Description

Black Hills’ 3-Gigawatt Data Center Pipeline: Can Cheyenne Redefine Growth?

Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter weather, which negatively affected demand and earnings. The company’s GAAP EPS was $1.73, including $0.05 per share in merger-related transaction costs; adjusted EPS was $1.79 compared to $1.87 in Q1 2025. The weather impact reduced earnings by approximately $0.18 per share year-over-year, reflecting $0.13 unfavorable variance from normal weather assumptions. Operational efficiencies and new rate recoveries helped offset much of this weather-related decline. Notably, the company achieved $0.24 per share from new rates and rider margin recoveries as well as a $0.10 per share reduction in operating and maintenance (O&M) expenses, excluding merger costs. Increased financing and depreciation expenses, driven by recent capital investments such as the Ready Wyoming transmission project, partially offset these benefits. Strategically, Black Hills continues advancing its $4.