The Biggest Energy Backroom Deal in Modern Montana History
By Lisa Bennett
Read the complete Article: The Colstrip Power Heist
A Transfer That Changed Everything—Quietly
In late 2025, NorthWestern Energy executed a transaction that carries sweeping implications for Montana’s energy future. The company arranged for Puget Sound Energy’s 370‑megawatt share of Colstrip Units 3 and 4 to be transferred not into the regulated utility that serves Montana families, but into a newly created, unregulated affiliate: Colstrip 370Pu LLC
In a November 7 letter to the Montana Public Service Commission, NorthWestern acknowledged that assigning the acquisition contract to the unregulated subsidiary “ensures local operational control… while shielding customers from costs.” But the documents show something far more consequential: Montana ratepayers were cut out of access to 370 megawatts of power that NorthWestern acquired for free — and the company positioned that energy for sale to a single large customer, likely a data center.
Read the complete Article: The Colstrip Power Heist
