BLACK HILLS CORP /SD/ Business Summary

Black Hills Corp (BKH) operates as a diversified energy company primarily generating revenue through regulated electric and natural gas utility services. The company’s business model is centered on the delivery of essential energy and infrastructure to approximately 1.35 million customers across eight states, including South Dakota, Wyoming, and Colorado. Its primary segments are Electric Utilities and Gas Utilities, with the latter contributing the majority of its total revenue. As of early 2026, the company has significantly pivoted toward high-growth infrastructure, tripling its data center pipeline to over 3 gigawatts to capitalize on regional AI and cloud demand. In the competitive landscape, Black Hills Corp contends with regional peers such as Alliant Energy, Ameren, Evergy, and Avista. It maintains a unique market position as a stable, mid-cap utility with a 56-year track record of consecutive dividend increases, currently bolstered by a pending $15.4 billion all-stock merger with NorthWestern Energy Group intended to scale its Western market presence. The leadership team is headed by President and CEO Linden (Linn) R. Evans, a company veteran who joined in 2001 and has served as CEO since 2019, overseeing the firm’s transition toward renewable integration and data center expansion. Supporting him are Kimberly Nooney, who serves as Senior Vice President and Chief Financial Officer, and Marne Jones, the Senior Vice President and Chief Utility Officer. The executive team is characterized by deep internal pedigree, with Evans previously serving as COO of the company’s utilities for over a decade. The company’s strategic direction is overseen by a board that includes notable members such as Kathleen S. McAllister and Mark A. Schober. Major institutional backing is provided by BlackRock, The Vanguard Group, and State Street Corporation, which collectively hold over 30% of the company’s shares, alongside recent significant positions taken by specialized funds like Think Investments.