Black Hills announces Colorado Electric's plan to achieve 90% of greenhouse gas emissions by 2030 - GlobeNewswire

Black Hills announces Colorado Electric’s plan to achieve 90% of greenhouse gas emissions by 2030 – GlobeNewswire

RAPID CITY, SD, May 31, 2022 (GLOBE NEWSWIRE) — Black Hills Corp. (NYSE: BKH) today announced plans to create a subsidiary of Colorado Electric, Black Hills Energy, to achieve a 90% reduction % in greenhouse gases. Emissions by 2030 based on 2005 levels. This achievement, and the journey to 2030, is outlined in the company’s clean energy plan, “Plan 2030 Ready,” which was submitted to the Colorado Public Utilities Commission on May 27, 2022.

The plan lays out a roadmap and preferred resource portfolio for Black Hills Energy to cost-effectively achieve Colorado’s “80 x 30” requirement that calls for electric utilities to reduce greenhouse gas emissions by at least 80% by 2030.

“Leadership in emissions reduction is nothing new for Black Hills Energy,” said Lynn Evans, President and CEO of Black Hills Corp. “Our ready-made plan for 2030 builds on the clean energy journey that began more than a decade ago, when we began moving our fleet to reduce natural gas emissions and generate zero-emission renewable energy, while maintaining system integrity and reliability.”

“As proposed, our plan will achieve a 90% reduction in emissions and result in 79% of our customers’ electricity in Colorado being generated from carbon-neutral sources by 2030,” Evans added. “We’re going to get there by adding 450 megawatts of new renewable energy and battery storage to our system in southern Colorado.”

The Preferred Resource Group recommends adding 149 MW of wind, 258 MW of solar, and 50 MW of battery storage to the Colorado electrical system. The final composition of the resources will be determined during a competitive bidding process to be held in 2023, with new renewable energy resources available online between 2025 and 2030. According to Colorado law, Black Hills Corp. and its affiliates will have the ability to own up to 50% of the energy and capacity associated with clean energy sources developed for the Clean Energy Plan.

“Our ability to serve our customers with more renewable energy is made possible in large part because of the flexibility offered by the Pueblo Airport Generation Plant,” said Evans. “The power provided by our modern, highly efficient natural gas-fired generation units provides critical operational flexibility and the company’s distributable, rapid start-up resources necessary to integrate higher levels of variable renewable resources.”

Black Hills Energy’s ready 2030 plan will undergo a comprehensive review process prior to the Colorado PUC to assess the company’s modeling assumptions and preferred resource portfolio recommendations. These first phase actions will take place over the next several months, with a decision expected by April 2023, after which time the request for proposals for renewable resources will begin.

Black Hills Company
Black Hills Corp. (NYSE: BKH) is a customer-centric, growth-oriented utility company with a tradition of improving energy lives and a vision to be the energy partner of choice. Headquartered in Rapid City, South Dakota, the company serves 1.3 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com and www.blackhillsenergy.com.

Investor Relations
Jerome E. Nichols
605-721-1171
jerome.nichols@blackhillscorp.com

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Caution regarding forward-looking statements
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements based on the safe harbor safeguards set forth in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this press release address activities, events, or developments that we anticipate, believe or expect will or may occur in the future are forward-looking statements. This includes our ability to obtain approval from the Colorado Public Utilities Commission to add up to 450 megawatts of renewable energy and battery storage to our electrical system in southern Colorado. These forward-looking statements are based on assumptions we believe are reasonable based on current expectations and expectations about future events, industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and expectations is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Clause 1a of Part One. From our 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission, and other reports we file with the Securities and Exchange Commission from time to time.

New factors that could cause actual results to differ materially from those shown in the forward-looking statements appear from time to time, and we cannot predict all of these factors, or to what extent any factor or combination of factors might. may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to publicly update any of these forward-looking statements, whether as a result of new information, future events or otherwise.

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