BLACK HILLS CORP. ANNOUNCES DIVIDEND INCREASE AND
SCHEDULES 2008 FOURTH QUARTER FINANCIAL RESULTS
CONFERENCE CALL AND WEBCAST

RAPID CITY, SD — January 30, 2009 — Today the board of directors of Black Hills Corp. (NYSE: BKH) approved the 39th annual consecutive increase in the quarterly dividend. The dividend was increased by $0.005 per common share to $0.355 per share, equivalent to an annual dividend rate of $1.42 per share. Common shareholders of record at the close of business on Feb 13, 2009, will receive the dividend, payable on Mar 1, 2009.

“The declaration of the dividend increase by our board of directors in this challenging economic environment is a sign of their continued confidence in our diversified strategy, operational performance and financial liquidity. We are proud of our 39-year track record of consecutive increases and are confident about our financial future. However, during these economic times, we believe a more conservative increase is appropriate.” said David R. Emery, chairman, president and chief executive officer of Black Hills Corp.

In addition, the company will issue a news release regarding 2008 fourth quarter and full year results on Monday, Feb. 2, 2009, and host a live conference call and webcast at 10 a.m. ET on Tuesday, Feb 3 to discuss financial and operating performance.

The company will conduct a conference call and webcast on Tuesday, Feb 3, 2009, beginning at 10 a.m. ET to discuss 2008 fourth quarter and full year financial and operating performance. To listen to the live broadcast, call 1-888-428-4479. To access the live webcast and download a copy of the investor presentation, go to the Black Hills Web site at www.blackhillscorp.com and click “Webcast” in the “Investor Relations” section. The presentation will be posted on the Web site prior to the webcast. Listeners should allow at least five minutes for registering and accessing the presentation. For those unable to listen to the live broadcast, a replay will be available by telephone through Feb. 10, 2009, at 1-800-475-6701 in the United States and at 1-320-365-3844 for international callers. Callers need to enter the access code 984061# when prompted. Also, an archive of the webcast will be available shortly after the call on the Black Hills’ Web site.

ABOUT BLACK HILLS CORP.
Black Hills Corp. — a diversified energy company with a tradition of exemplary service and a vision to be the energy partner of choice — is based in Rapid City, S.D., with corporate offices in Golden, Colo., and Omaha, Neb. The company serves 750,000 utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company’s non-regulated businesses generate wholesale electricity, produce natural gas, oil and coal, and market energy. Black Hills Corp employees partner to produce results that improve life with energy. More information is available at www.blackhillscorp.com.

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