secwatch.observer — SEC 8-K summary
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Issuer:     BLACK HILLS CORP /SD/ (BKH)
CIK:        0001130464
Form:       8-K
Filed at:   2026-10-06T20:19:13+00:00
Accession:  0001193125-26-415597
Event type: other_material
Sentiment:  positive
Materiality: 0.82
Item codes: 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Black Hills to invest $1.8B serving Google's Cheyenne data center; ~$150M net income expected in 2030
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- Investing $1.8B in 2027-2029 to build 564 MW (nameplate) of natural gas generation at its existing Cheyenne Prairie Generating Station in Wyoming.
- Definitive agreements effective Sept. 30, 2026, terms through 2048; Black Hills serves up to 590 MW grid-connected and manages 2.1 GW of third-party resources via private microgrid.
- Project expected to add ~$150M net income in 2030 and ~$2.4B unlevered free cash flow through 2048, net of the $1.8B capex; energy service starts late 2027.
- Google provided $399M of refundable advances for long-lead equipment; Black Hills expects to reimburse by June 30, 2027; no cost shifting to existing retail customers.
- Regulatory progress: Robinson substation CPCN approved May 2026, CPGS air quality permit approved Aug 2026, South Cheyenne Transmission CPCN filed Sept 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1130464/000119312526415597/0001193125-26-415597-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1130464/000119312526415597/bkh-20261006.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-415597

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