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

GENERAL INFORMATION

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

What and Where to Submit

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

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

The CPA Certification Statement should:

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

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

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

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

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

GENERAL INSTRUCTIONS

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

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

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

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

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

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

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

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

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

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

DEFINITIONS

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

EXCERPTS FROM THE LAW

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

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

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

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

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

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

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

"Sec. 304.

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

"Sec. 309.

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

GENERAL PENALTIES

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

FERC FORM NO.

1/3-Q

REPORT OF MAJOR ELECTRIC UTILITIES, LICENSEES AND OTHER

Identification

01 Exact Legal Name of Respondent

NorthWestern Corporation

02 Year/ Period of Report

End of:

2025

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

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

3010 West 69th Street, Sioux Falls, SD 57108

05 Name of Contact Person

Evan VerWey

06 Title of Contact Person

Manager of Financial Reporting

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

3010 West 69th Street, Sioux Falls, SD 57108

08 Telephone of Contact Person, Including Area Code

605-978-2906

09 This Report is An Original / A Resubmission

(1)

☑ An Original

(2)

☐ A Resubmission

10 Date of Report (Mo, Da, Yr)

09/30/2025

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)

11/05/2025

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:

09/30/2025

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:

09/30/2025

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.) Refer to Note 3 - Acquisition of Energy West Operations and Note 4 - Regulatory Matters.
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:

09/30/2025

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	7,318,946,680	7,136,721,129
3	ConstructionWorkInProgress Construction Work in Progress (107)	200	252,329,301	125,080,799
4	UtilityPlantAndConstructionWorkInProgress TOTAL Utility Plant (Enter Total of lines 2 and 3)		7,571,275,981	7,261,801,927
5	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility (Less) Accum. Prov. for Depr. Amort. Depl. (108, 110, 111, 115)	200	2,582,156,408	2,449,906,491
6	UtilityPlantNet Net Utility Plant (Enter Total of line 4 less 5)		4,989,119,573	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)		4,989,119,573	4,811,895,437
15	OtherElectricPlantAdjustments Utility Plant Adjustments (116)		274,150,028	263,806,234
16	GasStoredUndergroundNoncurrent Gas Stored Underground - Noncurrent (117)		38,198,798	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	43,548,566	16,896,016
23	NoncurrentPortionOfAllowances Noncurrent Portion of Allowances and Environmental Credits	228
24	OtherInvestments Other Investments (124)		14,181,564	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)		58,348,893	31,650,599
33	CurrentAndAccruedAssetsAbstract CURRENT AND ACCRUED ASSETS
34	CashAndWorkingFunds Cash and Working Funds (Non-major Only) (130)
35	Cash Cash (131)		759,681	888,205
36	SpecialDeposits Special Deposits (132-134)		13,044,675	13,894,365
37	WorkingFunds Working Fund (135)		16,200	17,500
38	TemporaryCashInvestments Temporary Cash Investments (136)
39	NotesReceivable Notes Receivable (141)
40	CustomerAccountsReceivable Customer Accounts Receivable (142)		66,360,336	66,518,761
41	OtherAccountsReceivable Other Accounts Receivable (143)		12,015,785	12,617,308
42	AccumulatedProvisionForUncollectibleAccountsCredit (Less) Accum. Prov. for Uncollectible Acct.-Credit (144)		2,155,644	2,160,945
43	NotesReceivableFromAssociatedCompanies Notes Receivable from Associated Companies (145)
44	AccountsReceivableFromAssociatedCompanies Accounts Receivable from Assoc. Companies (146)		8,976,866	4,946,575
45	FuelStock Fuel Stock (151)	227	2,155,775	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	84,833,199	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	76,080
55	GasStoredCurrent Gas Stored Underground - Current (164.1)		9,261,501	6,743,589
56	LiquefiedNaturalGasStoredAndHeldForProcessing Liquefied Natural Gas Stored and Held for Processing (164.2-164.3)
57	Prepayments Prepayments (165)		24,748,743	18,978,349
58	AdvancesForGas Advances for Gas (166-167)
59	InterestAndDividendsReceivable Interest and Dividends Receivable (171)
60	RentsReceivable Rents Receivable (172)		416,337	64,160
61	AccruedUtilityRevenues Accrued Utility Revenues (173)		53,931,982	74,104,042
62	MiscellaneousCurrentAndAccruedAssets Miscellaneous Current and Accrued Assets (174)		1,173,079	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)		275,462,435	279,666,769
68	DeferredDebitsAbstract DEFERRED DEBITS
69	UnamortizedDebtExpense Unamortized Debt Expenses (181)		11,501,753	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	707,941,062	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)		103,235
77	TemporaryFacilities Temporary Facilities (185)
78	MiscellaneousDeferredDebits Miscellaneous Deferred Debits (186)	233	698,517	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)		16,061,130	16,960,804
82	AccumulatedDeferredIncomeTaxes Accumulated Deferred Income Taxes (190)	234	187,957,600	194,013,891
83	UnrecoveredPurchasedGasCosts Unrecovered Purchased Gas Costs (191)		52,515	253,352
84	DeferredDebits Total Deferred Debits (lines 69 through 83)		924,109,342	898,404,029
85	AssetsAndOtherDebits TOTAL ASSETS (lines 14-16, 32, 67, and 84)		6,559,389,069	6,323,615,613

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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	2,050,048,026	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	375,156,854	351,876,746
12	UnappropriatedUndistributedSubsidiaryEarnings Unappropriated Undistributed Subsidiary Earnings (216.1)	118	4,951,274	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)	5,040,654	5,383,393
16	ProprietaryCapital Total Proprietary Capital (lines 2 through 15)		2,415,212,953	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	345,000,000	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)		2,583,660,000	2,416,660,000
25	OtherNoncurrentLiabilitiesAbstract OTHER NONCURRENT LIABILITIES
26	ObligationsUnderCapitalLeaseNoncurrent Obligations Under Capital Leases - Noncurrent (227)		918,543	2,292,287
27	AccumulatedProvisionForPropertyInsurance Accumulated Provision for Property Insurance (228.1)
28	AccumulatedProvisionForInjuriesAndDamages Accumulated Provision for Injuries and Damages (228.2)		6,496,428	5,427,889
29	AccumulatedProvisionForPensionsAndBenefits Accumulated Provision for Pensions and Benefits (228.3)		4,655,546	4,015,920
30	AccumulatedMiscellaneousOperatingProvisions Accumulated Miscellaneous Operating Provisions (228.4)		23,038,772	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)		32,713,234	33,987,819
35	OtherNoncurrentLiabilities Total Other Noncurrent Liabilities (lines 26 through 34)		58,511,431	68,464,519
36	CurrentAndAccruedLiabilitiesAbstract CURRENT AND ACCRUED LIABILITIES
37	NotesPayable Notes Payable (231)
38	AccountsPayable Accounts Payable (232)		81,359,236	90,053,114
39	NotesPayableToAssociatedCompanies Notes Payable to Associated Companies (233)
40	AccountsPayableToAssociatedCompanies Accounts Payable to Associated Companies (234)		4,794,151	2,928,190
41	CustomerDeposits Customer Deposits (235)		17,753,586	17,640,442
42	TaxesAccrued Taxes Accrued (236)	262	128,943,179	76,961,039
43	InterestAccrued Interest Accrued (237)		23,157,247	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)		218,707	298,173
48	MiscellaneousCurrentAndAccruedLiabilities Miscellaneous Current and Accrued Liabilities (242)		50,381,653	57,584,644
49	ObligationsUnderCapitalLeasesCurrent Obligations Under Capital Leases-Current (243)		3,266,347	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)		309,874,106	273,947,011
55	DeferredCreditsAbstract DEFERRED CREDITS
56	CustomerAdvancesForConstruction Customer Advances for Construction (252)		136,224,214	123,249,058
57	AccumulatedDeferredInvestmentTaxCredits Accumulated Deferred Investment Tax Credits (255)	266	2,144,148	2,229,208
58	DeferredGainsFromDispositionOfUtilityPlant Deferred Gains from Disposition of Utility Plant (256)
59	OtherDeferredCredits Other Deferred Credits (253)	269	62,985,167	93,579,661
60	OtherRegulatoryLiabilities Other Regulatory Liabilities (254)	278	115,958,145	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)		630,145,591	601,179,098
64	AccumulatedDeferredIncomeTaxesOther Accum. Deferred Income Taxes-Other (283)		244,673,314	235,893,283
65	DeferredCredits Total Deferred Credits (lines 56 through 64)		1,192,130,579	1,175,852,154
66	LiabilitiesAndOtherCredits TOTAL LIABILITIES AND STOCKHOLDER EQUITY (lines 16, 24, 35, 54 and 65)		6,559,389,069	6,323,615,613

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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	943,850,279	926,725,830	318,321,089	292,548,117	787,762,669	781,950,375	155,413,741	143,968,333	673,869	807,122
3	OperatingExpensesAbstract Operating Expenses
4	OperationExpense Operation Expenses (401)	320	385,546,442	463,233,718	138,110,354	147,634,539	317,740,204	386,646,900	67,227,401	75,916,103	578,837	670,715
5	MaintenanceExpense Maintenance Expenses (402)	320	54,131,979	36,657,324	19,156,935	12,686,616	45,964,225	31,228,795	8,167,135	5,409,618	619	18,911
6	DepreciationExpense Depreciation Expense (403)	336	125,654,199	111,012,637	41,785,349	36,976,476	106,918,749	93,843,275	18,694,820	17,134,795	40,630	34,567
7	DepreciationExpenseForAssetRetirementCosts Depreciation Expense for Asset Retirement Costs (403.1)	336
8	AmortizationAndDepletionOfUtilityPlant Amort. & Depl. of Utility Plant (404-405)	336	12,507,795	11,832,261	4,121,114	3,934,395	7,446,725	6,583,599	5,061,070	5,248,662
9	AmortizationOfElectricPlantAcquisitionAdjustments Amort. of Utility Plant Acq. Adj. (406)	336	11,060,912	11,060,912	3,686,970	3,686,970	11,060,912	11,060,912	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)		28,058,164	31,187,515	5,553,995	13,830,064	18,575,871	22,484,941	9,482,293	8,702,574
13	RegulatoryCredits (Less) Regulatory Credits (407.4)		43,670,835	67,466,052	14,391,653	26,537,252	28,069,949	46,756,218	15,600,886	20,709,834
14	TaxesOtherThanIncomeTaxesUtilityOperatingIncome Taxes Other Than Income Taxes (408.1)	262	136,406,712	124,799,499	45,589,349	41,570,656	105,939,236	96,629,100	30,429,073	28,134,274	38,403	36,125
15	IncomeTaxesOperatingIncome Income Taxes - Federal (409.1)	262	272,196	1,516,890	604,290	29,949	794,289	1,924,978	1,058,021	397,237	8,464	10,851
16	IncomeTaxesUtilityOperatingIncomeOther Income Taxes - Other (409.1)	262	323,944	413,582	133,414	187,508	570,674	554,248	243,813	136,926	2,917	3,740
17	ProvisionsForDeferredIncomeTaxesUtilityOperatingIncome Provision for Deferred Income Taxes (410.1)	234, 272	88,947,556	239,344,291	31,777,762	177,702,532	72,137,261	181,573,539	16,817,573	57,786,889	7,278	16,137
18	ProvisionForDeferredIncomeTaxesCreditOperatingIncome (Less) Provision for Deferred Income Taxes-Cr. (411.1)	234, 272	66,127,491	224,782,973	26,204,103	178,721,779	47,608,568	160,527,160	18,518,923	64,255,813
19	InvestmentTaxCreditAdjustments Investment Tax Credit Adj. - Net (411.4)	266	85,060	81,110	27,649	20,649	85,060	81,110
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)		732,378,625	734,867,550	249,896,127	232,960,025	608,654,643	620,207,347	123,061,390	113,901,431	662,592	758,772
27	NetUtilityOperatingIncome Net Util Oper Inc (Enter Tot line 2 less 25)		211,471,654	191,858,280	68,424,962	59,588,092	179,108,026	161,743,028	32,352,351	30,066,902	11,277	48,350
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)		413,086	404,145	138,288	158,923
32	CostsAndExpensesOfMerchandisingJobbingAndContractWork (Less) Costs and Exp. of Merchandising, Job. & Contract Work (416)		321,292	324,618	102,889	90,532
33	RevenuesFromNonutilityOperations Revenues From Nonutility Operations (417)		101,268	23,463	134,387	8,160
34	ExpensesOfNonutilityOperations (Less) Expenses of Nonutility Operations (417.1)		21,004	153,568	3,388	40,802
35	NonoperatingRentalIncome Nonoperating Rental Income (418)
36	EquityInEarningsOfSubsidiaryCompanies Equity in Earnings of Subsidiary Companies (418.1)	119	2,150,156	1,035,898	1,398,393	66,667
37	InterestAndDividendIncome Interest and Dividend Income (419)		302,838	260	130,251	243
38	AllowanceForOtherFundsUsedDuringConstruction Allowance for Other Funds Used During Construction (419.1)		6,210,780	14,614,916	2,612,871	5,663,211
39	MiscellaneousNonoperatingIncome Miscellaneous Nonoperating Income (421)		999,052	1,320,216	1,076,211	1,416,025
40	GainOnDispositionOfProperty Gain on Disposition of Property (421.1)
41	OtherIncome TOTAL Other Income (Enter Total of lines 31 thru 40)		5,332,036	14,801,990	2,587,338	7,048,561
42	OtherIncomeDeductionsAbstract Other Income Deductions
43	LossOnDispositionOfProperty Loss on Disposition of Property (421.2)
44	MiscellaneousAmortization Miscellaneous Amortization (425)
45	Donations Donations (426.1)		363,882	562,764	93,874	100,940
46	LifeInsurance Life Insurance (426.2)
47	Penalties Penalties (426.3)		995,305	2,269,800	300
48	ExpendituresForCertainCivicPoliticalAndRelatedActivities Exp. for Certain Civic, Political & Related Activities (426.4)		434,707	150,174	134,706	19,326
49	OtherDeductions Other Deductions (426.5)		1,225,039	1,332,266	1,197,050	1,443,441
50	OtherIncomeDeductions TOTAL Other Income Deductions (Total of lines 43 thru 49)		3,018,933	224,596	1,425,930	1,563,707
51	TaxesApplicableToOtherIncomeAndDeductionsAbstract Taxes Applic. to Other Income and Deductions
52	TaxesOtherThanIncomeTaxesOtherIncomeAndDeductions Taxes Other Than Income Taxes (408.2)	262	2,142	2,079	714	693
53	IncomeTaxesFederal Income Taxes-Federal (409.2)	262	1,354,728	3,473,498	870,005	1,162,950
54	IncomeTaxesOther Income Taxes-Other (409.2)	262	559,494	993,339	300,231	401,823
55	ProvisionForDeferredIncomeTaxesOtherIncomeAndDeductions Provision for Deferred Inc. Taxes (410.2)	234, 272	2,204	2,047	647	622
56	ProvisionForDeferredIncomeTaxesCreditOtherIncomeAndDeductions (Less) Provision for Deferred Income Taxes-Cr. (411.2)	234, 272	773	671	166	124
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)		1,917,795	4,470,292	1,171,431	1,565,964
60	NetOtherIncomeAndDeductions Net Other Income and Deductions (Total of lines 41, 50, 59)		395,308	10,556,294	10,023	3,918,890
61	InterestChargesAbstract Interest Charges
62	InterestOnLongTermDebt Interest on Long-Term Debt (427)		85,903,283	76,416,246	30,419,890	26,632,758
63	AmortizationOfDebtDiscountAndExpense Amort. of Debt Disc. and Expense (428)		1,355,714	873,713	490,460	272,217
64	AmortizationOfLossOnReacquiredDebt Amortization of Loss on Reaquired Debt (428.1)		887,827	1,173,032	184,002	390,081
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)		2,659,623	3,078,892	761,676	1,015,622
69	AllowanceForBorrowedFundsUsedDuringConstructionCredit (Less) Allowance for Borrowed Funds Used During Construction-Cr. (432)		3,069,437	6,606,421	1,291,194	2,560,125
70	NetInterestCharges Net Interest Charges (Total of lines 62 thru 69)		87,737,010	74,935,462	30,564,834	25,750,553
71	IncomeBeforeExtraordinaryItems Income Before Extraordinary Items (Total of lines 27, 60 and 70)		124,129,952	127,479,112	37,850,105	37,756,429
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)		124,129,952	127,479,112	37,850,105	37,756,429

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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)		126,280,108	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)		375,156,854	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)		375,156,854	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:

09/30/2025

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)	124,129,952	127,479,112
3	NoncashChargesCreditsToIncomeAbstract Noncash Charges (Credits) to Income:
4	DepreciationAndDepletion Depreciation and Depletion	125,654,199	111,012,637
5	NoncashAdjustmentsToCashFlowsFromOperatingActivities Amortization of (Specify) (footnote details)
5.1	NoncashAdjustmentsToCashFlowsFromOperatingActivitiesDescription Amortization of	23,568,707	22,893,173
5.2	NoncashAdjustmentsToCashFlowsFromOperatingActivitiesDescription Other Non-cash charges to net income-net	(a) 7,593,667	6,761,403
8	DeferredIncomeTaxesNet Deferred Income Taxes (Net)	22,821,496	14,562,694
9	InvestmentTaxCreditAdjustmentsNet Investment Tax Credit Adjustment (Net)	85,060	81,110
10	NetIncreaseDecreaseInReceivablesOperatingActivities Net (Increase) Decrease in Receivables	3,275,644	20,016,796
11	NetIncreaseDecreaseInInventoryOperatingActivities Net (Increase) Decrease in Inventory	7,401,479	6,284,483
12	NetIncreaseDecreaseInAllowancesInventoryOperatingActivities Net (Increase) Decrease in Allowances and Environmental Credits Inventory
13	NetIncreaseDecreaseInPayablesAndAccruedExpensesOperatingActivities Net Increase (Decrease) in Payables and Accrued Expenses	36,454,867	46,689,587
14	NetIncreaseDecreaseInOtherRegulatoryAssetsOperatingActivities Net (Increase) Decrease in Other Regulatory Assets	10,149,196	2,758,639
15	NetIncreaseDecreaseInOtherRegulatoryLiabilitiesOperatingActivities Net Increase (Decrease) in Other Regulatory Liabilities	3,763,701	28,759,662
16	AllowanceForOtherFundsUsedDuringConstructionOperatingActivities (Less) Allowance for Other Funds Used During Construction	6,210,780	14,614,916
17	UndistributedEarningsFromSubsidiaryCompaniesOperatingActivities (Less) Undistributed Earnings from Subsidiary Companies	2,150,156	1,035,898
18	OtherAdjustmentsToCashFlowsFromOperatingActivities Other (provide details in footnote):
18.1	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Other	(b) 27,117,189	902,376
22	NetCashFlowFromOperatingActivities Net Cash Provided by (Used in) Operating Activities (Total of Lines 2 thru 21)	284,369,995	297,050,114
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)	307,760,287	369,318,494
27	GrossAdditionsToNuclearFuelInvestingActivities Gross Additions to Nuclear Fuel
28	GrossAdditionsToCommonUtilityPlantInvestingActivities Gross Additions to Common Utility Plant	5,392,673	8,410,247
29	GrossAdditionsToNonutilityPlantInvestingActivities Gross Additions to Nonutility Plant
30	AllowanceForOtherFundsUsedDuringConstructionInvestingActivities (Less) Allowance for Other Funds Used During Construction	6,210,780	14,614,916
31	OtherConstructionAndAcquisitionOfPlantInvestmentActivities Other (provide details in footnote):
34	CashOutflowsForPlant Cash Outflows for Plant (Total of lines 26 thru 33)	306,942,180	363,113,825
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	(c) 39,212,217
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)	346,154,397	363,113,825
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	3,195,112	792,992
76.2	DescriptionOfOtherRetirementsImpactingCashFlowsFromFinancingActivities Line of Credit (Repayments) Borrowings, Net	3,000,000	5,000,000
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	69,936,850
83	CashFlowsProvidedFromUsedInFinancingActivities Net Cash Provided by (Used in) Financing Activities (Total of lines 70 thru 81)	60,804,888	59,016,992
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)	979,514	7,046,719
88	CashAndCashEquivalents Cash and Cash Equivalents at Beginning of Period	(d) 14,800,070	23,620,368
90	CashAndCashEquivalents Cash and Cash Equivalents at End of Period	13,820,556	16,573,649

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: NoncashAdjustmentsToCashFlowsFromOperatingActivities

	9/30/2025	9/30/2024
Other Noncash Charges to Income, Net:
Amortization of debt issue costs, discount, and deferred hedge gain	2,429,481	2,430,460
Loss on disposition of assets	146,679	-
Other noncash (gains) losses	(9,706)	(27,752)
Stock based compensation costs	5,027,213	4,358,695
	7,593,667	6,761,403

(b) Concept: OtherAdjustmentsToCashFlowsFromOperatingActivities

	9/30/2025	9/30/2024
Other Assets and Liabilities, Net:
Net change - other current assets	(6,270,118)	(12,449,502)
Net change - accrued utility revenues	20,172,060	29,983,245
Net change - deferred debits	1,435	2,315,003
Net change - deferred credits	(31,888,918)	(11,876,944)
Net change - noncurrent liabilities	(9,131,648)	(8,874,178)
	(27,117,189)	(902,376)

Investments in and Advances to Associated and Subsidiary Companies include the acquisition of Energy West for $35,939,918, and a cash call of $3,272,299 made for Havre Pipeline Company, LLC.

(d) Concept: CashAndCashEquivalents

	9/30/2025	12/31/2024	9/30/2024	12/31/2023
Cash (131)	759,681	888,205	756,301	8,740,865
Working Funds (135)	16,200	17,500	17,300	22,850
Other Special Deposits (134)	13,044,675	13,894,365	15,800,048	14,856,653
Total	13,820,556	14,800,070	16,573,649	23,620,368

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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 683,000 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.

NorthWestern Energy Group, Inc. Pending Merger with Black Hills Corporation

On August 18, 2025, NorthWestern Energy Group, Inc. entered into a Merger Agreement with Black Hills and River Merger Sub Inc., a direct wholly owned subsidiary of Black Hills (Merger Sub). The Merger Agreement provides for an all-stock merger of equals between NorthWestern Energy Group, Inc. and Black Hills upon the terms and subject to the conditions set forth therein. The Merger Agreement provides for Merger Sub to merge with and into NorthWestern Energy Group, Inc. (Merger), with NorthWestern Energy Group, Inc. continuing as the surviving entity and a direct wholly owned subsidiary of Black Hills, which would assume a new corporate name as the resulting parent company of the combined corporate group. The completion of the Merger is subject to the satisfaction or waiver of certain conditions to closing. We anticipate the transaction closing in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions.

(2) Acquisition of Energy West Operations

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 MPSC approved this acquisition and on July 1, 2025, NW Corp completed this acquisition for approximately $35.9 million in cash, which is subject to certain post-closing working capital adjustments. Determination of the final purchase price is expected to be completed in the fourth quarter 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.

The assets acquired and liabilities assumed were measured at estimated fair value in accordance with the accounting guidance under the Business Combinations Topic in the Financial Accounting Standards Board Accounting Standards Codification. These assets and liabilities are subject to rate-setting provisions that provide for revenues derived from costs, including a return on investment of assets less liabilities included in rate base. As such, the fair values of these assets and liabilities equal their carrying values.

The excess of the purchase price over the fair value of the assets acquired and liabilities assumed has been reflected as $10.3 million of goodwill within the Gas segment. Goodwill resulting from the acquisition is largely attributable to efficiency opportunities. The goodwill recognized in connection with the acquisition will be deductible for income tax purposes.

(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 Adjustment 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 are set forth below:

Requested Revenue Increase (Decrease) through Settlement Agreements (in millions)
	Electric(1)	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	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	(95.7)	0.1
Total Requested Revenue Increase	$ 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. On June 20, 2025, we submitted the revised electric interim rates of $110.3 million 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. We have deferred base rate revenues collected between May 23, 2025, and July 1, 2025, down to our requested revised electric interim rates as shown within the above table. As of September 30, 2025, we have deferred approximately $3.5 million of base rate revenues collected.

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 were submitted in August 2025. Interim rates will remain in effect on a refundable basis, with interest, until the MPSC issues a final order. A final order is expected during the fourth quarter of 2025.

Colstrip Acquisitions and Requests for Cost Recovery

As previously disclosed, we entered into definitive agreements with Avista Corporation (Avista) and Puget Sound Energy (Puget) to acquire their respective interests in Colstrip Units 3 and 4 for $0. In the fourth quarter of 2025, we will assign our rights to acquire the Puget interests in Colstrip Units 3 and 4 (Puget Interests) to a subsidiary of NorthWestern Energy Group, Inc. While we expect our future opportunity to serve large load customers may be supported by the Puget Interests, the capacity is not needed for our regulated retail business at this time.

We expect to complete the acquisition of Avista's interest in Colstrip Units 3 and 4 (Avista Interests) on January 1, 2026. Accordingly, we will be responsible for associated operating costs beginning on January 1, 2026, which we will not collect through utility base rates, until requested in a future Montana rate review. 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 decommissioning and demolition costs associated with the existing facilities that comprise their interests. At closing, we will reimburse Avista for the proportionate amount of the long-term capital enhancement work they funded subsequent to executing the definitive agreement and up until the acquisition close date.

The 222 megawatts of generation capacity from Colstrip Units 3 and 4 to be acquired from Avista was identified as a key element in our strategy to achieve resource adequacy for customers, as outlined in our 2023 Montana Integrated Resource Plan. Noting the costs associated with operating this resource are not currently reflected in utility customer rates, in August 2025, we filed a temporary PCCAM tariff waiver request with the MPSC that would provide a near-term cost-recovery mechanism expected to largely offset approximately $18.0 million in annual incremental operating and maintenance costs associated with the Avista Interests. This waiver requests that the MPSC allow us to keep 100 percent of the net revenue associated with certain designated power sales contracts up to the amount of the operating and maintenance expenses we incur associated with our Avista Interest. Under the PCCAM design, market sales, which include long-term power sales contracts, flow back to retail customers as a reduction to energy supply costs and would be subject to the 90/10 sharing mechanism. Furthermore, the waiver request indicates that any net revenues from the designated contracts exceeding the operating and maintenance expenses associated with our Avista Interest would continue to flow back to retail customers through the PCCAM as a reduction to energy supply costs. We expect a decision from the MPSC by the first quarter of 2026.

(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 $7.7 million to our pension plans during the nine months ended September 30, 2025. We expect to contribute an additional $2.3 million to our pension plans during the remainder of 2025.

During the nine months ended September 30, 2025, we entered into a partial annuitization of our pension plan participants. We purchased the contract with $221.4 million of plan assets which, was approximately 92 percent of the associated pension obligation settled. The insurance company will take over the payments of these benefits starting November 1, 2025. As a result of this transaction, during the nine months ended September 30, 2025, we recorded a non-cash, non-operating settlement charge of $1.2 million. This charge is recorded within other income, net on the Condensed Consolidated Statements of Income. The MPSC allows recovery of pension costs on a cash funding basis. As such, this charge was deferred as a regulatory asset on the Condensed Consolidated Balance Sheets, with a corresponding decrease to operating and maintenance expense on the Condensed Consolidated Statements of Income.

(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.

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. 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. There is no mandated timeline for final action on the rules.

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. The Federal District Court held a bench trial from January 4 to January 18, 2022, which addressed the issue of navigability concerning the six facilities that had not been dismissed from the proceedings. 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. After briefing and oral argument, the 9th Circuit affirmed the Federal District Court's Order in full on March 4, 2025.

The District Court is scheduled to hold a bench trial to determine damages for the Sun River to Black Eagle Falls Segment of the Missouri River on September 21, 2026. 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:

09/30/2025

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			339,098		20,877
3	Preceding Quarter/Year to Date Changes in Fair Value				1,167			1,167
4	Total (lines 2 and 3)		318,221		1,167	339,098		19,710	127,479,112	127,498,822
5	Balance of Account 219 at End of Preceding Quarter/Year		44,602		1,435,992	6,884,680		5,493,290
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					339,098		339,098
8	Current Quarter/Year to Date Changes in Fair Value				3,641			3,641
9	Total (lines 7 and 8)				3,641	339,098		342,739	124,129,952	124,472,691
10	Balance of Account 219 at End of Current Quarter/Year		44,602		1,436,498	6,432,550		5,040,654

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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)	6,613,301,807	5,091,319,681	1,310,724,659	(a) 1,730,244			209,527,223
4	UtilityPlantInServicePropertyUnderCapitalLeases Property Under Capital Leases	41,596,592				(b) 40,209,537	(c) 1,387,055
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)	6,658,436,158	5,094,857,440	1,310,724,659	1,730,244	40,209,537	1,387,055	209,527,223
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	252,329,301	181,885,468	47,002,460	0			23,441,373
12	UtilityPlantAcquisitionAdjustment Acquisition Adjustments	656,318,593	656,318,593
13	UtilityPlantAndConstructionWorkInProgress Total Utility Plant (8 thru 12)	7,571,275,981	5,937,223,564	1,357,756,985	1,730,244	40,209,537	1,387,055	232,968,596
14	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Accumulated Provisions for Depreciation, Amortization, & Depletion	2,582,156,408	2,004,037,447	468,285,517	1,204,358	38,701,659	0	69,927,427
15	UtilityPlantNet Net Utility Plant (13 less 14)	4,989,119,573	3,933,186,117	889,471,468	525,886	1,507,878	1,387,055	163,041,169
16	DetailOfAccumulatedProvisionsForDepreciationAmortizationAndDepletionAbstract DETAIL OF ACCUMULATED PROVISIONS FOR DEPRECIATION, AMORTIZATION AND DEPLETION
17	AccumulatedProvisionForDepreciationAmortizationAndDepletionUtilityPlantInServiceAbstract In Service:
18	DepreciationUtilityPlantInService Depreciation	2,248,814,123	1,765,122,144	401,089,774	1,204,358	38,701,659		42,696,188
19	AmortizationAndDepletionOfProducingNaturalGasLandAndLandRightsutilityPlantInService Amortization and Depletion of Producing Natural Gas Land and Land Rights	58,717,867		58,717,867
20	AmortizationOfUndergroundStorageLandAndLandRightsutilityPlantInService Amortization of Underground Storage Land and Land Rights	0
21	AmortizationOfOtherUtilityPlantUtilityPlantInService Amortization of Other Utility Plant	69,855,332	34,146,217	8,477,876		0		27,231,239
22	DepreciationAmortizationAndDepletionUtilityPlantInService Total in Service (18 thru 21)	2,377,387,322	1,799,268,361	468,285,517	1,204,358	38,701,659	0	69,927,427
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	204,769,086	204,769,086
33	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Total Accum Prov (equals 14) (22,26,30,31,32)	2,582,156,408	2,004,037,447	468,285,517	1,204,358	38,701,659	0	69,927,427

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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:

09/30/2025

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	22,481,195	24,946,302
2	Steam Production Plant	153,643,577	44,224,318
3	Nuclear Production Plant	0	0
4	Hydraulic Production - Conventional	683,935,500	147,038,899
5	Hydraulic Production - Pumped Storage	0	0
6	Solar Production Plant	6,624,317	4,935,012
7	Wind Production Plant	106,517,367	47,081,534
8	Other Renewable Production Plant	0	0
9	Other Production	488,645,366	46,522,192
10	Transmission	1,323,903,285	474,571,391
11	Distribution	2,170,817,456	925,031,833
12	Regional Transmission and Market Operation	0	0
13	Energy Storage Plant	8,902,808	476,841
14	General	129,386,569	84,440,039
15	TOTAL (Total of lines 1 through 14)	5,094,857,440	1,799,268,361

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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	20,141	253	145,000	253
3	SIS Studies	261,241	253	364,089	253
4	Line Interconnection Studies	73,627	253		253
20	Total	355,009		509,089
21	Generation Studies
22	FAC Studies	60,743	253	7,194	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	87,552		11,085
40	Grand Total	442,561		498,004

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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)	534,488,393	5,811,258		0	540,299,651
2	Excess Deferred Income Taxes (Montana)	37,683,576	26,542		665,538	37,044,580
3	Basin Creek Capital Lease (Montana)	1,719,946	0		429,988	1,289,958
4	BPA Residential Exchange Program (Montana) - Docket 2018.8.49 Order 7630; Annual Amortization	1,021,863	280,424		0	1,302,287
5	Property Tax Tracker (Montana) - Docket 2017.11.86 - Order 7580a; Annual Amortization	9,906,139	7,105,159		149,339	16,861,959
6	FAS 106 (Montana) - Docket 93.6.24 and Docket 2009.9.129	2,906,837	0		33,273	2,873,564
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	13,320,983	0		401,866	12,919,117
9	Pension Plan - MT	54,558,537	0		29,153,696	25,404,841
10	Montana Consumer Counsel Tax (Montana) - Docket 2018.10.67 - Order 7637	35,502	2,173		0	37,675
11	Montana Public Service Commission (Montana) - Docket 2017.9.78 - Order 7568	2,015,074	132,844		354,676	1,793,242
12	Montana Wildfire Mitigation	24,756,366	2,881,322		422,098	27,215,590
13	Asset Retirement Obligation (Montana)	12,065,238	393,818		72,651	12,386,405
14	Power Cost & Credit Mechanism (Montana)	30,461,928	9,297,147		14,174,257	25,584,818
44	TOTAL	727,867,757	25,930,687		45,857,382	707,941,062

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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)	105,789,180		1,125,783	0	104,663,397
2	Deferred Gas Storage Sales (Montana) - Docket D2001.1.1; Amortization 2001 - 2039	5,994,654		105,129	0	5,889,525
3	Montana Public Service Commission Consumer Counsel Taxes (Montana) - Dockets 2017.9.78 and 2018.10.67	0		197,673	197,673	0
4	CTC QF Over/Under Collections (Montana) - Docket 97.9.90 and Docket 2001.1.15; Annual Amortization	1,821,924		0	95,883	1,917,807
5	Property Tax Tracker (Montana) - Docket 2017.11.86 - Order 7580a; Annual Amortization	0		3,977,906	3,977,906	0
6	Natural Gas Regulatory Deferrals (Montana)	10,656		86,050	75,394	0
7	Power Cost & Credit Mechanism (Montana)	0		0	0	0
8	Environmental Credit Liability	0		0	0	0
9	Deferred Electric Revenues	3,487,416		0	0	3,487,416
41	TOTAL	117,103,830		5,492,541	4,346,856	115,958,145

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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	307,588,687	304,128,072	2,159,492	2,113,958
3	CommercialAndIndustrialSalesAbstract (442) Commercial and Industrial Sales
4	CommercialSalesAbstract Small (or Comm.) (See Instr. 4)	321,214,468	323,904,938	2,466,580	2,414,675
5	IndustrialSalesAbstract Large (or Ind.) (See Instr. 4)	32,058,004	34,803,166	223,051	233,302
6	PublicStreetAndHighwayLightingAbstract (444) Public Street and Highway Lighting	11,714,669	11,194,435	18,897	19,084
7	OtherSalesToPublicAuthoritiesAbstract (445) Other Sales to Public Authorities
8	SalesToRailroadsAndRailwaysAbstract (446) Sales to Railroads and Railways
9	InterdepartmentalSalesAbstract (448) Interdepartmental Sales	691,977	684,334	5,156	5,075
10	SalesToUltimateConsumersAbstract TOTAL Sales to Ultimate Consumers	673,267,804	674,714,945	4,873,177	4,786,094
11	SalesForResaleAbstract (447) Sales for Resale	23,273,129	28,046,375	681,806	780,462
12	SalesOfElectricityAbstract TOTAL Sales of Electricity	696,540,933	702,761,320	5,554,983	5,566,556
13	ProvisionForRateRefundsAbstract (Less) (449.1) Provision for Rate Refunds		4,598
14	RevenuesNetOfProvisionForRefundsAbstract TOTAL Revenues Before Prov. for Refunds	696,540,933	702,765,918	5,554,983	5,566,556
15	OtherOperatingRevenuesAbstract Other Operating Revenues
16	ForfeitedDiscounts (450) Forfeited Discounts
17	MiscellaneousServiceRevenues (451) Miscellaneous Service Revenues	95,281	101,983
18	SalesOfWaterAndWaterPower (453) Sales of Water and Water Power
19	RentFromElectricProperty (454) Rent from Electric Property	3,360,679	3,499,023
20	InterdepartmentalRents (455) Interdepartmental Rents
21	OtherElectricRevenue (456) Other Electric Revenues	(a) 9,108,380	(b) 9,673,235
22	RevenuesFromTransmissionOfElectricityOfOthers (456.1) Revenues from Transmission of Electricity of Others	78,657,396	65,910,217
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	91,221,737	79,184,458
27	ElectricOperatingRevenues TOTAL Electric Operating Revenues	787,762,669	781,950,376
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:

09/30/2025

Year/Period of Report

End of:

2025

FOOTNOTE DATA

(a) Concept: OtherElectricRevenue

YTD Q3 2025
Other Electric Revenue (456)
Ancillary Services:
Scheduling, System Control and Dispatch	$1,446,177
Regulation and Frequency Response	837,846
Energy Imbalance	4,476,399
Other Transmission Revenue	156,737
Low Income Housing	2,009,457
Steam Sales	-
Sale of Materials	6,683
Miscellaneous	175,081
Total	$9,108,380

(b) Concept: OtherElectricRevenue

YTD Q3 2024
Other Electric Revenue (456)
Ancillary Services:
Scheduling, System Control and Dispatch	$1,439,737
Regulation and Frequency Response	910,330
Energy Imbalance	5,110,856
Other Transmission Revenue	(141,408)
Low Income Housing	2,304,796
Steam Sales	-
Sale of Materials	13,080
Miscellaneous	35,844
Total	$9,673,235

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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:

09/30/2025

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)	29,548,620
3	SteamPowerGenerationMaintenanceExpense Steam Power Generation – Maintenance (510-515)	9,813,921
4	PowerProductionExpensesSteamPower Total Power Production Expenses - Steam Power	39,362,541
5	NuclearPowerGenerationOperationsExpense Nuclear Power Generation – Operation (517-525)	0
6	NuclearPowerGenerationMaintenanceExpense Nuclear Power Generation – Maintenance (528-532)	0
7	PowerProductionExpensesNuclearPower Total Power Production Expenses - Nuclear Power	0
8	HydraulicPowerGenerationOperationsExpense Hydraulic Power Generation – Operation (535-540.1)	10,209,488
9	HydraulicPowerGenerationMaintenanceExpense Hydraulic Power Generation – Maintenance (541-545.1)	1,919,824
10	PowerProductionExpensesHydraulicPower Total Power Production Expenses - Hydraulic Power	12,129,312
10.1	SolarPowerGenerationOperationsExpense Solar Generation – Operation (558.1-558.5)	9,957
10.2	SolarPowerGenerationMaintenanceExpense Solar Generation – Maintenance (558.6-558.12)	2,151
10.3	PowerProductionExpensesSolarPower Total Power Production Expenses - Solar	12,108
10.4	WindPowerGenerationOperationsExpense Wind Generation – Operation (558.13-558.17)	1,855,585
10.5	WindPowerGenerationMaintenanceExpense Wind Generation – Maintenance (558.18-558.24)	99,573
10.6	PowerProductionExpensesWindPower Total Power Production Expenses - Wind	1,955,158
10.7	OtherRenewableGenerationOperationsExpense Other Renewable Generation – Operation (559.1-559.5)	0
10.8	OtherRenewableGenerationMaintenanceExpense Other Renewable Generation – Maintenance (559.6-559.16)	0
10.9	PowerProductionExpensesOtherRenewable Total Power Production Expenses – Other Renewable	0
11	RentsOtherPowerGeneration Other Power Generation – Operation (546-550.1)	26,713,189
12	MaintenanceOfEnergyStorageEquipmentOtherPowerGeneration Other Power Generation – Maintenance (551-554.1)	1,527,181
13	MaintenanceOfMiscellaneousOtherPowerGenerationPlant Total Power Production Expenses - Other Power	28,240,370
14	OtherPowerSuplyExpensesAbstract Other Power Supply Expenses
15	PurchasedPower (555) Purchased Power	161,212,627
15.1	PowerPurchasedForStorageOperations (555.1) Power Purchased for Storage Operations	0
15.2	BundledEnvironmentalCredits (555.2) Bundled Environmental Credits	2,955,492
15.3	UnbundledEnvironmentalCredits (555.3) Unbundled Environmental Credits	0
16	SystemControlAndLoadDispatchingElectric (556) System Control and Load Dispatching	0
17	OtherExpensesOtherPowerSupplyExpenses (557) Other Expenses	27,619,374
18	OtherPowerSupplyExpense Total Other Power Supply Expenses (line 15-17)	136,548,745
19	PowerProductionExpenses Total Power Production Expenses (Total of lines 4, 7, 10, 10.3, 10.6, 10.9, 13 and 18)	218,248,234
20	TransmissionExpensesAbstract 2. TRANSMISSION EXPENSES
21	TransmissionExpensesOperationAbstract Transmission Operation Expenses
22	OperationSupervisionAndEngineeringElectricTransmissionExpenses (560) Operation Supervision and Engineering	2,860,827
24	LoadDispatchReliability (561.1) Load Dispatch-Reliability	633,651
25	LoadDispatchMonitorAndOperateTransmissionSystem (561.2) Load Dispatch-Monitor and Operate Transmission System	584,148
26	LoadDispatchTransmissionServiceAndScheduling (561.3) Load Dispatch-Transmission Service and Scheduling	823,226
27	SchedulingSystemControlAndDispatchServices (561.4) Scheduling, System Control and Dispatch Services	0
28	ReliabilityPlanningAndStandardsDevelopment (561.5) Reliability, Planning and Standards Development	0
29	TransmissionServiceStudies (561.6) Transmission Service Studies	0
30	GenerationInterconnectionStudies (561.7) Generation Interconnection Studies	0
31	ReliabilityPlanningAndStandardsDevelopmentServices (561.8) Reliability, Planning and Standards Development Services	0
32	StationExpensesTransmissionExpense (562) Station Expenses	860,407
33	OverheadLineExpense (563) Overhead Lines Expenses	0
34	UndergroundLineExpensesTransmissionExpense (564) Underground Lines Expenses	1,582,456
35	TransmissionOfElectricityByOthers (565) Transmission of Electricity by Others	0
36	MiscellaneousTransmissionExpenses (566) Miscellaneous Transmission Expenses	4,599,700
37	RentsTransmissionElectricExpense (567) Rents	73,291
38	OperationSuppliesAndExpensesTransmissionExpense (567.1) Operation Supplies and Expenses (Non-Major)	664,365
39	TransmissionOperationExpense TOTAL Transmission Operation Expenses (Lines 22 - 38)	12,682,071
40	TransmissionMaintenanceAbstract Transmission Maintenance Expenses
41	MaintenanceSupervisionAndEngineeringElectricTransmissionExpenses (568) Maintenance Supervision and Engineering	372,487
42	MaintenanceOfStructuresTransmissionExpense (569) Maintenance of Structures	17,235
43	MaintenanceOfComputerHardwareTransmission (569.1) Maintenance of Computer Hardware	1,362,457
44	MaintenanceOfComputerSoftwareTransmission (569.2) Maintenance of Computer Software	491,094
45	MaintenanceOfCommunicationEquipmentElectricTransmission (569.3) Maintenance of Communication Equipment	273,114
46	MaintenanceOfMiscellaneousRegionalTransmissionPlant (569.4) Maintenance of Miscellaneous Regional Transmission Plant	0
47	MaintenanceOfStationEquipmentTransmission (570) Maintenance of Station Equipment	250,094
48	MaintenanceOfOverheadLinesTransmission (571) Maintenance of Overhead Lines	0
49	MaintenanceOfUndergroundLinesTransmission (572) Maintenance of Underground Lines	2,595,403
50	MaintenanceOfMiscellaneousTransmissionPlant (573) Maintenance of Miscellaneous Transmission Plant	0
51	MaintenanceOfTransmissionPlant (574) Maintenance of Transmission Plant	0
52	TransmissionMaintenanceExpenseElectric TOTAL Transmission Maintenance Expenses (Lines 41 – 51)	5,361,884
53	TransmissionExpenses Total Transmission Expenses (Lines 39 and 52)	18,043,955
54	RegionalMarketExpensesAbstract 3. REGIONAL MARKET EXPENSES
55	RegionalMarketExpensesOperationAbstract Regional Market Operation Expenses
56	OperationSupervision (575.1) Operation Supervision	0
57	DayAheadAndRealTimeMarketAdministration (575.2) Day-Ahead and Real-Time Market Facilitation	0
58	TransmissionRightsMarketAdministration (575.3) Transmission Rights Market Facilitation	0
59	CapacityMarketAdministration (575.4) Capacity Market Facilitation	0
60	AncillaryServicesMarketAdministration (575.5) Ancillary Services Market Facilitation	0
61	MarketMonitoringAndCompliance (575.6) Market Monitoring and Compliance	0
62	MarketFacilitationMonitoringAndComplianceServices (575.7) Market Facilitation, Monitoring and Compliance Services	0
63	RegionalMarketOperationExpense Regional Market Operation Expenses (Lines 55 - 62)	0
64	RegionalMarketExpensesMaintenanceAbstract Regional Market Maintenance Expenses
65	MaintenanceOfStructuresAndImprovementsRegionalMarketExpenses (576.1) Maintenance of Structures and Improvements	0
66	MaintenanceOfComputerHardware (576.2) Maintenance of Computer Hardware	0
67	MaintenanceOfComputerSoftware (576.3) Maintenance of Computer Software	0
68	MaintenanceOfCommunicationEquipmentRegionalMarketExpenses (576.4) Maintenance of Communication Equipment	0
69	MaintenanceOfMiscellaneousMarketOperationPlant (576.5) Maintenance of Miscellaneous Market Operation Plant	0
70	RegionalMarketMaintenanceExpense Regional Market Maintenance Expenses (Lines 65-69)	0
71	RegionalMarketExpenses TOTAL Regional Control and Market Operation Expenses (Lines 63,70)	0
71.1	EnergyStorageExpensesAbstract 4. ENERGY STORAGE EXPENSES
71.2	EnergyStorageOperationExpenses Energy Storage Operation Expenses (577.1-577.5)	2,222
71.3	EnergyStorageMaintenanceExpenses Energy Storage Maintenance Expenses (578.1-578.7)	935
71.4	EnergyStorageExpenses Total Energy Storage Expenses (Lines 71.2 and 71.3)	3,157
72	DistributionExpensesAbstract 5. DISTRIBUTION EXPENSES
73	DistributionOperationExpensesElectric Distribution Operation Expenses (580-589)	11,904,570
74	DistributionMaintenanceExpenseElectric Distribution Maintenance Expenses (590-598)	15,920,773
75	DistributionExpenses Total Distribution Expenses (Lines 73 and 74)	27,825,343

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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	8,811,335
2	CustomerServiceAndInformationExpenses (907-910) Customer Service and Information Expenses	1,951,993
3	SalesExpenses (911-917) Sales Expenses	521,418
4	AdministrativeAndGeneralExpensesAbstract 9. ADMINISTRATIVE AND GENERAL EXPENSES
5	AdministrativeAndGeneralExpensesOperationAbstract Operation
6	AdministrativeAndGeneralSalaries (920) Administrative and General Salaries	24,120,678
7	OfficeSuppliesAndExpenses (921) Office Supplies and Expenses	3,717,894
8	AdministrativeExpensesTransferredCredit (Less) (922) Administrative Expenses Transferred-Credit	5,945,432
9	OutsideServicesEmployed (923) Outside Services Employed	4,109,925
10	PropertyInsurance (924) Property Insurance	3,326,421
11	InjuriesAndDamages (925) Injuries and Damages	14,695,183
12	EmployeePensionsAndBenefits (926) Employee Pensions and Benefits	18,001,654
13	FranchiseRequirements (927) Franchise Requirements	0
14	RegulatoryCommissionExpenses (928) Regulatory Commission Expenses	3,412,035
15	DuplicateChargesCredit (929) (Less) Duplicate Charges-Cr.	0
16	GeneralAdvertisingExpenses (930.1) General Advertising Expenses	254,206
17	MiscellaneousGeneralExpenses (930.2) Miscellaneous General Expenses	10,920,942
18	RentsAdministrativeAndGeneralExpense (931) Rents	367,505
19	AdministrativeAndGeneralOperationExpense TOTAL Operation (Total of lines 6 thru 18)	76,981,011
20	AdministrativeAndGeneralExpensesMaintenanceAbstract Maintenance
21	MaintenanceOfGeneralPlant (935) Maintenance of General Plant	1,787,837
21.1	MaintenanceOfComputerHardwareAdministrativeAndGeneralExpenses (935.1) Maintenance of Computer Hardware	23,493
21.2	MaintenanceOfComputerSoftwareAdministrativeAndGeneralExpenses (935.2) Maintenance of Computer Software	7,695,550
21.3	MaintenanceOfCommunicationEquipmentAdministrativeAndGeneralExpenses (935.3) Maintenance of Communication Equipment	1,811,102
21.4	AdministrativeAndGeneralMaintenanceExpenses TOTAL Maintenance (Enter Total of lines 21 thru 21.3)	11,317,983
22	AdministrativeAndGeneralExpenses TOTAL Administrative and General Expenses (Total of lines 19 and 21.4)	88,298,994

Name of Respondent:

NorthWestern Corporation

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

09/30/2025

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	Talen Energy	Ash Grove Cement	FNO	Montana OATT	As Available	Clancy, MT	7	11,226	11,226	59,373			59,373
3	Aspen Air U.S., LLC	Talen Energy	Aspen Air Corporation	FNO	Montana OATT	Colstrip	Billings, MT	11	15,592	15,592	72,054			72,054
4	Beartooth Electric Cooperative, Inc.	WAPA & Energy Keepers Inc.	Beartooth Electric Cooperative, Inc.	FNO	Montana OATT	Fort Peck & Kerr	Various in Montana	18	21,913	21,913	187,864			187,864
5	Benefis Health Systems	Guzman Energy	Benefis Health Systems	FNO	Montana OATT	Hardin	Various in Montana	7	9,321	9,321	60,979			60,979
6	Big Horn County Electric Coop. Inc.	WAPA	Big Horn County Electric Coop. Inc.	FNO	Montana OATT	Various & Great Falls	Various in Montana	18	17,822	17,822	149,450			149,450
7	Bonneville Power Administration	BPA	Bonneville Power Administration	FNO	Montana OATT	BPAT.NWMT	Various in Montana	185	231,152	231,152	1,802,725			1,802,725
8	Basin Electric Power Cooperative	Morgan Stanley, WAPA	Basin Electric Power Cooperative	FNO	Montana OATT	BPAT.NWMT & Great Falls	Various NWMT & WAUW	164	221,433	221,433	1,703,975			1,703,975
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	18,393	18,393	147,958			147,958
10	CHS, Inc.	Morgan Stanley	CHS, Inc.	FNO	Montana OATT	BPAT.NWMT & MATL.NWMT	Various in Montana	58	91,767	91,767	557,805			557,805
11	City of Great Falls	Guzman Energy	City of Great Falls	FNO	Montana OATT	Hardin	Various in Montana	6	5,909	5,909	33,608			33,608
12	Talen Montana, LLC	Avista Energy	Colstrip Steam Electric Station	FNO	Montana OATT	Colstrip	Nichols Pump Sub	10	9,137	9,137	37,264			37,264
13	Atlas Power, LLC	Portland General Electric	Atlas Power, LLC	FNO	Montana OATT	Colstrip	Butte, MT	75	133,659	133,659	832,140			832,140
14	Phillips 66 Company	Phillips 66 Trading and Maketing	Phillips 66 Company	FNO	Montana OATT	BPAT.NWMT	Various in Montana	70	123,708	123,708	731,056			731,056
15	Par Montana, LLC	Phillips 66 Trading and Maketing	Par Montana, LLC	FNO	Montana OATT	AVAT.NWMT	Billings, MT	35	55,833	55,833	378,301			378,301
16	General Mills Operations, LLC	Talen Energy	General Mills Operations, LLC	FNO	Montana OATT	Colstrip	Great Falls, MT	4	5,530	5,530	34,764			34,764
17	Great Falls Public Schools	Energy Keepers Inc.	Great Falls Public Schools	FNO	Montana OATT	Kerr	Great Falls, MT	3	2,138	2,138	18,645			18,645
18	GCC Three Forks, LLC	Various	GCC Three Forks, LLC	FNO	Montana OATT	As Available	Three Forks, MT	8	8,440	8,440	49,693			49,693
19	Magris Talc USA, Inc.	Energy Keepers Inc.	Magris Talc USA, Inc.	FNO	Montana OATT	Kerr	Three Forks, MT	6	5,959	5,959	44,794			44,794
20	DFA Dairy Brands Fluid, LLC	Talen Energy	DFA Dairy Brands Fluid, LLC	FNO	Montana OATT	Colstrip	Various in Montana	1	1,608	1,608	9,884			9,884
21	Calumet Refining, LLC	Talen Energy	Calumet Montana Refining Company, Inc.	FNO	Montana OATT	Colstrip	Great Falls, MT	25	42,694	42,694	239,092			239,092
22	Montana Resources	Energy Keepers, Inc.	Montana Resources	FNO	Montana OATT	BPAT.NWMT & Kerr	Butte, MT	50	87,744	87,744	554,677			554,677
23	REC Silicon Company	Shell Energy	REC Silicon Company	FNO	Montana OATT	BPAT.NWMT	Butte, MT	117	30,752	30,752	189,072			189,072
24	Roseburg Forest Products Company	Shell Energy	Roseburg Forest Products Company	FNO	Montana OATT	BPAT.NWMT	Missoula, MT	8	0	0	1,759			1,759
25	Sibanye-Stillwater	Various	Stillwater Mining Company	FNO	Montana OATT	As Available	Various in Montana	46	40,243	40,243	309,906			309,906
26	Western Area Power Administration	WAPA	Western Area Power Administration	FNO	Montana OATT	Crossover	Various NWMT & WAUW	4	2	2	8,804			8,804
27	Montana State University - Bozeman	WAPA	Montana State University - Bozeman	FNO	Montana OATT	Fort Peck West	Great Falls, MT	4	3,071	3,071	26,370			26,370
28	Western Area Power Administration	WAPA	Malmstrom Air Force Base	FNO	Montana OATT	Fort Peck West	Great Falls, MT	4	7,266	7,266	47,613			47,613
29	AlbertaEx, L.P.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	150	150	0	906		906
30	AlbertaEx, L.P.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	66	66	0	399		399
31	AlbertaEx, L.P.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	GTFALLSNWMT	0	14	14	0	85		85
32	AlbertaEx, L.P.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	3,608	3,608	0	21,792		21,792
33	AlbertaEx, L.P.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	1,083	1,083	0	6,541		6,541
34	AlbertaEx, L.P.	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	800	800	0	4,832		4,832
35	AlbertaEx, L.P.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	1,010	1,010	0	6,101		6,101
36	AlbertaEx, L.P.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	160	160	0	966		966
37	AlbertaEx, L.P.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	JEFF	0	30	30	0	181		181
38	Altop Energy Trading LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	25	25	0	151		151
39	Altop Energy Trading LLC	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	208	208	0	1,256		1,256
40	Avista Corporation	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	9,605	9,605	0	58,014		58,014
41	Avista Corporation	AVA	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	12,432	12,432	0	75,110		75,110
42	Avista Corporation	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	COLSTRIP	0	108	108	0	652		652
43	Avista Corporation	NWMT	AVA	LFP	MONTANA OATT	CLEARWATER	AVAT.NWMT	100	220,800	220,800	1,318,475	0		1,318,475
44	Basin Electric Power Cooperative	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	GREATFALLS	0	360	360	0	2,174		2,174
45	Basin Electric Power Cooperative	NWMT	WAUW	NF	MONTANA OATT	COLSTRIP	GREATFALLS	0	20	20	0	121		121
46	Basin Electric Power Cooperative	PPW	NWMT	NF	MONTANA OATT	YTP	NWMT.SYSTEM	0	20	20	0	121		121
47	Basin Electric Power Cooperative	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	25	25	0	151		151
48	Basin Electric Power Cooperative	PPW	WAPA	NF	MONTANA OATT	YTP	GREATFALLS	0	467	467	0	2,821		2,821
49	Basin Electric Power Cooperative	WAPA	WAPA	LFP	MONTANA OATT	CROSSOVER	GREATFALLS	31	68,448	68,448	408,727	0		408,727
50	Basin Electric Power Cooperative	WAPA	WAPA	NF	MONTANA OATT	CROSSOVER	GREATFALLS	0	90	90	0	544		544
51	Black Hills Power Inc.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	170	170	0	1,027		1,027
52	Black Hills Power Inc.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	65	65	0	393		393
53	Bonneville Power Administration	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	22	22	0	133		133
54	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	ANTE	0	192	192	0	1,160		1,160
55	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	64	64	0	387		387
56	Bonneville Power Administration	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	3	3	0	18		18
57	Bonneville Power Administration	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	GREATFALLS	0	1,299	1,299	0	7,846		7,846
58	Brookfield Renewable Trading and Marketing LP	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	6	6	0	36		36
59	CP Energy Marketing (US) Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	234	234	0	1,413		1,413
60	CP Energy Marketing (US) Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	9	9	0	54		54
61	CP Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	9,071	9,071	0	54,789		54,789
62	CP Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	258	258	0	1,558		1,558
63	CP Energy Marketing (US) Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	1,242	1,242	0	7,502		7,502
64	CP Energy Marketing (US) Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	YTP	0	200	200	0	1,208		1,208
65	CP Energy Marketing (US) Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	9	9	0	54		54
66	CP Energy Marketing (US) Inc.	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	24	24	0	145		145
67	Cycle Power Partners, LLC	NWMT	PACE	NF	MONTANA OATT	HORSESHOE	JEFF	0	1,527	1,527	0	9,223		9,223
68	Dynasty Power Inc.	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	92	92	0	556		556
69	Dynasty Power Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	569	569	0	3,437		3,437
70	Dynasty Power Inc.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	129	129	0	779		779
71	Dynasty Power Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	5,371	5,371	0	32,441		32,441
72	Dynasty Power Inc.	BPAT	WAPA	SFP	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	3,432	3,432	0	20,735		20,735
73	Dynasty Power Inc.	NWMT	AVA	NF	MONTANA OATT	KERR	AVAT.NWMT	0	25	25	0	151		151
74	Dynasty Power Inc.	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	200	200	0	1,208		1,208
75	Dynasty Power Inc.	NWMT	BPAT	NF	MONTANA OATT	KERR	BPAT.NWMT	0	293	293	0	1,770		1,770
76	Dynasty Power Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	1,968	1,968	0	11,887		11,887
77	Dynasty Power Inc.	NWMT	PACE	NF	MONTANA OATT	KERR	YTP	0	25	25	0	151		151
78	Dynasty Power Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	2,319	2,319	0	14,007		14,007
79	Dynasty Power Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	YTP	0	44	44	0	266		266
80	Dynasty Power Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	200	200	0	1,208		1,208
81	Dynasty Power Inc.	PACE	NWMT	NF	MONTANA OATT	YTP	MATL.NWMT	0	122	122	0	737		737
82	Dynasty Power Inc.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	2,304	2,304	0	13,916		13,916
83	Dynasty Power Inc.	WAPA	AVA	NF	MONTANA OATT	CROSSOVER	AVAT.NWMT	0	55	55	0	332		332
84	Dynasty Power Inc.	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	3,674	3,674	0	22,191		22,191
85	Dynasty Power Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	6,889	6,889	0	41,610		41,610
86	Dynasty Power Inc.	WAUW	NWMT	NF	MONTANA OATT	CROSSOVER	MATL.NWMT	0	350	350	0	2,114		2,114
87	EDF Trading North America, LLC	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	54	54	0	326		326
88	EDF Trading North America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	COLSTRIP	0	48	48	0	290		290
89	EDF Trading North America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	1,090	1,090	0	6,584		6,584
90	EDF Trading North America, LLC	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	144	144	0	870		870
91	EDF Trading North America, LLC	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	14,184	14,184	0	85,674		85,674
92	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	COLSTRIP	0	808	808	0	4,880		4,880
93	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	NWMT.SYSTEM	0	225	225	0	1,359		1,359
94	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	DAVEGATES	NWMT.SYSTEM	0	69	69	0	417		417
95	EDF Trading North America, LLC	NWMT	NWMT	NF	MONTANA OATT	NWMTIMBALANC	NWMT.SYSTEM	0	291	291	0	1,758		1,758
96	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	10,825	10,825	0	65,395		65,395
97	EDF Trading North America, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	58	58	0	350		350
98	EDF Trading North America, LLC	NWMT	WAPA	NF	MONTANA OATT	COLSTRIP	CROSSOVER	0	506	506	0	3,056		3,056
99	EDF Trading North America, LLC	PPW	NWMT	NF	MONTANA OATT	BRDY	NWMT.SYSTEM	0	200	200	0	1,208		1,208
100	EDF Trading North America, LLC	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	JEFF	0	5	5	0	30		30
101	Energy Keepers Inc.	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,676	1,676	0	10,124		10,124
102	Energy Keepers Inc.	AVA	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,536	1,536	0	9,280		9,280
103	Energy Keepers Inc.	NWMT	AVA	NF	MONTANA OATT	KERR	AVAT.NWMT	0	30	30	0	181		181
104	Energy Keepers Inc.	NWMT	AVA	SFP	MONTANA OATT	KERR	AVAT.NWMT	0	624	624	0	3,770		3,770
105	Energy Keepers Inc.	NWMT	BPAT	LFP	MONTANA OATT	KERR	BPAT.NWMT	40	88,320	88,320	527,390	0		527,390
106	Energy Keepers Inc.	NWMT	BPAT	SFP	MONTANA OATT	KERR	KERR.MVP	0	8,832	8,832	0	52,740		52,740
107	Energy Keepers Inc.	NWMT	PACE	LFP	MONTANA OATT	KERR	BRDY	50	110,400	110,400	659,237	0		659,237
108	Energy Keepers Inc.	NWMT	PACE	NF	MONTANA OATT	KERR	BRDY	0	184	184	0	1,111		1,111
109	Energy Keepers Inc.	NWMT	PACE	NF	MONTANA OATT	KERR	JEFF	0	66	66	0	399		399
110	Energy Keepers Inc.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	ANTE	0	1,245	1,245	0	7,522		7,522
111	Energy Keepers Inc.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	13,722	13,722	0	82,901		82,901
112	Energy Keepers Inc.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	99	99	0	598		598
113	Energy Keepers Inc.	NWMT	PPW	SFP	MONTANA OATT	COLSTRIP	JEFF	0	3,840	3,840	0	23,184		23,184
114	Energy Keepers Inc.	NWMT	PPW	SFP	MONTANA OATT	COLSTRIP	YTP	0	120	120	0	725		725
115	Guzman Energy, LLC	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	BRDY	0	64	64	0	387		387
116	Guzman Energy, LLC	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	YTP	0	236	236	0	1,425		1,425
117	Guzman Energy, LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	1,259	1,259	0	7,604		7,604
118	Guzman Energy, LLC	NWMT	BPAT	NF	MONTANA OATT	HARDIN	BPAT.NWMT	0	576	576	0	3,480		3,480
119	Guzman Energy, LLC	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	COLSTRIP	0	30	30	0	181		181
120	Guzman Energy, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	273	273	0	1,649		1,649
121	Guzman Energy, LLC	PPW	AVA	LFP	MONTANA OATT	YTP	AVAT.NWMT	8	17,664	17,664	105,478	0		105,478
122	Guzman Energy, LLC	PPW	AVA	NF	MONTANA OATT	BRDY	AVAT.NWMT	0	3	3	0	18		18
123	Guzman Energy, LLC	PPW	AVA	NF	MONTANA OATT	YTP	AVAT.NWMT	0	584	584	0	3,527		3,527
124	Guzman Energy, LLC	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	2,982	2,982	0	18,011		18,011
125	Guzman Energy, LLC	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	674	674	0	4,071		4,071
126	Guzman Energy, LLC	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	50	50	0	302		302
127	Idaho Power Co	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	101	101	0	610		610
128	Idaho Power Company	PACE	NWMT	NF	MONTANA OATT	JEFF	MLCK	0	1,005	1,005	0	6,072		6,072
129	Idaho Power Company	PACE	NWMT	SFP	MONTANA OATT	JEFF	MLCK	0	240	240	0	1,450		1,450
130	Idaho Power Company	PPW	AVA	NF	MONTANA OATT	YTP	AVAT.NWMT	0	1	1	0	6		6
131	Macquarie Energy, LLC	AVA	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,200	1,200	0	7,250		7,250
132	Macquarie Energy, LLC	AVA	PPW	SFP	MONTANA OATT	AVAT.NWMT	JEFF	0	768	768	0	4,640		4,640
133	Macquarie Energy, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	1,741	1,741	0	10,516		10,516
134	Macquarie Energy, LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	216	216	0	1,305		1,305
135	Macquarie Energy, LLC	BPAT	PPW	SFP	MONTANA OATT	BPAT.NWMT	BRDY	0	384	384	0	2,320		2,320
136	Macquarie Energy, LLC	NWMT	AVA	NF	MONTANA OATT	BGI	AVAT.NWMT	0	2,423	2,423	0	14,638		14,638
137	Macquarie Energy, LLC	NWMT	BPA	NF	MONTANA OATT	BGI	BPAT.NWMT	0	17	17	0	103		103
138	Macquarie Energy, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	840	840	0	5,075		5,075
139	Macquarie Energy, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	2,688	2,688	0	16,224		16,224
140	Macquarie Energy, LLC	NWMT	PPW	SFP	MONTANA OATT	COLSTRIP	JEFF	0	720	720	0	4,350		4,350
141	Macquarie Energy, LLC	NWMT	WAPA	SFP	MONTANA OATT	COLSTRIP	CROSSOVER	0	8,208	8,208	0	49,544		49,544
142	Macquarie Energy, LLC	PPW	NWMT	NF	MONTANA OATT	YTP	NWMT.SYSTEM	0	42	42	0	254		254
143	MAG Energy Solutions	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	2,441	2,441	0	14,744		14,744
144	MAG Energy Solutions	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	10,275	10,275	0	62,061		62,061
145	MAG Energy Solutions	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	140	140	0	846		846
146	MAG Energy Solutions	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	1,020	1,020	0	6,161		6,161
147	MAG Energy Solutions	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	945	945	0	5,708		5,708
148	MAG Energy Solutions	NWMT	NWMT	NF	MONTANA OATT	MATL.NWMT	NWMT.SYSTEM	0	14	14	0	85		85
149	MAG Energy Solutions	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	104	104	0	628		628
150	MAG Energy Solutions	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	1	1	0	6		6
151	MAG Energy Solutions	PACE	NWMT	NF	MONTANA OATT	JEFF	MATL.NWMT	0	308	308	0	1,860		1,860
152	MAG Energy Solutions	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	119	119	0	719		719
153	MAG Energy Solutions	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	BRDY	0	30	30	0	181		181
154	MAG Energy Solutions	WAUW	NWMT	NF	MONTANA OATT	CROSSOVER	MATL.NWMT	0	414	414	0	2,501		2,501
155	MAG Energy Solutions	WAUW	NWMT	NF	MONTANA OATT	GREATFALLS	MATL.NWMT	0	124	124	0	749		749
156	Mercuria Energy America, LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	16	16	0	97		97
157	Mercuria Energy America, LLC	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	20	20	0	121		121
158	MFT Energy US Power LLC	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	5,800	5,800	0	35,032		35,032
159	MFT Energy US Power LLC	BPAT	NWMT	SFP	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	696	696	0	4,205		4,205
160	MFT Energy US Power LLC	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	1	1	0	6		6
161	MFT Energy US Power LLC	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,558	2,558	0	15,453		15,453
162	MFT Energy US Power LLC	PPW	WAPA	NF	MONTANA OATT	BRDY	CROSSOVER	0	3,750	3,750	0	22,654		22,654
163	MFT Energy US Power LLC	WAUW	NWMT	NF	MONTANA OATT	CROSSOVER	MATL.NWMT	0	220	220	0	1,329		1,329
164	Morgan Stanley Capital Group, Inc.	AVA	GWA	NF	MONTANA OATT	AVAT.NWMT	GLWND1	0	17	17	0	103		103
165	Morgan Stanley Capital Group, Inc.	AVA	GWA	NF	MONTANA OATT	AVAT.NWMT	GLWND2	0	3	3	0	18		18
166	Morgan Stanley Capital Group, Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	7,673	7,673	0	45,891		45,891
167	Morgan Stanley Capital Group, Inc.	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	BRDY	0	77	77	0	465		465
168	Morgan Stanley Capital Group, Inc.	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND1	0	1,499	1,499	0	9,054		9,054
169	Morgan Stanley Capital Group, Inc.	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND2	0	398	398	0	2,404		2,404
170	Morgan Stanley Capital Group, Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	5,050	5,050	0	30,502		30,502
171	Morgan Stanley Capital Group, Inc.	GWA	AVA	NF	MONTANA OATT	GLWND1	AVAT.NWMT	0	10,287	10,287	0	62,232		62,232
172	Morgan Stanley Capital Group, Inc.	GWA	AVA	NF	MONTANA OATT	GLWND2	AVAT.NWMT	0	5,917	5,917	0	35,805		35,805
173	Morgan Stanley Capital Group, Inc.	GWA	BPAT	NF	MONTANA OATT	GLWND1	BPAT.NWMT	0	52,474	52,474	0	314,685		314,685
174	Morgan Stanley Capital Group, Inc.	GWA	BPAT	NF	MONTANA OATT	GLWND2	BPAT.NWMT	0	31,622	31,622	0	189,493		189,493
175	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND1	MATL.NWMT	0	2,012	2,012	0	12,152		12,152
176	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND2	MATL.NWMT	0	255	255	0	1,540		1,540
177	Morgan Stanley Capital Group, Inc.	GWA	NWMT	NF	MONTANA OATT	GLWND2	NWMT.SYSTEM	0	13,248	13,248	0	79,110		79,110
178	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND1	BRDY	0	4,790	4,790	0	28,932		28,932
179	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND1	JEFF	0	707	707	0	4,271		4,271
180	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND2	BRDY	0	1,025	1,025	0	6,191		6,191
181	Morgan Stanley Capital Group, Inc.	GWA	PPW	NF	MONTANA OATT	GLWND2	JEFF	0	80	80	0	483		483
182	Morgan Stanley Capital Group, Inc.	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	27,505	27,505	0	166,136		166,136
183	Morgan Stanley Capital Group, Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	87,727	87,727	0	499,734		499,734
184	Morgan Stanley Capital Group, Inc.	NWMT	BPAT	NF	MONTANA OATT	(blank)	(blank)	0	2,229	2,229	0	13,185		13,185
185	Morgan Stanley Capital Group, Inc.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND1	0	1,463	1,463	0	8,837		8,837
186	Morgan Stanley Capital Group, Inc.	NWMT	GWA	NF	MONTANA OATT	MATL.NWMT	GLWND2	0	835	835	0	5,043		5,043
187	Morgan Stanley Capital Group, Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	5,085	5,085	0	30,715		30,715
188	Morgan Stanley Capital Group, Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	JEFF	0	291	291	0	1,758		1,758
189	Morgan Stanley Capital Group, Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	250	250	0	1,510		1,510
190	Morgan Stanley Capital Group, Inc.	WAPA	AVA	NF	MONTANA OATT	GREATFALLS	AVAT.NWMT	0	1,286	1,286	0	7,767		7,767
191	Morgan Stanley Capital Group, Inc.	WAPA	BPAT	NF	MONTANA OATT	GREATFALLS	BPAT.NWMT	0	1,346	1,346	0	8,130		8,130
192	Morgan Stanley Capital Group, Inc.	WAPA	PPW	NF	MONTANA OATT	GREATFALLS	BRDY	0	1,087	1,087	0	6,565		6,565
193	Morgan Stanley Capital Group, Inc.	WAUW	NWMT	NF	MONTANA OATT	GREATFALLS	MATL.NWMT	0	463	463	0	2,797		2,797
194	Naturener Power Watch, LLC	GWA	GWA	SFP	MONTANA OATT	GLWND1	GLWND2	0	11,040	11,040	0	65,925		65,925
195	PacifiCorp	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	YTP	0	4,391	4,391	0	26,522		26,522
196	PacifiCorp	NWMT	PPW	SFP	MONTANA OATT	COLSTRIP	YTP	0	5,353	5,353	0	32,480		32,480
197	Phillips 66 Energy Trading, LLC	NWMT	AVA	SFP	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	66,230	66,230	0	395,550		395,550
198	Phillips 66 Energy Trading, LLC	NWMT	NWMT	SFP	MONTANA OATT	MATL.NWMT	GTFALLSNWMT	0	24	24	0	145		145
199	Phillips 66 Energy Trading, LLC	NWMT	PACE	SFP	MONTANA OATT	MATL.NWMT	JEFF	0	22,080	22,080	0	131,850		131,850
200	Phillips 66 Energy Trading, LLC	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	1	1	0	6		6
201	Phillips 66 Energy Trading, LLC	PPW	AVA	LFP	MONTANA OATT	BRDY	AVAT.NWMT	34	75,072	75,072	448,282	0		448,282
202	Portland General Electric Company	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	461	461	0	2,784		2,784
203	Portland General Electric Company	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	710	710	0	4,288		4,288
204	Portland General Electric Company	NWMT	BPAT	LFP	MONTANA OATT	CLEARWATER	BPAT.NWMT	300	662,400	662,400	3,955,425	0		3,955,425
205	Portland General Electric Company	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	1,820	1,820	0	10,993		10,993
206	Portland General Electric Company	NWMT	NWMT	NF	MONTANA OATT	COLSTRIP	MATL.NWMT	0	25	25	0	151		151
207	Portland General Electric Company	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	1,350	1,350	0	8,154		8,154
208	Portland General Electric Company	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	24	24	0	145		145
209	Powerex Corporation	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	410	410	0	2,476		2,476
210	Powerex Corporation	AVA	PPW	NF	MONTANA OATT	AVAT.NWMT	YTP	0	3,759	3,759	0	22,704		22,704
211	Powerex Corporation	AVA	WAPA	NF	MONTANA OATT	AVAT.NWMT	CROSSOVER	0	181	181	0	1,093		1,093
212	Powerex Corporation	BPAT	GWA	NF	MONTANA OATT	BPAT.NWMT	GLWND1	0	377	377	0	2,277		2,277
213	Powerex Corporation	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	5,663	5,663	0	34,205		34,205
214	Powerex Corporation	BPAT	PPW	LFP	MONTANA OATT	BPAT.NWMT	BRDY	76	167,808	167,808	1,002,041	0		1,002,041
215	Powerex Corporation	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	300	300	0	1,812		1,812
216	Powerex Corporation	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	12,004	12,004	0	72,504		72,504
217	Powerex Corporation	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,007	2,007	0	12,122		12,122
218	Powerex Corporation	GWA	NWMT	NF	MONTANA OATT	GLWND1	MATL.NWMT	0	1	1	0	6		6
219	Powerex Corporation	NWMT	AVA	NF	MONTANA OATT	MATL.NWMT	AVAT.NWMT	0	42	42	0	254		254
220	Powerex Corporation	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	3,700	3,700	0	22,348		22,348
221	Powerex Corporation	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	146	146	0	882		882
222	Powerex Corporation	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	20	20	0	121		121
223	Powerex Corporation	WAPA	AVA	NF	MONTANA OATT	CROSSOVER	AVAT.NWMT	0	255	255	0	1,540		1,540
224	Powerex Corporation	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	497	497	0	3,002		3,002
225	Powerex Corporation	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	98	98	0	592		592
226	Powerex Corporation	WAUW	NWMT	NF	MONTANA OATT	GREATFALLS	MATL.NWMT	0	128	128	0	773		773
227	Puget Sound Energy Marketing	AVA	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,226	1,226	0	7,405		7,405
228	Puget Sound Energy Marketing	NWMT	AVA	NF	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	1,385	1,385	0	8,365		8,365
229	Puget Sound Energy Marketing	NWMT	AVA	SFP	MONTANA OATT	COLSTRIP	AVAT.NWMT	0	2,880	2,880	0	17,400		17,400
230	Puget Sound Energy Marketing	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	58,577	58,577	0	353,953		353,953
231	Puget Sound Energy Marketing	NWMT	NWMT	SFP	MONTANA OATT	BEAVERCREEK	COLSTRIP	0	547,584	547,584	0	3,269,880		3,269,880
232	Puget Sound Energy Marketing	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	121	121	0	731		731
233	Puget Sound Energy Marketing	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	57	57	0	344		344
234	Rainbow Electric Marketing Corp.	AVA	WAPA	NF	MONTANA OATT	AVAT.NWMT	CROSSOVER	0	418	418	0	2,525		2,525
235	Rainbow Electric Marketing Corp.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	628	628	0	3,793		3,793
236	Rainbow Electric Marketing Corp.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	9,218	9,218	0	55,677		55,677
237	Rainbow Electric Marketing Corp.	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	121	121	0	731		731
238	Rainbow Electric Marketing Corp.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	517	517	0	3,123		3,123
239	Rainbow Electric Marketing Corp.	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	JEFF	0	96	96	0	580		580
240	Rainbow Electric Marketing Corp.	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	1,416	1,416	0	8,553		8,553
241	Rainbow Electric Marketing Corp.	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	336	336	0	2,029		2,029
242	Rainbow Electric Marketing Corp.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	863	863	0	5,213		5,213
243	Rainbow Electric Marketing Corp.	WAUW	NWMT	NF	MONTANA OATT	CROSSOVER	MATL.NWMT	0	29	29	0	175		175
244	Shell Energy North America	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	2,150	2,150	0	12,986		12,986
245	Shell Energy North America	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	1,529	1,529	0	9,235		9,235
246	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	633	633	0	3,823		3,823
247	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	HOLTER	BPAT.NWMT	0	168	168	0	1,015		1,015
248	Shell Energy North America	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	399	399	0	2,410		2,410
249	TEC Energy Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	MATL.NWMT	0	110	110	0	664		664
250	TEC Energy Inc.	PACE	NWMT	NF	MONTANA OATT	BRDY	MATL.NWMT	0	65	65	0	393		393
251	TEC Energy Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	BRDY	0	45	45	0	272		272
252	Tenaska Power Services Co.	NWMT	AVA	NF	MONTANA OATT	HARDIN	AVAT.NWMT	0	135	135	0	815		815
253	Tenaska Power Services Co.	NWMT	AVA	SFP	MONTANA OATT	HARDIN	AVAT.NWMT	0	4,992	4,992	0	30,160		30,160
254	Tenaska Power Services Co.	NWMT	BPAT	NF	MONTANA OATT	HARDIN	BPAT.NWMT	0	207	207	0	1,250		1,250
255	Tenaska Power Services Co.	NWMT	NWMT	NF	MONTANA OATT	HARDIN	NWMT.SYSTEM	0	122	122	0	737		737
256	Tenaska Power Services Co.	NWMT	NWMT	SFP	MONTANA OATT	HARDIN	NWMT.SYSTEM	0	480	480	0	2,900		2,900
257	Tenaska Power Services Co.	NWMT	PACE	NF	MONTANA OATT	HARDIN	JEFF	0	43	43	0	260		260
258	Tenaska Power Services Co.	NWMT	PPW	NF	MONTANA OATT	HARDIN	BRDY	0	7,128	7,128	0	43,064		43,064
259	The Energy Authority	BPAT	AVA	NF	MONTANA OATT	BPAT.NWMT	AVAT.NWMT	0	421	421	0	2,543		2,543
260	The Energy Authority	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	10	10	0	60		60
261	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	BRDY	0	66	66	0	399		399
262	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	JEFF	0	52	52	0	314		314
263	The Energy Authority	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	50	50	0	302		302
264	The Energy Authority	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,160	2,160	0	13,046		13,046
265	The Energy Authority	NWMT	BPAT	NF	MONTANA OATT	COLSTRIP	BPAT.NWMT	0	82	82	0	495		495
266	The Energy Authority	NWMT	NWMT	NF	MONTANA OATT	DAVEGATES	NWMT.SYSTEM	0	27	27	0	163		163
267	The Energy Authority	NWMT	PPW	NF	MONTANA OATT	COLSTRIP	BRDY	0	80	80	0	483		483
268	The Energy Authority	PPW	BPAT	NF	MONTANA OATT	BRDY	BPAT.NWMT	0	100	100	0	604		604
269	The Energy Authority	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	223	223	0	1,347		1,347
270	The Energy Authority	PPW	NWMT	NF	MONTANA OATT	MLCK	NWMT.SYSTEM	0	27	27	0	163		163
271	The Energy Authority	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	474	474	0	2,863		2,863
272	The Energy Authority	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	5,309	5,309	0	32,066		32,066
273	The Energy Authority	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	ANTE	0	90	90	0	544		544
274	The Energy Authority	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	JEFF	0	240	240	0	1,450		1,450
275	The Energy Authority	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	5,594	5,594	0	33,788		33,788
276	Transalta Energy Marketing (US) Inc.	AVA	NWMT	NF	MONTANA OATT	AVAT.NWMT	NWMT.SYSTEM	0	150	150	0	906		906
277	Transalta Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	MATL.NWMT	0	50	50	0	302		302
278	Transalta Energy Marketing (US) Inc.	BPAT	NWMT	NF	MONTANA OATT	BPAT.NWMT	NWMT.SYSTEM	0	983	983	0	5,937		5,937
279	Transalta Energy Marketing (US) Inc.	BPAT	PPW	NF	MONTANA OATT	BPAT.NWMT	YTP	0	780	780	0	4,711		4,711
280	Transalta Energy Marketing (US) Inc.	BPAT	WAPA	NF	MONTANA OATT	BPAT.NWMT	CROSSOVER	0	2,199	2,199	0	13,282		13,282
281	Transalta Energy Marketing (US) Inc.	NWMT	BPAT	NF	MONTANA OATT	MATL.NWMT	BPAT.NWMT	0	40,768	40,768	0	246,247		246,247
282	Transalta Energy Marketing (US) Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	BRDY	0	75	75	0	453		453
283	Transalta Energy Marketing (US) Inc.	NWMT	PACE	NF	MONTANA OATT	MATL.NWMT	YTP	0	1,890	1,890	0	11,416		11,416
284	Transalta Energy Marketing (US) Inc.	NWMT	WAUW	NF	MONTANA OATT	MATL.NWMT	CROSSOVER	0	141	141	0	852		852
285	Transalta Energy Marketing (US) Inc.	PPW	BPAT	NF	MONTANA OATT	YTP	BPAT.NWMT	0	308	308	0	1,860		1,860
286	Transalta Energy Marketing (US) Inc.	PPW	NWMT	NF	MONTANA OATT	YTP	NWMT.SYSTEM	0	11	11	0	66		66
287	Transalta Energy Marketing (US) Inc.	WAPA	BPAT	NF	MONTANA OATT	CROSSOVER	BPAT.NWMT	0	267	267	0	1,613		1,613
288	Transalta Energy Marketing (US) Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	BRDY	0	34	34	0	205		205
289	Transalta Energy Marketing (US) Inc.	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	34	34	0	205		205
290	Western Area Power Administration	NWMT	NWMT	SFP	MONTANA OATT	CANYONFERRY	NWMT.SYSTEM	0	5,160	5,160	0	30,765		30,765
291	Western Area Power Administration	NWMT	WAPA	NF	MONTANA OATT	CANYONFERRY	GREATFALLS	0	2,272	2,272	0	13,725		13,725
292	Western Area Power Administration	NWMT	WAPA	NF	MONTANA OATT	COLSTRIP	CROSSOVER	0	160	160	0	966		966
293	Western Area Power Administration	NWMT	WAPA	SFP	MONTANA OATT	CANYONFERRY	CROSSOVER	0	75,075	75,075	0	448,290		448,290
294	Western Area Power Administration	NWMT	WAPA	SFP	MONTANA OATT	CANYONFERRY	GREATFALLS	0	8,664	8,664	0	52,345		52,345
295	Western Area Power Administration	NWMT	WAUW	SFP	MONTANA OATT	COLSTRIP	GREATFALLS	0	1,200	1,200	0	7,250		7,250
296	Western Area Power Administration	PPW	WAPA	NF	MONTANA OATT	YTP	CROSSOVER	0	10	10	0	60		60
297	Western Area Power Administration	PPW	WAPA	SFP	MONTANA OATT	YTP	CROSSOVER	0	103,093	103,093	0	615,300		615,300
298	Western Area Power Administration	WAPA	PPW	NF	MONTANA OATT	CROSSOVER	YTP	0	2,587	2,587	0	15,625		15,625
299	Western Area Power Administration	WAPA	PPW	SFP	MONTANA OATT	CROSSOVER	YTP	0	81,010	81,010	0	483,450		483,450
300	Western Area Power Administration	WAPA	WAPA	LFP	MONTANA OATT	CROSSOVER	GREATFALLS	10	22,080	22,080	131,848	0		131,848
301	Western Area Power Administration	WAPA	WAPA	LFP	MONTANA OATT	GREATFALLS	CROSSOVER	20	44,160	44,160	263,695	0		263,695
302	Western Area Power Administration	WAUW	NWMT	SFP	MONTANA OATT	GREATFALLS	GTFALLSNWMT	0	4,416	4,416	0	26,370		26,370
303	Rounding							0	2	2		0		0
35	TOTAL							1,628	4,264,365	4,264,365	17,110,223	9,474,384	0	26,584,607

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	6,270	6,270	12,600	0	0	12,600
2	Bonneville Power Administration	OLF	0	0	0	0	(a) 812,969	812,969
3	Southwest Power Pool	FNS	25,598	25,598	132,912	0	0	132,912
4	Supply							0
5	Avista	NF	1,141	1,141	0	10,606	0	10,606
6	Bonneville Power Administration	NF	110,870	110,870	0	310,627	0	310,627
7	Shell Energy North America	NF	400	400	0	700	0	700
8	Idaho Power Company	NF	1,703	1,703	0	10,350	0	10,350
9	Snohomish County PUD	NF	400	400	0	700	0	700
10	Seattle City Light	NF	933	933	0	1,633	0	1,633
11	Rounding
	TOTAL		147,315	147,315	145,512	334,616	812,969	1,293,097

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			281,709		281,709
2	Steam Production Plant	3,547,014		0		3,547,014
3	Nuclear Production Plant	0		0		0
4	Hydraulic Production Plant-Conventional	9,285,203		164,747		9,449,950
5	Hydraulic Production Plant-Pumped Storage	0		0		0
5.1	Solar Production Plant	445,347		0		445,347
5.2	Wind Production Plant	3,598,193		1,528		3,599,721
5.3	Other Renewable Production Plant					0
6	Other Production Plant	11,368,244		7,739		11,375,983
7	Transmission Plant	24,156,035		1,752,866		25,908,901
8	Distribution Plant	47,749,507		1,015,508		48,765,015
9	General Plant	3,406,768		40,574		3,447,342
9.1	Energy Storage Plant	458,872		0		458,872
10	Common Plant-Electric	2,903,566		4,182,054		7,085,620
11	TOTAL	106,918,749	0	7,446,725	0	114,365,474

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	606,979	118,782	2,477	30	19
8	Total for Quarter 2	1,876,766	274,885
9	July	662,498	95,979	2,660	8	19
10	August	642,985	58,781	2,678	19	19
11	September	578,788	39,611	2,458	1	18
12	Total for Quarter 3	1,884,271	194,371
41	Total	5,960,087	681,806




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	1,984	8	19	1,036	663	676	0	1,731	0
10	August	2,002	19	19	1,030	674	676	0	850	0
11	September	1,782	1	18	1,025	606	676	0	712	0
12	Total for Quarter 3				3,091	1,943	2,028	0	3,293	0
13	October
14	November
15	December
16	Total for Quarter 4
17	Total				9,308	5,747	5,966	0	9,622	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