Black Hills Corp. Natural Gas Utility Requests Rate Review in Iowa
May 01 2024 - 4:15PM
Black Hills Corp. (NYSE: BKH) today announced that its Iowa natural
gas utility, Black Hills/Iowa Gas Utility Company, LLC, doing
business as Black Hills Energy, filed a rate review application
with the Iowa Utilities Board requesting $20.7 million in new
annual revenue.
Black Hills Energy has invested approximately $100 million in
safety, system integrity and reliability for its natural gas
pipeline infrastructure in Iowa since its last general rate filing
in 2021. These critical investments were required to support safe
and reliable delivery of natural gas to over 163,000 customers
across 133 communities.
“This request reflects critical system investments and
inflationary impacts on costs as we continue to deliver on our
commitment to providing a reliable, safe and resilient energy
future for our Iowa customers,” said Linn Evans, president and CEO
of Black Hills Corp. “We are proud of our legacy of keeping our
customers safe and businesses operating through extreme weather
conditions and supporting economic growth. We are very mindful of
the impacts of inflation on our customers and our business, and we
are carefully managing our costs while maintaining the integrity of
our systems and service levels in the communities in which we live
and operate.”
As proposed, the rate review is requesting a capital structure
of 51.38% equity and 48.62% debt and a return on equity of 10.5%
for investments the company has made in its natural gas system in
Iowa. Black Hills Energy plans to implement interim rates effective
within 10 days of the rate review application, subject to
adjustment or refund, and is seeking to implement final rates by
the first quarter of 2025.
Black Hills Corp.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 1.34 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.
Investor RelationsJerome E.
Nichols605-721-1171jerome.nichols@blackhillscorp.com
24-Hour Media Relations Line888-242-3969
Caution Regarding Forward Looking
StatementThis 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, including future anticipated revenues from the new rate
increase and ability to deliver an appropriate return to investors.
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 2023 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.
Black Hills (NYSE:BKH)
Historical Stock Chart
From Jul 2024 to Aug 2024
Black Hills (NYSE:BKH)
Historical Stock Chart
From Aug 2023 to Aug 2024