1. MDU's subsidiary received ADP and CPCN approval for Badger Wind Farm. 2. Investment of approximately $294 million for a 122.5 MW stake. 3. Approval validates MDU’s strategic investment and long-term value. 4. Project completion expected by end of 2025, enhancing service reliability.
The regulatory approval affirms MDU's investment strategy, potentially increasing investor confidence. Historical investments in renewable projects lead to long-term stock appreciation, as seen with companies like NextEra Energy.
The approval supports MDU's growth in renewables, which is a key focus for future value. Investors may perceive this positively due to the trend towards sustainable energy solutions.
The wind farm's completion by late 2025 promises sustained growth and income for MDU. Similar projects have positively influenced financial performance over several years.
BISMARCK, N.D., Sept. 24, 2025 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE:MDU) is pleased to announce that its subsidiary, Montana-Dakota Utilities Co. (MDU), was granted an Advanced Determination of Prudence (ADP) and Certificate of Public Convenience and Necessity (CPCN) by the North Dakota Public Service Commission (NDPSC) for MDU's planned acquisition of a 49% ownership interest in the Badger Wind Farm.
"Securing the ADP approval and CPCN from the NDPSC is a pivotal milestone in bringing cost-effective energy to our customers," said Nicole Kivisto, president and CEO of MDU Resources. "It validates our strategic investment in the Badger Wind Farm not only from a regulatory standpoint, but also in terms of long-term value."
The Badger Wind project is currently under construction near Wishek, North Dakota, and is anticipated to be complete near the end of 2025. As previously announced, the estimated investment for the project is approximately $294 million for a 122.5 MW stake in the net 250 MW wind project. The ADP issued by the NDPSC affirms that the Badger Wind project is prudent up to an investment of $295.5 million, including $1.5 million of internal costs capitalized as part of the project, providing a regulatory framework that supports the project's financial viability and long-term value to customers.
About MDU Resources Group, Inc.
MDU Resources Group Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, affordable and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at investor@mduresources.com.
Investor Contact: Brent Miller, treasurer, 701-530-1730
Media Contact: Byron Pfordte, director of integrated communications, 208-377-6050
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the company anticipates will or may occur in the future are based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," and "predicts," in each case related to such things as growth estimates, stockholder value creation, capital expenditures, financial guidance, trends, objectives, goals, strategies, customer rates, regulatory approvals, sustainability, and other such matters, each of which is a forward-looking statement. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission.
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SOURCE MDU Resources Group, Inc.