Diaz has more than 20 years of combined investor relations and broad capital markets experience, including equity research and investment banking. He began his career on Wall Street as an investment banking associate at Prudential Securities in New York, with primary responsibility for valuation and financial modeling and analysis. He later served in both analytical and editorial capacities for sell-side equity research teams at Canadian investment banks CIBC World Markets and National Bank Financial in Tor ...

Core Points - Black Hills Corp. has appointed Salvador (Sal) Diaz as the new director of investor relations, effective immediately, replacing Jerome Nichols who is retiring after 20 years with the company [1] - Diaz has over 20 years of experience in investor relations and capital markets, having worked with various companies across multiple industries [2][3] - The company serves 1.34 million natural gas and electric utility customers across eight states in the U.S. [5] Group 1 - Diaz's previous roles include head of investor relations at a pre-IPO digital identity company and experience in investment banking and equity research [2][3] - He holds an MBA from The Wharton School, a graduate diploma in computer science from the University of Cambridge, and a degree in industrial engineering from the University of the Philippines [4] - Black Hills Corp. is focused on growth and aims to be the energy partner of choice, emphasizing customer service [5]

Group 1: Company Overview - Black Hills serves approximately 1.3 million customers across several states including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming, primarily as a natural gas and electric utility [1] - The company has a higher leverage compared to its peers, making it more susceptible to the impacts of rising interest rates in the near term [1][3] - Despite the leverage concerns, Black Hills maintains a strong financial position with an investment-grade credit rating [3] Group 2: Investment Potential - Black Hills offers a substantial dividend yield of 4.9%, which is significantly above the average for utility companies, making it an attractive option for income-focused investors [3][6] - The company has a strong history of dividend increases, being classified as a Dividend King, and is expected to grow earnings by approximately 4% to 6% annually [4] - The population in the regions served by Black Hills is growing at nearly three times the national average, which supports future earnings growth [4] Group 3: Comparison with Dominion Energy - Dominion Energy is characterized as a turnaround play with higher risk, while Black Hills is viewed as a stable, albeit less exciting, utility investment [6][10] - Dominion's current dividend yield stands at 5.4%, reflecting its ongoing business changes and focus on balance sheet strengthening [8] - Both companies are trading at a discount compared to their sector, with the average yield in the utility sector around 3% [11]

Core Viewpoint - Black Hills Corp. has released its 2023 Corporate Sustainability Report, showcasing its environmental, social, and governance impacts, along with progress on major projects and climate goals [1][2]. Sustainability Progress - The company achieved a 27% reduction in greenhouse gas emissions from its natural gas distribution system since 2022, moving towards its goal of net zero emissions by 2035 [2]. - Electric utility greenhouse gas emissions have decreased by nearly one third since 2005, with targets to reduce electric emissions intensity by 40% by 2030 and 70% by 2040 compared to 2005 levels [2]. Clean Energy Initiatives - The Colorado Clean Energy Plan aims to add 400 MW of renewable energy and battery storage, targeting an 89% reduction in GHG emissions by 2030 compared to 2005 [3]. - The company has expanded its renewable natural gas (RNG) presence and launched the Green Forward program for eligible customers [3]. - A partnership with Babcock & Wilcox, supported by a Wyoming Energy Authority grant, is focused on developing a pilot hydrogen plant to convert coal to clean hydrogen [3]. Community Engagement - In 2023, the company contributed $6.1 million to community support initiatives, including energy assistance, grants, scholarships, and tree planting [3]. - Employees donated $495,000 to over 45 United Way organizations, with a 25% match from the Black Hills Corp. Foundation [3]. Economic Impact - Black Hills Corp.'s direct economic impact in 2023 amounted to $1.35 billion, emphasizing its commitment to safety, reliability, and sustainability in utility systems [3].

Core Insights - Black Hills Corp. has made significant progress in sustainability, reporting a 27% reduction in greenhouse gas emissions from its natural gas distribution system since 2022, aiming for net zero emissions by 2035 [1][4] - The company has also reduced electric utility greenhouse gas emissions by nearly one third since 2005 and is on track to achieve a 40% reduction in electric emissions intensity by 2030 and 70% by 2040 compared to 2005 [1][5] Sustainability Initiatives - The Colorado Clean Energy Plan aims to add 400 MW of renewable energy and battery storage, targeting an 89% reduction in GHG emissions by 2030 compared to 2005 [5] - Black Hills Corp. has expanded its renewable natural gas (RNG) presence through infrastructure investments and a voluntary RNG and carbon offset program for eligible customers [5] - The company received a grant to partner on a pilot hydrogen plant project, converting coal to clean hydrogen at its Neil Simpson energy complex in Wyoming [5] Community Engagement - In 2023, Black Hills Corp. contributed $6.1 million to community support initiatives, including energy assistance, grants, scholarships, and tree planting [5] - Employees donated $495,000 to over 45 United Way organizations, with a 25% match from the Black Hills Corp. Foundation [5] Economic Impact - The company's direct economic impact in 2023 totaled $1.35 billion, reflecting its commitment to safety, reliability, and sustainability in utility systems [5][6]

Group 1: Company Overview - NextEra Energy is recognized as one of the best-run utilities, combining a regulated utility (Florida Power & Light) with a renewable-power business for growth [2] - The company has a significant market capitalization of $150 billion, reflecting its popularity on Wall Street [6] - NextEra Energy offers a dividend yield of 2.8%, which is below the average utility yield of 3% [6] Group 2: Dividend and Growth Analysis - NextEra Energy has achieved a remarkable 10-year annualized dividend-increase rate of approximately 10%, which is exceptional for the utility sector [7] - For investors focused on dividend growth, NextEra Energy is a strong candidate, but those seeking higher immediate income may find better options elsewhere [7][10] Group 3: Comparison with Black Hills - Black Hills is highlighted as a Dividend King with a dividend yield of nearly 5%, significantly higher than NextEra Energy's yield [3][10] - Despite its smaller market cap of $3.6 billion, Black Hills has a growing customer base, expanding nearly three times faster than the U.S. population growth [4] - Black Hills faces challenges with a heavy debt load and rising interest rates, which have pressured its earnings and capital investment plans [9]

Group 1 - Black Hills Corp. announced that Todd Jacobs, senior vice president of growth and strategy, will leave the company, with his last day planned for July 8, 2024 [1] - Todd Jacobs has been with Black Hills Corp. since 2014, holding various roles including state leader of Kansas and Arkansas operations, vice president of natural gas utilities, and vice president of growth and strategy [1] - The company emphasized strong organizational leadership to ensure a smooth transition of Mr. Jacobs' duties, with future plans for the role to be announced later [2] Group 2 - Linn Evans, president and CEO of Black Hills Corp., expressed gratitude for Todd Jacobs' ten years of service and acknowledged his lasting impact on the organization [3] - Black Hills Corp. is a growth-oriented utility company serving 1.34 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming [4]

Core Points - Todd Jacobs, senior vice president of growth and strategy at Black Hills Corp., will leave the company for a new role, with his last day planned for July 8, 2024 [2] - Jacobs has been with Black Hills Corp. since 2014, holding various leadership positions including state leader for Kansas and Arkansas operations, vice president of natural gas utilities, and vice president of growth and strategy [2] - The company emphasizes strong organizational leadership to ensure a smooth transition of Jacobs' responsibilities, with future plans for the role to be announced later [3] Company Overview - Black Hills Corp. is a customer-focused, growth-oriented utility company based in Rapid City, South Dakota, serving 1.34 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming [4]

Core Viewpoint - Black Hills Corp. is seeking to update its electric rates due to rising operational costs, marking its first rate request in eight years, while emphasizing its commitment to minimizing customer impact and supporting those in need [1][2]. Company Overview - Black Hills Corp. is a growth-oriented utility company based in Rapid City, South Dakota, serving 1.34 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming [1]. Rate Update Request - The company has filed a request with the Colorado Public Utilities Commission to update electric rates for its Colorado electric utility, Black Hills Colorado Electric, LLC, which serves over 100,000 customers in Southern Colorado [2]. - The proposed rate review seeks additional annual revenues of $36.7 million, with a capital structure of 52.75% equity and 47.25% long-term debt, and a return on equity of 10.5% [6]. Capital Investments - Since the last general rate filing in 2016, Black Hills Energy has invested approximately $371 million in strategic capital to enhance the safety and reliability of its electric service, with plans to invest an additional $98 million in 2024 [5]. - The investments include upgrades to the transmission and distribution system, which spans over 3,700 line miles [5]. Timeline for New Rates - New rates are expected to be implemented in the first quarter of 2025 following the rate review process [6].

Group 1: Utility Industry Overview - Utilities operate under government-regulated rate structures, providing stable returns with high-yielding dividend payments [1] - The sector is characterized by steady demand and limited downside risk, making utility stocks attractive for income-focused investors [1] Group 2: Black Hills Corporation - Black Hills has a market cap of $3.9 billion and is recognized as a Dividend King with 54 consecutive years of annual dividend increases [3] - The average dividend increase over the past three, five, and ten years is around 5%, with a current yield of approximately 4.5% [3][4] - Customer growth for Black Hills is nearly three times the rate of U.S. population growth, indicating potential for future rate adjustments by regulators [5] Group 3: Consolidated Edison - Consolidated Edison serves the New York City metro area and has achieved its 50th consecutive annual dividend increase, making it a Dividend King [8] - The current dividend yield is less than 3.5%, which is more than double the S&P 500's yield of around 1.3% [8] - The company plans to target a dividend payout ratio of 55%-65% of adjusted earnings to fund investments in clean energy, down from a previous target of 60%-70% [9][10] Group 4: Duke Energy - Duke Energy is one of the largest regulated utilities in the U.S., focusing on growing markets like Florida and the Carolinas [11] - The company sold its unregulated commercial renewable energy business for $2.8 billion and plans to use proceeds to reduce debt [11] - Duke Energy aims for net-zero carbon emissions by 2050, with a five-year capital investment plan of $73 billion to enhance its energy infrastructure [12] - Expected adjusted earnings per share growth is 5% to 7% through 2028, with a current dividend yield of 4% [13]