Black Hills signed agreements with Google to supply 2.7 gigawatts of power to its Wyoming data center campus through 2048. The deal could generate $150 million in annual net income by 2030.
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Black Hills has hiked its dividend for 56 consecutive years, firmly establishing it as a Dividend King. The company's merger with Northwestern Energy is progressing well, with only one regulatory approval left to secure. BKH possesses a BBB+ S&P credit rating with a stable outlook.
Black Hills Corporation is rated Buy, supported by a robust 600 MW data center load from Microsoft and Meta already in the financial plan. BKH expects the initial 600 MW to drive over 10% of consolidated EPS growth from 2028, with minimal capital outlay required for this tranche. The remaining 2.5+ GW prospective pipeline, including a 1.8 GW hyperscale project, offers significant optionality but is not yet included in earnings estimates.
Black Hills NYSE: BKH said it remains on track to meet its 2026 earnings guidance as new rates and rider recovery, large-load demand growth and ongoing capital investments supported second-quarter results.
Black Hills Corporation (BKH) Q2 2026 Earnings Call Transcript
Retirees and near-retirees are quietly rotating cash into a specific corner of the market:
Black Hills Corporation is reaffirmed as a Buy, trading at a 12% discount to a $82 fair value estimate. The merger with NorthWestern Energy is on track for 2026, enhancing BKH's growth profile and asset footprint. BKH projects robust adjusted EPS growth of 6.3% annually, supported by secular demand drivers and a $4.7B capex plan.
As hyperscalers race to deploy massive data centers to train the next generation of large language models, they are hitting a physical wall. Artificial intelligence is no longer constrained by the supply of advanced semiconductors, but it is fundamentally bottlenecked by the availability of raw electricity.
Black Hills NYSE: BKH executives said the utility remained on track to meet its 2026 earnings targets despite unusually warm winter weather that weighed on first-quarter demand, while also outlining progress on its pending merger with NorthWestern Energy and a growing pipeline of large-load data center opportunities.