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BUTTE, MT / SIOUX FALLS, SD - February 10, 2022 - NorthWestern Corporation d/b/a
NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31,
2021. Net income for the period was $186.8 million, or $3.60 per diluted share, as compared with net
income of $155.2 million, or $3.06 per diluted share, for the same period in 2020. This increase was
primarily due to higher Montana transmission loads and rates, favorable weather compared to prior
period, higher commercial demand as compared to the prior period due to the COVID-19 pandemic
related shutdowns, the prior period disallowance of supply costs, and a favorable electric qualifying
facilities (QF) liability adjustment as compared with the prior period. These improvements were partly
offset by higher operating costs, increased non-recoverable Montana electric supply costs, and higher
income tax expense.