BLACK HILLS CORP /SD/
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Electric Utilities
Operating results for the years ended December 31 for the Electric Utilities were as follows:
| 2025 | 2024 | 2025 vs 2024 Variance | 2023 | 2024 vs 2023 Variance | |
|---|---|---|---|---|---|
| (in millions) | |||||
| Total revenue | $942.8 | $876.1 | $66.7 | $865.0 | $11.1 |
| Fuel and purchased power: | 259.6 | 206.4 | 53.2 | 200.1 | 6.3 |
| Electric Utility margin (non-GAAP) | 683.2 | 669.7 | 13.5 | 664.9 | 4.8 |
| Operations and maintenance | 271.2 | 252.6 | 18.6 | 236.2 | 16.4 |
| Depreciation and amortization | 152.4 | 145.3 | 7.1 | 142.6 | 2.7 |
| Taxes other than income taxes | 37.1 | 38.8 | (1.7) | 37.3 | 1.5 |
| 460.7 | 436.7 | 24.0 | 416.1 | 20.6 | |
| Operating income | $222.5 | $233.0 | $(10.5) | $248.8 | $(15.8) |
Electric Utility margin increased as a result of:
| (in millions) | |
|---|---|
| New rates and rider recovery | $25.0 |
| Retail customer growth and usage | 1.9 |
| Transmission services | (5.9) |
| Weather | (2.7) |
| Off-system excess energy sales | (1.8) |
| Other | (3.0) |
| $13.5 | |
Operations and maintenance expense increased primarily due to $5.5 million of higher outside services expenses, $4.8 million of expenses related to unplanned generation outages, $3.7 million of higher employee costs and $1.5 million from higher insurance expense primarily driven by higher excess liability premiums. Other unfavorable variances, none of which were individually significant, comprised the remainder of the difference when compared to the same period in 2024.
Depreciation and amortization increased primarily due to a higher asset base driven by capital expenditures.
Taxes other than income taxes were comparable to 2024.
Operating Statistics
| Revenue · Quantities Sold | ||||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | For the year ended December 31, | |||||
| By Customer Class | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
| (in millions) · (in GWh) | ||||||
| Retail Revenue - | ||||||
| Residential | $248.2 | $234.8 | $224.5 | 1,461.5 | 1,471.9 | 1,438.5 |
| Commercial | 279.4 | 263.6 | 254.5 | 2,068.1 | 2,091.4 | 2,074.4 |
| Industrial (a) | 201.0 | 168.9 | 157.3 | 2,615.4 | 2,169.8 | 2,094.8 |
| Municipal | 17.8 | 17.0 | 17.5 | 142.1 | 147.1 | 150.9 |
| Other Retail | 14.0 | 14.3 | 12.3 | — | — | — |
| Subtotal Retail Revenue - Electric | 760.4 | 698.6 | 666.1 | 6,287.1 | 5,880.2 | 5,758.6 |
| Wholesale | 21.7 | 26.8 | 34.2 | 483.0 | 589.4 | 699.7 |
| Market - off-system sales | 51.9 | 34.8 | 50.9 | 896.7 | 765.6 | 737.9 |
| Transmission | 45.2 | 52.2 | 47.1 | — | — | — |
| Other (b) | 63.6 | 63.7 | 66.7 | — | — | — |
| Total Revenue and Quantities Sold | $942.8 | $876.1 | $865.0 | 7,666.8 | 7,235.2 | 7,196.2 |
| Other Uses, Losses or Generation, net (c) | 476.8 | 390.3 | 463.5 | |||
| Total Energy | 8,143.6 | 7,625.5 | 7,659.7 | |||
(a)
The increase in industrial revenues and quantities sold for 2025 compared to 2024 was primarily driven by Wyoming Electric LPCS Tariff and BCIS Tariff customers.
(b)
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.
(c)
Includes company uses and line losses.
| Revenue · Quantities Sold | ||||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | For the year ended December 31, | |||||
| By Business Unit | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
| (in millions) · (in GWh) | ||||||
| Colorado Electric | $287.3 | $276.9 | $285.7 | 2,218.1 | 2,392.7 | 2,397.2 |
| South Dakota Electric | 341.6 | 322.0 | 321.1 | 2,683.2 | 2,556.5 | 2,554.3 |
| Wyoming Electric | 270.0 | 234.3 | 212.2 | 2,676.8 | 2,190.1 | 2,124.1 |
| Integrated Generation | 43.9 | 42.9 | 46.0 | 88.7 | 95.9 | 120.6 |
| Total Revenue and Quantities Sold | $942.8 | $876.1 | $865.0 | 7,666.8 | 7,235.2 | 7,196.2 |
| For the year ended December 31, | |||
|---|---|---|---|
| Quantities Generated and Purchased by Fuel Type | 2025 | 2024 | 2023 |
| (in GWh) | |||
| Generated: | |||
| Coal (a) | 2,075.0 | 2,478.3 | 2,683.4 |
| Natural Gas | 2,389.4 | 2,239.1 | 2,021.4 |
| Wind | 602.9 | 660.2 | 678.5 |
| Total Generated | 5,067.3 | 5,377.6 | 5,383.3 |
| Purchased: | |||
| Coal, Natural Gas, Diesel Oil and Other Market Purchases | 1,860.6 | 1,117.8 | 1,842.9 |
| Wind and Solar | 1,215.7 | 1,130.1 | 433.5 |
| Total Purchased (b) | 3,076.3 | 2,247.9 | 2,276.4 |
| Total Generated and Purchased | 8,143.6 | 7,625.5 | 7,659.7 |
(a)
The decrease in coal generation for 2025 compared to 2024 was primarily driven by unplanned outages at Wygen III.
(b)
The increase in total purchases for 2025 compared to 2024 was primarily driven by increased demand from Wyoming Electric LPCS Tariff and BCIS Tariff customers and unplanned outages at Wygen III as discussed in (a) above.
| For the year ended December 31, | |||
|---|---|---|---|
| Quantities Generated and Purchased by Business Unit | 2025 | 2024 | 2023 |
| (in GWh) | |||
| Generated: | |||
| Colorado Electric | 742.4 | 865.0 | 653.9 |
| South Dakota Electric | 1,758.1 | 2,045.4 | 2,018.5 |
| Wyoming Electric | 891.7 | 866.5 | 908.3 |
| Integrated Generation | 1,675.1 | 1,600.7 | 1,802.5 |
| Total Generated | 5,067.3 | 5,377.6 | 5,383.2 |
| Purchased: | |||
| Colorado Electric | 350.3 | 447.4 | 588.2 |
| South Dakota Electric | 1,034.0 | 590.7 | 604.6 |
| Wyoming Electric | 1,637.1 | 1,147.7 | 1,028.5 |
| Integrated Generation | 54.9 | 62.1 | 55.2 |
| Total Purchased | 3,076.3 | 2,247.9 | 2,276.5 |
| Total Generated and Purchased | 8,143.6 | 7,625.5 | 7,659.7 |
| For the year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||
| Degree Days | Actual | Variance from Normal | Actual | Variance from Normal | Actual | Variance from Normal |
| Heating Degree Days: | ||||||
| Colorado Electric | 5,104 | (1)% | 4,926 | (8)% | 5,330 | 1% |
| South Dakota Electric | 6,511 | (7)% | 6,311 | (13)% | 6,969 | (4)% |
| Wyoming Electric | 6,378 | (5)% | 6,272 | (10)% | 6,783 | (1)% |
| Combined (a) | 5,850 | (4)% | 5,676 | (10)% | 6,185 | (1)% |
| Cooling Degree Days: | ||||||
| Colorado Electric | 1,016 | (13)% | 1,269 | 11% | 1,046 | (10)% |
| South Dakota Electric | 778 | 18% | 913 | 49% | 497 | (21)% |
| Wyoming Electric | 337 | (30)% | 491 | 7% | 329 | (30)% |
| Combined (a) | 796 | (7)% | 989 | 20% | 713 | (15)% |
(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 | 2025 | 2024 | 2023 |
| Coal (b) | 77.7% | 89.8% | 93.7% |
| Natural gas and diesel oil (b) | 92.6% | 92.9% | 92.1% |
| Wind | 82.5% | 90.6% | 92.5% |
| Total availability | 86.9% | 91.7% | 92.6% |
| Wind Capacity Factor (a) | 34.2% | 36.7% | 37.4% |
(a)
Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet.
(b)
2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5 and Busch Ranch I and II. 2024 included unplanned outages at Wygen I and Pueblo Airport Generation #4-5.
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