Investor Presentaiton
L
Pure Electric &
Gas Utility
Solid Utility
Foundation
Strong
Earnings &
Cash Flow
Attractive
Future Growth
Prospects
Financial Goals
& Metrics
Best Practices
Corporate
Governance
NWE - An Investment for the Long Term
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100% pure electric & natural gas utility business
with over 100 years of operating history
• Solid economic indicators in service territory
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Diverse electric supply portfolio -65% hydro, wind & solar
Residential electric & gas rates below national average
Solid system reliability
Low leaks per 100 miles of pipe
Solid JD Power Overall Customer Satisfaction scores
Consistent track record of earnings & dividend growth
Strong cash flows aided by net operating loss carry-
forwards anticipated to be available into 2021
Strong balance sheet & investment grade credit ratings
4
Black Eagle dam
Disciplined maintenance capital investment program to ensure safety and reliability
Significant investment in renewable resources (hydro & wind) will provide long-term
energy supply pricing stability for the benefit of customers for many years to come
• Further opportunity for energy supply investment to meet significant capacity shortfalls
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Target debt to capitalization ratio of 50%-55% with liquidity of $100 million or greater
Target 3%-6% EPS growth plus dividend yield to provide competitive total return
Target dividend payout ratio of 60%-70%
NYSE Governance Services
GOVERNANCE, RISK AND COMPLIANCE
LEADERSHIP
AWARDS
2015
2015
WINNER
UTILITY
CUSTOMER
CHAMPION
RESIDENTIAL
COGENT REPORTS
BY
2020
2020
WOMEN
BOARDS
CORPORATT.
GOVERNANCE
AWARDS
▪2019-
corporate secretary
corpedia
WINNER
ETHICS. ELEVATED.View entire presentation