Black Hills Energy Powers Up with $15.4 Billion Merger

Black Hills Energy is making history with a $15.4 billion all-stock merger with NorthWestern Energy, creating one of the largest regional utility providers in the nation. Together, the new company will serve 2.1 million customers across eight states, including Wyoming, while maintaining headquarters in Rapid City, South Dakota.

This deal has been 20 years in the making. Leaders from both companies say the timing is right to scale up, better compete for capital, and keep pace with the evolving energy industry. While rates won’t drop, customers will benefit from slower rate increases, thanks to efficiencies the merger unlocks. Investors agree the move makes sense: both stocks jumped on the announcement.

University of Wyoming energy economist Rob Godby summed it up: the merger “makes sense territory-wise, network-wise, and financially.”

WY It Matters

For Wyoming’s business community, this merger is a competitive edge. Energy is the backbone of economic growth, and Cheyenne has already proven itself as a hub for energy-hungry data centers with Microsoft, Meta, and others setting up shop. By scaling up, Black Hills Energy strengthens its ability to attract and serve major employers who might otherwise look elsewhere for reliable power.

This merger signals that Wyoming isn’t just keeping the lights on, it’s building the energy infrastructure needed to support the industries of the future. For businesses here at home, that means stability, opportunity, and the confidence to grow in a state ready to power what comes next.