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 Steet, 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)

06/30/2025

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)

08/06/2025

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:

06/30/2025

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:

06/30/2025

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, NW Corp entered into an Asset Purchase Agreement with Hope Utilities to acquire its Energy West natural gas distribution system and operations serving approximately 33,000 customers located in Great Falls, Cut Bank, and West Yellowstone, Montana. In May 2025, the Montana Public Service Commission (MPSC) approved this acquisition and on July 1, 2025, NW Corp completed this acquisition for approximately $36.5 million in cash, which is subject to certain post-closing working capital adjustments. Determination of the final purchase price and allocation to the acquired assets and assumed liabilities are expected to be completed in the second half of 2025. Upon the completion of the acquisition, NW Corp transferred the utility operations to its two wholly-owned subsidiaries, NorthWestern Great Falls Gas LLC and NorthWestern Cut Bank Gas LLC. 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 4 "Financing Activities." Debt Issuance: FERC Order ES25-23-000
7.) None
8.) None
9.) See Note 6 "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:

06/30/2025

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	7,254,240,351	7,136,721,129
3	ConstructionWorkInProgress Construction Work in Progress (107)	200	204,818,637	125,080,799
4	UtilityPlantAndConstructionWorkInProgress TOTAL Utility Plant (Enter Total of lines 2 and 3)		7,459,058,988	7,261,801,927
5	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility (Less) Accum. Prov. for Depr. Amort. Depl. (108, 110, 111, 115)	200	2,540,244,664	2,449,906,491
6	UtilityPlantNet Net Utility Plant (Enter Total of line 4 less 5)		4,918,814,324	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)		4,918,814,323	4,811,895,437
15	OtherElectricPlantAdjustments Utility Plant Adjustments (116)		263,806,234	263,806,234
16	GasStoredUndergroundNoncurrent Gas Stored Underground - Noncurrent (117)		38,198,654	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	16,151,413	16,896,016
23	NoncurrentPortionOfAllowances Noncurrent Portion of Allowances and Environmental Credits	228
24	OtherInvestments Other Investments (124)		12,667,923	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)		29,438,099	31,650,599
33	CurrentAndAccruedAssetsAbstract CURRENT AND ACCRUED ASSETS
34	CashAndWorkingFunds Cash and Working Funds (Non-major Only) (130)
35	Cash Cash (131)		508,262	888,205
36	SpecialDeposits Special Deposits (132-134)		12,795,510	13,894,365
37	WorkingFunds Working Fund (135)		16,000	17,500
38	TemporaryCashInvestments Temporary Cash Investments (136)
39	NotesReceivable Notes Receivable (141)
40	CustomerAccountsReceivable Customer Accounts Receivable (142)		59,819,791	66,518,761
41	OtherAccountsReceivable Other Accounts Receivable (143)		12,141,532	12,617,308
42	AccumulatedProvisionForUncollectibleAccountsCredit (Less) Accum. Prov. for Uncollectible Acct.-Credit (144)		2,269,904	2,160,945
43	NotesReceivableFromAssociatedCompanies Notes Receivable from Associated Companies (145)
44	AccountsReceivableFromAssociatedCompanies Accounts Receivable from Assoc. Companies (146)		3,750,088	4,946,575
45	FuelStock Fuel Stock (151)	227	2,133,582	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	83,383,043	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
53	NoncurrentPortionOfAllowances (Less) Noncurrent Portion of Allowances and Environmental Credits	228
54	StoresExpenseUndistributed Stores Expense Undistributed (163)	227	214,369
55	GasStoredCurrent Gas Stored Underground - Current (164.1)		4,907,232	6,743,589
56	LiquefiedNaturalGasStoredAndHeldForProcessing Liquefied Natural Gas Stored and Held for Processing (164.2-164.3)
57	Prepayments Prepayments (165)		11,363,131	18,978,349
58	AdvancesForGas Advances for Gas (166-167)
59	InterestAndDividendsReceivable Interest and Dividends Receivable (171)
60	RentsReceivable Rents Receivable (172)		53,737	64,160
61	AccruedUtilityRevenues Accrued Utility Revenues (173)		57,764,343	74,104,042
62	MiscellaneousCurrentAndAccruedAssets Miscellaneous Current and Accrued Assets (174)		764,216	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)		246,916,194	279,666,769
68	DeferredDebitsAbstract DEFERRED DEBITS
69	UnamortizedDebtExpense Unamortized Debt Expenses (181)		11,893,773	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	727,867,757	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)		1,601,791
77	TemporaryFacilities Temporary Facilities (185)
78	MiscellaneousDeferredDebits Miscellaneous Deferred Debits (186)	233	764,512	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)		16,249,082	16,960,804
82	AccumulatedDeferredIncomeTaxes Accumulated Deferred Income Taxes (190)	234	196,224,751	194,013,891
83	UnrecoveredPurchasedGasCosts Unrecovered Purchased Gas Costs (191)		1,894,732	253,352
84	DeferredDebits Total Deferred Debits (lines 69 through 83)		953,292,816	898,404,029
85	AssetsAndOtherDebits TOTAL ASSETS (lines 14-16, 32, 67, and 84)		6,450,466,320	6,323,615,613

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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
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	2,048,475,905	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	335,908,356	351,876,746
12	UnappropriatedUndistributedSubsidiaryEarnings Unappropriated Undistributed Subsidiary Earnings (216.1)	118	3,552,881	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)	5,152,167	5,383,393
16	ProprietaryCapital Total Proprietary Capital (lines 2 through 15)		2,375,679,214	2,388,691,929
17	LongTermDebtAbstract LONG-TERM DEBT
18	Bonds Bonds (221)	256	2,238,660,000	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	290,000,000	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)		2,528,660,000	2,416,660,000
25	OtherNoncurrentLiabilitiesAbstract OTHER NONCURRENT LIABILITIES
26	ObligationsUnderCapitalLeaseNoncurrent Obligations Under Capital Leases - Noncurrent (227)		965,263	2,292,287
27	AccumulatedProvisionForPropertyInsurance Accumulated Provision for Property Insurance (228.1)
28	AccumulatedProvisionForInjuriesAndDamages Accumulated Provision for Injuries and Damages (228.2)		6,016,122	5,427,889
29	AccumulatedProvisionForPensionsAndBenefits Accumulated Provision for Pensions and Benefits (228.3)		4,386,140	4,015,920
30	AccumulatedMiscellaneousOperatingProvisions Accumulated Miscellaneous Operating Provisions (228.4)		25,095,418	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)		33,133,286	33,987,819
35	OtherNoncurrentLiabilities Total Other Noncurrent Liabilities (lines 26 through 34)		60,823,949	68,464,519
36	CurrentAndAccruedLiabilitiesAbstract CURRENT AND ACCRUED LIABILITIES
37	NotesPayable Notes Payable (231)
38	AccountsPayable Accounts Payable (232)		83,995,723	90,053,114
39	NotesPayableToAssociatedCompanies Notes Payable to Associated Companies (233)
40	AccountsPayableToAssociatedCompanies Accounts Payable to Associated Companies (234)		4,346,983	2,928,190
41	CustomerDeposits Customer Deposits (235)		16,860,714	17,640,442
42	TaxesAccrued Taxes Accrued (236)	262	85,256,131	76,961,039
43	InterestAccrued Interest Accrued (237)		28,110,583	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)		282,130	298,173
48	MiscellaneousCurrentAndAccruedLiabilities Miscellaneous Current and Accrued Liabilities (242)		49,830,349	57,584,644
49	ObligationsUnderCapitalLeasesCurrent Obligations Under Capital Leases-Current (243)		4,211,445	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)		272,894,058	273,947,011
55	DeferredCreditsAbstract DEFERRED CREDITS
56	CustomerAdvancesForConstruction Customer Advances for Construction (252)		130,270,790	123,249,058
57	AccumulatedDeferredInvestmentTaxCredits Accumulated Deferred Investment Tax Credits (255)	266	2,171,798	2,229,208
58	DeferredGainsFromDispositionOfUtilityPlant Deferred Gains from Disposition of Utility Plant (256)
59	OtherDeferredCredits Other Deferred Credits (253)	269	92,049,582	93,579,661
60	OtherRegulatoryLiabilities Other Regulatory Liabilities (254)	278	117,103,830	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)		620,602,239	601,179,098
64	AccumulatedDeferredIncomeTaxesOther Accum. Deferred Income Taxes-Other (283)		250,210,860	235,893,283
65	DeferredCredits Total Deferred Credits (lines 56 through 64)		1,212,409,099	1,175,852,154
66	LiabilitiesAndOtherCredits TOTAL LIABILITIES AND STOCKHOLDER EQUITY (lines 16, 24, 35, 54 and 65)		6,450,466,320	6,323,615,613

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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	625,529,190	634,177,713	270,401,083	272,766,522	496,434,885	512,436,822	128,473,797	120,991,859	620,508	749,032
3	OperatingExpensesAbstract Operating Expenses
4	OperationExpense Operation Expenses (401)	320	247,436,088	315,599,179	112,111,529	135,508,573	197,296,656	256,183,402	49,642,853	58,804,460	496,579	611,317
5	MaintenanceExpense Maintenance Expenses (402)	320	34,975,044	23,970,708	19,943,181	13,664,675	29,425,542	20,175,189	5,548,883	3,795,071	619	448
6	DepreciationExpense Depreciation Expense (403)	336	83,868,850	74,036,161	41,871,700	37,016,055	71,377,733	62,588,683	12,464,031	11,424,433	27,086	23,045
7	DepreciationExpenseForAssetRetirementCosts Depreciation Expense for Asset Retirement Costs (403.1)	336
8	AmortizationAndDepletionOfUtilityPlant Amort. & Depl. of Utility Plant (404-405)	336	8,386,681	7,897,866	4,202,417	3,921,291	4,964,483	4,389,066	3,422,198	3,508,800
9	AmortizationOfElectricPlantAcquisitionAdjustments Amort. of Utility Plant Acq. Adj. (406)	336	7,373,942	7,373,942	3,686,971	3,686,971	7,373,942	7,373,942	0	0
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)		22,504,169	17,357,451	7,577,597	12,116,854	14,751,176	12,610,110	7,752,993	4,747,341
13	RegulatoryCredits (Less) Regulatory Credits (407.4)		29,279,182	40,928,800	18,692,163	23,860,566	20,281,368	29,764,624	8,997,814	11,164,176
14	TaxesOtherThanIncomeTaxesUtilityOperatingIncome Taxes Other Than Income Taxes (408.1)	262	90,817,363	83,228,843	47,979,443	36,153,272	70,410,491	64,303,193	20,381,739	18,901,738	25,133	23,912
15	IncomeTaxesOperatingIncome Income Taxes - Federal (409.1)	262	332,094	1,546,839	696,125	1,534,613	3,735,170	2,844,698	3,385,414	1,276,742	17,662	21,117
16	IncomeTaxesUtilityOperatingIncomeOther Income Taxes - Other (409.1)	262	457,358	601,090	627,125	839,240	1,609,166	974,380	1,145,720	366,011	6,088	7,279
17	ProvisionsForDeferredIncomeTaxesUtilityOperatingIncome Provision for Deferred Income Taxes (410.1)	234, 272	57,169,794	61,641,759	22,803,054	29,187,946	45,723,152	47,891,933	11,451,497	13,754,178	4,855	4,352
18	ProvisionForDeferredIncomeTaxesCreditOperatingIncome (Less) Provision for Deferred Income Taxes-Cr. (411.1)	234, 272	39,923,388	46,061,194	18,043,834	23,049,212	28,304,216	34,458,726	11,619,172	11,602,468
19	InvestmentTaxCreditAdjustments Investment Tax Credit Adj. - Net (411.4)	266	57,411	60,461	11,987	18,565	57,411	60,461
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)		482,482,498	501,907,525	222,104,658	221,953,441	387,335,844	407,412,629	94,578,342	93,812,130	568,312	682,766
27	NetUtilityOperatingIncome Net Util Oper Inc (Enter Tot line 2 less 25)		143,046,692	132,270,188	48,296,425	50,813,081	109,099,041	105,024,193	33,895,455	27,179,729	52,196	66,266
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)		274,798	245,222	137,269	128,162
32	CostsAndExpensesOfMerchandisingJobbingAndContractWork (Less) Costs and Exp. of Merchandising, Job. & Contract Work (416)		218,403	234,086	142,343	56,834
33	RevenuesFromNonutilityOperations Revenues From Nonutility Operations (417)		235,655	31,623	106,229	146,279
34	ExpensesOfNonutilityOperations (Less) Expenses of Nonutility Operations (417.1)		17,616	112,766	12,406	57,721
35	NonoperatingRentalIncome Nonoperating Rental Income (418)
36	EquityInEarningsOfSubsidiaryCompanies Equity in Earnings of Subsidiary Companies (418.1)	119	751,763	969,231	550,077	721,300
37	InterestAndDividendIncome Interest and Dividend Income (419)		172,587	17	105,777	9
38	AllowanceForOtherFundsUsedDuringConstruction Allowance for Other Funds Used During Construction (419.1)		3,597,909	8,951,705	2,014,620	4,851,696
39	MiscellaneousNonoperatingIncome Miscellaneous Nonoperating Income (421)		77,159	95,809	878,489	172,187
40	GainOnDispositionOfProperty Gain on Disposition of Property (421.1)
41	OtherIncome TOTAL Other Income (Enter Total of lines 31 thru 40)		2,744,698	7,753,429	568,122	3,825,546
42	OtherIncomeDeductionsAbstract Other Income Deductions
43	LossOnDispositionOfProperty Loss on Disposition of Property (421.2)
44	MiscellaneousAmortization Miscellaneous Amortization (425)
45	Donations Donations (426.1)		270,008	461,824	109,317	150,773
46	LifeInsurance Life Insurance (426.2)
47	Penalties Penalties (426.3)		995,005	2,269,800	997,106
48	ExpendituresForCertainCivicPoliticalAndRelatedActivities Exp. for Certain Civic, Political & Related Activities (426.4)		300,001	130,848	155,103	37,978
49	OtherDeductions Other Deductions (426.5)		27,989	111,175	831,372	183,601
50	OtherIncomeDeductions TOTAL Other Income Deductions (Total of lines 43 thru 49)		1,593,003	1,788,303	430,154	5,150
51	TaxesApplicableToOtherIncomeAndDeductionsAbstract Taxes Applic. to Other Income and Deductions
52	TaxesOtherThanIncomeTaxesOtherIncomeAndDeductions Taxes Other Than Income Taxes (408.2)	262	1,428	1,386	714	840
53	IncomeTaxesFederal Income Taxes-Federal (409.2)	262	484,723	2,310,548	10,873	929,860
54	IncomeTaxesOther Income Taxes-Other (409.2)	262	259,263	591,516	95,410	321,157
55	ProvisionForDeferredIncomeTaxesOtherIncomeAndDeductions Provision for Deferred Inc. Taxes (410.2)	234, 272	1,557	1,425	650	622
56	ProvisionForDeferredIncomeTaxesCreditOtherIncomeAndDeductions (Less) Provision for Deferred Income Taxes-Cr. (411.2)	234, 272	607	547	72	112
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)		746,364	2,904,328	107,575	1,252,367
60	NetOtherIncomeAndDeductions Net Other Income and Deductions (Total of lines 41, 50, 59)		405,331	6,637,404	30,393	2,568,029
61	InterestChargesAbstract Interest Charges
62	InterestOnLongTermDebt Interest on Long-Term Debt (427)		55,483,393	49,783,488	27,873,501	24,948,092
63	AmortizationOfDebtDiscountAndExpense Amort. of Debt Disc. and Expense (428)		865,254	601,496	522,152	272,170
64	AmortizationOfLossOnReacquiredDebt Amortization of Loss on Reaquired Debt (428.1)		703,825	782,951	313,744	391,196
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)		1,897,947	2,063,270	819,842	1,076,135
69	AllowanceForBorrowedFundsUsedDuringConstructionCredit (Less) Allowance for Borrowed Funds Used During Construction-Cr. (432)		1,778,243	4,046,296	995,557	2,193,150
70	NetInterestCharges Net Interest Charges (Total of lines 62 thru 69)		57,172,176	49,184,909	28,533,682	24,494,443
71	IncomeBeforeExtraordinaryItems Income Before Extraordinary Items (Total of lines 27, 60 and 70)		86,279,847	89,722,683	19,793,136	28,886,667
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)		86,279,847	89,722,683	19,793,136	28,886,667

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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)		87,031,610	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		103,000,000	69,936,848
36	DividendsDeclaredCommonStock TOTAL Dividends Declared-Common Stock (Acct. 438)		103,000,000	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)		335,908,356	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)		335,908,356	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:

06/30/2025

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)	86,279,847	89,722,683
3	NoncashChargesCreditsToIncomeAbstract Noncash Charges (Credits) to Income:
4	DepreciationAndDepletion Depreciation and Depletion	83,868,850	74,036,161
5	NoncashAdjustmentsToCashFlowsFromOperatingActivities Amortization of (Specify) (footnote details)
5.1	NoncashAdjustmentsToCashFlowsFromOperatingActivitiesDescription Amortization of	15,760,623	15,271,808
5.2	NoncashAdjustmentsToCashFlowsFromOperatingActivitiesDescription Other Non-cash charges to net income-net	(a) 5,310,306	4,765,913
8	DeferredIncomeTaxesNet Deferred Income Taxes (Net)	17,247,356	15,581,443
9	InvestmentTaxCreditAdjustmentsNet Investment Tax Credit Adjustment (Net)	57,411	60,461
10	NetIncreaseDecreaseInReceivablesOperatingActivities Net (Increase) Decrease in Receivables	8,480,192	19,724,896
11	NetIncreaseDecreaseInInventoryOperatingActivities Net (Increase) Decrease in Inventory	1,436,572	440,876
12	NetIncreaseDecreaseInAllowancesInventoryOperatingActivities Net (Increase) Decrease in Allowances and Environmental Credits Inventory
13	NetIncreaseDecreaseInPayablesAndAccruedExpensesOperatingActivities Net Increase (Decrease) in Payables and Accrued Expenses	10,843,328	2,555,611
14	NetIncreaseDecreaseInOtherRegulatoryAssetsOperatingActivities Net (Increase) Decrease in Other Regulatory Assets	36,701,797	426,195
15	NetIncreaseDecreaseInOtherRegulatoryLiabilitiesOperatingActivities Net Increase (Decrease) in Other Regulatory Liabilities	2,618,016	22,920,002
16	AllowanceForOtherFundsUsedDuringConstructionOperatingActivities (Less) Allowance for Other Funds Used During Construction	3,597,909	8,951,705
17	UndistributedEarningsFromSubsidiaryCompaniesOperatingActivities (Less) Undistributed Earnings from Subsidiary Companies	751,763	969,231
18	OtherAdjustmentsToCashFlowsFromOperatingActivities Other (provide details in footnote):
18.1	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Other	(b) 16,110,471	4,118,071
22	NetCashFlowFromOperatingActivities Net Cash Provided by (Used in) Operating Activities (Total of Lines 2 thru 21)	178,554,375	193,946,578
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)	185,021,696	228,762,750
27	GrossAdditionsToNuclearFuelInvestingActivities Gross Additions to Nuclear Fuel
28	GrossAdditionsToCommonUtilityPlantInvestingActivities Gross Additions to Common Utility Plant	4,413,819	4,058,662
29	GrossAdditionsToNonutilityPlantInvestingActivities Gross Additions to Nonutility Plant
30	AllowanceForOtherFundsUsedDuringConstructionInvestingActivities (Less) Allowance for Other Funds Used During Construction	3,597,909	8,951,705
31	OtherConstructionAndAcquisitionOfPlantInvestmentActivities Other (provide details in footnote):
34	CashOutflowsForPlant Cash Outflows for Plant (Total of lines 26 thru 33)	185,837,606	223,869,707
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	2,000
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)	185,839,606	223,869,707
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 Cash contribution from NorthWestern Energy Group, Inc.		60,000,000
70	CashProvidedByOutsideSources Cash Provided by Outside Sources (Total 61 thru 69)	400,000,000	235,000,000
72	PaymentsForRetirementAbstract Payments for Retirement of:
73	PaymentsForRetirementOfLongTermDebtFinancingActivities Long-term Debt (b)	236,000,000	100,000,000
74	PaymentsForRetirementOfPreferredStockFinancingActivities Preferred Stock
75	PaymentsForRetirementOfCommonStockFinancingActivities Common Stock
76	OtherRetirementsOfBalancesImpactingCashFlowsFromFinancingActivities Other (provide details in footnote):
76.1	DescriptionOfOtherRetirementsImpactingCashFlowsFromFinancingActivities Debt Financing Costs	3,195,067	764,045
76.2	DescriptionOfOtherRetirementsImpactingCashFlowsFromFinancingActivities Line of Credit (Repayments) Borrowings, Net	52,000,000	76,000,000
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	103,000,000	32,936,850
83	CashFlowsProvidedFromUsedInFinancingActivities Net Cash Provided by (Used in) Financing Activities (Total of lines 70 thru 81)	5,804,933	25,045,939
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)	1,480,298	4,877,190
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	13,319,772	18,743,178

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: NoncashAdjustmentsToCashFlowsFromOperatingActivities

	6/30/2025	6/30/2024
Other Noncash Charges to Income, Net:
Amortization of debt issue costs, discount, and deferred hedge gain	1,696,028	1,630,741
Loss on disposition of assets	146,679	-
Other noncash (gains) losses	(8,613)	5,507
Stock based compensation costs	3,476,212	3,129,665
	5,310,306	4,765,913

(b) Concept: OtherAdjustmentsToCashFlowsFromOperatingActivities

	6/30/2025	6/30/2024
Other Assets and Liabilities, Net:
Net change - other current assets	7,886,957	916,681
Net change - accrued utility revenues	16,339,699	27,739,453
Net change - deferred debits	(287,788)	(8,473,907)
Net change - deferred credits	(1,138,061)	(8,221,976)
Net change - noncurrent liabilities	(6,690,336)	(7,842,180)
	16,110,471	4,118,071

	6/30/2025	12/31/2024	6/30/2024	12/31/2023
Cash (131)	508,262	888,205	3,605,277	8,740,865
Working Funds (135)	16,000	17,500	17,300	22,850
Other Special Deposits (134)	12,795,510	13,894,365	15,120,601	14,856,653
Total	13,319,772	14,800,070	18,743,178	23,620,368

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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 682,900 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) Acquisition

In July 2024, NW Corp entered into an Asset Purchase Agreement with Hope Utilities to acquire its Energy West natural gas distribution system and operations serving approximately 33,000 customers located in Great Falls, Cut Bank, and West Yellowstone, Montana. In May 2025, the Montana Public Service Commission (MPSC) approved this acquisition and on July 1, 2025, NW Corp completed this acquisition for approximately $36.5 million in cash, which is subject to certain post-closing working capital adjustments. Determination of the final purchase price and allocation to the acquired assets and assumed liabilities are expected to be completed in the second half of 2025. Upon the completion of the acquisition, NW Corp transferred the utility operations to its two wholly-owned subsidiaries, NorthWestern Great Falls Gas LLC and NorthWestern Cut Bank Gas LLC.

(3) Regulatory Matters

Montana Rate Review

In July 2024, we filed a Montana electric and natural gas rate review with the 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. In April 2025, we filed a partial electric settlement with certain other parties. Both settlements 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 filing request, as adjusted in rebuttal testimony, 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(1)	Natural Gas(2)
Base Rates	$ 18.4	$ 17.4
PCCAM(3)	(88.0)	n/a
Property Tax (tracker base adjustment)(3)(4)	7.4	0.2
Total Interim Revenue Granted	$ (62.2)	$ 17.6

(1) These electric interim rates were effective December 1, 2024, through May 22, 2025. See further discussion on revised electric interim rates below.

(2) These natural gas interim rates were effective December 1, 2024, and are expected to remain in effect until the MPSC final order rates are effective.

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

(4) 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)(2)(3)	43.9	n/a
Requested Base Rates for Revised Interim Filing	110.3	18.0

Pass-through items:
Property Tax (tracker base adjustment) (Settled)(4)	(5.2)	0.1
Property Tax (tracker base adjustment) - YCGS (Non-settled)(2)(4)	4.0	n/a
PCCAM (Non-settled)(2)(3)(4)	(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) We implemented these electric rates on July 2, 2025, on an interim basis, subject to refund.

(2) 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.

(3) Intervenor positions on YCGS 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.

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

On May 23, 2025, as permitted by Montana statute, we implemented our initially requested electric rates, reflecting a base rate revenue increase of $156.5 million, on an interim basis, subject to refund with interest. Within our June 30, 2025 financial statements, we have deferred base rate revenues collected between May 23, 2025, and June 30, 2025, down to our requested revised electric interim rates of $110.3 million as shown within the above table. As of June 30, 2025, we have deferred approximately $3.5 million of base rate revenues collected. On June 20, 2025, we submitted the revised electric interim rates as shown within the above table to the MPSC for approval. The MPSC subsequently approved this request and the revised rates were implemented on July 2, 2025.

As discussed above, if the MPSC chooses to accept the intervenors positions on the remaining contested issues or does not accept the Settlement Agreements in its final order, losses related to excess interim revenues collected will be incurred. Additionally, any difference between interim and final approved rates will be refunded to customers with interest. However, if final approved rates are higher than interim rates, we will not recover the difference.

A hearing on the electric and natural gas rate review was held in June 2025, and final briefs are due in August 2025. Interim rates will remain in effect on a refundable basis, with interest, until the MPSC issues a final order.

(4) 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 were utilized to redeem NW Corp's $161.0 million of 5.01 percent Montana First Mortgage Bonds due May 1, 2025 and $75.0 million of 3.11 percent Montana First Mortgage Bonds due July 1, 2025, to repay outstanding borrowings under our NW Corp revolving credit facility, and for general utility purposes.

(5) Employee Benefit Plans

We sponsor and/or contribute to pension and postretirement health care and life insurance benefit plans for eligible employees. We contributed $4.2 million to our pension plans during the six months ended June 30, 2025. We expect to contribute an additional $5.8 million to our pension plans during the remainder of 2025.

(6) 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 would 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 for us. On June 11, 2025, the EPA issued a Notice of Proposed Rulemaking containing two proposals to reform GHG regulations. If either the lead or alternative proposal is adopted, our additional material compliance costs would be eliminated. A virtual public hearing on this Notice of Proposed Rulemaking was held on July 8, 2025, and final comments to this rulemaking are due back by August 7, 2025. On June 11, 2025, the EPA also issued a Notice of Proposed Rulemaking to rescind the 2024 MATS Rule, which if enacted, would restore the original 2012 MATS standards. A virtual public hearing on this Notice of Proposed Rulemaking was held on July 10, 2025, and final comments are due by August 11, 2025. There is no mandated timeline from the close of public comment to the time when the final rules are published.

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:

06/30/2025

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			226,065		92,156
3	Preceding Quarter/Year to Date Changes in Fair Value				1,989			1,989
4	Total (lines 2 and 3)		318,221		1,989	226,065		94,145	89,722,683	89,628,538
5	Balance of Account 219 at End of Preceding Quarter/Year		44,602		1,435,170	6,997,713		5,607,145
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					226,065		226,065
8	Current Quarter/Year to Date Changes in Fair Value				5,161			5,161
9	Total (lines 7 and 8)				5,161	226,065		231,226	86,279,847	86,511,073
10	Balance of Account 219 at End of Current Quarter/Year		44,602		1,438,018	6,545,583		5,152,167

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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)	6,548,536,267	5,049,136,090	1,289,121,563	(a) 1,730,244			208,548,370
4	UtilityPlantInServicePropertyUnderCapitalLeases Property Under Capital Leases	41,655,803				(b) 40,209,537	(c) 1,446,266
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)	6,593,729,829	5,052,673,849	1,289,121,563	1,730,244	40,209,537	1,446,266	208,548,370
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	204,818,637	144,712,912	38,555,505	0			21,550,220
12	UtilityPlantAcquisitionAdjustment Acquisition Adjustments	656,318,593	656,318,593
13	UtilityPlantAndConstructionWorkInProgress Total Utility Plant (8 thru 12)	7,459,058,988	5,857,867,417	1,327,706,934	1,730,244	40,209,537	1,446,266	230,098,590
14	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Accumulated Provisions for Depreciation, Amortization, & Depletion	2,540,244,664	1,971,114,754	462,429,192	1,190,815	38,199,040	0	67,310,863
15	UtilityPlantNet Net Utility Plant (13 less 14)	4,918,814,324	3,886,752,663	865,277,742	539,429	2,010,497	1,446,266	162,787,727
16	DetailOfAccumulatedProvisionsForDepreciationAmortizationAndDepletionAbstract DETAIL OF ACCUMULATED PROVISIONS FOR DEPRECIATION, AMORTIZATION AND DEPLETION
17	AccumulatedProvisionForDepreciationAmortizationAndDepletionUtilityPlantInServiceAbstract In Service:
18	DepreciationUtilityPlantInService Depreciation	2,214,739,449	1,736,974,640	396,359,195	1,190,815	38,199,040		42,015,759
19	AmortizationAndDepletionOfProducingNaturalGasLandAndLandRightsutilityPlantInService Amortization and Depletion of Producing Natural Gas Land and Land Rights	57,863,720		57,863,720
20	AmortizationOfUndergroundStorageLandAndLandRightsutilityPlantInService Amortization of Underground Storage Land and Land Rights	0
21	AmortizationOfOtherUtilityPlantUtilityPlantInService Amortization of Other Utility Plant	66,559,379	33,057,998	8,206,277		0		25,295,104
22	DepreciationAmortizationAndDepletionUtilityPlantInService Total in Service (18 thru 21)	2,339,162,548	1,770,032,638	462,429,192	1,190,815	38,199,040	0	67,310,863
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	201,082,116	201,082,116
33	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Total Accum Prov (equals 14) (22,26,30,31,32)	2,540,244,664	1,971,114,754	462,429,192	1,190,815	38,199,040	0	67,310,863

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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:

06/30/2025

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	22,479,750	24,697,797
2	Steam Production Plant	151,137,250	42,596,821
3	Nuclear Production Plant	0	0
4	Hydraulic Production - Conventional	677,684,529	145,332,573
5	Hydraulic Production - Pumped Storage	0	0
6	Solar Production Plant	6,624,317	4,872,645
7	Wind Production Plant	106,517,367	45,944,263
8	Other Renewable Production Plant	0	0
9	Other Production	488,503,225	42,732,530
10	Transmission	1,313,004,027	466,604,644
11	Distribution	2,149,892,860	911,587,248
12	Regional Transmission and Market Operation	0	0
13	Energy Storage Plant	8,901,790	323,884
14	General	127,928,734	85,340,233
15	TOTAL (Total of lines 1 through 14)	5,052,673,849	1,770,032,638

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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	14,336	253	135,000	253
3	SIS Studies	177,361	253	315,704	253
4	Line Interconnection Studies	44,084	253		253
20	Total	235,781		450,704
21	Generation Studies
22	FAC Studies	43,954	253	5,030	253
23	FEA Studies	6,478	253	6,192	253
24	Optional Studies	20,045	253	17,596	253
25	SIS Studies	286	253	42,067	253
39	Total	70,763		13,249
40	Grand Total	306,544		437,455

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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)	531,016,194	3,472,209		10	534,488,393
2	Excess Deferred Income Taxes (Montana)	37,954,476	17,625		288,525	37,683,576
3	Basin Creek Capital Lease (Montana)	2,082,855	0		362,909	1,719,946
4	BPA Residential Exchange Program (Montana) - Docket 2018.8.49 Order 7630; Annual Amortization	1,388,564	0		366,701	1,021,863
5	Property Tax Tracker (Montana) - Docket 2017.11.86 - Order 7580a; Annual Amortization	390,329	9,737,750		221,940	9,906,139
6	FAS 106 (Montana) - Docket 93.6.24 and Docket 2009.9.129	2,938,967	4,574		36,704	2,906,837
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	12,833,693	487,290		0	13,320,983
9	Pension Plan - MT	55,619,677	0		1,061,140	54,558,537
10	Montana Consumer Counsel Tax (Montana) - Docket 2018.10.67 - Order 7637	33,504	1,998		0	35,502
11	Montana Public Service Commission (Montana) - Docket 2017.9.78 - Order 7568	2,230,788	132,915		348,629	2,015,074
12	Montana Wildfire Mitigation	21,674,938	3,304,943		223,515	24,756,366
13	Asset Retirement Obligation (Montana)	11,734,134	403,755		72,651	12,065,238
14	Power Cost & Credit Mechanism (Montana)	23,810,468	6,990,039		338,579	30,461,928
44	TOTAL	706,635,962	24,553,097		3,321,302	727,867,757

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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)	106,302,007		512,827	0	105,789,180
2	Deferred Gas Storage Sales (Montana) - Docket D2001.1.1; Amortization 2001 - 2039	6,099,783		105,129	0	5,994,654
3	Montana Public Service Commission Consumer Counsel Taxes (Montana) - Dockets 2017.9.78 and 2018.10.67	0		191,626	191,626	0
4	CTC QF Over/Under Collections (Montana) - Docket 97.9.90 and Docket 2001.1.15; Annual Amortization	1,771,830		0	50,094	1,821,924
5	Property Tax Tracker (Montana) - Docket 2017.11.86 - Order 7580a; Annual Amortization	0		1,284,028	1,284,028	0
6	Natural Gas Regulatory Deferrals (Montana)	57,491		46,835	0	10,656
7	Power Cost & Credit Mechanism (Montana)	0		0	0	0
8	Environmental Credit Liability	1,653,720		1,653,720	0	0
9	Deferred Electric Revenues	0		0	3,487,416	3,487,416
41	TOTAL	115,884,831		3,794,165	5,013,164	117,103,830

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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	197,867,214		1,473,399
3	CommercialAndIndustrialSalesAbstract (442) Commercial and Industrial Sales
4	CommercialSalesAbstract Small (or Comm.) (See Instr. 4)	197,585,170		1,586,632
5	IndustrialSalesAbstract Large (or Ind.) (See Instr. 4)	20,163,389		143,986
6	PublicStreetAndHighwayLightingAbstract (444) Public Street and Highway Lighting	7,450,060		12,701
7	OtherSalesToPublicAuthoritiesAbstract (445) Other Sales to Public Authorities
8	SalesToRailroadsAndRailwaysAbstract (446) Sales to Railroads and Railways
9	InterdepartmentalSalesAbstract (448) Interdepartmental Sales	444,197		3,556
10	SalesToUltimateConsumersAbstract TOTAL Sales to Ultimate Consumers	423,510,030		3,220,275
11	SalesForResaleAbstract (447) Sales for Resale	16,184,292		487,435
12	SalesOfElectricityAbstract TOTAL Sales of Electricity	439,694,322		3,707,710
13	ProvisionForRateRefundsAbstract (Less) (449.1) Provision for Rate Refunds	3,459,310
14	RevenuesNetOfProvisionForRefundsAbstract TOTAL Revenues Before Prov. for Refunds	436,235,012		3,707,710
15	OtherOperatingRevenuesAbstract Other Operating Revenues
16	ForfeitedDiscounts (450) Forfeited Discounts
17	MiscellaneousServiceRevenues (451) Miscellaneous Service Revenues	16,041
18	SalesOfWaterAndWaterPower (453) Sales of Water and Water Power
19	RentFromElectricProperty (454) Rent from Electric Property	2,022,236
20	InterdepartmentalRents (455) Interdepartmental Rents
21	OtherElectricRevenue (456) Other Electric Revenues	(a) 6,088,807
22	RevenuesFromTransmissionOfElectricityOfOthers (456.1) Revenues from Transmission of Electricity of Others	52,072,789
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	60,199,873
27	ElectricOperatingRevenues TOTAL Electric Operating Revenues	496,434,885
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:

06/30/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: OtherElectricRevenue

YTD Dec	YTD June
Other Electric Revenue (456)	2025
Ancillary Services:
Scheduling, System Control and Dispatch	976,226
Regulation and Frequency Response	561,747
Energy Imbalance	2,866,928
Other Transmission Revenue	8,109
Low Income Housing	1,555,939
Steam Sales	-
Sale of Materials	3,778
Miscellaneous	116,080
	6,088,807

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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:

06/30/2025

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)	17,760,894
3	SteamPowerGenerationMaintenanceExpense Steam Power Generation – Maintenance (510-515)	6,848,207
4	PowerProductionExpensesSteamPower Total Power Production Expenses - Steam Power	24,609,101
5	NuclearPowerGenerationOperationsExpense Nuclear Power Generation – Operation (517-525)
6	NuclearPowerGenerationMaintenanceExpense Nuclear Power Generation – Maintenance (528-532)
7	PowerProductionExpensesNuclearPower Total Power Production Expenses - Nuclear Power
8	HydraulicPowerGenerationOperationsExpense Hydraulic Power Generation – Operation (535-540.1)	7,077,477
9	HydraulicPowerGenerationMaintenanceExpense Hydraulic Power Generation – Maintenance (541-545.1)	1,287,246
10	PowerProductionExpensesHydraulicPower Total Power Production Expenses - Hydraulic Power	8,364,723
10.1	SolarPowerGenerationOperationsExpense Solar Generation – Operation (558.1-558.5)	9,405
10.2	SolarPowerGenerationMaintenanceExpense Solar Generation – Maintenance (558.6-558.12)	51
10.3	PowerProductionExpensesSolarPower Total Power Production Expenses - Solar	9,456
10.4	WindPowerGenerationOperationsExpense Wind Generation – Operation (558.13-558.17)	1,252,252
10.5	WindPowerGenerationMaintenanceExpense Wind Generation – Maintenance (558.18-558.24)	72,492
10.6	PowerProductionExpensesWindPower Total Power Production Expenses - Wind	1,324,744
10.7	OtherRenewableGenerationOperationsExpense Other Renewable Generation – Operation (559.1-559.5)
10.8	OtherRenewableGenerationMaintenanceExpense Other Renewable Generation – Maintenance (559.6-559.16)
10.9	PowerProductionExpensesOtherRenewable Total Power Production Expenses – Other Renewable
11	RentsOtherPowerGeneration Other Power Generation – Operation (546-550.1)	17,900,323
12	MaintenanceOfEnergyStorageEquipmentOtherPowerGeneration Other Power Generation – Maintenance (551-554.1)	963,223
13	MaintenanceOfMiscellaneousOtherPowerGenerationPlant Total Power Production Expenses - Other Power	18,863,546
14	OtherPowerSuplyExpensesAbstract Other Power Supply Expenses
15	PurchasedPower (555) Purchased Power	110,959,026
15.1	PowerPurchasedForStorageOperations (555.1) Power Purchased for Storage Operations
15.2	BundledEnvironmentalCredits (555.2) Bundled Environmental Credits	2,302,829
15.3	UnbundledEnvironmentalCredits (555.3) Unbundled Environmental Credits
16	SystemControlAndLoadDispatchingElectric (556) System Control and Load Dispatching
17	OtherExpensesOtherPowerSupplyExpenses (557) Other Expenses	34,433,685
18	OtherPowerSupplyExpense Total Other Power Supply Expenses (line 15-17)	78,828,170
19	PowerProductionExpenses Total Power Production Expenses (Total of lines 4, 7, 10, 10.3, 10.6, 10.9, 13 and 18)	131,999,740
20	TransmissionExpensesAbstract 2. TRANSMISSION EXPENSES
21	TransmissionExpensesOperationAbstract Transmission Operation Expenses
22	OperationSupervisionAndEngineeringElectricTransmissionExpenses (560) Operation Supervision and Engineering	1,873,314
24	LoadDispatchReliability (561.1) Load Dispatch-Reliability	449,107
25	LoadDispatchMonitorAndOperateTransmissionSystem (561.2) Load Dispatch-Monitor and Operate Transmission System	399,604
26	LoadDispatchTransmissionServiceAndScheduling (561.3) Load Dispatch-Transmission Service and Scheduling	600,021
27	SchedulingSystemControlAndDispatchServices (561.4) Scheduling, System Control and Dispatch Services
28	ReliabilityPlanningAndStandardsDevelopment (561.5) Reliability, Planning and Standards Development
29	TransmissionServiceStudies (561.6) Transmission Service Studies
30	GenerationInterconnectionStudies (561.7) Generation Interconnection Studies
31	ReliabilityPlanningAndStandardsDevelopmentServices (561.8) Reliability, Planning and Standards Development Services
32	StationExpensesTransmissionExpense (562) Station Expenses	683,968
33	OverheadLineExpense (563) Overhead Lines Expenses
34	UndergroundLineExpensesTransmissionExpense (564) Underground Lines Expenses	576,576
35	TransmissionOfElectricityByOthers (565) Transmission of Electricity by Others
36	MiscellaneousTransmissionExpenses (566) Miscellaneous Transmission Expenses	3,306,603
37	RentsTransmissionElectricExpense (567) Rents	42,783
38	OperationSuppliesAndExpensesTransmissionExpense (567.1) Operation Supplies and Expenses (Non-Major)	439,197
39	TransmissionOperationExpense TOTAL Transmission Operation Expenses (Lines 22 - 38)	8,371,173
40	TransmissionMaintenanceAbstract Transmission Maintenance Expenses
41	MaintenanceSupervisionAndEngineeringElectricTransmissionExpenses (568) Maintenance Supervision and Engineering	241,131
42	MaintenanceOfStructuresTransmissionExpense (569) Maintenance of Structures	15,551
43	MaintenanceOfComputerHardwareTransmission (569.1) Maintenance of Computer Hardware	934,245
44	MaintenanceOfComputerSoftwareTransmission (569.2) Maintenance of Computer Software	324,289
45	MaintenanceOfCommunicationEquipmentElectricTransmission (569.3) Maintenance of Communication Equipment	182,320
46	MaintenanceOfMiscellaneousRegionalTransmissionPlant (569.4) Maintenance of Miscellaneous Regional Transmission Plant
47	MaintenanceOfStationEquipmentTransmission (570) Maintenance of Station Equipment	169,830
48	MaintenanceOfOverheadLinesTransmission (571) Maintenance of Overhead Lines
49	MaintenanceOfUndergroundLinesTransmission (572) Maintenance of Underground Lines	813,231
50	MaintenanceOfMiscellaneousTransmissionPlant (573) Maintenance of Miscellaneous Transmission Plant
51	MaintenanceOfTransmissionPlant (574) Maintenance of Transmission Plant
52	TransmissionMaintenanceExpenseElectric TOTAL Transmission Maintenance Expenses (Lines 41 – 51)	2,680,597
53	TransmissionExpenses Total Transmission Expenses (Lines 39 and 52)	11,051,770
54	RegionalMarketExpensesAbstract 3. REGIONAL MARKET EXPENSES
55	RegionalMarketExpensesOperationAbstract Regional Market Operation Expenses
56	OperationSupervision (575.1) Operation Supervision
57	DayAheadAndRealTimeMarketAdministration (575.2) Day-Ahead and Real-Time Market Facilitation
58	TransmissionRightsMarketAdministration (575.3) Transmission Rights Market Facilitation
59	CapacityMarketAdministration (575.4) Capacity Market Facilitation
60	AncillaryServicesMarketAdministration (575.5) Ancillary Services Market Facilitation
61	MarketMonitoringAndCompliance (575.6) Market Monitoring and Compliance
62	MarketFacilitationMonitoringAndComplianceServices (575.7) Market Facilitation, Monitoring and Compliance Services
63	RegionalMarketOperationExpense Regional Market Operation Expenses (Lines 55 - 62)
64	RegionalMarketExpensesMaintenanceAbstract Regional Market Maintenance Expenses
65	MaintenanceOfStructuresAndImprovementsRegionalMarketExpenses (576.1) Maintenance of Structures and Improvements
66	MaintenanceOfComputerHardware (576.2) Maintenance of Computer Hardware
67	MaintenanceOfComputerSoftware (576.3) Maintenance of Computer Software
68	MaintenanceOfCommunicationEquipmentRegionalMarketExpenses (576.4) Maintenance of Communication Equipment
69	MaintenanceOfMiscellaneousMarketOperationPlant (576.5) Maintenance of Miscellaneous Market Operation Plant
70	RegionalMarketMaintenanceExpense Regional Market Maintenance Expenses (Lines 65-69)
71	RegionalMarketExpenses TOTAL Regional Control and Market Operation Expenses (Lines 63,70)
71.1	EnergyStorageExpensesAbstract 4. ENERGY STORAGE EXPENSES
71.2	EnergyStorageOperationExpenses Energy Storage Operation Expenses (577.1-577.5)	2,222
71.3	EnergyStorageMaintenanceExpenses Energy Storage Maintenance Expenses (578.1-578.7)	932
71.4	EnergyStorageExpenses Total Energy Storage Expenses (Lines 71.2 and 71.3)	3,154
72	DistributionExpensesAbstract 5. DISTRIBUTION EXPENSES
73	DistributionOperationExpensesElectric Distribution Operation Expenses (580-589)	7,384,583
74	DistributionMaintenanceExpenseElectric Distribution Maintenance Expenses (590-598)	9,482,516
75	DistributionExpenses Total Distribution Expenses (Lines 73 and 74)	16,867,099

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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	5,710,657
2	CustomerServiceAndInformationExpenses (907-910) Customer Service and Information Expenses	1,057,930
3	SalesExpenses (911-917) Sales Expenses	372,349
4	AdministrativeAndGeneralExpensesAbstract 9. ADMINISTRATIVE AND GENERAL EXPENSES
5	AdministrativeAndGeneralExpensesOperationAbstract Operation
6	AdministrativeAndGeneralSalaries (920) Administrative and General Salaries	16,086,582
7	OfficeSuppliesAndExpenses (921) Office Supplies and Expenses	2,359,188
8	AdministrativeExpensesTransferredCredit (Less) (922) Administrative Expenses Transferred-Credit	3,125,385
9	OutsideServicesEmployed (923) Outside Services Employed	2,747,468
10	PropertyInsurance (924) Property Insurance	2,288,215
11	InjuriesAndDamages (925) Injuries and Damages	9,356,962
12	EmployeePensionsAndBenefits (926) Employee Pensions and Benefits	11,917,994
13	FranchiseRequirements (927) Franchise Requirements
14	RegulatoryCommissionExpenses (928) Regulatory Commission Expenses	2,156,371
15	DuplicateChargesCredit (929) (Less) Duplicate Charges-Cr.
16	GeneralAdvertisingExpenses (930.1) General Advertising Expenses	172,667
17	MiscellaneousGeneralExpenses (930.2) Miscellaneous General Expenses	7,344,445
18	RentsAdministrativeAndGeneralExpense (931) Rents	264,714
19	AdministrativeAndGeneralOperationExpense TOTAL Operation (Total of lines 6 thru 18)	51,569,221
20	AdministrativeAndGeneralExpensesMaintenanceAbstract Maintenance
21	MaintenanceOfGeneralPlant (935) Maintenance of General Plant	1,280,944
21.1	MaintenanceOfComputerHardwareAdministrativeAndGeneralExpenses (935.1) Maintenance of Computer Hardware	51,470
21.2	MaintenanceOfComputerSoftwareAdministrativeAndGeneralExpenses (935.2) Maintenance of Computer Software	5,507,525
21.3	MaintenanceOfCommunicationEquipmentAdministrativeAndGeneralExpenses (935.3) Maintenance of Communication Equipment	1,250,339
21.4	AdministrativeAndGeneralMaintenanceExpenses TOTAL Maintenance (Enter Total of lines 21 thru 21.3)	8,090,278
22	AdministrativeAndGeneralExpenses TOTAL Administrative and General Expenses (Total of lines 19 and 21.4)	59,659,499

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

06/30/2025

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	8,810	8,810	61,757	0	0	61,757
3	Aspen Air U.S., LLC	Talen Energy	Aspen Air Corporation	FNO	Montana OATT	Colstrip	Billings, MT	11	13,471	13,471	74,864	0	0	74,864
4	Beartooth Electric Cooperative, Inc.	WAPA & Energy Keepers Inc.	Beartooth Electric Cooperative, Inc.	FNO	Montana OATT	Fort Peck & Kerr	Various in Montana	18	19,778	19,778	194,752	0	0	194,752
5	Benefis Health Systems	Energy Keepers inc.	Benefis Health Systems	FNO	Montana OATT	Kerr	Various in Montana	7	7,770	7,770	61,545	0	0	61,545
6	Big Horn County Electric Coop. Inc.	WAPA	Big Horn County Electric Coop. Inc.	FNO	Montana OATT	Various & Great Falls	Various in Montana	18	14,742	14,742	155,807	0	0	155,807
7	Bonneville Power Administration	BPA	Bonneville Power Administration	FNO	Montana OATT	BPAT.NWMT	Various in Montana	185	201,160	201,160	1,850,869	0	0	1,850,869
8	Basin Electric Power Cooperative	Morgan Stanley, WAPA,	Basin Electric Power Cooperative	FNO	Montana OATT	Various in Montana	Various NWMT & WAUW	164	205,615	205,615	1,782,069	0	0	1,782,069
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	18,076	18,076	151,758	0	0	151,758
10	CHS, Inc.	Morgan Stanley	CHS, Inc.	FNO	Montana OATT	BPAT.NWMT & MATL.NWMT	Various in Montana	58	89,364	89,364	574,316	0	0	574,316
11	City of Great Falls	Guzman Energy	City of Great Falls	FNO	Montana OATT	Hardin	Various in Montana	6	4,270	4,270	33,430	0	0	33,430
12	Talen Montana, LLC	Avista Energy	Colstrip Steam Electric Station	FNO	Montana OATT	Colstrip	Nichols Pump Sub	10	3,806	3,806	29,926	0	0	29,926
13	Atlas Power, LLC	Portland General Electric	Atlas Power, LLC	FNO	Montana OATT	Colstrip	Butte, MT	75	143,357	143,357	835,761	0	0	835,761
14	Phillips 66 Company	Shell Energy	Phillips 66 Company	FNO	Montana OATT	BPAT.NWMT	Various in Montana	70	120,801	120,801	754,162	0	0	754,162
15	Par Montana, LLC	Phillips 66 Trading and Maketing	Par Montana, LLC	FNO	Montana OATT	AVAT.NWMT	Billings, MT	35	54,022	54,022	386,710	0	0	386,710
16	General Mills Operations, LLC	Talen Energy	General Mills Operations, LLC	FNO	Montana OATT	Colstrip	Great Falls, MT	4	5,262	5,262	34,047	0	0	34,047
17	Great Falls Public Schools	Energy Keepers Inc.	Great Falls Public Schools	FNO	Montana OATT	Kerr	Great Falls, MT	3	2,633	2,633	19,290	0	0	19,290
18	GCC Three Forks, LLC	Energy Keepers Inc., GCC Three Forks	GCC Three Forks, LLC	FNO	Montana OATT	Kerr & GCC	Three Forks, MT	8	5,252	5,252	45,394	0	0	45,394
19	Magris Talc USA, Inc.	Energy Keepers Inc.	Magris Talc USA, Inc.	FNO	Montana OATT	Kerr	Three Forks, MT	6	6,584	6,584	44,092	0	0	44,092
20	DFA Dairy Brands Fluid, LLC	Talen Energy	DFA Dairy Brands Fluid, LLC	FNO	Montana OATT	Colstrip	Various in Montana	1	1,502	1,502	10,054	0	0	10,054
21	Calumet Refining, LLC	Talen Energy	Calumet Montana Refining Company, Inc.	FNO	Montana OATT	Colstrip	Great Falls, MT	25	42,384	42,384	241,060	0	0	241,060
22	Montana Resources	Energy Keepers, Inc.	Montana Resources	FNO	Montana OATT	BPAT.NWMT & Kerr	Butte, MT	50	91,265	91,265	574,963	0	0	574,963
23	REC Silicon Company	Shell Energy	REC Silicon Company	FNO	Montana OATT	BPAT.NWMT	Butte, MT	117	29,980	29,980	308,628	0	0	308,628
24	Roseburg Forest Products Company	Shell Energy	Roseburg Forest Products Company	FNO	Montana OATT	BPAT.NWMT	Missoula, MT	8	0	0	5,141	0	0	5,141
25	Sibanye-Stillwater	Various	Stillwater Mining Company	FNO	Montana OATT	As Available	Various in Montana	46	43,244	43,244	348,338	0	0	348,338
26	Western Area Power Administration	WAPA	Western Area Power Administration	FNO	Montana OATT	Crossover	Various NWMT & WAUW	4	2	2	8,475	0	0	8,475
27	Montana State University - Bozeman	WAPA	Montana State University - Bozeman	FNO	Montana OATT	Fort Peck West	Great Falls, MT	4	4,445	4,445	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	7,041	7,041	49,064	0	0	49,064
29	AlbertaEx, L.P.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	830	830	0	5,069	0	5,069
30	AlbertaEx, L.P.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	488	488	0	2,948	0	2,948
31	AlbertaEx, L.P.	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	150	150	0	932	0	932
32	Altop Energy Trading LLC	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	797	797	0	4,932	0	4,932
33	Altop Energy Trading LLC	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	49	49	0	0	0	0
34	Altop Energy Trading LLC	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	45	45	0	279	0	279
35	Altop Energy Trading LLC	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	1,030	1,030	0	6,396	0	6,396
36	Altop Energy Trading LLC	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	2,053	2,053	0	12,749	0	12,749
37	Avista Corporation	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	281	281	0	1,742	0	1,742
38	Avista Corporation	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	COLSTRIP	0	394	394	0	2,447	0	2,447
39	Avista Corporation	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	480	480	0	2,981	0	2,981
40	Avista Corporation	NWMT	AVA	LFP	MONTANA OATT	CLEARWATER	AVAT.NWMT	100	218,400	218,400	1,345,242	0	0	1,345,242
41	Basin Electric Power Cooperative	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	31	31	0	193	0	193
42	Basin Electric Power Cooperative	BPAT	PPW	SFP	MONTANA OATT	BPAT.NWMT	YTP	0	1,200	1,200	0	7,250	0	7,250
43	Basin Electric Power Cooperative	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	COLSTRIP	0	1	1	0	6	0	6
44	Basin Electric Power Cooperative	NWMT	PACE	NF	MONTANA OATT	KERR	YTP	0	1,262	1,262	0	7,622	0	7,622
45	Basin Electric Power Cooperative	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	2,704	2,704	0	16,332	0	16,332
46	Basin Electric Power Cooperative	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	50	50	0	311	0	311
47	Basin Electric Power Cooperative	WAPA	WAPA	LFP	MONTANA OATT	CROSSOVER	GREATFALLS	31	67,704	67,704	417,025	0	0	417,025
48	Black Hills Power Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	25	25	0	155	0	155
49	Bonneville Power Administration	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	566	566	0	3,464	0	3,464
50	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	106	106	0	658	0	658
51	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	19	19	0	118	0	118
52	Bonneville Power Administration	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	GREATFALLS	0	1,443	1,443	0	8,716	0	8,716
53	Brookfield Renewable Trading and Marketing LP	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	50	50	0	311	0	311
54	CP Energy Marketing (US) Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	8	8	0	48	0	48
55	CP Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	14,034	14,034	0	86,759	0	86,759
56	CP Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	389	389	0	2,411	0	2,411
57	CP Energy Marketing (US) Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	50	50	0	311	0	311
58	CP Energy Marketing (US) Inc.	NWMT	NWMT	NF	MONTANA OATT	MATL.NWMT	NWMT.SYSTEM	0	20	20	0	124	0	124
59	CP Energy Marketing (US) Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	53	53	0	321	0	321
60	Cycle Power Partners, LLC	NWMT	PACE	NF	MONTANA OATT	HORSESHOE	BRDY	0	175	175	0	1,087	0	1,087
61	Cycle Power Partners, LLC	NWMT	PACE	NF	MONTANA OATT	HORSESHOE	JEFF	0	2,796	2,796	0	17,363	0	17,363
62	Dynasty Power Inc.	AVA	WAPA	NF	MONTANA OATT	AVAT.NWMT	CROSSOVER	0	25	25	0	155	0	155
63	Dynasty Power Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	5,956	5,956	0	36,874	0	36,874
64	Dynasty Power Inc.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	36	36	0	224	0	224
65	Dynasty Power Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	4,599	4,599	0	28,267	0	28,267
66	Dynasty Power Inc.	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	4,416	4,416	0	27,416	0	27,416
67	Dynasty Power Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	400	400	0	2,416	0	2,416
68	Dynasty Power Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	50	50	0	302	0	302
69	Dynasty Power Inc.	PACE	NWMT	NF	MONTANA OATT	YTP	MATL.NWMT	0	340	340	0	2,100	0	2,100
70	Dynasty Power Inc.	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	35	35	0	217	0	217
71	Dynasty Power Inc.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	821	821	0	5,039	0	5,039
72	Dynasty Power Inc.	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	1,896	1,896	0	11,631	0	11,631
73	Dynasty Power Inc.	WAPA	AVA	NF	MONTANA OATT	CROSSOVER	AVAT.NWMT	0	150	150	0	932	0	932
74	Dynasty Power Inc.	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	1,293	1,293	0	7,988	0	7,988
75	Dynasty Power Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	JEFF	0	24	24	0	149	0	149
76	Dynasty Power Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	2,966	2,966	0	18,040	0	18,040
77	Dynasty Power Inc.	WAUW	NWMT	NF	MONTANA OATT	CROSSOVER	MATL.NWMT	0	13	13	0	81	0	81
78	EDF Trading North America, LLC	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	273	273	0	1,695	0	1,695
79	EDF Trading North America, LLC	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	COLSTRIP	0	130	130	0	807	0	807
80	EDF Trading North America, LLC	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	GTFALLSNWMT	0	4	4	0	25	0	25
81	EDF Trading North America, LLC	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	115	115	0	714	0	714
82	EDF Trading North America, LLC	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	JEFF	0	20	20	0	124	0	124
83	EDF Trading North America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	COLSTRIP	0	248	248	0	1,540	0	1,540
84	EDF Trading North America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	GTFALLSNWMT	0	4	4	0	25	0	25
85	EDF Trading North America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	425	425	0	2,639	0	2,639
86	EDF Trading North America, LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	JEFF	0	50	50	0	311	0	311
87	EDF Trading North America, LLC	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	274	274	0	1,702	0	1,702
88	EDF Trading North America, LLC	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	3,764	3,764	0	23,031	0	23,031
89	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	COLSTRIP	0	2,923	2,923	0	17,952	0	17,952
90	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	51	51	0	317	0	317
91	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	NWMT.SYSTEM	0	26	26	0	160	0	160
92	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	TFALLS	COLSTRIP	0	230	230	0	1,428	0	1,428
93	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	560	560	0	3,478	0	3,478
94	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	46	46	0	286	0	286
95	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	233	233	0	1,447	0	1,447
96	EDF Trading North America, LLC	NWMT	WAPA	NF	MONTANA OATT	COLSTRIP	CROSSOVER	0	346	346	0	2,149	0	2,149
97	EDF Trading North America, LLC	PACE	NWMT	NF	MONTANA OATT	YTP	COLSTRIP	0	12	12	0	75	0	75
98	Energy Keepers Inc.	NWMT	BPAT	LFP	MONTANA OATT	KERR	BPAT.NWMT	40	87,360	87,360	538,097	0	0	538,097
99	Energy Keepers Inc.	NWMT	BPAT	SFP	MONTANA OATT	KERR	KERR.MVP	0	8,732	8,732	0	53,812	0	53,812
100	Energy Keepers Inc.	NWMT	PACE	LFP	MONTANA OATT	KERR	ANTE	17	36,625	36,625	226,438	0	0	226,438
101	Energy Keepers Inc.	NWMT	PACE	LFP	MONTANA OATT	KERR	BRDY	50	109,150	109,150	672,621	0	0	672,621
102	Energy Keepers Inc.	NWMT	PACE	NF	MONTANA OATT	KERR	BRDY	0	192	192	0	1,187	0	1,187
103	Guzman Energy, LLC	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	YTP	0	991	991	0	5,986	0	5,986
104	Guzman Energy, LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	1,672	1,672	0	10,282	0	10,282
105	Guzman Energy, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	253	253	0	1,571	0	1,571
106	Guzman Energy, LLC	PPW	AVA	LFP	MONTANA OATT	YTP	AVAT.NWMT	8	17,472	17,472	107,619	0	0	107,619
107	Guzman Energy, LLC	PPW	AVA	NF	MONTANA OATT	YTP	AVAT.NWMT	0	183	183	0	1,136	0	1,136
108	Guzman Energy, LLC	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	25	25	0	155	0	155
109	Guzman Energy, LLC	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	2,046	2,046	0	12,392	0	12,392
110	Heartland Generation Ltd	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	GTFALLSNWMT	0	98	98	0	609	0	609
111	Heartland Generation Ltd	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	697	697	0	4,328	0	4,328
112	Heartland Generation Ltd	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	250	250	0	1,553	0	1,553
113	Idaho Power Company	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	MLCK	0	240	240	0	1,490	0	1,490
114	Idaho Power Company	PACE	NWMT	SFP	MONTANA OATT	JEFF	MLCK	0	2,160	2,160	0	13,410	0	13,410
115	Idaho Power Company	PPW	IPCO	SFP	MONTANA OATT	JEFF	TNDY	0	288	288	0	1,788	0	1,788
116	Macquarie Energy, LLC	NWMT	AVA	NF	MONTANA OATT	BGI	AVAT.NWMT	0	400	400	0	2,484	0	2,484
117	Macquarie Energy, LLC	NWMT	AVA	NF	MONTANA OATT	TFALLS	AVAT.NWMT	0	1,907	1,907	0	11,548	0	11,548
118	Macquarie Energy, LLC	NWMT	AVA	SFP	MONTANA OATT	BGI	AVAT.NWMT	0	1,200	1,200	0	7,450	0	7,450
119	Macquarie Energy, LLC	NWMT	AVA	SFP	MONTANA OATT	TFALLS	AVAT.NWMT	0	600	600	0	3,725	0	3,725
120	Macquarie Energy, LLC	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	201	201	0	1,214	0	1,214
121	Macquarie Energy, LLC	NWMT	BPAT	NF	MONTANA OATT	TFALLS	BPAT.NWMT	0	3,861	3,861	0	23,737	0	23,737
122	Macquarie Energy, LLC	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	YTP	0	75	75	0	453	0	453
123	Macquarie Energy, LLC	NWMT	PPW	SFP	MONTANA OATT	COLSTRIP	JEFF	0	1,200	1,200	0	7,250	0	7,250
124	MAG Energy Solutions	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	4,499	4,499	0	27,615	0	27,615
125	MAG Energy Solutions	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	1	1	0	6	0	6
126	MAG Energy Solutions	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	1,282	1,282	0	7,961	0	7,961
127	MAG Energy Solutions	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	1,104	1,104	0	6,854	0	6,854
128	MFT Energy US Power LLC	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,712	2,712	0	16,827	0	16,827
129	MFT Energy US Power LLC	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	405	405	0	2,446	0	2,446
130	MFT Energy US Power LLC	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	272	272	0	1,645	0	1,645
131	MFT Energy US Power LLC	PPW	WAPA	NF	MONTANA OATT	BRDY	CROSSOVER	0	2,591	2,591	0	15,651	0	15,651
132	MFT Energy US Power LLC	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	40	40	0	248	0	248
133	Morgan Stanley Capital Group, Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	7,435	7,435	0	45,743	0	45,743
134	Morgan Stanley Capital Group, Inc.	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND1	0	1,399	1,399	0	8,619	0	8,619
135	Morgan Stanley Capital Group, Inc.	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND2	0	644	644	0	3,999	0	3,999
136	Morgan Stanley Capital Group, Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	81,274	81,274	0	505,457	0	505,457
137	Morgan Stanley Capital Group, Inc.	BPAT	NWMT	SFP	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	552	552	0	3,427	0	3,427
138	Morgan Stanley Capital Group, Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	20	20	0	124	0	124
139	Morgan Stanley Capital Group, Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	GREATFALLS	0	24	24	0	145	0	145
140	Morgan Stanley Capital Group, Inc.	GWA	AVA	NF	MONTANA OATT	GLWND1	AVAT.NWMT	0	26,277	26,277	0	162,655	0	162,655
141	Morgan Stanley Capital Group, Inc.	GWA	AVA	NF	MONTANA OATT	GLWND2	AVAT.NWMT	0	12,769	12,769	0	79,089	0	79,089
142	Morgan Stanley Capital Group, Inc.	GWA	AVA	SFP	MONTANA OATT	GLWND1	AVAT.NWMT	0	360	360	0	2,235	0	2,235
143	Morgan Stanley Capital Group, Inc.	GWA	AVA	SFP	MONTANA OATT	GLWND2	AVAT.NWMT	0	240	240	0	1,490	0	1,490
144	Morgan Stanley Capital Group, Inc.	GWA	BPAT	NF	MONTANA OATT	GLWND1	BPAT.NWMT	0	52,423	52,423	0	322,712	0	322,712
145	Morgan Stanley Capital Group, Inc.	GWA	BPAT	NF	MONTANA OATT	GLWND2	BPAT.NWMT	0	31,667	31,667	0	194,970	0	194,970
146	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND1	MATL.NWMT	0	6,122	6,122	0	37,752	0	37,752
147	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND2	MATL.NWMT	0	1,553	1,553	0	9,580	0	9,580
148	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND2	NWMT.SYSTEM	0	13,104	13,104	0	80,718	0	80,718
149	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND1	BRDY	0	10,664	10,664	0	65,675	0	65,675
150	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND1	JEFF	0	497	497	0	3,058	0	3,058
151	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND2	BRDY	0	1,756	1,756	0	10,858	0	10,858
152	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND2	JEFF	0	908	908	0	5,634	0	5,634
153	Morgan Stanley Capital Group, Inc.	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	52,363	52,363	0	324,147	0	324,147
154	Morgan Stanley Capital Group, Inc.	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	1	1	0	6	0	6
155	Morgan Stanley Capital Group, Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	83,887	83,887	0	516,222	0	516,222
156	Morgan Stanley Capital Group, Inc.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND1	0	2,921	2,921	0	18,069	0	18,069
157	Morgan Stanley Capital Group, Inc.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND2	0	689	689	0	4,261	0	4,261
158	Morgan Stanley Capital Group, Inc.	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	100	100	0	604	0	604
159	Morgan Stanley Capital Group, Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	3,817	3,817	0	23,703	0	23,703
160	Morgan Stanley Capital Group, Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	JEFF	0	527	527	0	3,260	0	3,260
161	Morgan Stanley Capital Group, Inc.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	1,150	1,150	0	6,972	0	6,972
162	Morgan Stanley Capital Group, Inc.	WAPA	AVA	NF	MONTANA OATT	GREATFALLS	AVAT.NWMT	0	1,828	1,828	0	11,351	0	11,351
163	Morgan Stanley Capital Group, Inc.	WAPA	BPAT	NF	MONTANA OATT	GREATFALLS	BPAT.NWMT	0	2,227	2,227	0	13,502	0	13,502
164	Morgan Stanley Capital Group, Inc.	WAPA	PPW	NF	MONTANA OATT	GREATFALLS	BRDY	0	35	35	0	217	0	217
165	Morgan Stanley Capital Group, Inc.	WAPA	PPW	NF	MONTANA OATT	GREATFALLS	JEFF	0	356	356	0	2,211	0	2,211
166	Morgan Stanley Capital Group, Inc.	WAUW	NWMT	NF	MONTANA OATT	GREATFALLS	MATL.NWMT	0	7,174	7,174	0	44,227	0	44,227
167	Naturener Power Watch, LLC	GWA	GWA	SFP	MONTANA OATT	GLWND1	GLWND2	0	10,920	10,920	0	67,265	0	67,265
168	PacifiCorp	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	COLSTRIP	0	89	89	0	553	0	553
169	PacifiCorp	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	JEFF	0	104	104	0	646	0	646
170	PacifiCorp	NWMT	BPAT	NF	MONTANA OATT	NWMTIMBALANC	BPAT.NWMT	0	30	30	0	181	0	181
171	PacifiCorp	PACE	NWMT	NF	MONTANA OATT	YTP	COLSTRIP	0	46	46	0	286	0	286
172	PacifiCorp	PPW	NWMT	NF	MONTANA OATT	MLCK	JEFF	0	3,822	3,822	0	23,729	0	23,729
173	Phillips 66 Energy Trading, LLC	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	JEFF	0	80	80	0	483	0	483
174	Phillips 66 Energy Trading, LLC	AVA	PPW	SFP	MONTANA OATT	AVAT.NWMT	JEFF	0	528	528	0	3,190	0	3,190
175	Phillips 66 Energy Trading, LLC	NWMT	AVA	SFP	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	43,680	43,680	0	269,060	0	269,060
176	Phillips 66 Energy Trading, LLC	NWMT	PACE	SFP	MONTANA OATT	MATL.NWMT	JEFF	0	21,830	21,830	0	134,530	0	134,530
177	Phillips 66 Energy Trading, LLC	PPW	AVA	LFP	MONTANA OATT	BRDY	AVAT.NWMT	34	74,222	74,222	457,382	0	0	457,382
178	Phillips 66 Energy Trading, LLC	PPW	AVA	SFP	MONTANA OATT	BRDY	AVAT.NWMT	0	59	59	0	0	0	0
179	Portland General Electric Company	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	COLSTRIP	0	541	541	0	3,360	0	3,360
180	Portland General Electric Company	NWMT	BPAT	LFP	MONTANA OATT	CLEARWATER	BPAT.NWMT	300	655,200	655,200	4,035,725	0	0	4,035,725
181	Portland General Electric Company	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	1,280	1,280	0	7,770	0	7,770
182	Portland General Electric Company	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	50	50	0	311	0	311
183	Powerex Corporation	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	YTP	0	28	28	0	169	0	169
184	Powerex Corporation	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	457	457	0	2,838	0	2,838
185	Powerex Corporation	BPAT	PPW	LFP	MONTANA OATT	BPAT.NWMT	BRDY	59	129,409	129,409	795,946	0	0	795,946
186	Powerex Corporation	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	8,772	8,772	0	53,348	0	53,348
187	Powerex Corporation	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	241	241	0	1,490	0	1,490
188	Powerex Corporation	PPW	AVA	NF	MONTANA OATT	JEFF	AVAT.NWMT	0	303	303	0	1,882	0	1,882
189	Powerex Corporation	PPW	AVA	NF	MONTANA OATT	MLCK	AVAT.NWMT	0	445	445	0	2,763	0	2,763
190	Powerex Corporation	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	430	430	0	2,670	0	2,670
191	Powerex Corporation	PPW	WAPA	NF	MONTANA OATT	BRDY	CROSSOVER	0	52	52	0	323	0	323
192	Powerex Corporation	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	3	3	0	19	0	19
193	Powerex Corporation	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	429	429	0	2,649	0	2,649
194	Public Service Company of Colorado	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	96	96	0	596	0	596
195	Puget Sound Energy Marketing	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	COLSTRIP	0	63	63	0	391	0	391
196	Puget Sound Energy Marketing	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	COLSTRIP	0	303	303	0	1,882	0	1,882
197	Puget Sound Energy Marketing	NWMT	NWMT	SFP	MONTANA OATT	BEAVERCREEK	COLSTRIP	0	541,384	541,384	0	3,336,406	0	3,336,406
198	Rainbow Electric Marketing Corp.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	128	128	0	773	0	773
199	Rainbow Electric Marketing Corp.	BPAT	PPW	SFP	MONTANA OATT	BPAT.NWMT	JEFF	0	600	600	0	3,725	0	3,725
200	Rainbow Electric Marketing Corp.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,949	2,949	0	18,255	0	18,255
201	Rainbow Electric Marketing Corp.	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	82	82	0	509	0	509
202	Rainbow Electric Marketing Corp.	NWMT	WAPA	NF	MONTANA OATT	COLSTRIP	CROSSOVER	0	18	18	0	112	0	112
203	Rainbow Electric Marketing Corp.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	320	320	0	1,933	0	1,933
204	Rainbow Electric Marketing Corp.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	7,815	7,815	0	48,488	0	48,488
205	Rainbow Electric Marketing Corp.	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	3,240	3,240	0	20,115	0	20,115
206	Rainbow Electric Marketing Corp.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	379	379	0	2,347	0	2,347
207	Shell Energy North America	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	56	56	0	338	0	338
208	Shell Energy North America	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	276	276	0	1,688	0	1,688
209	Shell Energy North America	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	6	6	0	37	0	37
210	Shell Energy North America	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	1,132	1,132	0	6,941	0	6,941
211	Shell Energy North America	NWMT	AVA	NF	MONTANA OATT	HOLTER	AVAT.NWMT	0	415	415	0	2,577	0	2,577
212	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	193	193	0	1,166	0	1,166
213	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	HOLTER	BPAT.NWMT	0	1,051	1,051	0	6,464	0	6,464
214	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	90	90	0	557	0	557
215	Shell Energy North America	NWMT	PACE	NF	MONTANA OATT	HOLTER	BRDY	0	283	283	0	1,757	0	1,757
216	Shell Energy North America	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	28	28	0	169	0	169
217	Shell Energy North America	WAPA	NWMT	NF	MONTANA OATT	CROSSOVER	NWMT.SYSTEM	0	28	28	0	171	0	171
218	TEC Energy Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	5	5	0	30	0	30
219	TEC Energy Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	9	9	0	54	0	54
220	TEC Energy Inc.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	355	355	0	2,204	0	2,204
221	Tenaska Power Services Co.	NWMT	NWMT	SFP	MONTANA OATT	HARDIN	NWMT.SYSTEM	0	889	889	0	5,574	0	5,574
222	Tenaska Power Services Co.	NWMT	PPW	NF	MONTANA OATT	HARDIN	BRDY	0	4,541	4,541	0	28,162	0	28,162
223	The Energy Authority	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	165	165	0	997	0	997
224	The Energy Authority	AVA	BPAT	NF	MONTANA OATT	AVAT.NWMT	BPAT.NWMT	0	37	37	0	230	0	230
225	The Energy Authority	AVA	WAPA	NF	MONTANA OATT	AVAT.NWMT	CROSSOVER	0	156	156	0	969	0	969
226	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	25	25	0	155	0	155
227	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	JEFF	0	225	225	0	1,377	0	1,377
228	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	370	370	0	2,282	0	2,282
229	The Energy Authority	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	4,921	4,921	0	30,221	0	30,221
230	The Energy Authority	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	275	275	0	1,661	0	1,661
231	The Energy Authority	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	376	376	0	2,271	0	2,271
232	The Energy Authority	NWMT	BPAT	NF	MONTANA OATT	NWMTIMBALANC	BPAT.NWMT	0	13	13	0	79	0	79
233	The Energy Authority	NWMT	WAPA	NF	MONTANA OATT	COLSTRIP	CROSSOVER	0	104	104	0	628	0	628
234	The Energy Authority	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	149	149	0	925	0	925
235	The Energy Authority	PPW	PPW	NF	MONTANA OATT	YTP	JEFF	0	50	50	0	311	0	311
236	The Energy Authority	PPW	WAPA	NF	MONTANA OATT	BRDY	CROSSOVER	0	5	5	0	30	0	30
237	The Energy Authority	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	1,895	1,895	0	11,728	0	11,728
238	The Energy Authority	WAPA	AVA	NF	MONTANA OATT	CROSSOVER	AVAT.NWMT	0	384	384	0	2,385	0	2,385
239	The Energy Authority	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	1,824	1,824	0	11,313	0	11,313
240	The Energy Authority	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	JEFF	0	1,859	1,859	0	11,472	0	11,472
241	The Energy Authority	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	5,487	5,487	0	33,674	0	33,674
242	Transalta Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	GTFALLSNWMT	0	160	160	0	994	0	994
243	Transalta Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	288	288	0	1,788	0	1,788
244	Transalta Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	875	875	0	5,434	0	5,434
245	Transalta Energy Marketing (US) Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,220	2,220	0	13,639	0	13,639
246	Transalta Energy Marketing (US) Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	GREATFALLS	0	20	20	0	124	0	124
247	Transalta Energy Marketing (US) Inc.	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	1,680	1,680	0	10,150	0	10,150
248	Transalta Energy Marketing (US) Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	4,097	4,097	0	24,870	0	24,870
249	Transalta Energy Marketing (US) Inc.	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	160	160	0	994	0	994
250	Transalta Energy Marketing (US) Inc.	NWMT	NWMT	NF	MONTANA OATT	MATL.NWMT	GTFALLSNWMT	0	20	20	0	124	0	124
251	Transalta Energy Marketing (US) Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	490	490	0	3,043	0	3,043
252	Transalta Energy Marketing (US) Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	JEFF	0	240	240	0	1,490	0	1,490
253	Transalta Energy Marketing (US) Inc.	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	45	45	0	279	0	279
254	Transalta Energy Marketing (US) Inc.	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	243	243	0	1,509	0	1,509
255	Western Area Power Administration	NWMT	NWMT	NF	MONTANA OATT	CANYONFERRY	NWMT.SYSTEM	0	16	16	0	99	0	99
256	Western Area Power Administration	NWMT	NWMT	SFP	MONTANA OATT	CANYONFERRY	NWMT.SYSTEM	0	2,662	2,662	0	16,389	0	16,389
257	Western Area Power Administration	NWMT	WAPA	NF	MONTANA OATT	CANYONFERRY	CROSSOVER	0	6	6	0	37	0	37
258	Western Area Power Administration	NWMT	WAPA	SFP	MONTANA OATT	CANYONFERRY	CROSSOVER	0	86,687	86,687	0	533,993	0	533,993
259	Western Area Power Administration	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	528	528	0	3,279	0	3,279
260	Western Area Power Administration	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	109,595	109,595	0	674,618	0	674,618
261	Western Area Power Administration	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	5,855	5,855	0	36,275	0	36,275
262	Western Area Power Administration	WAPA	PPW	SFP	MONTANA OATT	CROSSOVER	YTP	0	87,465	87,465	0	537,450	0	537,450
263	Western Area Power Administration	WAPA	WAPA	LFP	MONTANA OATT	CROSSOVER	GREATFALLS	10	21,840	21,840	134,524	0	0	134,524
264	Western Area Power Administration	WAPA	WAPA	LFP	MONTANA OATT	GREATFALLS	CROSSOVER	20	43,680	43,680	269,048	0	0	269,048
265	Western Area Power Administration	WAUW	NWMT	SFP	MONTANA OATT	GREATFALLS	GTFALLSNWMT	0	4,368	4,368	0	26,906	0	26,906
266													0	0
267	Rounding							0	0	0	0	1	0	1
35	TOTAL							1,628	4,103,964	4,103,964	17,663,868	9,234,403	0	26,898,271

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	6,225	6,225	12,600	0	0	12,600
2	Bonneville Power Administration	OLF	0	0	0	0	921,347	921,347
3	Southwest Power Pool	FNS	23,386	23,386	426,341	0	0	426,341
4	Talen Montana	OLF	0	0	0	22,718	0	22,718
5	Supply							0
6	Avista	NF	1,425	1,425	0	11,824	0	11,824
7	Bonneville Power Administration	NF	110,073	110,073	0	296,365	0	296,365
8	Idaho Power Company	NF	937	937	0	4,979	0	4,979
9	Snohomish County PUD	NF	682	682	0	1,194	0	1,194
10	Seattle City Light	NF	1,208	1,208	0	2,114	0	2,114
11	Rounding				0			0
	TOTAL		143,936	143,936	438,941	339,194	921,347	1,699,482

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			187,806		187,806
2	Steam Production Plant	2,364,676		0		2,364,676
3	Nuclear Production Plant	0		0		0
4	Hydraulic Production Plant-Conventional	6,190,135		109,832		6,299,967
5	Hydraulic Production Plant-Pumped Storage	0		0		0
5.1	Solar Production Plant	382,980		0		382,980
5.2	Wind Production Plant	2,398,795		1,019		2,399,814
5.3	Other Renewable Production Plant					0
6	Other Production Plant	7,578,829		5,159		7,583,988
7	Transmission Plant	16,104,023		1,168,577		17,272,600
8	Distribution Plant	31,833,004		677,006		32,510,010
9	General Plant	2,283,664		27,050		2,310,714
9.1	Energy Storage Plant	305,915		0		305,915
10	Common Plant-Electric	1,935,712		2,788,034		4,723,746
11	TOTAL	71,377,733	0	4,964,483	0	76,342,216

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	2,590	20	19
2	February	683,130	66,944	2,680	12	9
3	March	751,994	48,148	2,244	3	19
4	Total for Quarter 1	2,199,050	212,550
5	April	627,225	73,024	2,208	4	9
6	May	642,562	83,079	2,299	31	19
7	June	606,945	118,782	2,477	30	19
8	Total for Quarter 2	1,876,732	274,885
9	July
10	August
11	September
12	Total for Quarter 3
41	Total	8,151,564	974,870




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 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	1,956	20	19	1,018	699	634	0	1,516	0
2	February	2,046	12	9	1,031	731	634	0	1,204	0
3	March	1,602	3	19	1,044	569	642	0	1,332	0
4	Total for Quarter 1				3,093	1,999	1,910	0	4,052	0
5	April	1,532	4	9	1,047	597	676	0	795	0
6	May	1,623	31	19	1,035	589	676	0	794	0
7	June	1,801	30	19	1,042	619	676	0	688	0
8	Total for Quarter 2				3,124	1,805	2,028	0	2,277	0
9	July
10	August
11	September
12	Total for Quarter 3
13	October
14	November
15	December
16	Total for Quarter 4
17	Total				6,217	3,804	3,938	0	6,329	0

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