Black Hills Corporation (NYSE: BKH) filed a rate‑review application with the South Dakota Public Utilities Commission on February 19 2026, requesting $50.6 million in new annual revenue to recover approximately $523 million of investments made since the last rate review in 2014. The requested revenue will support grid‑strengthening and wildfire‑risk mitigation projects across the company’s 75,000‑customer service territory.
The filing states that interim rates will take effect 180 days after the filing, with final rates set in the first quarter of 2027. The request is part of a broader pattern of regulatory filings by Black Hills, which has sought approvals in Colorado, Nebraska, and Arkansas in recent years. The company’s capital structure remains 53.2% equity and 46.8% debt, with a target return on equity of 10.5%.
Management notes that the investments are driven by growing demand from data centers and the need to upgrade the grid to meet safety standards amid increasing wildfire risk. The company is also in the process of merging with NorthWestern Energy, a move that will expand its footprint and diversify its utility portfolio.
The requested revenue translates to an estimated increase of roughly $0.67 per customer per year, or about $0.56 per month, though the company has not yet provided a detailed bill‑impact estimate. The filing underscores Black Hills’ strategy to balance long‑term infrastructure needs with regulatory compliance.
The South Dakota Public Utilities Commission will review the application, and the outcome will determine whether the proposed revenue increase is approved. The filing signals Black Hills’ continued focus on securing the capital needed to maintain reliable service while navigating regulatory and environmental challenges.
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