NorthWestern (NWE) 26 Oct 212021 Q3 Earnings call transcript

Good afternoon, and thanks for joining NorthWestern Corporation's financial results webcast for the third quarter 2021. My name is Travis Meyer. I'm the Director of Corporate Finance and Investor Relations Officer at NorthWestern.

Joining us today to walk you through the results and provide an overall update are Bob Rowe, Chief Executive Officer; Brian Bird, President and Chief Operating Officer; Crystal Lail, Vice President and Chief Financial Officer.

We also have other members of the management team with us today on the line as well to address your questions as appropriate. have website and at results available release NorthWestern's our on northwesternenergy.com. Instructions] been the released is [Operator We've also released our XX-Q premarket this morning. the responses may Please by that company's this release, note presentation, presenters and forward-looking to contain questions your statements. press comments

and financial to non-GAAP Please As disclosures also our that, presentation note reconciliations harbor included also, contained safe disclosures, slide second non-GAAP the in such, this CEO, and direct presentation the the filings measures. of Bob in in the presentation. will hand provisions I I'll definitions Please over you see SEC NorthWestern this to included includes Rowe. presentation. With the

and shores Thank We our concluded concluded Montana a Helena, exciting with of doing a his our River the infrastructure nearby. you how with here dams essential role about energy Gianforte Gianforte important just great the is just hydro of Gianforte so talked And adviser. in Montana system we Montana, meeting far results economy, much. things the very service. state's of very Queen and discussion critical in productive the the the the the seen Governor the and X the Well, provider -- Missouri he's of with Board as grow to Governor City meeting on Rockies

December compared quarter to The declared great December just of last $X.XX per as adjusted adjustment, million that and weather $X.X period period a a meeting. quarterly on EPS was the a shareholders last to increased EPS conclusion XX. payable year. adjusting liability hour the Board period same After same the in increased was the share, to to increased delighted record It our third Board income with as $X.XX the Diluted XXXX. of non-GAAP Our dividend governor XX $X.XX spent to compared for as noncash us. an year. same Net compared for

common $XX.X proceeds over just proceeds turn total stock Financial program. distribution will over at that, $XXX of price net net X had Officer, Chief that to under under We was average quarter, million our an our announced of it equity agreement million. shares I with in the Crystal And for we Lail. $XXX million During issued received the million our $XX.XX of

drivers you Thank $XX.X with XX.X% there, to in $X.XX solid share X or to million per you, in as And compared Bob. income with of another $X.XX Of give revenue more $XXX.X being west earnings by net power, the conditions $XXX.X color for million from loads those $X.X both and gross quarter. or improvement market of continuing and the south of really to That That's in what really the conditions to prior our a X.X%. about $XX.X reflection higher spoke dry QX $XX.X are lines in with million quarter With Bob a of the using that, a we $XX.X Slide of us. reflects prior quarter continuation million a warm diluted with take the an with transmission with in and as transmit higher expectations indicated and compared quarter. I'll us, are with our line the it's perspective. prior of both rates bit you million, million. million versus that, where improvement margin

higher, a in weather. a that continued Montana and in residential at our sharing were quarter. with was territories service as then bit warm again of in particular, Again, weather, volumes Those customer dry took retail solid quarter, the mechanism is awfully thing prices well, for and With the about summer line. South a hot our XX% the in mechanism. conditions million million of both recovery That during supply improved reflecting other were July commercial $X.X in loads both in with reflects detriment. $X.X That's and sharing growth Montana. and $X.X Dakota, charge we the spoke million The we of Montana by, improvement that and that, offset XX% the power along one, just our

proposed couple and call is you million that maintenance. of implementation higher the Those in to higher to bit $X.X driving $X.X pretax alluded continuing in the facility bit to on of QX, million that had for the were Again, we lower, expenses debt that expense. a million a in quarter. million, and things and the our that or benefit employee benefit it to $XX.X detail also accounts trend normal facility costs initial the a during a With costs, a seeing as X bit at costs million quarter. technology generation then and bad at million that year. again, $X.X With forward Aberdeen a weather in then we'll part, QX benefit both I've also medical was uncollectible we prior a general associated expenses a really what we next compared and from to as to of already and administrative that of the moving took That's gives Slide favorable $X.X transmission. you maintenance about out QX $XX.X relates compared by related bit in pattern which talk and were would a $X that, conditions [ XXXX I the operating ongoing later charge as of compensation We $X.X weather. costs related quarter, pretax little shows as improvement as million favorable we increase QX, ] detriment discussed mark-to-market Operating, queue-up related we not adjustment that's $X.X estimate preliminary compared of to and prior a in from items And have had with million. with position. to the that covers our location. that discussed also the an more as not margin in weather that, fact million to construct rebound offset, resulted with slide with a quarter, you

in line and of by throughout trend this in to would that we increase valuation resuming that's there. bottom falls think a with an higher I Overall, to million. margin a accounts. million AFUDC. interest the also overall improvement offset you this also year, bit million improvement I'll bit a favorables higher investments. by and prior expense by costs. and about is million the property Those have $XX.X really a mention uncollectible in income. that, COVID-impacted next income is as $XX.X X. period, mention other decrease, XXXX. to the million driven while $X Slide million lower debt That's to OG&A $XX.X seen portion XX.X%. driven as that compared some in normal, Again, I year, the With Montana You've change still compared taxes, to that's improvement are a move other would That and or Operating of $X operating page, of plant that $XX.X year equity thematically

by That we those gas. in ongoing weather. here, and And while can at $X.XX costs. natural the flows you'll the Moving favorable our $XX compares non-GAAP for period. to And slide. a talked energy than the primarily in continuing point flow, overall From a about having QX significantly talked of about favorable operating are trend impacted think between you'll our Slide that the see continued bottom the of earnings supply prior supply been X. to and lower we've see trend that Slide cash couple electric We under first year-to-date. already that costs, as about of themes XX, here. we're a I continuing Cash of weather that's would you to quarter reflected in it removed, $X.XX see and recovery breakout or continue quarter the in perspective, collecting of supply gas electric you prior in Again, see costs the electric quarter, unfavorable XXXX. the that things to of increase quarter. we've We million of see you $XXX.X some that costs we about the weather overall impact impact did supply year-to-date again. incurred million

would $X.XX. adjustment The liability mention here again, is, QF mark-to-market was the other as I there item that

So the when diluted a $X.XX. of EPS a non-GAAP $X.XX period to the adjusted at $X.XX basis prior on basis, to compared on adjusted quarter, you $X.XX to look of earnings

expectations. non-GAAP share. $X.XX. on compared 'XX by seen expect capital. Slide also I'll $XXX a we At 'XX equity XX, we delayed are have in and that with $X.XX, reaffirmed that We XXXX. $X.XX equity from to was by range in offset that that narrowed by discussed to that basis a line wide and $X.XX that. in higher [ guidance in diluted our of at you, a proceeds for again driven improvement bit. operating our $X.XX down driven to that's had our higher executing remind per also you in here we 'XX narrowed remind ] So the mention quarter from as offering, we margin guidance And million I had of We again costs. on our some QX, But $X.XX, QX, would

a of higher million at track is we've XXXX, in capital prior for years. on which number are We than in $XXX been

plans forward weeks. in we're our we're couple And expect And to an with in we program need with from of EEI equity broadly, to and that, XXXX. So to including XXXX, with that, here both close you capital also going for discussing be then will consistent looking our where stay guidance a perspective. guidance, with

back Bob, to you. So

A were Crystal, couple you tickets it job. EEI. sounded like items. to Good regulatory of selling

requested arguing PCCAM to interim rate of capacity PCCAM here the implemented only in subsequently, adjusted place [ adjustment We implemented mechanism, lost ], me. disappointed dismiss. were First, We is given the concerning $XX granted the that driven. pardon energy-driven, not we to motion Consumer Commission base be we forecast interim -- so motion credit had case. existing a a general approval the that then that Council the -- cost and we the about power an that Anyway, my filed requested the -- really million increase can

see When a certainly do However, we evaluate the have written have we to not will opportunity seen and reconsideration. we that, request order.

view reset rate case. under tariff, PCCAM the be the is that Our base of outside may a

mechanism. Second, concerning decoupling our

that be to is mechanism to you had positive. a We we was a as The know, and highlighted suspend. disparate the its the Commission that COVID Consumer was early request on mismatch suspended to that, direction denied. and sector grant voted and intended really the that C&I consider reconsideration Council of residential requested that our the real As purpose, in requested

that a the within ahead supply X yet good that. of to on plant. filed Vice very then resources, including capacity kickoff those and forward a Laurel and manage and WECC request then that of really finally, request to ago, one going On this. results Haven't received processes, A be matters we Brian will months. Cashell, audit requests. to X to much report, our very participated plan. data few the Council, back talk And we'll audits. their audit we to approval there. years couple And consider the next other WECC, We but about and Coordinating important can't outcome we're outcome. of We XX, a of simply our back with the for May about Brian moving just quite and withdrew looking responded is that. to a to has I weeks talk the Mike our a routine in and Western speak that's I, Electricity come initiated the below Laurel radar. with expected So Transmission, issues, FERC and chain President XXXX had know constructive to for present. the plant. the of we're And We've come couple And regulatory covering all team. initiated capital a really then the

updating As that capital as Two change. Crystal this our mortgage cash equity bonds EEI. to here, first plans issuances. we highlights subject current But Then financing finance plan you reflected with over with and mentioned, as years, a billion next which and at from discussing $X.X X flows be will we is currently operations, important we overall are always, have the plan. to to plans expect

a XX- costs to construction all, of for overall supply the generating plans there challenges. million flexible estimated as plan, in depicted result significant First here, and of plant near discontinue the include our increases Aberdeen, as does decided and chain XX-megawatt to we about $XX

South in those. We to to appropriate customers' will make continue obviously monitor decisions needs our Dakota and address

other hand, near to these investment of On about in not projections $XXX do the XXX-megawatt the generation anticipated include be Laurel. million constructed facility

of coming just Bird, I'll growth turn also update we a anticipated anticipate update is to level do rate at to the X% acceleration the project up to to annualized Operating now and capital progress project, and an Chief discontinuation the So the And Officer, result Brian the Aberdeen portfolio an of anticipate -- matters. this it in EEI of few of X%. overall base we providing with ESG in weeks. And generation our to an report over on for Laurel on

Thanks, Bob.

withdrew As ahead certainly but moving with associated our Bob the obviously, we filing pointed Laurel are project. out, we project, with the

want -- to to case we the contract our everyone supply get quickly can fact, as customers protect issues also unforeseen In advantage rising is project as in costs fixed moving and in take arise. for we of price chain the seeing. that the And

do much, we Contract, much plan the in plan Commission preapproval to Beartooth bring that, that we than relatively follow to the period as that fact, of facility Laurel front filing. a And addition in Battery to the build since to plant, time shorter soon. is the In stand-alone that

contract, In a in that, available regards are in coming provide South the come With well. to go coming that's actually protection seeing customers out in online addition has the in and XXXX, soon. will we're some to COVID will season. to that about relatively relatively we up Dakota, our plant, it going early In effect XX-megawatt early Powerex which winter here issues, other to be but supply construction excited of to and been 'XX, chain pushed

expected We at have those price hold the on agreed talked Dakota out, opportunity with possibly talked We saw development the we collectively did the that We're about the the thing those an think, phase, go project rising project time the come a and more project. to in with down Commission of prices we, is associated we of lock looked alternatives prudent to did at with folks. prices. Bob we pricing As matter, in in not decided were still then reasonable prices South out, different plant, costs. some discussed pointed with that the the what hope we we up, and and the back as in pointed and increase I put a But terms the and road. as Aberdeen negotiating at and

prominent have today member It's a we to ESG. on being say the used of of ESG now I'll tool Nasdaq bit is our with more it I that, We've send services, of us that the the Bob. that OneReport. our we is ESG-related looking some rate very one And I brand-new of see loaded also We're in a one track our Moving perspective. of page, ESG guess everything of web of an continue half would it which very, that their is we that you'll that process in a all dovetail release some information could folks of We've at improvement the of our And big certainly scores, disseminated recorded OneReport. to seeing they see to as that advantages from first information. to information. year, which and expect we in can and already people tool that that. into those back into capture

And Okay. that, for questions. we're ready your with

unmuted? Thank in we BofA. line Ryan? queue your have you, looks question Ryan Bob the from like Ryan, [Operator is team. our Instructions] and Greenwald at It first

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Yes.

Now can. we

block withdrawal get Awesome. it of with just another and thoughts the out like latest Commission? it preliminary needs anything the timing around Can you of but to agencies equity cadence, here, conversations the order some initial terms know can whether or talk and I EEI at 'XX of ATM? a we're sounds be say PCCAM the bit into rating in about you application going the information a following and preapproval potential more

Ryan, question. here. Crystal Thanks for the

as each and take of on from on a importance move able customer that, your as with decision quickly First, being the to with to We having to, part and given, alluded progress Brian to we the contracts of perspective. I'll table, the Laurel agencies made the question. first that fixed speak able did execute price forward the the ratings of project be

agencies for it. it ratings the side think the I business our of side of perspective the that forward moving of -- understand

for as happy also be that and EEI get for to how that looking to about is and question Commission We progress we With you're chief looking it. piece ] recovery to understand of [ us to rates, the together forward that Montana of regard mind 'XX, the will at other work to in talk to us accomplish that. with with and your

One footnote agencies. ratings on the

ratings presentation for of discussion. they then at really Moody's look foundation Commission. and couple a Energy. the of did agencies what good do, ago, the Montana utilities evaluate by Commission the how to the they lot A weeks NorthWestern was well-received an excellent how specifically laying Just of That

is the least presentation, I online. think the available at video,

very similar South is a presentation. Dakota Commission interested in having

Of better course, the regulators understand, our view is the for more all.

help the the move pressures before the limiting then And saw a were quantify cost? really not inflationary Or at the oriented Was elevated Understood. magnitude opting concerns you -- rates higher the all? with with guys Aberdeen project? with can forward just to was factor balance sheet of around you

No.

to good move The much as need, made than want we we that's upwards sit we XX% forward. prices why down originally the it we decided seen. to certainly, I chat thought And to we why and think that decision, not as based news, made were a sense that higher was sheet, as but believe. obviously, capital seeing not -- it of upon and balance invest we collectively we to factor

terms is But could there price Understood. million And costs in in the $XXX movement? anything terms Laurel know of alluded that's terms lastly, that contract, maybe I earlier you that here. in subject to open just of be of for fixed then the

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Yes.

was answered, is finance or part higher So way, will shape in EEI. some what on of -- and very EPS asked Aberdeen that how same you're be come presumably guidance XXXX clear. at later? XX% understand time? the will discussion the CapEx XXXX to that question going Or come and form, already guidance. I at Will EPS the

and plans. Absolutely. be guidance both shifting all with talking with Aberdeen capital financing both moving, and capital, plans. Laurel things with along we'll EPS be about We'll EPS 'XX Obviously, accelerating updating

Beautiful.

there. be to got you've So

construction. in Well, release certainly mentioned Laurel, of will that the week, and be. we to another maybe The date, construction, well, you about for could start think how mentioned this lawsuit on there. etcetera? this financing, on could towards How end was should I'll end filed the it could that last timing final I the -- is when timing and that have question start just there the date, impact then unfortunately, delay you potential start How affect

and things governor will COO. the the to I defending ago, terms untimely say with to Brian? hear our disappointed lawsuit. Well, were of followed. process But department by seemed we is a received several days We've that will by litigation. the so administrative I'll it team in over We were the is side we encouraged side turn the just today legal from in that be -- It evaluating. our couple obviously, be Obviously, Monday. this of to

we're from the we'll take continue Yes. site the working process. and that on, engines permitting, What work will preparation in things at biggest there getting And add is point is I standpoint a on it's to are that time. time would this certain during engines this But manufactured. time the factor

of [ you time the lawsuit working be on be can so And will, other a that lot some there things. think we ] will if on transpire, that can I

RICE those would European just I engines. be very Some -- sounds allies is would to just it Where on of like Where origin, would -- good that last I'd question. got the... ask than be some units figured rather And the hear. others nice there, It in and which taking construction place? you. you've -- just Got are the those come question assuming,

the had have and we'll here in in for for Laurel. engines same We shipped, DGGS produced be past the doing and the Germany

forward to Look Beautiful. EEI. you seeing at

next question our forget to take line of Jonathan Reeder Wells at Jonathan, the We'll don't triple from James. Thanks, Fargo. unmute.

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Yes.

Yes.

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on Just piggybacking kind that of question. last

to notice have I price? Just -- you clear, future the definitely sometime given, for do right? on to guess, the forward. the to that the in Laurel proceed contractors We're you to when fixed before be intend It's execute it you've moving it then, not

final Yes. leave notice We're in I'll it to at the final stages on that. the proceed. --

despite to to then the And I lawsuit, to run has the refresh, that like Okay. that derail forecast Laurel though, plant CapEx into be front rolling are the sounds you environmental this but it? going not it potential even guess,

Absolutely.

global want it cost base Okay. also Thus, impacting in safe CapEx assume of to amount these budget? of pressures current the and Is it as might supply to work inflationary the if accomplish contemplated more chains so? budget, the kind are same do you to

would capital a put the considered an increase it's was budget X in the say there. time, since that I When But seeing question. matter ways. July, budgets change in a of the standpoint. and from by we're I'd in good bit question argue even fact, July, raised inflationary we more cost the approved, get that it Yes, Board At we the A capital yesterday. together

on. that our eyes something we keep it's certainly to want So

I is things about think could that chain, about cost slow too. increased might concerns some what factor be supply concerns an construction, offsetting other to

of probably up So initially. planned we about end had we that would kind felt we where

Okay.

dollar where you not but perspective, necessarily a... planned saying a from from initially You're

a perspective. From a From dollar dollar perspective.

Okay.

your, at terms though amount a is Okay. getting guess, balance look I forward, to rate to the have I guess, it's get going then, done impacts you'll what out figure and spot cost of sweet that of going And to that against expected actually work certain what in done, there? like --

Correct.

then… And Okay.

period Certainly, industry, the the that and management to cost lot is industry issues, participating attention challenges the sense sides, this. in on a both the or evaporate a manage the comment seem entire transitory supply is to supply in chain will in other we're months. paying through they effort of don't Board of availability, The is weeks and chain as

issues think into bit in chain could the my from of much essence future. perspective, And issues -- and I to obviously, out a projects be other as I don't cutting that to work get more clear slow, things it's just pushing think cause as the supply because projects

And that trying Got on I'm a of you. I -- makes train to think that, then lost sense. No, had my follow-up I thought. and

Just to was million kind kind off previously The reversal that uncollectible of 'XX housekeeping -- upside a of $X.X item. in pretax the written anticipated accounts, of that the an guidance? surprise? Or was

that I our expectations. line with within would say was

our Jonathan. XXXX. Thanks, we -- here. It one with think morning we last And the is that, has digits I queue just oh, the -- Monday did into call come X have

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real any you Can the flavor the And quick next the then... need us up iteration year? will give still whether Aberdeen. be on project there the in in on IRP capacity Just next of

if -- I'm Absolutely. had a pause interrupt you -- I I'll question, going. further and didn't think sorry, -- Yes, you keep I let

Yes. Okay.

charge-off separately, Just your that out in was this quarter? adjusted non-GAAP earnings

question. well, No. CFO first let -- I the answer the I'll take question. that I'll

Dakota. think need I still exists in South capacity the

IRP pricing continue I that And gap think back means what what a some has to understanding evaluate at the term, to here. done in that there. in to come to use do the term decision the continue future, longer short make we but to just want next again, we want manage close -- in we'll time, point other and

this Eric, is And Crystal.

those is was was costs as It out, is the to charge-off of not. question related earnings. initial -- at part Aberdeen our it in The second your non-GAAP-ed

Looks Matt see to queue works. like believe. It's we trying allowed we if to... in speak get we're that question line Matt, you if the Davis, from this one just here. the have to We'll able of more through you're I

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can. we Yes,

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do with planning seeing XX% I later up So in was as project as you're the what come the just question outweigh well of pricing a that had region to sometime the And in I seeing cost ahead as energy based I you're Aberdeen as mean XX%. that roughly increase is gone extreme I bit in horizon, XXXX, go the in your how expected enough in online the the the -- to and capacity so well has market a now? on market make what and in and cost the But -- why kind energy decision in project understand the on little believe markets? the project. capacity what you

Yes.

that we alternatives, and then we asked IRP. we term, can it certainly the collectively look thing you about in the I in sit sense say did move forward and we think tell If to there's other and down is this agreed the -- next And we if we at we probably main at give And talked a had to see. -- what the time, with makes heads-up. to point was this short do when wait. things we Commission want expect project we them in this you alternatives, and with would collectively

initially from direction. But forge in to good that we just certainly Aberdeen but a didn't were an remember, the head And expeditious we If necessarily decision with not to contemplate move with dialogue Commission, you could forward. that. collective might we we the planning thought first -- the something IRP, we we was was have again, standpoint, it ahead

And then just one one. other

terms puzzle? In pieces as some Aberdeen? is other the But around program, has at thinking it Or as of just subtracting are inflationary and in moving plan that there measures. your about base get the about pieces to I thinking out putting capital Laurel probably the simply

EEI. plan the about the great in updated honestly at discussing us. and detail good important excited be We'll capital We're of work ahead

one. out trading a matter simple one it's So not for of

line. Andy, It like from Matt. Andy have queue one Levi. in the looks we Thanks, question opening more we're your

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just So X questions.

is gas If on gas I correct? general. that just guys made right, side far in natural as as several the First, resources, correctly, you natural remember acquisitions on

Correct.

gas? still those those flowing are still And gas? flowing Are

Yes.

Okay.

could around on just mean you this have of that, that how is you as questions supply winter that explain -- and And you a helping far I couple could so I price-wise? as but of significant just kind

and in of integrated things COO. and system it at some storage has of system. both Brian, owned think that over couple the a have say turn I'll to, of about Montana, a ends does our particular, storage the supply, In and transmission lot that again,

that So storing on gives prices off-season more relatively system. are gas -- the attractive moving the the several when terms at than points and bringing us flexibility gas in the of gas in in storing purchasing around system,

So us in, were system. than a if that delivery better a I think, position local simply much puts we

So that's positive. Brian? a real

say X things. would I Yes.

is we save we changed Commission gas this gas gas the provides point the buying nice the First to able of reserves have of this But that of like I to in with we're Bob to us storage for of for and storage the that about We prices. events us we use. for in up would particularly all, that that XX% rules more, thought winter XX% that to use it And that sense. we're XX% made purchased some that about mentioned, do our say have it thing at like made would higher time. available to periods and season, at and were fill more it in difficult done system, the The that. -- peak

advantage nice -- we our of So certainly a that's system.

you that's to XX% that say not using correct? that reserves have, what your XX%, from you're the you total is supply, When

Total supply. Total supply, Andy.

Right.

amount have how the you as reserves? do a what's while you -- annual an And that discussed you we what since that basis? been actually on it's know this. far and total produce have Like What Okay. or as -- I

we're we those about to slides ago, deck, Andy, and the... have in years used talking our

Okay.

Okay.

Okay.

So that's fine.

bigger I as you so up up well. any -- it's price thoughts gone Are of the there equity? of dramatically assets the equity again, and have those assets don't doing discuss for its equity project question type you same product, affects I We then okay? now. that. can That's fine. at of base EEI. a need this and it's thought has lieu also have the and a it gas the -- about year, of in rate obviously, At understand You right picture affects monetizing have paying so customer but like ever kind time, has And price dramatically dividend rates and of gone that

would no. That a be

Okay. head. Fair that Stuff enough. in pops my

appreciate It's ideas. Yes. always We good. your

people affected believe that around you not I some relative ATM on actual thinking of truly dollar just But a then I basis. price that has your equity because again, amount. just last stock And you're question the do. have on is Well, amount the -- again the Okay. the need,

of and so every that of Same buying like kind you off the just thoughts that someone at trade quarter. And kind I stock volume? once ask shares any around it pressure or then the taking all since other doesn't in question from that just -- versus people much myself

Crystal?

We to We appreciate interest thing Andy, stock. I you. it's a We had be that. you on our technical say resounding comments good we holding, hear would about the only think too. your execution on in the hear

I'll question. previous on your help Andy, you out,

Bcf Bcf. if of the about XX%, me You X that asked serves amount my on and math kind to XX% I'd it's of argue

you Can seeing I Okay. guys. -- I'll you okay. in person. forward in guys Florida. That's I'll see you great, to hear me? look see soon

Yes.

Yes. Thank you.

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for you Thank all talk your going EEI. about lots at to interest have the we're here very is And a theme good to discussion. and Okay. all

and most So many of of looking in online. Take some to of you safe. person you, Be forward seeing probably care. you