Monitor regulatory filings for transmission expansion CPCNs and industrial siting permits, as well as financing announcements for the $1.8 billion generation investment. The project's ramp to peak load in 2030 provides a multi-year earnings growth trajectory.
Price Chart
Executive Summary
Black Hills Corp. announced definitive agreements to serve a Google data center project in Cheyenne, Wyoming, with a $1.8 billion investment in new natural gas generation and management of third-party resources through a private microgrid. The project is expected to contribute approximately $150 million of net income in 2030 and generate $2.4 billion of unlevered free cash flow through 2048, with no cost shifting to existing customers.
Key Facts
- Investing $1.8 billion in new company-owned natural gas generation between 2027 and 2029
- Providing up to 590 MW of grid-connected energy service and managing 2.1 GW of third-party contracted resources
- Expected to provide approximately $150 million of net income in 2030
- Expected to generate approximately $2.4 billion of unlevered free cash flow through 2048, net of $1.8 billion of capital expenditures
- Google has provided $399 million of refundable advances for long lead-time equipment
- Return on generation investment and microgrid management fees begin contributing to earnings in 2027
- Agreements effective Sept. 30, 2026, with terms through 2048
- No cost shifting to other customers; cost pass-through mechanisms and stranded asset risk protection included
Financial Impact
$1.8 billion capital investment, $150 million net income expected in 2030, $2.4 billion unlevered free cash flow through 2048
Risk Factors
- Regulatory and permitting risks for transmission expansion and generation construction
- Financing risk for $1.8 billion investment; potential dilution if equity is used
- Counterparty risk if Google's data center project is delayed or cancelled
- Execution risk on construction timeline and cost overruns
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-415597 |
| Document: bkh-ex99_1.htm | 0001193125-26-415597 |
| Document: 0001193125-26-415597-index-headers.html | 0001193125-26-415597 |
| Document: 0001193125-26-415597-index.html | 0001193125-26-415597 |
| Document: 0001193125-26-415597.txt | 0001193125-26-415597 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $79.41 | awaiting T+20 | — | $80.20 (+0.99%) |
Oct 22, 2026 4d ago | Press Release | $79.41 | awaiting T+20 | — | $80.20 (+0.99%) |
Oct 6, 2026 20d ago | 8-K | $75.84 | awaiting T+20 | — | $80.20 (+5.75%) |
Aug 15, 2026 10w ago | Institutional Cluster | $73.39 $69.96 | ▼ −4.67% | ▼ −2.70% | $80.20 (+9.28%) |
May 19, 2026 22w ago | 424B5 | $73.29 $72.04 | ▲ +1.71% | ▲ +2.69% | $80.20 (−9.43%) |
May 19, 2026 22w ago | S-3ASR | $73.29 $72.04 | ▼ −1.71% | ▼ −2.69% | $80.20 (+9.43%) |
May 6, 2026 24w ago | 8-K | $75.22 $71.47 | ▲ +4.99% | ▲ +8.12% | $80.20 (−6.62%) |
Apr 28, 2026 25w ago | Press Release | $73.61 $73.09 | ▼ −0.70% | ▼ −6.75% | $80.20 (+8.96%) |
Apr 2, 2026 29w ago | Press Release | $70.83 $75.29 | ▲ +6.30% | ▼ −3.58% | $80.20 (+13.23%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers