<SUBMISSION>
<ACCESSION-NUMBER>0001130464-04-000246
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20040722
<ITEMS>12
<FILING-DATE>20040723
<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>04927319
</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_072204.htm
<DESCRIPTION>BHC 8-K DATED JULY 22, 2004
<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>July 22, 2004<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>
</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 July
22, 2004, the Registrant issued a press release announcing anticipated lower
results for second quarter 2004 and updates outlook.</FONT></TD>
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<BR>

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<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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<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: July 22, 2004 </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>
July 22, 2004 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</U> </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=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 July 22, 2004. </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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99_form8k-072204.htm
<DESCRIPTION>PRESS RELEASE DATED JULY 22, 2004
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>BLACK HILLS
CORPORATION ANTICIPATES LOWER RESULTS <BR>FOR SECOND QUARTER 2004 AND UPDATES OUTLOOK </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;July 22,
2004&#151;Black Hills Corporation (NYSE: BKH) today announced that net income for the
three-month period ended June 30, 2004 is expected to be approximately $0.33 to $0.37 per
share, including $0.06 per share of income from discontinued operations related to the
sale of certain non-strategic energy assets. For the six-month period ended June 30, 2004,
net income is expected to be $0.63 to $0.67 per share, including $0.05 per share of income
from 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;Actual
performance varied from expected performance in the second quarter of 2004, due to lower
results from oil and gas operations, electric utility operations, and energy marketing
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;Based
on the results for the first half of 2004 and current expectations for the remainder of
the year, the Company estimates income from continuing operations to be between $1.70 and
$1.85 per share, due to the following factors: </FONT></P>

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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>lower-than-expected
production from oil and gas operations, due primarily to delays in obtaining drilling
permits and delays in the construction of compression stations and gas gathering
pipelines;  </FONT></TD>
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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
electric utility earnings declined, due primarily to higher fuel and purchased power
costs, resulting from a combination of unexpected outages at certain power plants, market
prices of gas and power, and unexpected capacity restrictions on the new AC-DC-AC
transmission inter-tie relating to storm-caused transmission outages in Nebraska; and </FONT></TD>
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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
results at our energy marketing operations declined, due primarily to lower-than-expected margins.</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
assumptions in our revised guidance for the remainder of 2004 include: </FONT></P>

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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
expected improvement in oil and gas performance in the second half of 2004, based on
current forward price curves and production increases approximating 50 percent in the
second half of 2004, compared to the first half of 2004; this increase is expected to come
from the completion of gas gathering and compression facilities and additional drilling
primarily at the Mallon properties; </FONT></TD>
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<BR>



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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
normal weather patterns, normal plant availability and resumed access to power markets at our
electric utility; </FONT></TD>
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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
continued high availability for contracted, non-regulated power plants; </FONT></TD>
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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 consistent margins with no significant net unrealized gains or losses from energy marketing
operations; and </FONT></TD>
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<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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 modest improvements in communications results. </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;The
Company anticipates 2005 income from continuing operations to approximate $1.85 to $2.00
per share, due to continued increases in oil and gas operations, the expected addition of
Cheyenne Light, Fuel &amp; Power operations, modest improvement in communications results,
and effective cost management, offset in part by small decreases in energy marketing
results, and lower utility and coal mining results relating to planned major maintenance
outages at certain electric utility coal-fired power plants. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David
R. Emery, President and CEO of Black Hills, said, &#147;We expect record production from
oil and gas operations, and record volumes at our energy marketing operations, both
contributing solidly to 2004 earnings. Improved performance from our electric utility,
power generation and communications business segments is expected for the second half of
the year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regarding
our longer-term prospects, we have a sound balance sheet with sufficient liquidity to
invest in additional projects,&#148; Emery continued. &#147;We are making progress on our
acquisition of Cheyenne Light, Fuel &amp; Power, which we expect to complete later this
year. While we acknowledge that the present market conditions have made it challenging to
find quality investment opportunities in the near term within our risk tolerances, we
remain confident that we can continue to expand our presence and asset base in the
West.&#148; </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EARNINGS RELEASE AND 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 issue its second quarter 2004 earnings release and Form 10-Q on Monday,
August 9, 2004. A conference call will be held on Tuesday, August 10, 2004, 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, (888)
428-4473. 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 August 17, 2004 by dialing (800) 475-6701 (USA) or (320) 365-3844 (international).
The access code is 739979. </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) 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) capital market conditions; (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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