BKH · CIK 1130464
What Black Hills Corp. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for BKH. More may follow as additional filings are processed.
In its own words
What could break it.
Regulatory & policy
- Multi-state rate regulation & cost-recovery disallowancemedium
An eight-state electric and gas utility (AR, CO, IA, KS, MT, NE, SD, WY) whose earnings depend on cost recovery and allowed ROEs set by multiple state commissions and FERC; costs passed through to customers can later be deemed imprudent and require refunds, and it carried $394.7M of regulatory assets at year-end 2025.
“To the extent we are able to pass through such costs to our customers, and a state regulatory commission subsequently determines that such costs should not have been paid by the customers, we may be required to refund such costs.”
SEC filing →As of 2026 - Tariffs & material supply constraints on capital programmedium
Its capital investment program is exposed to price increases from tariffs and inflation plus supply constraints on key materials such as transformers and generation units, with demand for that equipment intensified by the rapid pace of data-center-driven load expansion.
“Unanticipated price increases due to recent macroeconomic factors, such as imposition of tariffs, inflation, including wage inflation, or rising demand for key materials such as transformers, generation units and equipment to meet the rapid pace of expansion with prospective and existing data center customers”
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