MEDIUMBuilt-inCommodity
29.3%
natural gas power supply
“10-K Item 1: 'power supply by resource as a percent of the total power supply ... Natural Gas | | 29.3 | %'”
BKH · Concentration risk · 10-K extracted
Black Hills (BKH) concentration risks
Updated
The most significant concentration Black Hills discloses is natural gas power supply at 29.3%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Black Hills’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inCommodity
25.5%
coal power supply
“10-K Item 1: 'power supply by resource as a percent of the total power supply ... Coal | | 25.5 | %'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile centers on the fuel mix of its power supply portfolio, with two moderate-share structural exposures — natural gas and coal — that together represent a meaningful portion of total generation resources. (Note: the specific percentages for both appear only inside pipe-delimited table fragments in the filing and are therefore described qualitatively rather than cited as specific figures.) Both concentrations carry a structural character, reflecting the composition of the company's owned and contracted generation fleet rather than reliance on any single customer or counterparty. Natural gas as a meaningful share of power supply creates exposure to natural gas price volatility and supply availability in the utility's regional markets. While utility rate mechanisms often allow cost pass-through to customers, the timing and completeness of that recovery can lag commodity price moves, creating interim margin pressure. Coal as a notable share introduces a different but related set of risks: environmental regulatory requirements, carbon policy evolution, and long-term fuel transition pressures all affect the economics and useful life of coal-fired generation assets. Together the two fuel-mix exposures describe a utility in the middle of a longer-term energy transition, where a substantial portion of power supply remains tied to fossil fuels subject to different cost, regulatory, and environmental trajectories. Investors should track the pace of renewable capacity additions and the regulatory treatment of coal asset recovery as the key variables that will determine how quickly this fuel-mix concentration evolves — and at what cost to ratepayers and shareholders.
For the engine’s reasoning on BKH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Gas
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MDU | MDU Resources Group, Inc. | 3 | 0 | 0 | 3 |
| ATO | Atmos Energy Corporation | 1 | 0 | 0 | 1 |
| BKH● | Black Hills Corporation | 0 | 2 | 0 | 2 |
| CPK | Chesapeake Utilities Corporatio | 0 | 1 | 1 | 2 |
| CTRI | Centuri Holdings, Inc. | 0 | 1 | 0 | 1 |
| NI | NiSource Inc | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.