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NorthWestern Energy Group (NWEC) reported its Q2 2025 earnings, revealing a decrease in both GAAP and non-GAAP diluted earnings per share (EPS) compared to the previous year. Despite a solid performance in rate recovery and electric transmission, the company faced challenges from unfavorable weather and legislative impacts. The stock saw a slight decline in aftermarket trading, reflecting mixed investor sentiment. According to InvestingPro data, the company’s stock is currently trading near its 52-week high of $59.89, with a market capitalization of $3.6 billion. Analysis suggests the stock is trading slightly above its Fair Value.
Key Takeaways
- NorthWestern’s Q2 2025 GAAP diluted EPS fell to $0.35 from $0.52 in the prior period.
- Non-GAAP diluted EPS also declined to $0.40 from $0.53.
- The company completed strategic acquisitions and expanded its customer base.
- Legislative changes and weather conditions negatively impacted earnings.
- The stock price decreased by 0.02% in aftermarket trading.
Company Performance
NorthWestern Energy’s performance in Q2 2025 was marked by a decline in earnings per share, with both GAAP and non-GAAP figures falling from the previous year. The company managed to maintain year-to-date results on par with 2024, despite challenges. Strategic acquisitions, such as those of Energy West and Cutbank Gas facilities, added 33,000 customers and integrated 43 employees, bolstering the company’s market position.
Financial Highlights
- Revenue: Not specified
- GAAP diluted EPS: $0.35 (down from $0.52)
- Non-GAAP diluted EPS: $0.40 (down from $0.53)
- Key earnings drivers included a $0.24 margin improvement from rate recovery and a $0.07 boost from electric transmission.
Outlook & Guidance
NorthWestern Energy provided guidance for 2025, projecting non-GAAP earnings to range between $3.53 and $3.65. The company remains focused on data center and transmission opportunities, maintaining a long-term earnings growth target of 4-6%. A decision on the Montana rate review is expected in Q4 2025, which could further impact financial projections. InvestingPro data shows that two analysts have recently revised their earnings downward for the upcoming period, while the company’s P/E ratio of 16x appears high relative to its near-term earnings growth prospects. Get access to the comprehensive Pro Research Report for deeper insights into NorthWestern Energy’s financial outlook and market position.
Executive Commentary
CEO Brian Byrd emphasized the company’s strategic focus on energy hubs and data centers, stating, "We see Colstrip as an energy hub and a great opportunity for us to continue to operate that plant until we can find something that’s cleaner." Byrd also highlighted the company’s commitment to serving data center customers, saying, "We intend to serve these customers regardless."
Risks and Challenges
- Legislative impacts: Montana property tax legislation affected earnings by $0.05.
- Unfavorable weather: Contributed to a $0.09 reduction in earnings.
- Market volatility: Potential fluctuations in energy demand and prices.
- Regulatory changes: Ongoing rate reviews and legislative actions could impact future earnings.
- Competition: Increasing interest in data centers may attract more competitors.
The earnings call provided insights into NorthWestern Energy’s strategic direction and the challenges it faces in the current market environment. The company’s focus on innovation and expansion, coupled with legislative and weather-related challenges, paints a complex picture for investors and stakeholders. With a beta of 0.4 indicating lower volatility than the broader market, and a current ratio of 0.75 suggesting tight liquidity, investors should carefully consider these metrics alongside the company’s strong dividend history. Discover more detailed analysis and real-time updates with InvestingPro, including exclusive access to comprehensive financial health scores and expert insights.
Full transcript - NorthWestern Corp (NWE) Q2 2025:
Rebecca, Conference Operator, NorthWestern Energy Group: Thank you for standing by. My name is Rebecca and I will be your conference operator today. At this time I would like to welcome everyone to the NorthWestern Energy Group second quarter 2025 financial results webinar. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press STAR followed by the number one on your telephone keypad. If you would like to withdraw your question, press STAR one again. Thank you. I will now turn the call over to Travis Meyer. Please go ahead.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Thank you. Rebecca, good afternoon and thank you for joining NorthWestern Energy Group’s financial results webcast for the quarter ended June 30, 2025. My name is Travis Meyer and I’m the Director of Corporate Development and Investor Relations Officer for NorthWestern. Joining us on the call today are Brian Byrd, President and Chief Executive Officer, and Crystal Lail, Chief Financial Officer. They’ll walk you through our results for the quarter and provide an overall update on our progress. NorthWestern’s results have been released and the release is available on our website at northwesternenergy.com. We also released our 10-Q pre-market this morning. Please note that our company’s press release, this presentation, comments by presenters, and responses to your questions may contain forward-looking statements. As such, I’ll direct you to the discussion disclosures contained within our SEC filings and the safe harbor provisions included on the second slide of this presentation.
Also note that this presentation includes non-GAAP financial measures. Please see the non-GAAP disclosures, definitions, and reconciliations included in the presentation. The webcast is being recorded. The archived replay will be available shortly after the event and remain active for one year. Please visit the Financial Results section of our website to access the replay. With that, I’ll hand the presentation over to Brian Byrd for his opening remarks. Thanks, Travis. Recent highlights for the quarter: we have reported GAAP diluted EPS of $0.35. With some adjustments, the non-GAAP diluted EPS is $0.40. For the quarter, we’re initiating our 2025 earnings guidance range of $3.53 to $3.65. We’re affirming our long-term rate base and earnings per share growth rate targets of 4% to 6%. We completed our acquisition of the Energy West and Cutbank Gas facilities, adding 33,000 customers and 43 valued employees.
We entered into our third letter of intent with Quantica, a 500 plus megawatt data center developer, and we declared a dividend of $0.66 per share payable September 30, 2025, to shareholders of record as of September 15, 2025. The NorthWestern value proposition continues. We continue to have a very strong dividend yield right around 5%. That plus our 4% to 6% EPS growth range, based upon a five-year capital of about $2.75 billion, and arguing about 80% of that is in certainly non-controversial transmission and distribution investment. On a combined basis, that gets us to a 9% to 11% total return. We do have some incremental opportunities to invest incremental capital and grow our earnings.
Things like data centers and new large load opportunities that we’ll discuss, plus FERC regional transmission and also any incremental generating capacity or gas transmission, for instance, anything like that to get us over 11% total return. With that, I’m going to hand it back over to Crystal for the second quarter financial review.
Crystal Lail, Chief Financial Officer, NorthWestern Energy Group: Thank you, Brian. Coming to you from sunny Bozeman, here in my comments today I will cover our second quarter 2025 results, update you on some key regulatory proceedings. I think you all know we’ve been busy here in the second quarter on that front and then also provide you our 2025 outlook, which we had indicated we would provide following the Montana Rate Review hearing. Starting on slide seven, you will see that our earnings for the second quarter were $0.35 on a GAAP basis, and that’s compared with $0.52 in the prior period. On an adjusted non-GAAP basis, earnings were $0.40 as compared with $0.53 in the prior period. Obviously, a notable decline there in our second quarter results. When you think about and compare them to the prior year, certainly impacted by the lack of interim rates and timing of those decisions.
I would point out that these results are in line with our expectations and start the year where we think we need to be. I’ll provide more color on that in our outlook as I get to those slides. Moving to slide 8, just to remind you then, what does that look like from a year-to-date results perspective? You’ll see we’re pretty flat against the prior period. Our earning results for the first half with net income and EPS in line with 2024. You’ll recall that we started out the year with a solid first quarter, and then our year-to-date results reflect that. Moving to slide 9 to give you a bit more detail on what happened during the quarter, you’ll see the bar charts here of what are the significant drivers. Quarterly earnings were driven primarily by the key topics of rate recovery.
You’ll see that in the first part of the left here, offset by in the second quarter a bit of unfavorable weather and certainly pressures at the operating cost, depreciation, and interest lines. Again, all in line with our expectations of where we thought we’d be here in the second quarter. To give you a bit more detail on the margin portion of that, slide 10, you’ll see that the impact of rates, both interim rates and final rates, drove $0.24 of margin improvement in the quarter. That reflects the impact of the Montana rate review. Moving from the amount of interim results that were in there from up till late May to the adjusted interim rates that were put in at that point and then also gas rates in both South Dakota and Nebraska, $0.24 from the impact of those two buckets.
In addition, I think Brian mentioned lots around transmission, but you’ll see both electric and gas transmission show improved results for us. That’s $0.07 on the electric transmission side and $0.02 on the gas transportation side respectively. Those are offset by unfavorable weather and usage of $0.09 for the quarter. Also, impacts of Montana property tax legislation. You’ll see that’s a $0.05 detriment for the quarter. We do expect that detriment to have some continuance throughout the back part of the year. There was new property tax legislation enacted in the state of Montana adjusting the amount that is collected through our bills. In addition, the PCAM was a detriment of $0.02 in a quarter. We talked about that last quarter that we would expect to see some continued headwinds there throughout 2025. Moving to Slide 11 to discuss our adjusted items.
I’ve already just mentioned on the margin slide that weather unfavorably impacted us. You’ll see here that was $0.03 in the second quarter and that compares to a $0.01 unfavorable add back in the second quarter of 2024. You can see a $0.02 swing there versus the prior period. In addition, we’ve adjusted out the impact of a CREP penalty and that is consistent with prior treatment of that item that when we recorded amounts related to that, we have adjusted that out. That results in adjusted earnings, as I had reflected earlier, of $0.40 for the second quarter compared to $0.53 in the second quarter of 2024. Moving to Slide 12, we talked about on our first quarter call, our financing plans remain unchanged from that. We’d also discussed that we had already executed upon any financing needs through the year. Our debt financing needs were taken care of.
No changes to our view on financing for the year and you’ll see from a credit and cash flow perspective a little bit of a dip in our cash flows for the quarter, again reflecting the timing of that rate recovery and relief. We expect to conclude the year above our downside threshold and are making good progress there. Moving to Slide 13 to discuss regulatory updates, I’ll comment on our Montana rate review proceedings. We have previously announced a full settlement on our gas case and a partial settlement in the electric case. The remaining contested items are primarily related to the recovery of our Yellowstone Generating Facility and the PCAM base.
We were pleased to be able to, you know, the tremendous work it took to narrow the focus of that proceeding and having a solid hearing where I would say largely really impressive group of about 30 employees who represented the company and how we serve our customers very well in front of the commission. With that hearing concluded, we moved on and filed opening briefs and we expect an outcome in the ultimate proceedings sometime in the fourth quarter. With that hearing concluding, moving to Slide 15, I’ll discuss our outlook for 2025. We are pleased with our start to the year and introducing our 2025. As Brian alluded to, our non-GAAP guidance of $3.53 to $3.65, I would note that this includes some significant assumptions and one of those is with regard to the outcome in our Montana rate review.
While we await an outcome, we are recording revenue consistent with our settlement position and we expect to record ultimately a final adjustment to whatever that’s applicable, whatever the outcome is in the proceeding. I would note that that final decision, when received and again likely in the fourth quarter of this year, will be retroactive back to May 23rd. This guidance is consistent with our commitment to deliver on a 4% to 6% long-term earnings growth off of our base of 2024, which is $3.40. Additional key and important details are available on Slide 16 for your review. Moving to Slide 17 and concluding my comments, you’ll see our five-year regulated capital investment expectations remain unchanged and our execution in the first half of the year is on track. With that, I will turn it back to Brian.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Thanks, Crystal. On page 19 mentions the Montana Wildfire Bill. I should say we should not call that Montana Wildfire Law. 490’s now been passed as you probably all well aware, had nearly unanimous support in the state. I would argue I think ChatGPT would agree with me, I think the Montana and Utah bills are seen as the best protection for utilities in the industry. The nice thing about the law itself, half the battle is the fact we no longer have to deal with strict liability in the state for any utility operations related to wildfire. Strict liability cannot be applied to utility operations for any wildfire incrementally. We do need to get our wildfire mitigation plan ultimately approved, but with that approval we will receive a negligence standard that’s based on Montana specific circumstances, not California, for instance.
More importantly to me, there’d be a rebuttable presumption that the utility acted reasonably if it substantially followed the approved wildfire plan. In other words, that burden of proof now would rest on the plaintiffs, not on the utility and damages associated with that. As we’d expect, we should be responsible for economic damages to property, always have been. The protections we receive on non-economic damages would only be if a bodily injury or death occurs and from a punitive perspective only would come into play with clear and convincing evidence of gross negligence or intent. I feel very, very good about this. Obviously, we like to get our wildfire plan approved in front of the commission and we will be making that filing here shortly, sometime in August. That was our number one priority from a bill perspective during the legislative session. That was a great outcome.
Our second most important bill was Senate Bill 301, which is the transmission bill that’s also law and effectively has given us a CPCN associated with our regional transmission investment. In essence, giving us better certainty or greater certainty, we can prudently invest in our utilities and get fair treatment upon receiving our CPCN. In essence, once the project’s done, we could argue if we spent more than we invested, more than we initially planned, obviously that prudency comes into place. This gives us much greater certainty as we continue to think about how we invest from a regional transmission perspective in large projects. I’ll talk more about those projects in a moment. Great legislative outcome. I know we talked about it in the first quarter, but the second quarter is when these things became law. I want to reiterate those two great outcomes in 2025.
Large load customers on slide 21. Those are primarily data centers. As you saw the announcement today regarding Quantica, we now have our third letter of intent in Montana. What I would say here on Montana is on 11/26 we will go from a short position to a long position with the 592 megawatts associated with Colstrip. I’ll speak to Colstrip specifically in a moment. Being in that long position has given us an opportunity to serve large load customers. What we need to do ultimately is go arm in arm with these large load customers to go into the Montana Public Service Commission with a tariff that protects customers but also certainly something that they want to, they can live with as a data center. We intend to do just that. We have some time. These large load data centers aren’t really coming into play until 2027.
We have some time and we plan to file probably 26 tariffs with them to get service as a state regulated resource if you will. If in fact we are turned down from the commission for whatever reason, we intend to serve these customers on a FERC regulated basis. We intend to serve these customers regardless. We certainly intend and would like to, with the support of the Montana Public Service Commission, serve them in a state regulated basis. In South Dakota, we continue to have significant interest there as well. I’ll acknowledge that the lack of a sales tax certainly helps prospects or hurts prospects in South Dakota, but we still have quite a bit of interest and we continue to work with hyperscalers and others there. We’re excited about what opportunities that we’re seeing in front of us on data centers.
We need to capture those and from a letter of intent perspective, I think by the time we have this next call in October, we expect to have at least one of these LOIs in place at that point in time. Moving forward, the data center process on page 22, as a matter of fact, I’d argue we have increasing interest in data center requests and high level assessments continue to moving through those processes. Letter of intent, we mentioned our third and I’m sure you saw the press release separately on Quantica and excited we’re in working with them. These are folks that have worked in Montana in the past with Talon and at the Colstrip plant and many of their employees. We know them well and we’re excited to work with them to move their projects forward. I mentioned energy service agreements.
Next time we talk, at least I want to see one or two in that queue count. In that particular item, I mentioned regional transmission opportunities on slide 23. We continue to stay very active with United, North Plains Connector, and our own project. We’re working with them. I call the Montana to Idaho project through southwest Montana into Idaho and elsewhere from there. Of course, we continue to look at other opportunities on our paths and also with the Colstrip transmission line itself to increase capacity. Excited about transmission opportunities, and I’d argue even more so now that we have our CPC in regard to incremental Colstrip capacity. A little bit of history on Colstrip for a second.
You might recall when we acquired the Avista piece, we were definitely short from a resource adequacy perspective, and that incremental 222 megawatts fits perfectly into our portfolio to serve our existing customers and actually helped us achieve resource adequacy on 11/26. In addition, we bought the 370 megawatts from purchase we will be buying on 1/1/26. That incremental 370 really helped us achieve a 55% ownership at Colstrip as a whole. I think many of you are well aware many of those owners didn’t intend to be in Colstrip long term. We believe that 55% ownership actually protected the plant from being shut down. Having said that, when we made those decisions, a couple things weren’t necessarily well known at the time. We didn’t know the federal actions that have been taken that have certainly helped Colstrip from a viability standpoint and a cost perspective going forward.
That has certainly been a tailwind, and obviously the ability to serve large load customers at data centers weren’t much of a thing when you were negotiating this. This is just a great opportunity for us to continue to stay engaged in Colstrip and ultimately, as we’ve mentioned before, we see Colstrip as an energy hub and a great opportunity for us to continue to operate that plant until we can find something that’s cleaner and provides the same dispatch characteristics sometime in the future. We’re excited to work with the coastal community and the state of Montana to ultimately see that come to fruition. With that, from a conclusion standpoint, I think it’s a pretty good quarter. I think we’re in pretty good shape on a year to date basis. We feel good about where we are from year end guidance perspective.
I think as Crystal pointed out, we’ve been working on a lot of things for the quarter and continue to move the ball in terms of improving shareholder value for our shareholders. Thank you very much. I guess we’ll go to Mr. Meyer to ask about the question. I think we’ll open the Q and.
Rebecca, Conference Operator, NorthWestern Energy Group: are up for questions at this time. I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We’ll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jeremy Tonette with JP Morgan.
Hey, good afternoon, this is actually Aidan Charles Kelly on for Jeremy.
Hey Aiden.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Hey.
Yeah, on the data center front, could you offer an updated sense on the potential timing to sign energy service agreements for the three data centers that are currently under LOIs? Are you waiting on a transmission service agreement study to wrap up at this point, or are there any other gating items here to move these projects forward?
Yeah, we’re wrapping up on the transmission service issue side and the first two, and I’d argue those are certainly in earlier stages from an LOI since we just signed Quantica, if you will, here recently. As I mentioned earlier, I think by the time we have this call in October, I’d like to think at least one of either Atlas or Sabi will be in ESA, having signed ESA by that point in time. I’d like to think both of them will, very confident at least one of them will.
Understood. That’s good to hear. I guess just with this pipeline kind of expanding today, could you speak to how you are thinking about addressing load requirements, like in the scenario that this data center interest develops beyond existing capacity? I know you mentioned you would also look to work with regulators to kind of structure tariffs. Maybe just curious on that end. Also, the thoughts on the possibility to integrate more utility-owned generation in the scenario of excess demand in Montana?
Yeah, I think because of the need obviously for speed of deliverability here, we’re working with these data centers, and in fact they are planning to build some of their own generation to serve these data centers. We want to work with them on that. Ultimately, from our ability to put those into rates, we have been talking to them potentially about build-own-transfer, build-transfer capabilities that allow us to demonstrate that those resources from a pre-approval perspective gives us time to ultimately get approval from the Montana Public Service Commission to actually own them. If for whatever reason, if the Montana Public Service Commission doesn’t support that, we will find a means on a FERC-regulated basis to do the same.
Got it. Understood. Maybe just one last one, if I could, just looking at the queue count of nine customers in the data center like request stage, could you just kind of quantify, if you could, how many are in Montana versus South Dakota?
That’s a good question. I would say I think it’s about the same, and you could say geez, Brian, you can’t divide nine and a half, you get four and a half. I argue they’re relatively the same.
Okay, that’s good to know.
Thanks.
I’ll leave it there.
Rebecca, Conference Operator, NorthWestern Energy Group: Your next question comes from the line of Ross Allen Fowler with Bank of America.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Afternoon, Brian. Crystal. Congrats on a good quarter and a good update here. Maybe following on Jeremy’s question a little bit. Obviously these data centers coming in by the end of the next decade, obviously that keeps the tariff under the right tariff would help affordability. When do we flip over to that new generation needed capital being deployed? When do we drive to that sort of what you’re talking about on slide 4 there, that 6% or higher growth and is there a transmission component to that as well? Yeah, I would say this in essence to serve them, there’s going to be necessary investment on our system.
I’d argue from an interconnection standpoint from a transmission perspective, so that capital being deployed relatively quickly during this process, if in fact from a build transfer perspective, we’d like to do that as soon as the generation is available to serve those customers. That would be, you know, relatively soon. Okay. Sorry, Ross. Just to be more clear on that point, you’re seeing a 2027 timetable and that is a bit of a ramp up. You’ll notice that much of the build, particularly I’ll pick on Quantica here for a minute, to get to that 500 megawatts, it’s going to be 2030 for them. This is going to be over time, relatively built. We want to be in talking particularly with Sabi and Quantica because these are large data center plans. We’ve had very, very good conversations about the build transfer aspects here. Yeah.
If I understand Quantica correctly, I mean it was created three days ago, but this is backed by private equity, right? It’s backed by EnCap Investments. It’s been around since like 1990. Yeah, yeah. Ross and I know when they rolled out their plan, but we’ve been talking to Quantica for some time now. It’s been at least six months. We know these folks well from their Talon days. We met with all of Quantica and the EnCap folks early on in this process and so we feel good about who they are and what they’re going to bring to the table to Montana. Fantastic. Apologize for the feedback on this end of the line. We’re having a thunderstorm roll through New York right now. There you go. Have a great afternoon. Good to hear your voice, Ross. Thanks, Ross.
Rebecca, Conference Operator, NorthWestern Energy Group: Take care. Your next question comes from the line of Nicholas Campanella with Barclays.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Hey, good afternoon. Thanks for all the updates. Hey, Nick. Only your mother calls you Nicholas, right? Sorry, Nick. Just kidding.
Crystal Lail, Chief Financial Officer, NorthWestern Energy Group: Either or.
Rebecca, Conference Operator, NorthWestern Energy Group: Either or.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Nicholas is more respectful. Hey, just on the DC ramp, thanks for clarifying on when you think you’re going to get the ESAs in place. If you do get that by the third quarter, what is the ramp of the megawatts on the system? What year would it hit? Is it more 2027 and beyond? Could you see some uptake in 2026? How are you kind of through that? I would say that the stuff in 2026 is going to be relatively small, just in essence from a construction standpoint, whatever megawatts are needed there. I would stay focused on 2027. Appreciate it. Can you kind of anticipate handling the Colstrip cost once you acquire the facility in 2026? I know that there’s some pending processes and we have some variability about how that would get captured in the rates.
If you were able to keep that merchant, is that an option? How do you feel about the growth rate in that scenario?
Crystal Lail, Chief Financial Officer, NorthWestern Energy Group: Yeah, Nick, I’ll take a stab at it and Brian will clean up on this one. Your question’s excellent. As to where we’re headed with Colstrip, I would just say two things related to that. One, as you guys know, we’ve entered into two transactions, one to take Avista’s portion and another to take Puget’s. The Avista portion we believe is needed to serve existing customers, at least a portion of that, and expect to make a filing here sometime in Q3 to propose a process to get us really to the next rate review to recover those costs. The Puget megawatts wouldn’t be needed to. If you looked at our load today, to serve regulated load, this kind of goes back to what Brian was addressing. With our ability to serve large load, we expect to serve large loads, whether it’s Montana regulated or FERC regulated.
We want to make sure we leave our options open at the Montana Public Service Commission. I think a comment earlier alluded to a tariff that can help affordability for others. We absolutely believe there’s a path for that. If the commission doesn’t want to go down that road, we’re certainly keeping and working to have our FERC regulated approach open to be able to serve out of that what would be the Puget tranche. Again, to deliver from a data center perspective, whether it be Montana regulated or it be Puget piece that might be FERC regulated. All that being said today, we do expect to make a filing here in this quarter to address recovery of some.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Of those Colstrip generating facility costs.
Crystal Lail, Chief Financial Officer, NorthWestern Energy Group: Brian, anything you’d add there?
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: No, that’s great. Thanks. All right. Thank you. Appreciate it. Thanks, Nick.
Rebecca, Conference Operator, NorthWestern Energy Group: At this time, there are no further questions. I will now turn the call back over to Brian Byrd for closing remarks.
Travis Meyer, Director of Corporate Development and Investor Relations Officer, NorthWestern Energy Group: Closing remarks. From my perspective, I continued progress on a lot of fronts. What we’ve done from a wildfire perspective, both operationally and from a legislative standpoint, extremely proud of that. Extremely proud of the company’s ability to address our capacity shortfall and put us in a long position, particularly in the generation front. Certain good movement on the data center. Ultimately we need to get a good outcome on the rate review and continue to move forward and provide returns in line with your expectations. I appreciate your interest today and going forward. Thank you.
Rebecca, Conference Operator, NorthWestern Energy Group: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.
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