<SUBMISSION>
<ACCESSION-NUMBER>0001130464-03-000236
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030930
<ITEMS>5
<ITEMS>7
<FILING-DATE>20031001
<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>03920707
</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_93003.htm
<DESCRIPTION>8-K FOR 9-30-03 PRESS RELEASE
<TEXT>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES
<BR>SECURITIES AND EXCHANGE COMMISSION</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington,
D. C. 20549 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 8-K  </FONT></P>

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

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<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>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 30, 2003<BR>
(Date of earliest event reported)  </FONT></P>

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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>South Dakota&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;001-31303&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46-0458824&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<BR>(State of Incorporation)&nbsp;&nbsp;&nbsp;(Commission File No.)&nbsp;&nbsp;&nbsp;(IRS Employer Identification Number)</FONT></P>







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<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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<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>Item 5.</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><U>Other
Events and Required FD Disclosure.</U>  </FONT></TD>
</TR>
</TABLE>
<BR>

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<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>On September
30, 2003, the Company issued a press release announcing the completion of the sale of its
ownership interests in seven hydroelectric power plants located in upstate New York. The
purchasers were affiliates of Boralex Inc., a Canadian corporation, and Boralex Power
Income Fund, an unincorporated Canadian trust of which Boralex owns an interest.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<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>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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<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>Item 7.</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><U>Financial Statements, Pro Forma Financial Information and
Exhibits.</U> </FONT></TD>
</TR>
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<BR>

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<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>(c)&nbsp;&nbsp;&nbsp;&nbsp;Exhibit:<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated September 30, 2003.</FONT></TD>
</TR>
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<BR>








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


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

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<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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<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><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLACK HILLS CORPORATION
</FONT></TD>
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<BR>

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<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=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;
&nbsp;<U>/s/ Mark T. Thies</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mark T. Thies<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Vice President<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;and Chief Financial Officer</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: October 1, 2003 </FONT></P>

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





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX<BR>to<BR><BR>Black Hills Corporation<BR>
September 30, 2003 Form 8-K </FONT></P>


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<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<U>Description</U> </FONT></TD>
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<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>&nbsp;&nbsp;&nbsp;99  </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>Press
Release dated September 30, 2003. </FONT></TD>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99_form8k-93003.htm
<DESCRIPTION>PRESS RELEASE DATED 9-30-03
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>EXHIBIT
99</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>BLACK HILLS
CORPORATION COMPLETES<BR>HYDROELECTRIC ASSETS
SALE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;September 30,
2003&#151;Black Hills Corporation (NYSE: BKH), today announced the completion of the sale
of its ownership interests in seven hydroelectric power plants located in upstate New
York. The purchasers were affiliates of Boralex Inc., a Canadian corporation, and Boralex
Power Income Fund, an unincorporated Canadian trust of which Boralex owns an interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale proceeds were approximately US$186 million. Concurrent with this transaction, the
Company paid off the remaining amount of project-level debt and related interest rate
swaps associated with these assets, which totaled approximately $91 million. Remaining
cash proceeds from the sale are expected to be used to repay other corporate or
subsidiary-level debt, or for other corporate purposes. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABOUT BLACK HILLS
CORPORATION </FONT></P>

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<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAUTION REGARDING FORWARD-LOOKING
STATEMENTS </FONT></P>

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<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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