<SUBMISSION>
<ACCESSION-NUMBER>0001130464-03-000252
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20031030
<ITEMS>12
<FILING-DATE>20031031
<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>03967926
</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_103003.htm
<DESCRIPTION>BHC FORM 8-K DATED 10-30-03
<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>October 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 12.</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>Results of
Operations and Financial Condition</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>On October
30, 2003, the Registrant issued a press release announcing earnings for the third
quarter of 2003 of $0.69 per share.</FONT></TD>
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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>The press release is attached as Exhibit 99 to this Form 8-K.  This information
is being furnished pursuant to Item 12 of Form 8-K and shall not be deemed to be
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities of that section, nor shall
it be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, except as shall be expressly set forth by specific reference
in such filing.  </FONT></TD>
</TR>
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<BR>








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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>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: October 30, 2003 </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>
October 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 October 30, 2003. </FONT></TD>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99_form8k-103003.htm
<DESCRIPTION>EXHIBIT 99 TO BHC 8-K DATED 10-30-03
<TEXT>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>EXHIBIT 99 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>BLACK HILLS
CORPORATION REPORTS THIRD QUARTER 2003 RESULTS<BR>AND DECLARES DIVIDEND </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;October 30,
2003&#151;Black Hills Corporation (NYSE: BKH) today announced net income of $22.4 million,
or $0.69 per share for the three months ended September 30, 2003, compared to $17.4
million, or $0.64 per share for the same period in 2002. For the nine months ended
September 30, 2003, the Company reported net income of $53.1 million, or $1.75 per share,
compared to $45.2 million, or $1.68 per share for the nine-month period ended September
30, 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results
for the third quarter of 2003 reflect the impact of several non-recurring transactions
affecting net income, as follows:</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>&#149;  </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>receipt of proceeds from a contract termination
agreement at the Company&#146;s Las Vegas Cogeneration II power plant, which resulted
in a $2.09 per share after-tax gain;  </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>&#149; </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>the
determination of an asset impairment at the Las Vegas Cogeneration II plant, reflecting
the cancellation of the facility&#146;s long-term contract for its capacity and energy
and other factors, which resulted in an after-tax loss of $2.15 per share;  </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>&#149; </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>an
after-tax gain of $0.01 per share related to the settlement of accounts with Enron
Corporation stemming from Enron&#146;s bankruptcy in 2001;  </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>&#149; </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>the
sale of hydroelectric power plants in upstate New York, which resulted in an after-tax
gain on the sale of $0.14 per share; and  </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>&#149; </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>the
adoption of a plan of sale for the Company&#146;s 40 MW Pepperell power plant in
Massachusetts, resulting in an after-tax loss of $0.02 per share, relating to a
write-down to fair value less estimated costs to sell the operation.  </FONT></TD>
</TR>
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<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from continuing operations in the third quarter of 2003 was $0.54 per share, and was
affected by the first three non-recurring transactions noted above, compared to $0.62 per
share for the same quarter in 2002. Excluding the Las Vegas Cogeneration II transactions
and the Enron settlement, income from continuing operations in the third quarter of 2003
was $0.59 per share. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
performance in the third quarter of 2003 reflected a 28 percent increase in income from
continuing operations for the integrated energy business unit, compared to the same period
in 2002. The improved results were attributed primarily to increased earnings from power
generation due to increased generation capacity and increased oil and gas earnings due to higher production
and prices received, partially offset by a decrease in earnings from energy marketing. In addition,
the communications business unit reported improved performance due to increased revenues
from a larger customer base. Overall improved results were offset by an 18 percent
decrease in earnings at our electric utility due to higher operating costs and interest
expense, compared to the same quarter in 2002. </FONT></P>

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<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, said, &#147;The third quarter of 2003 marked
the continued advancement of our Company&#146;s long-term agenda. From an operational
perspective, we set production records at both our oil and natural gas operations and our
coal mine. We also demonstrated continued improvement at our communications business. From
a strategic standpoint, we have enhanced our competitive position by strengthening our
balance sheet and by exiting activities outside our core focus.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per
share results in the third quarter of 2003 were affected by an increase of 5.7 million
weighted average shares outstanding, compared to the same period in 2002, due primarily to
a 4.6 million share common stock offering in April 2003, and the issuance of approximately
0.5 million common shares in conjunction with the March 2003 acquisition of Mallon
Resources Corporation. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly
dividends were declared on the common and preferred stock by the Board of Directors at a
meeting held October 21, 2003. Common shareholders will receive 30 cents per share,
equivalent to an annual dividend rate of $1.20 per share. Preferred shareholders, whose
holdings are related to a Company acquisition, will receive $11.065 per share. This amount
represents 1 percent per annum per share computed on the basis of $1,000 per share plus a
common stock dividend equivalence. Dividends will be payable December 1, 2003, to all
shareholders of record at the close of business on November 14, 2003. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONSOLIDATED FINANCIAL
RESULTS </FONT></P>

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<PRE>
                                            BLACK HILLS CORPORATION
                                   (In thousands, except per share amounts)

                                      Three months ended             Nine months ended
                                         September 30,                 September 30,
                                    -----------------------      -----------------------
                                       2003          2002           2003          2002
                                    ---------     ---------      ---------     ---------
Revenues:
     Integrated Energy (a)          $ 354,479     $ 186,103      $ 831,773     $ 508,389
     Electric Utility                  46,247        45,291        129,182       120,786
     Communications                    10,136         8,392         30,595        24,155
                                    ---------     ---------      ---------     ---------
                                    $ 410,862     $ 239,786      $ 991,550     $ 653,330
                                    =========     =========      =========     =========

Net income (loss) available
for common stock:
  Continuing operations -
    Integrated Energy               $  13,387     $  10,487      $  36,072     $  27,638
    Electric Utility                    6,772         8,299         18,192        22,906
    Communications                     (1,031)       (1,453)        (3,273)       (5,729)
    Corporate                          (1,487)         (518)        (3,722)       (1,081)
                                     ---------    ---------      ---------     ---------
                                       17,641        16,815         47,269        43,734
    Discontinued operations (b)         4,803           634          8,693           692
    Change in accounting principle          -             -         (2,680)(c)       896(d)
                                     --------     ---------      ---------     ---------
                                       22,444        17,449         53,282        45,322
    Less: preferred stock dividends       (57)          (56)          (172)         (168)
                                     --------     ---------      ---------     ---------
                                     $ 22,387     $  17,393      $  53,110     $  45,154
                                     ========     =========      =========     =========
</PRE>
<PRE>
Weighted average common shares
    outstanding:
    Basic -                            32,087        26,835         29,922        26,778
    Diluted -                          32,754        27,078         30,457        27,052

Earnings per share:
    Basic -
        From continuing operations     $ 0.55        $ 0.63         $ 1.57        $ 1.63
        Total                          $ 0.70        $ 0.65         $ 1.77        $ 1.69
    Diluted -
        From continuing operations     $ 0.54        $ 0.62         $ 1.55        $ 1.62
        Total                          $ 0.69        $ 0.64         $ 1.75        $ 1.68
</PRE>
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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All periods presented reflect a net presentation of revenues at our gas
          marketing subsidiary and a gross presentation of revenues at our crude oil
          marketing subsidiary, in accordance with EITF Issue No. 02-3 and EITF Issue No.
          99-19. </FONT></P></TD>
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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Reflects the after-tax results of operations and related gains and losses at the
          Company&#146;s discontinued New York hydroelectric power plants and Pepperell
          power plant. 2002 periods also include coal marketing operations. </FONT></P></TD>
          </TR>
          </TABLE>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Reflects the adoption of EITF Issue No. 02-3 and SFAS No. 143.</FONT></P></TD>
          </TR>
          </TABLE>

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          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reflects the
          write-off of negative goodwill upon adoption of SFAS No. 142. </FONT></P></TD>
          </TR>
          </TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BUSINESS UNIT QUARTERLY PERFORMANCE
SUMMARY </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Integrated Energy </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Integrated Energy business unit&#146;s revenues were $354.5 million for the quarter ended
September 30, 2003, compared to $186.1 million for the same quarter in 2002. The increase
was primarily due to revenues from the $114 million contract termination agreement and
additional capacity at our power generation segment, increased revenues from higher
production, and prices at our oil and gas segment and higher revenues from energy
marketing, related to higher prices and volumes of crude oil marketed. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from continuing operations for the three-month period ended September 30, 2003 was $13.4
million, compared to $10.5 million in 2002. Income from continuing operations from our
power generation segment increased approximately $2.9 million, primarily due to increased
generating capacity in service and an approximate $0.4 million after-tax benefit from an
Enron bankruptcy court settlement, partially offset by a $1.9 million after-tax loss
related to the net impact of a $114 million contract termination payment received, and a
$117.2 million asset impairment at our Las Vegas Cogeneration II power plant. Income from
continuing operations of our oil and gas segment increased approximately $1.7 million due
to higher volumes sold, primarily due to the Mallon Resources acquisition, and higher
prices received, compared to 2002. Coal mining income from continuing operations was flat
with 2002. Increased coal production and revenues from lower-margin sales through our train load-out facility and to our Wygen
plant were partially offset by higher general and administrative and direct mining costs
related to increased production volumes. Income from continuing operations of our energy
marketing segment decreased approximately $1.8 million due to lower natural gas marketing
margins and lower unrealized mark-to-market gains on derivative contracts, partially
offset by higher volumes marketed.</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
following tables contain certain Integrated Energy operating statistics: </FONT></P>

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<PRE>
                            Three months ended          Nine months ended
                               September 30,               September 30,
                        -----------------------    ----------------------
                            2003          2002         2003         2002
                          ---------     ---------    ---------    ---------
Coal mining:
Tons of coal sold         1,292,100     1,110,800    3,562,400    2,955,500

Oil and gas production:
Mcf equivalent sales      3,152,300     1,682,000    8,388,700    5,607,400


Energy marketing
average daily volumes:
Natural gas-MMBtus        1,205,900     1,140,200    1,181,800    1,039,200
Crude oil-barrels            59,500        57,200       60,000       53,700
</PRE>
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<PRE>
                                   September 30,
                                 ----------------
                                 2003        2002
                                 ----        ----
Oil and gas reserves:
Bcf equivalent reserves(a)       140.0       61.7

IPP Nameplate Net Capacity:
In service-MW(c)                 1,002(b)     657
Under construction-MW                -        364(b)
</PRE>
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               <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Reserves at September 30, 2003 include the March 10, 2003 acquisition of Mallon
               Resources Corporation. Reserves are based on an internal update of year-end
               independent reserves studies, which reflect year-to-date activity and an oil
               price of $30.30 per barrel and a natural gas price of $4.69 per Mcf as of
               September 30, 2003 and $30.45 per barrel and $4.10 per Mcf as of September 30,
               2002. </FONT></P></TD>
               </TR>
               </TABLE>

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               <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Includes a 90 MW plant under a lease arrangement. </FONT></P></TD>
               </TR>
               </TABLE>

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               <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Capacity in service includes 40 MW (Pepperell) and 74 MW (Pepperell and
               hydroelectric) in 2003 and 2002, respectively, which are currently reported as
               &#147;Discontinued operations.&#148; </FONT></P></TD>
               </TR>
               </TABLE>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Electric Utility </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings
from the Electric Utility business unit for the three months ended September 30, 2003 were
$6.8 million, compared to $8.3 million in 2002. Decreased earnings in 2003 were primarily
due to three factors: a 36 percent decrease in off-system megawatt-hours sold, the effect
for which was mitigated in part by a higher average off-system price per megawatthour,
compared to the third quarter of 2002; cost increases related to higher purchased power
and natural gas prices; and higher depreciation, interest and pension costs. These
negative impacts were partially offset by increases in firm electricity sales to
residential, commercial, and industrial customers of 6 percent, 3 percent, and 1 percent,
respectively. </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
following table provides certain electric utility operating statistics: </FONT></P>

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<PRE>
                            Three months ended         Nine months ended
                              September 30,              September 30,
                  --------------------     -----------------------
                            2003         2002          2003        2002
                           -------      -------     ---------     ---------
Firm (system) sales-MWh    545,300      510,500     1,498,100     1,466,000
Off-system sales-MWh       204,700      317,600       684,500       688,700
</PRE>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Communications </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Communications
business unit reported a net loss of $1.0 million for the three month period ended
September 30, 2003, compared to a $1.5 million loss in 2002. The improved performance was
due to a 21 percent increase in revenue as a result of a larger customer base, partially
offset by increased costs of sales and higher depreciation and administrative costs. In
addition, 2002 results included a $0.6 million after-tax benefit from the collection of
previously reserved amounts. </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
following table provides certain communications operating statistics: </FONT></P>

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<PRE>
                        September 30,  June 30,    March 31,   December 31,  September 30,
                            2003         2003        2003          2002          2002
                        ------------   --------    ---------   ------------  -------------
Residential customers      23,900       23,400      22,700        21,700        20,760
Business customers          2,841        2,778       2,657 (a)     3,061         2,960
Business access lines      11,518       11,271      10,342         9,094         8,772
</PRE>
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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In 2003, reported business customers were adjusted for the consolidation of
               multiple-location business customers, business orders, and temporary business
               access lines. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>
</B> Increased Corporate costs over 2002 were primarily the result of higher general and
administrative expenses and increased pension expenses. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 30, 2003, we completed the sale of our ownership interests in seven
hydroelectric power plants located in upstate New York. The sale proceeds were
approximately $186 million. Concurrent with this transaction, we paid off the remaining
amount of project-level debt and related interest rate swaps associated with these assets,
which totaled approximately $91 million. An after-tax gain on the sale of these ownership
interests of approximately $4.5 million was recorded in the third quarter of 2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of 2003, we adopted a plan of sale for our Pepperell power plant, the
last of our assets located in the eastern market. In conjunction with the plan, we wrote
down the carrying value of the related business to the fair value less estimated costs to
sell. This resulted in an after-tax loss of approximately $0.6 million, which was recorded
in the third quarter of 2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the third quarter of 2003, the above gain and loss were combined with approximately $0.9
million of after-tax earnings from operations at the hydroelectric and Pepperell power
plants and reported as &#147;Discontinued Operations.&#148; </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EARNINGS CONFERENCE CALL </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
Company will conduct a conference call on Friday, October 31, 2003 beginning at 11:00 a.m.
Eastern Time to discuss financial and operating performance. The conference call will be
open to the public. The call can be accessed by dialing, toll-free, (800) 450-0819. When
prompted, indicate that you wish to participate in the &#147;Black Hills Quarterly
Earnings Conference Call.&#148; A replay of the conference call is available through
November 7, 2003 by dialing (800) 475-6701 (USA) or (320) 365-3844 (international). The
access code is 704443. </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 (www.blackhillscorp.com) is a diverse energy and communications company.
Black Hills Energy, the integrated 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, a 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)&nbsp;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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