Black Hills Corp. (NYSE: BKH) today announced financial results for
the third quarter of 2024. Net income available for common stock
and earnings per share for the three and nine months ended Sept.
30, 2024, compared to the three and nine months ended Sept. 30,
2023, were:
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
(in millions, except per share amounts) |
|
|
Operating Income |
$ |
75.8 |
|
$ |
97.8 |
|
$ |
339.8 |
|
$ |
336.2 |
|
|
Net income available for common stock |
$ |
24.4 |
|
$ |
45.4 |
|
$ |
175.0 |
|
$ |
182.5 |
|
|
Earnings per share, Diluted |
$ |
0.35 |
|
$ |
0.67 |
|
$ |
2.52 |
|
$ |
2.74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings of $0.35 per share for the third quarter
benefited from new rates, rider recovery and customer growth, which
partially offset higher operating expenses, including depreciation,
and the impacts of unplanned generation outages and higher interest
expense. Earnings during the same period in 2023 benefited from
one-time insurance proceeds and a gain on the sale of land.
Earnings of $2.52 per share year to date benefited
from new rates, rider recovery and customer growth, which partially
offset unfavorable weather, lower energy market pricing for
off-system sales, the impacts of unplanned generation outages,
higher operating expenses, including depreciation, and higher
interest expense and the impact of new shares issued. Earnings
during the same period in 2023 benefited from a one-time state
income tax rate reduction in Nebraska, gains on the sales of land
and wind assets, and insurance proceeds.
“We are on track to achieve our 2024 earnings
guidance as we continue to execute on our strategy while navigating
ongoing cost pressures and mild weather,” said Linn Evans,
president and CEO of Black Hills Corp. “Our team made progress on
our regulatory initiatives, with new natural gas utility rates
effective in Arkansas and a constructive settlement reached in
Iowa. We also completed our key financing activities for the year,
ending the quarter at our long-term capitalization target of 55%
debt.
“I'm excited about our strategic progress in
delivering safe, reliable and cost-effective energy for our
customers. Our 260-mile Ready Wyoming transmission project remains
on track and will expand system capacity and power market access.
We also continue to pursue new renewable resources in Colorado and
dispatchable, baseload generation in South Dakota. For more than a
decade, our innovative service model has successfully supported
data center demand, and we look forward to serving Meta’s new AI
data center in Cheyenne, Wyoming by 2026,” concluded Evans.
THIRD-QUARTER 2024 HIGHLIGHTS AND
UPDATES
Electric Utilities
- On July 11, Wyoming Electric announced its partnership with
Meta to provide power for its newest AI data center to be
constructed in Cheyenne, Wyoming. The company will serve Meta under
its Large Power Contract Service tariff and procure customized
energy resources essential to Meta's operations and sustainability
objectives. Through its innovative tariffs, Black Hills is
advancing its data center and blockchain growth strategy, expecting
to grow earnings contribution from these customers from 5% of
earnings per share in 2023 to 10% or more by 2028.
- During the third quarter, Wyoming Electric continued
construction on Ready Wyoming, a 260-mile electric transmission
expansion project. Construction is on schedule and is expected to
be completed in multiple segments in 2024 and 2025.
- During the third quarter, South Dakota Electric continued to
pursue adding 100 megawatts of utility-owned, dispatchable natural
gas resources by the second half of 2026. During the first quarter
of 2025, South Dakota Electric expects to file for a permit to
construct the project in South Dakota and request a certificate of
public convenience and necessity (CPCN) in Wyoming.
- During the third quarter, Colorado Electric continued its
resource planning process to add renewable resources to achieve an
80% emissions reduction by 2030 outlined in its Clean Energy
Plan.
- On June 14, Colorado Electric filed a rate review with the
Colorado Public Utilities Commission seeking the recovery of
significant infrastructure investments in its 3,200-mile electric
distribution and 600-mile electric transmission systems. The rate
review requested $37 million in new annual revenue based on a
capital structure of 53% equity and 47% debt and a return on equity
of 10.5%. The company requested new rates effective in the first
quarter of 2025.
Gas Utilities
- On Oct. 15, Iowa Gas filed for approval from the Iowa Utilities
Commission of a settlement agreement with the Iowa Office of
Consumer Advocate for its rate review request filed May 1, 2024.
The settlement, pending commission approval, includes $15 million
of new annual revenue based on a weighted average cost of capital
of 7.21%. The settlement allows for final rates during the first
quarter of 2025, replacing interim rates which were effective on
May 11, 2024.
- On Oct. 1, Arkansas Gas received approval from the Arkansas
Public Service Commission of a settlement agreement for its rate
review request filed Dec. 4, 2023. The agreement will provide $25
million of new annual revenue based on a capital structure of 46%
equity and 54% debt and a return on equity of 9.85%. New rates were
effective in October 2024.
Corporate and Other
- On Oct. 28, Black Hills’ board of directors approved a
quarterly dividend of $0.65 per share payable on Dec. 1, 2024, to
common shareholders of record at the close of business on Nov. 18,
2024. The dividend, on an annualized rate, represents 54
consecutive years of dividend increases, the second longest track
record in the electric and natural gas industry.
- During the third quarter, Black Hills issued 1.9 million shares
of new common stock for net proceeds of $109 million under its
at-the-market equity offering program, including a block equity
trade. Year to date, the company issued a total of 3.3 million
shares of new common stock for net proceeds of $182 million,
completing the company's planned equity issuance for 2024.
2024 EARNINGS GUIDANCE
REAFFIRMED
Black Hills reaffirms its guidance issued on Feb.
7, 2024, for 2024 earnings per share available for common stock to
be in the range of $3.80 to $4.00, which was based on the following
assumptions:
- Normal weather conditions within our utility service
territories including temperatures, precipitation levels and wind
conditions;
- Normal operations and weather conditions for planned
construction, maintenance and/or capital investment projects;
- Constructive and timely outcomes of utility regulatory
dockets;
- No significant unplanned outages at our generating
facilities;
- Equity issuance of $170 million to $190 million through the
at-the-market equity offering program; and
- Production tax credits of approximately $18 million associated
with wind generation assets.
During the first nine months of 2024, Black Hills
issued equity within the forecasted range, completed the sale of
production tax credits, and mitigated the financial impacts of mild
weather and unplanned generation outages.
|
|
|
|
|
|
|
BLACK HILLS CORPORATION CONSOLIDATED
FINANCIAL RESULTS(Minor differences may result due to
rounding) |
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
(in millions, except per share amount) |
|
|
Revenue |
$ |
401.6 |
|
$ |
407.1 |
|
$ |
1,530.6 |
|
$ |
1,739.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Fuel, purchased power, and cost of natural gas sold |
|
94.5 |
|
|
102.2 |
|
|
518.2 |
|
|
749.8 |
|
|
Operations and maintenance |
|
145.6 |
|
|
125.7 |
|
|
420.8 |
|
|
412.5 |
|
|
Depreciation and amortization |
|
69.3 |
|
|
64.9 |
|
|
201.8 |
|
|
191.2 |
|
|
Taxes - property and production |
|
16.4 |
|
|
16.5 |
|
|
50.0 |
|
|
49.9 |
|
|
Total operating expenses |
|
325.8 |
|
|
309.3 |
|
|
1,190.8 |
|
|
1,403.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
75.8 |
|
|
97.8 |
|
|
339.8 |
|
|
336.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(45.2 |
) |
|
(41.0 |
) |
|
(131.9 |
) |
|
(126.0 |
) |
|
Other income (expense), net |
|
(1.3 |
) |
|
(0.6 |
) |
|
(1.7 |
) |
|
(1.5 |
) |
|
Income tax benefit (expense) |
|
(2.9 |
) |
|
(7.4 |
) |
|
(23.6 |
) |
|
(16.0 |
) |
|
Net income |
|
26.4 |
|
|
48.8 |
|
|
182.6 |
|
|
192.7 |
|
|
Net income attributable to non-controlling interest |
|
(2.0 |
) |
|
(3.4 |
) |
|
(7.6 |
) |
|
(10.2 |
) |
|
Net income available for common stock |
$ |
24.4 |
|
$ |
45.4 |
|
$ |
175.0 |
|
$ |
182.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
Basic |
|
70.5 |
|
|
67.3 |
|
|
69.2 |
|
|
66.7 |
|
|
Diluted |
|
70.6 |
|
|
67.4 |
|
|
69.3 |
|
|
66.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
Earnings Per Share, Basic |
$ |
0.35 |
|
$ |
0.67 |
|
$ |
2.53 |
|
$ |
2.74 |
|
|
Earnings Per Share, Diluted |
$ |
0.35 |
|
$ |
0.67 |
|
$ |
2.52 |
|
$ |
2.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING INCOME STATEMENTS -- THIRD
QUARTER |
|
(Minor differences may result due to rounding) |
|
|
|
|
|
Three Months Ended Sept. 30, 2024 |
Electric Utilities |
|
Gas Utilities |
|
Corporate and Other |
|
Total |
|
|
|
(in millions) |
|
|
Revenue |
$ |
232.5 |
|
$ |
173.6 |
|
$ |
(4.5 |
) |
$ |
401.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
54.9 |
|
|
39.7 |
|
|
(0.1 |
) |
|
94.5 |
|
|
Operations and maintenance |
|
65.1 |
|
|
84.8 |
|
|
(4.3 |
) |
|
145.6 |
|
|
Depreciation and amortization |
|
38.0 |
|
|
31.3 |
|
|
0.1 |
|
|
69.3 |
|
|
Taxes - property and production |
|
9.4 |
|
|
6.9 |
|
|
- |
|
|
16.4 |
|
|
Operating income (loss) |
|
65.1 |
|
|
10.9 |
|
|
(0.2 |
) |
|
75.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
(45.2 |
) |
|
Other income (expense), net |
|
|
|
|
|
|
|
(1.3 |
) |
|
Income tax benefit (expense) |
|
|
|
|
|
|
|
(2.9 |
) |
|
Net income |
|
|
|
|
|
|
|
26.4 |
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
|
(2.0 |
) |
|
Net income available for common stock |
|
|
|
|
|
|
$ |
24.4 |
|
|
Three Months Ended Sept. 30, 2023 |
Electric Utilities |
|
Gas Utilities |
|
Corporate and Other |
|
Total |
|
|
|
(in millions) |
|
|
Revenue |
$ |
237.3 |
|
$ |
174.3 |
|
$ |
(4.5 |
) |
$ |
407.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
55.4 |
|
|
46.9 |
|
|
(0.1 |
) |
|
102.2 |
|
|
Operations and maintenance |
|
53.9 |
|
|
75.7 |
|
|
(3.9 |
) |
|
125.7 |
|
|
Depreciation and amortization |
|
35.8 |
|
|
29.0 |
|
|
0.1 |
|
|
64.9 |
|
|
Taxes - property and production |
|
9.2 |
|
|
7.3 |
|
|
- |
|
|
16.5 |
|
|
Operating income (loss) |
|
83.0 |
|
|
15.4 |
|
|
(0.6 |
) |
|
97.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
(41.0 |
) |
|
Other income (expense), net |
|
|
|
|
|
|
|
(0.6 |
) |
|
Income tax benefit (expense) |
|
|
|
|
|
|
|
(7.4 |
) |
|
Net income |
|
|
|
|
|
|
|
48.8 |
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
|
(3.4 |
) |
|
Net income available for common stock |
|
|
|
|
|
|
$ |
45.4 |
|
| |
|
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30, 2024,
Compared to the Three Months Ended Sept. 30, 2023
The variance to the prior year included the
following:
- Electric Utilities’ operating income decreased $17.9 million
primarily due to higher operating expenses and unfavorable impacts
from current year unplanned generation outages partially offset by
new rates and rider recovery; and prior-year one-time benefits from
a gain on sale of land to support data center growth and a recovery
from our business interruption insurance;
- Gas Utilities’ operating income decreased $4.5 million
primarily due to higher operating expenses partially offset by new
rates and rider recovery driven by the Colorado Gas, Iowa Gas,
Rocky Mountain Natural Gas and Wyoming Gas rate reviews;
- Net interest expense increased $4.2 million primarily due to
higher interest rates partially offset by increased interest
income; and
- Income tax expense decreased $4.5 million primarily driven by
lower pre-tax income.
|
CONSOLIDATING INCOME STATEMENTS --
YEAR-TO-DATE |
|
|
(Minor differences may result due to rounding) |
|
|
|
|
|
|
Nine Months Ended Sept. 30, 2024 |
Electric Utilities |
|
Gas Utilities |
|
Corporate and Other |
|
Total |
|
|
|
(in millions) |
|
|
Revenue |
$ |
659.8 |
|
$ |
884.2 |
|
$ |
(13.4 |
) |
$ |
1,530.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
155.7 |
|
|
362.9 |
|
|
(0.4 |
) |
|
518.2 |
|
|
Operations and maintenance |
|
190.5 |
|
|
242.6 |
|
|
(12.3 |
) |
|
420.8 |
|
|
Depreciation and amortization |
|
108.9 |
|
|
92.8 |
|
|
0.1 |
|
|
201.8 |
|
|
Taxes - property and production |
|
28.7 |
|
|
21.3 |
|
|
- |
|
|
50.0 |
|
|
Operating income (loss) |
|
176.0 |
|
|
164.6 |
|
|
(0.8 |
) |
|
339.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
(131.9 |
) |
|
Other income (expense), net |
|
|
|
|
|
|
|
(1.7 |
) |
|
Income tax benefit (expense) |
|
|
|
|
|
|
|
(23.6 |
) |
|
Net income |
|
|
|
|
|
|
|
182.6 |
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
|
(7.6 |
) |
|
Net income available for common stock |
|
|
|
|
|
|
$ |
175.0 |
|
|
Nine Months Ended Sept. 30, 2023 |
Electric Utilities |
|
Gas Utilities |
|
Corporate and Other |
|
Total |
|
|
|
(in millions) |
|
|
Revenue |
$ |
649.1 |
|
$ |
1,103.9 |
|
$ |
(13.4 |
) |
$ |
1,739.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
147.2 |
|
|
602.9 |
|
|
(0.3 |
) |
|
749.8 |
|
|
Operations and maintenance |
|
176.8 |
|
|
246.8 |
|
|
(11.1 |
) |
|
412.5 |
|
|
Depreciation and amortization |
|
106.7 |
|
|
84.4 |
|
|
0.1 |
|
|
191.2 |
|
|
Taxes - property and production |
|
27.7 |
|
|
22.1 |
|
|
0.1 |
|
|
49.9 |
|
|
Operating income (loss) |
|
190.7 |
|
|
147.7 |
|
|
(2.2 |
) |
|
336.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
(126.0 |
) |
|
Other income (expense), net |
|
|
|
|
|
|
|
(1.5 |
) |
|
Income tax benefit (expense) |
|
|
|
|
|
|
|
(16.0 |
) |
|
Net income |
|
|
|
|
|
|
|
192.7 |
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
|
(10.2 |
) |
|
Net income available for common stock |
|
|
|
|
|
|
$ |
182.5 |
|
| |
|
|
|
|
|
|
|
|
|
Nine Months Ended Sept. 30, 2024, Compared
to the Nine Months Ended Sept. 30, 2023
The variance to the prior year included the
following:
- Electric Utilities’ operating income decreased $14.7 million
primarily due to higher operating expenses and unfavorable impacts
from current year unplanned generation outages partially offset by
new rates and rider recovery; and prior-year one-time benefits from
a gain on the sale of Northern Iowa Windpower assets, a gain on
sale of land to support data center growth, and a recovery from our
business interruption insurance;
- Gas Utilities’ operating income increased $16.9 million
primarily due to new rates and rider recovery driven by the
Colorado Gas, Iowa Gas, Rocky Mountain Natural Gas and Wyoming Gas
rate reviews and retail customer growth and usage partially offset
by higher operating expenses and unfavorable weather;
- Net interest expense increased $5.9 million primarily due to
higher interest rates partially offset by increased interest
income;
- Income tax expense increased $7.6 million driven by a higher
effective tax rate primarily due to a prior-year $8.2 million tax
benefit from a Nebraska income tax rate decrease; and
- Net income attributable to non-controlling interest decreased
$2.6 million due to lower net income from Colorado IPP primarily
driven by an unplanned generation outage.
OPERATING STATISTICS
Electric Utilities
|
|
Revenue (in millions) |
|
Quantities Sold (GWh) |
|
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
By customer class |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Residential |
$ |
66.1 |
|
$ |
63.1 |
|
$ |
179.4 |
|
$ |
170.3 |
|
|
411.1 |
|
|
393.9 |
|
|
1,123.4 |
|
|
1,090.6 |
|
|
Commercial |
|
71.3 |
|
|
69.5 |
|
|
202.6 |
|
|
195.1 |
|
|
571.9 |
|
|
567.1 |
|
|
1,590.6 |
|
|
1,576.1 |
|
|
Industrial |
|
42.0 |
|
|
43.0 |
|
|
128.4 |
|
|
116.4 |
|
|
531.5 |
|
|
553.5 |
|
|
1,643.4 |
|
|
1,511.6 |
|
|
Municipal |
|
4.4 |
|
|
4.7 |
|
|
12.8 |
|
|
13.2 |
|
|
41.4 |
|
|
42.7 |
|
|
111.7 |
|
|
116.1 |
|
|
Subtotal Retail Revenue - Electric |
|
183.8 |
|
|
180.3 |
|
|
523.2 |
|
|
495.0 |
|
|
1,555.9 |
|
|
1,557.2 |
|
|
4,469.1 |
|
|
4,294.4 |
|
|
Contract Wholesale |
|
3.8 |
|
|
6.8 |
|
|
13.2 |
|
|
15.4 |
|
|
99.4 |
|
|
140.6 |
|
|
385.0 |
|
|
403.7 |
|
|
Off-system/Power Marketing Wholesale (a) |
|
7.4 |
|
|
9.6 |
|
|
14.8 |
|
|
31.7 |
|
|
227.0 |
|
|
138.4 |
|
|
506.8 |
|
|
518.5 |
|
|
Other (b) |
|
25.6 |
|
|
25.0 |
|
|
75.2 |
|
|
69.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total Regulated |
|
220.6 |
|
|
221.7 |
|
|
626.4 |
|
|
611.2 |
|
|
1,882.3 |
|
|
1,836.2 |
|
|
5,360.9 |
|
|
5,216.6 |
|
|
Non-Regulated (c) |
|
11.9 |
|
|
15.6 |
|
|
33.4 |
|
|
37.9 |
|
|
25.0 |
|
|
25.4 |
|
|
74.2 |
|
|
102.6 |
|
|
Total Revenue and Quantities Sold |
$ |
232.5 |
|
$ |
237.3 |
|
$ |
659.8 |
|
$ |
649.1 |
|
|
1,907.3 |
|
|
1,861.6 |
|
|
5,435.1 |
|
|
5,319.2 |
|
|
Other Uses, Losses, or Generation, net (d) |
|
|
|
|
|
|
|
|
|
110.7 |
|
|
97.7 |
|
|
237.5 |
|
|
345.6 |
|
|
Total Energy |
|
|
|
|
|
|
|
|
|
2,018.0 |
|
|
1,959.3 |
|
|
5,672.6 |
|
|
5,664.8 |
|
________________
|
(a) |
Off-system/Power Marketing Wholesale revenues decreased for the
nine months ended September 30, 2024, compared to the same
period in the prior year primarily due to lower excess capacity and
lower commodity prices. |
|
(b) |
Primarily related to transmission revenues from the Common Use
System. |
|
(c) |
Includes Integrated Generation and non-regulated services to our
retail customers under the Service Guard Comfort Plan and Tech
Services. |
|
(d) |
Includes company uses and line losses. |
|
|
|
|
|
Revenue (in millions) |
|
Quantities Sold (GWh) |
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
By business unit |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Colorado Electric |
$ |
74.9 |
|
$ |
80.8 |
|
$ |
208.7 |
|
$ |
216.9 |
|
|
675.4 |
|
|
653.2 |
|
|
1,816.8 |
|
|
1,794.5 |
|
South Dakota Electric |
|
86.0 |
|
|
83.0 |
|
|
242.5 |
|
|
240.6 |
|
|
669.8 |
|
|
622.7 |
|
|
1,882.3 |
|
|
1,876.7 |
|
Wyoming Electric |
|
60.3 |
|
|
58.4 |
|
|
176.7 |
|
|
155.0 |
|
|
537.1 |
|
|
560.3 |
|
|
1,661.8 |
|
|
1,545.4 |
|
Integrated Generation |
|
11.3 |
|
|
15.1 |
|
|
31.9 |
|
|
36.6 |
|
|
25.0 |
|
|
25.4 |
|
|
74.2 |
|
|
102.6 |
|
Total Revenue and Quantities Sold |
$ |
232.5 |
|
$ |
237.3 |
|
$ |
659.8 |
|
$ |
649.1 |
|
|
1,907.3 |
|
|
1,861.6 |
|
|
5,435.1 |
|
|
5,319.2 |
|
|
Three Months Ended Sept. 30, |
Nine Months Ended Sept. 30, |
|
|
2024 |
2023 |
2024 |
2023 |
|
Degree Days |
Actual |
Variancefrom Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
|
Heating Degree Days: |
|
|
|
|
|
|
|
|
|
Colorado Electric |
19 |
(57)% |
26 |
(42)% |
3,050 |
(8)% |
3,365 |
5% |
|
South Dakota Electric |
48 |
(71)% |
140 |
(15)% |
4,080 |
(12)% |
4,621 |
2% |
|
Wyoming Electric |
109 |
(35)% |
152 |
(12)% |
4,135 |
(8)% |
4,534 |
4% |
|
Combined (a) |
47 |
(58)% |
91 |
(19)% |
3,624 |
(10)% |
4,031 |
4% |
|
|
|
|
|
|
|
|
|
|
|
Cooling Degree Days: |
|
|
|
|
|
|
|
|
|
Colorado Electric |
904 |
5% |
909 |
6% |
1,247 |
10% |
1,040 |
(10)% |
|
South Dakota Electric |
789 |
57% |
460 |
(11)% |
903 |
48% |
496 |
(21)% |
|
Wyoming Electric |
368 |
(6)% |
315 |
(20)% |
486 |
6% |
329 |
(30)% |
|
Combined (a) |
756 |
17% |
635 |
(2)% |
975 |
19% |
710 |
(15)% |
________________
|
(a) |
Degree days are calculated based on a weighted average of total
customers by state. |
|
|
|
|
|
Three Months Ended Sept. 30, |
Nine Months Ended Sept. 30, |
|
Contracted generating facilities
Availability(a) by fuel
type |
2024 |
2023 |
2024 |
2023 |
|
Coal (b) |
90.7% |
96.3% |
87.3% |
93.7% |
|
Natural gas and diesel oil (b) |
98.0% |
94.2% |
95.4% |
94.0% |
|
Wind |
92.3% |
93.4% |
91.6% |
93.4% |
|
Total Availability |
95.1% |
94.7% |
92.5% |
93.8% |
|
|
|
|
|
|
|
Wind Capacity Factor (a) |
32.0% |
31.3% |
36.2% |
37.9% |
________________
|
(a) |
Availability and Wind Capacity Factor are calculated using a
weighted average based on capacity of our generating fleet. |
|
(b) |
2024 included unplanned outages at Wygen I and Colorado IPP. |
|
|
|
OPERATING STATISTICS
(continued)
Gas Utilities
| |
Revenue (in millions) |
|
Quantities Sold and Transported (Dth in
millions) |
|
| |
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
By customer class |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Residential |
$ |
76.3 |
|
$ |
75.1 |
|
$ |
481.9 |
|
$ |
620.3 |
|
|
3.5 |
|
|
3.5 |
|
|
38.2 |
|
|
41.1 |
|
|
Commercial |
|
27.5 |
|
|
28.6 |
|
|
185.8 |
|
|
255.4 |
|
|
2.4 |
|
|
2.4 |
|
|
19.3 |
|
|
20.5 |
|
|
Industrial |
|
7.6 |
|
|
9.9 |
|
|
18.5 |
|
|
26.2 |
|
|
2.4 |
|
|
2.1 |
|
|
5.1 |
|
|
4.5 |
|
| Other |
|
2.6 |
|
|
3.1 |
|
|
8.0 |
|
|
7.3 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Total
Distribution (a) |
|
114.0 |
|
|
116.7 |
|
|
694.2 |
|
|
909.2 |
|
|
8.3 |
|
|
8.0 |
|
|
62.6 |
|
|
66.1 |
|
|
Transportation and Transmission |
|
43.3 |
|
|
42.8 |
|
|
131.4 |
|
|
131.8 |
|
|
35.8 |
|
|
36.8 |
|
|
117.0 |
|
|
118.2 |
|
| Total
Regulated |
|
157.3 |
|
|
159.5 |
|
|
825.6 |
|
|
1,041.0 |
|
|
44.1 |
|
|
44.8 |
|
|
179.6 |
|
|
184.3 |
|
|
Non-regulated Services (b) |
|
16.3 |
|
|
14.8 |
|
|
58.6 |
|
|
62.9 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Total
Revenue and Quantities Sold |
$ |
173.6 |
|
$ |
174.3 |
|
$ |
884.2 |
|
$ |
1,103.9 |
|
|
44.1 |
|
|
44.8 |
|
|
179.6 |
|
|
184.3 |
|
________________
|
(a) |
Gas distribution revenues decreased for the three and nine months
ended September 30, 2024, compared to the same period in the
prior year primarily due to lower commodity prices. Our Utilities
have regulatory mechanisms that allow them to pass prudently
incurred costs of energy through to the customer. Customer billing
rates are adjusted periodically to reflect changes in our cost of
energy. |
|
(b) |
Includes Black Hills Energy Services and non-regulated services
under the Service Guard Comfort Plan, Tech Services, and
HomeServe. |
|
|
Revenue (in millions) |
|
Quantities Sold and Transported (Dth in
millions) |
|
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
By business unit |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Arkansas Gas |
$ |
25.4 |
|
$ |
27.2 |
|
$ |
167.2 |
|
$ |
189.0 |
|
|
4.5 |
|
|
4.3 |
|
|
21.5 |
|
|
21.0 |
|
|
Colorado Gas |
|
31.5 |
|
|
31.5 |
|
|
191.5 |
|
|
227.9 |
|
|
3.3 |
|
|
3.6 |
|
|
21.3 |
|
|
23.3 |
|
|
Iowa Gas |
|
21.0 |
|
|
18.7 |
|
|
110.4 |
|
|
168.1 |
|
|
5.8 |
|
|
5.8 |
|
|
26.4 |
|
|
27.2 |
|
|
Kansas Gas |
|
19.6 |
|
|
22.8 |
|
|
90.8 |
|
|
118.5 |
|
|
8.5 |
|
|
9.1 |
|
|
26.1 |
|
|
27.4 |
|
|
Nebraska Gas |
|
54.2 |
|
|
55.3 |
|
|
218.9 |
|
|
277.9 |
|
|
16.5 |
|
|
17.0 |
|
|
58.1 |
|
|
59.8 |
|
|
Wyoming Gas |
|
21.9 |
|
|
18.8 |
|
|
105.4 |
|
|
122.5 |
|
|
5.5 |
|
|
5.0 |
|
|
26.2 |
|
|
25.6 |
|
|
Total Revenue and Quantities Sold |
$ |
173.6 |
|
$ |
174.3 |
|
$ |
884.2 |
|
$ |
1,103.9 |
|
|
44.1 |
|
|
44.8 |
|
|
179.6 |
|
|
184.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30, |
Nine Months Ended Sept. 30, |
|
|
2024 |
2023 |
2024 |
2023 |
|
Heating Degree Days |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
|
Arkansas Gas (a) |
9 |
(40)% |
--- |
(100)% |
1,925 |
(18)% |
1,944 |
(18)% |
|
Colorado Gas |
80 |
(29)% |
91 |
(22)% |
3,613 |
(5)% |
4,078 |
7% |
|
Iowa Gas |
45 |
(47)% |
37 |
(59)% |
3,450 |
(19)% |
3,867 |
(10)% |
|
Kansas Gas (a) |
19 |
(26)% |
6 |
(78)% |
2,576 |
(11)% |
2,749 |
6% |
|
Nebraska Gas |
22 |
(65)% |
21 |
(67)% |
3,281 |
(12)% |
3,591 |
(5)% |
|
Wyoming Gas |
132 |
(37)% |
180 |
5% |
4,384 |
(6)% |
4,953 |
14% |
|
Combined (b) |
50 |
(43)% |
56 |
(35)% |
3,502 |
(11)% |
3,926 |
1% |
________________
|
(a) |
Arkansas Gas and Kansas Gas have weather normalization mechanisms
that mitigate the weather impact on gross margins. |
|
(b) |
The combined heating degree days are calculated based on a weighted
average of total customers by state excluding Kansas Gas due to its
weather normalization mechanism. Arkansas Gas is partially excluded
based on the weather normalization mechanism in effect from
November through April. |
CONFERENCE CALL AND WEBCAST
Black Hills will host a live conference call and
webcast at 11 a.m. EST on Thursday, Nov. 7, 2024, to discuss its
financial and operating performance.
To access the live webcast and download a copy of
the investor presentation, go to the “Investor Relations” section
of the Black Hills website at www.blackhillscorp.com and click on
“News and Events” and then “Events & Presentation.” The
presentation will be posted on the website before the webcast.
Listeners should allow at least five minutes for registering and
accessing the presentation. For those unable to listen to the live
broadcast, a replay will be available on the company’s website.
To ask a question during the live broadcast, users
can access dial-in information and a personal identification number
by registering for the event at
https://register.vevent.com/register/BI9ac113e7b8ef4295bbbb150c1d14c3ac.
A listen-only webcast player and presentation
slides can be accessed live at
https://edge.media-server.com/mmc/p/gncgbawz with a replay of the
event available for up to one year.
EEI FINANCIAL CONFERENCE
ATTENDANCE
Leadership from Black Hills will be attending the
2024 Edison Electric Institute Financial Conference taking place
from Nov. 10, 2024, through Nov. 12, 2024. An investor presentation
will be available prior to the conference on Black Hills’ website
at www.blackhillscorp.com under “Events and Presentations” in the
“Investor Relations” section.
ABOUT BLACK HILLS CORP.
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
1.34 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,
www.blackhillscorp.com/corporateresponsibility and
www.blackhillsenergy.com.
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release includes “forward-looking
statements” as defined by the Securities and Exchange Commission.
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 press release that address
activities, events or developments that we expect, believe or
anticipate will or may occur in the future are forward-looking
statements. This includes, without limitations, our 2024 earnings
guidance. 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, including without
limitation, the risk factors described in Item 1A of Part I of our
2023 Annual Report on Form 10-K and other reports that we file with
the SEC from time to time, and the following:
- The accuracy of our assumptions on which our earnings guidance
is based;
- Our ability to obtain adequate cost recovery for our utility
operations through regulatory proceedings and favorable rulings on
periodic applications to recover costs for capital additions, plant
retirements and decommissioning, fuel, transmission, purchased
power, and other operating costs and the timing in which new rates
would go into effect;
- Our ability to complete our capital program in a cost-effective
and timely manner;
- Our ability to execute on our strategy;
- Our ability to successfully execute our financing plans;
- The effects of changing interest rates;
- Our ability to achieve our greenhouse gas emissions intensity
reduction goals;
- Board of Directors’ approval of any future quarterly
dividends;
- The impact of future governmental regulation;
- Our ability to overcome the impacts of supply chain disruptions
on availability and cost of materials;
- The effects of inflation and volatile energy prices;
- Our ability to obtain sufficient insurance coverage at
reasonable costs and whether such coverage will protect us against
significant losses; and
- Other factors discussed from time to time in our filings with
the SEC.
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.
|
Investor Relations: |
|
|
Sal Diaz |
|
|
Phone |
605-399-5079 |
|
Email |
investorrelations@blackhillscorp.com |
|
|
|
|
Media Contact: |
|
|
24-hour Media Assistance |
888-242-3969 |
|
|
|
Black Hills (NYSE:BKH)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Black Hills (NYSE:BKH)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
