Power & energy
Black Hills Corporation
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
Black Hills provides utility electricity, generation investment and related energy services. Its Google arrangements include utility service and management of third-party microgrid services; those roles are distinct from owning Google’s computing operations.
Earnings and disclosures
Latest verified results: Q2 2026 · Released 2026-08-05
Next results: 2026-11-04 · Q3 2026.
Results are scheduled for November 4 after market close; the conference call is November 5.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
For Q2 2026, net income available to common shareholders was $38.2 million, with $169.2 million for the first half. Interest expense increased with debt and rates. Those historical results are not a same-period denominator for projected 2030 project income.
Delivery and commitments
Definitive agreements were executed on September 30 and announced October 6. They cover up to 590 MW of grid service and a 2.1 GW third-party microgrid. Resource and reserve capacity should not be interpreted as campus IT load.
Costs, funding and dependencies
Construction, generation resources, customer requirements and financing determine returns. The agreements advance the earlier commercial negotiations, while forecast earnings and service fees remain dependent on future execution and load.
What to watch next
The announced schedule anticipates construction earnings from 2027, initial energy and microgrid fees in late 2027, and peak requirements in 2030. Check each phase’s actual service and capital deployment against those expectations.
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Meta Cheyenne
Meta names Black Hills Energy as a partner for adding grid resources, including renewables, for its Cheyenne development.
The announced future grid work is not delivered computing capacity or disclosed utility earnings.
Related Digital Cheyenne
Initial-phase electric-service provider through Black Hills Energy
Role only; no project revenue, capital share or operating load inferred.
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.