Black Hills Corporation Eyes a Mega 3GW Pipeline—A High-Voltage Opportunity Or Just Unnecessary Hype?

Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational and strategic achievements. The company emphasized its commitment to delivering on financial, regulatory, and growth initiatives, while also progressing with a merger with NorthWestern Energy. Black Hills is on track to achieve its full-year earnings guidance, driven by new base rates, rider recovery, and customer growth. The company maintains a strong investment-grade credit rating and has successfully executed planned financing activities. Financially, Black Hills reported GAAP EPS of $0.34 for Q3 2025, including $0.10 of merger-related transaction costs, and adjusted EPS of $0.45, compared to $0.35 in Q3 2024. Regulatory efforts contributed $0.21 of new rates and rider recovery margin, offsetting unfavorable weather impacts and increased operating expenses. The company experienced a $0.07 headwind from weather compared to the previous year, primarily due to reduced agricultural irrigation demand in Nebraska.