Director of Corporate Finance & Investor Relations Officer
Good afternoon and thank you for joining NorthWestern Corporation s Financial Results Webcast for the year ending December 31, 2020. My name is Travis Meyer. I m the Director of Corporate Finance and Investor Relations for NorthWestern Energy. Joining us on the call today to walk you through the results are Bob Rowe, President and Chief Executive Officer; and Brian Bird, Chief Financial Officer. As most of you are aware, on Tuesday of this week, we announced several key leadership changes. So, we also have incoming CFO, Crystal Lail, currently our Vice President and Chief Accounting Officer for NorthWestern joining the fun today.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
NorthWestern Reports 2020 Financial Results
NorthWestern CorporationFebruary 11, 2021 GMT
Company reports GAAP diluted earnings per share of $3.06 for 2020, affirms 2021 earnings guidance and announces a 3.3% increase to the quarterly dividend - to $0.62 per share - payable March 31, 2021
BUTTE, Mont. and SIOUX FALLS, S.D., Feb. 11, 2021 (GLOBE NEWSWIRE) NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31, 2020. Net income for the period was $155.2 million, or $3.06 per diluted share, as compared with net income of $202.1 million, or $3.98 per diluted share, for the same period in 2019. This $46.9 million decrease in net income is primarily due to an income tax benefit in 2019, lower gross margin in 2020 due to warmer winter weather and impacts of the COVID-19 pandemic, a disallowance of prior period supply costs
LITTLE ROCK, Arkansas Tri-State Generation and Transmission Association Inc. has begun membership in a energy imbalance market that it says is critical in its longer-term renewable-energy plans.
The market, which launched at midnight Monday as the Western Energy Imbalance Service, is run by Arkansas-based Southwest Power Pool Inc. The WEIS market allows the power wholesalers to trade energy with other producers in Montana, Wyoming, Colorado and portions of Arizona depending on demand within five-minute intervals. For example, if a wholesaler in western Colorado is taking on heavy demand and a supplier in Wyoming has excess energy, the two can trade that power within the market.
News Category Global Banking & Finance Reviews
Platte River Power Authority Selects PCI for its Transition to the Western Energy Imbalance Market (WEIM) Platte River Power Authority
(Platte River) has selected PCI to deploy multiple solutions on its integrated cloud platform as part of Platte Rivers plan to join the Western Energy Imbalance Market (WEIM) operated by the California Independent System Operator (CAISO). The contract with PCI is for a Software-as-a-Service (SaaS) solution that will provide critical functionality required for WEIM participation, including: Energy Trading and Risk Management (ETRM) E-Tagging Market Settlements for PRSC and SESC entities System Integration and Automation
Market Settlements for PRSC and SESC entities
System Integration and Automation
“Participating in the WEIM will be a significant step toward achieving the goals of our Resource Diversification Policy.”, said Carol Ballantine, Director of Power Supply for Platte River. “We will expand regional collaboration in a way that benefits every customer in our owner communities.”
“We are proud to have Platte River as our new premier customer and value its trust in us”, said Khai Le, PCI Senior Vice President. “For a timely and seamless transition into WEIM, our experienced and dedicated team of experts plan for a multi-stage deployment that includes our ETRM platform, followed by the WEIM-specific functionality.”