Regulatory risk There are ongoing regulatory investigations and potential penalties in Iowa related to gas safety and management practices. This signals an opportunity to offer enhanced safety compliance solutions, risk management services, and system hardening technologies to align operations with regulator expectations and reduce penalties.

Battery storage expansion Black Hills Energy is actively pursuing 50 MW battery storage projects in Colorado (Pueblo and Colorado front range) with expected service late 2027. This creates demand for energy storage integration, grid-scale software, monitoring, and project management services to support deployment and operation.

New generation growth Plans for the Prairie West Energy Complex north of Cheyenne indicate ongoing generation expansion. Opportunities exist for EPC support, turbine and ancillary equipment, performance analytics, and reliability engineering to ensure efficient startup and long-term plant performance.

Digital modernization With a tech stack including IBM Cognos, Power Platform, Hyperion and AutoCAD, there is potential to upsell advanced analytics, data governance, workflow automation, and CAD-to-BIM style digital twin solutions to optimize asset management and project execution.

Scale and integration As a large regional utility serving 1.2 million customers across eight states and hosting both regulated and non-regulated activities, there is value in cross-sell opportunities for cybersecurity, ERP optimization, asset integrity monitoring, and smart grid technologies to improve reliability and financial health.