Black Hills Corporation is a utility holding company that generates, transmits, and distributes electricity to retail customers across Colorado, Montana, South Dakota, and Wyoming, while also distributing natural gas to customers across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. The company's Electric Utilities segment operates generation capacity, transmission and distribution infrastructure, and a coal mine that supplies its own generation facilities, while its Gas Utilities segment manages intrastate transmission pipelines, extensive distribution networks, and underground storage facilities. Both segments operate as regulated utilities under state and federal oversight, with revenue derived from customer charges for electricity and natural gas delivery, complemented by cost recovery mechanisms that allow the company to pass through fuel and infrastructure costs to customers and earn authorized returns on equity.