HELENA -- The prospective Australian buyer of NorthWestern Energy is not here to "siphon off profits" from NorthWestern, but rather to be a long-term owner that expects stable and modest returns, the companies' top executives said Thursday.

"We've had 10 years of turmoil," said NorthWestern President Mike Hanson, referring to the dramatic ownership and financial changes at the state's largest electric-and-gas utility since 1997. "In my mind, it's time to put the turmoil to rest. We've got to look ahead."

Hanson and Steve Boulton, chief executive officer for Australia-based Babcock and Brown Infrastructure, said BBI will provide that stability.

BBI likes to own regulated companies that offer a "predictable" rate of return for its investors, and NorthWestern fits that profile well, Boulton said.

Hanson and Brown spoke Thursday with the Helena Independent Record editorial board, their third stop in as many days with newspaper editors across the state.

The pair is trying to ease skepticism about the company's potential fourth set of owners in the past five years, and first foreign-based owner. NorthWestern bought what was left of the old Montana Power Co. in 2002, went into bankruptcy in late 2003, and emerged with a new set of stockholders the next year.

Their tour also comes as state regulators are scrutinizing the proposed $2.2 billion sale to BBI, as they prepare to decide whether to approve it.

The state Public Service Commission tentatively has scheduled hearings in March to review the sale, and is in the midst of reviewing and collecting evidence from the companies and others, such as the Montana Consumer Counsel.

Hanson said he sees no reason why the PSC would reject the deal, because BBI ownership will provide stable ownership of the utility that serves about 320,000 customers in central and western Montana.

PSC approval of the deal is needed before it can close, Hanson said: "We can't close without it."

The BBI purchase also means a change of ownership structure for the company. NorthWestern currently is a publicly traded company, with stock available on the New York Stock Exchange.

BBI, which is traded on the Australian Stock Exchange, would buy the company and make it a privately held subsidiary.

John Wilson, an economist and expert witness hired by the Montana Consumer Counsel, said last month that BBI is expecting an "aggressive payout" from NorthWestern. He raised questions about how expectations might affect spending on maintenance of the utility's pipelines, power lines and distribution system.

Much of the detail of Wilson's comments also were not released publicly, because BBI says that information is from a confidential "model" used to analyze the purchase.

When asked Thursday why results of that analysis couldn't be made public, Boulton said those numbers have no bearing on utility rates paid by customers. Those rates are based on a regulated "rate of return" tied to the value of the delivery system, he said.

Boulton also said BBI has no motivation to scrimp on maintenance, because that would reduce the long-term value of the utility.

"There is no advantage to us in reducing maintenance," he said. "Why would we do that for the long haul?"

Boulton and Hanson said BBI plans to reinvest profits back into the company while paying a reasonable dividend to investors, and that allegations that BBI would "siphon off profits" or "bleed" its new acquisition simply aren't true.

Hanson noted that the company will be filing written testimony with the PSC on Monday to answer Wilson's statements.

"We've been open; we've been transparent," he said. "We've provided all the information that has been asked for."

The two executives also said that BBI won't be calling the day-to-day shots at NorthWestern. BBI acquires companies and lets the local management run the operation, Boulton said.

"It's international money, but it's local control and local management," Hanson said.