Black Hills Corporation
From Wikipedia, the free encyclopedia
| Black Hills Corporation | |
|---|---|
| Type | Public |
| Genre | Energy Company |
| Founded | 1941 |
| Founder | J. B. French |
| Headquarters | Rapid City, South Dakota, United States |
| Key people | David R. Emery (Chairman, President, CEO) |
| Revenue | USD $ 696 Million (2007)[1] |
| Operating income | USD $100 Million (2007))[1] |
| Net income | USD $ 99 Million (2007)[1] |
| Total assets | USD $2,225 Million (2007)[1] |
| Total equity | USD $790 Million (2007)[1] |
| Subsidiaries | Black Hills Power Cheyenne Light, Fuel & Power Black Hills Energy Wyodak Resource BH Exploration and Production Enserco Energy |
| Website | blackhillscorp.com |
Black Hills Corporation (NYSE: BKH) is a Rapid City, South Dakota diversified energy company that is an electric and gas utility in South Dakota and Wyoming and sells power throughout the American West.
It derives its name from its home in the Black Hills of South Dakota.
[edit] History
The company was founded in 1941 as Black Hills Power & Light by combining the assets of General Public Utilities, Inc. and Dakota Power Company which provided power for most of western South Dakota. It previous component companies date their histories to the original electric utilities in the state.[2]
In 1954 the company acquired the Wyodak Coal Company (now Wyodak Resources Development Corporation), from the Homestake Mining Company setting the stage for the company's significant investments in mining, oil and gas.
In 2007 it announced an agreement to buy the natural gas utility in Colorado, Kansas, Nebraska and Iowa and its Colorado electric utility from Aquila, Inc.. If the deal goes through it would increase its customer base from 137,000 to 753,000 and increase its employee base from 916 to 2,000.[3]
[edit] Components
The company is the electric utility for 64,200 customers between Rapid City, South Dakota and New Castle, Wyoming as well as southeastern Montana via its Black Hills Power subsidiary.[4]
Its Cheyenne Light, Fuel & Power Company subsidiary serves another 80,000 in Cheyenne, Wyoming and southeastern Wyoming.
Via its Black Hills Energy component it has 1,000 Megawatts of generating capacity in Colorado, Nevada, Wyoming and California including two plants serving Las Vegas, Nevada.[5]
The company's bigger component is its wholesale energy wing.
The centerpiece of the operation is the Wyodak Mine near Gillette, Wyoming in the Powder River Basin, which is the oldest operating surface mine for coal in the United States.[6] The mine has permitted reserves of 286 million tons.
In addition it claims 169 billion cubic feet (4,800,000,000 m³) in oil and gas reserves(76% of which is natural gas) principally in New Mexico, Colorado and Wyoming.
[edit] References
- ^ a b c d e Black Hills Corporation. Google Finance. Retrieved on 2008-03-28.
- ^ Black Hills Corporation. fundinguniverse.com. Retrieved on 2007-03-28.
- ^ Daly, Dan (February 10, 2008). BH Corp.: Aquila deal to close in second quarter. Rapid City Journal. Retrieved on 2008-03-28.
- ^ About BHP. Black Hills Power. Retrieved on 2008-03-28.
- ^ Power Generation. Black Hills Corporation. Retrieved on 2008-03-28.
- ^ Wyodak Resources. Black Hills Corporation. Retrieved on 2008-03-28.
