NorthWestern Energy
 | This article needs additional citations for verification. (October 2008) |
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| Company type | Public |
|---|---|
| Nasdaq: NWE S&P 400 Component | |
| Industry | Utilities |
| Founded | November 27, 1923 (as Northwestern Public Service Company) |
| Founder | Albert Emanuel |
| Headquarters | , United States |
Area served | Eastern South Dakota, Western Montana |
Key people | E. Linn Draper Jr. (chairman) Robert C. Rowe (president and CEO) |
| Products | utility operations consist of regulated electric and natural gas distribution, transmission and energy supply. In addition, they are pursuing electric transmission and generation opportunities. |
| Services | Conventional electricity Natural gas |
Number of employees | 1,600[1] |
| Website | northwesternenergy |
NorthWestern Energy Group, Inc. is a utility company that serves South Dakota, Nebraska, and Montana that is based in Sioux Falls. As of 2019[update], the company serves approximately 718,000 customers.[1] The company's corporate headquarters are located in Sioux Falls while the headquarters for the South Dakota operations (and which was the headquarters for the old NorthWestern Public Service Company) are in Huron, South Dakota.
History
[edit]The Montana operations (formerly known as the Montana Power Company) were acquired around 2000 after that state passed legislation allowing the electric utility industry to be 'unbundled'. Out of state investors (led by PP&L Resources) then immediately acquired the generation assets of Montana Power, leaving that part of the territory vulnerable to high "spot" prices on the energy market (creating some chronic discontent that led the Montana Public Service Commission to submit the one "no" vote that effectively nullified a potential sale of NorthWestern to Babcock & Brown of Australia). In 2014, NorthWestern purchased the dams that were originally part of Montana Power for $900 Million from PPL Corporation.[2]
Controversies
[edit]In March, 2003, a class action was filed against Northwestern Corp, claiming that defendants artificially inflated the stock price through material omissions and materially false and misleading statements.[3] A $41 million settlement fund was established in 2005. On April 1, 2003, as a result of the ongoing evaluation and review of certain accounting entries, NorthWestern said it expects to restate prior unaudited quarterly results for the first three quarters of 2002.[4]
In March 2009, NorthWestern Energy was involved with a gas explosion in Bozeman, Montana. The explosion destroyed several businesses and killed one person. By November, the company was sued by numerous owners of the destroyed businesses.[5]
References
[edit]- ^ a b NorthWestern Energy - Our Company
- ^ NorthWestern Energy closes deal to purchase PPL Montana hydroelectric facilities
- ^ "Class Action Lawsuit Against Northwestern Corp". The Free Library.
- ^ "NorthWestern Requests Extension to File 2002 Annual Report On Form 10-K; Company Further Updates Projected 2002 Charges to Approximately $880 Million" (Press release). 1 April 2003.
- ^ "Explosion". Bozeman Daily Chronicle. 4 March 2010. Retrieved 2013-02-22.
External links
[edit]
- Business data for Northwestern Energy Group:
- Companies formerly listed on the New York Stock Exchange
- Companies listed on the Nasdaq
- Companies based in Sioux Falls, South Dakota
- Companies based in South Dakota
- Re-established companies
- Electric power companies of the United States
- Natural gas companies of the United States
- NorthWestern Corporation dams
- Companies in the S&P 400