MDU Resources Secures Approval for Wind Farm Investment, Affirming Cost-Effectiveness for Customers.

MDU Resources has received an Advanced Determination of Prudence and Certificate of Public Convenience and Necessity from the North Dakota Public Service Commission for its planned acquisition of a 49% ownership interest in the Badger Wind Farm. The project is expected to be complete by the end of 2025 and will provide cost-effective energy to customers. The regulatory approval validates the strategic investment in the wind farm and affirms its financial viability.

MDU Resources Group, Inc. (NYSE: MDU) has received significant regulatory approval for its planned acquisition of a 49% ownership stake in the Badger Wind Farm. The North Dakota Public Service Commission (NDPSC) granted both an Advanced Determination of Prudence (ADP) and Certificate of Public Convenience and Necessity (CPCN) for the project. This approval validates MDU's strategic investment in the wind farm and affirms its financial viability.

The Badger Wind project, currently under construction near Wishek, North Dakota, is anticipated to be complete by the end of 2025. The estimated investment for the project is approximately $294 million, providing 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 MDU's Investment in Wind Farm Deemed Prudent and Cost-Effective for Customers^[1].

This approval eliminates regulatory uncertainty for MDU's $294 million investment, confirming its prudency within established cost parameters. The regulatory approval creates a regulatory shield around this capital deployment, establishing a $295.5 million prudency ceiling that includes $1.5 million in capitalized internal costs MDU's Investment in Wind Farm Deemed Prudent and Cost-Effective for Customers^[2].

The timing of this approval is strategically advantageous, coming just months before the project's anticipated completion in late 2025. This positions MDU to begin rate-basing the asset promptly after completion, minimizing regulatory lag between capital expenditure and return generation. The 49% ownership structure suggests a partnership model that likely spreads development risk while maintaining significant operational control.

For a utility serving 1.2 million customers, the addition of approximately 122.5 MW of wind capacity represents a material expansion of renewable generation assets. This supports both regulatory compliance with clean energy mandates and potential long-term operating cost stability through fuel-free generation.