	460,997
27	NetUtilityOperatingIncome Net Util Oper Inc (Enter Tot line 2 less 25)		94,750,267	81,457,107	94,750,267	81,457,107	65,245,210	60,211,123	29,453,745	21,198,029	51,312	47,955
28	OtherIncomeAndDeductionsAbstract Other Income and Deductions
29	OtherIncomeAbstract Other Income
30	NonutilityOperatingIncomeAbstract Nonutilty Operating Income
31	RevenuesFromMerchandisingJobbingAndContractWork Revenues From Merchandising, Jobbing and Contract Work (415)		137,529	117,060	137,529	117,060
32	CostsAndExpensesOfMerchandisingJobbingAndContractWork (Less) Costs and Exp. of Merchandising, Job. & Contract Work (416)		76,060	177,252	76,060	177,252
33	RevenuesFromNonutilityOperations Revenues From Nonutility Operations (417)		129,426	114,656	129,426	114,656
34	ExpensesOfNonutilityOperations (Less) Expenses of Nonutility Operations (417.1)		5,210	55,045	5,210	55,045
35	NonoperatingRentalIncome Nonoperating Rental Income (418)
36	EquityInEarningsOfSubsidiaryCompanies Equity in Earnings of Subsidiary Companies (418.1)	119	201,686	247,931	201,686	247,931
37	InterestAndDividendIncome Interest and Dividend Income (419)		66,810	8	66,810	8
38	AllowanceForOtherFundsUsedDuringConstruction Allowance for Other Funds Used During Construction (419.1)		1,583,289	4,100,009	1,583,289	4,100,009
39	MiscellaneousNonoperatingIncome Miscellaneous Nonoperating Income (421)		801,330	76,378	801,330	76,378
40	GainOnDispositionOfProperty Gain on Disposition of Property (421.1)
41	OtherIncome TOTAL Other Income (Enter Total of lines 31 thru 40)		2,176,576	3,927,883	2,176,576	3,927,883
42	OtherIncomeDeductionsAbstract Other Income Deductions
43	LossOnDispositionOfProperty Loss on Disposition of Property (421.2)
44	MiscellaneousAmortization Miscellaneous Amortization (425)
45	Donations Donations (426.1)		160,691	311,051	160,691	311,051
46	LifeInsurance Life Insurance (426.2)
47	Penalties Penalties (426.3)		2,101	2,269,800	2,101	2,269,800
48	ExpendituresForCertainCivicPoliticalAndRelatedActivities Exp. for Certain Civic, Political & Related Activities (426.4)		144,898	92,870	144,898	92,870
49	OtherDeductions Other Deductions (426.5)		859,361	72,426	859,361	72,426
50	OtherIncomeDeductions TOTAL Other Income Deductions (Total of lines 43 thru 49)		1,162,849	1,793,453	1,162,849	1,793,453
51	TaxesApplicableToOtherIncomeAndDeductionsAbstract Taxes Applic. to Other Income and Deductions
52	TaxesOtherThanIncomeTaxesOtherIncomeAndDeductions Taxes Other Than Income Taxes (408.2)	262	714	546	714	546
53	IncomeTaxesFederal Income Taxes-Federal (409.2)	262	473,850	1,380,688	473,850	1,380,688
54	IncomeTaxesOther Income Taxes-Other (409.2)	262	163,853	270,359	163,853	270,359
55	ProvisionForDeferredIncomeTaxesOtherIncomeAndDeductions Provision for Deferred Inc. Taxes (410.2)	234, 272	907	803	907	803
56	ProvisionForDeferredIncomeTaxesCreditOtherIncomeAndDeductions (Less) Provision for Deferred Income Taxes-Cr. (411.2)	234, 272	535	435	535	435
57	InvestmentTaxCreditAdjustmentsNonutilityOperations Investment Tax Credit Adj.-Net (411.5)
58	InvestmentTaxCredits (Less) Investment Tax Credits (420)
59	TaxesOnOtherIncomeAndDeductions TOTAL Taxes on Other Income and Deductions (Total of lines 52-58)		638,789	1,651,961	638,789	1,651,961
60	NetOtherIncomeAndDeductions Net Other Income and Deductions (Total of lines 41, 50, 59)		374,939	4,069,375	374,939	4,069,375
61	InterestChargesAbstract Interest Charges
62	InterestOnLongTermDebt Interest on Long-Term Debt (427)		27,609,892	24,835,396	27,609,892	24,835,396
63	AmortizationOfDebtDiscountAndExpense Amort. of Debt Disc. and Expense (428)		343,102	329,326	343,102	329,326
64	AmortizationOfLossOnReacquiredDebt Amortization of Loss on Reaquired Debt (428.1)		390,081	391,755	390,081	391,755
65	AmortizationOfPremiumOnDebtCredit (Less) Amort. of Premium on Debt-Credit (429)
66	AmortizationOfGainOnReacquiredDebtCredit (Less) Amortization of Gain on Reaquired Debt-Credit (429.1)
67	InterestOnDebtToAssociatedCompanies Interest on Debt to Assoc. Companies (430)
68	OtherInterestExpense Other Interest Expense (431)		1,078,105	987,135	1,078,105	987,135
69	AllowanceForBorrowedFundsUsedDuringConstructionCredit (Less) Allowance for Borrowed Funds Used During Construction-Cr. (432)		782,686	1,853,146	782,686	1,853,146
70	NetInterestCharges Net Interest Charges (Total of lines 62 thru 69)		28,638,494	24,690,466	28,638,494	24,690,466
71	IncomeBeforeExtraordinaryItems Income Before Extraordinary Items (Total of lines 27, 60 and 70)		66,486,711	60,836,016	66,486,711	60,836,016
72	ExtraordinaryItemsAbstract Extraordinary Items
73	ExtraordinaryIncome Extraordinary Income (434)
74	ExtraordinaryDeductions (Less) Extraordinary Deductions (435)
75	NetExtraordinaryItems Net Extraordinary Items (Total of line 73 less line 74)
76	IncomeTaxesExtraordinaryItems Income Taxes-Federal and Other (409.3)	262
77	ExtraordinaryItemsAfterTaxes Extraordinary Items After Taxes (line 75 less line 76)
78	NetIncomeLoss Net Income (Total of line 71 and 77)		66,486,712	60,836,016	66,486,712	60,836,016

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

STATEMENT OF RETAINED EARNINGS
Do not report Lines 49-53 on the quarterly report. Report all changes in appropriated retained earnings, unappropriated retained earnings, and unappropriated undistributed subsidiary earnings for the year. Each credit and debit during the year should be identified as to the retained earnings account in which recorded (Accounts 433, 436-439 inclusive). Show the contra primary account affected in column (b). State the purpose and amount for each reservation or appropriation of retained earnings. List first Account 439, Adjustments to Retained Earnings, reflecting adjustments to the opening balance of retained earnings. Follow by credit, then debit items, in that order. Show dividends for each class and series of capital stock. Show separately the State and Federal income tax effect of items shown for Account 439, Adjustments to Retained Earnings. Explain in a footnote the basis for determining the amount reserved or appropriated. If such reservation or appropriation is to be recurrent, state the number and annual amounts to be reserved or appropriated as well as the totals eventually to be accumulated. If any notes appearing in the report to stockholders are applicable to this statement, attach them at page 122.
Line No.	Item (a)	Contra Primary Account Affected (b)	Current Quarter/Year Year to Date Balance (c)	Previous Quarter/Year Year to Date Balance (d)
	UnappropriatedRetainedEarningsAbstract UNAPPROPRIATED RETAINED EARNINGS (Account 216)
1	UnappropriatedRetainedEarnings Balance-Beginning of Period		351,876,746	810,816,636
2	ChangesAbstract Changes
3	AdjustmentsToRetainedEarningsAbstract Adjustments to Retained Earnings (Account 439)
4	AdjustmentsToRetainedEarningsCreditAbstract Adjustments to Retained Earnings Credit
4.1	AdjustmentsToRetainedEarningsCredit
9	AdjustmentsToRetainedEarningsCredit TOTAL Credits to Retained Earnings (Acct. 439)
10	AdjustmentsToRetainedEarningsDebitAbstract Adjustments to Retained Earnings Debit
10.1	AdjustmentsToRetainedEarningsDebit Holding Company Reorganization		0	570,525,446
15	AdjustmentsToRetainedEarningsDebit TOTAL Debits to Retained Earnings (Acct. 439)		0	570,525,446
16	BalanceTransferredFromIncome Balance Transferred from Income (Account 433 less Account 418.1)		66,688,398	181,522,404
17	AppropriationsOfRetainedEarningsAbstract Appropriations of Retained Earnings (Acct. 436)
22	AppropriationsOfRetainedEarnings TOTAL Appropriations of Retained Earnings (Acct. 436)
23	DividendsDeclaredPreferredStockAbstract Dividends Declared-Preferred Stock (Account 437)
29	DividendsDeclaredPreferredStock TOTAL Dividends Declared-Preferred Stock (Acct. 437)
30	DividendsDeclaredCommonStockAbstract Dividends Declared-Common Stock (Account 438)
30.1	DividendsDeclaredCommonStock Common Stock Dividend		68,000,000	69,936,848
36	DividendsDeclaredCommonStock TOTAL Dividends Declared-Common Stock (Acct. 438)		68,000,000	69,936,848
37	TransfersFromUnappropriatedUndistributedSubsidiaryEarnings Transfers from Acct 216.1, Unapprop. Undistrib. Subsidiary Earnings
38	UnappropriatedRetainedEarnings Balance - End of Period (Total 1,9,15,16,22,29,36,37)		350,565,144	351,876,746
39	AppropriatedRetainedEarningsAbstract APPROPRIATED RETAINED EARNINGS (Account 215)
45	AppropriatedRetainedEarnings TOTAL Appropriated Retained Earnings (Account 215)
	AppropriatedRetainedEarningsAmortizationReserveFederalAbstract APPROP. RETAINED EARNINGS - AMORT. Reserve, Federal (Account 215.1)
46	AppropriatedRetainedEarningsAmortizationReserveFederal TOTAL Approp. Retained Earnings-Amort. Reserve, Federal (Acct. 215.1)
47	AppropriatedRetainedEarningsIncludingReserveAmortization TOTAL Approp. Retained Earnings (Acct. 215, 215.1) (Total 45,46)
48	RetainedEarnings TOTAL Retained Earnings (Acct. 215, 215.1, 216) (Total 38, 47) (216.1)		350,565,144	351,876,746
	UnappropriatedUndistributedSubsidiaryEarningsAbstract UNAPPROPRIATED UNDISTRIBUTED SUBSIDIARY EARNINGS (Account Report only on an Annual Basis, no Quarterly)
49	UnappropriatedUndistributedSubsidiaryEarnings Balance-Beginning of Year (Debit or Credit)
50	EquityInEarningsOfSubsidiaryCompanies Equity in Earnings for Year (Credit) (Account 418.1)
51	DividendsReceived (Less) Dividends Received (Debit)
52	ChangesUnappropriatedUndistributedSubsidiaryEarningsCredits TOTAL other Changes in unappropriated undistributed subsidiary earnings for the year
53	UnappropriatedUndistributedSubsidiaryEarnings Balance-End of Year (Total lines 49 thru 52)

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

STATEMENT OF CASH FLOWS
Codes to be used:(a) Net Proceeds or Payments;(b)Bonds, debentures and other long-term debt; (c) Include commercial paper; and (d) Identify separately such items as investments, fixed assets, intangibles, etc. Information about noncash investing and financing activities must be provided in the Notes to the Financial statements. Also provide a reconciliation between "Cash and Cash Equivalents at End of Period" with related amounts on the Balance Sheet. Operating Activities - Other: Include gains and losses pertaining to operating activities only. Gains and losses pertaining to investing and financing activities should be reported in those activities. Show in the Notes to the Financials the amounts of interest paid (net of amount capitalized) and income taxes paid. Investing Activities: Include at Other (line 31) net cash outflow to acquire other companies. Provide a reconciliation of assets acquired with liabilities assumed in the Notes to the Financial Statements. Do not include on this statement the dollar amount of leases capitalized per the USofA General Instruction 20; instead provide a reconciliation of the dollar amount of leases capitalized with the plant cost.
Line No.	Description (See Instructions No.1 for explanation of codes) (a)	Current Year to Date Quarter/Year (b)	Previous Year to Date Quarter/Year (c)
1	NetCashFlowFromOperatingActivitiesAbstract Net Cash Flow from Operating Activities
2	NetIncomeLoss Net Income (Line 78(c) on page 117)	66,486,712	60,836,016
3	NoncashChargesCreditsToIncomeAbstract Noncash Charges (Credits) to Income:
4	DepreciationAndDepletion Depreciation and Depletion	41,997,150	37,020,106
5	NoncashAdjustmentsToCashFlowsFromOperatingActivities Amortization of (Specify) (footnote details)
5.1	NoncashAdjustmentsToCashFlowsFromOperatingActivitiesDescription Amortization of Utility Plant	7,871,235	7,663,546
5.2	NoncashAdjustmentsToCashFlowsFromOperatingActivitiesDescription Other Non-cash charges to net income-net	(a) 2,717,769	2,027,590
8	DeferredIncomeTaxesNet Deferred Income Taxes (Net)	12,487,558	9,442,199
9	InvestmentTaxCreditAdjustmentsNet Investment Tax Credit Adjustment (Net)	45,424	41,896
10	NetIncreaseDecreaseInReceivablesOperatingActivities Net (Increase) Decrease in Receivables	5,882,034	1,630,822
11	NetIncreaseDecreaseInInventoryOperatingActivities Net (Increase) Decrease in Inventory	2,625,655	8,630,503
12	NetIncreaseDecreaseInAllowancesInventoryOperatingActivities Net (Increase) Decrease in Allowances and Environmental Credits Inventory	1,653,720
13	NetIncreaseDecreaseInPayablesAndAccruedExpensesOperatingActivities Net Increase (Decrease) in Payables and Accrued Expenses	24,845,074	46,814,948
14	NetIncreaseDecreaseInOtherRegulatoryAssetsOperatingActivities Net (Increase) Decrease in Other Regulatory Assets	19,588,967	711,429
15	NetIncreaseDecreaseInOtherRegulatoryLiabilitiesOperatingActivities Net Increase (Decrease) in Other Regulatory Liabilities	3,837,015	11,878,913
16	AllowanceForOtherFundsUsedDuringConstructionOperatingActivities (Less) Allowance for Other Funds Used During Construction	1,583,289	4,100,009
17	UndistributedEarningsFromSubsidiaryCompaniesOperatingActivities (Less) Undistributed Earnings from Subsidiary Companies	201,686	247,931
18	OtherAdjustmentsToCashFlowsFromOperatingActivities Other (provide details in footnote):
18.1	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription	(b) 8,877,005	16,079,801
22	NetCashFlowFromOperatingActivities Net Cash Provided by (Used in) Operating Activities (Total of Lines 2 thru 21)	135,519,395	142,924,471
24	CashFlowsFromInvestmentActivitiesAbstract Cash Flows from Investment Activities:
25	ConstructionAndAcquisitionOfPlantIncludingLandAbstract Construction and Acquisition of Plant (including land):
26	GrossAdditionsToUtilityPlantLessNuclearFuelInvestingActivities Gross Additions to Utility Plant (less nuclear fuel)	72,954,507	97,667,503
27	GrossAdditionsToNuclearFuelInvestingActivities Gross Additions to Nuclear Fuel
28	GrossAdditionsToCommonUtilityPlantInvestingActivities Gross Additions to Common Utility Plant	2,664,649	2,858,764
29	GrossAdditionsToNonutilityPlantInvestingActivities Gross Additions to Nonutility Plant
30	AllowanceForOtherFundsUsedDuringConstructionInvestingActivities (Less) Allowance for Other Funds Used During Construction	1,583,289	4,100,009
31	OtherConstructionAndAcquisitionOfPlantInvestmentActivities Other (provide details in footnote):
34	CashOutflowsForPlant Cash Outflows for Plant (Total of lines 26 thru 33)	74,035,867	96,426,258
36	AcquisitionOfOtherNoncurrentAssets Acquisition of Other Noncurrent Assets (d)
37	ProceedsFromDisposalOfNoncurrentAssets Proceeds from Disposal of Noncurrent Assets (d)
39	InvestmentsInAndAdvancesToAssociatedAndSubsidiaryCompanies Investments in and Advances to Assoc. and Subsidiary Companies
40	ContributionsAndAdvancesFromAssociatedAndSubsidiaryCompanies Contributions and Advances from Assoc. and Subsidiary Companies
41	DispositionOfInvestmentsInAndAdvancesToAssociatedAndSubsidiaryCompaniesAbstract Disposition of Investments in (and Advances to)
42	DispositionOfInvestmentsInAndAdvancesToAssociatedAndSubsidiaryCompanies Disposition of Investments in (and Advances to) Associated and Subsidiary Companies
44	PurchaseOfInvestmentSecurities Purchase of Investment Securities (a)
45	ProceedsFromSalesOfInvestmentSecurities Proceeds from Sales of Investment Securities (a)
46	LoansMadeOrPurchased Loans Made or Purchased
47	CollectionsOnLoans Collections on Loans
49	NetIncreaseDecreaseInReceivablesInvestingActivities Net (Increase) Decrease in Receivables
50	NetIncreaseDecreaseInInventoryInvestingActivities Net (Increase) Decrease in Inventory
51	NetIncreaseDecreaseInAllowancesHeldForSpeculationInvestingActivities Net (Increase) Decrease in Allowances and Environmental Credits Held for Speculation
52	NetIncreaseDecreaseInPayablesAndAccruedExpensesInvestingActivities Net Increase (Decrease) in Payables and Accrued Expenses
53	OtherAdjustmentsToCashFlowsFromInvestmentActivities Other (provide details in footnote):
57	CashFlowsProvidedFromUsedInInvestmentActivities Net Cash Provided by (Used in) Investing Activities (Total of lines 34 thru 55)	74,035,867	96,426,258
59	CashFlowsFromFinancingActivitiesAbstract Cash Flows from Financing Activities:
60	ProceedsFromIssuanceAbstract Proceeds from Issuance of:
61	ProceedsFromIssuanceOfLongTermDebtFinancingActivities Long-Term Debt (b)	400,000,000	175,000,000
62	ProceedsFromIssuanceOfPreferredStockFinancingActivities Preferred Stock
63	ProceedsFromIssuanceOfCommonStockFinancingActivities Common Stock
64	OtherAdjustmentsToCashFlowsFromFinancingActivities Other (provide details in footnote):
64.1	OtherAdjustmentsToCashFlowsFromFinancingActivitiesDescription Treasury Stock Activity
66	NetIncreaseInShortTermDebt Net Increase in Short-Term Debt (c)
67	OtherAdjustmentsByOutsideSourcesToCashFlowsFromFinancingActivities Other (provide details in footnote):
67.1	DescriptionForOtherAdjustmentsByOutsideSourcesToCashFlowsFromFinancingActivities Other
70	CashProvidedByOutsideSources Cash Provided by Outside Sources (Total 61 thru 69)	400,000,000	175,000,000
72	PaymentsForRetirementAbstract Payments for Retirement of:
73	PaymentsForRetirementOfLongTermDebtFinancingActivities Long-term Debt (b)		100,000,000
74	PaymentsForRetirementOfPreferredStockFinancingActivities Preferred Stock
75	PaymentsForRetirementOfCommonStockFinancingActivities Common Stock
76	OtherRetirementsOfBalancesImpactingCashFlowsFromFinancingActivities Other (provide details in footnote):
76.1	DescriptionOfOtherRetirementsImpactingCashFlowsFromFinancingActivities Debt Financing Costs	2,965,000	740,437
76.2	DescriptionOfOtherRetirementsImpactingCashFlowsFromFinancingActivities Line of Credit (Repayments) Borrowings, Net	342,000,000	129,000,000
76.3	DescriptionOfOtherRetirementsImpactingCashFlowsFromFinancingActivities Distribution of Cash to NorthWestern Energy Public Service Corporation		253,166
78	NetDecreaseInShortTermDebt Net Decrease in Short-Term Debt (c)
80	DividendsOnPreferredStock Dividends on Preferred Stock
81	DividendsOnCommonStock Dividends on Common Stock	68,000,000
83	CashFlowsProvidedFromUsedInFinancingActivities Net Cash Provided by (Used in) Financing Activities (Total of lines 70 thru 81)	12,965,000	54,993,603
85	NetIncreaseDecreaseInCashAndCashEquivalentsAbstract Net Increase (Decrease) in Cash and Cash Equivalents
86	NetIncreaseDecreaseInCashAndCashEquivalents Net Increase (Decrease) in Cash and Cash Equivalents (Total of line 22, 57 and 83)	48,518,528	8,495,390
88	CashAndCashEquivalents Cash and Cash Equivalents at Beginning of Period	(c) 14,800,070	23,620,368
90	CashAndCashEquivalents Cash and Cash Equivalents at End of Period	63,318,598	15,124,978

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: NoncashAdjustmentsToCashFlowsFromOperatingActivities

	3/31/2025	3/31/2024
Other Noncash Charges to Income, Net:
Amortization of debt issue costs, discount, and deferred hedge gain	674,765	824,978
Gain on disposition of assets	146,679	-
Other noncash losses (gains)	(8,715)	4,285
Stock based compensation costs	1,905,040	1,198,327
	2,717,769	2,027,590

(b) Concept: OtherAdjustmentsToCashFlowsFromOperatingActivities

	3/31/2025	3/31/2024
Other Assets and Liabilities, Net:
Net change - other current assets	3,287,766	1,176,057
Net change - accrued utility revenues	8,022,672	16,355,086
Net change - deferred debits	955,922	(27,102,911)
Net change - deferred credits	(540,000)	(2,159,594)
Net change - noncurrent liabilities	(2,849,355)	(4,348,439)
	8,877,005	(16,079,801)

	3/31/2025	12/31/2024	3/31/2024	12/31/2023
Cash (131)	4,109,247	888,205	51,897	8,740,865
Working Funds (135)	16,000	17,500	17,500	22,850
Other Special Deposits (134)	13,130,353	13,894,365	15,055,581	14,856,653
Temporary Cash Investments (136)	46,062,998	-	-	-
Total	63,318,598	14,800,070	15,124,978	23,620,368

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

NOTES TO FINANCIAL STATEMENTS

Use the space below for important notes regarding the Balance Sheet, Statement of Income for the year, Statement of Retained Earnings for the year, and Statement of Cash Flows, or any account thereof. Classify the notes according to each basic statement, providing a subheading for each statement except where a note is applicable to more than one statement.
Furnish particulars (details) as to any significant contingent assets or liabilities existing at end of year, including a brief explanation of any action initiated by the Internal Revenue Service involving possible assessment of additional income taxes of material amount, or of a claim for refund of income taxes of a material amount initiated by the utility. Give also a brief explanation of any dividends in arrears on cumulative preferred stock.
For Account 116, Utility Plant Adjustments, explain the origin of such amount, debits and credits during the year, and plan of disposition contemplated, giving references to Commission orders or other authorizations respecting classification of amounts as plant adjustments and requirements as to disposition thereof.
Where Accounts 189, Unamortized Loss on Reacquired Debt, and 257, Unamortized Gain on Reacquired Debt, are not used, give an explanation, providing the rate treatment given these items. See General Instruction 17 of the Uniform System of Accounts.
Give a concise explanation of any retained earnings restrictions and state the amount of retained earnings affected by such restrictions.
If the notes to financial statements relating to the respondent company appearing in the annual report to the stockholders are applicable and furnish the data required by instructions above and on pages 114-121, such notes may be included herein.
For the 3Q disclosures, respondent must provide in the notes sufficient disclosures so as to make the interim information not misleading. Disclosures which would substantially duplicate the disclosures contained in the most recent FERC Annual Report may be omitted.
For the 3Q disclosures, the disclosures shall be provided where events subsequent to the end of the most recent year have occurred which have a material effect on the respondent. Respondent must include in the notes significant changes since the most recently completed year in such items as: accounting principles and practices; estimates inherent in the preparation of the financial statements; status of long-term contracts; capitalization including significant new borrowings or modifications of existing financing agreements; and changes resulting from business combinations or dispositions. However, where material contingencies exist, the disclosure of such matters shall be provided even though a significant change since year end may not have occurred.
Finally, if the notes to the financial statements relating to the respondent appearing in the annual report to the stockholders are applicable and furnish the data required by the above instructions, such notes may be included herein.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1) Nature of Operations and Basis of Consolidation

NorthWestern Corporation (NW Corp), a direct wholly-owned subsidiary of NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides electricity and / or natural gas to approximately 649,900 customers in Montana and Yellowstone National Park. We have generated and distributed electricity and distributed natural gas in Montana since 2002.

The Financial Statements for the periods included herein have been prepared by NorthWestern Corporation (NorthWestern, we or us), pursuant to the rules and regulations of the Federal Energy Regulatory Commission (FERC) as set forth in its applicable Uniform System of Accounts and published accounting releases. The preparation of financial statements in conformity with the accounting requirements of the FERC as set forth in its applicable Uniform System of Accounts and published accounting releases requires management to make estimates and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period. Actual results could differ from those estimates.

The following notes to the financials statements appear in Northwestern Corporation’s interim financials and are prepared in conformity with Generally Accepted Accounting Principles (GAAP).

Holding Company Reorganization

On October 2, 2023, NorthWestern Corporation (NW Corp) and NorthWestern Energy Group, Inc. completed a merger transaction pursuant to which NorthWestern Energy Group, Inc. became the holding company parent of NW Corp. On January 1, 2024, NorthWestern Energy Group, Inc. completed the second and final phase of the holding company reorganization. NW Corp contributed the assets and liabilities of its South Dakota and Nebraska regulated utilities to NWE Public Service, and then distributed its equity interest in NWE Public Service and certain other subsidiaries to NorthWestern Energy Group, Inc., resulting in NW Corp owning and operating the Montana regulated utility and NWE Public Service owning and operating the Nebraska and South Dakota utilities, each as a direct subsidiary of NorthWestern Energy Group, Inc.

(2) Regulatory Matters

Montana Rate Review

In July 2024, we filed a Montana electric and natural gas rate review with the Montana Public Service Commission (MPSC). In November 2024, the MPSC partially approved our requested interim rates effective December 1, 2024, subject to refund. Subsequently, we modified our request through rebuttal testimony. In March 2025, we filed a natural gas settlement with certain parties and a motion for revised interim natural gas rates. In April 2025, we filed a partial electric settlement with certain other parties and a motion for revised interim electric rates. Both settlements and motions for revised interim rates are subject to approval by the MPSC.

The partial electric settlement includes, among other things, agreement on base revenue increases (excluding base revenues associated with Yellowstone County Generating Station (YCGS)), allocated cost of service, rate design, updates to the amount of revenues associated with property taxes (excluding property taxes associated with YCGS), regulatory policy issues related to requested changes in regulatory mechanisms, and agreement to support a separate motion for revised electric interim rates. The partial electric settlement provides for the deferral and annual recovery of incremental operating costs related to wildfire mitigation and insurance expenses through the Wildfire Mitigation Balancing Account.

The natural gas settlement includes, among other things, agreement on base revenues, allocated cost of service, rate design, updates to the amount of revenues associated with property taxes, and agreement to support a separate motion for revised natural gas interim rates.

The details of our rebuttal request are set forth below:

Requested Revenue Increase (Decrease) Through Rebuttal Testimony (in millions)
	Electric	Natural Gas
Base Rates	$ 153.8	27.9
Power Cost & Credit Mechanism (PCCAM)(1)	(94.5)	n/a
Property Tax (tracker base adjustment)(1)	(1.3)	0.1
Total Revenue Increase Requested through Rebuttal Testimony	$ 58.0	$ 28.0

(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

The details of our interim rates granted are set forth below:

Interim Revenue Increase (Decrease) Granted (in millions)
	Electric	Natural Gas
Base Rates	$ 18.4	$ 17.4
PCCAM(1)	(88.0)	n/a
Property Tax (tracker base adjustment)(1)(2)	7.4	0.2
Total Interim Revenue Granted	$ (62.2)	$ 17.6

(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

(2) Our requested interim property tax base increase went into effect on January 1, 2025, as part of our 2024 property tax tracker filing.

The details of our settlement agreement and requested revised interim rates are set forth below:

Requested Revenue Increase (Decrease) through Settlement Agreements and Revised Interim Filing (in millions)
	Electric	Natural Gas
Base Rates:
Base Rates (Settled)	$ 66.4	$ 18.0
Base Rates - YCGS (Non-settled)(1)(2)	43.9	n/a
Requested Base Rates for Revised Interim Filing	110.3	18.0

Pass-through items:
Property Tax (tracker base adjustment) (Settled)(3)	(5.2)	0.1
Property Tax (tracker base adjustment) - YCGS (Non-settled)(1)(3)	4.0	n/a
PCCAM (Non-settled)(1)(2)(3)	(94.5)	n/a
Requested Pass-Through Rates for Revised Interim Filing	(95.7)	0.1
Total Requested Revenue Increase through Revised Interim Filing	$ 14.6	$ 18.1

(1) These items were not included within the partial electric settlement and will be contested items that are expected to be determined in the MPSC's final order.

(2) Intervenor positions propose up to an $11.6 million reduction to the base rate revenue request and an additional $38.4 million decrease to the PCCAM base.

(3) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

Revised interim filing rates are requested to be effective May 1, 2025. If the revised interim rates are not approved, and a final order is not received by May 23, 2025, which is 270 days from acceptance of our filing, we intend to implement, as permitted by Montana statute, our rebuttal rates, which will be subject to refund, until a final order is received.

A hearing on the electric and natural gas rate review is scheduled to commence on June 9, 2025. Interim rates will remain in effect on a refundable basis until the MPSC issues a final order.

(3) Financing Activities

On March 21, 2025, NW Corp issued and sold $400.0 million aggregate principal amount of Montana First Mortgage Bonds at a fixed interest rate of 5.07 percent maturing on March 21, 2030. These bonds were issued and sold to certain initial purchasers without being registered under the Securities Act of 1933, as amended (Securities Act), in reliance upon exemptions therefrom in compliance with Rule 144A under the Securities Act, or under Regulation S under the Securities Act for sales to non-U.S. persons. Proceeds will be used to repay outstanding borrowings under our NW Corp revolving credit facility, repay maturing Montana First Mortgage Bonds, and for general utility purposes.

On April 11, 2025, we redeemed all $161.0 million of NW Corp's 5.01 percent Montana First Mortgage Bonds due May 1, 2025.

As of March 31, 2025, we had $236.0 million of Montana First Mortgage Bonds maturing within the next twelve months. As evidenced by the financing activities discussed above, as we had the intent and ability to refinance these on a long-term basis we have excluded these balances from current liabilities within the Condensed Consolidated Balance Sheets as of March 31, 2025.

(4) Employee Benefit Plans

We sponsor and/or contribute to pension and postretirement health care and life insurance benefit plans for eligible employees. We contributed $2.0 million to our pension plans during the three months ended March 31, 2025. We expect to contribute an additional $8.0 million to our pension plans during the remainder of 2025.

(5) Commitments and Contingencies

ENVIRONMENTAL LIABILITIES AND REGULATION

Environmental Protection Agency (EPA) Rules

On April 25, 2024, the EPA released final rules related to greenhouse gas (GHG) emission standards (GHG Rules) for existing coal-fired facilities and new coal and natural gas-fired facilities as well as final rules strengthening the MATS requirements (MATS Rules). Compliance with the rules will require expensive upgrades at Colstrip Units 3 and 4 with proposed compliance dates that may not be achievable and / or require technology that is unproven, resulting in significant impacts to costs of the facilities. The final MATS and GHG Rules require compliance as early as 2027 and 2032, respectively.

Previous efforts by the EPA were met with extensive litigation, and this time is no different. We, along with many other utilities, electric cooperatives, organizations, and states, have petitioned for judicial review of the GHG and MATS Rules with the U.S. Court of Appeals for the D.C. Circuit. The United States Supreme Court denied the multiple stay requests related to the MATS Rule and the GHG Rule. The litigation on the merits continues for both the MATS and GHG rules in the D.C. Circuit Court of Appeals, and the cases could be decided in 2025. On April 8, 2025, President Trump issued a proclamation, "Regulatory Relief for Certain Stationary Sources to Promote American Energy," exempting certain coal plants, including Colstrip Units 3 and 4, from compliance with the MATS Rule through July 8, 2029. If the MATS Rules and GHG Rules are fully implemented, it would result in additional material compliance costs. We will continue working with federal and state regulatory authorities, other utilities, and stakeholders to seek relief from the MATS and GHG regulations that, in our view, disproportionately impact customers in our region.

These GHG Rules and MATS Rules as well as future additional environmental requirements - federal or state - could cause us to incur material costs of compliance, increase our costs of procuring electricity, decrease transmission revenue and impact cost recovery. Technology to efficiently capture, remove and/or sequester such GHG emissions or hazardous air pollutants may not be available within a timeframe consistent with the implementation of any such requirements.

LEGAL PROCEEDINGS

State of Montana - Riverbed Rents

On April 1, 2016, the State of Montana (State) filed a complaint on remand (the State’s Complaint) with the Montana First Judicial District Court (State District Court), naming us, along with Talen Montana, LLC (Talen) as defendants. The State claimed it owns the riverbeds underlying 10 of our, and formerly Talen’s, hydroelectric facilities (dams, along with reservoirs and tailraces) on the Missouri, Madison and Clark Fork Rivers, and seeks rents for Talen’s and our use and occupancy of such lands. The facilities at issue include the Hebgen, Madison, Hauser, Holter, Black Eagle, Rainbow, Cochrane, Ryan, and Morony facilities on the Missouri and Madison Rivers and the Thompson Falls facility on the Clark Fork River. We acquired these facilities from Talen in November 2014.

The litigation has a long prior history in state and federal court, including before the United States Supreme Court. On April 20, 2016, we removed the case from State District Court to the United States District Court for the District of Montana (Federal District Court). On August 1, 2018, the Federal District Court granted our and Talen’s motions to dismiss the State’s Complaint as it pertains to the navigability of the riverbeds associated with four of our hydroelectric facilities near Great Falls. The Federal District Court held a bench trial from January 4 to January 18, 2022, which addressed the issue of navigability concerning our other six facilities. On August 25, 2023, the Federal District Court issued its Findings of Fact, Conclusions of Law, and Order (the "Order"), which found all but one of the segments of the riverbeds in dispute not navigable, and thus not owned by the State of Montana. The one segment found navigable, and thus owned by the State, was the segment on which the Black Eagle development was located. Upon the State's motion, the Federal District Court certified the Order for interlocutory appeal to the 9th Circuit Court of Appeals. After briefing and oral argument, the 9th Circuit affirmed the Federal District Court's Order in full on March 4, 2025.

Following the mandate and remand, the District Court will resume jurisdiction to determine damages for the Sun River to Black Eagle Falls Segment of the Missouri River. If the Federal District Court calculates damages as the State District Court did in 2008, we do not anticipate the resulting annual rent for the Black Eagle segment would have a material impact to our financial position or results of operations. We anticipate that any obligation to pay the State rent for use and occupancy of the riverbeds would be recoverable in rates from customers, although there can be no assurances that the MPSC would approve any such recovery.

Other Legal Proceedings

We are also subject to various other legal proceedings, governmental audits and claims that arise in the ordinary course of business. In our opinion, the amount of ultimate liability with respect to these other actions will not materially affect our financial position, results of operations, or cash flows.

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

STATEMENTS OF ACCUMULATED COMPREHENSIVE INCOME, COMPREHENSIVE INCOME, AND HEDGING ACTIVITIES
Report in columns (b),(c),(d) and (e) the amounts of accumulated other comprehensive income items, on a net-of-tax basis, where appropriate. Report in columns (f) and (g) the amounts of other categories of other cash flow hedges. For each category of hedges that have been accounted for as "fair value hedges", report the accounts affected and the related amounts in a footnote. Report data on a year-to-date basis.
Line No.	Item (a)	Unrealized Gains and Losses on Available-For-Sale Securities (b)	Minimum Pension Liability Adjustment (net amount) (c)	Foreign Currency Hedges (d)	Other Adjustments (e)	Other Cash Flow Hedges Interest Rate Swaps (f)	Other Cash Flow Hedges [Specify] (g)	Totals for each category of items recorded in Account 219 (h)	Net Income (Carried Forward from Page 116, Line 78) (i)	Total Comprehensive Income (j)
1	Balance of Account 219 at Beginning of Preceding Year		273,619		1,437,159	7,223,778		5,513,000
2	Preceding Quarter/Year to Date Reclassifications from Account 219 to Net Income		318,221			113,033		205,189
3	Preceding Quarter/Year to Date Changes in Fair Value				1,304			1,304
4	Total (lines 2 and 3)		318,221		1,304	113,032		206,493	60,836,016	60,629,523
5	Balance of Account 219 at End of Preceding Quarter/Year		44,602		1,435,855	7,110,746		5,719,493
6	Balance of Account 219 at Beginning of Current Year		44,602		1,432,857	6,771,648		5,383,393
7	Current Quarter/Year to Date Reclassifications from Account 219 to Net Income					113,033		113,033
8	Current Quarter/Year to Date Changes in Fair Value				949			949
9	Total (lines 7 and 8)				949	113,033		113,982	66,486,712	66,600,694
10	Balance of Account 219 at End of Current Quarter/Year		44,602		1,433,806	6,658,615		5,269,411

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

SUMMARY OF UTILITY PLANT AND ACCUMULATED PROVISIONS FOR DEPRECIATION. AMORTIZATION AND DEPLETION
Report in Column (c) the amount for electric function, in column (d) the amount for gas function, in column (e), (f), and (g) report other (specify) and in column (h) common function.
Line No.	Classification (a)	Total Company For the Current Year/Quarter Ended (b)	Electric (c)	Gas (d)	Other (Specify) (e)	Other (Specify) (f)	Other (Specify) (g)	Common (h)
1	UtilityPlantAbstract UTILITY PLANT
2	UtilityPlantInServiceAbstract In Service
3	UtilityPlantInServiceClassified Plant in Service (Classified)	6,457,906,045	4,981,440,669	1,267,935,933	(a) 1,730,244			206,799,199
4	UtilityPlantInServicePropertyUnderCapitalLeases Property Under Capital Leases	41,681,932				(b) 40,209,537	(c) 1,472,395
5	UtilityPlantInServicePlantPurchasedOrSold Plant Purchased or Sold	0
6	UtilityPlantInServiceCompletedConstructionNotClassified Completed Construction not Classified	0
7	UtilityPlantInServiceExperimentalPlantUnclassified Experimental Plant Unclassified	3,537,759	3,537,759
8	UtilityPlantInServiceClassifiedAndUnclassified Total (3 thru 7)	6,503,125,736	4,984,978,428	1,267,935,933	1,730,244	40,209,537	1,472,395	206,799,199
9	UtilityPlantLeasedToOthers Leased to Others	0
10	UtilityPlantHeldForFutureUse Held for Future Use	4,191,929	4,162,063	29,866
11	ConstructionWorkInProgress Construction Work in Progress	167,867,124	125,059,641	27,291,677				15,515,806
12	UtilityPlantAcquisitionAdjustment Acquisition Adjustments	656,318,593	656,318,593
13	UtilityPlantAndConstructionWorkInProgress Total Utility Plant (8 thru 12)	7,331,503,382	5,770,518,725	1,295,257,476	1,730,244	40,209,537	1,472,395	222,315,005
14	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Accumulated Provisions for Depreciation, Amortization, & Depletion	2,495,592,594	1,936,470,956	456,218,509	1,177,272	37,696,421		64,029,436
15	UtilityPlantNet Net Utility Plant (13 less 14)	4,835,910,788	3,834,047,769	839,038,967	552,972	2,513,116	1,472,395	158,285,569
16	DetailOfAccumulatedProvisionsForDepreciationAmortizationAndDepletionAbstract DETAIL OF ACCUMULATED PROVISIONS FOR DEPRECIATION, AMORTIZATION AND DEPLETION
17	AccumulatedProvisionForDepreciationAmortizationAndDepletionUtilityPlantInServiceAbstract In Service:
18	DepreciationUtilityPlantInService Depreciation	2,177,976,222	1,707,106,037	391,326,024	1,177,272	37,696,421		40,670,468
19	AmortizationAndDepletionOfProducingNaturalGasLandAndLandRightsutilityPlantInService Amortization and Depletion of Producing Natural Gas Land and Land Rights	56,896,201		56,896,201
20	AmortizationOfUndergroundStorageLandAndLandRightsutilityPlantInService Amortization of Underground Storage Land and Land Rights	0
21	AmortizationOfOtherUtilityPlantUtilityPlantInService Amortization of Other Utility Plant	63,325,026	31,969,774	7,996,284				23,358,968
22	DepreciationAmortizationAndDepletionUtilityPlantInService Total in Service (18 thru 21)	2,298,197,449	1,739,075,811	456,218,509	1,177,272	37,696,421	0	64,029,436
23	DepreciationAmortizationAndDepletionUtilityPlantLeasedToOthersAbstract Leased to Others
24	DepreciationUtilityPlantLeasedToOthers Depreciation	0
25	AmortizationAndDepletionUtilityPlantLeasedToOthers Amortization and Depletion	0
26	DepreciationAmortizationAndDepletionUtilityPlantLeasedToOthers Total Leased to Others (24 & 25)	0	0	0	0	0	0	0
27	DepreciationAndAmortizationUtilityPlantHeldForFutureUseAbstract Held for Future Use
28	DepreciationUtilityPlantHeldForFutureUse Depreciation	0
29	AmortizationUtilityPlantHeldForFutureUse Amortization	0
30	DepreciationAndAmortizationUtilityPlantHeldForFutureUse Total Held for Future Use (28 & 29)	0
31	AbandonmentOfLeases Abandonment of Leases (Natural Gas)	0
32	AmortizationOfPlantAcquisitionAdjustment Amortization of Plant Acquisition Adjustment	197,395,145	197,395,145
33	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Total Accum Prov (equals 14) (22,26,30,31,32)	2,495,592,594	1,936,470,956	456,218,509	1,177,272	37,696,421		64,029,436

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: UtilityPlantInServiceClassified

This column represents regulated propane.

(b) Concept: UtilityPlantInServicePropertyUnderCapitalLeases

This column represents an electric default supply capacity and energy sales agreement classified as a capital lease.

This column represents our right of use (operating lease) assets.

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

Electric Plant In Service and Accum Provision For Depr by Function
Report below the original cost of plant in service by function. In addition to Account 101, include Account 102, and Account 106. Report in column (b) the original cost of plant in service and in column(c) the accumulated provision for depreciation and amortization by function.
Line No.	Item (a)	Plant in Service Balance at End of Quarter (b)	Accumulated Depreciation And Amortization Balance at End of Quarter (c)
1	Intangible Plant	22,478,775	9,069,646
2	Steam Production Plant	144,285,522	41,240,583
3	Nuclear Production Plant
4	Hydraulic Production - Conventional	668,627,897	142,698,750
5	Hydraulic Production - Pumped Storage
6	Solar Production Plant	1,260,991	1,272,518
7	Wind Production Plant	106,517,367	44,806,355
8	Other Renewable Production Plant
9	Other Production	472,049,937	42,413,038
10	Transmission	1,303,793,779	471,412,900
11	Distribution	2,130,306,928	901,895,817
12	Regional Transmission and Market Operation
13	Energy Storage Plant	8,866,997	170,926
14	General	126,790,235	84,095,278
15	TOTAL (Total of lines 1 through 14)	4,984,978,428	1,739,075,811

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

Transmission Service and Generation Interconnection Study Costs
Report the particulars (details) called for concerning the costs incurred and the reimbursements received for performing transmission service and generator interconnection studies. List each study separately. In column (a) provide the name of the study. In column (b) report the cost incurred to perform the study at the end of period. In column (c) report the account charged with the cost of the study. In column (d) report the amounts received for reimbursement of the study costs at end of period. In column (e) report the account credited with the reimbursement received for performing the study.
Line No.	DescriptionOfStudyPerformed Description (a)	StudyCostsIncurred Costs Incurred During Period (b)	StudyCostsAccountCharged Account Charged (c)	StudyCostsReimbursements Reimbursements Received During the Period (d)	StudyCostsAccountReimbursed Account Credited With Reimbursement (e)
1	Transmission Studies
2	FAC Studies	10,881	253	15,000	253
3	SIS Studies	76,304	253	43,521	253
4	Line Interconnection Studies	21,267	253	0	253
20	Total	108,453		58,521
21	Generation Studies
22	FAC Studies	25,640	253	4,141	253
23	FEA Studies	5,483	253	5,196	253
24	Optional Studies	2,418	253	10,000	253
25	SIS Studies	286	253	42,067	253
39	Total	33,827		61,404
40	Grand Total	142,280		119,925

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

OTHER REGULATORY ASSETS (Account 182.3)
Report below the particulars (details) called for concerning other regulatory assets, including rate order docket number, if applicable. Minor items (5% of the Balance in Account 182.3 at end of period, or amounts less than $100,000 which ever is less), may be grouped by classes. For Regulatory Assets being amortized, show period of amortization.
				CREDITS
Line No.	DescriptionAndPurposeOfOtherRegulatoryAssets Description and Purpose of Other Regulatory Assets (a)	OtherRegulatoryAssets Balance at Beginning of Current Quarter/Year (b)	IncreaseDecreaseInOtherRegulatoryAssets Debits (c)	OtherRegulatoryAssetsWrittenOffAccountCharged Written off During Quarter/Year Account Charged (d)	OtherRegulatoryAssetsWrittenOffRecovered Written off During the Period Amount (e)	OtherRegulatoryAssets Balance at end of Current Quarter/Year (f)
1	Flow-through Income Taxes (Montana)	522,015,167	9,001,110		83	531,016,194
2	Excess Deferred Income Taxes (Montana)	39,040,398	7,450		1,093,372	37,954,476
3	Basin Creek Capital Lease (Montana)	2,445,764	0		362,909	2,082,855
4	BPA Residential Exchange Program (Montana) - Docket 2018.8.49 Order 7630; Annual Amortization	1,143,941	244,623		0	1,388,564
5	Property Tax Tracker (Montana) - Docket 2017.11.86 - Order 7580a; Annual Amortization	6,366,553	0		5,976,224	390,329
6	FAS 106 (Montana) - Docket 93.6.24 and Docket 2009.9.129	2,973,383	43,158		77,574	2,938,967
7	FAS 112 (Montana) - Docket 93.6.24 and Docket 2009.9.129	2,927,375	0		0	2,927,375
8	Compensated Absences (Montana) - Docket 97.11.219	11,976,514	857,179		0	12,833,693
9	Pension Plan - MT	56,719,333	0		1,099,656	55,619,677
10	Montana Consumer Counsel Tax (Montana) - Docket 2018.10.67 - Order 7637	30,818	2,686		0	33,504
11	Montana Public Service Commission (Montana) - Docket 2017.9.78 - Order 7568	2,465,528	133,079		367,819	2,230,788
12	Montana Wildfire Mitigation	17,367,539	4,307,399		0	21,674,938
13	Asset Retirement Obligation (Montana)	11,397,051	523,591		186,508	11,734,134
14	Power Cost & Credit Mechanism (Montana)	0	28,706,917		4,896,449	23,810,468
44	TOTAL	676,869,364	43,827,192		14,060,594	706,635,962

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

OTHER REGULATORY LIABILITIES (Account 254)
Report below the particulars (details) called for concerning other regulatory liabilities, including rate order docket number, if applicable. Minor items (5% of the Balance in Account 254 at end of period, or amounts less than $100,000 which ever is less), may be grouped by classes. For Regulatory Liabilities being amortized, show period of amortization.
			DEBITS
Line No.	Description and Purpose of Other Regulatory Liabilities (a)	Balance at Beginning of Current Quarter/Year (b)	Account Credited (c)	Amount (d)	Credits (e)	Balance at End of Current Quarter/Year (f)
1	Excess Deferred Income Taxes (Montana)	108,153,744		1,851,737	0	106,302,007
2	Deferred Gas Storage Sales (Montana) - Docket D2001.1.1; Amortization 2001 - 2039	6,204,912		105,129	0	6,099,783
3	Montana Public Service Commission Consumer Counsel Taxes (Montana) - Dockets 2017.9.78 and 2018.10.67	0		210,817	210,817	0
4	CTC QF Over/Under Collections (Montana) - Docket 97.9.90 and Docket 2001.1.15; Annual Amortization	1,102,462		0	669,368	1,771,830
5	Property Tax Tracker (Montana) - Docket 2017.11.86 - Order 7580a; Annual Amortization	0		138,730	138,730	0
6	Natural Gas Regulatory Deferrals (Montana)	46,463		26,777	37,805	57,491
7	Power Cost & Credit Mechanism (Montana)	4,214,265		4,214,265	0	0
8	Environmental Credit Liability	0		0	1,653,720	1,653,720
41	TOTAL	119,721,846		6,547,455	2,710,440	115,884,831

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

Electric Operating Revenues
The following instructions generally apply to the annual version of these pages. Do not report quarterly data in columns (c), (e), (f), and (g). Unbilled revenues and MWH related to unbilled revenues need not be reported separately as required in the annual version of these pages. Report below operating revenues for each prescribed account, and manufactured gas revenues in total. Report number of customers, columns (f) and (g), on the basis of meters, in addition to the number of flat rate accounts; except that where separate meter readings are added for billing purposes, one customer should be counted for each group of meters added. The average number of customers means the average of twelve figures at the close of each month. If increases or decreases from previous period (columns (c),(e), and (g)), are not derived from previously reported figures, explain any inconsistencies in a footnote. Disclose amounts of $250,000 or greater in a footnote for accounts 451, 456, and 457.2. Commercial and industrial Sales, Account 442, may be classified according to the basis of classification (Small or Commercial, and Large or Industrial) regularly used by the respondent if such basis of classification is not generally greater than 1000 Kw of demand. (See Account 442 of the Uniform System of Accounts. Explain basis of classification in a footnote.) See page 108, Important Changes During Period, for important new territory added and important rate increase or decreases. For Lines 2,4,5,and 6, see Page 304 for amounts relating to unbilled revenue by accounts. Include unmetered sales. Provide details of such Sales in a footnote.
Line No.	Title of Account (a)	Operating Revenues Year to Date Quarterly/Annual (b)	Operating Revenues Previous year (no Quarterly) (c)	MEGAWATT HOURS SOLD Year to Date Quarterly/Annual (d)	MEGAWATT HOURS SOLD Amount Previous year (no Quarterly) (e)	AVG.NO. CUSTOMERS PER MONTH Current Year (no Quarterly) (f)	AVG.NO. CUSTOMERS PER MONTH Previous Year (no Quarterly) (g)
1	SalesOfElectricityHeadingAbstract Sales of Electricity
2	ResidentialSalesAbstract (440) Residential Sales	114,977,400	117,363,922	901,803	846,076
3	CommercialAndIndustrialSalesAbstract (442) Commercial and Industrial Sales
4	CommercialSalesAbstract Small (or Comm.) (See Instr. 4)	96,938,940	101,494,854	823,993	790,070
5	IndustrialSalesAbstract Large (or Ind.) (See Instr. 4)	10,099,777	11,668,933	74,361	78,368
6	PublicStreetAndHighwayLightingAbstract (444) Public Street and Highway Lighting	3,635,091	3,775,856	6,472	6,564
7	OtherSalesToPublicAuthoritiesAbstract (445) Other Sales to Public Authorities
8	SalesToRailroadsAndRailwaysAbstract (446) Sales to Railroads and Railways
9	InterdepartmentalSalesAbstract (448) Interdepartmental Sales	224,205	250,030	1,896	1,928
10	SalesToUltimateConsumersAbstract TOTAL Sales to Ultimate Consumers	225,875,413	234,553,595	1,808,525	1,723,006
11	SalesForResaleAbstract (447) Sales for Resale	8,841,176	15,651,594	212,550	317,398
12	SalesOfElectricityAbstract TOTAL Sales of Electricity	234,716,589	250,205,189	2,021,075	2,040,404
13	ProvisionForRateRefundsAbstract (Less) (449.1) Provision for Rate Refunds
14	RevenuesNetOfProvisionForRefundsAbstract TOTAL Revenues Before Prov. for Refunds	234,716,589	250,205,189	2,021,075	2,040,404
15	OtherOperatingRevenuesAbstract Other Operating Revenues
16	ForfeitedDiscounts (450) Forfeited Discounts
17	MiscellaneousServiceRevenues (451) Miscellaneous Service Revenues	4,021	42,448
18	SalesOfWaterAndWaterPower (453) Sales of Water and Water Power
19	RentFromElectricProperty (454) Rent from Electric Property	1,267,226	1,345,020
20	InterdepartmentalRents (455) Interdepartmental Rents
21	OtherElectricRevenue (456) Other Electric Revenues	(a) 3,905,699	5,553,486
22	RevenuesFromTransmissionOfElectricityOfOthers (456.1) Revenues from Transmission of Electricity of Others	25,174,518	20,916,733
23	RegionalTransmissionServiceRevenues (457.1) Regional Control Service Revenues
24	MiscellaneousRevenue (457.2) Miscellaneous Revenues
25	OtherMiscellaneousOperatingRevenues Other Miscellaneous Operating Revenues
26	OtherOperatingRevenues TOTAL Other Operating Revenues	30,343,422	27,857,687
27	ElectricOperatingRevenues TOTAL Electric Operating Revenues	265,060,011	278,062,876
Line12, column (b) includes $ of unbilled revenues.
Line12, column (d) includes MWH relating to unbilled revenues

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: OtherElectricRevenue

	YTD Mar
Total Electric Revenue	2025
Ancillary Services:
Scheduling, System Control and Dispatch	476,090
Regulation and Frequency Response	283,346
Energy Imbalance	1,945,056
Other Transmission Revenue	195,462
Low Income Housing	947,677
Steam Sales	-
Sale of Materials	349
Miscellaneous	57,719
	3,905,699

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

REGIONAL TRANSMISSION SERVICE REVENUES (Account 457.1)
The respondent shall report below the revenue collected for each service (i.e., control area administration, market administration, etc.) performed pursuant to a Commission approved tariff. All amounts separately billed must be detailed below.
Line No.	Description of Service (a)	Balance at End of Quarter 1 (b)	Balance at End of Quarter 2 (c)	Balance at End of Quarter 3 (d)	Balance at End of Year (e)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46	TOTAL

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

ELECTRIC PRODUCTION, OTHER POWER SUPPLY EXPENSES, TRANSMISSION AND DISTRIBUTION EXPENSES

Report Electric production, other power supply expenses, transmission, regional market, and distribution expenses through the reporting period.
Line No.	Account (a)	Year to Date Quarter (b)
1	PowerProductionExpensesAbstract 1. POWER PRODUCTION AND OTHER SUPPLY EXPENSES
2	SteamPowerGenerationOperationsExpense Steam Power Generation - Operation (500-509)	11,131,872
3	SteamPowerGenerationMaintenanceExpense Steam Power Generation – Maintenance (510-515)	2,405,598
4	PowerProductionExpensesSteamPower Total Power Production Expenses - Steam Power	13,537,470
5	NuclearPowerGenerationOperationsExpense Nuclear Power Generation – Operation (517-525)	0
6	NuclearPowerGenerationMaintenanceExpense Nuclear Power Generation – Maintenance (528-532)	0
7	PowerProductionExpensesNuclearPower Total Power Production Expenses - Nuclear Power	0
8	HydraulicPowerGenerationOperationsExpense Hydraulic Power Generation – Operation (535-540.1)	3,839,022
9	HydraulicPowerGenerationMaintenanceExpense Hydraulic Power Generation – Maintenance (541-545.1)	596,010
10	PowerProductionExpensesHydraulicPower Total Power Production Expenses - Hydraulic Power	4,435,032
10.1	SolarPowerGenerationOperationsExpense Solar Generation – Operation (558.1-558.5)	0
10.2	SolarPowerGenerationMaintenanceExpense Solar Generation – Maintenance (558.6-558.12)	0
10.3	PowerProductionExpensesSolarPower Total Power Production Expenses - Solar	0
10.4	WindPowerGenerationOperationsExpense Wind Generation – Operation (558.13-558.17)	662,446
10.5	WindPowerGenerationMaintenanceExpense Wind Generation – Maintenance (558.18-558.24)	58,040
10.6	PowerProductionExpensesWindPower Total Power Production Expenses - Wind	720,486
10.7	OtherRenewableGenerationOperationsExpense Other Renewable Generation – Operation (559.1-559.5)	0
10.8	OtherRenewableGenerationMaintenanceExpense Other Renewable Generation – Maintenance (559.6-559.16)	0
10.9	PowerProductionExpensesOtherRenewable Total Power Production Expenses – Other Renewable	0
11	RentsOtherPowerGeneration Other Power Generation – Operation (546-550.1)	11,753,856
12	MaintenanceOfEnergyStorageEquipmentOtherPowerGeneration Other Power Generation – Maintenance (551-554.1)	116,936
13	MaintenanceOfMiscellaneousOtherPowerGenerationPlant Total Power Production Expenses - Other Power	11,870,792
14	OtherPowerSuplyExpensesAbstract Other Power Supply Expenses
15	PurchasedPower (555) Purchased Power	64,893,752
15.1	PowerPurchasedForStorageOperations (555.1) Power Purchased for Storage Operations	0
15.2	BundledEnvironmentalCredits (555.2) Bundled Environmental Credits	1,653,720
15.3	UnbundledEnvironmentalCredits (555.3) Unbundled Environmental Credits	0
16	SystemControlAndLoadDispatchingElectric (556) System Control and Load Dispatching	0
17	OtherExpensesOtherPowerSupplyExpenses (557) Other Expenses	28,122,457
18	OtherPowerSupplyExpense Total Other Power Supply Expenses (line 15-17)	38,425,015
19	PowerProductionExpenses Total Power Production Expenses (Total of lines 4, 7, 10, 10.3, 10.6, 10.9, 13 and 18)	68,988,795
20	TransmissionExpensesAbstract 2. TRANSMISSION EXPENSES
21	TransmissionExpensesOperationAbstract Transmission Operation Expenses
22	OperationSupervisionAndEngineeringElectricTransmissionExpenses (560) Operation Supervision and Engineering	896,391
24	LoadDispatchReliability (561.1) Load Dispatch-Reliability	248,712
25	LoadDispatchMonitorAndOperateTransmissionSystem (561.2) Load Dispatch-Monitor and Operate Transmission System	200,159
26	LoadDispatchTransmissionServiceAndScheduling (561.3) Load Dispatch-Transmission Service and Scheduling	302,832
27	SchedulingSystemControlAndDispatchServices (561.4) Scheduling, System Control and Dispatch Services	0
28	ReliabilityPlanningAndStandardsDevelopment (561.5) Reliability, Planning and Standards Development	0
29	TransmissionServiceStudies (561.6) Transmission Service Studies	0
30	GenerationInterconnectionStudies (561.7) Generation Interconnection Studies	0
31	ReliabilityPlanningAndStandardsDevelopmentServices (561.8) Reliability, Planning and Standards Development Services	0
32	StationExpensesTransmissionExpense (562) Station Expenses	352,663
33	OverheadLineExpense (563) Overhead Lines Expenses	0
34	UndergroundLineExpensesTransmissionExpense (564) Underground Lines Expenses	130,146
35	TransmissionOfElectricityByOthers (565) Transmission of Electricity by Others	0
36	MiscellaneousTransmissionExpenses (566) Miscellaneous Transmission Expenses	1,607,121
37	RentsTransmissionElectricExpense (567) Rents	25,476
38	OperationSuppliesAndExpensesTransmissionExpense (567.1) Operation Supplies and Expenses (Non-Major)	221,032
39	TransmissionOperationExpense TOTAL Transmission Operation Expenses (Lines 22 - 38)	3,984,532
40	TransmissionMaintenanceAbstract Transmission Maintenance Expenses
41	MaintenanceSupervisionAndEngineeringElectricTransmissionExpenses (568) Maintenance Supervision and Engineering	125,673
42	MaintenanceOfStructuresTransmissionExpense (569) Maintenance of Structures	3,468
43	MaintenanceOfComputerHardwareTransmission (569.1) Maintenance of Computer Hardware	343,152
44	MaintenanceOfComputerSoftwareTransmission (569.2) Maintenance of Computer Software	237,549
45	MaintenanceOfCommunicationEquipmentElectricTransmission (569.3) Maintenance of Communication Equipment	38,607
46	MaintenanceOfMiscellaneousRegionalTransmissionPlant (569.4) Maintenance of Miscellaneous Regional Transmission Plant	0
47	MaintenanceOfStationEquipmentTransmission (570) Maintenance of Station Equipment	36,682
48	MaintenanceOfOverheadLinesTransmission (571) Maintenance of Overhead Lines	0
49	MaintenanceOfUndergroundLinesTransmission (572) Maintenance of Underground Lines	186,066
50	MaintenanceOfMiscellaneousTransmissionPlant (573) Maintenance of Miscellaneous Transmission Plant	0
51	MaintenanceOfTransmissionPlant (574) Maintenance of Transmission Plant	0
52	TransmissionMaintenanceExpenseElectric TOTAL Transmission Maintenance Expenses (Lines 41 – 51)	971,197
53	TransmissionExpenses Total Transmission Expenses (Lines 39 and 52)	4,955,729
54	RegionalMarketExpensesAbstract 3. REGIONAL MARKET EXPENSES
55	RegionalMarketExpensesOperationAbstract Regional Market Operation Expenses
56	OperationSupervision (575.1) Operation Supervision	0
57	DayAheadAndRealTimeMarketAdministration (575.2) Day-Ahead and Real-Time Market Facilitation	0
58	TransmissionRightsMarketAdministration (575.3) Transmission Rights Market Facilitation	0
59	CapacityMarketAdministration (575.4) Capacity Market Facilitation	0
60	AncillaryServicesMarketAdministration (575.5) Ancillary Services Market Facilitation	0
61	MarketMonitoringAndCompliance (575.6) Market Monitoring and Compliance	0
62	MarketFacilitationMonitoringAndComplianceServices (575.7) Market Facilitation, Monitoring and Compliance Services	0
63	RegionalMarketOperationExpense Regional Market Operation Expenses (Lines 55 - 62)	0
64	RegionalMarketExpensesMaintenanceAbstract Regional Market Maintenance Expenses
65	MaintenanceOfStructuresAndImprovementsRegionalMarketExpenses (576.1) Maintenance of Structures and Improvements	0
66	MaintenanceOfComputerHardware (576.2) Maintenance of Computer Hardware	0
67	MaintenanceOfComputerSoftware (576.3) Maintenance of Computer Software	0
68	MaintenanceOfCommunicationEquipmentRegionalMarketExpenses (576.4) Maintenance of Communication Equipment	0
69	MaintenanceOfMiscellaneousMarketOperationPlant (576.5) Maintenance of Miscellaneous Market Operation Plant	0
70	RegionalMarketMaintenanceExpense Regional Market Maintenance Expenses (Lines 65-69)	0
71	RegionalMarketExpenses TOTAL Regional Control and Market Operation Expenses (Lines 63,70)	0
71.1	EnergyStorageExpensesAbstract 4. ENERGY STORAGE EXPENSES
71.2	EnergyStorageOperationExpenses Energy Storage Operation Expenses (577.1-577.5)	1,872
71.3	EnergyStorageMaintenanceExpenses Energy Storage Maintenance Expenses (578.1-578.7)	935
71.4	EnergyStorageExpenses Total Energy Storage Expenses (Lines 71.2 and 71.3)	2,807
72	DistributionExpensesAbstract 5. DISTRIBUTION EXPENSES
73	DistributionOperationExpensesElectric Distribution Operation Expenses (580-589)	3,447,832
74	DistributionMaintenanceExpenseElectric Distribution Maintenance Expenses (590-598)	3,444,325
75	DistributionExpenses Total Distribution Expenses (Lines 73 and 74)	6,892,157

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

Electric Customer Accts, Service, Sales, Admin and General Expenses
Report the amount of expenses for customer accounts, service, sales, and administrative and general expenses year to date.
Line No.	Account (a)	Year to Date Quarter (b)
-	CustomerAccountsExpensesOperationsAbstract Operation
1	CustomerAccountExpenses (901-905) Customer Accounts Expenses	2,843,675
2	CustomerServiceAndInformationExpenses (907-910) Customer Service and Information Expenses	336,374
3	SalesExpenses (911-917) Sales Expenses	134,417
4	AdministrativeAndGeneralExpensesAbstract 9. ADMINISTRATIVE AND GENERAL EXPENSES
5	AdministrativeAndGeneralExpensesOperationAbstract Operation
6	AdministrativeAndGeneralSalaries (920) Administrative and General Salaries	8,110,853
7	OfficeSuppliesAndExpenses (921) Office Supplies and Expenses	1,509,944
8	AdministrativeExpensesTransferredCredit (Less) (922) Administrative Expenses Transferred-Credit	834,555
9	OutsideServicesEmployed (923) Outside Services Employed	1,982,687
10	PropertyInsurance (924) Property Insurance	1,232,182
11	InjuriesAndDamages (925) Injuries and Damages	4,611,959
12	EmployeePensionsAndBenefits (926) Employee Pensions and Benefits	5,837,309
13	FranchiseRequirements (927) Franchise Requirements	0
14	RegulatoryCommissionExpenses (928) Regulatory Commission Expenses	973,241
15	DuplicateChargesCredit (929) (Less) Duplicate Charges-Cr.	0
16	GeneralAdvertisingExpenses (930.1) General Advertising Expenses	107,508
17	MiscellaneousGeneralExpenses (930.2) Miscellaneous General Expenses	3,828,517
18	RentsAdministrativeAndGeneralExpense (931) Rents	124,659
19	AdministrativeAndGeneralOperationExpense TOTAL Operation (Total of lines 6 thru 18)	27,484,304
20	AdministrativeAndGeneralExpensesMaintenanceAbstract Maintenance
21	MaintenanceOfGeneralPlant (935) Maintenance of General Plant	703,309
21.1	MaintenanceOfComputerHardwareAdministrativeAndGeneralExpenses (935.1) Maintenance of Computer Hardware	14,072
21.2	MaintenanceOfComputerSoftwareAdministrativeAndGeneralExpenses (935.2) Maintenance of Computer Software	3,096,747
21.3	MaintenanceOfCommunicationEquipmentAdministrativeAndGeneralExpenses (935.3) Maintenance of Communication Equipment	616,934
21.4	AdministrativeAndGeneralMaintenanceExpenses TOTAL Maintenance (Enter Total of lines 21 thru 21.3)	4,431,062
22	AdministrativeAndGeneralExpenses TOTAL Administrative and General Expenses (Total of lines 19 and 21.4)	31,915,366

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

03/31/2025

Year/Period of Report

End of:

2025

TRANSMISSION OF ELECTRICITY FOR OTHERS (Account 456.1) (Including transactions referred to as "wheeling")
Report all transmission of electricity, i.e., wheeling, provided for other electric utilities, cooperatives, other public authorities, qualifying facilities, non-traditional utility suppliers and ultimate customers for the quarter. Use a separate line of data for each distinct type of transmission service involving the entities listed in column (a), (b) and (c). Report in column (a) the company or public authority that paid for the transmission service. Report in column (b) the company or public authority that the energy was received from and in column (c) the company or public authority that the energy was delivered to. Provide the full name of each company or public authority. Do not abbreviate or truncate name or use acronyms. Explain in a footnote any ownership interest in or affiliation the respondent has with the entities listed in columns (a), (b) or (c). In column (d) enter a Statistical Classification code based on the original contractual terms and conditions of the service as follows: FNO - Firm Network Service for Others, FNS - Firm Network Transmission Service for Self, LFP - "Long-Term Firm Point to Point Transmission Service, OLF - Other Long-Term Firm Transmission Service, SFP - Short-Term Firm Point to Point Transmission Reservation, NF - non-firm transmission service, OS - Other Transmission Service and AD - Out-of-Period Adjustments. Use this code for any accounting adjustments or "true-ups" for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment. See General Instruction for definitions of codes. In column (e), identify the FERC Rate Schedule or Tariff Number, On separate lines, list all FERC rate schedules or contract designations under which service, as identified in column (d), is provided. Report receipt and delivery locations for all single contract path, "point to point" transmission service. In column (f), report the designation for the substation, or other appropriate identification for where energy was received as specified in the contract. In column (g) report the designation for the substation, or other appropriate identification for where energy was delivered as specified in the contract. Report in column (h) the number of megawatts of billing demand that is specified in the firm transmission service contract. Demand reported in column (h) must be in megawatts. Footnote any demand not stated on a megawatts basis and explain. Report in column (i) and (j) the total megawatthours received and delivered. In column (k) through (n), report the revenue amounts as shown on bills or vouchers. In column (k), provide revenues from demand charges related to the billing demand reported in column (h). In column (I), provide revenues from energy charges related to the amount of energy transferred. In column (m), provide the total revenues from all other charges on bills or vouchers rendered, including out of period adjustments. Explain in a footnote all components of the amount shown in column (m). Report in column (n) the total charge shown on bills rendered to the entity listed in column (a). If no monetary settlement was made, enter zero (0) in column (n). Provide a footnote explaining the nature of the non-monetary settlement, including the amount and type of energy or service rendered. The total amounts in columns (i) and (j) must be reported as Transmission Received and Transmission Delivered for annual report purposes only on Page 401, Lines 16 and 17, respectively. Footnote entries and provide explanations following all required data.
									TRANSFER OF ENERGY		REVENUE FROM TRANSMISSION OF ELECTRICITY FOR OTHERS
Line No.	PaymentByCompanyOrPublicAuthority Payment By (Company of Public Authority) (Footnote Affiliation) (a)	TransmissionEnergyReceivedFromCompanyOrPublicAuthorityName Energy Received From (Company of Public Authority) (Footnote Affiliation) (b)	TransmissionEnergyDeliveredToCompanyOrPublicAuthorityName Energy Delivered To (Company of Public Authority) (Footnote Affiliation) (c)	StatisticalClassificationCode Statistical Classification (d)	RateScheduleTariffNumber Ferc Rate Schedule of Tariff Number (e)	TransmissionPointOfReceipt Point of Receipt (Substation or Other Designation) (f)	TransmissionPointOfDelivery Point of Delivery (Substation or Other Designation) (g)	BillingDemand Billing Demand (MW) (h)	TransmissionOfElectricityForOthersEnergyReceived Megawatt Hours Received (i)	TransmissionOfElectricityForOthersEnergyDelivered Megawatt Hours Delivered (j)	Demand Charges ($) (k)	Energy Charges ($) (l)	Other Charges ($) (m)	RevenuesFromTransmissionOfElectricityForOthers Total Revenues ($) (k+l+m) (n)
1	Montana Choice Transmission
2	Ash Grove Cement	Energy Keepers Inc.	Ash Grove Cement	FNO	Montana OATT	Kerr	Clancy, MT	7	8,913	8,913	62,153	0	0	62,153
3	Aspen Air U.S., LLC	Talen Energy	Aspen Air Corporation	FNO	Montana OATT	Colstrip	Billings, MT	11	10,498	10,498	73,699	0	0	73,699
4	Beartooth Electric Cooperative, Inc.	WAPA & Energy Keepers Inc.	Beartooth Electric Cooperative, Inc.	FNO	Montana OATT	Fort Peck & Kerr	Various in Montana	18	28,852	28,852	189,786	0	0	189,786
5	Benefis Health Systems	Energy Keepers inc.	Benefis Health Systems	FNO	Montana OATT	Kerr	Various in Montana	7	7,794	7,794	60,858	0	0	60,858
6	Big Horn County Electric Coop. Inc.	WAPA	Big Horn County Electric Coop. Inc.	FNO	Montana OATT	Various & Great Falls	Various in Montana	18	22,259	22,259	151,965	0	0	151,965
7	Bonneville Power Administration	BPA	Bonneville Power Administration	FNO	Montana OATT	BPAT.NWMT	Various in Montana	185	269,873	269,873	1,805,875	0	0	1,805,875
8	Basin Electric Power Cooperative	Morgan Stanley, WAPA,	Basin Electric Power Cooperative	FNO	Montana OATT	Various in Montana	Various NWMT & WAUW	164	259,060	259,060	1,765,041	0	0	1,765,041
9	Basin Electric Power Cooperative	Basin Electric, WAPA, Morgan Stanley	Basin Electric Power Cooperative	FNO	Montana OATT	BPAT.NWMT & Great Falls	Various NWMT & WAUW	15	23,917	23,917	149,910	0	0	149,910
10	CHS, Inc.	Morgan Stanley	CHS, Inc.	FNO	Montana OATT	BPAT.NWMT & MATL.NWMT	Various in Montana	58	90,736	90,736	575,971	0	0	575,971
11	City of Great Falls	Guzman Energy	City of Great Falls	FNO	Montana OATT	Hardin	Various in Montana	6	4,387	4,387	33,592	0	0	33,592
12	Talen Montana, LLC	Avista Energy	Colstrip Steam Electric Station	FNO	Montana OATT	Colstrip	Nichols Pump Sub	10	6,143	6,143	33,164	0	0	33,164
13	Atlas Power, LLC	Portland General Electric	Atlas Power, LLC	FNO	Montana OATT	Colstrip	Butte, MT	75	139,415	139,415	816,391	0	0	816,391
14	Phillips 66 Company	Shell Energy	Phillips 66 Company	FNO	Montana OATT	BPAT.NWMT	Various in Montana	70	122,139	122,139	765,030	0	0	765,030
15	Par Montana, LLC	Phillips 66 Trading and Maketing	Par Montana, LLC	FNO	Montana OATT	AVAT.NWMT	Billings, MT	35	66,556	66,556	381,104	0	0	381,104
16	General Mills Operations, LLC	Talen Energy	General Mills Operations, LLC	FNO	Montana OATT	Colstrip	Great Falls, MT	4	5,053	5,053	31,882	0	0	31,882
17	Great Falls Public Schools	Energy Keepers Inc.	Great Falls Public Schools	FNO	Montana OATT	Kerr	Great Falls, MT	3	2,602	2,602	18,718	0	0	18,718
18	GCC Three Forks, LLC	Energy Keepers Inc., GCC Three Forks	GCC Three Forks, LLC	FNO	Montana OATT	Kerr & GCC	Three Forks, MT	8	5,036	5,036	43,254	0	0	43,254
19	Magris Talc USA, Inc.	Energy Keepers Inc.	Magris Talc USA, Inc.	FNO	Montana OATT	Kerr	Three Forks, MT	6	6,884	6,884	44,423	0	0	44,423
20	DFA Dairy Brands Fluid, LLC	Talen Energy	DFA Dairy Brands Fluid, LLC	FNO	Montana OATT	Colstrip	Various in Montana	1	1,417	1,417	10,269	0	0	10,269
21	Calumet Refining, LLC	Talen Energy	Calumet Montana Refining Company, Inc.	FNO	Montana OATT	Colstrip	Great Falls, MT	25	41,157	41,157	238,371	0	0	238,371
22	Montana Resources	Energy Keepers, Inc.	Montana Resources	FNO	Montana OATT	BPAT.NWMT & Kerr	Butte, MT	50	92,237	92,237	575,168	0	0	575,168
23	REC Silicon Company	Shell Energy	REC Silicon Company	FNO	Montana OATT	BPAT.NWMT	Butte, MT	117	31,613	31,613	504,436	0	0	504,436
24	Roseburg Forest Products Company	Shell Energy	Roseburg Forest Products Company	FNO	Montana OATT	BPAT.NWMT	Missoula, MT	8	275	275	22,248	0	0	22,248
25	Sibanye-Stillwater	Various	Stillwater Mining Company	FNO	Montana OATT	As Available	Various in Montana	46	49,411	49,411	395,689	0	0	395,689
26	Western Area Power Administration	WAPA	Western Area Power Administration	FNO	Montana OATT	Crossover	Various NWMT & WAUW	4	2	2	8,159	0	0	8,159
27	Montana State University - Bozeman	WAPA	Montana State University - Bozeman	FNO	Montana OATT	Fort Peck West	Great Falls, MT	4	4,812	4,812	27,929	0	0	27,929
28	Western Area Power Administration	WAPA	Malmstrom Air Force Base	FNO	Montana OATT	Fort Peck West	Great Falls, MT	4	7,334	7,334	49,819	0	0	49,819
29	AlbertaEx, L.P.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	380	380	0	2,360	0	2,360
30	AlbertaEx, L.P.	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	180	180	0	1,118	0	1,118
31	AlbertaEx, L.P.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND1	0	3	3	0	19	0	19
32	Altop Energy Trading LLC	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	864	864	0	5,365	0	5,365
33	Altop Energy Trading LLC	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	1,151	1,151	0	7,450	0	7,450
34	Avista Corporation	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	10,117	10,117	0	62,826	0	62,826
35	Avista Corporation	AVA	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	23,904	23,904	0	148,404	0	148,404
36	Avista Corporation	NWMT	AVA	LFP	MONTANA OATT	CLEARWATER	AVAT.NWMT	100	215,900	215,900	1,358,625	0	0	1,358,625
37	Avista Corporation	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	51	51	0	317	0	317
38	Avista Corporation	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	597	597	0	3,707	0	3,707
39	Basin Electric Power Cooperative	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	GREATFALLS	0	30	30	0	186	0	186
40	Basin Electric Power Cooperative	NWMT	WAUW	NF	MONTANA OATT	COLSTRIP	GREATFALLS	0	115	115	0	714	0	714
41	Basin Electric Power Cooperative	WAPA	WAPA	LFP	MONTANA OATT	CROSSOVER	GREATFALLS	31	66,929	66,929	421,174	0	0	421,174
42	Black Hills Power Inc.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	189	189	0	1,174	0	1,174
43	Bonneville Power Administration	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	834	834	0	5,179	0	5,179
44	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	9	9	0	56	0	56
45	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	32	32	0	199	0	199
46	CP Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	2,699	2,699	0	16,761	0	16,761
47	CP Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	85	85	0	528	0	528
48	CP Energy Marketing (US) Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	165	165	0	1,025	0	1,025
49	CP Energy Marketing (US) Inc.	NWMT	NWMT	NF	MONTANA OATT	MATL.NWMT	NWMT.SYSTEM	0	13	13	0	81	0	81
50	CP Energy Marketing (US) Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	19	19	0	118	0	118
51	Cycle Power Partners, LLC	NWMT	PACE	NF	MONTANA OATT	HORSESHOE	BRDY	0	499	499	0	3,099	0	3,099
52	Cycle Power Partners, LLC	NWMT	PACE	NF	MONTANA OATT	HORSESHOE	JEFF	0	5,586	5,586	0	34,689	0	34,689
53	Dynasty Power Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	12,216	12,216	0	75,841	0	75,841
54	Dynasty Power Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	11,783	11,783	0	73,155	0	73,155
55	Dynasty Power Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	6,360	6,360	0	39,493	0	39,493
56	Dynasty Power Inc.	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	26,424	26,424	0	164,259	0	164,259
57	Dynasty Power Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	349	349	0	2,167	0	2,167
58	Dynasty Power Inc.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	2,280	2,280	0	14,155	0	14,155
59	Dynasty Power Inc.	PPW	WAPA	NF	MONTANA OATT	BRDY	CROSSOVER	0	1,870	1,870	0	11,612	0	11,612
60	Dynasty Power Inc.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	3,281	3,281	0	20,375	0	20,375
61	Dynasty Power Inc.	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	2,400	2,400	0	14,900	0	14,900
62	Dynasty Power Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	647	647	0	4,018	0	4,018
63	EDF Trading North America, LLC	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	216	216	0	1,341	0	1,341
64	EDF Trading North America, LLC	AVA	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,200	1,200	0	7,450	0	7,450
65	EDF Trading North America, LLC	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	228	228	0	1,416	0	1,416
66	EDF Trading North America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	1,305	1,305	0	8,104	0	8,104
67	EDF Trading North America, LLC	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	225	225	0	1,397	0	1,397
68	EDF Trading North America, LLC	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	10,349	10,349	0	64,267	0	64,267
69	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	COLSTRIP	0	929	929	0	5,769	0	5,769
70	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	GTFALLSNWMT	0	28	28	0	174	0	174
71	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	NWMT.SYSTEM	0	78	78	0	484	0	484
72	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	MATL.NWMT	NWMT.SYSTEM	0	86	86	0	534	0	534
73	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	NWMTIMBALANC	NWMT.SYSTEM	0	62	62	0	385	0	385
74	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	11,685	11,685	0	72,551	0	72,551
75	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	525	525	0	3,260	0	3,260
76	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	1,895	1,895	0	11,768	0	11,768
77	EDF Trading North America, LLC	NWMT	PPW	SFP	MONTANA OATT	COLSTRIP	BRDY	0	1,800	1,800	0	11,175	0	11,175
78	EDF Trading North America, LLC	PACE	NWMT	NF	MONTANA OATT	BRDY	COLSTRIP	0	10	10	0	62	0	62
79	Energy Keepers Inc.	NWMT	AVA	NF	MONTANA OATT	KERR	AVAT.NWMT	0	2,403	2,403	0	14,923	0	14,923
80	Energy Keepers Inc.	NWMT	AVA	SFP	MONTANA OATT	KERR	AVAT.NWMT	0	7,200	7,200	0	44,700	0	44,700
81	Energy Keepers Inc.	NWMT	BPAT	LFP	MONTANA OATT	KERR	BPAT.NWMT	40	86,360	86,360	543,450	0	0	543,450
82	Energy Keepers Inc.	NWMT	BPAT	NF	MONTANA OATT	KERR	BPAT.NWMT	0	1,800	1,800	0	11,175	0	11,175
83	Energy Keepers Inc.	NWMT	PACE	LFP	MONTANA OATT	KERR	ANTE	25	53,975	53,975	339,656	0	0	339,656
84	Energy Keepers Inc.	NWMT	PACE	NF	MONTANA OATT	KERR	BRDY	0	546	546	0	3,391	0	3,391
85	Guzman Energy, LLC	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	YTP	0	482	482	0	2,993	0	2,993
86	Guzman Energy, LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	150	150	0	932	0	932
87	Guzman Energy, LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	776	776	0	4,819	0	4,819
88	Guzman Energy, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	75	75	0	466	0	466
89	Guzman Energy, LLC	PPW	AVA	LFP	MONTANA OATT	YTP	AVAT.NWMT	3	5,936	5,936	36,230	0	0	36,230
90	Guzman Energy, LLC	PPW	BPAT	NF	MONTANA OATT	JEFF	BPAT.NWMT	0	95	95	0	590	0	590
91	Guzman Energy, LLC	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	181	181	0	1,124	0	1,124
92	Guzman Energy, LLC	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	60	60	0	373	0	373
93	Heartland Generation Ltd	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	GTFALLSNWMT	0	60	60	0	373	0	373
94	Heartland Generation Ltd	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	240	240	0	1,490	0	1,490
95	Heartland Generation Ltd	BPAT	BPAT	NF	MONTANA OATT	BPAT.NWMT	BPAT.NWMT	0	120	120	0	745	0	745
96	Heartland Generation Ltd	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	GTFALLSNWMT	0	406	406	0	2,521	0	2,521
97	Heartland Generation Ltd	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	1,863	1,863	0	11,569	0	11,569
98	Heartland Generation Ltd	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	GREATFALLS	0	55	55	0	342	0	342
99	Idaho Power Company	PACE	NWMT	NF	MONTANA OATT	JEFF	MLCK	0	80	80	0	497	0	497
100	Macquarie Energy, LLC	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	9,554	9,554	0	59,423	0	59,423
101	Macquarie Energy, LLC	NWMT	AVA	NF	MONTANA OATT	BGI	AVAT.NWMT	0	3,335	3,335	0	21,017	0	21,017
102	Macquarie Energy, LLC	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	400	400	0	2,484	0	2,484
103	Macquarie Energy, LLC	NWMT	BPA	NF	MONTANA OATT	BGI	BPAT.NWMT	0	4,105	4,105	0	25,488	0	25,488
104	Macquarie Energy, LLC	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	600	600	0	3,725	0	3,725
105	Macquarie Energy, LLC	NWMT	PACE	NF	MONTANA OATT	BGI	BRDY	0	3,362	3,362	0	20,878	0	20,878
106	Macquarie Energy, LLC	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	116	116	0	720	0	720
107	Macquarie Energy, LLC	PPW	AVA	NF	MONTANA OATT	BRDY	AVAT.NWMT	0	8,736	8,736	0	54,340	0	54,340
108	Macquarie Energy, LLC	PPW	AVA	NF	MONTANA OATT	YTP	AVAT.NWMT	0	11,328	11,328	0	72,464	0	72,464
109	Macquarie Energy, LLC	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	384	384	0	2,384	0	2,384
110	MAG Energy Solutions	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	1,071	1,071	0	6,651	0	6,651
111	MAG Energy Solutions	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	197	197	0	1,223	0	1,223
112	MAG Energy Solutions	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	18,145	18,145	0	112,834	0	112,834
113	MAG Energy Solutions	NWMT	AVA	NF	MONTANA OATT	KERR	AVAT.NWMT	0	28	28	0	174	0	174
114	MAG Energy Solutions	NWMT	NWMT	NF	MONTANA OATT	KERR	MLCK	0	2	2	0	12	0	12
115	MAG Energy Solutions	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	14	14	0	87	0	87
116	MAG Energy Solutions	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	YTP	0	11	11	0	68	0	68
117	MAG Energy Solutions	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	2,081	2,081	0	12,923	0	12,923
118	MAG Energy Solutions	NWMT	WAUW	SFP	MONTANA OATT	MATL.NWMT	CROSSOVER	0	3,360	3,360	0	20,900	0	20,900
119	MAG Energy Solutions	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	1,380	1,380	0	8,569	0	8,569
120	Mercuria Energy America, LLC	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	448	448	0	2,782	0	2,782
121	MFT Energy US Power LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	5,300	5,300	0	32,905	0	32,905
122	MFT Energy US Power LLC	BPAT	NWMT	SFP	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	552	552	0	3,427	0	3,427
123	Morgan Stanley Capital Group, Inc.	AVA	BPAT	NF	MONTANA OATT	AVAT.NWMT	BPAT.NWMT	0	3	3	0	19	0	19
124	Morgan Stanley Capital Group, Inc.	AVA	GWA	NF	MONTANA OATT	AVAT.NWMT	GLWND1	0	59	59	0	366	0	366
125	Morgan Stanley Capital Group, Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	6,821	6,821	0	43,179	0	43,179
126	Morgan Stanley Capital Group, Inc.	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND1	0	2,377	2,377	0	14,761	0	14,761
127	Morgan Stanley Capital Group, Inc.	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND2	0	1,508	1,508	0	9,365	0	9,365
128	Morgan Stanley Capital Group, Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	62,829	62,829	0	390,227	0	390,227
129	Morgan Stanley Capital Group, Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	6	6	0	37	0	37
130	Morgan Stanley Capital Group, Inc.	BPAT	NWMT	SFP	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	5,616	5,616	0	34,866	0	34,866
131	Morgan Stanley Capital Group, Inc.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	1	1	0	6	0	6
132	Morgan Stanley Capital Group, Inc.	GWA	AVA	NF	MONTANA OATT	GLWND1	AVAT.NWMT	0	11,321	11,321	0	70,292	0	70,292
133	Morgan Stanley Capital Group, Inc.	GWA	AVA	NF	MONTANA OATT	GLWND2	AVAT.NWMT	0	4,322	4,322	0	26,833	0	26,833
134	Morgan Stanley Capital Group, Inc.	GWA	BPAT	NF	MONTANA OATT	GLWND1	BPAT.NWMT	0	80,497	80,497	0	502,523	0	502,523
135	Morgan Stanley Capital Group, Inc.	GWA	BPAT	NF	MONTANA OATT	GLWND2	BPAT.NWMT	0	51,237	51,237	0	320,089	0	320,089
136	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND1	MATL.NWMT	0	5,120	5,120	0	31,795	0	31,795
137	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND2	MATL.NWMT	0	1,368	1,368	0	8,495	0	8,495
138	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND2	NWMT.SYSTEM	0	12,954	12,954	0	81,522	0	81,522
139	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND1	BRDY	0	21,991	21,991	0	136,859	0	136,859
140	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND2	BRDY	0	40	40	0	248	0	248
141	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND2	JEFF	0	10	10	0	62	0	62
142	Morgan Stanley Capital Group, Inc.	GWA	PPW	SFP	MONTANA OATT	GLWND1	BRDY	0	48	48	0	298	0	298
143	Morgan Stanley Capital Group, Inc.	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	27,374	27,374	0	170,925	0	170,925
144	Morgan Stanley Capital Group, Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	144,321	144,321	0	900,626	0	900,626
145	Morgan Stanley Capital Group, Inc.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND1	0	3,185	3,185	0	19,778	0	19,778
146	Morgan Stanley Capital Group, Inc.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND2	0	1,122	1,122	0	6,968	0	6,968
147	Morgan Stanley Capital Group, Inc.	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	2,820	2,820	0	17,508	0	17,508
148	Morgan Stanley Capital Group, Inc.	NWMT	NWMT	SFP	MONTANA OATT	COLSTRIP	MATL.NWMT	0	480	480	0	2,980	0	2,980
149	Morgan Stanley Capital Group, Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	3,590	3,590	0	22,294	0	22,294
150	Morgan Stanley Capital Group, Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	JEFF	0	532	532	0	3,304	0	3,304
151	Morgan Stanley Capital Group, Inc.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	1,575	1,575	0	9,779	0	9,779
152	Morgan Stanley Capital Group, Inc.	PPW	AVA	NF	MONTANA OATT	BRDY	AVAT.NWMT	0	200	200	0	1,242	0	1,242
153	Morgan Stanley Capital Group, Inc.	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	600	600	0	3,725	0	3,725
154	Morgan Stanley Capital Group, Inc.	WAPA	AVA	NF	MONTANA OATT	GREATFALLS	AVAT.NWMT	0	2,463	2,463	0	15,295	0	15,295
155	Morgan Stanley Capital Group, Inc.	WAPA	BPAT	NF	MONTANA OATT	GREATFALLS	BPAT.NWMT	0	1,918	1,918	0	11,911	0	11,911
156	Morgan Stanley Capital Group, Inc.	WAPA	PPW	NF	MONTANA OATT	GREATFALLS	BRDY	0	1,448	1,448	0	8,992	0	8,992
157	Morgan Stanley Capital Group, Inc.	WAPA	PPW	NF	MONTANA OATT	GREATFALLS	JEFF	0	350	350	0	2,174	0	2,174
158	Morgan Stanley Capital Group, Inc.	WAUW	NWMT	NF	MONTANA OATT	GREATFALLS	MATL.NWMT	0	10,588	10,588	0	65,751	0	65,751
159	Naturener Power Watch, LLC	GWA	GWA	SFP	MONTANA OATT	GLWND1	GLWND2	0	10,795	10,795	0	67,935	0	67,935
160	PacifiCorp	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	51	51	0	317	0	317
161	PacifiCorp	PPW	NWMT	NF	MONTANA OATT	MLCK	JEFF	0	1,248	1,248	0	7,748	0	7,748
162	PacifiCorp	PPW	NWMT	SFP	MONTANA OATT	MLCK	JEFF	0	1,248	1,248	0	7,748	0	7,748
163	Phillips 66 Energy Trading, LLC	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	5	5	0	31	0	31
164	Phillips 66 Energy Trading, LLC	NWMT	AVA	SFP	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	28,280	28,280	0	181,160	0	181,160
165	Phillips 66 Energy Trading, LLC	NWMT	NWMT	SFP	MONTANA OATT	COLSTRIP	NWMT.SYSTEM	0	240	240	0	1,490	0	1,490
166	Phillips 66 Energy Trading, LLC	PPW	AVA	NF	MONTANA OATT	BRDY	AVAT.NWMT	0	155	155	0	963	0	963
167	Phillips 66 Energy Trading, LLC	PPW	AVA	SFP	MONTANA OATT	BRDY	AVAT.NWMT	0	127,381	127,381	0	801,633	0	801,633
168	Phillips 66 Energy Trading, LLC	PPW	AVA	SFP	MONTANA OATT	JEFF	AVAT.NWMT	0	3,696	3,696	0	22,990	0	22,990
169	Portland General Electric Company	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,015	1,015	0	6,303	0	6,303
170	Portland General Electric Company	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	132	132	0	820	0	820
171	Portland General Electric Company	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	2,738	2,738	0	17,003	0	17,003
172	Portland General Electric Company	NWMT	BPAT	LFP	MONTANA OATT	CLEARWATER	BPAT.NWMT	300	647,700	647,700	4,075,875	0	0	4,075,875
173	Portland General Electric Company	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	4,977	4,977	0	30,907	0	30,907
174	Portland General Electric Company	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	1,250	1,250	0	7,763	0	7,763
175	Portland General Electric Company	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	940	940	0	5,837	0	5,837
176	Portland General Electric Company	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	621	621	0	3,856	0	3,856
177	Powerex Corporation	AVA	BPAT	NF	MONTANA OATT	AVAT.NWMT	BPAT.NWMT	0	5	5	0	31	0	31
178	Powerex Corporation	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	323	323	0	2,006	0	2,006
179	Powerex Corporation	BPAT	PPW	LFP	MONTANA OATT	BPAT.NWMT	BRDY	101	218,059	218,059	1,372,211	0	0	1,372,211
180	Powerex Corporation	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	1,310	1,310	0	8,135	0	8,135
181	Powerex Corporation	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	65	65	0	404	0	404
182	Powerex Corporation	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	300	300	0	1,863	0	1,863
183	Public Service Company of Colorado	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	272	272	0	1,689	0	1,689
184	Puget Sound Energy Marketing	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	74	74	0	460	0	460
185	Puget Sound Energy Marketing	AVA	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,200	1,200	0	7,450	0	7,450
186	Puget Sound Energy Marketing	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	COLSTRIP	0	216	216	0	1,341	0	1,341
187	Puget Sound Energy Marketing	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,783	1,783	0	11,070	0	11,070
188	Puget Sound Energy Marketing	NWMT	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	3,288	3,288	0	20,413	0	20,413
189	Puget Sound Energy Marketing	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	27,714	27,714	0	172,472	0	172,472
190	Puget Sound Energy Marketing	NWMT	NWMT	LFP	MONTANA OATT	BEAVERCREEK	COLSTRIP	0	0	0	1,123,130	1,123,192	0	62
191	Puget Sound Energy Marketing	NWMT	NWMT	NF	MONTANA OATT	KERR	COLSTRIP	0	112	112	0	696	0	696
192	Rainbow Electric Marketing Corp.	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	YTP	0	100	100	0	621	0	621
193	Rainbow Electric Marketing Corp.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	52	52	0	323	0	323
194	Rainbow Electric Marketing Corp.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	309	309	0	1,919	0	1,919
195	Rainbow Electric Marketing Corp.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	6,489	6,489	0	40,289	0	40,289
196	Rainbow Electric Marketing Corp.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	240	240	0	1,490	0	1,490
197	Rainbow Electric Marketing Corp.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	50	50	0	311	0	311
198	Rainbow Electric Marketing Corp.	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	266	266	0	1,652	0	1,652
199	Rainbow Electric Marketing Corp.	PPW	NWMT	SFP	MONTANA OATT	JEFF	NWMT.SYSTEM	0	2,112	2,112	0	13,112	0	13,112
200	Rainbow Electric Marketing Corp.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	11,358	11,358	0	70,533	0	70,533
201	Rainbow Electric Marketing Corp.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	277	277	0	1,720	0	1,720
202	Second Foundation US Trading, LLC	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	63	63	0	391	0	391
203	Shell Energy North America	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	163	163	0	1,012	0	1,012
204	Shell Energy North America	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	48	48	0	298	0	298
205	Shell Energy North America	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	303	303	0	1,882	0	1,882
206	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	800	800	0	4,968	0	4,968
207	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	HOLTER	BPAT.NWMT	0	648	648	0	4,024	0	4,024
208	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	45	45	0	279	0	279
209	Shell Energy North America	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	78	78	0	484	0	484
210	Shell Energy North America	NWMT	PACE	NF	MONTANA OATT	HOLTER	BRDY	0	107	107	0	664	0	664
211	Shell Energy North America	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	133	133	0	826	0	826
212	Shell Energy North America	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	532	532	0	3,304	0	3,304
213	TEC Energy Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	16	16	0	99	0	99
214	TEC Energy Inc.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	350	350	0	2,174	0	2,174
215	Tenaska Power Services Co.	NWMT	NWMT	NF	MONTANA OATT	HARDIN	NWMT.SYSTEM	0	24	24	0	149	0	149
216	Tenaska Power Services Co.	NWMT	NWMT	SFP	MONTANA OATT	HARDIN	COLSTRIP	0	5	5	0	0	0	0
217	Tenaska Power Services Co.	NWMT	NWMT	SFP	MONTANA OATT	HARDIN	NWMT.SYSTEM	0	2,135	2,135	0	13,536	0	13,536
218	Tenaska Power Services Co.	NWMT	PACE	NF	MONTANA OATT	HARDIN	JEFF	0	25	25	0	155	0	155
219	Tenaska Power Services Co.	NWMT	PPW	NF	MONTANA OATT	HARDIN	BRDY	0	4,426	4,426	0	27,541	0	27,541
220	Tenaska Power Services Co.	NWMT	PPW	SFP	MONTANA OATT	HARDIN	BRDY	0	1,464	1,464	0	9,089	0	9,089
221	The Energy Authority	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	GTFALLSNWMT	0	10	10	0	62	0	62
222	The Energy Authority	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	40	40	0	248	0	248
223	The Energy Authority	BPAT	AVA	NF	MONTANA OATT	BPAT.NWMT	AVAT.NWMT	0	183	183	0	1,136	0	1,136
224	The Energy Authority	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	GTFALLSNWMT	0	75	75	0	466	0	466
225	The Energy Authority	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	390	390	0	2,422	0	2,422
226	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	300	300	0	1,863	0	1,863
227	The Energy Authority	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	1,264	1,264	0	7,849	0	7,849
228	The Energy Authority	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	2,287	2,287	0	14,202	0	14,202
229	The Energy Authority	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	190	190	0	1,180	0	1,180
230	The Energy Authority	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	JEFF	0	94	94	0	584	0	584
231	The Energy Authority	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	222	222	0	1,379	0	1,379
232	The Energy Authority	PPW	WAPA	NF	MONTANA OATT	BRDY	CROSSOVER	0	1,248	1,248	0	7,748	0	7,748
233	The Energy Authority	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	233	233	0	1,447	0	1,447
234	The Energy Authority	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	1,278	1,278	0	7,936	0	7,936
235	Transalta Energy Marketing (US) Inc.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	763	763	0	4,738	0	4,738
236	Transalta Energy Marketing (US) Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	4,491	4,491	0	27,885	0	27,885
237	Transalta Energy Marketing (US) Inc.	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	4,368	4,368	0	27,170	0	27,170
238	Transalta Energy Marketing (US) Inc.	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	35,400	35,400	0	226,450	0	226,450
239	Transalta Energy Marketing (US) Inc.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	321	321	0	1,993	0	1,993
240	Transalta Energy Marketing (US) Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	3,682	3,682	0	22,865	0	22,865
241	Western Area Power Administration	NWMT	WAPA	NF	MONTANA OATT	CANYONFERRY	CROSSOVER	0	839	839	0	5,210	0	5,210
242	Western Area Power Administration	NWMT	WAPA	NF	MONTANA OATT	CANYONFERRY	GREATFALLS	0	60	60	0	373	0	373
243	Western Area Power Administration	NWMT	WAPA	SFP	MONTANA OATT	CANYONFERRY	CROSSOVER	0	76,378	76,378	0	480,968	0	480,968
244	Western Area Power Administration	NWMT	WAUW	SFP	MONTANA OATT	COLSTRIP	GREATFALLS	0	1,584	1,584	0	9,834	0	9,834
245	Western Area Power Administration	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	76,078	76,078	0	483,000	0	483,000
246	Western Area Power Administration	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	1,065	1,065	0	6,614	0	6,614
247	Western Area Power Administration	WAPA	PPW	SFP	MONTANA OATT	CROSSOVER	YTP	0	64,770	64,770	0	407,610	0	407,610
248	Western Area Power Administration	WAPA	WAPA	LFP	MONTANA OATT	CROSSOVER	GREATFALLS	10	21,590	21,590	135,863	0	0	135,863
249	Western Area Power Administration	WAPA	WAPA	LFP	MONTANA OATT	GREATFALLS	CROSSOVER	20	43,180	43,180	271,725	0	0	271,725
250	Western Area Power Administration	WAUW	NWMT	SFP	MONTANA OATT	GREATFALLS	GTFALLSNWMT	0	4,318	4,318	0	27,174	0	27,174
251	Rounding							0	1	1	0	1		0
35	TOTAL							1,589	3,911,536	3,911,536	18,512,843	6,661,676	0	25,174,519

TRANSMISSION OF ELECTRICITY BY OTHERS (Account 565)
Report all transmission, i.e. wheeling or electricity provided by other electric utilities, cooperatives, municipalities, other public authorities, qualifying facilities, and others for the quarter. In column (a) report each company or public authority that provided transmission service. Provide the full name of the company, abbreviate if necessary, but do not truncate name or use acronyms. Explain in a footnote any ownership interest in or affiliation with the transmission service provider. Use additional columns as necessary to report all companies or public authorities that provided transmission service for the quarter reported. In column (b) enter a Statistical Classification code based on the original contractual terms and conditions of the service as follows: FNS - Firm Network Transmission Service for Self, LFP - Long-Term Firm Point-to-Point Transmission Reservations. OLF - Other Long-Term Firm Transmission Service, SFP - Short-Term Firm Point-to- Point Transmission Reservations, NF - Non-Firm Transmission Service, and OS - Other Transmission Service. See General Instructions for definitions of statistical classifications. Report in column (c) and (d) the total megawatt hours received and delivered by the provider of the transmission service. Report in column (e), (f) and (g) expenses as shown on bills or vouchers rendered to the respondent. In column (e) report the demand charges and in column (f) energy charges related to the amount of energy transferred. On column (g) report the total of all other charges on bills or vouchers rendered to the respondent, including any out of period adjustments. Explain in a footnote all components of the amount shown in column (g). Report in column (h) the total charge shown on bills rendered to the respondent. If no monetary settlement was made, enter zero in column (h). Provide a footnote explaining the nature of the non-monetary settlement, including the amount and type of energy or service rendered. Enter ""TOTAL"" in column (a) as the last line. Footnote entries and provide explanations following all required data.
			TRANSFER OF ENERGY		EXPENSES FOR TRANSMISSION OF ELECTRICITY BY OTHERS
Line No.	NameOfCompanyOrPublicAuthorityTransmissionOfElectricityByOthers Name of Company or Public Authority (Footnote Affiliations) (a)	StatisticalClassificationCode Statistical Classification (b)	TransmissionOfElectricityByOthersEnergyReceived MegaWatt Hours Received (c)	TransmissionOfElectricityByOthersEnergyDelivered MegaWatt Hours Delivered (d)	DemandChargesTransmissionOfElectricityByOthers Demand Charges ($) (e)	EnergyChargesTransmissionOfElectricityByOthers Energy Charges ($) (f)	OtherChargesTransmissionOfElectricityByOthers Other Charges ($) (g)	ChargesForTransmissionOfElectricityByOthers Total Cost of Transmission ($) (h)
1	Vigilante Elec Coop	OLF	6,335	6,335	12,600	0	0	12,600
2	Bonneville Power Administration	OLF	0	0	0	0	921,363	921,363
3	Sun River Elect Coop	OLF	3,929	3,929	21,608	0	0	21,608
4	Southwest Power Pool	FNS	36,460	36,460	305,637	0	0	305,637
5	Talen Montana	OLF	0	0	0	0	22,727	22,727
6	Supply							0
7	Avista	NF	642	642	0	5,292	0	5,292
8	Bonneville Power Administration	NF	105,575	105,575	0	306,353	0	306,353
9	Idaho Power Company	NF	1,188	1,188	0	7,228	0	7,228
10	Snohomish County PUD	NF	775	775	0	1,231	0	1,231
11	Seattle City Light	NF	1,761	1,761	0	3,082	0	3,082
	TOTAL		156,665	156,665	339,845	323,186	944,090	1,607,121

Deprec, Depl and Amort of Elec Plant (403,403.1,404,and 405) (except Amortization of Acquisition Adjustments)
Report the year to date amounts of depreciation expense, asset retirement cost depreciation, depletion and amortization, except amortization of acquisition adjustments for the accounts indicated and classified according to the plant functional groups described.
Line No.	FunctionalClassificationAxis Functional Classification (a)	DepreciationExpenseExcludingAmortizationOfAcquisitionAdjustments Depreciation Expense (Account 403) (b)	DepreciationExpenseForAssetRetirementCostsExcludingAmortizationgOfAcquisitionAdjustments Depreciation Expense for Asset Retirement Costs (Account 403.1) (c)	AmortizationOfLimitedTermPlantOrProperty Amortization of Limited Term Electric Plant (Account 404) (d)	AmortizationOfOtherElectricPlant Amortization of Other Electric Plant (Acc 405) (e)	DepreciationAndAmortization Total (f)
1	Intangible Plant			93,903		93,903
2	Steam Production Plant	1,182,338				1,182,338
3	Nuclear Production Plant
4	Hydraulic Production Plant-Conventional	3,095,068		54,916		3,149,984
5	Hydraulic Production Plant-Pumped Storage
5.1	Solar Production Plant	62,367				62,367
5.2	Wind Production Plant	1,199,398		509		1,199,907
5.3	Other Renewable Production Plant
6	Other Production Plant	3,966,302		2,580		3,968,882
7	Transmission Plant	8,052,012		584,289		8,636,301
8	Distribution Plant	15,916,502		338,503		16,255,005
9	General Plant	1,155,565		13,525		1,169,090
9.1	Energy Storage Plant	152,957				152,957
10	Common Plant-Electric	967,856		1,394,017		2,361,873
11	TOTAL	35,750,365	0	2,482,242	0	38,232,607

Monthly Peak Loads and Energy Output
Report the monthly peak load and energy output. If the respondent has two or more power which are not physically integrated, furnish the required information for each non- integrated system. Report in column (b) by month the system’s output in Megawatt hours for each month. Report in column (c) by month the non-requirements sales for resale. Include in the monthly amounts any energy losses associated with the sales. Report in column (d) by month the system’s monthly maximum megawatt load (60 minute integration) associated with the system. Report in column (e) and (f) the specified information for each monthly peak load reported in column (d).
Line No.	MonthAxis Month (a)	Total Monthly Energy (MWH) (b)	Monthly Non-Requirements Sales for Resale & Associated Losses (c)	MonthlyPeakLoad Monthly Peak Megawatts (See Instr. 4) (d)	DayOfMonthlyPeak Monthly Peak Day of Month (e)	HourOfMonthlyPeak Monthly Peak Hour (f)
	NAME OF SYSTEM: Montana Operations
1	January	763,926	97,458	2,594		19
2	February	683,130	66,944	2,685		9
3	March	751,994	48,148	2,247		19
4	Total for Quarter 1	2,199,050	212,550
5	April
6	May
7	June
8	Total for Quarter 2
9	July
10	August
11	September
12	Total for Quarter 3
41	Total	2,199,050	212,550

MONTHLY TRANSMISSION SYSTEM PEAK LOAD
Report the monthly peak load on the respondent's transmission system. If the respondent has two or more power systems which are not physically integrated, furnish the required information for each non-integrated system. Report on Column (b) by month the transmission system's peak load. Report on Columns (c ) and (d) the specified information for each monthly transmission - system peak load reported on Column (b). Report on Columns (e) through (j) by month the system' monthly maximum megawatt load by statistical classifications. See General Instruction for the definition of each statistical classification.
Line No.	Month (a)	Monthly Peak MW - Total (b)	Day of Monthly Peak (c)	Hour of Monthly Peak (d)	Firm Network Service for Self (e)	Firm Network Service for Others (f)	Long-Term Firm Point-to-point Reservations (g)	Other Long-Term Firm Service (h)	Short-Term Firm Point-to-point Reservation (i)	Other Service (j)
	NAME OF SYSTEM: Montana Operations
1	January	1,960		19	1,018	699	634	0	1,516	0
2	February	2,051		9	1,031	731	634	0	1,204	0
3	March	1,605		19	1,044	570	642	0	1,332	0
4	Total for Quarter 1				3,093	2,000	1,910	0	4,052	0
5	April
6	May
7	June
8	Total for Quarter 2
9	July
10	August
11	September
12	Total for Quarter 3
13	October
14	November
15	December
16	Total for Quarter 4
17	Total				3,093	2,000	1,910	0	4,052	0




FERC FINANCIAL REPORT FERC FORM No. 1: Annual Report of Major Electric Utilities, Licensees and Others and Supplemental Form 3-Q: Quarterly Financial Report

These reports are mandatory under the Federal Power Act, Sections 3, 4(a), 304 and 309, and 18 CFR 141.1 and 141.400. Failure to report may result in criminal fines, civil penalties and other sanctions as provided by law. The Federal Energy Regulatory Commission does not consider these reports to be of confidential nature

TRANSMISSION OF ELECTRICITY BY ISO/RTOs
Report in Column (a) the Transmission Owner receiving revenue for the transmission of electricity by the ISO/RTO. Use a separate line of data for each distinct type of transmission service involving the entities listed in Column (a). In Column (b) enter a Statistical Classification code based on the original contractual terms and conditions of the service as follows: FNO – Firm Network Service for Others, FNS – Firm Network Transmission Service for Self, LFP – Long-Term Firm Point-to-Point Transmission Service, OLF – Other Long-Term Firm Transmission Service, SFP – Short-Term Firm Point-to-Point Transmission Reservation, NF – Non-Firm Transmission Service, OS – Other Transmission Service and AD- Out-of-Period Adjustments. Use this code for any accounting adjustments or “true-ups” for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment. See General Instruction for definitions of codes. In column (c) identify the FERC Rate Schedule or tariff Number, on separate lines, list all FERC rate schedules or contract designations under which service, as identified in column (b) was provided. In column (d) report the revenue amounts as shown on bills or vouchers. Report in column (e) the total revenues distributed to the entity listed in column (a).
Line No.	Payment Received by (Transmission Owner Name) (a)	Statistical Classification (b)	FERC Rate Schedule or Tariff Number (c)	Total Revenue by Rate Schedule or Tariff (d)	Total Revenue (e)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
40	TOTAL

AMOUNTS INCLUDED IN ISO/RTO SETTLEMENT STATEMENTS
The respondent shall report below the details called for concerning amounts it recorded in Account 555, Purchase Power, and Account 447, Sales for Resale, for items shown on ISO/RTO Settlement Statements. Transactions should be separately netted for each ISO/RTO administered energy market for purposes of determining whether an entity is a net seller or purchaser in a given hour. Net megawatt hours are to be used as the basis for determining whether a net purchase or sale has occurred. In each monthly reporting period, the hourly sale and purchase net amounts are to be aggregated and separately reported in Account 447, Sales for Resale, or Account 555, Purchase Power, respectively.
Line No.	Description of Item(s) (a)	Balance at End of Quarter 1 (b)	Balance at End of Quarter 2 (c)	Balance at End of Quarter 3 (d)	Balance at End of Year (e)
1	Energy
2	Net Purchases (Account 555)
2.1	Net Purchases (Account 555.1)
3	Net Sales (Account 447)
4	Transmission Rights
5	Ancillary Services
6	Other Items (list separately)
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46	TOTAL

Monthly ISO/RTO Transmission System Peak Load
Report the monthly peak load on the respondent's transmission system. If the Respondent has two or more power systems which are not physically integrated, furnish the required information for each non-integrated system. Report on Column (b) by month the transmission system's peak load. Report on Column (c) and (d) the specified information for each monthly transmission - system peak load reported on Column (b). Report on Columns (e) through (i) by month the system’s transmission usage by classification. Amounts reported as Through and Out Service in Column (g) are to be excluded from those amounts reported in Columns (e) and (f). Amounts reported in Column (j) for Total Usage is the sum of Columns (h) and (i).
Line No.	Month (a)	Monthly Peak MW - Total (b)	Day of Monthly Peak (c)	Hour of Monthly Peak (d)	Import into ISO/RTO (e)	Exports from ISO/RTO (f)	Through and Out Service (g)	Network Service Usage (h)	Point-to-Point Service Usage (i)	Total Usage (j)
	NAME OF SYSTEM: Enter System
1	January
2	February
3	March
4	Total for Quarter 1
5	April
6	May
7	June
8	Total for Quarter 2
9	July
10	August
11	September
12	Total for Quarter 3
13	October
14	November
15	December
16	Total for Quarter 4
17	Total Year to Date/Year

FERC FINANCIAL REPORT FERC FORM No. 1: Annual Report of Major Electric Utilities, Licensees and Others and Supplemental Form 3-Q: Quarterly Financial Report

INSTRUCTIONS FOR FILING FERC FORM NOS. 1 and 3-Q

GENERAL INFORMATION

Purpose

Who Must Submit

What and Where to Submit

When to Submit

Where to Send Comments on Public Reporting Burden.

GENERAL INSTRUCTIONS

EXCERPTS FROM THE LAW

GENERAL PENALTIES

FERC FINANCIAL REPORT
FERC FORM No. 1: Annual Report of
Major Electric Utilities, Licensees
and Others and Supplemental
Form 3-Q: Quarterly Financial Report