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Black Hills Corporation reports developments for a regulated energy utility serving natural gas and electric customers in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. News about BKH commonly covers quarterly and annual earnings, common-stock dividend declarations, rate review applications, infrastructure investment recovery and utility operations across its gas and electric businesses.
Company updates also address board actions, shareholder matters, capital-structure activity and regulatory proceedings tied to service reliability, grid investment and customer costs.
Black Hills Corp. (NYSE: BKH) announced a rate review application with the Nebraska Public Service Commission to consolidate rate schedules and recover $450 million in infrastructure investments for its 13,000-mile pipeline system. The review seeks $17 million in new revenue to support approximately 300,000 customers. The company aims to simplify operations across Colorado, Nebraska, and Wyoming. Additionally, a settlement for a power purchase agreement with Cheyenne Light will reduce pricing by 10%. Black Hills Corp. reaffirmed its guidance during upcoming investor meetings.
Black Hills Corp. (NYSE: BKH) announced an agreement-in-principle between its utility subsidiary Cheyenne Light and power generation subsidiary Black Hills Wyoming regarding a proposed 60-megawatt power purchase agreement. This agreement addresses a shortfall in generation capacity due to the expiration of the existing Wygen I power purchase agreement in 2022. The new contract aims to provide reliable and low-cost electric capacity to Cheyenne Light and its customers. Final approval from the Federal Energy Regulatory Commission (FERC) is pending.
Black Hills Corp. (NYSE: BKH) announced that its senior management will engage with investors during the Credit Suisse 2020 Utilities, Power & Clean Tech Virtual Conference on May 14 and the American Gas Association Financial Forum on May 18-19. The management will reaffirm its guidance issued on May 5 and discuss the company's response to the COVID-19 pandemic. All materials for these meetings will be accessible on the company's website under the ‘Investor Relations’ section.
Black Hills Corp. (NYSE: BKH) reported a net income of $93.2 million, or $1.51 per share, for Q1 2020, down from $103.8 million, or $1.73 per share, in Q1 2019. The pandemic had minimal financial impacts during the quarter but is expected to negatively affect earnings in subsequent quarters. A weather-related gross margin decrease of $12.2 million was noted. The company revised its 2020 earnings guidance to $3.45-$3.65 per share, incorporating potential COVID-19 impacts. Black Hills remains focused on strategic initiatives, including the $79 million Corriedale Wind Energy Project.
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