Black Hills Corp (NYSE: BKH) is a regulated electric and natural gas utility company that provides electricity and natural gas service to customers across multiple states under the Black Hills Energy brand. It makes money by charging regulated rates approved by state public utility commissions for the delivery of electricity and natural gas to residential, commercial, and industrial customers. Subsidiaries include Black Hills Power (doing business as Black Hills Energy, also known as South Dakota Electric), Black Hills Utility Holdings, and Black Hills Energy Services Company, which supplies natural gas commodity for Choice Gas Programs. The company also operates Black Hills Energy Renewable Resources (BHERR) as a wholly-owned subsidiary. A Blockchain Interruptible Service tariff, approved by Wyoming Public Service Commission, allows negotiated rates for interruptible electric service of 10 MW or greater for blockchain customers connected to the Wyoming Electric system. The filing is a 10-K for the fiscal year ended, filed February 11, 2026 (accession 0001193125-26-046028).

Revenue model

Regulated utility rate recovery: revenue is generated by charging state-commission-approved tariff rates for electric and natural gas distribution and delivery to end customers. Natural gas commodity supply for Choice Gas Programs is provided through Black Hills Energy Services Company.

Products and services

Regulated electric utility service; regulated natural gas utility service; natural gas commodity supply (Choice Gas Programs via Black Hills Energy Services); renewable energy resources (Black Hills Energy Renewable Resources); interruptible electric service for blockchain customers under the BCIS tariff (Wyoming Electric, 10 MW or greater).

Customers and end markets

Residential, commercial, and industrial electric and natural gas customers across the company's regulated service territories. Wyoming Electric system serves prospective blockchain customers under the BCIS interruptible tariff.

Value-chain role

Regulated electric and natural gas utility: generation, transmission, and distribution of electricity; distribution and commodity supply of natural gas to end customers.

Geographic exposure

Multi-state regulated utility operating under the Black Hills Energy brand; specific states include South Dakota (Black Hills Power / South Dakota Electric) and Wyoming (Wyoming Electric, Wyoming Gas); additional states supported by Black Hills Utility Holdings subsidiaries as disclosed in the 10-K filed 2026-02-11.

Source: SEC 10-K, filed 2026-02-11

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