Black Hills
28 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Partners and platforms
Common Use System
depends on · $190.2 million in 2025 rate baseWe also jointly operate an electric transmission system, referred to as the Common Use System, with Basin Electric Power Cooperative and Powder River Energy Corporation.Business (Item 1)
Other companies
NorthWestern Energy Group
$100 millionnamed as a riskBHC and NorthWestern entered into an all-stock business combination on August 18, 2025.Business (Item 1)
Places
Colorado
operates in · 102,152named as a riskAt the local or state level, such as in Colorado, new or more stringent regulations could require us to incur significant additional costs relating to the acceleration of capital expenditures, the purchase of additional emissions allowances or offsets, the acquisition or development of additional energy supply from renewable resources and potential decreased production from our combined cycle natural gas-fired generating units.Risk factors (Item 1A)
Also named by AN, BBSI, CVX, DMLP, ENSG, FPI, MLM, PLTR and 4 more
Powder River Basin
concentrated in · approximately 3.3 million tons of coal in 2025We surface mine, process and sell low-sulfur sub-bituminous coal at our mine located immediately adjacent to our Gillette Energy Complex in the Powder River Basin in northeastern Wyoming, where our five coal-fired power plants are located.Business (Item 1)
Nebraska
operates in · 306,452Black Hills Energy Services provides natural gas supply to approximately 48,000 retail distribution customers under the Choice Gas Program in Nebraska and Wyoming.Business (Item 1)
Hazards
Wildfire
named as a riskDespite our wildfire mitigation initiatives, we could ignite a wildfire, which could spread and cause damages and would subject us to significant liability.Risk factors (Item 1A)
Also named by A, AEP, ARE, CB, CRC, EVRG, MDU, PNW and 2 more
Winter Storm Uri
named as a riskSevere weather events, such as snow and ice storms (e.g., Winter Storm Uri), wildfires, and strong winds could impact our operations, including our ability to provide energy safely, reliably, and profitably and our ability to complete construction, expansion, or refurbishment of facilities as planned.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its price · 29.3%named as a riskOur operations could be negatively impacted by the lack of availability and cost of natural gas, and disruptions in the delivery of natural gas due to various factors, including but not limited to, transportation delays, labor relations, weather, sabotage, cyber-attacks, and environmental regulations;Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Coal
depends on · 25.5%The mine provides low-sulfur coal directly to these five power plants via a conveyor belt system, minimizing transportation costs.Business (Item 1)
Also named by AA, AEE, AEP, AES, ARLP, BRK/B, CNP, CSX and 19 more
Transformers
depends onnamed as a riskUnanticipated price increases due to recent macroeconomic factors, such as imposition of tariffs, inflation, including wage inflation, or rising demand for key materials such as transformers, generation units and equipment to meet the rapid pace of expansion with prospective and existing data center customers; andRisk factors (Item 1A)
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskThe Federal Power Act gives FERC exclusive rate-making jurisdiction over wholesale sales of electricity and the transmission of electricity in interstate commerce.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskIf we fail to comply with applicable statutes and the PHMSA Office of Pipeline Safety’s rules and related regulations and orders, we could be subject to significant penalties and fines.Business (Item 1)
Also named by AM, ATO, CHRD, CNX, CP, CRC, CRGY, CSX and 29 more
Transportation Security Administration (TSA)
subject tonamed as a riskIn recent years, the TSA issued security directives that included several new cybersecurity requirements for critical pipeline owners and operators.Risk factors (Item 1A)
Also named by ALK, CHRW, CP, CSX, DAL, EXC, EXPD, FDX and 13 more
North American Electric Reliability Corporation (NERC)
subject tonamed as a riskEntities that violate standards can be subject to fines and can also be assessed non-monetary penalties, depending upon the nature and severity of the violation.Business (Item 1)
Also named by DUK, EIX, EVRG, EXC, FE, HASI, MDU, NEE and 5 more
South Dakota Public Utilities Commission (SDPUC)
subject tonamed as a riskThe transaction is intended to be tax-free and expected to close in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions, including approvals from the FERC, MPSC, NPSC and SDPUC, clearance under the HSR Act, consent of the FCC, and approval from each company's shareholders.Business (Item 1)
Laws and programs
Internal Revenue Code Section 382
subject to · approximately $380.1 millionnamed as a riskThe completion of the Merger may cause BHC and/or NorthWestern to undergo an ownership change under Section 382, which would trigger a limitation (calculated as described above) on BHC's ability to utilize its and/or NorthWestern’s historic NOLs and other tax attributes.Risk factors (Item 1A)
Production Tax Credits (IRC Section 45)
subject to · $30/MWhnamed as a riskThese factors could significantly reduce the PTCs produced by our wind farms, resulting in increased federal income tax expense.Risk factors (Item 1A)
Choice Gas Program
earns from · approximately 48,000 retail distribution customersnamed as a riskFor Black Hills Energy Services under the Choice Gas Program, and in certain instances within our regulated Utilities where unrealized and realized gains and losses from derivative instruments are not approved for regulatory accounting treatment, fluctuating commodity prices may cause fluctuations in reported financial results due to mark-to-market accounting treatment.Risk factors (Item 1A)
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskThe OBBBA, enacted in July 2025, does not repeal tax credit transferability provisions enacted under the IRA and continues to permit the execution of our transferability agreements as originally agreed upon, but restricts credit transfers to prohibited foreign entities.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Inflation Reduction Act of 2022
subject tonamed as a riskOur inability to generate, transfer, or sell these credits could have a material impact on our financial condition, results of operations and cash flows.Risk factors (Item 1A)
Also named by ABBV, APD, ARE, DD, DHR, ELV, ENPH, ENS and 30 more
Hart-Scott-Rodino Act
subject tonamed as a riskBHC and NorthWestern will be unable to complete the Merger until the waiting period under the HSR Act has expired or been terminated and the required governmental approvals have been received.Risk factors (Item 1A)
Municipal franchise agreements
subject tonamed as a riskMunicipal governments within our utility service territories possess the power of condemnation and could establish a municipal utility within a portion of our current service territories by limiting or denying franchise privileges for our operations and exercising powers of condemnation over all or part of our utility assets within municipal boundaries.Risk factors (Item 1A)
Also named by ATO
Clean Power Plan 2.0
subject tonamed as a riskClean Power Plan 2.0 requirements, which established GHG control requirements for existing coal and natural gas fired generation beginning January 1, 2030, are currently in effect as the U.S. Supreme Court denied a motion to stay them.Business (Item 1)
Colorado Clean Energy Plan
named as a riskIn addition, we have significant capital investment programs planned for the next five years that are key to our strategic business plan, such as: our Lange II project; the acquisition of a battery storage facility as part of our Colorado Clean Energy Plan; large-scale investments to upgrade existing utility infrastructure; support of customer and community growth needs; and compliance with safety requirements.Risk factors (Item 1A)
Gas Cost Adjustment (GCA) mechanisms
subject tonamed as a riskIf state regulatory commissions decide to discontinue these tariff-based adjustment mechanisms, or there are delays in the timing of recovery under these mechanisms, we may be more exposed to commodity price risk.Market risk (Item 7A)
Electrification initiatives
named as a riskAdditional rules and regulations associated with electrification initiatives could negatively impact demand for natural gas and limit our capital investments in natural gas assets.Risk factors (Item 1A)