BLACK HILLS CORP SD
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Electric Utilities
Operating results for the years ended December 31 for the Electric Utilities were as follows (in millions):
| 2023 | 2022 | 2023 vs 2022 Variance | 2021 | 2022 vs 2021 Variance | |
|---|---|---|---|---|---|
| Revenue: | |||||
| Electric - regulated | $817.4 | $852.2 | $(34.8) | $800.7 | $51.5 |
| Other - non-regulated | 47.6 | 48.0 | (0.4) | 41.5 | 6.5 |
| Total revenue | 865.0 | 900.2 | (35.2) | 842.2 | 58.0 |
| Fuel and Purchased Power: | |||||
| Electric - regulated | 198.3 | 261.7 | (63.4) | 244.5 | 17.2 |
| Other - non-regulated | 1.8 | 4.6 | (2.8) | 3.5 | 1.1 |
| Total fuel and purchased power | 200.1 | 266.3 | (66.2) | 248.0 | 18.3 |
| Electric Utility margin (non-GAAP) | 664.9 | 633.9 | 31.0 | 594.2 | 39.7 |
| Operations and maintenance | 236.2 | 244.8 | (8.6) | 224.5 | 20.3 |
| Depreciation and amortization | 142.6 | 135.9 | 6.7 | 131.5 | 4.4 |
| Taxes - property and production | 37.3 | 38.9 | (1.6) | 35.5 | 3.4 |
| 416.1 | 419.6 | (3.5) | 391.5 | 28.1 | |
| Operating income | $248.8 | $214.3 | $34.5 | $202.7 | $11.6 |
Electric Utility margin increased over the prior year as a result of:
| (in millions) | |
|---|---|
| New rates and rider recovery | $29.4 |
| Wygen I revenue recovery under business interruption insurance (a) | 5.0 |
| Integrated Generation (b) | 3.3 |
| Transmission services | 3.2 |
| Weather | (6.2) |
| Retail customer usage | (4.4) |
| Other | 0.7 |
| $31.0 | |
(a)
In 2021, Wygen I experienced an unplanned outage which resulted in lost revenue. A claim for these losses was submitted under our business interruption insurance policy. During the third quarter of 2023, we recovered $5.0 million from our business interruption insurance which was recognized as Revenue. See Note 3 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K for further information.
(b)
Primarily driven by favorable mining contract pricing and increased Black Hills Colorado IPP fired-engine hours.
Operations and maintenance expense decreased primarily due to a one-time $7.7 million gain on the planned sale of Northern Iowa Windpower assets, a $3.9 million gain on a strategic sale of land in Wyoming to a customer to support continued load growth, and $2.9 million of lower outside services expenses partially offset by $8.7 million of higher employee-related expenses.
Depreciation and amortization increased primarily due to higher asset base driven by prior and current year capital expenditures.
Taxes - property and production were comparable to the same period in the prior year.
Operating Statistics
| Revenue (in millions) | Quantities Sold (GWh) | |||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 |
| Residential | $224.9 | $246.7 | $244.6 | 1,438.5 | 1,513.1 | 1,494.0 |
| Commercial | 259.8 | 277.9 | 276.0 | 2,074.4 | 2,087.8 | 2,075.7 |
| Industrial | 159.4 | 166.4 | 149.0 | 2,094.8 | 1,912.5 | 1,751.4 |
| Municipal | 17.5 | 20.5 | 19.1 | 150.9 | 159.3 | 162.9 |
| Subtotal Retail Revenue - Electric | 661.6 | 711.5 | 688.7 | 5,758.6 | 5,672.7 | 5,484.0 |
| Contract Wholesale | 22.0 | 25.9 | 16.1 | 579.1 | 654.0 | 574.1 |
| Off-system/Power Marketing Wholesale | 42.5 | 48.6 | 41.7 | 737.9 | 643.2 | 638.9 |
| Other (a) | 91.2 | 66.2 | 54.2 | - | - | - |
| Total Regulated | 817.3 | 852.2 | 800.7 | 7,075.6 | 6,969.9 | 6,697.0 |
| Non-Regulated (b) | 47.7 | 48.0 | 41.5 | 120.6 | 293.0 | 269.6 |
| Total Revenue and Quantities Sold | $865.0 | $900.2 | $842.2 | 7,196.2 | 7,262.9 | 6,966.6 |
| Other Uses, Losses or Generation, net (c) | 463.5 | 450.0 | 475.3 | |||
| Total Energy | 7,659.7 | 7,712.9 | 7,441.9 | |||
(a)
Primarily related to transmission revenues from the Common Use System.
(b)
Includes Integrated Generation and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.
(c)
Includes company uses and line losses.
| Revenue (in millions) | Quantities Sold (GWh) | |||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 |
| Colorado Electric | $285.7 | $321.1 | $302.9 | 2,397.2 | 2,440.0 | 2,574.0 |
| South Dakota Electric | 321.1 | 335.2 | 319.4 | 2,554.3 | 2,626.2 | 2,389.4 |
| Wyoming Electric | 212.2 | 197.7 | 180.4 | 2,124.1 | 1,903.7 | 1,733.6 |
| Integrated Generation | 46.0 | 46.2 | 39.5 | 120.6 | 293.0 | 269.6 |
| Total Revenue and Quantities Sold | $865.0 | $900.2 | $842.2 | 7,196.2 | 7,262.9 | 6,966.6 |
| For the year ended December 31, | |||
|---|---|---|---|
| Quantities Generated and Purchased by Fuel Type (GWh) | 2023 | 2022 | 2021 |
| Generated: | |||
| Coal | 2,683.4 | 2,708.8 | 2,546.9 |
| Natural Gas | 2,021.4 | 1,454.2 | 1,817.2 |
| Wind (a) | 678.5 | 875.8 | 842.6 |
| Total Generated | 5,383.3 | 5,038.8 | 5,206.7 |
| Purchased: | |||
| Coal, Natural Gas, Diesel Oil and Other Market Purchases | 1,842.9 | 2,280.8 | 1,866.4 |
| Wind and Solar | 433.5 | 393.3 | 368.8 |
| Total Purchased | 2,276.4 | 2,674.1 | 2,235.2 |
| Total Generated and Purchased | 7,659.7 | 7,712.9 | 7,441.9 |
(a)
Wind generation decreased due to the sale of Northern Iowa Windpower assets in March 2023.
| For the year ended December 31, | |||
|---|---|---|---|
| Quantities Generated and Purchased (GWh) | 2023 | 2022 | 2021 |
| Generated: | |||
| Colorado Electric | 653.9 | 474.4 | 412.1 |
| South Dakota Electric | 2,018.5 | 1,890.0 | 1,980.7 |
| Wyoming Electric | 908.3 | 905.8 | 883.6 |
| Integrated Generation | 1,802.5 | 1,768.6 | 1,842.4 |
| Total Generated | 5,383.2 | 5,038.8 | 5,118.8 |
| Purchased: | |||
| Colorado Electric | 588.2 | 1,005.4 | 1,027.7 |
| South Dakota Electric | 604.6 | 826.4 | 563.6 |
| Wyoming Electric | 1,028.5 | 757.2 | 643.9 |
| Integrated Generation | 55.2 | 85.1 | 87.9 |
| Total Purchased | 2,276.5 | 2,674.1 | 2,323.1 |
| Total Generated and Purchased | 7,659.7 | 7,712.9 | 7,441.9 |
| For the year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| Degree Days | 2023 | 2022 | 2021 | |||
| Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal | |
| Heating Degree Days: | ||||||
| Colorado Electric | 5,330 | 1% | 5,551 | 9% | 5,023 | (11)% |
| South Dakota Electric | 6,969 | (4)% | 7,495 | 6% | 6,819 | (5)% |
| Wyoming Electric | 6,783 | (1)% | 7,051 | 3% | 6,702 | (6)% |
| Combined (a) | 6,185 | (1)% | 6,518 | 6% | 5,974 | (7)% |
| Cooling Degree Days: | ||||||
| Colorado Electric | 1,046 | (10)% | 1,362 | 9% | 1,245 | 39% |
| South Dakota Electric | 497 | (21)% | 814 | 27% | 827 | 30% |
| Wyoming Electric | 329 | (30)% | 701 | 47% | 604 | 74% |
| Combined (a) | 713 | (15)% | 1,040 | 18% | 973 | 40% |
(a)
Degree days are calculated based on a weighted average of total customers by state.
| For the year ended December 31, | |||
|---|---|---|---|
| Contracted generating facilities availability by fuel type (a) | 2023 | 2022 | 2021 |
| Coal | 93.7% | 91.5% | 86.7% |
| Natural gas and diesel oil | 92.1% | 96.1% | 95.5% |
| Wind | 92.5% | 93.7% | 95.8% |
| Total availability | 92.6% | 94.4% | 93.2% |
| Wind Capacity Factor | 37.4% | 34.7% | 34.0% |
(a)
Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet.
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