2023 EARNINGS GUIDANCE REAFFIRMED
Black Hills affirms its guidance for 2023 earnings per share available for common stock to be in the range of $3.65 to $3.85 based on the follow assumptions:
- Normal weather conditions within our utility service territories including temperatures, precipitation levels and wind conditions;
- Normal operations and weather conditions for planned construction, maintenance and/or capital investment projects;
- Constructive and timely outcomes of utility regulatory dockets;
- No significant unplanned outages at any of our generating facilities;
- Production tax credits of approximately $20 million associated with wind generation assets;
- Capital investment of approximately $615 million;
- Equity issuance of $140 million to $160 million through the at-the-market equity offering program;
- Interest expense of $180 million to $185 million, including debt refinancing activity;* and
- Total operating expense of $600 million to $610 million, excluding fuel, purchased power, cost of natural gas sold, depreciation, depletion and amortization.*
* Guidance assumptions for interest expense and operating expense are being provided for only 2023 due to ongoing volatility in inflation and rising interest rate environments.
