This Dividend King Is Getting In on the AI Energy Boom With Its Recent Deal with Google. Is It a Buy?

Black Hills (BKH) locked in a long-term agreement with Google to supply 2.7 gigawatts of power to its Wyoming data center campus through 2048, a deal projected to add $150 million in annual net income by 2030.

The utility carries a 56-year streak of consecutive dividend increases, earning its Dividend King status. That track record now pairs with a contract that runs more than two decades, giving BKH a defined revenue anchor tied to one of the largest names in AI infrastructure.

The deal also underscores Wyoming's rise as an AI data center hub. Microsoft (MSFT), Meta (META), and Alphabet, whose shares trade as GOOG and GOOGL, have all made investments in the state. Interpretation: with multiple hyperscalers committing capital to the same region, power demand in Wyoming may keep tightening, which would favor the utility already positioned to serve that load. That is an analytical read, not a reported outcome.

The $150 million figure is the key number for valuation work. Traders can weigh it against BKH's current earnings base to judge how much of the upside the market has already priced in. The 2030 timeline means the payoff is back-loaded, so near-term results may show limited impact.