Black Hills Corporation (BKH - Free Report) announced that its electric subsidiaries in Dakota and Wyoming — jointly operating as Black Hills Energy — received voluntary renewable energy tariffs approval fromthe South Dakota Public Utilities Commission and Wyoming Public Service Commission.
The tariff imposition enables large commercial and industrial customers as well as the government agencies to avail cost-effective options for energy requirements, while purchasing 100% of their energy needs from Black Hills Energy.
Moreover, Wyoming Public Service Commissionalso approved a 40-megawatt (MW) wind generation project, which was applied by the two electric utilities to support renewable energy commitments under the Renewable Ready tariffs. The project is valued at $57 million. It will be built in Wyoming and is expected to be in service by late 2020.
Investments & Other Wind Projects
Black Hills is a customer focused, growth oriented company. It makes investments toward infrastructure to ensure safe and reliable delivery of electric and natural gas to its customers. The company plans to spend $2.8 billion during 2019-2023 time period.
In Mar 2019, the company started construction of a 60 MW Busch Ranch II wind farm in Colorado. Post completion, the wind farm is expected to fulfill the requirement of Colorado Electric to deliver 30% of its energy from renewable sources to customers by 2020.
Adoption of Wind Generation in Utility Space
Increasing awareness of emission-less environmenthas boosted the use of renewable energy sources for electricity production in the United States.Per a recent forecast from the Energy Information Administration (EIA), wind, solar and other non-hydropower renewables contributed 10% of U.S. total utility-scale generation in 2018. EIA also expects that the same sources will contribute 11% in 2019 and 13% in 2020.
Wind energy has become a preferred source of electricity generation owing to lower generation costs and incentives provided by the government on wind and solar energy generation. Utility players like Xcel Energy (XEL - Free Report) , NextEra Energy, Inc. (NEE - Free Report) and WEC Energy Group, Inc. (WEC - Free Report) are shifting their focus toward wind energy and have plans to generate more from the source.
Zacks Rank & Price Movement
Black Hills currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 12 months, the company’s shares have gained 28.2% compared with the industry’s rise of 12.4%.
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