Table of Contents
Table of Contents 2
List of Tables 7
Company Snapshot 8
Key Information 8
Company Overview 8
SWOT Snapshot 8
Operational Metrics 9
Black Hills Corp, Operational Metrics, By Capacity 9
Black Hills Corp, Operational Metrics, By Generation 9
Black Hills Corp, Operational Metrics, By Transmission 9
Black Hills Corp, Operational Metrics, By Distribution 9
Black Hills Corp, Operational Metrics, By Customers 9
Black Hills Corp, Operational Metrics, By Segmental Information 10
Black Hills Corp, Operational Metrics, By Sales 10
Black Hills Corp, Wind Farms 11
Black Hills Corp, Wind Farms, United States 11
Black Hills Corp, Thermal Power Plants 12
Black Hills Corp, Thermal Power Plants, United States 12
Business Description 14
Business Overview 14
Electric Utilities 14
Overview 14
Gas Utilities 14
Overview 14
Mining 14
Overview 14
Power Generation 14
Overview 14
Major Products and Services 15
History 16
SWOT Analysis 20
Overview 20
Black Hills Corp Strengths 20
Business Performance: Gas Supply 20
Integrated Electric Services 20
Operational Performance 21
Black Hills Corp Weaknesses 21
Working Capital Deficit 21
Black Hills Corp Opportunities 21
Increase in Demand for Electricity 21
Natural Gas Consumption 21
Growth in Demand for Wind Energy 21
Black Hills Corp Threats 21
Operational Issues 21
Transmission and Distribution Network Safety 21
Clean Power Plan by EPA 22
Financial Ratios – Capital Market Ratios 23
Financial Ratios – Annual Ratios 23
Financial Ratios – Interim Ratios 25
Key Employees 26
Key Employee Biographies 27
Company Statement 29
Locations And Subsidiaries 32
Head Office 32
Other Locations & Subsidiaries 32
Financial Deals Landscape 34
Black Hills Corp, Deals Summary 34
Black Hills Corp, Power, Deal Details 35
Asset Transactions 35
Black Hills Energy Acquires Peak View Wind Power Plant in Colorado State, US 35
Black Hills Energy And AltaGas Invest US$53 Million In Busch Ranch Wind Power Project In Colorado, US 36
Black Hills Power And Cheyenne Light Announces Investment Of US$237 Million In Natural Gas Fired Cheyenne Prairie Power Plant In Wyoming, US 37
Black Hills And Cheyenne Light Fuel & Power Announce Bond Financing of USD85 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 38
Cheyenne Light Fuel & Power Announces Bond Financing of USD75 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 39
Equity Offering 40
Black Hills to Raise Up to USD200 Million in Public Offering of Shares 40
Black Hills Raises USD254.5 Million in Public Offering of Shares 42
Black Hills Raises USD299 Million in Public Offering of Equity Units 44
Debt Offering 46
Black Hills Raises USD400 Million in Public Offering of 3.15% Notes Due 2027 46
Black Hills Raises USD300 Million in Public Offering of 4.2% Notes Due 2046 48
Black Hills Raises USD300 Million in Public Offering of 3.95% Notes Due 2026 50
Black Hills Raises USD250 Million in Public Offering of 2.5% Notes Due 2019 52
Black Hills Completes Public Offering Of 4.25% Notes Due 2023 For US$525 Million 54
Asset Transactions 56
Argo Infrastructure Partners Acquires 49.9% Interest in Black Hills Colorado IPP in Pueblo, Colorado from Black Hills for USD215 million 56
City of Gillette Acquires Gas-Fired Generating Plant in Wyoming, US from Black Hills for USD22 Million 58
AltaGas Acquires 50% Interest In Busch Ranch Wind Power Project From Black Hills In Colorado, US 59
Acquisition 60
Black Hills Completes Acquisition Of SourceGas Holdings From Alinda Capital And GE Energy For US$1.89 Billion 60
Recent Developments 62
Black Hills Corp – Recent Developments 62
Aug 21, 2014: Black Hills Power Receives Approval to Implement New Electric Rates 62
Aug 08, 2011: Black Hills Energy Receives Approval From Colorado PUC For Proposed 29 MW Wind Project 62
Jun 20, 2011: Black Hills Finalizing Oil And Gas Concession Contract With Costa Rican Government 63
Mar 23, 2010: Black Hills Opens New Office In Papillion, Nebraska 63
Sep 29, 2009: Black Hills Subsidiary BHCI To Build 200MW Of Electric Generation In Southeastern Colorado 64
Apr 01, 2009: Duke Energy To Develop 42 MW Silver Sage Wind Power Project In Wyoming 64
Aug 07, 2018: Black Hills Corp. Reports Second Quarter 2018 Results 65
May 03, 2018: Black Hills Corp. Reports Solid First Quarter 2018 Results 67
Feb 01, 2018: Black Hills Corp. Reports 2017 Fourth Quarter and Full Year Results 67
Nov 02, 2017: Black Hills Corp. Reports Third Quarter 2017 Results and Provides Earnings Guidance Updates 70
Aug 03, 2017: Black Hills Corp. Reports Second Quarter 2017 Results 72
May 03, 2017: Black Hills Corp. Reports First Quarter 2017 Results 72
Nov 15, 2016: Microsoft to buy 237MW of wind energy to power US data center 73
Nov 02, 2016: Black Hills Corp. Reports Third Quarter 2016 Results and Updates Earnings Guidance 74
Aug 03, 2016: Black Hills Corp. Reports Second Quarter 2016 Results 76
May 03, 2016: Black Hills Corp. Reports First Quarter 2016 Results 78
Feb 02, 2016: Black Hills Reports 2015 Fourth Quarter And Full Year Results 80
Nov 03, 2015: Black Hills Reports Third Quarter 2015 Results And Provides 2016 Earnings Guidance 86
May 04, 2015: Black Hills Corp. Reports First Quarter 2015 Results 90
Feb 02, 2015: Black Hills Reports 18 Percent Increase In 2014 Adjusted Earnings Per Share 92
Jan 28, 2015: Black Hills Corp. Announces 45th Consecutive Annual Dividend Increase 95
Nov 03, 2014: Black Hills Corp. Reports 28 Percent Increase In Third-Quarter 2014 Adjusted Earnings Per Share, Raises 2014 Earnings Guidance and Initiates 2015 Guidance 95
Nov 03, 2014: Black Hills Corp. Reports 28 Percent Increase In Third-Quarter 2014 Adjusted Earnings Per Share, Raises 2014 Earnings Guidance And Initiates 2015 Guidance 97
Oct 28, 2014: Black Hills Announces Quarterly Dividend 99
Aug 05, 2014: Black Hills Reports Increased Second Quarter 2014 Earnings and Reaffirms Guidance 99
Aug 05, 2014: Black Hills Corp. Reports Increased Second Quarter 2014 Earnings and Reaffirms Guidance 101
Jul 30, 2014: Black Hills Announces Quarterly Dividend 102
Apr 28, 2014: Black Hills Corp Announces Quarterly Dividend 102
Feb 06, 2014: Black Hills Reports 2013 Fourth Quarter and Full Year Results 102
Jan 30, 2014: Black Hills Announces 44th Consecutive Annual Dividend Increase 104
Oct 29, 2013: Black Hills Announces quarterly dividend and EEI financial conference presentation 104
Oct 29, 2013: Black Hills Corp. announces quarterly dividend and eei financial conference presentation 104
Aug 05, 2013: Black Hills Corp. Announces 21 Percent Growth in 2013 Second Quarter Adjusted Earnings Per Share 104
Jul 15, 2013: Black Hills Corp. Schedules 2013 second quarter earnings release and conference call 106
Jan 31, 2013: Black Hills Reports Revenue Of $1.2 Trillion In 2012 106
Nov 07, 2012: Black Hills Reports Revenue Of $246.8m In Q3 2012 107
Aug 06, 2012: Black Hills Reports Revenue Of $242.4 In Q2 2012 107
May 03, 2012: Black Hills Reports Revenue Of $365.8 Billion In Q1 2012 108
Feb 02, 2012: Black Hills Reports Revenue Of $1.27 Trillion In 2011 109
Nov 03, 2011: Black Hills Reports Revenue Of $256.5m In Q3 2011 110
Aug 04, 2011: Black Hills Reports Revenue Of $273.1m In Q2 2011 111
May 10, 2011: Black Hills Reports Revenue Of $403.3m In Q1 2011 111
Feb 03, 2011: Black Hills Reports Net Income Of $68.68 Million In 2010 112
Oct 28, 2010: Black Hills Reports Net Income Of $12.39 Million For Q3 2010 112
Aug 05, 2010: Black Hills Reports Total Revenues Of $271.3 Million For Q2 2010 112
May 06, 2010: Black Hills Reports Net Income Of $31.4 Million In Q1 2010 114
Jan 28, 2010: Black Hills Reports Net Income Of $81.5 Million In 2009 115
Oct 29, 2009: Black Hills Reports Revenues Of $225.8 Million In Q3 2009 116
Aug 06, 2009: Black Hills Reports Net Income Of $24.6 Million In Q2 2009 117
Apr 30, 2009: Black Hills Reports Revenue Of $437.9 Million For Q1 2009 117
Feb 02, 2009: Black Hills Reports Q4 2008 Results 118
Jan 30, 2009: Black Hills Declares Quarterly Dividend 119
Nov 24, 2008: Black Hills Revises 2008 And 2009 Earnings Guidance 119
Nov 05, 2008: Black Hills Declares 3Q 2008 Results 121
Oct 30, 2008: Black Hills Declares Quarterly Dividend 123
Sep 17, 2008: Black Hills Provides Earnings Guidance For 2009 123
Aug 11, 2008: Black Hills Declares 2Q 2008 Results 123
Aug 04, 2008: Black Hills Declares Quarterly Dividend 125
Apr 30, 2008: Black Hills Declares Quarterly Dividend 125
Apr 30, 2008: Black Hills Declares Q1 2008 Results 125
Feb 07, 2008: Black Hills Declares Q4 2007 Results 126
Feb 01, 2008: Black Hills Declares Quarterly Dividend 127
Nov 01, 2007: Black Hills Declares Quarterly Dividend 127
Nov 01, 2007: Black Hills Declares Q3 2007 Results 127
Aug 09, 2007: Black Hills Declares Q2 2007 Results 128
Jul 26, 2007: Black Hills Declares Quarterly Dividend 129
Apr 26, 2007: Black Hills Reports Q1 2007 Results 129
Apr 20, 2007: Black Hills Announces Schedule For Q1 2007 Results 130
Feb 14, 2007: Black Hills Reports Q4 And Annual 2006 Results 130
Feb 05, 2007: Black Hills Announces Annual Dividend 130
Nov 02, 2006: Black Hills Reports Q3 2006 Results 130
Oct 16, 2006: Black Hills Announces Schedule For Q3 Results Release 131
Aug 09, 2006: Black Hills Reports Q2 2006 Results 131
Jul 27, 2006: Black Hills Announces Dividend 132
May 04, 2006: Black Hills Reports Q1 2006 Results 132
Sep 05, 2018: Black Hills to Deliver Tax Reform Benefits to South Dakota Utility Customers 132
Aug 29, 2018: Black Hills to Ring Opening Bell at New York Stock Exchange 133
Jul 16, 2018: Black Hills Corp. receives approval of rate request in northwest Wyoming 133
Jul 02, 2018: Black Hills Proposes New Pipeline And Provides Regulatory And Tax Reform Update 133
Aug 11, 2017: Increased Funding Sought for Low-Income Energy Assistance Program: Black Hills Energy 134
Jan 30, 2017: Black Hills announces retirement of senior vice president and chief human resources officer 134
Jan 09, 2017: Black Hills Energy Files Application for Rehearing, Reargument or Reconsideration of Rate Review Decision 135
Dec 15, 2016: Black Hills Names Robert P. Otto To Board Of Directors 136
Dec 14, 2016: Black Hills Corp. Names Robert P. Otto to Board of Directors 136
Aug 19, 2016: Black Hills announces appointment of new board member 136
Jul 06, 2016: Iowa Utilities Board Approves Customer Notice; Schedules Meetings And New Intervention Date For Black Hills Energy Farm Tap Gas Customers 136
Apr 25, 2016: Black Hills Announces Executive Leadership Changes And Officer Appointments 137
Dec 14, 2015: Black Hills Names Linn Evans President And COO To Advance Growth Strategies 138
Dec 14, 2015: Black Hills Corp. Names Linn Evans President and COO to Advance Growth Strategies 138
Sep 30, 2015: Black Hills Seeks Cost Of Service Gas Program In Five States 138
Sep 18, 2015: Cheyenne Prairie Generating Station Achieves Safety Record 139
Aug 11, 2015: Black Hills Names Mark A. Schober To Board Of Directors 139
May 15, 2015: Black Hills Corp.’s Neil Simpson Complex Achieves Significant Safety Milestone 139
Jan 05, 2015: Black Hills Announces Appointment Of Two Officers 140
Dec 19, 2014: Black Hills Utility Receives Regulatory Approval To Increase Revenues 140
Dec 16, 2014: Black Hills Utility Receives Regulatory Approval To Increase Revenues 141
Oct 29, 2014: Black Hills Announces Executive Leadership Changes 141
Aug 21, 2014: Black Hills Power Receives Approval of New Rates 142
Aug 12, 2014: Black Hills Selects Ventyx Enterprise Asset Management Solution as “Utility of the Future” Component 142
Jul 31, 2014: Black Hills Corp. Utility Subsidiary Receives Revenue Increase Approval 142
May 29, 2014: Black Hills Amends and Extends $500 Million Revolving Credit Facility 143
May 05, 2014: Black Hills Corp. Subsidiary Issued All-Source Generation Request For Proposals For Colorado Electric Utility 143
Apr 29, 2014: Black Hills: Subsidiary Requests Revenue Increase For Kansas Natural Gas Utility 144
Jan 21, 2014: Community Economic Development Councils Gain Insight into BHE Economic Development Programs and Natural Gas Solutions 144
Dec 19, 2013: Black Hills Corp’s Colorado Electric utility received approval for electric resource plan and construction of new gas turbine 144
Jun 21, 2013: Black Hills Announces Closing Of US$275 Milion Term Loan 145
Jan 31, 2013: Black Hills Corporation Announces Officer Changes 145
Oct 01, 2012: Black Hills Power And CLFP Receive Air Permit From EPA For Cheyenne Prairie Generating Station 145
Jun 04, 2012: Black Hills Energy Files Application To Increase Natural Gas Rates 146
Feb 01, 2012: Black Hills Refinances $500m Revolving Credit Facility 146
Jan 03, 2012: Black Hills Announces Retirement Of David C. Ebertz From Board 147
Dec 21, 2011: Black Hills’s New Generation Facilities To Begin Commercial Operations On January 1, 2012 147
Dec 07, 2011: Black Hills Appoints John Benton As Vice President For Its Oil & Gas Subsidiary 147
Nov 01, 2011: Black Hills Subsidiaries Seek Approval To Develop Natural-gas-fired Electric Generation Facility 148
Sep 30, 2011: Black Hills Extends $100m Term Loan Agreement For Two Year 148
Aug 22, 2011: Black Hills Appoints Steven R. Mills To Board Of Directors 148
Jun 13, 2011: Black Hills Power Will Not Build Wind Farm Near Belle Fourche In South Dakota, US 149
Jun 10, 2011: Black Hills Opens Corporate Office In Papillion, Nebraska 149
Apr 29, 2011: Black Hills Energy Files Electric Rate Request In Colorado 150
Apr 28, 2011: Black Hills Power Files Request For Wind Project With South Dakota PUC 150
Mar 24, 2011: Black Hills Plans To Participate In 29 MW Wind Turbine Project To Meet Colorado’s Renewable Energy Standard 151
Mar 14, 2011: Black Hills Energy Files CPCN To Comply With Colorado PUC’s Clean Air-Clean Jobs Act Order 151
Jan 14, 2011: GE Ships 1,000th LM6000 Gas Turbine To Black Hills For Pueblo Airport Generation Station In Colorado, US 152
Dec 16, 2010: Black Hills Energy – Colorado Electric Receives Final Order From Colorado PUC Regarding Plan To Comply With Colorado Clean Air And Clean Jobs Act 152
Sep 09, 2010: Black Hills To Suspend Operations At Osage Power Plant In Wyoming, US 153
Aug 31, 2010: Black Hills Announces Leadership Changes And New Organizational Structure 153
Aug 05, 2010: Black Hills Energy Receives Approval From Colorado PUC To Implement New Electric Service Rates 154
May 03, 2010: Black Hills Names John Vering As Interim President Of BHEP 154
Apr 15, 2010: Black Hills Announces Renewal Of Revolving Credit Facility 155
Apr 05, 2010: Black Hills And DOE Reach Agreement For Smart Grid Funding 155
Mar 16, 2010: The House Transportation and Energy Committee, Colorado Approves Legislation For Reducing Emissions From Coal-Fired Power Plants 155
Feb 19, 2010: Black Hills’ WyGen III Coal-Fired Power Plant Completes Test Run 155
Feb 05, 2010: Black Hills Appoints Jackie Sargent As Vice President Of Power Supply And Renewables Integration 156
Dec 02, 2009: Black Hills Energy Requests Natural Gas Rate Increase In Nebraska Effective In 2010 156
May 28, 2009: Black Hills Announces Management Changes 156
Sep 25, 2008: Black Hills Appoints New VP, Strategic Planning And Development 157
Jul 15, 2008: Black Hills Appoints Director, Investor Relations 157
Jul 11, 2008: Black Hills Announces Management Changes 157
Jul 10, 2008: Black Hills Appoints New CFO 158
Mar 20, 2008: Black Hills Announces Promotion 158
Mar 20, 2008: Black Hills Receives Approval For Wygen III Power Plant From WPSC 158
Jan 16, 2008: Black Hills CFO Resigns 159
Mar 19, 2007: Black Hills Announces Recent Changes In The Board 159
Dec 11, 2006: Black Hills Treasurer Assumes New Role 159
May 01, 2018: Black Hills Corp. Subsidiary Selected for 60-Megawatt Wind Project in Colorado 160
Nov 14, 2016: Microsoft announces largest wind energy purchase to date 160
Aug 31, 2015: Stellar Energy to Supply Turbine Inlet Air Conditioning System for Colorado’s Pueblo Airport Generating Station 161
Aug 18, 2011: Siemens Energy And eMeter Integrate MDM Software To Assist Black Hills With AARA-Funded Smart Grid Project 161
Aug 02, 2010: Black Hills Energy Awards Contracts To PAR Electrical And ICM For New Pueblo Airport Generation Station Projects In US 162
Mar 04, 2010: Siemens Receives Contract To Supply Two Steam Turbines To Black Hills Colorado IPP 162
Apr 01, 2009: Cheyenne Light, Fuel & Power Signs PPA With Duke Energy For Additional 30 MW Wind Energy 162
Apr 23, 2007: Black Hills Announces New Power Plant Project 163
Appendix 164
Report Scope 164
GlobalData Coverage 164
Benchmarking 164
GlobalData’s Methodology 164
Secondary Research 164
Primary Research 165
Contact Us 165
Disclaimer 165

List of Tables
Black Hills Corp, Key Facts 8
Black Hills Corp, Operational Metrics, Capacity 9
Black Hills Corp, Operational Metrics, Generation 9
Black Hills Corp, Operational Metrics, Transmission 9
Black Hills Corp, Operational Metrics, Distribution 9
Black Hills Corp, Operational Metrics, Customers 9
Black Hills Corp, Operational Metrics, Segmental Information 10
Black Hills Corp, Operational Metrics, Sales 10
Black Hills Corp, Wind Farms, United States 11
Black Hills Corp, Thermal Power Plants, United States 12
Major Products and Services 15
Black Hills Corp, SWOT Analysis 20
Black Hills Corp, Ratios based on current share price 23
Black Hills Corp, Annual Ratios 23
Black Hills Corp, Interim Ratios 25
Black Hills Corp, Key Employees 26
Black Hills Corp, Subsidiaries 32
Black Hills Corp, Deals Summary 34
Black Hills Energy Acquires Peak View Wind Power Plant in Colorado State, US 35
Black Hills Energy And AltaGas Invest US$53 Million In Busch Ranch Wind Power Project In Colorado, US 36
Black Hills Power And Cheyenne Light Announces Investment Of US$237 Million In Natural Gas Fired Cheyenne Prairie Power Plant In Wyoming, US 37
Black Hills And Cheyenne Light Fuel & Power Announce Bond Financing of USD85 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 38
Cheyenne Light Fuel & Power Announces Bond Financing of USD75 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 39
Black Hills to Raise Up to USD200 Million in Public Offering of Shares 40
Black Hills Raises USD254.5 Million in Public Offering of Shares 42
Black Hills Raises USD299 Million in Public Offering of Equity Units 44
Black Hills Raises USD400 Million in Public Offering of 3.15% Notes Due 2027 46
Black Hills Raises USD300 Million in Public Offering of 4.2% Notes Due 2046 48
Black Hills Raises USD300 Million in Public Offering of 3.95% Notes Due 2026 50
Black Hills Raises USD250 Million in Public Offering of 2.5% Notes Due 2019 52
Black Hills Completes Public Offering Of 4.25% Notes Due 2023 For US$525 Million 54
Argo Infrastructure Partners Acquires 49.9% Interest in Black Hills Colorado IPP in Pueblo, Colorado from Black Hills for USD215 million 56
City of Gillette Acquires Gas-Fired Generating Plant in Wyoming, US from Black Hills for USD22 Million 58
AltaGas Acquires 50% Interest In Busch Ranch Wind Power Project From Black Hills In Colorado, US 59
Black Hills Completes Acquisition Of SourceGas Holdings From Alinda Capital And GE Energy For US$1.89 Billion 60