Black Hills Corp. Wyoming Electric Utility Receives Approval for Ready Wyoming Transmission Expansion Project

Rhea-AI Summary

Black Hills Corp. (NYSE: BKH) announced a significant step forward with the Wyoming Public Service Commission's approval for its $260 million transmission expansion project, known as Ready Wyoming. This 260-mile project aims to meet the growing energy demands of Wyoming customers, enhance electric system resiliency, and stabilize long-term pricing. Construction is set to begin in 2023, with completion expected in phases through 2025, providing over $100 million in economic benefits and up to 1,400 jobs in the region.

Positive

• Wyoming Public Service Commission approved a $260 million transmission expansion project.
• The project is expected to provide over $100 million in economic benefit to Wyoming.
• Ready Wyoming will create up to 1,400 construction jobs.

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• None.

RAPID CITY, S.D., Oct. 12, 2022 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Wyoming electric utility subsidiary, Cheyenne Light, Fuel and Power Company, doing business as Black Hills Energy, received a bench decision from the Wyoming Public Service Commission approving a certificate of public convenience and necessity to construct an estimated $260 million transmission expansion project.

The approximately 260-mile transmission project, known as Ready Wyoming, will help meet current and growing energy needs of customers in Wyoming. The expansion project will provide customers long-term price stability while enhancing the resiliency of the electric system and expanding access to power markets and renewable energy resources.

“We’re pleased with the Wyoming commission’s unanimous approval of a settlement agreement to proceed with the project and appreciate the collaboration with the parties in the process,” said Linn Evans, president and CEO of Black Hills Corp. “We look forward to ongoing engagement with landowners and other stakeholders for Ready Wyoming, a vital project that will provide long-term benefits to our Wyoming customers and communities.”

Construction of the transmission expansion project is expected to commence in 2023 and be completed in multiple phases through 2025. The project is expected to contribute more than $100 million of economic benefit to the Wyoming economy and employ up to 1,400 construction jobs.

Black Hills Corp.
Black Hills Corp. (NYSE: BKH) is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.3 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. More information is available at www.blackhillsenergy.com.

Investor Relations
Jerome E. Nichols
605-721-1171
Jerome.nichols@blackhillscorp.com

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Caution Regarding Forward Looking Statement
This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward looking statements, including the miles and cost of the transmission expansion project. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2021 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.

New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What is the Ready Wyoming project by Black Hills Corp.?

The Ready Wyoming project is a $260 million transmission expansion initiative approved by the Wyoming Public Service Commission, aimed at meeting energy demands and enhancing system resiliency.

When will the construction for the Ready Wyoming project begin?

Construction for the Ready Wyoming project is expected to commence in 2023.

How long will the Ready Wyoming project take to complete?

The Ready Wyoming project is expected to be completed in multiple phases through 2025.

What economic benefits will the Ready Wyoming project provide?

The project is expected to contribute more than $100 million to the Wyoming economy and create up to 1,400 construction jobs.