<SUBMISSION>
<ACCESSION-NUMBER>0001130464-03-000286
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20031215
<ITEMS>5
<ITEMS>7
<FILING-DATE>20031216
<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>031058168
</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_12-15.htm
<DESCRIPTION>BHC FORM 8K 12-15-2003
<TEXT>
<HTML>
<HEAD><TITLE>Form 8-K News Release 12-16-03</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>December 16, 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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<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
December 16, 2003, the Company issued a press release updating its earnings outlook for the
fourth quarter of 2003 and the year 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 December 16, 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: December 16, 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>December 16, 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 December 16, 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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</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99_form8k12-15.htm
<DESCRIPTION>NEWS RELEASE DATED 12-16-03
<TEXT>
<HTML>
<HEAD><TITLE>Exhibit 99 to BHC 8-k 12-16-03</TITLE></HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Black Hills
Corporation Updates Earnings Outlook </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;December 16,
2003&#151;Black Hills Corporation (NYSE: BKH) today announced updated information for
anticipated financial results for the fourth quarter of 2003 and for the year 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth
quarter 2003 income from continuing operations is expected to be in the range of $0.25 to
$0.30 per share, compared to income from continuing operations of $0.54 per share for
fourth quarter 2002. Several factors are contributing to the change in expected results
for fourth quarter 2003, including:</FONT></P>


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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>&#149; </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>lower
earnings from the power generation business segment, due primarily to the lower than
forecast market
dispatch of the 224 MW Las Vegas Cogeneration II power plant;   </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>&#149; </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>a
higher than expected loss in the communications segment, due primarily to slower revenue
growth caused               by recent competitive pressures; and </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>&#149;  </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>investment
of the proceeds from the September 2003 contract termination settlement with Allegheny
Energy Supply Company, LLC, and sale of hydroelectric assets in short-term securities at
currently low market rates. </FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anticipated
fourth quarter net income will also be affected by a previously disclosed anticipated
fourth quarter 2003 cumulative effect of a change in accounting principle related to the
consolidation of the 90 MW Wygen power plant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously disclosed, the Company in the third quarter of 2003 received and recorded a
$114 million cash payment in consideration for terminating a 15 year contract with
Allegheny for capacity and energy at the Las Vegas Cogeneration II power plant. As a
result of this contract termination, the Company assessed the recoverability of the
carrying value of the assets and recorded an impairment charge of $117.2 million related
to the plant in the third quarter of 2003. The Company anticipated that the plant would be
dispatched on a market basis until the Company obtained a replacement contract for the
plant&#146;s capacity and energy. The prevailing regional power market conditions are
lower than forecast and have limited the economic dispatch of the plant during the current
quarter. The Company does not anticipate that market conditions will improve during the
remainder of the quarter. Consequently, power generation segment results are likely to be
lower than previously expected. </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
communications segment&#146;s earnings are being impacted by an aggressive price marketing
campaign launched by one of the Company&#146;s competitors. The Company has been
successful in retaining its customers in response to this campaign by offering short-term
price incentives in exchange for the execution of 18- to 24-month contracts. As a result
of those discounts, reduced long distance and telephone directory revenues, and an
increase in administrative costs, the Company has revised its estimated loss for the
communications segment for the year 2003 to approximately $5.5 million. </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, the Company sold its ownership interests in seven hydroelectric power
plants in upstate New York. Net cash proceeds from this sale, after repaying the related
project-level debt and terminating interest rate swaps, were approximately $95 million.
The Company also received $114 million from the Las Vegas Cogeneration II contract
termination. A portion of these cash proceeds was used to pay approximately $51 million in
income taxes primarily related to those transactions. Pending redeployment in corporate
development activities, for debt reduction, or for other corporate purposes, the Company
has invested the remaining cash proceeds in short-term marketable securities, which yield
low rates in the current market. Consequently, potential earnings have been significantly
reduced in the fourth quarter of 2003. </FONT></P>





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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-Page 1 of 3- </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 year 2004, the Company expects income from continuing operations to be in the range of
$2.00 to $2.35 per share. The factors affecting the change in expected results include:</FONT></P>


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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>&#149; </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>lower
than expected revenue growth and higher than expected costs in the communications segment
compared to 2003, resulting in an anticipated after-tax loss of approximately $3 million
to $4 million;  </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>&#149;  </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>&nbsp;a
decrease in expected earnings from the power generation segment due to the operation of
the Las Vegas Cogeneration II power plant on a market basis pending the execution of a
replacement long-term off-take agreement, and higher than expected fuel expense at the
Las Vegas Cogeneration I power plant;  </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>&#149;  </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>&nbsp;higher
than expected corporate expenses compared to 2003, related to the costs of insurance,
compliance, and general and administrative functions; and  </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>&#149;  </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>&nbsp;the
uncertain timing of capital investments or acquisitions due to the challenges of
prevailing energy industry conditions, which affect investment opportunities.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>These factors are expected to be
offset in part by higher earnings in the oil and gas production segment, due to an
anticipated increase in gas production and strong natural gas prices, and by higher
earnings from the energy marketing segment, due primarily to expected increases in natural
gas marketing volumes. </FONT></P>

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<A NAME=A002></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>About Black Hills
Corporation </FONT></H1>

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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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<A NAME=A003></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Caution regarding
forward-looking statements </FONT></H1>

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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) the timing and extent
of changes in commodity prices for electricity, natural gas, oil and coal; (2)
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; (3) 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; (4) impact of environmental and safety laws; (5) weather conditions;
(6) competition; (7) market demand, including structural market changes; (8) unanticipated
changes in operating expenses or capital expenditures; (9)&nbsp;capital market conditions;</FONT></P>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-Page 2 of 3- </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10) legal and administrative
proceedings that influence Black Hills&#146; business and profitability; (11) the effects
on Black Hills&#146; business of terrorist actions or responses to such actions; (12) 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; (13) 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 (14) other factors discussed from time to time in Black Hills&#146; filings
with the SEC. Black Hills Corporation assumes no obligation to update publicly any such
forward-looking statements, whether as a result of new information, future events or
otherwise.  </FONT></P>


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