<SUBMISSION>
<ACCESSION-NUMBER>0001130464-03-000234
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030922
<ITEMS>5
<ITEMS>7
<FILING-DATE>20030923
<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>03906409
</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_9-22.htm
<DESCRIPTION>FORM 8-K 9-22-03 LV POWER PLANT CONTRACT TERM
<TEXT>
<HTML>
<HEAD><TITLE>Form 8-K News Release 9-22-03</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>September 22,
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>
          <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
September 22, 2003, the Company issued a press release announcing the completion of a
transaction terminating a fifteen year contract with Allegheny Energy Supply Company, LLC,
a subsidiary of Allegheny Energy, Inc. for capacity and energy at Black Hills Las Vegas
Cogeneration II power plant and its related accounting impact. The Company also updated
its earning guidance for 2004. </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=5%><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=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit:  </FONT></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=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 September 22, 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=A008></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>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 5" FSL="Default" -->
<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=A009></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: September 23, 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=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Black Hills Corporation<BR>September
22, 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 September 22, 2003. </FONT></TD></TR></TABLE><BR>


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<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>ex99form8k_9-22.htm
<DESCRIPTION>LV POWER PLANT CONTRACT TERMINATION NEWS RELEASE
<TEXT>
<HTML>
<HEAD><TITLE>LV Power Plant Contract Termination</TITLE></HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></H1>
<!-- MARKER FORMAT-SHEET="Head Minor Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Black Hills
Corporation Completes<BR>Las Vegas Power Plant Contract Termination </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;September 22,
2003&#151;Black Hills Corporation (NYSE: BKH), today announced the completion of a
transaction terminating a fifteen year contract with Allegheny Energy Supply Company, LLC,
a subsidiary of Allegheny Energy, Inc. (NYSE:AYE) for capacity and energy at Black
Hills&#146; Las Vegas Cogeneration II power plant. </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
Company received a cash payment of $114 million under the termination agreement, which
alleviates the Company&#146;s credit exposure to Allegheny at this facility. Proceeds will
be used to reduce debt and for other corporate purposes. In recognition of lower expected
cash flows from the Las Vegas power plant following the contract termination, the Company
determined that an impairment of assets would be recognized in the third quarter. Third
quarter 2003 financial results will record an after-tax net loss of approximately $2.6
million, or $0.08 per share, due to the accounting treatment of this transaction. </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;Due
to many factors affecting future earnings performance, including the potential impact of
changes in the contract status of the Las Vegas plant, the pending sale of hydroelectric
power plants in upstate New York, and a reduction in anticipated capital deployment in
2003, and in combination with the expected growth in our other businesses, the Company
currently expects earnings from continuing operations in 2004 to be comparable to 2003
recurring results. </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
Company&#146;s commitment to a strong balance sheet, sufficient liquidity, and an
appropriate debt structure has been demonstrated by the 2003 equity and debt offerings and
the pending sale of non-strategic assets. These capital activities establish the strong
financial foundation for further pursuit of opportunities for prudent earnings growth and
steady dividend growth. Our long-term growth objective is expected to be achieved through
investments in new projects and the expansion of existing operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<A NAME=A002></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABOUT
BLACK HILLS CORPORATION</I> </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;Black
Hills Corporation is a diverse energy and communications company. Black Hills Energy, our
wholesale energy unit, 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, our broadband
communications company, offers bundled telephone, high speed Internet and cable
entertainment services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<A NAME=A003></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAUTION
REGARDING FORWARD-LOOKING STATEMENTS</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" 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>
