Black Hills

Black Hills Corporation delivers electricity and natural gas to homes and businesses across the central United States. The company keeps the lights on and buildings warm for over one million customers in eight states. It manages the entire process from producing power to maintaining the pipes and wires that reach your door.

The Energy Menu

• Gas Utilities: Delivers natural gas through 44,840 miles of distribution mains to 1,138,152 customers in six states; this business serves Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming.
• Electric Utilities: Generates and transmits electricity to 227,100 customers through 9,478 miles of power lines in Colorado, Montana, South Dakota, and Wyoming.
• Integrated Generation: Operates power plants and a coal mine in Wyoming that supply fuel and electricity directly to the company's utility customers.
• Tech Services: Builds and maintains specialized gas and electric infrastructure for large industrial customers and provides home appliance repair plans for residents.

Growth and Expansion Plans

• Signed a merger agreement with NorthWestern on August 18, 2025, to combine the two companies into a single utility serving 2.2 million customers.
• Completed the Ready Wyoming project in 2025, a 260-mile expansion of the electric transmission grid to improve power market access.
• Launched the Lange II electric generation project in South Dakota, which is expected to provide 99 megawatts of power by late 2026.
• Established a Clean Energy Plan in Colorado to add battery storage and renewable resources to the power grid by 2030.

What Makes the Business Different

The company operates a vertically integrated model by owning the coal mine that fuels its own power plants, which reduces transportation costs and protects against market price swings. Its presence in two distinct energy sectors provides a balanced mix of steady natural gas heating demand and year-round electricity usage.

Recent Financial Milestones

• Net income rose to $104.9 million in Q4 2025, a 6.9% increase over the same period in 2024.
• Revenue reached $635.5 million in Q4 2025, up 6.4% from $597.1 million in Q4 2024.
• Operating income grew to $171.4 million in Q4 2025, up 5% from the previous year.
• Market capitalization increased to $5.2 billion by Q4 2025, representing a 24.9% gain year-over-year.
• Operating cash flow climbed to $168.1 million in Q4 2025, a 9.7% increase from Q4 2024.

Bottom Line

Black Hills Corporation has transitioned from a local utility into a multi-state energy provider with a focus on integrating its fuel sources and delivery networks. Its pending merger signals a major shift toward larger-scale operations across the Western and Mid-western United States.