BKH - Earnings call transcript Q4 2024 | Black Hills Corporation

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Operator

Good day, and thank you for standing by. Welcome to the Black Hills Corporation Q4 and Full Year 2024 Earnings Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Sal Diaz, Director of Investor Relations.

Salvador Diaz

Thank you, operator. to Earnings Corporation's Conference welcome Full Quarter and XXXX Year Call. morning, Black Fourth Hills and Good

You can www.blackhillscorp.com and Financial find are Kimberly our President, Relations call Nooney, our Vice our Marne Linn earnings release morning heading. Leading President Chief Utilities. our Jones, and Evans, on Senior President Senior website Executive earnings Vice Officer; at quarterly under and Investor this the call materials Officer; for Chief and

as make our number the defined discussion such statements comments contain During and of a in by we and are may Commission, earnings inherent Exchange comments. Securities forward-looking today, there uncertainties

with Although on differ of list based call future materially. our are XX-Q turn website recent will for and most could our some we of to now of Securities and expectations. With differ earnings filed Commission cause on may you direct Evans. actual X to factors in Linn? our our materially to results our from believe Linn XX-K that We I that Form results release, presentation Exchange a reasonable the that, Form over investor the expectations Slide the assumptions, the

Linden Evans

in year our plan reliability our XXX on recently increasing made megawatts. commitments peak our new for brief XXXX In customers, advancing operational I'll provide Thank morning, joining recording key Electric of objectives our and of XXXX, progress consecutive a our team we today. you Slide of with loads demand on team's the our update, while and strategy. XXXX, and and strategic growth We delivered begin financial on regulatory financial progress. Diving peak our who in and service X. more proud growth XXth serving of our industry-leading I'm customer-focused to successful overview a on my performance provide all you, us initiatives. excellent our detail long-term outlook. comments Wyoming successfully with will delivered very for advanced on thank Good Sal. Kimberly strategic strong our will our Marne and delivered

over of and our customers and guidance, on for expect relentless expense achieve $X.XX with our our invested XXXX weather core in middle are team's earnings delivered through of management growth XXXX also our to was range. challenges guidance EPS energy growth on $XXX off Even the earnings the of the long-term in target. us We our reflected and EPS million to XXXX generation positioned EPS the well guidance the put in across for XXXX we off footprint. We X% growing deliver and outages, down from focus communities needs right unplanned mild we as X.X% of our our growth fairway midpoint approximately year. guidance our

financial Our remains solid. position

financing credit our successfully maintained investment-grade plan solid our the our target, year, completed ratings. we During achieved capitalization and

for Arkansas team has our to annually on cadence demonstrated our progress constructive of our Gas for approximately and impacts also investments reviews we service serve. managing settlements continuing rate Iowa implemented our XXXX, we Our recover notable territory, inflationary as In cost diversified X Gas. the and customers multistate

achievement for needs our generation Electric service electric to our after new solid about transmission in beginning We're for And the plans for as ability this enhances our and expansion obtained only X a Wyoming, of years our phase Colorado serve excited it ready and project the energy finalizing plan AI our our electric we energized approval of initial receiving remarkable customers, Wyoming growing South cost Dakota we're ramp project. data the to additional years growth increased growth up support as dividend for we effectively XX we look for We ago, new growth approval consecutive plan we in announced to to deliver representing Electric. dividend center couple clean added as XXXX. our to energy data center for we clarity progress final make in Wyoming. And we on In also further X%, strategic opportunities announced for of a continue initiatives. In Meta's weeks by a our It opens increases. our XXXX, also of to customers.

$X.XX Slide financial XXXX, updated a is X. of Our outlook we guiding $X in provided range to on are In earnings share. to per

target data X-year plan plan on investment cost growth increase our an by period. our we our expect the X-year growing our million XXXX. more center or billion, to invest The solid X%. Slide for opportunities compared plan potential in financial growth XXXX to Over of our have demand, increase forecast, and of $X.X X% to position confidence and we EPS prior our center X-year from customers. in throughout driven by $XXX demand displays X to are timing data opportunities the clarity capital long-term highlighted ahead, increasing capital confident investment XX% Building of other incremental plan. Looking and including than strong customer-focused is updated industry-leading we various of approximately period, projects, our

forecasts Wyoming previous renewable South our transmission investments our for in generation and dispatchable Colorado. generation ready and reminder, current include Dakota energy clean a our in project, As plan resources

reliable is long-term cost-effective support investments Our capital to customer growth. plan safe, needs service to designed support and incorporate for and

plan. identify expect into our and to to continues opportunities, develop fully team project incorporate incremental we investments our As

to Slide Moving X.

potential. earnings to and our addition through delivering optimistic upside plan, the center are we we capital are data contribution our about demand, In

through for served requires and as decade. like and tariff a providing super similar minimal are win. of is triple to Cheyenne, We computers be customers innovative energy, earnings utility-like service new Wyoming generation investment. This customers Customers such Microsoft market centers and soon that in a have successfully us through our efficiently in more capital are than tariff, served served data lieu our unique this investment. Through Meta model

are First, provides that data comparable that generation building serve growing demand. it center of to to earnings us and

have the our And forecast pipeline protects XX a help communities on more our customers. we reliability from for enhancements consistent and gigawatt the assets. serve upon overall over from it resiliency. Based grow data improve base forecasts, years support next community the existing customers' X and that and economic demand demand of third, a local the execution decade stranded center Second, benefit risk we given load within broader than from and infrastructure of customer future of

expect to serve with approximately X We XXXX, end XXX this demand by megawatts the of capital of investment. gigawatt minimal

our in expansion confidence service incremental utility of and beyond from capital included target. Data EPS infrastructure EPS our or what current a We we model, current data contribution expect center more plan. our us plan in total growth EPS traditional demand would drive in be XX% above to double XXXX, to than centers to additional have may more by X-year which further giving more

upside. Slide in We also X evaluate which continue opportunities growth. illustrates to and our customer could strong ongoing bring South future Dakota Colorado

average. With over our the are also growth financial service national turn average for Over our than customer update. average which the national double average which the years, Arkansas the X.X%. witnessing Dakota on to growth has Colorado our growth last well our This We're in nearly service count and strong population territories, states. jurisdictions respective X territory Kimberly their annually I'll above triple in by for it organic Western is more X% of grown has than population that, Kimberly? service growth more led South

Kimberly Nooney

for and results $X.XX during higher X challenges execution delivering recovery and received customer unplanned share hard share growth This full despite regulatory in margins a offset strong Thank more by delivered depreciation. I good financial growth overcame through we their outages perspective, compared deliver per earnings and in our delivered for experienced work, including per resiliency our drivers Results margins, track agility team's an everyone. for on capital were us objectives. Slide the XXXX, insurance financial XXXX. our significant insurance offset by we successful XXXX, financial X generation start success including earnings XXXX. our driven in as investment From financial outages managing to XXXX, which want to guidance $X.XX achieve services was our you, and the management Linn, long-term in the which unexpected expense on our some displaying team than year. In sales, morning, financing in thanking reflected reduced financial targets growth. off-system and costs lower new strategy spending with and of costs outside to and expectations, of strategic targets we through line by our weather, payment We our year. and by remain helped illustrates we new year-over-year unplanned mild on generation headcount, driven and on and partially margin

to normal XXXX, by adjustments per and EPS $X.XX mild $X.XX exceptionally $X.XX $X.XX XXXX. a to of and weather During gain share year compared compared Mark-to-market reduced XXXX. for the provided to compared

well expenses proud Moving our to I'm X.X% below projected increase. extremely in our year-over-year of success our team's managing O&M.

by outages to compared per strong our clear $X.XX million financial and higher interest in execute Overall, due $X.XX Income shares on credit be new This ourselves O&M depreciation weather than investment our efforts plan due $X.XX. We that Our This next changes sales for placed growth in service. to to O&M did on $X.XX that we rate less filed attributable onetime $X.XX we the outages to a earnings and mild of and release state and included increase XXXX. financing increase and costs, insurance of financing $XXX associated or in tax those be new to occurred issued of the growth the additional costs. our our unplanned unplanned on in X% gains quality. management or to off completed land XX targets found growth and growing margin and in mild our impact costs holding guidance, XXXX. earlier, can just it to are range in was strategic guidance depreciation share. Execution to insurance the of made from in delivering Nebraska includes details midpoint rates, assets earnings our rising $X.XX long-term $X.XX offsetting substantially committed commitments. decrease, due the higher X% XXXX in depreciation EPS interest higher deliver and generation efforts management XXXX. in a related and year-over-year maintaining We year-over-year costs, XXXX our $X.XX customers meeting with SEC on to XXXX in set reduced Further of capital our resulted XX-K XXXX. In actions by accountable tax expense financial expectations assisted from expense delivering to a income which weather, discussed to with week. Slide commitment our and our summary, in X% increasing earnings $X.XX illustrates assets plan O&M offset

of Looking range X% $X.XX established an growth guidance ahead share, per $X to earnings have approximately XXXX. XXXX, reflects to which over we

constructive outages, expense, O&M line dockets timely generation was earnings unplanned approximately X.X% mark-to-market expense adjustments. be rate outcomes to of excludes and annual We regulatory growth which Our compounded $XXX XXXX's normal million. a of project assumes guidance weather, no and of in with

between issue $X to expect equity $XXX million also billion for million and our We plan capital investment finance of $XXX XXXX. to additional

see the statements our and solid estimate for assumptions an risks. full XX% tax Slide structure presentation full this position financial earnings quality, capital our of of effective year. through credit of we and for Finally, the depicts guidance and in appendix liquidity. rate forward-looking Please list lens the XX

credit total our maintain net lower chart achieved the The solid left metrics our ratio illustrates capitalization success key ratings. and other the we XXXX, to credit in commitment We debt our balance to investment-grade reached on maintained During target. to of FFO close XXXX target our to to our of capitalization our net XX% XX% XX% to multiyear sheet. achieving debt effort debt to are in our and strengthen

our program our to support history continue new of issuance of as efficient in we other Looking and consider be metrics forward, will capital behalf Consistent will maintain we of equity new customers to and our expect financing utilize recent made liquidity. issued shares, investments equity our equity instruments. with available credit of on at-the-market

over of Our of at liquidity approximately with $XXX and our borrowings under million million. strong facility, availability year-end short-term remains $XXX credit revolving

of industry-leading refinancing for options next of debt $XXX XX dividend maturity timing consecutive record early our We years. XX in track are and million XXXX. Slide our illustrates evaluating

shareholders. to dependable We now business dividend A XX% over Marne I of ratio. a to will important for an XX% call increasing our payout strategy our update. to is deliver the a component to long-term turn for target continue and value

Marne Jones

our served good our morning, quartile on service objectives, peak Starting in earlier consecutive nearly including a that our and we Slide delivered X customers customer we I'm annual across electric of load. is Linn providing We pace gas top in territories. on across X.XX Wyoming, reliability. operational growing execution states. decades robust increases have electric X you, Kimberly, natural as In at count and our mentioned delivered excellent system to XXXX service million our proud XX, of key operational Thank everyone. our

increasing As are expanding. this expectations we serve customers the also of our demand,

will for and our listening initiatives, Dakota renewable management regulatory Colorado on provide and over our term advancing working Electric. for XX of add by transmission project, generation our South are and XX includes We an which to in strategic load. and which a of our the the data Clean X generation will update center wildfire decade additions megawatts dispatchable Electric be in ready our mitigation Plan highlights our success managing Lange also Energy progress ready near growth future project, in Wyoming plans. Slide I

to our record track current are our conditions, Distinctive support through customers' we're that operations to partner, access approximately Based tariffs, model utility-like data for traditional minimal retail service energy delivering generally leaders center to serve data procurement providing meet their compared investment respected our load exceeding take purposes. Collectively, without market the This renewables ratemaking note future capital while data in other material technology model data our energy Our center of recognized the industry, requires trusted model market end customers needs. customized returns customers need X our total opportunities. customers provides important as center benefits It's rate megawatts projects. the served gigawatt. unique pride as earnings for base capital current innovative customers. Consequently, in investment XXX solutions our and a including to market a project on market center of to also projected from separated our to and provides customers the positioned for for with utility XXXX. demand Wyoming's by anchor and plans. existing expansion expansion energy, to have Cheyenne, attributes approved ideal and We are speed

this opportunities and As Linn drive incremental generation will mentioned, investment forecast infrastructure expanded beyond meeting demand transmission. new and

will helps $XX and the million placed XX, our describes progressing for electric transmission to Electric including project Moving maintain in be our and system transmission QX rider representing customers Slide dependence energy third-party more of resiliency $XXX expanded was the in Wyoming increased market on system reduce and and is renewables. Construction enabling stability XXXX growth project long-term demand. service, through our placed interconnected well in access, service ongoing cost the The Electric When which in year. A Ready phase initial million our XXX-mile transmission while systems of also recovered will included enhance project. approximately XXXX Wyoming in remainder filing. in annual filing price this

Energy Colorado is Plan on Our Slide XX. Clean update

by approval received storage portfolio resources we our of a and a project, purchase renewable to quarter, fourth the agreement. final solar XX-megawatt During project solar emissions customers approved utility-owned Colorado battery XXX-megawatt XXX includes for for reduce The XXX-megawatt a XX%. power utility-owned megawatts

costs timing. will negotiations and contract when in determine project finalized, are We and

for refreshed assumptions between anticipated XXXX projects XXXX. timing and with Our capital updated plan these includes

we are our Electric costs. Slide material South will for timing or contracts Dakota XX update our capital signed, outlines final shifts plan plan. resource As in

utility-owned the We cost a of second the during first serve targeted X summarizes reviews continue plan to customers. with public With Lange facility project, during XXXX, Public Commission our that natural Wyoming on gas-fired to rate effectively and will our Service a pursue we the convenience our progress reliably regulatory year. an generation and of certificate half necessity in-service in date file XX the quarter. Slide XX-megawatt

with maintaining our proactive, to constructive We focus regulators. on relationships continue

received May. our rate review obtained rate Arkansas, are October. interim of XXXX. effective our commission-approved allowing in settlement new approved, revenues rates we replacing annual effective million in new reviews new $XX for Iowa, in X last for with approval We In January, rates was In have settlements to pleased in of rates from

Our XX.X% week, and we requests for late a rates in a QX. Earlier June in Colorado December, on final hearing Electric review structure. this a in based rate for of rates revenue ROE commission $XX.X with Arkansas The annual completed new a filed request XX.X% new was million filed Gas. expect new capital the and decision application equity we deliberations

this the allow for wildfire are risk half capital new of reliability our seeking X-year will of management mitigation rates and which our year, We in second renewal rider. Slide XX also the plans. outlines

our programs, in been asset which have through our successful operational integrity wildfire We reducing website. approach and risk multilayered operational our mitigation available response, with plan in detailed programs is on

are define, formalize we agencies, continue power shutoff entry engage welfare advance legislators mitigate X that, across regulators, on are our Colorado. With are back in supporting our and to Dakota including similar legislative program our and electric states. expect public and liability wildfire I Linn. peers We we community actively with which our and further we and working exposure, we stakeholders, management This now in the stakeholders our wildfire engaged legislative bill and mitigation to Wyoming, local turn call or legislation introduced and the safety PSPS, to South plans. process review includes to newly mid-XXXX. To bodies In strongly a will in

Linden Evans

We Marne. our year an strategy. you, delivering on Thank had excellent

cost our We customers industry-leading serve target rate sheet. including We effectively EPS balance continue and a with reviews. our growth financial strengthened demonstrated to achieved and We reliability. success guidance, long-term earnings objectives, constructive

X our potential to customers. our earnings total from a in gigawatt center $X.X in demand of increase growth given XX% confidence and capital have We data plan existing over billion,

to I take while provide the serving cost-effective team's the team challenges customers And we're unexpected express efficiently to customers. year. throughout happy finally, our want that, safe, continues to our focus your appreciation effectively and sincere energy to Our through for Hills to Black with managing safely, reliable be and my questions. And for

Operator

question Instructions] Crowdell Anthony comes with Our first Mizuho. from [Operator

Anthony Crowdell

the the come in to that since Slide two, ones If I spike compare forecast. When disclosures. I -- on there The company in has just CapEx hopefully, down. quick call, X. the on CapEx XXXX a gives that appreciate quarter was forecast the third CapEx I previously could

to the you can Just CapEx changing some know if give want on clarity spread. of the

Kimberly Nooney

Yes. year, to previous costs Since we had have some going Originally, outcomes the our This is set some XXXX. updated redistributed projects things few when into Kimberly. we've within on had then, in that here. last we A capital that service go those forecast assumed plan. significant different were

And maybe some higher other capital years. so versus in of or expense see that's you'll capital the investments why XXXX

added to on a have last like I'd there. plan $XXX going of things combination year. to overall is we comment other from The make the There's million

We that continue that We're see continuing our lot on, within specifically, reliability behalf organic we're that and those have investments Lange seen components of ready invest a good to some of projects on we going inflation and costs additional X that Wyoming, have safety you're seeing service are of We've mentioned. drive really large the those focused territories. we in million in growth And our capital $XXX then customers. financing to Marne investments on plan. related to of projects. the the in increases help the

Anthony Crowdell

to disclosures, plus getting Great. no reading expect On you too center plus guys maybe looking contribution talk I'm just too the I'm sign into there? -- your at X, than by a Is updated XX% opportunities. plan? Or the deck, XX% XXXX. that Slide curious. were slide far In into deep there previous delay you this I'm plus more capital XXXX. say about can load by And we plus data the from of in mean I the just actually In then guess, it, to don't XX% I

Kimberly Nooney

No, question. great Anthony,

around So couple thoughts of maybe just a that.

plan. When said expect extremely grow compounded X% rate, and the and to have end that rate growth growth we higher X% related we're confident model. we organic the specifically think range We that of in what of then a of you rate our and in percent growth centers, think data you to part to business growth is latter within we've great annual still have to XX-plus the about that about the our

static not a calculation. it's linear So or

to our current customers that the percent. of the grow our over projected the growth long you based term, component on XX-plus think will So and as continuing data about growth center their EPS be

X% both center to relative you as to combination that just a growth getting growth. I that long of organic gets and increasing think term our of But data think the it's over rate. still combined X% the that continued our that higher percentage growth percent. us to end XX-plus So about with an

Anthony Crowdell

Got make the it. to I'm just want And sure I on entree.

hasn't taking growth is the I a rate between you up it's material pick XXXX change XXXX? and And think changed? Or about up it there really might to if which offline?

Kimberly Nooney

question. great it's Anthony, a

others may off so set think base thank you asking. I it, our as of year We XXXX. have for

think we it think that's long term. X% about X% So growth. to that about We how

the were faster So things back of plan we we've end the that a just going slower the the be going of that at of always indicated that because We've end grow in front higher said growing bit that rate. little was at plan, on. and to XXXX of end also the some

basis. about end, and an addition And year-over-year think rate with so exceeding higher that. growing the 'XX 'XX, about That's as on us you can think we that at the you year, of annual about if how think XXXX the not

Operator

question comes with Weisel Andrew next Our Scotiabank. from

Andrew Weisel

want any you the to First, comment credit Can the I you're just clarify, ratings. removed equivalent in one, slides BBB+ change there? committed just trying I are messaging to indicate you in clarify, to that

Kimberly Nooney

not. Absolutely

solid credit on investment-grade We focused ratings. very are

Our targets not changed. have

we target. of which XX%, Linn our that achieved mention You total heard was debt cap to our

XX% to FFO close to XX% are We to debt. very maintaining our

So assumptions devise of core nothing objectives. still we changed. has as part our It's our financial

Andrew Weisel

wanted that be the to just Very clarify. good. thought I case. I would

me thing $XXX your under but a Just million. X in -- CapEx I missed was this, actual forgive if XXXX, hair

I targeting it shortfall? was on Can were there the you going Was Or timing? you just $XXX there? think something else explain million.

Marne Jones

thanks this question. Andrew, Marne. is the Yes, for

in of bit little the major between It's X timing You're spot on. years. projects just a

timing. materially So some changed besides nothing

Andrew Weisel

fair that into early just XXXX Would spilled it to assume be then?

Marne Jones

XXXX. will Those That's spent in be dollars correct.

Andrew Weisel

Okay.

of 'XX So to the then new roll the into 'XX that's part forward plan?

Marne Jones

Correct.

Andrew Weisel

Clean being is the the like resources slippage 'XX now Then is maybe have I'm in But anything believe to timing but by XXXX the in 'XX. Energy key timing too to entering as look Plan And looks it. XXXX. far new previously there, something just was service Got Okay. looking them service in lastly, to for XXXX. of through Colorado the not into I slight as there It there? that's

Marne Jones

Andrew, So again. this Marne is

we when would bids on Clean unknown and initiated timing. get what Plan really So for the we associated Energy

was we we're through talked contracts, we bids come now the timing. driven we XXXX, we that's and have not going those talked through case, some in timing, but and that as knew As we're work movement. be negotiating to have that's the over information the we kind insight we XXXX where of process When at of what's the as those course likely into that's had through the that deeper change that really And that in through again, initially -- seeing and about the change and best time. bids,

Operator

Dumoulin-Smith from Jefferies. comes Julien question with next Our

Brian Russo

It's actively yet? you're Julien. bills priorities? risk been you top mitigation Brian how in for characterize curious proposed Colorado on any involved legislation? there Russo wildfire just I'm Have the as would What

Marne Jones

your on in working Brian, of a legislation are taken we yes, yet by bill have question Specific wildfire legislation. had to the through our we Colorado, each utilities. electric up not

how the mitigate we level, noneconomic peers our can do risk end also obviously of create how focused at focused with working are on We the on the utility damages, we mitigate state, care. back we standard in on, do

introduced and continue we'll at conversations this to but are educate are working and system. I all most it we legislation continue and and the Dakota legislators anything had is have the and unfortunately, have that ongoing our of the Wyoming. South that don't through Wyoming, So however, we time, in will process work though, progressing stepping stakeholders introduced, those in that, say aggressively through through

So headed I we're feel there. really good about where

Brian Russo

-- X X Okay. data the a is way are gigawatts there with I customers, in? is states center your are that existing you that? load then -- specify of mean, Great. And what to

Linden Evans

the in Wyoming, have now, about Colorado, is We're other Right Wyoming but feel to in and most customers that X gigawatt potential we in South we very Dakota talking alone. forecast Brian. of good

Operator

next from Williams. Ellinghaus [Operator comes with Instructions] Our Chris Siebert question

Christopher Ellinghaus

of about resources might you about of some talking or sort what Have there? center And any resources are growth needing be? data where XXXX, there. incremental that sense talked dispatchable you kind you The of CapEx got post magnitude

Linden Evans

as transmission is This dispatchable as question, We through There could to Good is and evaluating what in the we model, tariff to that if we capacity well. XXXX, Chris. for to market and resources have advantage these place a program loads there grow. different of of Linn. have these serve talking assets for take be to that potentially be We're will. with the us out we're them ways get constantly traditional believe customers opportunity closer Yes, more continue beyond energy them. we you in today

Kimberly Nooney

is Kimberly. Chris, this

The other thing I'd that add mentioned to beyond XXXX. is, you that it's

Some of plan, potentially also at positively X-year have we efforts investments not could capital we're the the looking that those incorporated that today. are within the impact in there

Christopher Ellinghaus

Got you.

be required? to Given the portfolio balance also that these might energy sort be clean dispatchable resources. Does that might some also maybe of suggest

Linden Evans

good very and customers are so interested renewables Linn. I'd in say energy. clean highly much This is question again. Chris, these

And grow. effectively. we've And been find to they're them They why yes, beauty to have that's these serve customers. agile certain I work so how as we've continuing to an I organization, think the with ways been of that's able think And to needs. able,

Christopher Ellinghaus

Okay. helpful. That's

perspective could capital So from rather consequential this period? in really XX-plus that be a something time

Linden Evans

yes. It may be,

Christopher Ellinghaus

sort Vis-a-vis Okay. conversation wildfire your of the mitigation state about legislation.

Given seem guys some you is like fortuitous Washington, potential any legislation. maybe for Do changes national in foresee this it time a the would there?

Linden Evans

is yes, again. Chris, Linn question. yes. This a short The again, is answer good

partnerships, would say, federal In That's Edison coming fact, has House EEI, through the I the level. through primarily Institute. at Electric been at introduced legislation Representatives of some

well. we have so can And yes, level some we believe success as at federal the

Christopher Ellinghaus

that there's material point feel the side clean this energy roadblocks federal new at terms But And Plan, we've there? like would also. so like, that for somewhat terms the of in orders sort some helpful in given dispatchable executive there's Okay. of like positives and that Energy from negatives details sort seen also, you there's help this some far, on permitting and things one lastly, you do And at anything nebulous permitting infrastructure, also, point. being the say, Colorado thinking Clean of of about

does time capital you about some for there? give have So that your you the lines concern

Linden Evans

could to is there see administration, Good Trump suggesting into as is question. federal early much of that if so also streamlined We'll the transmission thrived very efficient organization, will. administration, by to building suggest can more this administration, you an land I allow your questions, West, land I unpack and federal would on permitting kind the these to us, This permitting, in of believe owned in therefore, Linn. very respect you indicated Chris, helpful any be would would as be land start where it It's in especially again. in be I I prior and actually we we our well. With orders helpful. Feds, think here would and that take us. by we're very executive around us as the the

Colorado. You huge Colorado in about want is think very the plan decade road the clear this been They've don't on We'll watch there. Clean mentioned more. there'll Energy to I for they Plan closely. take. be that Right changes a now, or

et to bids could example, that something be tax happens some we nature an on might of that of things cetera. the there as credits, However, receive based

early think contracts. too those for So But us. to why it's where sure. see continuing to little negotiate I tell they that's take We'll we're a

Operator

to Linn now like to back call turn over for any closing would I the remarks. Evans

Linden Evans

year I joining a XXXX Hills thank our our Once much to for day. have for what safe everyone, and company, customers Well, your for in again, interest encourage you thank your shareholders. and appreciate for very on of you Black Thank Black to for fantastic a in behalf We and I they team Hills. you, delivered want interest us Energy today.

Operator

This your participation. you you. the Thank Thank conference. concludes for

now may disconnect. You

Black Hills (BKH) 6 Feb 252024 Q4 Earnings call transcript