Pricing Supplement No. 15 Filing under Rule 424(b)(3) Dated: November 20, 1995 Registration No. 33-55816 (To Prospectus, dated January 4, 1993, as supplemented by Prospectus Supplement, dated January 5, 1993) $150,000,000 The Montana Power Company Secured Medium-Term Notes Principal Amount: $10,000,000 Original Issue Date: November 24, 1995 Interest Rate: 5.75% Maturity Date: November 24, 1997 Issue Price: 100% Interest Payment Dates: May 1 and November 1 Selling Agent's Commission: .25% Initial Interest Purchasing Agent's Discount: N/A Payment Date: May 1, 1996 Net Proceeds to Company: 99.75% Record Dates: April 15 and October 16 Reallowance: N/A Redeemable: Yes No X Selling Concession: ----- ----- Form: In Whole: Yes No Book-Entry (DTC) X ----- ----- ----- In Part: Yes No Certificated ----- ----- ----- Initial Redemption Date: N/A Repayable at Option of Holder: Redemption Limitation Date: N/A Yes: No: X ----- ----- Redemption prices (if any): The Initial Redemption Price shall be N/A% of the principal amount of such Notes to be redeemed and shall decline on each anniversary of the Initial Redemption Date by a Reduction Percentage of N/A% of the principal amount to be redeemed until the redemption price shall be 100% of such principal amount. Prior to the date of this Pricing Supplement, the Company has sold $108,000,000 aggregate principal amount of the Secured Medium-Term Notes. Additional Terms: N/A N/A as used herein means "Not Applicable." The validity of the New Bonds will be passed upon for any agent, dealer or underwriter by Milbank, Tweed, Hadley & McCloy, One Chase Manhattan Plaza, New York, New York. THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PRICING SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Selling Agent/Purchasing Agent: ( ) Goldman, Sachs & Co. (X) Lehman Brothers Inc. ( ) Morgan Stanley & Co. Incorporated