NorthWestern Corp
NWE
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
NorthWestern Energy operates a generation fleet that is approximately 60% coal-fired, making coal its dominant fuel source. This includes ownership stakes in the Colstrip Generating Station, a major coal-fired plant in Montana. In January 2026, the company increased its ownership of Colstrip by 592 megawatts, effectively doubling down on its coal assets.
The company’s reliance on coal has drawn legal and regulatory challenges. In March 2024, the Montana Supreme Court ruled that NorthWestern Energy’s “hostile approach to clean energy was a violation of the law.” In December 2025, the Montana Public Service Commission stated that “NorthWestern and NW Colstrip have employed a strategy to violate Montana law and avoid FERC scrutiny of transactions.” A shareholder lawsuit also sought to compel the company to cease coal-fired generation. NorthWestern Energy has not announced a plan to phase out its coal generation.
NorthWestern Energy has been cited by the Montana Supreme Court for violating state law through its hostile approach to clean energy development. The company’s regulatory non-compliance extends to air quality permitting; in 2021, the Montana Department of Environmental Quality granted a permit for a $250 million gas plant that would emit approximately 770,000 tons of greenhouse gases annually, a decision subsequently challenged in court for ignoring climate impacts. Further environmental liability stems from a 2021 malfunction at the Hebgen Dam, which caused significant river damage and contributed to wildfire conditions, with regulatory agencies and legal experts assessing NorthWestern’s responsibility for the resulting ecological harm. The company has also sought to exclude expert testimony on climate change from its rate cases, demonstrating a pattern of resisting accountability for the environmental consequences of its operations.
Research Sources
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