Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.27 per share for the full year 2025, an increase of $0.39 per share compared to 2024 [3][14] - Adjusted earnings from utility operations increased by $0.63 in 2025 compared to 2024, with weather positively impacting utility earnings by approximately $0.35 [14][15] - The company expects long-term earnings per share growth of 7%-8% annually from 2026 to 2030, with acceleration expected starting in 2028 [9][21] Business Line Data and Key Metrics Changes - Adjusted earnings from the energy infrastructure segment increased by $0.10 in 2025 due to higher production tax credits from additional solar generation projects [17] - Retail electric deliveries in Wisconsin, excluding the Iron Ore Mine, increased by 1.1% year-over-year in 2025, with projections for a 1.6% increase in 2026 [16] Market Data and Key Metrics Changes - The company is projecting a total of 3.9 gigawatts of electric demand growth in the I-94 corridor and north of Milwaukee over the next five years [8][9] - The capital plan has been updated to $37.5 billion over the next five years to meet the growing energy needs in the region [9][21] Company Strategy and Development Direction - The company is focused on executing its capital plan, which includes $7.4 billion in modern natural gas generation and LNG storage investments [9][10] - The company plans to invest $12.6 billion in renewable energy projects over the next five years, adding 6,500 MW to its generation fleet [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong economic growth in the region, driven by significant investments from companies like Microsoft and Vantage Data Centers [4][5] - The company is confident in its ability to execute its capital plan and continue its growth trajectory, with a focus on providing value for customers and shareholders [21] Other Important Information - The board increased the dividend by 6.7% to an annualized $3.81 per share, marking the 23rd consecutive year of dividend increases [20] - A proposed settlement in Illinois is expected to resolve approximately $2.3 billion of open dockets, including a $130 million rate-based reduction [12][13] Q&A Session Summary Question: Can you elaborate on the 500 megawatts related to Microsoft? - Management indicated that Microsoft is expanding its data center operations, which will add 500 MW of customer demand, contributing to the overall growth forecast [24][30] Question: Are there additional interests from other hyperscaler customers? - Management expressed confidence that other hyperscalers are looking at opportunities in Wisconsin, despite some local opposition [41][43] Question: What is the status of the very large customer tariff? - Management stated that the tariff is designed to ensure large customers pay their fair share and is currently under review by the Public Service Commission [53] Question: How does the Microsoft ramp impact customer rates? - Management noted that as data centers grow, they will help spread corporate allocations across a larger rate base, potentially benefiting other customers in the long term [72][91] Question: What is the outlook for the Point Beach negotiations? - Management confirmed ongoing discussions with NextEra regarding the Point Beach PPA, with potential upside expected in future planning [31][82]

Core Viewpoint - Black Hills Corp. has filed a rate review application with the Nebraska Public Service Commission, seeking an increase of $34.9 million in annual revenue to cover capital infrastructure and operational costs for its natural gas utility serving over 304,000 customers in Nebraska [1][3]. Financial Summary - The company has invested over $453 million since its last general rate filing in 2020 to enhance safety, reliability, and system integrity of its natural gas pipeline infrastructure [2]. - The total annual base rate revenue increase requested is $53.4 million, which includes the $34.9 million in new revenue and an additional $18.5 million of rider revenue [3]. - The capital structure proposed in the application consists of 50.52% equity and 49.48% debt, with a targeted return on equity of 10.50% [3]. Operational Insights - The application includes a request to renew the System Safety and Integrity Rider (SSIR) to facilitate accelerated, safety-focused pipeline replacement across Nebraska [4]. - The company emphasizes its commitment to providing safe and reliable natural gas service while managing costs in an inflationary environment [3]. Company Overview - Black Hills Corp. is a growth-oriented utility company based in Rapid City, South Dakota, serving 1.35 million natural gas and electric utility customers across eight states [5].