Black Hills Corp. Completes Ready Wyoming 260-mile Electric Transmission Expansion Project

Rhea-AI Summary

Black Hills Corp. (NYSE: BKH) completed and energized the 260-mile Ready Wyoming transmission expansion in December 2025 at a total cost of $350 million. The project now interconnects the company’s electric systems in South Dakota and Wyoming, aims to enhance system resiliency, expand access to power markets, support local economic growth, and maintain long-term cost stability for customers. Approximately $300 million of the investment is expected to be recovered through the Wyoming Transmission Rider, while about $50 million of remaining distribution investment is expected to be recovered through base rates in the next rate review.

Positive

• 260-mile transmission line energized in December 2025
• Total project investment of $350 million
• Approximately $300 million recoverable via Wyoming Transmission Rider
• Direct interconnection of South Dakota and Wyoming electric systems

Negative

• Approximately $50 million distribution investment expected to be recovered through base rates

News Market Reaction

-1.02%

1 alert

-1.02% News Effect

On the day this news was published, BKH declined 1.02%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Transmission length: 260 miles Project cost: $350 million Rider recovery: $300 million +5 more

8 metrics

Transmission length 260 miles Ready Wyoming electric transmission expansion project

Project cost $350 million Ready Wyoming electric transmission expansion project

Rider recovery $300 million Investment recovered through Wyoming Transmission Rider

Base rate recovery $50 million Distribution investment expected through base rates in next rate review

Project in-service date December 2025 Final phases of Ready Wyoming placed in service

Project timeline 3 years Completion since project approval

Utility customers 1.35 million Natural gas and electric utility customers served

States served 8 states Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, Wyoming

Market Reality Check

Price: $73.75 Vol: Volume 2,014,612 is 2.25x...

high vol

$73.75 Last Close

Volume Volume 2,014,612 is 2.25x the 20-day average of 895,352, indicating elevated interest pre-news. high

Technical Price 71.92 is trading above the 200-day MA of 61.68, reflecting a pre-existing uptrend.

Peers on Argus

BKH was roughly flat at +0.03% while key gas utility peers were mixed: SR -0.7%,...

BKH was roughly flat at +0.03% while key gas utility peers were mixed: SR -0.7%, OGS -0.12%, NJR +0.3%, MDU -1.55%, SWX -1.13%. Movements do not indicate a coordinated sector move.

Historical Context

5 past events · Latest: Dec 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	Rate approval	Positive	+1.0%	Nebraska gas utility received approval for new rates and recovery of investments.
Dec 08	Rate review request	Neutral	+0.3%	Arkansas gas utility filed for rate review seeking new annual revenue.
Nov 05	Earnings & guidance	Positive	+0.2%	Q3 2025 results and reaffirmed adjusted EPS guidance with project updates.
Oct 28	Dividend declaration	Positive	-2.4%	Quarterly dividend declaration preceded a negative next-day price move.
Oct 08	Earnings call schedule	Neutral	-1.2%	Announcement of Q3 2025 earnings release date and conference call details.

Pattern Detected

Recent regulatory and earnings news has generally seen modestly positive price reactions, with one notable divergence on a dividend announcement.

Recent Company History

Over the last few months, Black Hills Corp. announced multiple regulatory and financial milestones. Nebraska gas rates effective Jan. 1, 2026 support recovery of over $453 million in investments and add about $42.4 million in base rate revenue. The company requested a $29.4 million rate review in Arkansas and reported Q3 2025 results while reaffirming adjusted EPS guidance of $4.00–$4.20. Dividend declarations and earnings call scheduling rounded out the period. Today’s completion of the $350 million Ready Wyoming project fits this pattern of steady, regulated growth initiatives.

Market Pulse Summary

This announcement confirms completion of the 260-mile, $350 million Ready Wyoming transmission expan...

Analysis

This announcement confirms completion of the 260-mile, $350 million Ready Wyoming transmission expansion, placed in service in December 2025. With about $300 million of investment recovered through the Wyoming Transmission Rider and roughly $50 million expected in base rates, the project adds regulated infrastructure and interconnects South Dakota and Wyoming systems. Investors may watch how this asset influences future rate cases, capital plans, and long-term customer growth relative to recent regulatory and earnings developments.

Key Terms

wyoming transmission rider, base rates, forward-looking statements, securities and exchange commission, +3 more

7 terms

wyoming transmission rider financial

"Approximately $300 million of the total transmission investment is being recovered through the Wyoming Transmission Rider"

A Wyoming transmission rider is a regulatory charge added to utility bills that lets a power company recover the costs of building, upgrading or maintaining high-voltage transmission lines through a specific, approved surcharge instead of waiting for a full rate case. For investors it matters because the rider accelerates cost recovery and reduces regulatory uncertainty—similar to a contractor being paid milestone payments—affecting utility cash flow, profit stability and the pace of capital projects that can change future returns.

base rates financial

"with approximately $50 million of the remaining distribution investment expected to be recovered through base rates during the next rate review"

Base rates are the long‑run, underlying frequency or benchmark level used as a starting point for forecasting outcomes or setting prices—for example a historical default rate, average sales growth, or a reference interest rate. Investors use base rates as a reality check against one-off or optimistic forecasts; like comparing today’s temperature to a city’s average, they show whether new information meaningfully changes expectations or is just within normal variation.

forward-looking statements regulatory

"This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

securities and exchange commission regulatory

"as defined by the Securities and Exchange Commission, or SEC"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

safe harbor regulatory

"in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995"

Safe harbor is a rule that protects companies or individuals from legal trouble if they follow certain guidelines or procedures. It’s like having a safety net that allows them to act without fear of punishment, as long as they stick to the rules. This helps encourage honest behavior and clear standards in financial and legal activities.

annual report on form 10-k regulatory

"the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K filed with the SEC"

An annual report on Form 10‑K is a required, comprehensive filing that publicly traded companies give to regulators and investors summarizing their business, results of operations, detailed financial statements reviewed by independent auditors, material risks, legal issues and management’s discussion of performance. Investors use it like a company’s year‑end report card and medical checkup: it reveals how the business made money, where it is vulnerable, and the facts needed to compare value, judge risk and make informed investment decisions.

energy markets technical

"expanded access to energy markets"

Energy markets are the buying and selling of fuels and power—like oil, natural gas, coal, and electricity—where supply, demand, and contracts determine prices. Think of it as a marketplace for the stuff that runs factories, heats homes and fuels transport; price swings directly affect company costs, profits, inflation and investment returns, so investors watch these markets to judge risks, margins and economic trends.

AI-generated analysis. Not financial advice.

Project interconnects electric systems in Wyoming and South Dakota and provides long-term cost stability for customers

RAPID CITY, S.D., Jan. 07, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) announced that it has completed construction and energized its 260-mile, $350 million Ready Wyoming electric transmission expansion project. The final phases of the project were placed in service on schedule in December 2025 and now interconnects the company’s electric systems in South Dakota and Wyoming.

"This transformative project will benefit our customers for decades to come, supporting our success in providing long-term value by delivering reliable and cost-effective energy to our customers," said Linn Evans, president and CEO of Black Hills Corp. "Ready Wyoming reduces reliance upon third-party transmission and allows us to provide customers with the value of expanded access to energy markets."

The project is expected to maintain long-term cost stability for customers, enhance system resiliency and access to power markets, support local economic growth, and facilitate future development of energy resources in Wyoming.

"Congratulations to our team and partners who did a remarkable job of meticulously planning and successfully executing this complex project to make our vision a reality in only three years since project approval," said Marne Jones, senior vice president and chief utility officer of Black Hills Corp. “This is a testament to our team’s ability to overcome challenges and deliver for our customers and communities."

Approximately $300 million of the total transmission investment is being recovered through the Wyoming Transmission Rider, with approximately $50 million of the remaining distribution investment expected to be recovered through base rates during the next rate review.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

Investor Relations
Sal Diaz
605-399-5079
investorrelations@blackhillscorp.com

24-Hour Media Relations Line

888-242-3969

Caution Regarding Forward Looking Statement
This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including the miles and cost of the transmission expansion project. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.

New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Photos accompanying this announcement are available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/954bb0cb-eed0-4aec-8a46-adbd4c12ed8e

https://www.globenewswire.com/NewsRoom/AttachmentNg/5c649204-c0a5-4b6d-b7b6-150e83f960d5

https://www.globenewswire.com/NewsRoom/AttachmentNg/fd57cafb-80f6-46b9-895b-dcf8994783df

https://www.globenewswire.com/NewsRoom/AttachmentNg/6629af1f-1baa-4c38-b41d-f2999f967da4

https://www.globenewswire.com/NewsRoom/AttachmentNg/c5a1ae2a-21dd-49f2-8fe4-9722f42bb0ec

Video accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b1c1b0f3-1248-4ff1-abf0-996a92246213

FAQ

What did Black Hills Corp (BKH) complete in December 2025?

Black Hills completed and energized the 260-mile Ready Wyoming transmission expansion in December 2025.

How much did the Ready Wyoming project cost for BKH (NYSE: BKH)?

The project cost a total of $350 million.

How will Black Hills recover the Ready Wyoming project costs (BKH)?

About $300 million is expected to be recovered via the Wyoming Transmission Rider and about $50 million through base rates at the next rate review.

What operational benefits does the Ready Wyoming expansion provide to BKH customers?

The expansion is intended to enhance system resiliency, expand access to power markets, support local economic growth, and help maintain long-term cost stability for customers.

Which states does the Ready Wyoming project connect for Black Hills (BKH)?

The project interconnects Black Hills’ electric systems in South Dakota and Wyoming.