Black Hills Corporation reported a consolidated revenue of $2.13 billion for the fiscal year ending December 31, 2024, a decrease from $2.33 billion in 2023. The company's net income available for common stock increased to $273.1 million, or $3.91 per diluted share, compared to $262.2 million, also $3.91 per diluted share, in the previous year. The increase in net income was attributed to improved operating income in the Gas Utilities segment, which rose by $42.5 million, offsetting a decline in the Electric Utilities segment's operating income, which fell by $15.8 million primarily due to unplanned generation outages and lower off-system energy sales.
In terms of operational metrics, Black Hills Corporation served approximately 225,088 electric retail customers and 1,128,355 natural gas customers across its service territories, which include Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. The company’s Electric Utilities segment generated 5,377.6 GWh of electricity, while the Gas Utilities segment reported a total revenue of $1.27 billion, down from $1.48 billion in 2023, largely due to lower natural gas prices. The company also reported a total capital expenditure of $797.6 million for 2024, with significant investments directed towards infrastructure upgrades and renewable energy projects.
Strategically, Black Hills Corporation has been active in expanding its renewable energy portfolio and enhancing its infrastructure. Notable developments include a partnership with Meta to supply power for a new AI data center in Cheyenne, Wyoming, and the completion of new power purchase agreements for wind and solar energy. The company is also progressing on its Ready Wyoming transmission expansion project, which aims to enhance energy delivery and reliability across its service areas.
The company’s financial position remains strong, with total assets of $10.02 billion and total liabilities of $6.44 billion as of December 31, 2024. Black Hills Corporation maintains a solid capital structure, with a debt-to-capitalization ratio of 55.6%. The company has also reaffirmed its commitment to sustainability, setting ambitious goals to reduce greenhouse gas emissions by 40% by 2030 and 70% by 2040, compared to 2005 levels. Looking ahead, Black Hills Corporation anticipates continued growth driven by strategic investments in infrastructure and renewable energy, while navigating regulatory and market challenges.
About BLACK HILLS CORP /SD/
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