Investor Presentaiton
Millions
L
Net Operating Losses & Effective Tax Rate
$500
$450
$400
$350
$300
$250
$200
Net Operating Loss (NOL) Carryforward Balance
$457
$429
$201
$255
Federal
$216
$244
$264
$326
$351
$154
$276
$365
$421
■State (Montana)
$316
$258
$182
$182
$121
$79
$150
$100
$50
$38
$0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Cash Taxes:
We anticipate NOLS to be
available into 2021 with
production tax and other
credits to largely offset
any federal cash tax
obligations until 2024.
Effective Tax Rate:
We anticipate the
effective tax rate (ETR)
for 2021 to be
approximately (2.5%) to
2.5% of pre-tax income.
The ETR is expected to
gradually approach 10% -
12% by 2025.
13
NorthWestern
Energy
Delivering a Bright FutureView entire presentation