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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 final approvals for rate reviews for its natural gas utilities in Colorado, Iowa, and Kansas, aimed at recovering investments in infrastructure. The Colorado utility expects an estimated $6.49 million in additional annual revenues, effective Jan. 1, 2022. Iowa’s utility will gain approximately $3.7 million in new revenues, while Kansas will migrate $6.6 million of rider revenue to base rates. The company emphasizes ongoing investments in safety and reliability to support local communities across the three states.
Black Hills Corp. (NYSE: BKH) announced a rate review application with the Arkansas Public Service Commission, seeking $21.6 million in annual revenue. This request follows over $220 million invested in natural gas pipeline safety and reliability since 2017, addressing system growth and regulatory compliance. The proposed capital structure includes 50.9% equity and a 10.2% return on equity. Black Hills Energy aims to implement new rates by Q4 2022, supporting its commitment to provide reliable service and advance clean energy goals.
Black Hills Corp. (NYSE: BKH) provides a regulatory update concerning its Winter Storm Uri cost recovery applications totaling $546 million and the finalization of rate reviews in preparation for investor meetings. The company anticipates recovering these costs fully and expects decisions on three rate reviews by year-end 2021. Leadership plans to engage with investors at significant conferences on December 7 and 8. These developments are crucial for stakeholders as they directly impact the company’s financial resilience and regulatory compliance.
Black Hills Corp. (NYSE: BKH) announced upcoming virtual investor conferences on Nov. 29-30, Dec. 7, and Dec. 8, 2021. During these events, senior leadership will share insights on the company's guidance, long-term growth targets, and regulatory updates. The company reaffirms its guidance range previously issued on Nov. 2. Conference materials will be available on the Black Hills website. Serving 1.3 million customers across eight states, Black Hills is a growth-oriented utility company with a focus on improving lives through energy.
Black Hills Corp. (NYSE: BKH) has successfully completed its equity capital raising through its "at-the-market" equity offering program for 2021. The company sold $119.9 million worth of shares, totaling 1,812,197 shares at an average price of $66.18, resulting in net proceeds of $118.8 million. The funds will support capital investments, reduce short-term debt, and cover general corporate expenses. The company retains the ability to issue an additional $400 million in shares under their Equity Sales Distribution Agreement.
Black Hills Corp. (NYSE: BKH) announced a settlement agreement to recover $87.9 million in fuel costs incurred during Winter Storm Uri, affecting 117,000 customers in Kansas. The recovery will take place over five years, starting February 1, 2022, pending approval from the Kansas Corporation Commission. This settlement includes carrying costs associated with financing the fuel costs. CEO Linn Evans highlighted the importance of this agreement for continuing reliable service in extreme weather conditions, underlining the company’s commitment to its customers.
Black Hills Corp. (NYSE: BKH) announced a settlement in its rate review for its Iowa natural gas utility, allowing for a general rate increase aimed at enhancing service to 161,000 customers. The agreement, pending Iowa Utilities Board approval, will adjust rider revenue to base rates, generating an estimated additional $3.7 million annually. The company has significantly increased its infrastructure investments in Iowa, triple since its last rate filing, thereby reducing greenhouse gas emissions by over one-third since 2005. New rates are set to take effect on January 1, 2022.
Black Hills Corp. (BKH) reported a strong third quarter for 2021, with net income of $44.1 million ($0.70 per share), up 21% from the previous year. The company raised its 2021 EPS guidance to a range of $3.85 to $4.00 and reaffirmed its 2022 guidance at $3.95 to $4.15. A $149 million increase in the capital investment forecast brings it to $3.2 billion for 2021-2025. The quarterly dividend was increased by 5.3%, marking 51 years of consecutive dividend increases.
Black Hills Corp. (NYSE: BKH) has announced a quarterly dividend of $0.595 per share, reflecting a 5.3% increase over the previous quarter. This dividend, payable on December 1, 2021, is for shareholders on record as of November 17, 2021. With this announcement, the company continues its impressive track record, marking 51 consecutive years of dividend increases and 79 consecutive years of annual dividends. The firm emphasizes its commitment to sustainable growth and increasing long-term value for its customers and shareholders.
Black Hills Corp. (NYSE: BKH) will release its third quarter 2021 earnings on November 2, 2021, post-market close. A live conference call to discuss financial results will follow on November 3, 2021, at 11 a.m. EDT. The event can be accessed via their website under Investor Relations, with replays available afterward. Serving 1.3 million customers across eight states, Black Hills aims to be the energy partner of choice. For inquiries, contact Jerome E. Nichols at 605-721-1171.
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