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MarketScreener Homepage  >  Equities  >  Nyse  >  Black Hills Corporation    BKH

BLACK HILLS CORPORATION

(BKH)
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Black Hills Corp. Announces Plan to Add Up to 200 Megawatts of Renewable Energy to Its Southern Colorado System

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11/22/2019 | 06:06pm EST

RAPID CITY, S.D., Nov. 22, 2019 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced its Colorado Electric utility subsidiary, doing business as Black Hills Energy, submitted a proposal to the Colorado Public Utilities Commission seeking approval of a plan that would add up to 200 megawatts of new, low-cost renewable energy resources to its Southern Colorado system.

As proposed, Black Hills Energy’s Renewable Advantage plan would open a competitive solicitation process in December, seeking proposals for new, utility-scale renewable energy projects to include wind, solar and battery storage – up to 200 megawatts of energy. While the company’s Colorado electric utility has sufficient power resources to meet customers’ day-to-day electricity needs, Renewable Advantage is expected to deliver significant customer savings by supplementing existing power supplies with lower cost renewable energy resources.

Subject to commission approval, the addition of up to 200 megawatts of new renewable energy resources would result in approximately 60 percent of the utility’s Southern Colorado generation portfolio coming from carbon-free resources by 2023. With the recent addition of the 60-megawatt Busch Ranch II wind project, the company will achieve 30 percent renewables by 2020, fulfilling the requirements of Colorado’s renewable energy mandates.

“We are fully supportive of efforts to add more clean, renewable energy in Southern Colorado, especially given the opportunity to lower energy costs for our customers,” said Linden “Linn” R. Evans, president and CEO of Black Hills Corp. “In the coming years, we’ll continue to expand our renewable energy offerings to meet customer and community demand.”

According to the company’s plan, bidders will have until Feb. 15, 2020, to submit their project proposals, which will then be reviewed by an independent evaluator overseen by the Colorado commission. Based on the outcome of the bidding process, projects would be placed into service starting in 2022.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.27 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com and www.blackhillsenergy.com.

Investor Relations
Jerome E. Nichols
605-721-1171
jerome.nichols@blackhillscorp.com

24-hour Media Assistance
888-242-3969

Caution Regarding Forward Looking Statement
This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward looking statements. This includes our ability to obtain Colorado Public Utilities Commission approval to issue request for proposals to add up to 200 megawatts of renewable energy to our Southern Colorado electric system. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2017 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.

New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

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© GlobeNewswire 2019
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Financials (USD)
Sales 2019 1 846 M
EBIT 2019 421 M
Net income 2019 211 M
Debt 2019 3 470 M
Yield 2019 2,67%
P/E ratio 2019 22,4x
P/E ratio 2020 20,9x
EV / Sales2019 4,43x
EV / Sales2020 4,27x
Capitalization 4 715 M
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 77,88  $
Last Close Price 76,72  $
Spread / Highest target 14,7%
Spread / Average Target 1,51%
Spread / Lowest Target -16,6%
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Managers
NameTitle
Linden R. Evans President, CEO, COO & Director
David R. Emery Executive Chairman
Richard W. Kinzley CFO, Principal Accounting Officer & Senior VP
Scott A. Buchholz Chief Information Officer & Senior Vice President
Thomas J. Zeller Independent Director
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