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Black Hills Corporation (NYSE: BKH) is a growth-oriented, vertically integrated energy company headquartered in Rapid City, South Dakota. With a mission of improving life with energy and a vision to be the energy partner of choice, Black Hills Corp. serves approximately 1.34 million natural gas and electric utility customers in eight states, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.
The company operates through various segments: Electric Utilities, Gas Utilities, and Corporate and Other. A significant portion of its revenue is generated from its utility business group, mainly from electric utilities. Black Hills Corp. caters to a wide array of customers, including residential, commercial, industrial, and municipal consumers.
Black Hills Corp. has made significant strides in renewable energy. A noteworthy development is the acquisition of the production facility at the Dubuque Metropolitan Area Solid Waste Agency, which includes onsite infrastructure and long-term rights to renewable natural gas (RNG) production. This investment aligns with the company’s emissions reduction strategy and marks its entry into the RNG production as a nonregulated business.
In 2023, Black Hills Corp. reported strong financial results, with earnings per share reaching $3.91, driven by new rates and customer growth. The company demonstrated robust capital and expense management, offsetting inflationary impacts. Furthermore, the company has set a 2024 earnings guidance range of $3.80 to $4.00 per share and plans to increase its capital plan by $800 million to $4.3 billion from 2024 through 2028.
Among its strategic growth initiatives, Black Hills Corp. is advancing several key projects. In Wyoming, it has initiated the Ready Wyoming 260-mile electric transmission project. In South Dakota, the company is finalizing plans to add 100 megawatts of utility-owned renewable wind generation by mid-2026. Additionally, in Colorado, Black Hills Energy is recommending 400 megawatts of new renewable energy resources to meet its greenhouse gas emissions reduction goals by 2030, including 200 megawatts of utility-scale solar, 150 megawatts of wind, and 50 megawatts of battery storage.
Black Hills Energy Renewable Resources LLC (BHERR), a nonregulated subsidiary established in 2022, focuses on developing RNG production and interconnections. This subsidiary aims to align with Black Hills Corp.'s sustainability strategy and drive profitable growth in renewable energy projects.
For more detailed information, visit their website at www.blackhillscorp.com.
Black Hills Corp. (NYSE: BKH) announced an agreement for a general rate increase via its Colorado utility, Black Hills Energy, aimed at enhancing safe and reliable natural gas services. The plan, awaiting final approval, could yield $6.49 million in additional annual revenues starting January 1, 2022. This follows over $150 million in investments since 2018 in its 7,000-mile pipeline system, which serves over 194,000 customers. These upgrades have improved resilience during extreme weather and reduced greenhouse gas emissions by a third since 2005.
Black Hills Corp. (NYSE: BKH) announced a public debt offering of $600 million in senior unsecured notes with an interest rate of 1.037%, maturing on August 23, 2024. The offering includes an optional redemption provision effective from February 23, 2022. The company intends to utilize the proceeds to pay off a term loan related to costs from Winter Storm Uri, with any remaining funds allocated for general corporate purposes. Closing of the offering is expected on August 26, 2021.
Black Hills Corp. (NYSE: BKH) reported a strong financial performance for Q2 2021, with net income reaching $25.2 million ($0.40 EPS), up from $21.0 million ($0.33 EPS) in Q2 2020. The company's non-GAAP adjusted net income also rose to $25.2 million. Results were largely attributed to new rates and rider recovery from investments. Black Hills is investing over $3 billion through 2025 to support growing demand in its service areas. The company reaffirmed its 2021 EPS guidance between $3.80 and $4.00.
Black Hills Corp. (NYSE: BKH) announced a quarterly dividend of $0.565 per share, payable on Sept. 1, 2021, to shareholders of record by the close of business on Aug. 18, 2021.
The company will also disclose its second quarter earnings on Aug. 3, 2021, with a live conference call scheduled for Aug. 4, 2021, at 11 a.m. EDT. Investors can access the webcast through the company's website.
Black Hills Corp. (NYSE: BKH) will report its 2021 Q2 earnings on August 3, 2021, after market closure. A live conference call and webcast are scheduled for August 4, 2021, at 11 a.m. EDT to discuss the financial results. The company serves 1.3 million customers across eight states in the U.S. Interested participants can access the webcast via the company's website under the Investor Relations section. Call-in details for participants without internet access are also provided for the live broadcast.
Black Hills Corp. (NYSE: BKH) announced the filing of its 2021 Integrated Resource Plan (IRP) for its South Dakota and Wyoming Electric utilities. This comprehensive plan, shaped by extensive data analysis and stakeholder input, aims to meet long-term energy needs over a 20-year horizon while enhancing grid resilience and reliability. Key proposals include adding 100 megawatts of renewable generation, converting a coal plant to natural gas, and considering up to 20 megawatts of battery storage, all supporting a 70% reduction in greenhouse gas emissions by 2040.
Black Hills Corp. (NYSE: BKH) announced rate review applications for its natural gas utilities in Colorado and Iowa to recover investments in infrastructure. In Colorado, the request is for $14.6 million in annual revenue following $144 million in system upgrades. Iowa's application seeks $8.3 million after a $250 million investment over a decade. The company aims to implement new rates in early 2022, with a focus on safety and clean energy goals, while recent performance showcased the effectiveness of these investments during extreme weather conditions.
Black Hills Corp. has released its 2020 Community Impact Report, showcasing a commitment to community support amid unprecedented challenges. The company contributed $5.6 million to various non-profit partners and engaged employees in volunteer activities, with nearly 45% pledging $780,000 to local United Way organizations. In total, 1.3 million utility customers were served across eight states, with a direct economic impact of $1.4 billion.
Black Hills Corp. (NYSE: BKH) has filed a rate review application with the Kansas Corporation Commission, seeking an increase of $5.3 million in annual revenues. The utility has invested around $130 million in natural gas infrastructure over the past seven years to enhance safety and reliability, directly responding to demand issues during extreme weather conditions. Additionally, the company seeks renewal of its Gas System Reliability Surcharge, pivotal for maintaining investments. If approved, the new rates are expected in Q1 2022 and will shift approximately $4.9 million of rider revenue to base rates.
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