Montana’s Public Service Commission approved a $15.4 billion merger between NorthWestern Energy and Black Hills Corp. in a narrow 3-2 vote.

This merger, approved on November 10, 2026, will unite the two companies under the new name Bright Horizon Energy, creating an entity serving 2.1 million electric and natural gas customers across eight states. The decision consolidates regional energy providers and includes conditions related to financial safeguards and regulatory oversight.

The PSC delayed its decision from October 27 to November 10, reflecting the contentious nature of the vote and public concerns. The merger includes NorthWestern’s acquisition of 370 megawatts at the Colstrip Power Plant and requires NorthWestern to submit a plan by June 2027 to evaluate power generation resources for Montana customers. Commissioners expressed divided opinions, with some questioning the impact on rates despite assurances that rates will not increase due to the merger. The PSC also mandated NorthWestern analyze adding Puget Sound Energy’s shares in the 2026 Integrated Resource Plan.

Looking ahead, the focus will be on NorthWestern’s compliance with these conditions and how the merged company manages its expanded portfolio.

UPDATED: Public Service Commission approves NorthWestern Energy, Black Hills Corp merger
By Keila Szpaller, Daily Montanan