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BLACK HILLS CORPORATION

Black Hills Corporation (BHC) is a South Dakota based U.S. energy holding company involved with the generation, transmission, and distribution of electricity and natural gas through its subsidiaries. Additionally, it is involved in the mining and sale of coal through Wyodak Resources Development Corporation, a wholly owned subsidiary.

Environmental Rating: B2 (2023)


Forward Outlook: B2 (2028)

KEY METRICS DRIVING THE RATING

  • Elevated CO₂ Emissions – Southern Company continues to report annual CO₂ emissions above 90 million metric tons. While some reductions have been observed, they remain insufficient to indicate a meaningful shift away from carbon-intensive generation.

  • Elevated CO₂ Emissions – Southern Company continues to report annual CO₂ emissions above 90 million metric tons. While some reductions have been observed, they remain insufficient to indicate a meaningful shift away from carbon-intensive generation.

  • Elevated CO₂ Emissions – Southern Company continues to report annual CO₂ emissions above 90 million metric tons. While some reductions have been observed, they remain insufficient to indicate a meaningful shift away from carbon-intensive generation.

  • Elevated CO₂ Emissions – Southern Company continues to report annual CO₂ emissions above 90 million metric tons. While some reductions have been observed, they remain insufficient to indicate a meaningful shift away from carbon-intensive generation.

  • Elevated CO₂ Emissions – Southern Company continues to report annual CO₂ emissions above 90 million metric tons. While some reductions have been observed, they remain insufficient to indicate a meaningful shift away from carbon-intensive generation.

- Southern Company

- Consolidated Edison

- All Reports

Southern Company’s environmental performance remains within the B2 rating category, reflecting a consistently high social cost of pollution relative to its revenue. Although there have been periodic improvements, the company has not achieved sustained reductions in its total environmental cost burden. A brief improvement in 2020 supported an upgrade from B3 to B2, but subsequent years have shown limited progress.

This rating underscores the ongoing challenges Southern Company faces in decarbonizing its generation fleet and mitigating the social and financial risks associated with emissions

Nvyra’s Forward Rating of B1 reflects an expected improvement over the next five years, supported by continued emission reductions from plant retirements, renewable additions, and grid modernization efforts. However, this improvement is moderated by a slower pace of greenhouse gas reduction compared to earlier periods, and rising unit social costs of emissions that offset some of the environmental gains.

While the outlook is positive, further upgrades will depend on accelerated decarbonization, stronger methane mitigation, and a faster transition to low-emission energy sources.

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