Black Hills Corp. operates as a regionally diverse, vertically integrated regulated electric and natural gas utility company. The company manages its business through two primary segments: Electric Utilities and Gas Utilities. Its Electric Utilities segment serves customers in Colorado, Montana, South Dakota, and Wyoming, supported by owned power generation capacity including wind, natural gas, and coal-fired plants, as well as a proprietary coal mine near Gillette, Wyoming. The Gas Utilities segment distributes natural gas to customers across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. In addition to its core utility operations, Black Hills has historically engaged in non-regulated energy activities, though it has recently focused on transitioning toward a pure-play regulated utility model. The company's extensive infrastructure and long-standing presence in the Rocky Mountains and Midwest position it as a critical energy provider in its service territories.
