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Investor Presentaiton

L MegaWatts 1,800 1,600 Appendix 33 Significant Capacity Deficit in Montana Winter Peak Loads and Capacity Contributions of Existing and Needed Resources Peak Load Forecast plus 16% Reserve Margin 1,400 1,200 1,000 Capacity Shortfall 46% 800 600 400 200 Peak Load Forecast Capacity Shortfall Targeted Resource Additions to Without Fill Need (Peak Capability) Resource Additions -60% 2018 2019 2020 2021 2022 2023 2024 2025 Needed Resources 2026 Existing Resources NorthWestern Energy's current resources provide about 755 MW of peaking capacity, which is the energy available during periods of our customers' highest demand. An additional 645 MW of peaking capacity must currently be purchased from the market to meet our needs. Without new capacity, the market exposure will increase to about 725 MW by 2025 (including reserve margins). This need assumes continued development of cost effective demand side management (conservation) and small distributed generators (net-metering). Meeting peak load with market purchases means being exposed to the market at the worst possible time - when the market is most volatile and prices are high. Capability) Existing Resource (Peak 2027 2028 2029 2030 2031 -Winter Peak Plus 16% 2032 2033 2034 2035 2036 2037 Retail Winter Peak 2038 2039
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