NorthWestern Energy Posts $30.7 Million Q3 Profit as Black Hills Merger Awaits Montana Vote

NorthWestern Energy reported third-quarter 2026 net income of $30.7 million, or $0.50 per diluted share, down from $38.2 million, or $0.62 per diluted share, a year earlier, and said it still expects to complete its merger with Black Hills by year-end 2026. The results were announced by Business Wire.

NorthWestern's Colstrip Costs and Merger Progress

NorthWestern Energy is a regulated electric and natural gas utility serving about 850,300 customers in Montana, South Dakota, Nebraska and Yellowstone National Park, according to akta.pro company records. The company attributed the profit decline mainly to a $6.1 million net loss tied to its additional ownership interests in Colstrip Units 3 and 4, along with depreciation and interest expense, partly offset by lower non-recoverable Montana electric supply costs, retail volumes, transmission revenue and merger-related costs.

Adjusted non-GAAP net income was $35.6 million, or $0.58 per diluted share, compared with $48.4 million, or $0.79, in 2025. "Although the costs associated with our incremental ownership in Colstrip have created a temporary earnings headwind, this strategic decision helps ensure reliable energy for our customers and support economic development in Montana," President and CEO Brian Bird said.

NorthWestern and Black Hills agreed in August 2025 to an all-stock merger of equals that would create Bright Horizon Energy Corporation. Shareholders of both companies approved the deal in April 2026, and the federal antitrust waiting period expired that month. FERC and the Nebraska Public Service Commission approved it in May 2026, and the South Dakota Public Utilities Commission followed in June 2026. The Montana Public Service Commission is expected to consider the merger before November 12, 2026, Bird said.

NorthWestern's Guidance and Dividend

NorthWestern affirmed 2026 non-GAAP earnings guidance of $3.68 to $3.83 per diluted share and a $3.2 billion capital investment plan for 2026 through 2030, which it said should support rate base growth of 4% to 6% from a 2024 base of about $5.4 billion. The board declared a quarterly dividend of $0.67 per share, payable December 1, 2026, to shareholders of record as of November 17, 2026. The company had previously expected the dividend to be paid December 31, 2026, to holders of record December 15, 2026, and said it moved the dates to coordinate with the merger agreement.

Montana's Review of the Black Hills Deal

The Montana Public Service Commission postponed its vote on the NorthWestern and Black Hills merger until November 10, Yahoo reported on October 27, 2026. In April 2026, NorthWestern reached a settlement agreement with certain key intervenors in Montana that is subject to the commission's approval, and a hearing was held in May 2026.

NorthWestern's Next Steps

If the merger closes before the November 17, 2026 record date, each NorthWestern share will convert into 0.98 shares of Black Hills common stock, with cash paid for fractional shares, and Black Hills will be renamed Bright Horizon Energy Corporation. NorthWestern said it anticipates the transaction closing by year-end 2026, subject to the satisfaction or waiver of certain closing conditions.