DENVER, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Colorado intrastate natural gas pipeline, Rocky Mountain Natural Gas LLC, doing business as Black Hills Energy, filed a rate review application with the Colorado Public Utility Commission requesting $12.3 million in new annual revenue.

Black Hills Energy has invested over $120 million in safety, system integrity and reliability for more than 600 miles of natural gas pipeline infrastructure in Colorado since its last rate review in 2017. These critical investments were required to ensure the safe and reliable delivery of natural gas and transportation services and meet compliance requirements of state and federal regulations.

"This rate review request reflects our commitment to our Colorado customers to deliver safe, reliable and cleaner natural gas service," said Linn Evans, president and CEO of Black Hills Corp. "This investment in our system, combined with excellent operational execution by our team, supports our ability to safely transport natural gas to various delivery points throughout western Colorado and reduces emissions through a more resilient and modern pipeline system."

As proposed, the rate review requests a capital structure of 52% equity, 48% debt and a return on equity of 12.25%. Black Hills Energy is seeking to implement new rates on or before July 16, 2023.

Black Hills Corporation
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 1.3 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 and www.blackhillsenergy.com.

Investor Relations
Jerome E. Nichols
605-721-1171
jerome.nichols@blackhillscorp.com

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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 anticipated revenues from the new rate increase and ability to deliver an appropriate return to investors. 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 2021 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.