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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

 

Commission File Number 001-31303

 

BLACK HILLS CORPORATION

 

Incorporated in South Dakota IRS Identification Number 46-0458824

 

7001 Mount Rushmore Road

Rapid City, South Dakota 57702

Registrant’s telephone number (605) 721-1700

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock of $1.00 par value

BKH

New York Stock Exchange

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

The aggregate market value of the voting common equity held by non-affiliates of the registrant on the last business day of the registrant’s most recently completed second fiscal quarter, June 30, 2022, was $4,702,221,557

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class

Outstanding at January 31, 2023

 

Common stock, $1.00 par value

66,103,478

shares

 

 

Documents Incorporated by Reference

Portions of the registrant’s Definitive Proxy Statement being prepared for the solicitation of proxies in connection with the 2023 Annual Meeting of Stockholders to be held on April 26, 2023, are incorporated by reference in Part III of this Form 10-K.

 


 

TABLE OF CONTENTS

 

 

 

Page

GLOSSARY OF TERMS AND ABBREVIATIONS

4

WEBSITE ACCESS TO REPORTS

10

FORWARD-LOOKING INFORMATION

10

Part I

 

 

 

ITEM 1.

BUSINESS

11

 

History and Organization

11

 

Electric Utilities

11

 

Gas Utilities

14

 

Utility Regulation Characteristics

16

 

Environmental Matters

20

 

Human Capital Resources

21

ITEM 1A.

RISK FACTORS

23

ITEM 1B.

UNRESOLVED STAFF COMMENTS

30

ITEM 2.

PROPERTIES

 

30

ITEM 3.

LEGAL PROCEEDINGS

30

ITEM 4.

MINE SAFETY DISCLOSURES

30

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

31

Part II

 

 

 

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

32

ITEM 6.

RESERVED

33

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

33

 

Executive Summary

33

 

Key Elements of our Business Strategy

34

 

Recent Developments

38

 

Results of Operations - Consolidated Summary and Overview

39

 

Non-GAAP Financial Measure

40

 

Electric Utilities

41

 

Gas Utilities

44

 

Corporate and Other

46

 

Consolidated Interest Expense, Impairment of Investment, Other Income (Expense) and Income Tax Benefit (Expense)

46

 

Liquidity and Capital Resources

47

 

Cash Flow Activities

47

 

Capital Resources

49

 

Credit Ratings

50

 

Capital Requirements

50

 

Critical Accounting Estimates

52

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

54

 

 

2


 

 

 

 

 

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

56

 

Management’s Report on Internal Controls Over Financial Reporting

56

 

Reports of Independent Registered Public Accounting Firm

57

 

Consolidated Statements of Income

60

 

Consolidated Statements of Comprehensive Income

61

 

Consolidated Balance Sheets

62

 

Consolidated Statements of Cash Flows

64

 

Consolidated Statements of Equity

65

 

Notes to Consolidated Financial Statements

66

 

Note 1. Business Description and Significant Accounting Policies

66

 

Note 2. Regulatory Matters

74

 

Note 3. Commitments, Contingencies and Guarantees

78

 

Note 4. Revenue

80

 

Note 5. Property, Plant and Equipment

82

 

Note 6. Jointly Owned Facilities

83

 

Note 7. Asset Retirement Obligations

83

 

Note 8. Financing

84

 

Note 9. Risk Management and Derivatives

88

 

Note 10. Fair Value Measurements

91

 

Note 11. Other Comprehensive Income

93

 

Note 12. Variable Interest Entity

94

 

Note 13. Employee Benefit Plans

94

 

Note 14. Share-based Compensation Plans

100

 

Note 15. Income Taxes

103

 

Note 16. Business Segment Information

106

 

Note 17. Subsequent Events

108

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

108

ITEM 9A.

CONTROLS AND PROCEDURES

108

ITEM 9B.

OTHER INFORMATION

108

ITEM 9C.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

108

Part III

 

 

 

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

108

ITEM 11.

EXECUTIVE COMPENSATION

109

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

109

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

110

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

110

Part IV

 

 

 

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

110

ITEM 16.

FORM 10-K SUMMARY

113

SIGNATURES

114

 

 

3


Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS

 

The following terms and abbreviations appear in the text of this report and have the definitions described below:

 

AC

Alternating Current

AFUDC

Allowance for Funds Used During Construction

AOCI

Accumulated Other Comprehensive Income (Loss)

APSC

Arkansas Public Service Commission

Arkansas Gas

Black Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy).

ARO

Asset Retirement Obligation

ASC

Accounting Standards Codification

ASU

Accounting Standards Update as issued by the FASB

ATM

At-the-market equity offering program

Availability

The availability factor of a power plant is the percentage of the time that it is available to provide energy.

BHC

Black Hills Corporation; the Company

BHSC

Black Hills Service Company, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy)

Black Hills Colorado IPP

Black Hills Colorado IPP, LLC, a 50.1% owned subsidiary of Black Hills Electric Generation

Black Hills Electric Generation

Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities.

Black Hills Energy

The name used to conduct the business of our utility companies

Black Hills Energy Renewable Resources (BHERR)

Black Hills Energy Renewable Resources, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings

Black Hills Energy Services

Black Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy).

Black Hills Non-regulated Holdings

Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation

Black Hills Power

Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy). Also known as South Dakota Electric.

Black Hills Utility Holdings

Black Hills Utility Holdings, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy)

Black Hills Wyoming

Black Hills Wyoming, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Generation

Blockchain Interruptible Service (BCIS) Tariff

A WPSC-approved tariff applicable to prospective new Wyoming Electric blockchain customers. The tariff allows customers to negotiate rates and terms and conditions for interruptible electric utility service of 10 MW or greater that would be interconnected with Wyoming Electric’s system. Agreements under the BCIS tariff must be filed with the WPSC prior to the first customer billing, be at least 2 years in duration and include specific pricing for all electricity purchased (with pricing terms subject to renegotiation every three years). BCIS customers shall not participate in the PCA to the extent of service received under the tariff.

Btu

British thermal unit

Busch Ranch I

The 29 MW wind farm near Pueblo, Colorado, jointly owned by Colorado Electric and Black Hills Electric Generation. Colorado Electric and Black Hills Electric Generation each have a 50% ownership interest in the wind farm. Black Hills Electric Generation provides its share of energy from the wind farm to Colorado Electric through a PPA, which expires in October 2037.

4


Table of Contents

Busch Ranch II

The 59.4 MW wind farm near Pueblo, Colorado owned by Black Hills Electric Generation to provide wind energy to Colorado Electric through a PPA expiring in November 2044.

CACJA Adjustment

Clean Air Clean Jobs Act Adjustment is an adjustment mechanism that allows Colorado Electric to collect from customers the capital costs related to Pueblo Airport Generation CT #6.

CFTC

United States Commodity Futures Trading Commission

Cheyenne Light

Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy). Also known as Wyoming Electric.

Cheyenne Prairie

Cheyenne Prairie Generating Station serves the utility customers of South Dakota Electric and Wyoming Electric. The facility includes one simple-cycle, 40 MW combustion turbine that is wholly-owned by Wyoming Electric and one combined-cycle, 100 MW unit that is jointly-owned by Wyoming Electric (42 MW) and South Dakota Electric (58 MW).

Chief Operating Decision Maker (CODM)

Chief Executive Officer

Choice Gas Program

Regulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing the unbundling of the commodity service from the distribution delivery service.

City of Gillette

Gillette, Wyoming

Clean Energy Plan

2030 Ready Plan that establishes a roadmap and preferred resource portfolio for Colorado Electric to cost-effectively achieve the State of Colorado’s requirement calling upon electric utilities to reduce GHG emissions by a minimum of 80% by 2030. The preferred resource portfolio calls for the addition of 149 MW of wind, 258 MW of solar and 50 MW of battery storage to Colorado Electric’s system. The final mix of resources would be determined by the results of a competitive solicitation starting in 2023. Colorado legislation allows electric utilities to own up to 50% of the renewable generation assets added to comply with the Clean Energy Plan.

CO2

Carbon dioxide

Colorado Electric

Black Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing electric service to customers in Colorado (doing business as Black Hills Energy).

Colorado Gas

Black Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy).

Common Use System

The Common Use System is a jointly operated transmission system we participate in with Basin Electric Power Cooperative and Powder River Energy Corporation. The Common Use System provides transmission service over these utilities' combined 230-kilovolt (kV) and limited 69-kV transmission facilities within areas of southwestern South Dakota and northeastern Wyoming.

Consolidated Indebtedness to Capitalization Ratio

Any Indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net-worth (excluding non-controlling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility.

Cooling Degree Day

A cooling degree day is equivalent to each degree that the average of the high and low temperature for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth of weather and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.

Corriedale

The 52.5 MW wind farm near Cheyenne, Wyoming, jointly owned by South Dakota Electric (32.5 MW) and Wyoming Electric (20 MW), serving as the dedicated wind energy supply to the Renewable Ready program.

COVID-19

The official name for the 2019 novel coronavirus disease announced on February 11, 2020, by the World Health Organization, that is causing a global pandemic.

CP Program

Commercial Paper Program

CPUC

Colorado Public Utilities Commission

CSAPR

Cross-State Air Pollution Rule

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CT

Combustion Turbine

CTII

The 40 MW Gillette CT, a simple-cycle, gas-fired combustion turbine owned by the City of Gillette.

Cushion Gas

The portion of natural gas necessary to force saleable gas from a storage field into the transmission system and for system balancing, representing a permanent investment necessary to use storage facilities and maintain reliability.

CVA

Credit Valuation Adjustment

DC

Direct Current

Dividend Payout Ratio

Annual dividends paid on common stock divided by net income from continuing operations available for common stock

DRSPP

Dividend Reinvestment and Stock Purchase Plan

DSM

Demand Side Management

Dth

Dekatherm. A unit of energy equal to 10 therms or one million British thermal units (MMBtu).

EBITDA

Earnings before interest, taxes, depreciation and amortization, a non-GAAP measure.

ECA

Energy Cost Adjustment is an adjustment that allows us to pass the prudently-incurred cost of fuel and purchased energy through to customers.

Economy Energy

Purchased energy that costs less than that produced with the utilities’ owned generation.

EECR

Energy Efficiency Cost Recovery is an adjustment mechanism that allows us to recover from customers the costs associated with providing energy efficiency programs.

EIA

Environmental Improvement Adjustment is an annual adjustment mechanism that allows us to recover from customers eligible investments in, and expense related to, new environmental measures.

EGU

Electric generating unit

Energy Transition

The global energy sector’s shift from fossil-based systems of energy production and consumption, including oil, natural gas and coal to renewable energy sources like wind and solar, as well as battery storage solutions.

EPA

United States Environmental Protection Agency

EV

Electric Vehicle

EWG

Exempt Wholesale Generator

FASB

Financial Accounting Standards Board

FERC

United States Federal Energy Regulatory Commission

Fitch

Fitch Ratings Inc.

GAAP

Accounting principles generally accepted in the United States of America

GCA

Gas Cost Adjustment is an adjustment that allows us to pass the prudently-incurred cost of gas and certain services through to customers.

GHG

Greenhouse gases

Global Settlement

Settlement with a utility’s commission where the revenue requirement is agreed upon, but the specific adjustments used by each party to arrive at the amount are not specified in public rate orders.

Happy Jack

Happy Jack Wind Farm, LLC, owned by Duke Energy Generation Services

Heating Degree Day

A heating degree day is equivalent to each degree that the average of the high and the low temperatures for a day is below 65 degrees. The colder the climate, the greater the number of heating degree days. Heating degree days are used in the utility industry to measure the relative coldness of weather and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.

HomeServe

We offer HomeServe products to our natural gas residential customers interested in purchasing additional home repair service plans.

Integrated Generation

Non-regulated power generation and mining businesses that are vertically integrated within our Electric Utilities segment.

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Iowa Gas

Black Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy).

IPP

Independent Power Producer

IRA

Inflation Reduction Act of 2022

IRC

Internal Revenue Code

IRP

Integrated Resource Plan

IRS

United States Internal Revenue Service

ITC

Investment Tax Credit

IUB

Iowa Utilities Board

Kansas Gas

Black Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy).

KCC

Kansas Corporation Commission

kV

Kilovolt

LIBOR

London Interbank Offered Rate

Mcf

Thousand cubic feet

Mcfd

Thousand cubic feet per day

MDU

Montana-Dakota Utilities Co., a subsidiary of MDU Resources Group, Inc.

MEAN

Municipal Energy Agency of Nebraska

MISO

Midcontinent Independent System Operator, Inc.

MMBtu

Million British thermal units

Moody’s

Moody’s Investors Service, Inc.

MSHA

United States Department of Labor’s Mine Safety and Health Administration

MW

Megawatts

MWh

Megawatt-hours

N/A

Not Applicable

NAAQS

National Ambient Air Quality Standards

NAV

Net Asset Value

Nebraska Gas

Black Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy).

Neil Simpson II

A mine-mouth, coal-fired power plant owned and operated by South Dakota Electric with a total capacity of 90 MW located at our Gillette, Wyoming energy complex.

NERC

North American Electric Reliability Corporation

NOx

Nitrogen oxide

NOL

Net Operating Loss

Northern Iowa Windpower

Northern Iowa Windpower, LLC, a 87.1 MW wind farm located near Joice, Iowa, owned by Black Hills Electric Generation and operated by a third-party. We sell the wind energy generated in the MISO market.

NPSC

Nebraska Public Service Commission

OCI

Other Comprehensive Income

OPEB

Other Post-Employment Benefits

OSHA

United States Department of Labor’s Occupational Safety & Health Administration

OSM

United States Department of the Interior’s Office of Surface Mining

PacifiCorp

PacifiCorp, a wholly owned subsidiary of MidAmerican Energy Holdings Company, itself an affiliate of Berkshire Hathaway.

PCA

Power Cost Adjustment is an annual adjustment mechanism that allows us to pass a portion of prudently-incurred delivered power costs, including fuel, purchased capacity and energy, and transmission costs, through to customers.

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PCCA

Power Capacity Cost Adjustment is an annual adjustment that allows us to pass the prudently-incurred purchased capacity costs, incremental to costs included in base rates, through to customers.

Peak View

The 60.8 MW wind farm owned by Colorado Electric.

PHMSA

United States Department of Transportation Pipeline and Hazardous Materials Safety Administration

PPA

Power Purchase Agreement

PRPA

Platte River Power Authority

PSA

Power Sales Agreement

PTC

Production Tax Credit

Pueblo Airport Generation

The 440 MW combined cycle gas-fired power generation plants jointly owned by Colorado Electric (240 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP owns and operates this facility. The plants commenced operation on January 1, 2012.

PUHCA 2005

Public Utility Holding Company Act of 2005

Ready

The Company’s branding platform which emphasizes that we will 1) prioritize our customers; 2) act as a thoughtful, responsible leader; 3) listen first and lead with a focus on relationships; and 4) be creative in our approach to solutions.

Ready Wyoming

A 260-mile, multi-phase transmission expansion project in Wyoming. This transmission project will serve the growing needs of customers by enhancing resiliency of Wyoming Electric’s overall electric system and expanding access to power markets and renewable resources. The project will help Wyoming Electric maintain top-quartile reliability and enable economic development in the Cheyenne, Wyoming region.

Renewable Ready

Voluntary renewable energy subscription program for large commercial, industrial and governmental customers in South Dakota and Wyoming.

RESA

Renewable Energy Standard Adjustment is an incremental retail rate limited to 2% for Colorado Electric customers that provides funding for renewable energy projects and programs to comply with Colorado’s Renewable Energy Standard.

Revolving Credit Facility

Our $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 19, 2021, and now terminates on July 19, 2026.

RMNG

Rocky Mountain Natural Gas LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas transmission and wholesale services in western Colorado (doing business as Black Hills Energy).

RNG

Renewable natural gas

RTO

Regional Transmission Organization

SDPUC

South Dakota Public Utilities Commission

SEC

United States Securities and Exchange Commission

Service Guard Comfort Plan

Appliance protection plan that provides home appliance repair services through on-going monthly service agreements to residential utility customers.

Silver Sage

Silver Sage Windpower, LLC, owned by Duke Energy Generation Services

SO2

Sulfur dioxide

S&P

S&P Global Ratings, a division of S&P Global Inc.

SourceGas Transaction

On February 12, 2016, Black Hills Utility Holdings acquired SourceGas pursuant to a purchase and sale agreement executed on July 12, 2015 for approximately $1.89 billion, which included the assumption of $760 million in debt at closing.

South Dakota Electric

Black Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy).

SPP

Southwest Power Pool, a regional transmission organization (RTO) that oversees the bulk electric grid and wholesale power market in the central United States.

SSIR

System Safety and Integrity Rider

System Peak Demand

Represents the highest point of retail customer usage for a single hour.

TCA

Transmission Cost Adjustment is an annual adjustment mechanism that allows us to recover from customers eligible transmission investments prior to the next rate review.

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TCAM

Transmission Cost Adjustment Mechanism is a WPSC-approved tariff based on a formulaic approach that determines the recovery of Wyoming Electric's transmisson costs.

TCJA

Tax Cuts and Jobs Act enacted on December 22, 2017

Tech Services

Non-regulated product lines delivered by our Utilities that 1) provide electrical system construction services to large industrial customers of our electric utilities, and 2) serve gas transportation customers throughout its service territory by constructing and maintaining customer-owned gas infrastructure facilities, typically through one-time contracts.

TFA

Transmission Facility Adjustment is an annual adjustment mechanism that allows us to recover charges for qualifying new and modified transmission facilities from customers.

Transmission Tie

South Dakota Electric owns 35% of a AC-DC-AC transmission tie that interconnects the Western and Eastern transmission grids, which are independently-operated transmission grids serving the western and eastern United States, respectively. Basin Electric Power Cooperative owns the remaining ownership percentage. This transmission tie allows us to buy and sell energy in the Eastern grid without having to isolate and physically reconnect load or generation between the two transmission grids, thus enhancing the reliability of our system. It accommodates scheduling transactions in both directions simultaneously, provides additional opportunities to sell excess generation or to make economic purchases to serve our native load and contract obligations, and enables us to take advantage of power price differentials between the two grids. The total transfer capacity of the tie is 400 MW, including 200 MW from West to East and 200 MW from East to West.

TSA

United States Department of Homeland Security’s Transportation Security Administration

Utilities

Black Hills’ Electric and Gas Utilities

VEBA

Voluntary Employee Benefit Association

VIE

Variable Interest Entity

WEIS

Western Energy Imbalance Service

Wind Capacity Factor

Measures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential

Winter Storm Uri

February 2021 winter weather event that caused extreme cold temperatures in the central United States and led to unprecedented fluctuations in customer demand and market pricing for natural gas and energy.

Working Capacity

Total gas storage capacity minus cushion gas

WPSC

Wyoming Public Service Commission

WRDC

Wyodak Resources Development Corp., a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing coal supply primarily to five on-site, mine-mouth generating facilities (doing business as Black Hills Energy).

Wygen I

A mine-mouth, coal-fired generating facility with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. Black Hills Wyoming owns 76.5% of the facility and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%.

Wygen II

A mine-mouth, coal-fired power plant owned by Wyoming Electric with a total capacity of 95 MW located at our Gillette, Wyoming energy complex.

Wygen III

A mine-mouth, coal-fired power plant operated by South Dakota Electric with a total capacity of 116 MW located at our Gillette, Wyoming energy complex. South Dakota Electric owns 52% of the power plant, MDU owns 25% and the City of Gillette owns the remaining 23%.

Wyodak Plant

The 402.3 MW mine-mouth, coal-fired generating facility located at our Gillette, Wyoming energy complex, jointly owned by PacifiCorp (80%) and South Dakota Electric (20%). Our WRDC mine supplies all of the fuel for the facility.

Wyoming Electric

Cheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy).

Wyoming Gas

Black Hills Wyoming Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy).

 

 

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WEBSITE ACCESS TO REPORTS

 

The reports we file with the SEC are available free of charge at our website www.blackhillscorp.com as soon as reasonably practicable after they are filed. In addition, the charters of our Audit, Governance and Compensation Committees are located on our website along with our Code of Business Conduct, Code of Ethics for our Chief Executive Officer and Senior Finance Officers, Corporate Governance Guidelines of the Board of Directors and Policy for Director Independence. The information contained on our website is not part of this document.

 

FORWARD-LOOKING INFORMATION

 

This Form 10-K contains forward-looking statements as defined by the SEC. Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those statements that are identified by the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts” and similar expressions and include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. From time to time, the Company may publish or otherwise make available forward-looking statements of this nature, including statements contained within Item 7 - Management’s Discussion & Analysis of Financial Condition and Results of Operations.

 

Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Nonetheless, the Company’s expectations, beliefs or projections may not be achieved or accomplished.

 

Any forward-looking statement contained in this document speaks only as of the date on which the statement is made and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, such as adverse macroeconomic conditions, global pandemics or severe weather events, and it is not possible for management to predict all of the factors, nor can it assess the effect of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by the risk factors and cautionary statements in this Annual Report on Form 10-K, including statements contained within Item 1A - Risk Factors.

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PART I

 

ITEM 1. BUSINESS

 

History and Organization

Black Hills Corporation, a South Dakota corporation (together with its subsidiaries, referred to herein as the “Company,” “we,” “us” or “our”), is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota (incorporated in South Dakota in 1941).

 

We operate our business in the United States, reporting our operating results through our Electric Utilities and Gas Utilities segments. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other.

 

Our Electric Utilities segment generates, transmits and distributes electricity to approximately 220,000 electric utility customers in Colorado, Montana, South Dakota and Wyoming. We also own and operate non-regulated power generation and mining assets that are vertically integrated into and primarily contracted to our Electric Utilities. Our Electric Utilities own 1,482 MW of generation and 9,024 miles of electric transmission and distribution lines.

 

Our Gas Utilities segment serves approximately 1,107,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. Our Gas Utilities own and operate 4,713 miles of intrastate gas transmission pipelines and 42,222 miles of gas distribution mains and service lines, seven natural gas storage sites, more than 50,000 horsepower of compression and over 515 miles of gathering lines.

 

Electric Utilities

 

We conduct electric utility operations through our Colorado, South Dakota and Wyoming subsidiaries. Our electric generating facilities and power purchase agreements provide for the supply of electricity principally to our retail customers. Additionally, we sell excess power to other utilities and marketing companies, including our affiliates. We also provide non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.

 

Additionally, we own and operate non-regulated power generation and mining assets that are vertically integrated into and primarily support our Electric Utilities. Nearly all of these operations are located at our electric generating complexes and are physically integrated into our Electric Utilities’ operations.

 

 

 

As of December 31,

 

Retail Customers

 

2022

 

 

2021

 

 

2020

 

Residential

 

 

188,921

 

 

 

186,852

 

 

 

184,872

 

Commercial

 

 

30,404

 

 

 

30,326

 

 

 

30,225

 

Industrial

 

 

82

 

 

 

81

 

 

 

83

 

Other

 

 

1,024

 

 

 

1,010

 

 

 

1,017

 

Total Electric Retail Customers at End of Year

 

 

220,431

 

 

 

218,269

 

 

 

216,197

 

 

 

 

As of December 31,

 

Retail Customers

 

2022

 

 

2021

 

 

2020

 

Colorado Electric

 

 

100,573

 

 

 

99,709

 

 

 

98,735

 

South Dakota Electric

 

 

75,169

 

 

 

74,509

 

 

 

73,700

 

Wyoming Electric

 

 

44,689

 

 

 

44,051

 

 

 

43,762

 

Total Electric Retail Customers at End of Year

 

 

220,431

 

 

 

218,269

 

 

 

216,197

 

 

Capacity and Demand. System Peak Demand for the Electric Utilities’ retail customers for each of the last three years are listed below:

 

 

 

System Peak Demand (in MW)

 

 

 

2022 (a)

 

2021

 

 

2020

 

 

 

Summer

 

Winter

 

Summer

 

 

Winter

 

 

Summer

 

 

Winter

 

Colorado Electric

 

410

 

334

 

 

407

 

 

 

279

 

 

 

401

 

 

 

297

 

South Dakota Electric

 

403

 

355

 

 

397

 

 

 

299

 

 

 

378

 

 

 

304

 

Wyoming Electric

 

294

 

281

 

 

274

 

 

 

246

 

 

 

271

 

 

 

246

 

____________________

(a)
In December 2022, each of our Electric Utilities set new winter peak loads. In July 2022, South Dakota Electric and Wyoming Electric set new all-time and summer peak loads. See recent peak discussion in the Recent Developments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 in this Annual Report on Form 10-K for additional information.

 

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As of December 31, 2022, our Electric Utilities’ ownership interests in electric generating plants were as follows:

 

Unit

 

Fuel
Type

 

Location

 

Ownership
Interest %
(d)

 

Owned
Nameplate
Capacity (MW)

 

 

In Service
Date

Colorado Electric:

 

 

 

 

 

 

 

 

 

 

 

Busch Ranch I (a)

 

Wind

 

Pueblo, Colorado

 

50%

 

 

14.5

 

 

2012

Peak View (b) (c)

 

Wind

 

Pueblo, Colorado

 

100%

 

 

60.8

 

 

2016

Pueblo Airport Generation #1-2

 

Gas

 

Pueblo, Colorado

 

100%

 

 

200.0

 

 

2011

Pueblo Airport Generation CT #6

 

Gas

 

Pueblo, Colorado

 

100%

 

 

40.0

 

 

2016

AIP Diesel

 

Oil

 

Pueblo, Colorado

 

100%

 

 

10.0

 

 

2001

Diesel #1 and #3-5

 

Oil

 

Pueblo, Colorado

 

100%

 

 

8.0

 

 

1964

Diesel #1-5

 

Oil

 

Rocky Ford, Colorado

 

100%

 

 

10.0

 

 

1964

South Dakota Electric:

 

 

 

 

 

 

 

 

 

 

 

Cheyenne Prairie

 

Gas

 

Cheyenne, Wyoming

 

58%

 

 

58.0

 

 

2014

Corriedale (c)

 

Wind

 

Cheyenne, Wyoming

 

62%