Black Hills Corp. announces progress on its Wyoming transmission expansion, enhancing energy access and stability for customers.
Quiver AI Summary
Black Hills Corp. has successfully activated the first 12-mile segment and associated substations of its Ready Wyoming transmission expansion project, marking a key milestone in enhancing the electric systems of Wyoming and South Dakota. This approximately 260-mile project aims to reduce long-term transmission costs for customers, increase access to energy markets, and support growth in Wyoming, particularly for data centers. The completed project will create an interconnection between Wyoming and South Dakota electric systems, improving reliability and resiliency while eliminating third-party transmission expenses. Set to be fully operational by the end of 2025, Ready Wyoming is anticipated to deliver over $100 million in economic benefits to the state and is seen as a significant investment in the region's energy infrastructure.
Potential Positives
- Energizing the initial segment of the Ready Wyoming transmission expansion project marks a significant milestone in improving the company's electric systems in Wyoming and South Dakota.
- The project is expected to provide long-term price stability and enhance the resiliency of the electric system for customers, benefiting existing retail and data center clients as well as attracting new customers.
- Ready Wyoming is anticipated to contribute over $100 million to the Wyoming economy, showcasing the company's commitment to local economic development.
- The project is on schedule to be fully operational by the end of 2025, demonstrating effective project management and timely execution of infrastructure improvements.
Potential Negatives
- The project is being funded through the company's transmission rider, which may lead to increased costs for customers over time.
- There is inherent uncertainty in the project's anticipated benefits due to the forward-looking statements warning about risks and conditions that could affect outcomes.
- The project spans multiple counties and involves approximately 300 landowners, which could lead to potential local opposition or disruptions during its construction phase.
FAQ
What is the Ready Wyoming transmission expansion project?
The Ready Wyoming project is a 260-mile electric transmission expansion aimed at enhancing energy delivery and stability for customers in Wyoming.
When will the Ready Wyoming project be fully operational?
The project is scheduled to be fully operational by the end of 2025.
How will the project benefit Wyoming's economy?
Ready Wyoming is expected to contribute over $100 million in economic benefits to the Wyoming economy.
What are the main goals of the Ready Wyoming project?
The project aims to stabilize transmission costs, enhance market access, and support long-term growth in Wyoming.
Who approved the Ready Wyoming project?
The Wyoming Public Service Commission approved the project in 2022, allowing construction to commence in 2023.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Energizing the initial segment of the project marks a significant milestone in connecting the company’s Wyoming and South Dakota electric systems.
The strategic project is expected to stabilize long-term transmission costs for customers, expand market access to energy, and support long-term growth in Wyoming.
RAPID CITY, S.D., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Wyoming electric utility has successfully placed in service the initial 12-mile segment and supporting substations of its Ready Wyoming transmission expansion project near Cheyenne, Wyoming.
The approximately 260-mile transmission project will support current and growing energy needs of the company’s Wyoming customers, including data centers, while reducing dependence on third-party transmission systems. Once fully operational, Black Hills’ Wyoming electric system will be interconnected with its South Dakota electric system. This interconnection is expected to provide customers with long-term price stability while enhancing the resiliency of the electric system and expanding access to power markets and renewable energy resources.
“Ready Wyoming, the largest electric transmission project in Black Hills’ history, delivers on our commitment to serving the growing energy needs of our customers in Wyoming,” said Linn Evans, president and CEO of Black Hills Corp. “This expansion of our electric infrastructure enhances both the reliability and resiliency for our existing retail and data center customers, as well as the ability to serve new customers.”
The 260-mile project is being completed in multiple segments, and the investment will be recovered through the company's transmission rider. The project is on schedule to be fully operational by the end of 2025. When complete, the project will add a total of six new, replacement or expanded substations and will interface with electricity markets to the east and the west.
“We remain focused on prudently managing costs for customers. This project will enable ongoing cost-effective access to energy, as we eliminate third-party transmission expenses, and support our thriving and growing Wyoming communities,” added Marne Jones, senior vice president, utilities. “I would like to thank our team and stakeholders for meeting this milestone and for their continuing work to advance this complex project, which spans five counties and approximately 300 landowners.”
The company received approval for the project from the Wyoming Public Service Commission in 2022 and commenced construction in 2023. Ready Wyoming is expected to contribute more than $100 million of economic benefit to the Wyoming economy.
Black Hills Corp.
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.34 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at
www.blackhillscorp.com
.
About Ready Wyoming
Ready Wyoming is an approximately 260-mile electric transmission expansion project currently under construction to serve the current and growing energy needs of Wyoming homes and businesses served by Black Hills Corp.’s electric utility, Cheyenne Light, Fuel and Power, doing business as Black Hills Energy. Ready Wyoming is expected to be fully operational by the end of 2025.
Investor Relations
Sal Diaz
investorrelations@blackhillscorp.com
24-Hour Media Relations Line
888-242-3969
Caution Regarding Forward-Looking Statement
This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including the status and anticipated benefits of or costs associated with the transmission expansion project. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2023 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/68905a2f-26c9-47e2-8715-ed16adf76c5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d1cd878-920c-4029-9fdc-71fcc9d0eb46
https://www.globenewswire.com/NewsRoom/AttachmentNg/75210923-12a8-4c32-b802-01e12dfaf19d
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