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NorthWestern Energy Group Inc. (NWE+1.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including revenues of $1.51 billion, an increase from $1.42 billion in the previous year. The increase is attributed to new base rates in Montana and South Dakota, as well as higher electric transmission revenue.
Operating income for the year was $323.3 million, compared to $300.5 million in 2023. This improvement was driven by increased utility margins and income tax benefits.
Net income for 2024 was reported at $224.1 million, up from $194.1 million in the previous year. The increase is largely due to favorable tax adjustments and higher operating income.
The company reported a total utility margin of $1.08 billion, reflecting a 7.8% increase from the prior year. This was primarily due to higher base rates and electric transmission revenue.
NorthWestern Energy Group's capital expenditures for 2024 amounted to $549.3 million, with significant investments in electric and natural gas infrastructure.
The company completed the second phase of its holding company reorganization on January 1, 2024, resulting in a new corporate structure with NW Corp and NWE Public Service as direct subsidiaries.
NorthWestern Energy Group remains committed to its goal of achieving net-zero carbon emissions by 2050, with 58% of its electric portfolio being carbon-free as of 2024.
The filing also highlights the company's ongoing regulatory activities, including rate reviews in Montana, South Dakota, and Nebraska, with interim rates implemented in 2024.
NorthWestern Energy Group's liquidity position as of December 31, 2024, was approximately $191.3 million, supported by cash and credit facility availability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NorthWestern Energy Group Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.