Annual Report (Form 10-K), fiscal year 1993

ITEM 1.	BUSINESS
	 	 	 GENERAL
	 The Company was incorporated under the laws of South Dakota in 1941	under the name Black Hills Power and Light Company. In 1986 the Company changed its name to Black Hills Corporation and now operates its investor-owned	electric public	utility operations under the assumed name of Black Hills Power and Light Company. In addition the Company has diversified into coal mining through Wyodak Resources	and into oil and gas production through	Western	Production.
	 Black	Hills Power is engaged in the generation, purchase, transmission, distribution and sale of electric	power and energy to approximately 53,330	customers in 11	counties in western South Dakota,	northeastern Wyoming and southeastern Montana.	The territory served by Black Hills	Power includes 20 incorporated communities and	various	unincorporated and rural areas with a population estimated at	165,000. The largest community	served is Rapid City, South Dakota, with a population, including environs, estimated at 75,000. Rapid City is the	major retail, wholesale and health care	center for a 250-mile radius. Principal industries in the territory served are tourism (including small stake casino gambling at Deadwood), cattle and sheep raising, farming, milling, meat packing,	lumbering, the production of cement,	the mining of bentonite, stone,	gravel,	silica sand, gold, silver, coal and other minerals, the manufacture of electronic products, wood products and gold jewelry, and the production and refining	of oil.	 Black Hills Power serves a substantial portion of the electric needs of the Black Hills tourist	region which includes the National Shrine of Democracy, Mount Rushmore National	Memorial and the Crazy Horse Memorial, a large granite mountain carving under construction as a memorial to native Americans and	one of their leaders. Tourism has been and is expected	to continue to be enhanced significantly by the establishment of small stakes casino gambling at Deadwood, South Dakota,	which is a part	of Black Hills Power's service territory. Although only a	small portion of EAFB is served	by Black Hills Power, EAFB forms a significant	economic base for the territory served.
	 Wyodak Resources, incorporated under the laws	of Delaware in 1956, is engaged in the	mining and sale	of sub-bituminous coal.	 The coal mining	operation is located approximately five	miles east of	Gillette, Wyoming.
	 In 1986, Wyodak Resources acquired all of the	outstanding capital	stock of Western Production, an	oil and	gas exploration, producing and operating	company	incorporated under the laws of Wyoming. Western Production is	an oil producing and operating company	with interests located in the Rocky Mountain Region and Texas.	Western	Production also	has a partial interest in a natural	gas processing plant.
	 Information as to the	continuing lines of business of	the Company	for the	calendar years 1991-1993 is as follows:
	 Reference is made to the Consolidated	Statements of Income and Note 11 of "Notes to Consolidated Financial	Statements" appended hereto.
	 ELECTRIC	POWER SALES AND	SERVICE	TERRITORY
	 ELECTRIC POWER SALES--RETAIL.	 Even though Black Hills' service	area again experienced milder than normal summer weather, Black Hills Power's firm kilowatt hour sales increased in 1993 by 3.5 percent over 1992.	The increase in	energy sales is	largely due to an increase in the number of customers and their	use of electricity. Firm energy sales	are forecast to	increase over the next ten years at an annual compound growth rate of approximately 2.5 percent. During the next ten years	the peak system	demand is forecast to increase at	an annual compound growth rate of 2.6 percent. These	forecasts are from studies conducted by	Black Hills Power with the help of outside consultants whereby the service	territory of Black Hills Power is carefully examined and analyzed to estimate changes in	the needs for electrical energy and demand over	a 20-year period. These forecasts are only estimates, and the actual changes in electric sales may	be substantially different. In the past Black Hills Power's forecasts have tracked actual sales within a band of reasonable performance.
	 Electric sales are materially	affected by weather. Like 1992, Black Hills Power's electric service territory again experienced a cool summer in 1993, resulting in	degree days that were 59	percent	lower than normal for the 1993 summer months. Consequently, energy sales and peak demand were	substantially less during the	cooling	season than they would have been in a normal weather year.
	 RETAIL ELECTRIC SERVICE TERRITORY. Black Hills Power's service	territory is currently protected by assigned service area and franchises that generally grant to Black Hills Power the exclusive right	to sell	all electric power consumed therein, subject	to providing adequate service.	See--COMPETITION IN ELECTRIC UTILITY BUSINESS--COMPETITION IN SERVICE AT RETAIL under this Item 1.
	 At the end of	1993, Black Hills served electric energy to 53,330 customers in a population island	that includes the major population centers of the Black	Hills area in western South Dakota and northeastern	Wyoming	and a small oil	field in southeastern Montana. (See--GENERAL under this	Item 1 for a general	description of the service territory.)
	 Black	Hills Power's electric service territory is experiencing modest business and population growth. In	1993 the value of commercial building permits in	Rapid City increased by 91 percent, and	residential building permits increased 10.5 percent. South	Dakota's unemployment rate in 1993 averaged 3.4 percent. Personal income in South Dakota increased 7.3	percent in 1993	and visitor spending in	South Dakota increased by 14 percent.
	 The Company believes that this growth	in its electric service	territory will continue; however, the Company can give no assurances. One of the	major employers	in the Rapid City area is the United States Defense Department's EAFB. EAFB is a	military air force base near Rapid City,	South Dakota. Its current mission	is to serve as the training, operation and maintenance base for the Air Force's B-1 bombers. There are now stationed at EAFB 30	B-1 bombers, out of the	Defense	Department's total of 96 B-1s, of which 80 are operational.
	 Black	Hills Power does not provide electric service to EAFB. However, currently EAFB	employs	approximately 5,200 military and 600 civilian personnel.	 In addition to	these direct employees, additional nongovernmental employees residing in Rapid City and the surrounding	area depend upon the continual operation of EAFB. Many of	the persons with these jobs reside in the service territory of Black Hills Power.	 Many businesses in Black Hills Power's	service	territory are at least partially dependent upon the operations at EAFB.	 The exact economic impact from	a closing of EAFB	on Black Hills Power's electric	sales cannot be estimated. While the impact would be felt, there are other businesses that	would not be affected and are experiencing growth for other reasons in Black Hills Power's electric service territory.
	 While	the future of EAFB is not certain, management believes that the mission of EAFB assures that the base will continue. Emphasis on reducing the budget	deficit	and the	deemphasis of military spending are expected to result in additional military base closings.	The independent	commission that	recommends base closings is expected to	make its recommendations in 1995 for the next base closings. If	the United States Congress or the Administration does not	interfere with those recommendations, those bases as recommended for closing are expected to be subsequently closed. There are	many criteria used by the independent commission in making its decision, but three of the most important considerations are the strategic	importance of the mission	of the base, civilian encroachments interfering	with the safe operation of the base, and	the amount and timing of the savings	or payback to the government resulting from such closings. EAFB	personnel have been complaining	about certain civilian business and housing encroachments to the flight line of the base. The City of Box Elder and the State of South	Dakota are expected to	take corrective	action to satisfy those complaints, but	no assurances can be given that	the encroachments will be	eliminated. Box Elder has already placed a moratorium on new buildings in the encroachment zone.	 Because of the	large number of employees at EAFB and	the cost of maintaining	EAFB, a large savings would result to the Department of	Defense	from the closing. The Company believes,	however, that the strategic mission	of the base (the training, maintenance and operation of the B-1	bombers) and the open, low-populated area in western South Dakota and eastern Wyoming that is available for practicing bombing	runs along with	strong community support of the	base should result in no EAFB closing. This	may depend, however, upon the continual support by the Department	of Defense and Congress of the B-1 bomber program. Due	to cost	overruns and failures of
some tactical ancillary	equipment along	with debates on	the need for long-range bombing capability in light of the end of the cold war have caused	the B-1	bomber program to be somewhat controversial.	This controversy has led to a decision to run the B-1 through extensive tests during 1994. EAFB has announced that those tests will be conducted at EAFB.
	 Currently the	Clinton	Administration's budget	provides for the Air	Force to maintain an active, operational B-1 bomber fleet of 50.	A fleet	of 50 is believed to require the B-1s to be operated from two bases. The current Air Force	plan is	to base its operational	B-1s only at EAFB and Dyess Air	Force Base, Texas.
	 The EAFB receives strong support from	the Black Hills communities and	the State of South Dakota and is the only major military establishment of the Department of Defense located in South Dakota. For all of these	reasons, the Company believes that the EAFB will survive the next round of base closings, but the Company can	give no	assurances.
	 Two other major industries in	Black Hills' service territory suffering some stress are the lumbering	industry and gold mining industry. The lumbering industry has already suffered substantial cutbacks due to government cutbacks	in timber harvesting. Some impact has already occurred.	The gold mining industry, including Homestake Mining Company (representing 11.8 percent	of Black Hills'	total firm KWH sales in	1993 and 8.2 percent	of firm	electric sales revenue)	depends	largely	upon the price of gold and continuing to	find economically minable ore reserves. Homestake has gradually over	the years reduced the number of employees, and this impact has substantially occurred. Homestake recently abandoned a deep exploration	program	6,000 feet underground to a location north of	its present mine to locate another ore body	that would have	economically justified the construction of another shaft and the extension of the underground mine for several years. However, Homestake	did recently report	the discovery of some additional deep reserves at its present underground	mining location	below the 7,000-foot level.	Unless a substantial reduction in the current price of gold occurs, the Company believes that the gold	mining industry will be	stable in the Black Hills area for at least the	next ten years; however,	the life of mines cannot be predicted, and no assurances can be given.
	 The new industry of low stakes casino	gambling at Deadwood (located in Black Hills	Power's	service	territory) continues to experience modest growth despite the South Dakota voters' rejection of raising the $5 betting limit to $100.
	 The Black Hills area continues to attract new	small businesses and retirees	who are	attracted by a quality place to live.
	 ELECTRIC SALES--WHOLESALE. At this time the only firm wholesale customer of Black Hills Power	is the municipal electric system at Gillette, Wyoming. Service is rendered under	a long- term contract expiring July 1, 2012 wherein Black Hills	Power undertakes the obligation to serve the City of Gillette	60 percent	of its highest demand and that associated energy as if the demand served by Black Hills Power was always Gillette's first demand. The agreement also allows Gillette to obtain the benefits of a 4,000 kilowatt average firm power	purchase agreement from WAPA. Gillette's highest demand	to date	is 38.78 megawatts, making	Black Hills' current base load obligation to serve 23 megawatts.	The most recent	average	yearly capacity factor of this 23 megawatt demand has been approximately 80
percent. Revenue from sales to	Gillette represented 8 percent of revenue	from total sales in 1993.
	 Black	Hills Power is further obligated to serve the next increment of 10	megawatts of Gillette's	demand above 33	megawatts if Gillette is unable to obtain	other sources.	Subject	to certain	emergency conditions, once Black Hills Power serves a full increment of another 10 megawatts,	that increment is added to Black Hills Power's firm obligation to serve. When Gillette serves 10 megawatts, that increment is added to	Gillette's firm obligation to serve. At this time Gillette has	obtained resources to serve its load above the 60 percent of base load obligation of Black Hills Power. However, Gillette's resources come from short-term contracts,	so Black Hills Power is	required to stand by to serve a 10 megawatt increment of	capacity to Gillette.
	 Other	than this firm sale to the City	of Gillette, Black Hills Power has	made only minimal energy sales to other utilities.
	 FUTURE WHOLESALE OPPORTUNITIES. Black Hills Power has not had sufficient surplus resources in the	past to	effectively engage in the wholesale	electric market. Therefore, to	date Black Hills Power has not developed any	wholesale markets other than the Gillette sale.	 If utility retail sales do not	increase as expected, the addition of Neil Simpson Unit #2 may result in surplus	power and energy. In that event, Black	Hills Power would explore	all possible avenues to	sell that surplus power. Due to the inability to serve firm power to the east of Black Hills Power's	service	territory without high-cost AC-DC-AC converter stations because of the	incompatibility	of the east and	west transmission systems, Black Hills Power's opportunities	for wholesale sales	are restricted to the western system. Black Hills Power maintains two firm interconnections	to the western system,	one with WAPA's	western	transmission system at Stegall, Nebraska and one with Pacific Power's transmission system at the Wyodak Plant. These two interconnections give Black Hills Power the potential ability to sell power wholesale to any utility entity in the western part of the United States	if transmission charges	are paid. See--COMPETITION IN ELECTRIC	UTILITY	BUSINESS - --TRANSMISSION ACCESS under this Item 1.
	 Whether physical transmission	limitations exist that would restrict such sales by Black Hills Power is unknown for	any particular sale, but Black Hills Power believes	that the western transmission system is adequate	at this	time to	accommodate the relatively small sale of wholesale power required for Black Hills Power to sell any surplus resulting from Neil Simpson Unit #2. The revenue received from such a sale would depend on transmission costs, the	type of	sale Black Hills Power would make (i.e., firm long-term or short-term, capacity sale with	minimum energy or base load sale with maximum energy, unit power from Neil Simpson Unit #2 only or system power with reserves), and the competitive market at the time such sale is made. The needs of Black Hills to serve its present retail	and wholesale commitments and the	regulatory treatment of	Neil Simpson Unit #2 will govern the type of power and energy sale Black	Hills Power would be able to make. All of these conditions are unknown at this time, but Black Hills Power will be carefully studying these conditions as the operating date for Neil Simpson Unit #2 approaches.
	 	 	 ELECTRIC POWER	SUPPLY
	 GENERAL. In 1993 Black Hills	Power retired three 5 megawatt low-pressure units at the Kirk Station.	 Obsolescence and high costs of operation made	these units no longer economical to operate	and maintain.
	 Black	Hills Power owns generation with a nameplate rating totalling 283.21 megawatts. See--UTILITY PROPERTIES under Item 2.



ITEM 2.	PROPERTIES
	 	 	 UTILITY PROPERTIES
	 The following	table provides information on the generating plants of Black	Hills Power. During 1993, 99 percent of the fuel used in	electric generation, measured in Btus (British thermal units),	was coal.
	 Black	Hills Power owns transmission lines and	distribution systems	in and adjoining the communities served	consisting of 445 miles of 230 kV, 4 miles of 115	kV, 532	miles of 69 kV,	8 miles of 47 kV and numerous distribution lines of less voltage. Black Hills Power owns a service center in Rapid City, several district office buildings at various locations within its service area, and an eight-story home	office building	at Rapid City, South Dakota housing its home	office on four floors, with the	balance of the building	rented to three	tenants.
	 	 	 MINING	PROPERTIES
	 Wyodak Resources is engaged in mining	and processing sub- bituminous coal	near Gillette in Campbell County, Wyoming. The coal averages 8,000 Btus per pound. Mining rights to the coal are based upon coal owned and five federal leases. The	estimated tons of	recoverable coal from each source as of	December 31, 1993 are set	forth in the following table:
	 	 	 	 	 ESTIMATED TONS	OF 	 	 	 	 	 RECOVERABLE COAL 	 	 	 	 	 (IN THOUSANDS)
Fee coal	 	 	 	 1,381 Federal	lease dated May	1, 1959	 	 19,763 Federal	lease dated April 1, 1961	 7,703
Federal	lease dated October 1, 1965	 117,534 Federal	lease dated September 28, 1983	 20,355 Federal	lease dated March 1, 1983	 22,604
	 	 	 	 	 189,340
	 Coal reserves	are estimated at 189,340,000 tons of which approximately 32,250,000 tons are committed to be sold to the Wyodak Plant, approximately 10,000,000 tons to Black Hills Power's	other plants, and 20,000,000 tons for Neil Simpson Unit #2. Purchase options are granted on 52,000,000	tons of	which options	for 50,000,000 tons can	be exercised only if Wyodak Resources has not committed the	coal reserves to other buyers prior to such exercise.	 Because the coal purchase price that will be	paid if	the options are	exercised would	be substantially higher than prices being paid under new	coal contracts,	it is unlikely that the options will be exercised.
	 In 1989 an oil and gas developer established two oil- producing wells	on the north portion of	the lease dated October	1, 1965. The oil was leased to	the developer by the owner of the oil rights, the State of Wyoming, and the coal is leased by Wyodak Resources from	the owner of the coal rights, the federal	government through its BLM. The oil is	produced from a formation at a depth of	approximately 9,000 feet while the coal is mined by the	open pit method	at a depth of 200 to 300 feet. Therefore, it is impossible to mine coal in the	vicinity of the oil wells and maintain and operate the oil wells at the	same time. The law is uncertain as to who would have priority under these circumstances. To date this conflict would affect approximately 15,000,000 tons of coal.	At this	time Wyodak Resources does not plan	any mining operations at the site of the oil wells for at least 15 years, but the life of oil wells may extend for many	years beyond 15. To mitigate its potential damages, Wyodak	Resources has negotiated an option to purchase the oil	wells at fair market value if a	mining conflict	should occur.
	 Each federal lease grants Wyodak Resources the right to mine all of the coal	in the land described therein, but the government has the	right at the end of 20 years from the date of the lease to readjust royalty payments and other terms and conditions. All of the federal leases provide for a royalty of 12.5 percent of the selling price of the coal.
	 Each federal lease requires diligent development to produce at least one percent of	all recoverable	reserves within	either 10 years from the respective dates	of the 1983 leases or 10 years from the date of adjustment of the other leases. Each lease further	requires a continuing obligation to mine, thereafter, at an average annual rate of at least one percent of the recoverable reserves. All of the federal leases and its remaining fee coal constitute	one logical mining unit	and is treated as one lease for the purpose of determining diligent development and continuing operation requirements. All	coal is	to be mined within 40 years	from 1992, the date of the logical mining unit.	 Even if	federal	coal leases are	not mined out in 40 years, the federal	coal is	likely to be available for further lease after the 40 years. Wyodak Resources' current coal agreements require production which should	be sufficient to satisfy the diligent development and	continual operation requirements of present law. Wyodak Resources will require additional coal sales in order to mine all of its	federal	coal within the	40 year	requirement.
	 The law, which requires that an owner	of land	that is primarily devoted to agriculture must approve a	reclamation plan before the state will approve a	permit for open	pit mining, affects	approximately 3,100,000	tons of	the recoverable	coal included in the	federal	lease dated October 1, 1965. Wyodak Resources has excluded these tons of coal from its mine	plan and will not mine such coal	until a	surface	consent	has been negotiated or the right	to mine	has been settled by litigation.
	 Approximately	32,250,000 tons	of the Federal Coal Lease dated October 1, 1965, has been	mortgaged as security for the performance of its obligations under the coal supply agreement for the	Wyodak Plant.
	 In 1992, Pacific Power, the Company and Wyodak Resources entered	into an	agreement providing for	the construction of new coal handling facilities. The new coal	handling facilities consist	of an in-pit system (consisting	of in-pit movable crushers and a conveyor	to a secondary crusher transfer	point), an out-of-pit system (consisting of the	secondary crusher), new truck load-out facilities, a conveyor to deliver coal to Neil Simpson	Unit #1	and a conveyor to deliver coal to the Wyodak Plant and eventually to	Neil Simpson Unit #2. The total construction costs of these facilities is expected to be
$24,500,000, of	which Pacific Power will pay $19,000,000 and Wyodak Resources $5,500,000. The reason for the large amount being paid by Pacific Power is that under the PacifiCorp Settlement, Pacific Power was obligated	to pay up to $15,000,000, plus an	amount to adjust for inflation since 1987, for new coal handling facilities which were required	to extend the mining of coal to	another	pit, the Peerless area,	situated west of the Wyodak Plant. Under the agreement among PacifiCorp, the Company and Wyodak Resources, Wyodak Resources will operate the	in-pit system,	the conveyor to	Neil Simpson Unit #1 and the truck load-out system, and PacifiCorp	will operate the secondary crusher	transfer building and the conveyor to the Wyodak Plant.	 The agreement provides for the use of the new coal handling facilities to deliver coal to the Wyodak Plant,	Neil Simpson Unit #1, Neil Simpson Unit #2, the truck load-out and, if there is sufficient capacity, to	additional power plants	to be constructed at the site. The agreement provided for Black Hills Power to own certain	undivided interests of these facilities, but Black Hills Power and Wyodak Resources have	entered	into an	agreement providing for the transfer of all interests of Black Hills Power in these facilities to Wyodak Resources. This transfer	is consistent with	the agreement of Wyodak	Resources to deliver Black Hills Power completely processed coal.
	 	 OIL	AND GAS	PROPERTIES
	 Western Production operates 347 wells	as of December 31, 1993. The vast	majority of these wells	are in the Finn	Shurley Field, located in Weston and Niobrara Counties,	Wyoming. Twelve of the wells Western Production	operates are located in	Adams and Weld Counties, Colorado, two are located in Washakie County, Wyoming	and two	are located in Fall River County, South	Dakota.	 Western	Production does	not operate but	owns a working interest in 39 producing	properties located in Wyoming, Kansas, Colorado, Montana, North Dakota and Texas. The majority of wells	operated by Western Production were drilled between 1977	and 1984, prior to its acquisition by Wyodak Resources.	 They were drilled under drilling programs wherein working interests were sold to various investors. Approximately 232 investors	own working interests in wells operated by Western Production.
	 Western Production owns a 44.7 percent interest in a natural gas processing plant also located at the Finn Shurley Field. The gas plant is operated by Western Gas Resources,	Inc. of	Denver, Colorado, which	owns a 50 percent interest therein and processes all the	gas produced from the Finn Shurley Field and the Boggy Creek Field.
	 The following	table summarizes Western Production's estimated quantities of	proved developed and undeveloped oil and natural	gas reserves at	December 31, 1993 and 1992, and	a reconciliation of the changes between these dates using	constant product	prices for the respective years. These	estimates are based on reserve reports by Ralph E. Davis Associates, Inc. (an independent engineering	company	selected by the	Company). Such reserve	estimates are based upon a number of variable factors and assumptions which may cause these estimates to differ from actual results.
Western Production	has approximately 99,000 gross and 65,000 net acres of oil and gas leases, out of	which 25,000 gross and 15,000 net acres are producing and 74,000 gross	and 50,000 net acres are undeveloped.	Approximately 23 percent of the undeveloped acres are held by production thereby not requiring annual delay rental payments. No representations are made that reserves can be	attributed to any undeveloped oil and gas leases. Undeveloped leasehold that are not held	by production have varying	provisions but generally terminate if oil and gas is not produced within	the primary term of the	lease.
ITEM 3.

ITEM 3.	LEGAL PROCEEDINGS
	 The Company and its subsidiaries are involved	in minor routine	administrative proceedings and litigation incidental to the businesses,	none of	which, in the opinion of management, will have a material	effect on the consolidated financial statements of the Company.
ITEM 4.

ITEM 4.	 SUBMISSION OF	MATTERS	TO A VOTE OF SECURITY HOLDERS
	 No matter was	submitted to a vote of security	holders	during the fourth quarter of 1993.
EXECUTIVE OFFICERS OF THE COMPANY
	 The following	is a list of all executive officers of the Company. There	are no family relationships among them.	 Officers are normally elected annually.
Daniel P. Landguth, born May 9,	1946, Chairman,	President, and Chief Executive	Officer	of Black Hills Corporation
	 Mr. Landguth was elected to his present position in 	 January 1991.	 He had	served as President of Black 	 Hills	Corporation since October 1989,	President and 	 Chief	Operating Officer of Black Hills Power since June 	 1987,	and Senior Vice	President and Chief Operating 	 Officer since	1985.
Dale E.	Clement, born August 1,	1933, Senior Vice President - Finance
	 Mr. Clement was elected to his present position in 	 September 1989. He had served on the	Board of 	 Directors since 1979.	 Prior to joining the Company he 	 was Dean and Professor of Finance at the University of 	 South	Dakota,	School of Business.
Joseph E. Rovere, born July 7, 1929, Vice President - Public Affairs/District Administration
	 Mr. Rovere was elected to his	present	position in 	 October 1982.
Roxann R. Basham, born August 6, 1961, Secretary and Treasurer
	 Mrs. Basham was elected to her present position January 	 1, 1993. She	had served as Assistant 	 Secretary/Treasurer since May	1991 and as Financial 	 Analyst since	February 1985.
Gary R.	Fish, born August 1, 1958, Controller
	 Mr. Fish was elected to his present position in August 	 1988.
Everett	E. Hoyt, born August 8,	1939, President	and Chief Operating Officer of Black Hills Power
	 Mr. Hoyt was elected to his present position in October 	 1989.	 Prior to joining the Company he was Senior Vice 	 President - Legal, Corporate Secretary, and Assistant 	 Treasurer of Northwestern Public Service Company.
	 	 	 PART II
ITEM 5.

ITEM 5.	 	 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED 	 	 STOCKHOLDER MATTERS
	 The information required by Item 5 is	provided in the	Annual Report to Shareholders of the Company for the year ended December 31, 1993, on page 32 appended hereto and market	price information is shown in Note 13 of "Notes to Consolidated Financial Statements" on page 29 of the Annual Report to Shareholders of the Company for	the year ended December	31, 1993, appended hereto.
ITEM 6.

ITEM 6.	 	 SELECTED FINANCIAL DATA
	 The information required by Item 6 is	provided under an identical caption in the Annual	Report to Shareholders of the Company	for the	year ended December 31,	1993, on page 29 appended hereto.
ITEM 7.

ITEM 7.	 	 MANAGEMENT'S	DISCUSSION AND ANALYSIS	OF FINANCIAL 	 	 CONDITION AND RESULTS OF OPERATION
	 The information required by Item 7 is	provided under a similar	caption	in the Annual Report to	Shareholders of	the Company	for the	year ended December 31,	1993, on pages 12 through 18 appended hereto.
ITEM 8.


ITEM 8.	 	 FINANCIAL STATEMENTS	AND SUPPLEMENTARY DATA
	 The information required by Item 8 is	provided under proper captions in the	Annual Report to Shareholders of the Company for the year ended December	31, 1993, on pages 20 through 29 appended hereto.	 Selected quarterly financial data is shown in Note 13 of "Notes to Consolidated Financial Statements" on	page 29	of the Annual Report to Shareholders of the Company for the year ended December 31, 1993, appended hereto.
ITEM 9.

ITEM 9.	 	 CHANGES IN AND DISAGREEMENTS	WITH ACCOUNTANTS ON 	 	 ACCOUNTING AND FINANCIAL DISCLOSURE
	 No change of accountants or disagreements on any matter of accounting principles or practices or financial	statement disclosure have	occurred.
	 	 	 PART III
ITEM 10.



ITEM 10.	 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
	 Information regarding	the directors of the Company is incorporated herein by reference to the	Proxy Statement	for the Annual Shareholders' Meeting to	be held	May 24,	1994.
	 For information regarding the	executive officers of the Company	refer to Part I, Item 4.
ITEM 11.

ITEM 11.	 EXECUTIVE COMPENSATION
	 Information regarding	management remuneration	and transactions is	incorporated herein by reference to the	Proxy Statement for the Annual Shareholders' Meeting to be held May 24, 1994.
ITEM 12.

ITEM 12.	 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND 	 	 MANAGEMENT
	 Information regarding	the security ownership of certain beneficial owners and management is incorporated herein	by reference to the Proxy Statement for the Annual	Shareholders' Meeting	to be held May 24, 1994.
ITEM 13.

ITEM 13.	 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
	 Information regarding	certain	relationships and related transactions is	incorporated herein by reference to the	Proxy Statement for the Annual Shareholders' Meeting to be held May 24, 1994.
	 	 	 PART IV
ITEM 14.

ITEM 14.	 EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND	REPORTS	ON 	 	 FORM	8-K
(a) 1.	 Index to Consolidated Financial Statements 	 	 	 	 	 	 	 Page 	 	 	 	 	 	 Reference* 	 Report of Independent	Public Accountants. . .	. .19
	 Consolidated Statements of Income and	 	 Retained Earnings for the three years 	 ended December 31, 1993. . .	. . . .	. . . .	. .20
	 Consolidated Statements of Cash Flows	for 	 the three years ended December 31, 1993. . .	. .21
	 Consolidated Balance Sheets at December 31, 1993 	 and 1992 . .	. . . .	. . . .	. . . .	. . . .	. .22
	 Consolidated Statements of Capitalization at 	 December 31,	1993 and 1992 .	. . . .	. . . .	. .23
	 Notes	to Consolidated	Financial Statements. .	24-29
2.	 Schedules **
	 V	Property, Plant, and Equipment for the three	 	 	years ended December 31, 1993
	 VI	Accumulated Depreciation and Depletion of	 	 	Property, Plant, and Equipment for the three	 	 	years ended December 31, 1993
	 IX	Short-Term Borrowings for the three years ended	 	 	December 31, 1993
*	 Page References are to the incorporated portion of the 	 Annual Report	to Shareholders	of the Company for the 	 year ended December 31, 1993.
**	 All other schedules have been	omitted	because	of the 	 absence of the conditions under which	they are required 	 or because the required information is included 	 elsewhere in the financial statements	incorporated by 	 reference in the Form	10-K.
	 3. Exhibits
	 *3(a)	 	 Bylaws dated December 10, 1991 (Exhibit 3(a) to 	 	 	 Form 10-K for 1991). 	 	 *3(b)	 	 Restated Articles of Incorporation dated July 28, 	 	 	 1986 (Exhibit 3(b) to Form 10-K for	1986). 	 	 	 Articles of	Amendment to Restated Articles of 	 	 	 Incorporation dated	May 21,	1987, (Exhibit 3(b) to 	 	 	 Form 8-K for May 1987, File	No. 0-0164). Articles 	 	 	 of Amendment to Restated Articles of Incorporation 	 	 	 dated May 16, 1989 (Exhibit	3(b) to	Form 10-K for 	 	 	 1989). Articles of	Amendment to Restated Articles 	 	 	 of Incorporation dated May 28, 1992	(Exhibit 3(b) 	 	 	 to Form 10-K for 1992). Articles of Correction to 	 	 	 Amendment to Restated Articles of Incorporation, 	 	 	 dated September 13,	1993 (Exhibit 4.03 to Form S-3 	 	 	 dated September 22,	1993, Registration No. 33- 	 	 	 69234).
	 *4(a)	 	 Reference is made to Article Fourth	(7) of the 	 	 	 Restated Articles of Incorporation of the Company 	 	 	 and	the Articles of	Amendment to Restated Articles 	 	 	 of Incorporation (Exhibit 3(b) hereto).
	 *4(b)	 	 Indemnification Agreement and Company and 	 	 	 Directors' and Officers' indemnification insurance 	 	 	 (Exhibit 4(b) to Form 10-K for 1987).
	 *4(c)	 	 Indenture of Mortgage and Deed of Trust, dated 	 	 	 September 1, 1941, and as amended by supplemental 	 	 	 indentures (Exhibit	B to Form 8-K, File No. 	 	 	 2-4832); (Exhibit 7-B, File No. 2-6576); (Exhibit 	 	 	 7-C, File No. 2-7695); (Exhibit 7-D, File No. 	 	 	 2-8157); (Exhibit A	to Form	10-K for fiscal	year 	 	 	 1950, File No. 2-4832); (Exhibit 4-I, File No.
	 	 	 2-9433); (Exhibit 4-H, File	No. 2-13140); (Exhibit 	 	 	 4-I, File No. 2-14829); (Exhibits 4-J and 4-K, 	 	 	 File No. 2-16756); (Exhibits 4-L, 4-M, and 4-N, 	 	 	 File No. 2-21024); (Exhibits 2(q), 2(r), 2(s), 	 	 	 2(t), 2(u),	and 2(v) to Form S-7, File No. 	 	 	 2-57661); (Exhibit (b) to Form 8-K for February 	 	 	 1977, File No. 2-4832); (Exhibit II-1 to Form 10-Q 	 	 	 for	quarter	ended April 30,	1977, File No. 	 	 	 2-21024); (Exhibit II-1 to Form 10-Q for quarter 	 	 	 ended July 31, 1977, File No. 2-21024); (Exhibit 	 	 	 4(b) to Form S-3, File No. 2-81643); (Exhibit 	 	 	 II-6a to Form 10-Q for quarter ended September 30, 	 	 	 1986, File No. 0-0164); (Exhibit II-6a to Form 	 	 	 10-Q for quarter ended September 30, 1987, File 	 	 	 No.	0-0164); (Exhibit II-6a	to Form	10-Q for 	 	 	 quarter ended September 30,	1988, File No. 	 	 	 0-0164); and (Exhibit 4(d) and 4(e)	to Post- 	 	 	 Effective Amendment	No. 1 to Form S-8, File	No. 	 	 	 33-15868).
	 *10(a)	 Coal Supply	Agreement dated	May 12,	1975, between 	 	 	 Wyodak Resources Development Corp. and the South 	 	 	 Dakota Cement Commission (Exhibit 5(d) to Form 	 	 	 S-7, File No. 2-57661). Extension of Coal Supply 	 	 	 Agreement dated June 2, 1980, and First Supplement 	 	 	 dated February 8, 1983 (Exhibit 10(c) to Form 10-K 	 	 	 for	1983).	Second Supplement to Extension of Coal 	 	 	 Supply Agreement dated June	1, 1985	(Exhibit 10(c) 	 	 	 to Form 10-K for 1985). Third Supplement to 	 	 	 Extension of Coal Supply Agreement dated July 14, 	 	 	 1986 (Exhibit 10(c)	to Form	10-K for 1986).	Fourth 	 	 	 Supplement to Extension of Coal Supply Agreement 	 	 	 dated December 1, 1987 (Exhibit 10(c) to Form 10-K 	 	 	 for	1987).	Fifth Supplement to Extension of Coal 	 	 	 Supply Agreement dated March 12, 1992 (Exhibit 	 	 	 10(a) to Form 10-K for 1992).
	 *10(b)	 Agreement for Transmission Service and The Common 	 	 	 Use	of Transmission	Systems	dated January 1, 1986, 	 	 	 among the Company, Basin Electric Power 	 	 	 Cooperative, Rushmore Electric Power Cooperative, 	 	 	 Inc., Tri-County Electric Association, Inc., Black 	 	 	 Hills Electric Cooperative,	Inc., and Butte 	 	 	 Electric Cooperative, Inc.	(Exhibit 10(d) to Form 	 	 	 10-K for 1987).
	 *10(c)	 Restated and Amended Coal Supply Agreement for 	 	 	 Neil Simpson Unit #2 dated February	12, 1993 	 	 	 (Exhibit 10(c) to Form 10-K	for 1992).
	 *10(d)	 Coal Supply	Agreement and First Amendment dated 	 	 	 September 1, 1977, between the Company and Wyodak 	 	 	 Resources Development Corp.	(Exhibit 5(g) to Form 	 	 	 S-7, File No. 2-60755). Second Amendment to Coal 	 	 	 Supply Agreement dated November 2, 1987 (Exhibit 	 	 	 10(f) to Form 10-K for 1987).
	 *10(e)	 Coal Lease dated May 1, 1959, between Wyodak 	 	 	 Resources Development Corp.	and the	Federal 	 	 	 Government (Exhibit	5(i) to	Form S-7, File No. 	 	 	 2-60755). Modified	coal lease dated January 22, 	 	 	 1990, between Wyodak Resources Development Corp. 	 	 	 and	the Federal Government (Exhibit	10(h) to Form 	 	 	 10-K for 1989).
	 *10(f)	 Coal Lease dated April 1, 1961, between Wyodak 	 	 	 Resources Development Corp.	and the	Federal 	 	 	 Government (Exhibit	5(j) to	Form S-7, File No. 	 	 	 2-60755). Modified	coal lease dated
	 	 	 January 22,	1990, between Wyodak Resources 	 	 	 Development	Corp. and the Federal Government 	 	 	 (Exhibit 10(i) to Form 10-K	for 1989).
	 *10(g)	 Coal Lease dated October 1,	1965, between Wyodak 	 	 	 Resources Development Corp.	and the	Federal 	 	 	 Government,	as amended (Exhibit 5(k) to Form S-7, 	 	 	 File No. 2-60755).	Modified coal lease dated 	 	 	 January 22,	1990, between Wyodak Resources 	 	 	 Development	Corp. and the Federal Government 	 	 	 (Exhibit 10(j) to Form 10-K	for 1989).
	 *10(h)	 Participation Agreement dated May 16, 1978,	and 	 	 	 various related agreements dated June 8, 1978, 	 	 	 including, without limitation, Lease Agreement, 	 	 	 Amended and	Restated Coal Supply Agreement,	Coal 	 	 	 Supply System Agreement and	Security Agreement, 	 	 	 and	Real Estate Mortgage (all relating to the 	 	 	 lease financing of the Wyodak Plant	and the 	 	 	 dedication by Wyodak Resources Development Corp. 	 	 	 of coal deposits with respect thereto) filed 	 	 	 pursuant to	item 6(b) of Amendment No. 1 to 	 	 	 Registrant's Current Report	on Form	8-K for	June 	 	 	 1978 and located in	Commission File	No. 2-4832. 	 	 	 Further Restated and Amended Coal Supply Agreement 	 	 	 dated May 5, 1987 (Exhibit 10(k) to	Form 10-K for 	 	 	 1987).
	 *10(i)	 Coal Supply	Agreement dated	August 24, 1978, 	 	 	 between Wyodak Resources Development Corp. and the 	 	 	 City of Grand Island, Nebraska (Exhibit 5(l) to 	 	 	 Form S-7, File No. 2-64014). Restated and Amended 	 	 	 Coal Supply	Agreement dated	March 4, 1983 (Exhibit 	 	 	 10(l) to Form 10-K for 1983). First Amendment to 	 	 	 Restated and Amended Coal Supply Agreement dated 	 	 	 October 29,	1987 (Exhibit 10(l) to Form 10-K for 	 	 	 1987).
	 *10(j)	 Power Sales	Agreement dated	December 31, 1983, 	 	 	 between Pacific Power & Light Company and the 	 	 	 Company (Exhibit 7(b) to Form 8-K for January 	 	 	 1984, File No. 0-0164).
	 *10(k)	 Coal Supply	Agreement for Wyodak Unit #2 dated 	 	 	 February 3,	1983, and Ancillary Agreement dated 	 	 	 February 3,	1982, between Wyodak Resources 	 	 	 Development	Corp. and Pacific Power	& Light 	 	 	 Company and	the Company (Exhibit 10(o) to Form 	 	 	 10-K for 1983). Amendment to greement for Coal 	 	 	 Supply for Wyodak #2 dated May 5, 1987 (Exhibit 	 	 	 10(o) to Form 10-K for 1987).
	 *10(l)	 Coal lease dated February 16, 1983,	between	Wyodak 	 	 	 Resources Development Corp.	and the	Federal 	 	 	 Government (Exhibit	10(p) to Form 10-K for 1983).
	 *10(m)	 Coal lease dated September 28, 1983, between 	 	 	 Wyodak Resources Development Corp. and the Federal 	 	 	 Government (Exhibit	10(q) to Form 10-K for 1983).
	 *10(n)	 Indenture of Trust dated as	of August 1, 1984, 	 	 	 City of Gillette, Campbell County, Wyoming,	to 	 	 	 Norwest Bank Minneapolis, N.A. as Trustee (Black 	 	 	 Hills Power	and Light Company Project) (Exhibit 	 	 	 10(r) to Form 10-K for 1984). Indenture of	Trust 	 	 	 dated as of	June 1,	1992, City of Gillette, 	 	 	 Campbell County, Wyoming, to Norwest Bank 	 	 	 Minnesota, National	Association, as	Trustee	(Black 	 	 	 Hills Power	and Light Company Project) (Exhibit 	 	 	 10(n) to Form 10-K for 1992).
	 *10(o)	 Loan Agreement dated as of August 1, 1984, by and 	 	 	 between City of Gillette, Campbell County, 	 	 	 Wyoming, and the Company (Exhibit 10(s) to Form 	 	 	 10-K for 1984). Loan Agreement dated as of	June 	 	 	 1, 1992, by	and between City of Gillette, Campbell 	 	 	 County, Wyoming, and the Company (Exhibit 10(o) to 	 	 	 Form 10-K for 1992).
	 *10(p)	 Loan Agreement dated as of June 1, 1992, by	and 	 	 	 between Lawrence County, South Dakota and the 	 	 	 Company (Exhibit 10(p) to Form 10-K	for 1992).
	 *10(q)	 Indenture of Trust dated as	of June	1, 1992, 	 	 	 Lawrence County, South Dakota, to Norwest Bank 	 	 	 Minnesota, National	Association, as	Trustee	(Black 	 	 	 Hills Power	and Light Company Project) (Exhibit 	 	 	 10(q) to Form 10-K for 1992).
	 *10(r)	 Loan Agreement dated as of June 1, 1992, by	and 	 	 	 between Pennington County, South Dakota and	the 	 	 	 Company (Exhibit 10(r) to form 10-K	for 1992).
	 *10(s)	 Indenture of Trust dated as	of June	1, 1992, 	 	 	 Pennington County, South Dakota, to	Norwest	Bank 	 	 	 Minnesota, National	Association, as	Trustee	(Black 	 	 	 Hills Power	and Light Company Project) (Exhibit 	 	 	 10(s) to Form 10K for 1992).
	 *10(t)	 Loan Agreement dated as of June 1, 1992, by	and 	 	 	 between Weston County, South Dakota	and the 	 	 	 Company (Exhibit 10(t) to Form 10-K	for 1992).
	 *10(u)	 Indenture of Trust dated as	of June	1, 1992, 	 	 	 Weston County, Wyoming, to Norwest Bank Minnesota, 	 	 	 National Association, as Trustee (Black Hills 	 	 	 Power and Light Company Project) (Exhibit 10(u) to 	 	 	 Form 10-K for 1992).
	 *10(v)	 Loan Agreement dated as of June 1, 1992, by	and 	 	 	 between Campbell County, South Dakota and the 	 	 	 Company (Exhibit 10(v) to Form 10-K	for 1992).
	 *10(w)	 Indenture of Trust dated as	of June	1, 1992, 	 	 	 Campbell County, Wyoming, to Norwest Bank 	 	 	 Minnesota, National	Association, as	Trustee	(Black 	 	 	 Hills Power	and Light Company Project) (Exhibit 	 	 	 10(w) to Form 10-K for 1992).
	 *10(x)	 Restated Electric Power and	Energy Supply and 	 	 	 Transmission Agreement and Restated	Seasonal 	 	 	 Non-Firm Power Sale	Agreement both dated December 	 	 	 21,	1987, both by and between the Company and the 	 	 	 City of Gillette, Wyoming (Exhibit 10(t) to	Form 	 	 	 10-K for 1987).
	 *10(y)	 Reserve Capacity Integration Agreement dated May 	 	 	 5, 1987, between Pacific Power & Light Company and 	 	 	 the	Company	(Exhibit 10(u) to Form 10-K for	1987).
	 *10(z)	 Firm Capacity and Energy Purchase Agreement 	 	 	 between Tri-State Generation and Transmission 	 	 	 Association, Inc. and the Company dated May	11, 	 	 	 1992 (Exhibit 10(aa) to Form 10-K for 1992).
	 10(aa)	 Firm Capacity and Energy Purchase Agreement 	 	 	 between Sunflower Electric Power Cooperative and 	 	 	 the	Company	dated October 11, 1993.
	 *10(bb)	 Compensation Plan for Outside Directors (Exhibit 	 	 	 10(bb) to Form 10-K	for 1992).
	 *10(cc)	 Retirement Plan for	Outside	Directors dated 	 	 	 January 1, 1993 (Exhibit 10(cc) to Form 10-K for 	 	 	 1992).
	 *10(dd)	 Pension Equalization Plan of Black Hills 	 	 	 Corporation	dated January 1, 1990 (Exhibit 10(dd) 	 	 	 to Form 10-K for 1992).
	 10(dd)	 Amendment #1 to Pension Equalization Plan of Black 	 	 	 Hills Corporation dated April 27, 1993.
	 10(ee)	 Black Hills	Corporation 1994 Executive Gainsharing 	 	 	 Program.
	 10(ff)	 Black Hills	Corporation 1994 Results Compensation 	 	 	 Program.
	 *10(gg)	 Pension Plan of Black Hills	Corporation as amended 	 	 	 and	restated effective October 1, 1989. First 	 	 	 amendment to the Pension Plan of Black Hills 	 	 	 Corporation	dated September	25, 1992. Amendment 	 	 	 to the Pension Plan	of Black Hills Corporation 	 	 	 dated December 4, 1992. Amendment to the Pension 	 	 	 Plan of Black Hills	Corporation dated February 5, 	 	 	 1993 (Exhibit 10(ff) to form 10-K for 1992).
	 *10(hh)	 Agreement for Supplemental Pension Benefit for 	 	 	 Everett E. Hoyt dated January 20, 1992 (Exhibit 	 	 	 10(gg) to Form 10-K	for 1992).
	 *10(ii)	 Agreement for Supplemental Pension Benefit for 	 	 	 Dale E. Clement dated December 19, 1991 (Exhibit 	 	 	 10(hh) to Form 10-K	for 1992).
	 13	 	 Annual Report to Shareholders of the Registrant 	 	 	 for	the year ended December	31, 1993.
	 22	 	 Subsidiaries of the	Registrant.
	 23	 	 Consent of Independent Public Accountants.
_________________________
	 *	 	 Exhibits incorporated by reference.
(b)	 No reports on	Form 8-K have been filed in the	quarter 	 ended	December 31, 1993. (c)	 See (a) 3. above. (d)	 See (a) 2. above. _________________________________________________________________
	 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
	 We have audited in accordance	with generally accepted auditing standards, the	consolidated financial statements included in Black Hills	Corporation's 1993 Annual Report to Shareholders incorporated by reference in this Form 10-K, and have issued our	report thereon dated January 28, 1994.	Our audit was made for the purpose of forming an opinion on those statements taken as a whole. The schedules listed as a	part of Item 14.(a)2. in this Form 10-K	are the	responsibility of the Company's management and are presented for purposes of complying with the Securities and	Exchange Commission's rules and	are not part of	the basic financial statements.	 These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, fairly state in all material	respects the financial data required to	be set forth therein in relation to the basic financial statements taken as a whole.
	 	 	 ARTHUR ANDERSEN &	CO. Minneapolis, Minnesota, January	28, 1994
	 	 	 SIGNATURES
Pursuant to the requirements of Section 13	or 15(d) of the	Securities Exchange Act of	1934, the Registrant has duly caused this report to be signed on its behalf by	the undersigned, thereunto duly	authorized.
	 	 	 	 BLACK HILLS CORPORATION
	 	 	 	 By	 DANIEL P. LANDGUTH	 	 	 	 	 	 Daniel P. Landguth, Chairman, 	 	 	 	 	 President, and Chief Executive
Dated:	March 11, 1994
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has	been signed below by the following persons on behalf of	the Registrant and in the capacities and on	the dates indicated.
DANIEL P. LANDGUTH	 	 Director and Principal	 March 11, 1994 Daniel P. Landguth (Chairman,	 Executive Officer President, and Chief Executive)
DALE E. CLEMENT	 	 Director and Principal	 March 11, 1994 Dale E.	Clement	(Senior	Vice	 Financial Officer	 President - Finance)
GARY R. FISH	 	 Principal Accounting	 March 11, 1994 Gary R.	Fish (Controller)	 Officer
GLENN C. BARBER	 	 Director	 	 March 11, 1994 Glenn C. Barber
BRUCE B. BRUNDAGE	 	 Director	 	 March 11, 1994 Bruce B. Brundage
MICHAEL B.	ENZI	 	 Director	 	 March 11, 1994 Michael	B. Enzi	 	 	
JOHN R. HOWARD	 	 Director	 	 March 11, 1994 John R.	Howard
EVERETT E.	HOYT	 	 Director and Officer	 March 11, 1994 Everett	E. Hoyt	(President and Chief Operating Officer of Black Hills Power)
KAY S. JORGENSEN	 	 Director	 	 March 11, 1994 Kay S. Jorgensen
CHARLES T.	UNDLIN	 	 Director	 	 March 11, 1994 Charles	T. Undlin
___________________________________________________________________________
	 The Company's short-term borrowings consist solely of notes payable to banks.
	 See Note 4 in the consolidated	financial statements for additional discussion on notes payable to banks.
	 The average amount of short-term borrowings outstanding during	the year represents	an average of daily balances. The weighted average interest rate during the year was based	on a weighting of interest rates associated with	these balances.	
___________________________________________________________________________ 	 	 	 	 	 	 	 	APPENDIX
	 	 	 BLACK HILLS CORPORATION
	 The following	items, appended	hereto,	are incorporated into the Form 10-K from the 1993 Annual Report to Shareholders:
	 	 	 	 PART	II Pages
Item 5	 Market for Registrant's Common Equity and 	 Related Stockholder	Matters	. . . .	. . . .	. 32
Item 6	 Selected Financial Data. . .	. . . .	. . . .	. 29
Item 7	 Management's	Discussion and Analysis	of Financial	 	 Condition and Results of Operation.	. . . .12-18
Item 8	 Financial Statements	and Supplementary 	 Data. . . .	. . . .	. . . .	. . . .	. . . .20-29
	 	 	 	 	 EXHIBIT INDEX
EX-10.aa	 Firm	Capacity and Energy Purchase Agreement between 	 	 Sunflower Electric Power Cooperative	and the	Company 	 	 dated October 11, 1993.
EX-10.dd	 Amendment #1	to Pension Equalization	Plan of	Black 	 	 Hills Corporation dated April 27, 1993.
EX-10.ee	 Black Hills Corporation 1994	Executive Gainsharing 	 	 Program.
EX-10.ff	 Black Hills Corporation 1994	Results	Compensation 	 	 Program.
EX-13	 	 Annual Report to Shareholders of the	Registrant for the 	 	 year	ended December 31, 1993.
EX-22	 	 Subsidiaries	of the Registrant.
EX-23	 	 Consent of Independent Public Accountants.