<SUBMISSION>
<ACCESSION-NUMBER>0001130464-03-000193
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030709
<ITEMS>5
<FILING-DATE>20030718
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BLACK HILLS CORP /SD/
<CIK>0001130464
<ASSIGNED-SIC>4911
<IRS-NUMBER>460458824
<STATE-OF-INCORPORATION>SD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31303
<FILM-NUMBER>03793106
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>625 9TH STREET
<STREET2>PO BOX 1400
<CITY>RAPID CITY
<STATE>SD
<ZIP>57709
<PHONE>6057212343
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>625 9TH STREET
<STREET2>PO BOX 1400
<CITY>RAPID
<STATE>SD
<ZIP>57709
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BLACK HILLS HOLDING CORP
<DATE-CHANGED>20001222
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_7-9.htm
<DESCRIPTION>BHC FORM 8K JULY 9, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>BHC Form 8K Dated 7-9-03</TITLE>
</HEAD>
<BODY>
<BR><BR><BR><!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>UNITED STATES<BR>SECURITIES
AND EXCHANGE COMMISSION </FONT></H1><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Washington, D.
C. 20549 </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Form 8-K  </FONT></P>

<BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><A
name=A001></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>CURRENT REPORT
</FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><A
name=A002></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to
Section 13 or 15(d) of<BR>the Securities Exchange Act of 1934 </FONT></P><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>July 9,
2003<BR>(Date of earliest event reported)</FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>BLACK HILLS
CORPORATION<BR>
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=600 align=center border=0>
    <TR vAlign=bottom>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=1></FONT></TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=1></FONT></TH>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
  size=1></FONT></TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="31%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dakota</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center width="28%"><FONT face="Times New Roman, Times, Serif"
      size=2>001-31303</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center width="31%"><FONT face="Times New Roman, Times, Serif"
      size=2>46-0458824</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>(State of
      Incorporation)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>(Commission File No.)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>(IRS
      Employer</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>(Identification Number)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>625 Ninth
Street<BR>P. O. Box 1400<BR>Rapid City, South Dakota 57709<BR>(605)
721-1700</FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.</FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Other Events and Required FD Disclosure.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On July 9, 2003, the Company issued a press release announcing that it entered into a definitive agreement to sell
its ownership interests in seven hydroelectric power plants in upstate New York.
</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
press release is attached as an exhibit to this Form 8-K and incorporated herein by
reference. </FONT></TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Financial Statements, Pro Forma Financial Information and Exhibits.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit:  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press Release dated July 9, 2003.  </FONT></TD>
</TR>
</TABLE>
<BR>




<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2 </FONT> </P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Default" -->
<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>SIGNATURES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=28%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLACK
HILLS CORPORATION  </FONT>
</TD>
</TR>
</TABLE>
<BR>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>By:&nbsp;/s/Mark T. Thies</U><BR>
Mark T. Thies<BR>Executive Vice President<BR>and Chief Financial Officer </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A011></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: July 18, 2003 </FONT></P>

<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3 </FONT> </P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX<BR>to </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A014></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Black Hills Corporation<BR>July 9, 2003 Form 8-K </FONT></P>

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<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%">
<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>Exhibit<BR><U>Number</U></B> </FONT> </TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=1>&nbsp; </FONT></TD>
    <TD width="80%">
<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U><B>Description</B></U> </FONT> </TD></TR></TABLE><BR>

<BR>
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<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99
    </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Press Release dated July 9, 2003. </FONT></TD></TR></TABLE><BR>


<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4 </FONT> </P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99_form8k7-09.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99 to Form 8k 7-09-03</TITLE>
</HEAD>
<BODY>



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Black Hills
Corporation Announces Sale of Hydro Assets </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;July 9,
2003&#151;Black Hills Corporation (NYSE: BKH) today entered into a definitive agreement to
sell its ownership interests in seven hydroelectric power plants in upstate New York. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate cash purchase price of approximately US$186 million will be used in part to pay
debt of approximately $82 million associated with the power projects. The hydro facilities
have a combined nameplate capacity of approximately 80 MW. The purchasers are affiliates
of Boralex, Inc., a Canadian corporation, and Boralex Power Income Fund, an unincorporated
Canadian trust of which Boralex owns an interest. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transaction is expected to be completed in the third quarter of 2003, and is subject to
conditions customary in transactions of this nature, including receipt of certain
regulatory approvals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel
P. Landguth, Chairman and CEO of Black Hills Corporation, said, &#147;Our interests in
these hydroelectric plants located in the northeastern United States were determined to be
non-strategic. Therefore, we decided to divest of these assets. Our geographic focus has
been and will continue to be the western United States. The divestiture of assets
strengthens our balance sheet by reducing debt and positions us to move forward with our
strategy.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A003></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>About Black Hills
Corporation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black
Hills Corporation (www.blackhillscorp.com) is a diverse energy and communications company.
Black Hills Energy, our non-regulated energy business group, generates electricity,
produces natural gas, oil and coal and markets energy; Black Hills Power is our electric
utility serving western South Dakota, northeastern Wyoming and southeastern Montana; and
Black Hills FiberCom, a broadband communications company, offers bundled telephone, high
speed Internet and cable entertainment services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A004></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Caution regarding
forward-looking statements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
of the statements in this release include &#147;forward-looking statements&#148; as
defined by the Securities and Exchange Commission, or SEC. Black Hills Corporation makes
these forward-looking statements in reliance on the safe harbor protections provided under
the Private Securities Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this release that address activities, events
or developments that Black Hills expects, believes or anticipates will or may occur in the
future are forward-looking statements. These forward-looking statements are based on
assumptions, which Black Hills believes are reasonable based on current expectations and
projections about future events and industry conditions and trends affecting Black
Hills&#146; business. However, whether actual results and developments will conform to
Black Hills&#146; expectations and predictions is subject to a number of risks and
uncertainties that could cause actual results to differ materially from those contained in
the forward-looking statements, including, among other things: (1) unanticipated
developments in the western power markets, including unanticipated governmental
intervention, deterioration in the financial condition of counterparties, default on
amounts due from counterparties, adverse changes in current or future litigation, adverse
changes in the tariffs of the California Independent System Operator, market disruption
and adverse changes in energy and commodity supply, volume and pricing and interest rates;
(2) prevailing governmental policies and regulatory actions with respect to allowed rates
of return, industry and rate structure, acquisition and disposal of assets and facilities,
operation and construction of plant facilities, recovery of purchased power and other
capital investments, and present or prospective wholesale and retail competition; (3) the
State of California&#146;s efforts to reform its long-term power purchase contracts; (4)
impact of environmental and safety laws; (5) weather conditions; (6) competition; (7)
pricing and transportation of commodities; (8) market demand, including structural market
changes; (9) unanticipated changes in operating expenses or capital expenditures; (10)
capital market conditions; (11) legal and administrative proceedings that influence Black
Hills&#146; business and profitability; (12) the effects on Black Hills&#146; business of
terrorist actions or responses to such actions; (13) the effects on Black Hills&#146;
business resulting from the financial difficulties of Enron and other energy companies,
including their effects on liquidity in the trading and power industry, and Black
Hills&#146; ability to access the capital markets on the same favorable terms as in the
past; (14) the effects on Black Hills&#146; business in connection with a lowering of
Black Hills&#146; credit rating (or actions Black Hills may take in response to changing
credit ratings criteria), including, increased collateral requirements to execute Black
Hills&#146; business plan, demands for increased collateral by Black Hills&#146; current
counter-parties, refusal by Black Hills&#146; current or potential counterparties or
customers to enter into transactions with Black Hills and Black Hills&#146; inability to
obtain credit or capital in amounts or on terms favorable to Black Hills; and (15) other
factors discussed from time to time in Black Hills&#146; filings with the SEC. </FONT></P>

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</SUBMISSION>
