Public Service Commission to take up NorthWestern, Black Hills merger

Black Hills Corp. (BKH) and NorthWestern Energy (NWE) announced the merged company will be named Bright Horizon Energy, trading as HZN on NYSE if approved. The merger awaits final Montana regulatory approval. Both companies' shares continue trading under current tickers during the process. The merger has received shareholder and other regulatory approvals.

BLACK HILLS CORP /SD/ (BKH) filed an SEC Form 8-K — Regulation FD Disclosure. Subject to Receipt of Satisfactory Final Regulatory Approval and Completion of Proposed Merger, Black Hills Corp. to be Renamed Bright Horizon Energy Corporation with Ticker Symbol “HZN” • The Montana Public Service Commission is expected to consider the merger prior to November

Black Hills Corp. (BKH) and NorthWestern Energy (NWE) plan to merge, with the new entity named Bright Horizon Energy and trading under 'HZN' on the NYSE, pending regulatory approval. The merger, expected by Nov. 12, 2026, requires final approval from the Montana Public Service Commission. Both companies have already received shareholder and other regulatory approvals.

Black Hills (BKH) signed a 20-year deal with Google to provide 2.7 GW of power for a data center, expecting $150M annual net income and $2.4B in free cash flow. The company will invest $1.8B in capital expenditures, with Google providing $399M in advances. This deal strengthens BKH's position in Wyoming's growing data center market, alongside partnerships with Microsoft and Meta.

American Electric Power (AEP) plans a $4B, 702-MW Bloom Energy fuel cell plant in Wyoming to supply Google under a 20-year PPA. AEP also agreed to buy 190 MW of Mainspring Energy generators, with an option for up to 1.6 GW by 2034. Construction on the Wyoming plant is set to begin in 2026, with full operation expected by 2028. AEP aims to deliver reliable, near-zero-emissions power, integrating carbon capture technology.

Jefferies initiated coverage on Black Hills Corp (BKH) with a Buy rating and $87 price target, citing upside from a Google project. The stock is currently trading at $76.43. Analysts project 8.7% and 7.7% EPS CAGR for 2025-2030 and 2027-2032, respectively, above company guidance. BKH reported Q2 2026 adjusted earnings of $0.54 per share, beating estimates, but revenue missed forecasts. The company has a 3.64% dividend yield and a 55-year track record of dividend increases.