FINWIRES · TerminalLIVE
FINWIRES

Correction: NorthWestern Energy Q1 Retail Electricity, Gas Sales Volumes Drop

By

-- (Corrects units on gas output figures in paragraph five.)

US utility NorthWestern Energy (NWE) Wednesday reported a decline in retail electricity and gas sales volumes despite growth in its customer base.

For the quarter ended March 31, the company sold 2.733 terawatt-hours of electricity, a drop from the previous year's 2.943 TWh, due to lower demand from residential and commercial sectors.

Customer count, on the other hand, increased to 507,779 from the prior year's 501,786.

Revenue from the electricity segment nonetheless rose year over year to $362.1 million in Q1, versus $335.5 million in the same quarter of 2025, due to higher rates and improved transmission revenue, according to the report.

The company also reported a decline in retail natural gas sales to 15.93 million dekatherms from the previous year's 16.04 million Dth, as residential demand weakened.

Sales dropped despite an increase in customer count to 343,568 from 307,890.

Nonetheless, the natural gas segment generated $135.5 million in revenue for the period, up relative to $131.1 million posted a year earlier.

Going forward, the company said it will deliver electricity for data centers, having signed development agreements with Sabey Data Centers, Atlas Power Holdings, and Quantica Infrastructure. It expects to provide up to 1.5 gigawatts of electricity by 2030, beginning with an initial 150 megawatts in late 2027.

NorthWestern Energy said it anticipates its merger with Black Hills (BKH) will be completed in H2, with the resulting parent company to be named Bright Horizon Energy.

Related Articles

Research

Research Alert: Caterpillar Q1: Construction Machinery Restocking Enables Strong Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Caterpillar's (CAT) Q1 earnings beat expectations with EPS of $5.47 vs. the consensus of $4.64, as sales surged 22% Y/Y to $17.4B, supported by $2.3B from higher volumes and $426M from pricing. Despite tariff headwinds that pressured operating margins lower by 30 bps, operating profit rose 20% on strong sales growth. Growth stemmed from CAT's cyclical Construction segment rather than the increasingly important Power & Energy business. Management guided tariff costs at $2.2B-$2.4B for 2026. Construction Industries led with sales rising 38% to $7.2B and segment profit surging 50% to $1.54B, with margins expanding 160 bps to 21.4% despite tariff pressures from dealer restocking. Power & Energy maintained momentum with 22% sales growth to $7B; however, margins compressed 170 bps to 20.6% as tariff costs weighed, while power generation sales increased 41% to $2.8B on data center demand. Resource Industries disappointed, with segment profit plummeting 39% to $378M as margins compressed 700 bps to 10.0%.

$CAT
Research

Research Alert: Mo: Q1 Well Ahead Of Expectations; Guidance Unchanged

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Altria (MO) posted Q1 adjusted EPS of $1.32 vs. $1.23 (+7%), well above the $1.25 consensus. Net revenue rose 5.3% to $4.76B ($180M above consensus) as higher price realizations fully offset lower volumes, which declined 2.3% for smokeable products and 3.1% for oral tobacco. MO maintained 2026 adjusted EPS guidance of $5.56-$5.72, the midpoint of which is ahead of the $5.62 consensus and implies Y/Y growth of 2.5%-5.5% from the $5.42 earned in 2025. The company expects more balanced growth between the first and second halves of 2026, with guidance now contemplating moderated e-vapor industry growth impacts and increased macroeconomic uncertainty. MO repurchased $280M in shares and paid $1.8B in dividends during the quarter. Despite the big Q1 beat, MO shares are currently trading flat in pre-market trading, likely reflecting concerns as to why the company didn't raise full-year guidance considering the strength of Q1 results. However, we note that MO has a long history of providing conservative guidance.

$MO
Mining & Metals

OR Royalties Sells Stake in Osisko Metals for US$34.8 Million

OR Royalties (OR.TO) has sold its entire remaining non-core equity position in Osisko Metals (OM.TO), generating US$34.8 million in proceeds, Osisko Gold Royalties said Thursday.Osisko Gold Royalties also provided an update on its portfolio. The expanded and accelerated mine plan at Alamos Gold's (AGI.TO) Island Gold District in Canada is expected to transition a greater proportion of production from OR Royalties' current 1.38% net smelter return royalty (NSR) coverage to OR Royalties' 2.0% and 3.0% NSR royalty boundaries.Benz Mining (BZ.V) is conducting a 250,000 meter drill program at the Glenburgh gold project in Western Australia. OR Royalties holds a 1.08% gross revenue royalty on Glenburgh.Talisker Reosurces (TSK.TO) closed a C$52.1 million bought-deal financing in March as it expanded a 2026 diamond drill program at the Bralorne mine in British Columbia to 105,000 meters from 30,000 m. OR Royalties holds a 1.7% NSR royalty on Bralorne.PMET Resources (PMET.TO) has submitted an environmental and social impact assessment for the Shaakichiuwaanaan project in Quebec. OR Royalties's interests in the project includes a sliding-scale 1.5-3.5% NSR royalty on precious metals and 2.0% on lithium and other products.OceanaGold (OGC.TO) reported high-grade drill results from the Wharekirauponga project in New Zealand, including 14.9 meters at 16.3 grams per tonne gold. OR Royalties owns a 2.0% NSR royalty on the project.

$AGI.TO$BZ.V$OGC.TO$OM.TO$OR.TO$PMET.TO$TSK.TO
Correction: NorthWestern Energy Q1 Retail Electricity, Gas Sales Volumes Drop | FINWIRES