BLACK HILLS CORP SD
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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FY2024 · Filed Feb 12, 2025
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Electric Utilities
Operating results for the years ended December 31 for the Electric Utilities were as follows:
| 2024 | 2023 | 2024 vs 2023 Variance | 2022 | 2023 vs 2022 Variance | |
|---|---|---|---|---|---|
| (in millions) | |||||
| Total revenue | $876.1 | $865.0 | $11.1 | $900.2 | $(35.2) |
| Fuel and purchased power: | 206.4 | 200.1 | 6.3 | 266.3 | (66.2) |
| Electric Utility margin (non-GAAP) | 669.7 | 664.9 | 4.8 | 633.9 | 31.0 |
| Operations and maintenance | 252.6 | 236.2 | 16.4 | 244.8 | (8.6) |
| Depreciation and amortization | 145.3 | 142.6 | 2.7 | 135.9 | 6.7 |
| Taxes other than income taxes | 38.8 | 37.3 | 1.5 | 38.9 | (1.6) |
| 436.7 | 416.1 | 20.6 | 419.6 | (3.5) | |
| Operating income | $233.0 | $248.8 | $(15.8) | $214.3 | $34.5 |
Electric Utility margin increased as a result of:
| (in millions) | |
|---|---|
| New rates and rider recovery | $15.8 |
| Retail customer growth and usage | 3.8 |
| Weather | 2.7 |
| Off-system excess energy sales | (7.8) |
| 2023 Wygen I revenue recovery under business interruption insurance (a) | (5.0) |
| Unplanned generation outages | (4.0) |
| Other | (0.7) |
| $4.8 | |
(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. In 2023, we recovered $5.0 million from our business interruption insurance which was recognized as Revenue.
Operations and maintenance expense increased primarily due to $5.1 million of costs related to unplanned generation outages and $4.6 million of higher insurance expense partially offset by $3.5 million of lower employee-related expenses driven by lower headcount. In 2023, Electric Utilities benefited from one-time gains of $7.7 million on the sale of Northern Iowa Windpower assets and $3.9 million on sale of land.
Depreciation and amortization increased primarily due to higher asset base driven by capital expenditures.
Taxes other than income taxes were comparable.
Operating Statistics
| Revenue · Quantities Sold | ||||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | For the year ended December 31, | |||||
| By Customer Class | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |
| (in millions) · (in GWh) | ||||||
| Retail Revenue - | ||||||
| Residential | $234.8 | $224.5 | $246.2 | 1,471.9 | 1,438.5 | 1,513.1 |
| Commercial | 263.6 | 254.5 | 272.4 | 2,091.4 | 2,074.4 | 2,087.8 |
| Industrial | 168.9 | 157.3 | 163.9 | 2,169.8 | 2,094.8 | 1,912.5 |
| Municipal | 17.0 | 17.5 | 20.5 | 147.1 | 150.9 | 159.3 |
| Other Retail | 14.3 | 12.3 | 6.2 | — | — | — |
| Subtotal Retail Revenue - Electric | 698.6 | 666.1 | 709.2 | 5,880.2 | 5,758.6 | 5,672.7 |
| Wholesale | 26.8 | 34.2 | 44.8 | 589.4 | 699.7 | 947.0 |
| Market - off-system sales | 34.8 | 50.9 | 48.6 | 765.6 | 737.9 | 643.2 |
| Transmission | 52.2 | 47.1 | 40.5 | — | — | — |
| Other (a) | 63.7 | 66.7 | 57.1 | — | — | — |
| Total Revenue and Quantities Sold | $876.1 | $865.0 | $900.2 | 7,235.2 | 7,196.2 | 7,262.9 |
| Other Uses, Losses or Generation, net (b) | 390.3 | 463.5 | 450.0 | |||
| Total Energy | 7,625.5 | 7,659.7 | 7,712.9 | |||
(a)
Primarily related to Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.
(b)
Includes company uses and line losses.
| Revenue · Quantities Sold | ||||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | For the year ended December 31, | |||||
| By Business Unit | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |
| (in millions) · (in GWh) | ||||||
| Colorado Electric | $276.9 | $285.7 | $321.1 | 2,392.7 | 2,397.2 | 2,440.0 |
| South Dakota Electric | 322.0 | 321.1 | 335.2 | 2,556.5 | 2,554.3 | 2,626.2 |
| Wyoming Electric | 234.3 | 212.2 | 197.7 | 2,190.1 | 2,124.1 | 1,903.7 |
| Integrated Generation | 42.9 | 46.0 | 46.2 | 95.9 | 120.6 | 293.0 |
| Total Revenue and Quantities Sold | $876.1 | $865.0 | $900.2 | 7,235.2 | 7,196.2 | 7,262.9 |
| For the year ended December 31, | |||
|---|---|---|---|
| Quantities Generated and Purchased by Fuel Type | 2024 | 2023 | 2022 |
| (in GWh) | |||
| Generated: | |||
| Coal | 2,478.3 | 2,683.4 | 2,708.8 |
| Natural Gas | 2,239.1 | 2,021.4 | 1,454.2 |
| Wind | 660.2 | 678.5 | 875.8 |
| Total Generated | 5,377.6 | 5,383.3 | 5,038.8 |
| Purchased: | |||
| Coal, Natural Gas, Diesel Oil and Other Market Purchases (a) | 1,117.8 | 1,842.9 | 2,280.8 |
| Wind and Solar (a) | 1,130.1 | 433.5 | 393.3 |
| Total Purchased | 2,247.9 | 2,276.4 | 2,674.1 |
| Total Generated and Purchased | 7,625.5 | 7,659.7 | 7,712.9 |
(a)
The shift in purchases by fuel type for 2024 compared to 2023 is primarily due to Wyoming Electric's new wind and solar energy PPAs, which replaced market purchases from other fuel types, and are used to serve our LPCS customers. See Key Elements of our Business Strategy section above for additional information.
| For the year ended December 31, | |||
|---|---|---|---|
| Quantities Generated and Purchased by Business Unit | 2024 | 2023 | 2022 |
| (in GWh) | |||
| Generated: | |||
| Colorado Electric | 865.0 | 653.9 | 474.4 |
| South Dakota Electric | 2,045.4 | 2,018.5 | 1,890.0 |
| Wyoming Electric | 866.5 | 908.3 | 905.8 |
| Integrated Generation | 1,600.7 | 1,802.5 | 1,768.6 |
| Total Generated | 5,377.6 | 5,383.2 | 5,038.8 |
| Purchased: | |||
| Colorado Electric | 447.4 | 588.2 | 1,005.4 |
| South Dakota Electric | 590.7 | 604.6 | 826.4 |
| Wyoming Electric | 1,147.7 | 1,028.5 | 757.2 |
| Integrated Generation | 62.1 | 55.2 | 85.1 |
| Total Purchased | 2,247.9 | 2,276.5 | 2,674.1 |
| Total Generated and Purchased | 7,625.5 | 7,659.7 | 7,712.9 |
| For the year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||||
| Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal |
| Heating Degree Days: | ||||||
| Colorado Electric | 4,926 | (8)% | 5,330 | 1% | 5,551 | 9% |
| South Dakota Electric | 6,311 | (13)% | 6,969 | (4)% | 7,495 | 6% |
| Wyoming Electric | 6,272 | (10)% | 6,783 | (1)% | 7,051 | 3% |
| Combined (a) | 5,676 | (10)% | 6,185 | (1)% | 6,518 | 6% |
| Cooling Degree Days: | ||||||
| Colorado Electric | 1,269 | 11% | 1,046 | (10)% | 1,362 | 9% |
| South Dakota Electric | 913 | 49% | 497 | (21)% | 814 | 27% |
| Wyoming Electric | 491 | 7% | 329 | (30)% | 701 | 47% |
| Combined (a) | 989 | 20% | 713 | (15)% | 1,040 | 18% |
(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 (a) by fuel type | 2024 | 2023 | 2022 |
| Coal (b) | 89.8% | 93.7% | 91.5% |
| Natural gas and diesel oil (b) | 92.9% | 92.1% | 96.1% |
| Wind | 90.6% | 92.5% | 93.7% |
| Total availability | 91.7% | 92.6% | 94.4% |
| Wind Capacity Factor (a) | 36.7% | 37.4% | 34.7% |
(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 Pueblo Airport Generation #4-5.
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