<SUBMISSION>
<ACCESSION-NUMBER>0001130464-07-000232
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20070809
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20070809
<DATE-OF-FILING-DATE-CHANGE>20070809
<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>071038384
</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_2ndqtrearnings.htm
<DESCRIPTION>2ND QTR EARNINGS
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;border-bottom:solid 2.25pt;padding-bottom:1;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=5>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>___________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Date of Report (Date of earliest event reported) August 9, 2007</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>BLACK HILLS CORPORATION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Exact name of registrant as specified in its charter)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>


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        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>South Dakota</font></b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(State or other jurisdiction of incorporation)</font></b></p> </td> </tr>
    <tr >
        <td width="27%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>001-31303</font></b></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>46-0458824</font></b></p> </td> </tr>
    <tr >
        <td width="27%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Commission File Number)</font></b></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(IRS Employer Identification No.)</font></b></p> </td> </tr>
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        <td width="27%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="2" rowspan=2 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>625 Ninth Street, PO Box 1400 </font></b></p>
<p style='margin-left:12.6pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Rapid City, South Dakota</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Address of principal executive offices)</font></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>57709-1400</font></b></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Zip Code)</font></b></p> </td> </tr>
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        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>605.721.1700</font></b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Registrant&#146;s telephone number, including area code)</font></b></p> </td> </tr>
    <tr >
        <td width="27%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Not Applicable</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Former name or former address, if changed since last report)</font></b></p> </td> </tr>
    <tr>
        <td width="190" ></td>

        <td width="274" ></td>

        <td width="14" ></td>

        <td width="218" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><i><font size=2>see</font></i><font size=2> General Instruction A.2. below):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3><img src="ballot.jpg"></font></p> </td>
        <td width="90%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3><img src="ballot.jpg"></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3><img src="ballot.jpg"></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3><img src="ballot.jpg"></font></p> </td>
        <td width="92%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;border-bottom:solid 2.25pt;padding-bottom:1;'><font size=5>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>1</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 2.02</font></b></p> </td>
        <td width="77%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Results of Operations and Financial Condition</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.85%;text-align:left;'><font size=2>On August 9, 2007, the Registrant issued a press release announcing net income of $25.1 million, or $0.66 per share, for the three-month period ended June 30, 2007, compared to $11.8 million, or $0.35 per share, for the same period ended June 30, 2006.  Income from continuing operations for the three months ended June 30, 2007 was $25.2 million, or $0.66 per share, compared to $12.4 million, or $0.37 per share, reported for the same period in 2006.  The Registrant also announced that it was raising its 2007 earnings guidance.    </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>The press release is attached as Exhibit 99 to this Form 8-K.  This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be &#147;filed&#148; 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, except as shall be expressly set forth by specific reference in such filing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01</font></b><font size=2>&nbsp;&nbsp;</font></p> </td>
        <td width="74%" nowrap valign=top style='padding:5.0pt 0in 5.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits</font></b></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:5.0pt 0in 5.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top style='padding:5.0pt 0in 5.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=top style='padding:5.0pt 0in 5.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99</font></p> </td>
        <td width="71%" nowrap valign=top style='padding:5.0pt 0in 5.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press release dated August 9, 2007.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<U><font SIZE=2>SIGNATURES</font></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.85%;text-align:left;'><font size=2>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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BLACK HILLS CORPORATION</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font><u><font size=2>/s/ Mark T. Thies</font></u>                                                                                                                                           </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mark T. Thies</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Executive Vice President</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:26.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>and Chief Financial Officer</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:&nbsp;&nbsp;August 9, 2007</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<b><font size=2>Exhibit Index</font></b></p>

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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><u><font size=2>Exhibit #</font></u></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press release dated August 9, 2007.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;line-height:90%;'><b><small>BLACK</small> <small>HILLS</small> <small>CORPORATION</small> <small>REPORTS</small> <small>STRONG</small> <small>SECOND</small> <small>QUARTER</small> 2007 <small>RESULTS</small> </b></p>

<p style=' margin-bottom:8pt; margin-top:0pt;text-align:center;line-height:90%;'><b><small>AND</small> <small>RAISES</small> 2007 <small>EARNINGS</small> <small>GUIDANCE</small></b></p>

<p style=' margin-bottom:7pt; margin-top:0pt;text-align:left;line-height:125%;'><font size=2>RAPID CITY, SD&#151;August 9, 2007&#151;Black Hills Corporation (NYSE: BKH) today announced financial results for the second quarter of 2007. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:6.42%;text-align:left;line-height:125%;'><font size=2>For the three months ended June 30, 2007, net income was $25.1 million, or $0.66 per share, compared to $11.8 million, or $0.35 per share for the same period ended June 30, 2006. Income from continuing operations for the three months ended June 30, 2007 was $25.2 million, or $0.66 per share, compared to $12.4 million, or $0.37 per share, reported for the same period in 2006. For the six months ended June 30, 2007, net income was $57.6 million, or $1.56 per share, compared to $37.9 million, or $1.13 per share for the same period ended June 30, 2006. Income from continuing operations for the six months ended June 30, 2007 was $57.7 million, or $1.57 per share, compared to $30.9 million, or $0.92 per share, reported for the same period in 2006.</font></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:6.57%;text-align:left;line-height:125%;'><font size=2>Compared to the second quarter of 2006, income from continuing operations in the second quarter of 2007 was affected primarily by the following factors (per share amounts include the dilutive effect of the issuance of 4.17 million common shares in February 2007): </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>a $4.7 million, or $0.12 per share, increase in energy marketing earnings; </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>a $3.1 million, or $0.08 per share, increase in power generation earnings;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>a $2.4 million, or $0.06 per share, increase in electric utility earnings; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>a $2.3 million, or $0.06 per share, increase in oil and gas earnings.</font></p> </td> </tr></table>
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<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:6.57%;text-align:left;line-height:125%;'><font size=2>David R. Emery, Chairman, President and CEO of Black Hills Corporation, said, &#147;Overall results for the second quarter of 2007 were excellent. Income from continuing operations on a per share basis increased in every business segment, led by strong earnings from our energy marketing operations. Natural gas markets, in the second quarter of 2007, continued to follow a pattern of extraordinary volatility prevailing over the past several months, including wide basis fluctuations between Rocky Mountain prices and other regions. Energy marketing was able to capitalize on these market conditions, and benefited from higher volumes marketed, and increased margins from transportation and other marketing strategies compared to the second quarter of 2006. </font></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:7.31%;text-align:left;line-height:125%;'><font size=2> &#147;Our wholesale power generation segment in the second quarter of 2007 produced higher earnings from strong availability at our power plants, compared to the same period in 2006,&#148; Emery said. &#147;For the second quarter 2007, our contracted availability was 98.2 percent as compared to 90.2 percent in 2006. The improvement was due primarily to our Las Vegas power plants&#146; return to full service after extensive maintenance outages concluding in the second quarter of 2006. Our new Valencia power plant project is on track for a scheduled in-service date in June 2008. The 149 megawatt gas fired plant will provide capacity and energy to Public Service Company of New Mexico under a 20-year tolling agreement.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:124.2%'><font size=1>&#150;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:124.2%'><font size=1>&#150;Page 1 of 7 &#150;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:6.87%;text-align:left;line-height:125%;'><font size=2> &#147;Increased retail services earnings reflected a return to normal power plant operations, as a major planned maintenance outage had occurred in the spring of 2006, and the rate increase at Black Hills Power,&#148; said Emery. &#147;As evidence of growing energy demand in our service territory, our electric utility set a new peak load of 430 megawatts in July 2007. The former peak was 415 megawatts set a year earlier.</font></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:6.87%;text-align:left;line-height:125%;'><font size=2> &#147;Wygen II, the 90 megawatt coal-fired power plant under construction for Cheyenne Light customers, remains on schedule to be in service by January 1, 2008,&#148; Emery said. &#147;We expect test-firing of the boiler and other critical systems tests to proceed in late third quarter or early fourth quarter of 2007. We continue to work with the Wyoming Public Service Commission on pending electric and gas rate requests. We have asked for Wygen II to become a rate base asset, and for expansions and upgrades to our electric and natural gas distribution systems to meet the growing demands of our customers. Plans to build Wygen III, our next mine-mouth power plant, are also advancing. The remaining regulatory and business planning steps are progressing and, when finalized, construction of the 100 megawatt facility could commence by early 2008. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:6.87%;text-align:left;line-height:125%;'><font size=2> &#147;Earnings from our oil and gas operations were up in the second quarter of 2007 compared to the second quarter of 2006,&#148; Emery continued. &#147;On an Mcf-equivalent basis, production was up 4 percent, with oil production up 7 percent and gas production up 3 percent. Both oil and gas average prices received, including hedges, were higher. Total operating expense increased overall, as field service costs continued to increase and our property mix changed with our 2006 acquisitions. Depletion expense increased, due to higher expected future development costs, higher acquisition and finding costs of recent reserve additions, and the impact of last year&#146;s downward revisions to reserves. Based on year-to-date and forecasted results, we expect to be at the lower end of our stated production growth range in 2007.</font></p>

<p style=' margin-bottom:9pt; margin-top:0pt; text-indent:6.57%;text-align:left;line-height:125%;'><font size=2> &#147;With the strong financial performance of the first half of 2007,&#148; Emery continued, &#147;we have increased our earnings guidance for 2007. We now expect income from continuing operations for the year to be between $2.35 and $2.55 per share, raising both ends of the range by 15 cents per share.&#148; </font></p>

<p style=' margin-bottom:9pt; margin-top:0pt; text-indent:6.12%;text-align:left;line-height:125%;'><font size=2>Emery stated, &#147;We are pleased with progress on our agreement to acquire Aquila&#146;s utility assets in Colorado, Kansas, Nebraska and Iowa. Last week, we jointly filed with Aquila for antitrust clearance. We continue to work with state regulators to provide information and commitments that support state regulatory approval of the transaction. In written filings and meetings, we are advocating the strong merits of the transaction, including long-term benefits to customers. Formalized integration teams are focused on the processes that will help assure a smooth ownership and operating changeover and seamless delivery of quality customer service.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&#150; Page 2 of 7 &#150;</font></p>
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<p style=' margin-bottom:4pt; margin-top:0pt;text-align:left;line-height: 150%;'>
<small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>RESULTS</small></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><small>BLACK</small> <small>HILLS</small> <small>CORPORATION</small></b><br> <small>(</small><font size=2>In thousands, except per share amounts</font><small>)</small></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Three months ended June 30,</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Six months ended June 30,</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>2007</p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>2006</p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>2007</p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>2006</p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Revenues:</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retail services</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$66,039</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$76,135</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$149,758</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$163,637</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Wholesale energy</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>97,904</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>77,662</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>200,717</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>162,035</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate</font></p> </td>
        <td width="15%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:45.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>16</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:34.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>32</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$163,943</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$153,813</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$350,476</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$325,704</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Net income (loss) available </font></b><br> <b><font size=2>for common stock:</font></b><br> <font size=2>   Continuing operations &#150;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retail services</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$5,924</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$3,300</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$15,695</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$9,596</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Wholesale energy</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>20,126</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>9,453</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>42,970</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>24,597</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate</font></p> </td>
        <td width="15%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(819)</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(385)</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(933)</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,264)</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from continuing operations</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>25,231</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12,368</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>57,732</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>30,929</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Discontinued operations </font><font size=1>(a)</font></p> </td>
        <td width="15%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(133)</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(611)</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(181)</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6,979</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="15%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$25,098</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$11,757</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$57,551</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$37,908</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted average common shares</font></b><br> <b><font size=2>outstanding:</font></b></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic </font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>37,588</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>33,164</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>36,387</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>33,142</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted </font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>38,007</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>33,506</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>36,793</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>33,493</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Earnings per share:</font></b></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic &#150;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Continuing operations</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$ 0.67</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.37</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1.59</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.93</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Discontinued operations</font></p> </td>
        <td width="15%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.02)</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.01)</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>0.21</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>
        <td width="15%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.67</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.35</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1.58</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1.14</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted &#150;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Continuing operations</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.66</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.37</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1.57</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$ 0.92</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Discontinued operations</font></p> </td>
        <td width="15%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.02)</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.01)</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>0.21</font></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>
        <td width="15%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$ 0.66</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.35</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="15%" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1.56</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1.13</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2007 and 2006 discontinued operations reflect the after-tax results of operations at the Company&#146;s oil marketing and transportation business. The assets of this business were sold in March 2006.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&#150; Page 3 of 7 &#150;</font></p>
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<p style=' margin-bottom:0pt; margin-top:4pt;text-align:left;line-height:125%;'>
<small>BUSINESS</small> <small>UNIT</small> <small>QUARTERLY</small> <small>PERFORMANCE</small> <small>SUMMARY</small> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><i><font size=2>(Minor differences in comparative amounts may result due to rounding)</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><b><font size=2>Retail Services Group</font></b></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:6.42%;text-align:left;line-height:125%;'><font size=2>Income from continuing operations from the Retail Services business group for the three-month period ended June 30, 2007 was $5.9 million, compared to $3.3 million in 2006. Business segment results were as follows:</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Electric utility segment income from continuing operations increased 100 percent to $4.9 million, compared to

$2.4 million in 2006.  The earnings increase reflected lower maintenance expense, as the Wyodak power plant was down for a scheduled major maintenance outage in 2006, and higher South Dakota electric rates, which went into effect January 1, 2007. Revenues decreased primarily due to a 30 percent decrease in off-system sales revenue on a 44 percent decrease in MWh sold. The decrease in off-system sales was attributed to storm damage related transmission constraints to the east of our AC-DC transmission tie and also to a reduction of surplus power resulting from an increased native load. Following transmission repairs, we were able to resume full utilization of the AC-DC tie in June 2007. </font></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:0in 0in 7.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 7.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Electric and gas utility segment income from continuing operations increased 21 percent to $1.0 million compared to $0.9 million in 2006. Results reflect normal seasonal operations and an increase in income related to allowed funds used during construction (AFUDC) attributable to the construction of the Wygen II power plant. Operating expenses decreased slightly, offset in part by a small decrease in electric and gas gross margins.</font></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="70%" style='border-collapse:collapse'>
    <tr >
        <td width="10%" nowrap valign=top style='padding:0in 0in 7.0pt 0in; '>
            <p style='margin-top:0in;margin-right:0in;margin-bottom:7.0pt;margin-left: 0in;line-height:125%'><font size=1>&nbsp;</font></p> </td>
        <td width="89%" nowrap valign=top style='padding:0in 0in 7.0pt 0in; '>
            <p style='margin:0in;margin-bottom:.0001pt;line-height:125%'><font size=2>The following tables provide certain Retail Services operating statistics:</font></p> </td> </tr></table>
</div>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><br> <b><font size=2>Electric Utility </font></b><font size=2>(Black Hills Power)</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended</font><br> <font size=2>June 30,</font></p> </td>
        <td width="2%" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended </font><br> <font size=2>                    June 30,</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Retail sales&#150;MWh</font></p> </td>
        <td width="13%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>385,062</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>379,515</font></p> </td>
        <td width="2%" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>810,566</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>789,988</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Contracted wholesale sales &#150; MWh</font></p> </td>
        <td width="13%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>151,828</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>154,694</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>316,938</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>316,945</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Off-system sales &#150; MWh</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>150,363</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>268,174</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>284,212</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>448,337</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>687,253</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 4.0pt;line-height:normal'><font size=2>802,383</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>1,411,716</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>1,555,270</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>Regulated power plant availability:</font><br> <font size=2>   Coal-fired plants</font><br> <font size=2>   Other plants</font><br> <font size=2>   Total availability</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>93.9%</font></p>
<p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>99.1%</font></p>
<p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>96.2%</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>83.9%</font></p>
<p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>99.5%</font></p>
<p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>90.9%</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:43.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>94.6%</font></p>
<p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>99.5%</font></p>
<p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>96.8%</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>90.6%</font></p>
<p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>99.4%</font></p>
<p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>94.5%</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'>  </p>
<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><b><font size=2>Electric and Gas Utility</font></b><br> <font size=2>(Cheyenne Light, Fuel &amp; Power)</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Electric sales &#150; MWh</font></p> </td>
        <td width="13%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>222,459</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>218,795</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>464,289</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt;height:12.95pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>451,622</font></p> </td> </tr>
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        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gas sales &#150; Dekatherm (Dth)</font></p> </td>
        <td width="13%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>881,983</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>823,868</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:3.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,851,568</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,694,322</font></p> </td> </tr>
    <tr style='height:4.3pt'>
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:9pt;text-align:left;line-height:125%;'><b><font size=2>Wholesale Energy Group</font></b></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:6.42%;text-align:left;line-height:125%;'><font size=2>Income from continuing operations from the Wholesale Energy business group for the three-month period ended June 30, 2007 was $20.1 million, compared to $9.5 million in 2006. Business segment results were as follows: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Energy marketing income from continuing operations increased 110 percent to $8.9 million, compared to $4.3 million in 2006.  Increased earnings were primarily the result of a $5.7 million after-tax increase in realized gas margins that were driven by continued strong volatility in natural gas markets, and a $1.7 million after-tax increase in net unrealized gains related to accounting mark-to-market impacts on our gas marketing positions. Natural gas physical volumes increased 5 percent compared to 2006. Results also reflected earnings from the addition of crude oil marketing as part of our Rocky Mountain producer services strategy. Operating expenses increased primarily due to increased compensation related to higher gross margins and an increase in bad debt provision.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.73%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.73%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&#150; Page 4 of 7 &#150;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Power generation income from continuing operations increased 128 percent to $5.4 million, compared to income of $2.4 million in 2006. The increase in earnings was primarily the result of the return of the Las Vegas facilities to normal operational levels. In the second quarter of 2006, the Las Vegas II power plant predominantly operated in simple-cycle mode due to repairs to the heat recovery units, and the Las Vegas I power plant was out of service for a portion of the second quarter of 2006 due to a planned maintenance outage. Interest costs were lower in 2007, offset in part by a 4 percent increase in operating expense.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Oil and gas income from continuing operations increased 114 percent to $4.4 million in 2007, compared to $2.0 million in 2006. Revenues increased 21 percent due to higher hedged prices received for both natural gas and crude oil and an overall production increase of 4 percent on an Mcf-equivalent basis. Natural gas volumes sold increased 3 percent, primarily due to higher production in the San Juan Basin. Crude oil volumes sold increased 7 percent, primarily due to continued strong production from wells drilled in 2006. Results in 2007 also reflect a tax benefit of $1.0 million from amended tax returns, partially offset by a $0.4 million accrual increase related to an ongoing royalty audit. Total operating expense increased 14 percent, due to increased field service costs and depletion expense. </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Coal mining income from continuing operations increased 80 percent to $1.4 million in 2007, compared to $0.8 million in 2006. The earnings increase was due to higher average coal prices received and higher tons of coal sold resulting from a return to normal operations after the 2006 Wyodak plant outage, offset partially by the higher variable costs associated with increased production, and higher equipment repair costs. </font></p> </td> </tr></table>
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        <td width="10%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt;line-height:135%'><font size=1>&nbsp;</font></p> </td>
        <td width="89%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>The following tables contain certain Wholesale Energy operating statistics:</font></p> </td> </tr></table>
</div>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='border-top:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended June 30,</font></p> </td>
        <td width="1%" valign=top style='border-top:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended June 30,</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="2%" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Coal mining:</font></b></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Tons of coal sold</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,269,000</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,012,000</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2,482,000</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2,234,000</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Oil and gas production:</font></b></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Mcf equivalent sales</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>3,804,700</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>3,666,300</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>7,103,400</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>7,168,400</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Energy marketing </font></b><br> <b><font size=2>average daily volumes:</font></b></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Natural gas physical &#150; MMBtus</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,581,000</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,504,300</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,738,900</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,390,700</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Crude oil physical &#150; barrels</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>10,803</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>8,945<sup>(a)</sup></font></p> </td>
        <td width="1%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>8,442</font></p> </td>
        <td width="1%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>8,945<sup>(a)</sup></font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="10" valign=top style=' border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:6.0pt;margin-bottom: 0in;line-height:normal'><font size=2>(a)  Daily oil volumes represent the commencement of oil marketing out of our Golden, Colorado </font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>energy marketing operation beginning in May 2006.</font></p>
<p style='margin-left:0pt;text-indent:46.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:54%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='border-bottom: solid black 1.5pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.5pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended June 30,</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended June 30,</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><b><font size=2>Power generation:</font></b></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="2%" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td> </tr>
    <tr >
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Contracted fleet power </font><br> <font size=2>plant availability:</font><br> <font size=2>   Coal-fired plant</font><br> <font size=2>   Natural gas-fired plants</font></p>
<p style='margin-left:0pt;text-indent:6.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Total availability</font></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:39.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>94.0%</font></p>
<p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.6%</font></p>
<p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.2%</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:40.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>94.7%</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>89.8%</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>90.2%</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:40.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>93.8%</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.7%</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.3%</font></p> </td>
        <td width="1%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:46.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:46.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:36.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>94.4%</font></p>
<p style='margin-left:0pt;text-indent:36.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>88.3%</font></p>
<p style='margin-left:0pt;text-indent:36.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>88.9%</font></p> </td> </tr>
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        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style=' padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="16%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="45" ></td>

        <td width="191" ></td>

        <td width="119" ></td>

        <td width="8" ></td>

        <td width="121" ></td>

        <td width="3" ></td>

        <td width="4" ></td>

        <td width="116" ></td>

        <td width="3" ></td>

        <td width="3" ></td>

        <td width="129" ></td> </tr> </table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><b><font size=2>Corporate</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:6.57%;text-align:left;line-height:125%;'><font size=2>Corporate loss for the three-month period ended June 30, 2007 was $0.8 million, compared to $0.4 million for the same period in 2006. The increase in unallocated costs was primarily due to increased transitional and integration costs related to the pending purchase of certain Aquila assets. In addition to these expensed costs, we capitalized an additional $5.1 million in costs related to this acquisition during the three month period ended June 30, 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&#150; Page 5 of 7 &#150;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'>
<font SIZE=2>EARNINGS GUIDANCE UPDATE </font></p>

<p style=' margin-bottom:8pt; margin-top:0pt; text-indent:6.27%;text-align:left;line-height:125%;'><font size=2>The Company has revised its guidance for 2007 net income to a range from $2.35 to $2.55 per share, reflecting an increase of $0.15 at both ends of the range. This estimate is predicated on a number of considerations, including the following factors: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>The net dilutive effect of the issuance of 4.17 million shares of common stock on February 22, 2007 through a private placement; this effect, using a weighted average methodology to calculate number of shares outstanding, will increase as the year progresses;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>An improved outlook for annual earnings from our energy marketing operations; </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Oil and gas production growth approximating 4 percent on an Mcf-equivalent basis, as compared to production of approximately 14.4 Bcfe in 2006, based on expected 2007 capital deployment of approximately $70 million to $75 million;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:135%'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>No significant unplanned outages at our regulated power plants;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Non-regulated power plant operations with fleet availability at contracted levels approximating 98 percent;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Completion of Wygen II for January 1, 2008 commercial operation; </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>Continued progress toward successful completion of the acquisition of the Aquila assets in 2008, including approximately $0.05 to $0.10 per share of incremental acquisition related costs expected to be expensed in the last half of 2007; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>No material change in the Company&#146;s current business mix.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.18%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><font SIZE=2>EARNINGS CONFERENCE CALL</font></p>

<p style=' margin-bottom:10pt; margin-top:0pt; text-indent:6.42%;text-align:left;line-height:125%;'><font size=2>The Company will conduct a conference call on Friday, August 10, 2007 beginning at 11:00 a.m. Eastern Time to discuss recent financial and operating performance. The conference call will be open to the public. The call can be accessed by dialing, toll-free, (800) 230-1951. When prompted, indicate that you wish to participate in the &#147;Black Hills Quarterly Earnings Conference Call.&#148; A replay of the conference call will be available through August 17, 2007 by dialing (800) 475-6701 (USA) or (320) 365-3844 (international). The access code is 881880.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><small>ABOUT</small> <small>BLACK</small> <small>HILLS</small> <small>CORPORATION</small> </p>

<p style=' margin-bottom:8pt; margin-top:0pt; text-indent:5.97%;text-align:left;line-height:125%;'><font size=2>Black Hills Corporation is a diversified energy company. Our retail businesses are Black Hills Power, an electric utility serving western South Dakota, northeastern Wyoming and southeastern Montana; and Cheyenne Light, Fuel &amp; Power, an electric and gas distribution utility serving the Cheyenne, Wyoming vicinity. Black Hills Energy, the wholesale energy business unit, generates electricity, produces natural gas, oil and coal, and markets energy. More information is available at our Internet web site: www.blackhillscorp.com.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><font SIZE=2>CAUTION REGARDING FORWARD-LOOKING STATEMENTS</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>This news release includes &#147;forward-looking statements&#148; as defined by the Securities and Exchange Commission,</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:125%;'><font size=2>or SEC. We make 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 we expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in
the forward-looking statements, including the risk factors described in Item 1A of Part I of our 2006 Annual Report on Form 10-K filed with the SEC, and the following:</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to obtain adequate cost recovery for our retail utility operations through regulatory proceedings and receive favorable rulings in periodic applications to recover costs for fuel and purchased power in our regulated utilities;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to complete acquisitions for which definitive agreements have been executed;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to obtain regulatory approval of acquisitions which, even if approved, could impose financial and operating conditions or restrictions that could impact our expected results;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to successfully integrate and profitably operate any future acquisitions;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The amount and timing of capital deployment in new investment opportunities or for the repurchase of debt or stock;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to successfully maintain or improve our corporate credit rating;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to complete the permitting, construction, start up and operation of power generating facilities in a cost-effective and timely manner;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to meet production targets for our oil and gas properties, which may be dependent upon issuance by federal, state, and tribal governments, or agencies thereof, of drilling, environmental and other permits, and the availability of specialized contractors, work force, and equipment;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to provide accurate estimates of proved oil and gas reserves, coal reserves and actual future production rates and associated costs;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The extent of our success in connecting natural gas supplies to gathering, processing and pipeline systems;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The timing and extent of scheduled and unscheduled outages of power generation facilities;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The possibility that we may be required to take impairment charges to reduce the carrying value of some of our long-lived assets when indicators of impairment emerge;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Changes in business and financial reporting practices arising from the enactment of the Energy Policy Act of 2005;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to remedy any deficiencies that may be identified in the review of our internal controls;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The timing, volatility and extent of changes in energy-related and commodity prices, interest rates, energy and commodity supply or volume, the cost and availability of transportation of commodities, and demand for our services, all of which can affect our earnings, liquidity position and the underlying value of our assets;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to effectively use derivative financial instruments to hedge commodity, currency exchange rate and interest rate risks;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our ability to minimize defaults on amounts due from counterparties with respect to trading and other transactions;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The amount of collateral required to be posted from time to time in our transactions;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Changes in or compliance with laws and regulations, particularly those relating to taxation, safety and protection of the environment;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Changes in state laws or regulations that could cause us to curtail our independent power production;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weather and other natural phenomena;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industry and market changes, including the impact of consolidations and changes in competition;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The effect of accounting policies issued periodically by accounting standard-setting bodies;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The cost and effects on our business, including insurance, resulting from terrorist actions or responses to such actions or events;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The outcome of any ongoing or future litigation or similar disputes and the impact on any such outcome or related settlements;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capital market conditions and market uncertainties related to interest rates, which may affect our ability to raise capital on favorable terms;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Price risk due to marketable securities held as investments in benefit plans;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>General economic and political conditions, including tax rates or policies and inflation rates; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other factors discussed from time to time in our other filings with the SEC.</font></p> </td> </tr></table>
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<p style=' margin-bottom:5pt; margin-top:0pt; text-indent:5.97%;text-align:left;line-height:125%;'><font size=2>New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume 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 style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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