Black Hills Corporation
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- Black Hills Corporation is a diversified energy company engaged primarily in electric and natural gas utility services. The company operates natural gas and electric utilities serving approximately 1.35 million customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Its core products and services include electric power generation and distribution; natural gas supply, transmission, and distribution; renewable energy projects such as wind and solar; and energy efficiency programs. Black Hills Energy, its main subsidiary, operates modern generating facilities including natural gas-fired power plants and renewable energy assets. The company also offers services for natural gas supply choice and home repair service solutions through independent providers. Recent major changes include the announcement of an all-stock merger agreement with NorthWestern Energy, creating a regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and enterprise value of $15.4 billion. The merger, expected to close in the second half of 2026 subject to regulatory approvals, will double Black Hills' rate base to about $11.4 billion and significantly expand its geographic footprint and operational scale. Additional recent developments include completion of a $450 million senior unsecured note offering to support key growth initiatives like the $350 million Ready Wyoming electric transmission project and the $280 million Lange II 99 MW generation facility planned for 2026. The company also completed a 2025 equity issuance program raising $220 million to fund its $1 billion capital expenditure plan, focusing on infrastructure expansion and modernization. Black Hills Corporation, founded in 1941 and headquartered in Rapid City, South Dakota, maintains a strong presence across the western and midwestern United States. It operates through multiple subsidiaries, including Black Hills Power and Cheyenne Light, Fuel & Power Company, servicing both retail and wholesale customers. The company’s strategic focus includes expanding its renewable energy portfolio, investing in carbon reduction technologies including renewable natural gas and coal-to-hydrogen projects, and enhancing grid reliability and customer service. Black Hills continues to balance growth with financial discipline, targeting mid-to-high single-digit earnings growth driven by infrastructure investment and operational efficiencies.
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