Montana-Dakota

What Montana-Dakota does

Montana-Dakota Utilities Co. is a regulated energy utility founded in 1924 and headquartered in Bismarck, North Dakota, serving approximately 144,225 electric customers and 283,500 natural gas customers (totaling 435,350+ connections) across 273 communities in Montana, North Dakota, South Dakota, and Wyoming. The company operates as a wholly-owned subsidiary of MDU Resources Group, Inc. (NYSE: MDU, S&P SmallCap 600) and generates revenue through state-approved rates on its natural gas distribution pipelines and electric generation/transmission infrastructure.

Its core technology stack includes company-owned generation assets — notably the 88 MW Heskett 4 simple cycle combustion turbine near Mandan, ND (completed July 2024 at ~$69M), partial ownership in the coal-fired Coyote Station (25%, ~425 MW) and Big Stone Station (22.7%, ~475 MW), and Automated Meter Reading (AMR) technology deployed across mobile meter-reading vehicles. The company has executed a full transition off its legacy coal units (retired 2021-2022) in favor of natural gas peaking capacity.

Montana-Dakota operates on a regulated utility subscription model with natural gas commodity costs passed through to customers without margin. It targets residential, commercial, and industrial segments through direct utility service, and is actively pursuing hyperscale AI data center customers via a Large Load program — most notably a pending $7.5B-$18.2B electric service agreement with Applied Digital for the Polaris Forge 3 campus. Customer engagement combines a self-serve online portal, phone support, and partnerships with HomeServe (home repair plans) and Paymentus (bill processing), with tiered offerings including Balanced Billing, AutoPay, energy efficiency rebates, and Wyoming renewable energy credit purchases.

Name

Montana-Dakota

Legal name

Montana-Dakota Utilities Company

Website

https://montana-dakota.com

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Montana-Dakota Utilities is a regulated natural gas and electric utility serving over 435,000 customers across 273 communities in Montana, North Dakota, South Dakota, and Wyoming, as a wholly-owned subsidiary of MDU Resources Group.

Ownership category

akta.pro rank

Product category

Regulated Electric and Natural Gas Utility Services

NAICS

Natural Gas Distribution (221210), Electric Power Generation, Transmission and Distribution (2211)

SIC

Natural Gas Distribution (4924), Electric Services (4911)

akta.pro primary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

akta.pro secondary industries

Retail Electric Providers / Competitive Distribution Utilities (where applicable) (EUADABAE), Municipal & Public Gas Utility Sales (EUAAADAE)

Keywords

• Natural gas distribution
• Electric utility services
• Regulated energy provider
• Energy efficiency programs
• Data center power supply

Headquarters

HQ city

Bismarck

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Electric Distribution: Montana-Dakota generates, transmits, and distributes electricity to approximately 143,000-144,225 electric customers across North Dakota, South Dakota, Montana, and Wyoming. Revenue is generated through regulated rates approved by state public service commissions.
2. Natural Gas Distribution: Distributes natural gas to approximately 275,000-283,500 natural gas customers across the same four-state service territory. Revenue is generated through regulated natural gas distribution rates.
3. Electric Generation: Montana-Dakota owns and operates electric generation assets including the Heskett 4 plant (88 MW simple cycle combustion turbine). Revenue from generation capacity serves the company's integrated system customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Montana-Dakota Utilities Company is a regulated utility that distributes natural gas and electricity to more than 435,350 customers across 273 communities in Montana, North Dakota, South Dakota, and Wyoming. It also owns and operates electric generation assets, including the 88 MW Heskett 4 natural gas peaking plant, and holds partial ownership interests in the Coyote Station and Big Stone Station coal-fired generating units.

Product overview

Montana-Dakota Utilities Co. is a regulated utility company providing essential energy services as a subsidiary of MDU Resources Group. The company operates a unified portfolio of natural gas distribution and electric distribution services across four states (Montana, North Dakota, South Dakota, and Wyoming), serving more than 435,350 customers in 273 communities. Electric generation capacity is provided through company-owned assets including the Heskett 4 peaking plant (88 MW), as well as ownership stakes in coal-fired partnership plants (Coyote Station at 25% ownership generating ~425 MW, and Big Stone Station at 22.7% ownership generating ~475 MW). The core product consists of regulated gas and electric distribution, supplemented by customer programs including online account services, balanced billing, AutoPay, energy efficiency rebates (residential and commercial), renewable energy credit programs, net metering for solar, and partnerships for home protection plans. The company also offers specialized Large Load services for data center and industrial customers, with recent significant power agreements signed for AI data center campuses requiring hundreds of megawatts of capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Distribution Retail natural gas distribution to approximately 283,500 customers across parts of Montana, North Dakota, South Dakota, and Wyoming, delivered through company-owned pipeline infrastructure under regulated distribution rates.
• Electric Distribution Retail electricity distribution to approximately 144,225 customers across Montana, North Dakota, South Dakota, and Wyoming, with rates approved by state public service commissions.
• Heskett 4 Electric Generation Plant Company-owned 88-megawatt simple cycle combustion turbine located near Mandan, North Dakota, capable of producing power within 30 minutes when called upon to meet peak demand.
• Coyote Station Generation Stake 25 percent ownership stake in the Coyote Station, a coal-fired generating unit near Beulah, North Dakota, with total station output of approximately 425 megawatts, operated by Otter Tail Power Company.
• Big Stone Station Generation Stake 22.7 percent ownership stake in the Big Stone Station, a coal-fired generating unit near Big Stone City, South Dakota, with total station output of approximately 475 megawatts, operated by Otter Tail Power Company.
• Large Load Data Center Services Specialized electric service offerings with tailored rates and dedicated infrastructure for large commercial and industrial customers such as AI data center campuses requiring hundreds of megawatts of capacity.
• Wyoming Renewable Energy Credit Purchase Program

Quantifiable outcome

• Electricity bill increases far less than beef prices (31%) and total inflation (24%) over five years 2021-2025
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Four partnerships are on record, tiered major and minor.

• Applied DigitalmajorStrategic or Co-development Partner · 27 June 2026Montana-Dakota Utilities Co., a subsidiary of MDU Resources Group, signed an electric service agreement with Applied Digital to power Polaris Forge 3, an AI factory campus near Center, North Dakota. The facility requires 430 megawatts of electricity at full capacity with initial operations targeted for August 2027. Base lease is worth $7.5 billion with potential value up to $18.2 billion if all 15-year renewal options are exercised. The agreement remains contingent on approval from the North Dakota Public Service Commission. Expected to create approximately 200 full-time jobs and generate property tax revenues in Oliver County.
• HomeServeminorChannel Partner/ Reseller/ DistributorMontana-Dakota Utilities collaborated with HomeServe, a premier provider of home emergency repair programs. Through this partnership, customers can access coverage plans with $0 deductible, local licensed and insured technicians, repairs guaranteed for 1 year, and 24/7 repair hotline.
• Heath ConsultantsminorImplementation/ SI/ Consulting PartnerMontana-Dakota Utilities hired Heath Consultants to perform annual quality control surveys of the natural gas system across the five-state service area. The survey involves technicians inspecting natural gas mains and service lines, accessing customer property and gas meters.
• Osmose Utility ServicesminorImplementation/ SI/ Consulting PartnerMontana-Dakota Utilities contracted Osmose Utility Services to perform inspections of power poles. The pole inspection project requires access to poles on customer property. Inspectors are identifiable by logoed vehicles and vests.

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Xcel Energy: Large multi-state regulated electric and natural gas utility serving portions of the same northern Plains geography (ND, SD, MN) in addition to broader regions. Comparable dual-fuel utility model with sizable rate base, though at much greater scale than Montana-Dakota.
• CenterPoint Energy: Large multi-state regulated electric and natural gas utility with a sizable LDC franchise. Comparable diversified regulated utility model with both gas distribution and electric delivery, providing useful benchmark on LDC rate-base economics and large-load/data center strategy.
• MDU Resources Group, Inc. Publicly-traded parent of Montana-Dakota Utilities (NYSE: MDU, S&P SmallCap 600). Serves more than 1.2 million customers across eight states via regulated electric and natural gas distribution and pipeline segments, providing a direct umbrella comparison.
• Otter Tail Power Company: Regulated electric utility serving Minnesota, North Dakota, and South Dakota. Generates and operates Coyote Station (425 MW, 25% owned by MDU) and Big Stone Station (475 MW, 22.7% owned by MDU), making it both a generation partner and a directly comparable regulated electric peer.
• WEC Energy Group: Diversified regulated holding company with regulated electric and natural gas utility operations across multiple Midwestern states. Comparable multi-jurisdictional rate-base utility with natural gas distribution as a meaningful segment, though geographic focus is Wisconsin/Michigan/Minnesota/Illinois.

Direct peers

• NorthWestern Energy Group: Regulated electric and natural gas utility serving Montana, South Dakota, and Nebraska. Highly comparable dual-fuel regulated utility operating in adjacent/overlapping service territory with similar customer mix and regulatory structure to Montana-Dakota.
• Cascade Natural Gas Corporation: Sister LDC subsidiary of MDU Resources serving Washington and Oregon. Operates as a regulated natural gas utility under the same corporate umbrella, providing direct LDC-to-LDC comparability in structure, oversight, and rate-base economics.
• Black Hills Corporation: Publicly-traded multi-state utility with electric and natural gas distribution serving overlapping geographies in South Dakota, North Dakota, Montana, and Wyoming. Closely comparable four-state footprint and dual-fuel regulated utility model make it the most direct public peer for Montana-Dakota.
• Intermountain Gas Company: Sister LDC subsidiary of MDU Resources serving Idaho. Identical regulated gas-distribution business model and shared corporate parent (MDU Resources), enabling direct operational and rate-base comparison.
• Great Plains Natural Gas Co. Sister LDC subsidiary of MDU Resources operating a regulated natural gas distribution franchise. Comparable asset class (gas distribution) and corporate structure under MDU Resources makes it a relevant same-platform peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MontanaDakota
• YouTubeyoutube.com/@mduresourcesgroupinc.3400
• Facebookfacebook.com/mduresourcesgroup
• LinkedInlinkedin.com/company/mdu-resources-group-inc.
• Instagraminstagram.com/mduresources

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Montana-Dakota