BUTTE, Mont. & SIOUX FALLS, S.D. - NorthWestern Energy (NASDAQ:NWE), a provider of electricity and natural gas, announced the election of David L. Goodin to its board of directors, effective December 1, 2024. Goodin is recognized for his substantial experience in utility operations, having recently retired from his leadership roles at MDU Resources Group, Inc. (NYSE:MDU).
With a career spanning over four decades at MDU, Goodin retired as president and chief executive officer on January 5, 2024, and from MDU's board of directors on May 14, 2024. His tenure at MDU included various executive positions, such as president and CEO of the Utility Group and president of Cascade Natural Gas.
Throughout his career, Goodin has been a member of several boards, contributing his expertise to the Edison Electric Institute, American Gas Association, and other regional energy associations. His appointment to NorthWestern Energy's board is part of a decade-long initiative to diversify the board with skilled individuals.
NorthWestern Energy's CEO, Brian Bird, praised Goodin's addition, stating that his extensive utility leadership experience would support the company's strong corporate governance and benefit its operations in Montana and the surrounding region.
Goodin's arrival temporarily expands the board to ten members, which will return to nine following Tony Clark's departure at the end of 2024. Clark is transitioning to become the Executive Director of the National Association of Regulatory Utility Commissioners.
NorthWestern Energy has been a staple in the energy sector of South Dakota and Nebraska since 1923 and expanded into Montana in 2002. The company prides itself on providing safe, reliable energy solutions to approximately 775,300 customers across its service areas, which include Montana, South Dakota, Nebraska, and Yellowstone National Park.
This announcement is based on a press release statement from NorthWestern Energy.
In other recent news, MDU Resources Group announced a substantial capital investment plan of $3.1 billion for 2025 through 2029, marking a 15% increase over the previous five-year plan. This investment is intended to enhance and expand the company's electric, natural gas, and pipeline services. The company also reported a decrease in third-quarter earnings to $64.6 million, yet the adjusted income from continuing operations saw an increase, reaching $65.5 million.
The company also appointed Vernon A. Dosch to its board, adding his extensive experience in the electric utility and broadband industries. MDU Resources maintained its quarterly dividend payment at 13 cents per share, aligning with its objective of a 60% to 70% dividend payout ratio based on regulated energy delivery earnings.
Moreover, the company announced plans for a new data center and increased service agreements for existing data centers. MDU Resources completed a strategic pipeline acquisition expected to generate $3 million in annual earnings and projects a long-term EPS growth at 6% to 8%. These recent developments reflect the company's focus on organic growth and strategic acquisitions, particularly in the midstream sector.
InvestingPro Insights
As David L. Goodin transitions from MDU Resources Group to NorthWestern Energy's board, it's worth examining MDU's current financial position. According to InvestingPro data, MDU Resources Group boasts a market capitalization of $3.92 billion and trades at a relatively low P/E ratio of 9.87, suggesting potential value for investors.
An InvestingPro Tip highlights that MDU has maintained dividend payments for an impressive 54 consecutive years, demonstrating a strong commitment to shareholder returns. This track record of consistent dividends aligns well with NorthWestern Energy's focus on providing reliable energy solutions and could inform Goodin's strategic input on the board.
Another relevant InvestingPro Tip indicates that MDU is trading near its 52-week high, with a strong return of 86.53% over the last year. This performance suggests that Goodin is leaving MDU on a high note, potentially bringing valuable insights on growth strategies to NorthWestern Energy.
For investors seeking a deeper understanding of MDU's financials and future prospects, InvestingPro offers 13 additional tips, providing a comprehensive analysis of the company's position in the utility sector.
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