Investor Presentaiton
L
(dollars in millions)
Appendix 50
Gross Margin (Full Year)
Twelve Months Ended December 31,
Electric
Natural Gas
2020
2019
Variance
$ 704.2
$ 741.6
$ (37.4)
(5.0)%
188.3
198.3
(10.0)
(5.0)%
$ 892.5
$ 939.9
$ (47.4)
(5.0)%
(1)
(1)
Total Gross Margin
$ (11.0)
(10.6)
(9.4)
Decrease in gross margin due to the following factors:
Electric retail volumes and demand
Natural gas retail volumes
Disallowance of prior period supply costs
(3.3)
Lower electric QF liability adjustment
(2.7)
Montana electric supply cost recovery
Montana natural gas production rates
Montana electric retail rates
(2.7) Electric transmission
(1.2)
1.6
(9.2)
$ (48.5)
$ 6.3
(5.0)
(0.1)
(0.1)
$ 1.1
$ (47.4)
Other
Change in Gross Margin Impacting Net Income
Gross Margin, defined as
revenues less cost of
sales, is a non-GAAP
Measure See appendix
for additional disclosure.
Property taxes recovered in trackers, offset in property tax expense
Production tax credits flowed-through trackers, offset in income tax expense
Operating expenses recovered in trackers, offset in operating expense
Gas production taxes recovered in revenue, offset in property & other taxes
Change in Gross Margin Offset Within Net Income
Decrease in Gross Margin
NorthWestern
Energy
Delivering a Bright Future
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