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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 that its Arkansas utility, Black Hills Energy, has received approval from the Arkansas Public Service Commission for new rates to recover over $220 million in investments since 2018. The new rates, starting mid-October 2022, are expected to generate an estimated $8.8 million in annual revenue. The commission approved a capital structure of 45% equity and 55% debt, as well as a return on equity of 9.6%. The plan includes a Safety and Integrity Rider to enhance infrastructure safety and supports the company’s goal of Net Zero emissions by 2035.
Black Hills Corp. (NYSE: BKH) will report its third quarter earnings for 2022 on November 2, after market close. A live conference call and webcast are scheduled for November 3 at 11 a.m. EDT. The company, based in Rapid City, South Dakota, serves 1.3 million customers across eight states. Interested parties can access the webcast through the company's Investor Relations section on their website. The company focuses on delivering energy solutions and aims to be the partner of choice for its customers.
Black Hills Corp. (BKH) reported second quarter 2022 net income of $33.4 million ($0.52 EPS), up from $25.2 million ($0.40 EPS) in Q2 2021. For the first half, net income reached $150.9 million ($2.33 EPS), compared to $121.5 million ($1.93 EPS) year-over-year. The results were bolstered by new rates and a one-time $0.12 per share benefit from Winter Storm Uri costs. The company aims for a 90% reduction in greenhouse gas emissions by 2030 and has advanced renewable energy projects. BKH maintains its 2022 EPS guidance of $3.95 to $4.15, despite challenges from inflation and supply chain issues.
Black Hills Corp. (NYSE: BKH) declared a quarterly dividend of $0.595 per share, payable on Sept. 1, 2022, to shareholders of record by Aug. 18, 2022. The company's second quarter earnings will be released after market close on Aug. 3, 2022, followed by a live conference call on Aug. 4, 2022, at 11 a.m. EDT to discuss financial results. Black Hills Corp. serves 1.3 million utility customers across eight states, emphasizing its commitment to being a customer-focused, growth-oriented energy provider.
Black Hills Corp. (NYSE: BKH) will announce its Q2 2022 earnings on August 3, 2022, after market close. A live conference call is scheduled for August 4, 2022, at 11 a.m. EDT to discuss the financial results. Investors can access the webcast through the company’s website under the Investor Relations section. They can also listen by phone after registering to obtain dial-in information. Black Hills Corp. serves approximately 1.3 million utility customers across eight states, focusing on growth and customer satisfaction.
Black Hills Corp. (NYSE: BKH) announced a significant milestone on June 21, 2022, as its Wyoming electric utility, Black Hills Energy, signed a five-year agreement to provide up to 45 megawatts of electric service to a new crypto mining facility in Cheyenne. The facility, one of the largest in the region, will be operational by Q4 2022. The Blockchain Interruptible Service Tariff, developed to attract high-energy demand customers, offers benefits like increased local taxes and job creation, while prioritizing existing retail customers' needs.
Black Hills Corp. (NYSE: BKH) announced a new proposal through its subsidiary, Black Hills Energy, for a renewable natural gas and carbon offset program aimed at residential and business customers in Colorado. This voluntary program, designed based on customer feedback, will allow participants to offset their natural gas emissions by purchasing fixed-price blocks at $5 each. The comprehensive pilot program will run from 2023 to 2026, pending approval from the Colorado Public Utilities Commission. Black Hills Energy plans to expand the proposal to other states, including Kansas and Nebraska, later this summer.
Black Hills Corp. (NYSE: BKH) announced a rate review application for $15.4 million in new annual revenue for its Wyoming utility, Cheyenne Light, Fuel and Power Company. The request comes after $250 million of investments in safety and reliability upgrades since the last rate filing in 2013, benefiting approximately 44,000 customers. The application seeks a capital structure of 54% equity and 46% debt, with a proposed return on equity of 10.3%. New rates are targeted for implementation in Q1 2023.
Black Hills Corp. (NYSE: BKH) announced its '2030 Ready Plan' aiming for a 90% reduction in greenhouse gas emissions by 2030, based on 2005 levels. The plan aligns with Colorado's '80 x 30' mandate, proposing 450 megawatts of new renewable energy and battery storage. Key components include 149 MW of wind and 258 MW of solar generation. The Colorado Public Utilities Commission will review the plan, with decisions expected by April 2023, after which a competitive solicitation for resources will occur.
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