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Montana cities offer $2 billion for NorthWestern operations

June 30, 2005 /

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Working to create a clean and balanced energy portfolio that will provide for a safe and reliable energy future. Learn more at http://www.NorthWesternEnergy.com/BrightFuture

A nonprofit corporation formed by five Montana cities offered NorthWestern Corp. about $2 billion Thursday for its utility transmission and distribution systems in Montana, Nebraska and South Dakota.

The proposal, approved unanimously by directors of Montana Public Power Inc., includes about $1.17 billion in cash and the assumption of $825 million in company debts and other financial obligations.

The offer, if approved by NorthWestern’s major creditors and various state and federal regulators, could result in the cities taking over operation of the utility’s electric and natural gas operations by the end of the year, officials said.

By SARAH COOKE
Associated Press

Full Story: http://www.billingsgazette.com/index.php?id=1&tts=1&display=rednews/2005/06/30/build/state/20-northwest-cities.inc

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