Welcome to our dedicated page for Black Hills Corporation news (Ticker: BKH), a resource for investors and traders seeking the latest updates and insights on Black Hills Corporation stock.
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 the appointment of Barry M. Granger and Scott M. Prochazka to its board of directors, effective October 1, 2020. This decision coincides with a temporary expansion of the board's size from 10 to 12 directors, anticipating future retirements. Chairman Steven Mills expressed confidence that their expertise will enhance board effectiveness. Granger brings over 35 years of experience from DuPont and Dow Chemical, while Prochazka has a strong background in regulated utilities, previously serving as CEO of CenterPoint Energy, emphasizing innovation and customer focus.
Black Hills Corp. (NYSE: BKH) submitted a rate review application to the Colorado Public Utilities Commission on September 11, 2020, seeking $13.5 million in annual revenue to recover investments in natural gas infrastructure. The proposal includes a five-year safety and integrity rider. Since July 2018, Colorado Gas has invested over $105 million in system upgrades, serving 192,000 customers with a 7,000-mile pipeline network. The company aims to implement new rates by Q2 2021, proposing a capital structure of 50% equity and 50% debt with a return on equity of 9.95%.
Black Hills Corp. (NYSE: BKH) reported a Q2 2020 net income of $21 million, translating to earnings per share (EPS) of $0.33, up from $0.24 in Q2 2019. The company has a $669 million capital plan for 2020, remaining on schedule despite COVID-19 challenges. A $400 million debt issuance boosted total liquidity to $770 million. The firm noted improved performance across all business segments and reaffirmed its 2020 EPS guidance of $3.45 to $3.65, with COVID-19 impacts projected between $(0.05) and $(0.10) per share. The Corriedale Wind Project is on track for completion by year-end.
Black Hills Corp. (NYSE: BKH) declared a quarterly dividend of $0.535 per share, payable on Sept. 1, 2020, to shareholders of record by the close of business on Aug. 18, 2020. The company will release its Q2 2020 earnings on Aug. 3, 2020, after market close, followed by a conference call on Aug. 4, 2020, at 11 a.m. EDT. Black Hills Corp. serves approximately 1.28 million utility customers across eight states.
Black Hills Corp. (NYSE: BKH) will report its Q2 2020 earnings on August 3, 2020, after market close. A live conference call is scheduled for August 4, 2020, at 11 a.m. EDT to discuss the financial results. The company serves 1.28 million utility customers across eight states, focusing on growth and customer satisfaction. Investors can access the webcast through the company's website under the 'Investor Relations' section. Call-in options are also available for those wishing to ask questions or listen without internet access.
Black Hills Corp. (NYSE: BKH) announced a strategic management change to enhance leadership in Colorado's utility operations. Effective August 1, 2020, Vance Crocker will lead both electric and gas utilities in the state, alongside his role as vice president of Colorado Electric. Nick Wagner will join on July 27 as vice president of regulatory affairs and policy, focusing on regulatory matters affecting the company. This new structure aims to strengthen stakeholder relationships and support clean energy initiatives while ensuring reliable service to customers.
Black Hills Corp. (NYSE: BKH) announced a registered public debt offering of $400 million in 2.50% senior unsecured notes due June 15, 2030. The offering is set to close on June 17, 2020, pending customary conditions. The raised funds will be allocated for repaying short-term debt, working capital, and other corporate purposes. Following this transaction, the company will maintain approximately $800 million in liquidity. The offering details are available through the SEC's EDGAR system.
Black Hills Corp. (NYSE: BKH) announced a rate review application with the Nebraska Public Service Commission to consolidate rate schedules and recover $450 million in infrastructure investments for its 13,000-mile pipeline system. The review seeks $17 million in new revenue to support approximately 300,000 customers. The company aims to simplify operations across Colorado, Nebraska, and Wyoming. Additionally, a settlement for a power purchase agreement with Cheyenne Light will reduce pricing by 10%. Black Hills Corp. reaffirmed its guidance during upcoming investor meetings.
Black Hills Corp. (NYSE: BKH) announced an agreement-in-principle between its utility subsidiary Cheyenne Light and power generation subsidiary Black Hills Wyoming regarding a proposed 60-megawatt power purchase agreement. This agreement addresses a shortfall in generation capacity due to the expiration of the existing Wygen I power purchase agreement in 2022. The new contract aims to provide reliable and low-cost electric capacity to Cheyenne Light and its customers. Final approval from the Federal Energy Regulatory Commission (FERC) is pending.
Black Hills Corp. (NYSE: BKH) announced that its senior management will engage with investors during the Credit Suisse 2020 Utilities, Power & Clean Tech Virtual Conference on May 14 and the American Gas Association Financial Forum on May 18-19. The management will reaffirm its guidance issued on May 5 and discuss the company's response to the COVID-19 pandemic. All materials for these meetings will be accessible on the company's website under the ‘Investor Relations’ section.
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