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The Montana operations (formerly known as the Montana Power Company ) were acquired around 2000 after that state passed legislation allowing the electric utility industry to be 'unbundled'. Out of state investors (led by PP&L Resources ) then immediately acquired the generation assets of Montana Power, leaving that part of the territory vulnerable to high "spot" prices on the energy market (creating some chronic discontent that led the Montana Public Service Commission to submit the one "no" vote that effectively nullified a potential sale of NorthWestern to Babcock & Brown of Australia). In 2014, NorthWestern purchased the dams that were originally part of Montana Power for $900 Million from PPL Corporation.
In August 2025, NorthWestern and Black Hills Corporation agreed to a merger in an all-stock deal valuing the combined entity at $15.4 billion. Once completed, NorthWestern shareholders will own about 46% of the combined company and will be run by NorthWestern's CEO, Brian Bird.