Black Hills Corp. and NorthWestern Energy advance plans to merge

Oct. 28, 2025

Companies request approval from Nebraska Public Service Commission

KEARNEY, Neb. — “Better Together.” That’s the message shared by Black Hills Corp., doing business as Black Hills Energy, and NorthWestern Energy, in a joint application submitted yesterday to the Nebraska Public Service Commission seeking regulatory approval for a merger between the two companies.

The merger will combine the strengths of both companies, resulting in an organization with greater scale, financial stability, and operational expertise. It is designed to create a stronger, more resilient energy company focused on delivering safe, reliable, and affordable energy solutions to customers. Under the terms of the merger agreement, Brian Bird, president and CEO of NorthWestern Energy, will serve as president and CEO of the combined electric and natural gas utility company, and Linn Evans, CEO of Black Hills Corp., will continue serving in his role through the close of the transaction, at which point he will retire.  

The merger does not change energy service or rates for customers served by Black Hills Energy and NorthWestern Energy. Regulatory oversight by the Nebraska Public Service Commission will remain unchanged.

“Bringing our companies together will deliver long-term value to our customers, employees and communities by providing safe, reliable and affordable energy solutions,” Bird said. “By joining forces, we will have the added scale to make us a financially stronger, more resilient utility better equipped to meet the challenges of a rapidly changing energy landscape.”

“We share a commitment to safety, reliability, integrity, and customer service,” Evans said. “We are confident that our closely aligned cultures and skilled workforces will enable us to improve life with energy for the people, businesses, and communities we are privileged to serve.”

Key Benefits for Nebraska Customers:

• Continued Safe, Reliable, and Affordable Service: The combined company will maintain the high level of service customers expect, with no changes to local operations or regulatory oversight in Nebraska.

• Long-Term Rate Stability: Efficiencies from the merger are expected to moderate future rate increases, helping keep energy bills as low as possible.

• Enhanced Reliability and Resiliency: With a larger pool of crews and resources, the company will be better equipped to respond to emergencies and build and maintain critical infrastructure.

• Local Presence and Community Commitment:Nebraska utility operations will remain locally managed, with employees continuing to serve the communities where they work, live, and raise their families.

• Access to Innovation and Best Practices: The merger will enable the deployment of new technologies and the sharing of expertise, further improving service quality and operational efficiency.

In addition to the Nebraska Public Service Commission, the companies will seek approval from the Montana Public Service Commission and the South Dakota Public Utilities Commission; the Securities and Exchange Commission; and the Federal Energy Regulatory Commission. The transaction will also require clearance under the Hart-Scott-Rodino Act and approval from each company's shareholders.

Pending all approvals, the combined company will serve approximately 2.1 million

electric and natural gas customers across eight contiguous states — Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. The merger transaction is expected to conclude 12 to 15 months from the time of the August 2025 announcement