Investor Presentaiton
•
•
Maintaining Capital Investment Forecast
$2.1 billion of total capital
investment over the five year period.
We expect to finance this capital with a
combination of cash flows from operations,
first mortgage bonds and equity issuances.
We anticipate initiating a 3-year
$200 million At-the-Market (ATM) offering
during 2021 and begin issuing equity under
that program. The ATM issuances will be
sized to maintain and protect our current
credit ratings. Capital investment in response
to our Montana electric supply resource
planning would be incremental to these
amounts.
Millions
Regulated Utility Five Year Capital Forecast
19
$500
$451
$456
$450
18.0
14.0
$418
$400
$400
13.2
$400
81.5
89.8
15.6
15.7
55.3
41.4
42.0
$350
$300
65.9
104.0
65.7
94.9
70.6
$250
$200
$150
277.4
277.4
256.2
254.8
271.2
$100
$50
$0
2021
2022
2023
2024
2025
MT Electric
MT Gas
SD Electric
ISD/NE Gas
2021
2022
2023
2024
2025
$367
$338
$310
$319
$313
Natural Gas
$84
$118
$108
$81
$87
Total Capital Forecast
$451
$456
$418
$400
$400
Financing plans are subject to change,
depending on capital expenditures, regulatory
outcomes, internal cash generation, market
conditions and other factors.
$ Millions
Electric
Based on the results of the competitive solicitation process in South Dakota, approximately $100 million of
incremental investment for SD generation is included in the projections above (2021-2023). This level of
capital investment is anticipated to result in annualized rate base growth of 4%-5%.
The projections do not include investment necessary to address generation capacity shortages in Montana.
We are reviewing the independent administrators analyses in the current all-source competitive solicitation
and expect to announce the selection of multiple projects during the first quarter of 2021. We anticipate that
at least one of our projects will be among those selected resulting in owned capacity generation
investment in excess of $200 million over the next three years.View entire presentation