Black Hills Q2 Earnings Call Highlights

Impact · against what's priced in

BKH is seeing a significant growth catalyst through its Wyoming data center pipeline, specifically a potential 1.8-gigawatt project with $377 million in customer advances. The reaffirmation of 2026 guidance and progress on the NorthWestern Energy merger provide operational stability, while Meta and Microsoft remain indirect beneficiaries of the infrastructure scale.

BKH+0.60

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In context

The pipeline of data center opportunities exceeding 3 gigawatts, particularly the 1.8-gigawatt project with $377 million in potential advances, provides a growth vector significantly above the traditional 4-6% utility growth target.

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• MSFT▲58%
• guidance▲13%
• data centers▲5%
• ai
• earnings
• META
• infrastructure