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 Corporation, Operational Metrics, By Capacity 9
Black Hills Corporation, Operational Metrics, By Generation 9
Black Hills Corporation, Operational Metrics, By Transmission 9
Black Hills Corporation, Operational Metrics, By Distribution 9
Black Hills Corporation, Operational Metrics, By Customers 10
Black Hills Corporation, Operational Metrics, By Segmental Information 10
Black Hills Corporation, Operational Metrics, By Sales 10
Black Hills Corporation, Wind Farms 11
Black Hills Corporation, Wind Farms, United States 11
Black Hills Corporation, Thermal Power Plants 12
Black Hills Corporation, Thermal Power Plants, United States 12
Business Description 14
Business Overview 14
Major Products and Services 15
History 16
SWOT Analysis 20
Overview 20
Black Hills Corporation Strengths 20
Business Performance: Gas Supply 20
Integrated Electric Services 20
Operational Performance 21
Black Hills Corporation Weaknesses 21
Losses in Oil and Gas Business 21
Working Capital Deficit 21
Black Hills Corporation Opportunities 21
Increase in Demand for Electricity 21
Natural Gas Consumption 21
Growth in Demand for Wind Energy 22
Black Hills Corporation Threats 22
Operational Issues 22
Transmission and Distribution Network Safety 22
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 Corporation, Deals Summary 34
Black Hills Corporation, 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
PNE Wind Sells Belle Fourche Wind Power Project To Black Hills Power 38
Black Hills Power To Invest USD50 Million For Belle Fourche Wind Power Project In South Dakota, US 39
Black Hills And Cheyenne Light Fuel & Power Announce Bond Financing of USD85 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 40
Cheyenne Light Fuel & Power Announces Bond Financing of USD75 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 41
Equity Offering 42
Black Hills to Raise Up to USD200 Million in Public Offering of Shares 42
Black Hills Raises USD254.5 Million in Public Offering of Shares 44
Black Hills Raises USD299 Million in Public Offering of Equity Units 46
Black Hills Completes Public Offering Of Shares For US$131 Million 48
Debt Offering 50
Black Hills Raises USD400 Million in Public Offering of 3.15% Notes Due 2027 50
Black Hills Raises USD300 Million in Public Offering of 4.2% Notes Due 2046 52
Black Hills Raises USD300 Million in Public Offering of 3.95% Notes Due 2026 54
Black Hills Raises USD250 Million in Public Offering of 2.5% Notes Due 2019 55
Black Hills Completes Public Offering Of 4.25% Notes Due 2023 For US$525 Million 56
Asset Transactions 57
Argo Infrastructure Partners Acquires 49.9% Interest in Black Hills Colorado IPP in Pueblo, Colorado from Black Hills for USD215 million 57
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 Corporation – 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
Nov 02, 2017: Black Hills Corp. Reports Third Quarter 2017 Results and Provides Earnings Guidance Updates 65
Aug 03, 2017: Black Hills Corp. Reports Second Quarter 2017 Results 66
Nov 15, 2016: Microsoft to buy 237MW of wind energy to power US data center 67
Nov 02, 2016: Black Hills Corp. Reports Third Quarter 2016 Results and Updates Earnings Guidance 67
Aug 03, 2016: Black Hills Corp. Reports Second Quarter 2016 Results 70
May 03, 2016: Black Hills Corp. Reports First Quarter 2016 Results 71
Feb 02, 2016: Black Hills Reports 2015 Fourth Quarter And Full Year Results 73
Nov 03, 2015: Black Hills Reports Third Quarter 2015 Results And Provides 2016 Earnings Guidance 79
May 04, 2015: Black Hills Corp. Reports First Quarter 2015 Results 83
Feb 02, 2015: Black Hills Reports 18 Percent Increase In 2014 Adjusted Earnings Per Share 85
Jan 28, 2015: Black Hills Corp. Announces 45th Consecutive Annual Dividend Increase 88
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 88
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 91
Oct 28, 2014: Black Hills Announces Quarterly Dividend 93
Aug 05, 2014: Black Hills Reports Increased Second Quarter 2014 Earnings and Reaffirms Guidance 93
Aug 05, 2014: Black Hills Corp. Reports Increased Second Quarter 2014 Earnings and Reaffirms Guidance 94
Jul 30, 2014: Black Hills Announces Quarterly Dividend 95
Apr 28, 2014: Black Hills Corp Announces Quarterly Dividend 96
Feb 06, 2014: Black Hills Reports 2013 Fourth Quarter and Full Year Results 96
Jan 30, 2014: Black Hills Announces 44th Consecutive Annual Dividend Increase 97
Oct 29, 2013: Black Hills Announces quarterly dividend and EEI financial conference presentation 97
Oct 29, 2013: Black Hills Corp. announces quarterly dividend and eei financial conference presentation 97
Aug 05, 2013: Black Hills Corp. Announces 21 Percent Growth in 2013 Second Quarter Adjusted Earnings Per Share 97
Jul 15, 2013: Black Hills Corp. Schedules 2013 second quarter earnings release and conference call 99
Jan 31, 2013: Black Hills Reports Revenue Of $1.2 Trillion In 2012 99
Nov 07, 2012: Black Hills Reports Revenue Of $246.8m In Q3 2012 100
Aug 06, 2012: Black Hills Reports Revenue Of $242.4 In Q2 2012 101
May 03, 2012: Black Hills Reports Revenue Of $365.8 Billion In Q1 2012 101
Feb 02, 2012: Black Hills Reports Revenue Of $1.27 Trillion In 2011 102
Nov 03, 2011: Black Hills Reports Revenue Of $256.5m In Q3 2011 103
Aug 04, 2011: Black Hills Reports Revenue Of $273.1m In Q2 2011 104
May 10, 2011: Black Hills Reports Revenue Of $403.3m In Q1 2011 105
Feb 03, 2011: Black Hills Reports Net Income Of $68.68 Million In 2010 105
Oct 28, 2010: Black Hills Reports Net Income Of $12.39 Million For Q3 2010 106
Aug 05, 2010: Black Hills Reports Total Revenues Of $271.3 Million For Q2 2010 106
May 06, 2010: Black Hills Reports Net Income Of $31.4 Million In Q1 2010 107
Jan 28, 2010: Black Hills Reports Net Income Of $81.5 Million In 2009 108
Oct 29, 2009: Black Hills Reports Revenues Of $225.8 Million In Q3 2009 109
Aug 06, 2009: Black Hills Reports Net Income Of $24.6 Million In Q2 2009 110
Apr 30, 2009: Black Hills Reports Revenue Of $437.9 Million For Q1 2009 111
Feb 02, 2009: Black Hills Reports Q4 2008 Results 111
Jan 30, 2009: Black Hills Declares Quarterly Dividend 112
Nov 24, 2008: Black Hills Revises 2008 And 2009 Earnings Guidance 113
Nov 05, 2008: Black Hills Declares 3Q 2008 Results 115
Oct 30, 2008: Black Hills Declares Quarterly Dividend 116
Sep 17, 2008: Black Hills Provides Earnings Guidance For 2009 116
Aug 11, 2008: Black Hills Declares 2Q 2008 Results 117
Aug 04, 2008: Black Hills Declares Quarterly Dividend 118
Apr 30, 2008: Black Hills Declares Quarterly Dividend 118
Apr 30, 2008: Black Hills Declares Q1 2008 Results 118
Feb 07, 2008: Black Hills Declares Q4 2007 Results 120
Feb 01, 2008: Black Hills Declares Quarterly Dividend 120
Nov 01, 2007: Black Hills Declares Quarterly Dividend 121
Nov 01, 2007: Black Hills Declares Q3 2007 Results 121
Aug 09, 2007: Black Hills Declares Q2 2007 Results 121
Jul 26, 2007: Black Hills Declares Quarterly Dividend 122
Apr 26, 2007: Black Hills Reports Q1 2007 Results 123
Apr 20, 2007: Black Hills Announces Schedule For Q1 2007 Results 123
Feb 14, 2007: Black Hills Reports Q4 And Annual 2006 Results 123
Feb 05, 2007: Black Hills Announces Annual Dividend 124
Nov 02, 2006: Black Hills Reports Q3 2006 Results 124
Oct 16, 2006: Black Hills Announces Schedule For Q3 Results Release 124
Aug 09, 2006: Black Hills Reports Q2 2006 Results 125
Jul 27, 2006: Black Hills Announces Dividend 125
May 04, 2006: Black Hills Reports Q1 2006 Results 125
Aug 11, 2017: Increased Funding Sought for Low-Income Energy Assistance Program: Black Hills Energy 126
Jan 30, 2017: Black Hills announces retirement of senior vice president and chief human resources officer 126
Jan 09, 2017: Black Hills Energy Files Application for Rehearing, Reargument or Reconsideration of Rate Review Decision 127
Dec 15, 2016: Black Hills Names Robert P. Otto To Board Of Directors 128
Dec 14, 2016: Black Hills Corp. Names Robert P. Otto to Board of Directors 128
Aug 19, 2016: Black Hills announces appointment of new board member 128
Jul 06, 2016: Iowa Utilities Board Approves Customer Notice; Schedules Meetings And New Intervention Date For Black Hills Energy Farm Tap Gas Customers 128
Apr 25, 2016: Black Hills Announces Executive Leadership Changes And Officer Appointments 129
Dec 14, 2015: Black Hills Names Linn Evans President And COO To Advance Growth Strategies 130
Dec 14, 2015: Black Hills Corp. Names Linn Evans President and COO to Advance Growth Strategies 130
Sep 30, 2015: Black Hills Seeks Cost Of Service Gas Program In Five States 130
Sep 18, 2015: Cheyenne Prairie Generating Station Achieves Safety Record 131
Aug 11, 2015: Black Hills Names Mark A. Schober To Board Of Directors 131
May 15, 2015: Black Hills Corp.’s Neil Simpson Complex Achieves Significant Safety Milestone 131
Jan 05, 2015: Black Hills Announces Appointment Of Two Officers 132
Dec 19, 2014: Black Hills Utility Receives Regulatory Approval To Increase Revenues 132
Dec 16, 2014: Black Hills Utility Receives Regulatory Approval To Increase Revenues 133
Oct 29, 2014: Black Hills Announces Executive Leadership Changes 133
Aug 21, 2014: Black Hills Power Receives Approval of New Rates 134
Aug 12, 2014: Black Hills Selects Ventyx Enterprise Asset Management Solution as “Utility of the Future” Component 134
Jul 31, 2014: Black Hills Corp. Utility Subsidiary Receives Revenue Increase Approval 134
May 29, 2014: Black Hills Amends and Extends $500 Million Revolving Credit Facility 135
May 05, 2014: Black Hills Corp. Subsidiary Issued All-Source Generation Request For Proposals For Colorado Electric Utility 135
Apr 29, 2014: Black Hills: Subsidiary Requests Revenue Increase For Kansas Natural Gas Utility 136
Jan 21, 2014: Community Economic Development Councils Gain Insight into BHE Economic Development Programs and Natural Gas Solutions 136
Dec 19, 2013: Black Hills Corp’s Colorado Electric utility received approval for electric resource plan and construction of new gas turbine 136
Jun 21, 2013: Black Hills Announces Closing Of US$275 Milion Term Loan 137
Jan 31, 2013: Black Hills Corporation Announces Officer Changes 137
Oct 01, 2012: Black Hills Power And CLFP Receive Air Permit From EPA For Cheyenne Prairie Generating Station 137
Jun 04, 2012: Black Hills Energy Files Application To Increase Natural Gas Rates 138
Feb 01, 2012: Black Hills Refinances $500m Revolving Credit Facility 138
Jan 03, 2012: Black Hills Announces Retirement Of David C. Ebertz From Board 139
Dec 21, 2011: Black Hills’s New Generation Facilities To Begin Commercial Operations On January 1, 2012 139
Dec 07, 2011: Black Hills Appoints John Benton As Vice President For Its Oil & Gas Subsidiary 139
Nov 01, 2011: Black Hills Subsidiaries Seek Approval To Develop Natural-gas-fired Electric Generation Facility 140
Sep 30, 2011: Black Hills Extends $100m Term Loan Agreement For Two Year 140
Aug 22, 2011: Black Hills Appoints Steven R. Mills To Board Of Directors 140
Jun 13, 2011: Black Hills Power Will Not Build Wind Farm Near Belle Fourche In South Dakota, US 141
Jun 10, 2011: Black Hills Opens Corporate Office In Papillion, Nebraska 141
Apr 29, 2011: Black Hills Energy Files Electric Rate Request In Colorado 142
Apr 28, 2011: Black Hills Power Files Request For Wind Project With South Dakota PUC 142
Mar 24, 2011: Black Hills Plans To Participate In 29 MW Wind Turbine Project To Meet Colorado’s Renewable Energy Standard 143
Mar 14, 2011: Black Hills Energy Files CPCN To Comply With Colorado PUC’s Clean Air-Clean Jobs Act Order 143
Jan 14, 2011: GE Ships 1,000th LM6000 Gas Turbine To Black Hills For Pueblo Airport Generation Station In Colorado, US 144
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 144
Sep 09, 2010: Black Hills To Suspend Operations At Osage Power Plant In Wyoming, US 145
Aug 31, 2010: Black Hills Announces Leadership Changes And New Organizational Structure 145
Aug 05, 2010: Black Hills Energy Receives Approval From Colorado PUC To Implement New Electric Service Rates 146
May 03, 2010: Black Hills Names John Vering As Interim President Of BHEP 146
Apr 15, 2010: Black Hills Announces Renewal Of Revolving Credit Facility 147
Apr 05, 2010: Black Hills And DOE Reach Agreement For Smart Grid Funding 147
Mar 16, 2010: The House Transportation and Energy Committee, Colorado Approves Legislation For Reducing Emissions From Coal-Fired Power Plants 147
Feb 19, 2010: Black Hills’ WyGen III Coal-Fired Power Plant Completes Test Run 147
Feb 05, 2010: Black Hills Appoints Jackie Sargent As Vice President Of Power Supply And Renewables Integration 148
Dec 02, 2009: Black Hills Energy Requests Natural Gas Rate Increase In Nebraska Effective In 2010 148
May 28, 2009: Black Hills Announces Management Changes 148
Sep 25, 2008: Black Hills Appoints New VP, Strategic Planning And Development 149
Jul 15, 2008: Black Hills Appoints Director, Investor Relations 149
Jul 11, 2008: Black Hills Announces Management Changes 149
Jul 10, 2008: Black Hills Appoints New CFO 150
Mar 20, 2008: Black Hills Announces Promotion 150
Mar 20, 2008: Black Hills Receives Approval For Wygen III Power Plant From WPSC 150
Jan 16, 2008: Black Hills CFO Resigns 151
Mar 19, 2007: Black Hills Announces Recent Changes In The Board 151
Dec 11, 2006: Black Hills Treasurer Assumes New Role 151
Nov 14, 2016: Microsoft announces largest wind energy purchase to date 152
Aug 31, 2015: Stellar Energy to Supply Turbine Inlet Air Conditioning System for Colorado’s Pueblo Airport Generating Station 152
Aug 18, 2011: Siemens Energy And eMeter Integrate MDM Software To Assist Black Hills With AARA-Funded Smart Grid Project 153
Aug 02, 2010: Black Hills Energy Awards Contracts To PAR Electrical And ICM For New Pueblo Airport Generation Station Projects In US 153
Mar 04, 2010: Siemens Receives Contract To Supply Two Steam Turbines To Black Hills Colorado IPP 154
Apr 01, 2009: Cheyenne Light, Fuel & Power Signs PPA With Duke Energy For Additional 30 MW Wind Energy 154
Apr 23, 2007: Black Hills Announces New Power Plant Project 154
Appendix 155
Report Scope 155
GlobalData Coverage 155
Benchmarking 155
GlobalData’s Methodology 155
Secondary Research 155
Primary Research 156
Contact Us 156
Disclaimer 156

List of Tables
Black Hills Corporation, Key Facts 8
Black Hills Corporation, Operational Metrics, Capacity 9
Black Hills Corporation, Operational Metrics, Generation 9
Black Hills Corporation, Operational Metrics, Transmission 9
Black Hills Corporation, Operational Metrics, Distribution 9
Black Hills Corporation, Operational Metrics, Customers 10
Black Hills Corporation, Operational Metrics, Segmental Information 10
Black Hills Corporation, Operational Metrics, Sales 10
Black Hills Corporation, Wind Farms, United States 11
Black Hills Corporation, Thermal Power Plants, United States 12
Major Products and Services 15
Black Hills Corporation, SWOT Analysis 20
Black Hills Corporation, Ratios based on current share price 23
Black Hills Corporation, Annual Ratios 23
Black Hills Corporation, Interim Ratios 25
Black Hills Corporation, Key Employees 26
Black Hills Corporation, Subsidiaries 32
Black Hills Corporation, 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
PNE Wind Sells Belle Fourche Wind Power Project To Black Hills Power 38
Black Hills Power To Invest USD50 Million For Belle Fourche Wind Power Project In South Dakota, US 39
Black Hills And Cheyenne Light Fuel & Power Announce Bond Financing of USD85 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 40
Cheyenne Light Fuel & Power Announces Bond Financing of USD75 Million for Cheyenne Prairie Power Generating Plant in Wyoming, US 41
Black Hills to Raise Up to USD200 Million in Public Offering of Shares 42
Black Hills Raises USD254.5 Million in Public Offering of Shares 44
Black Hills Raises USD299 Million in Public Offering of Equity Units 46
Black Hills Completes Public Offering Of Shares For US$131 Million 48
Black Hills Raises USD400 Million in Public Offering of 3.15% Notes Due 2027 50
Black Hills Raises USD300 Million in Public Offering of 4.2% Notes Due 2046 52
Black Hills Raises USD300 Million in Public Offering of 3.95% Notes Due 2026 54
Black Hills Raises USD250 Million in Public Offering of 2.5% Notes Due 2019 55
Black Hills Completes Public Offering Of 4.25% Notes Due 2023 For US$525 Million 56
Argo Infrastructure Partners Acquires 49.9% Interest in Black Hills Colorado IPP in Pueblo, Colorado from Black Hills for USD215 million 57
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