NWE - NorthWestern nixes bid to increase share of Colstrip ownership

NorthWestern ([[NWE]] +0.6%) says it is dropping its deal to increase its share of the Colstrip power plants by buying 92.5 MW of capacity generation at Colstrip Unit 4 and additional capacity from Puget Sound Energy.The move comes just weeks after staff at the Washington Utilities and Transportation Commission recommended against approving the sale for $1, saying it was not in the best interest of Puget Sound ratepayers in Washington state.The deal required approval from utilities regulators in both Washington and Montana, but NorthWestern says the WUTC criticism substantially reducing the likelihood that the sale would be approved.NorthWestern owns 35% of Colstrip and is seeking to increase its share from the plant's other five owners.

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NorthWestern nixes bid to increase share of Colstrip ownership