Black Hills Eyes $150M Google Data Center Income
Black Hills Corporation projects about $150 million in 2030 net income from its Google data center agreements.
Updated on Nov. 7, 2026 in Data Centers
Black Hills Corporation expects roughly $150 million in net income in 2030 from its agreements with Google to supply data centers. The company also reaffirmed its 2026 adjusted earnings per share guidance of $4.25 to $4.45.
Why it matters
The projection ties a large utility's future earnings to hyperscale data center demand, a growing source of electricity load in the United States. It signals how regulated utilities are positioning generation investments to capture that demand.
The projected $150 million in 2030 net income and $2.4 billion in unlevered free cash flow through 2048 follow $1.8 billion in generation investment. Management's 4% to 6% long-term EPS growth range remains a forecast, and the stub does not detail how the Google agreements' figures were modeled.
The players
Black Hills Corporation
A utility holding company that provides electricity and natural gas across several western U.S. states and is pursuing generation investment to serve growing demand.
The technology company whose data center agreements with Black Hills Corporation underpin the projected earnings and cash flow.
The details
Black Hills Corporation has data center agreements with Google, and management projects those agreements will produce about $150 million in 2030 net income. The company forecasts $2.4 billion in unlevered free cash flow through 2048, following $1.8 billion in generation investment. Management expressed confidence in the upper half of its 4% to 6% long-term earnings-per-share growth range.
Timeline
2026: Black Hills reaffirmed adjusted EPS guidance of $4.25 to $4.45.
2030: Projected about $150 million in net income from Google agreements.
Through 2048: Forecast $2.4 billion in unlevered free cash flow from Google agreements.
Market Landscape
Hyperscale cloud operators such as Google have increasingly signed long-term power arrangements with regional utilities to secure electricity for data centers. Black Hills' projection extends that pattern by tying a mid-sized utility's generation build-out to specific multi-decade contract revenue.
Utility investment tied to data center demand can influence the rate base that electricity customers ultimately pay for over time. The stub does not state how these agreements would affect customer rates.
The takeaway
Long-term contracts with large technology customers are becoming a central driver of utility earnings forecasts. Readers tracking data center growth should watch how utilities translate those agreements into generation spending and customer costs.
Further reading
Explore more on Data Centers to see how hyperscale demand is reshaping utility planning.
Source note: This article includes information reported by TokenPost.
