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Black Hills Corporation Ready Black Hills Corp. Reports Third Quarter 2021 Results and Raises Midpoint of 2021 EPS Guidance • Raises lower end of 2021 EPS guidance range and reaffirms 2022 EPS guidance Ready Wyoming electric transmission expansion initiative announced 2021 to 2025 capital investment forecast increased by $ 149 million to $ 3.2 billion Quarterly dividend increased by 5.3 % , achieving 51 consecutive years of annual dividend increases RAPID CITY , S.D. - . — Nov. 2 , 2021 - Black Hills Corp. ( NYSE : BKH ) today announced financial results for the third quarter of 2021. Net income and Net income , as adjusted ( non - GAAP ) for the third quarter and first nine months of 2021 compared to the third quarter and first nine months of 2020 were : Nine Months Ended Sept. 30 , 2021 Three Months Ended Sept. 30 , 2021 2020 2020 ( in millions , except per share amounts ) GAAP : Income EPS Income EPS Income EPS Income EPS Net income Non - GAAP : Net income , as adjusted * 44.1 $ 0.70 $ 36.3 $ 0.58 $ 44.1 $ 0.70 $ 36.3 $ 0.58 $ 165.6 $ 2.63 $ 150.4 $ 2.41 $ 165.6 $ 2.63 $ 155.7 $ 2.50 * A schedule for the GAAP to non - GAAP adjustment reconciliation is provided below . " I'm pleased with our strong third quarter results and progress on our regulatory initiatives , ” said Linn Evans , president and CEO of Black Hills Corp. “ Quarterly earnings of $ 0.70 per share increased 21 % compared to the same period in the prior year . Financial results were driven by customer growth and usage , new rates and disciplined cost management . Earnings also benefited from power marketing and mark - to - market gains as a result of higher energy prices . “ Our engaged team is executing well on our customer - focused strategy . This summer , we served record electric system peaks and delivered excess power at strong market pricing to benefit customers and shareholders . On the regulatory front , we reached constructive settlements for our natural gas rate reviews and rider requests in both Colorado and Kansas , and continued making progress with our Winter Storm Uri incremental cost recovery applications . " We are excited to announce our Ready Wyoming initiative , a 285 - mile electric transmission expansion project in Wyoming . This transmission project will serve the growing needs of our Wyoming Electric customers by enhancing resiliency and expanding access to power markets and renewable resources , while supporting economic development in the greater Cheyenne area . " Based on strong financial performance and progress on Uri cost recovery and mitigation , we are raising the midpoint of our earnings guidance for 2021 by increasing the lower end of the range and reaffirming our 2022 earnings guidance range . Also , with the addition of Ready Wyoming and greater clarity on other capital projects and investment programs , we are increasing our capital forecast for 2021 through 2025 by $ 149 million to $ 3.2 billion , ” concluded Evans . THIRD QUARTER 2021 HIGHLIGHTS AND UPDATES Electric Utilities Wyoming Electric announced its Ready Wyoming electric transmission expansion initiative . The 285 - mile , multi - phase transmission expansion project will serve the growing needs of customers by enhancing the resiliency of its overall electric system and expanding access to power markets and renewable resources . The project will help Wyoming Electric maintain top - quartile reliability and enable economic growth in the Cheyenne region . Wyoming Electric plans to file an application with the Wyoming Public Service Commission seeking approval for the project in the first quarter of 2022. If approved , construction is expected to commence in early 2023 .