(Minor differences may result due to rounding. Prior period information has been revised to reclassify information related to discontinued operations.)

  Consolidating Income Statement
            Electric   Power    
Utility Generation

 
Electric Gas Power Coal Oil and Inter-Co Inter-Co Other Inter-Co

Three Months Ended Sept. 30, 2012
Utilities   Utilities   Generation   Mining   Gas   Corporate   Lease Elim*   Lease Elim*   Eliminations   Total
(in millions)
Revenue $ 151.3 $ 63.4 $ 1.3 $ 6.1 $ 24.7 $ $ $ $ $ 246.8
Intercompany revenue 3.7 19.7 8.6 47.3 0.4 (79.7 )
Fuel, purchased power and cost of gas sold 67.0     24.2                     0.8         (29.4 )   62.6  
Gross Margin 88.0     39.2     21.0     14.7     24.7     47.3     (0.8 )   0.4     (50.3 )   184.2  
 
Operations and maintenance 34.1 28.3 7.8 10.8 12.1 46.8 (47.6 ) 92.3
Gain on sale of operating asset (27.3 ) (27.3 )
Depreciation, depletion and amortization 18.8 6.3 1.2 2.9 12.5 2.8 (3.3 ) 3.0 (2.8 ) 41.4
Impairment of long-lived assets                                      
Operating income 35.1     4.6     12.0     1.0     27.4     (2.3 )   2.5     (2.6 )   0.1     77.8  
 
Interest expense, net (13.6 ) (5.9 ) (3.2 ) (1.1 ) (20.5 ) 18.1 (26.2 )
Interest rate swaps - unrealized (loss) gain 0.6 0.6
Interest income 1.1 0.5 0.1 16.2 (17.5 ) 0.4
Other income (expense) 0.2 0.5 0.1 6.6 (7.4 )
Income tax benefit (expense) (8.2 )   0.8     (3.8 )   0.2     (9.0 )   2.0     (0.9 )   0.9         (18.0 )
Income (loss) from continuing operations   $ 14.6     $     $ 5.1     $ 1.7     $ 17.4     $ 2.6     $ 1.6     $ (1.7 )   $ (6.7 )   $ 34.6  
 

* The new generating facility constructed by Black Hills Colorado IPP at our Pueblo Airport Generation site which sells energy and capacity under a 20-year PPA to Colorado Electric is accounted for as a capital lease. Therefore, revenue and expense of the Electric Utilities and Power Generation segments reflect adjustments for lease accounting which are eliminated in consolidation.
  Consolidating Income Statement
            Electric   Power    
Utility Generation Other

 
Electric Gas Power Coal Oil and Inter-Co Inter-Co Inter-Co

Nine Months Ended Sept. 30, 2012
Utilities   Utilities   Generation   Mining   Gas   Corporate   Lease Elim*   Lease Elim*   Eliminations   Total
(in millions)
Revenue $ 452.0 $ 314.3 $ 3.2 $ 18.5 $ 67.0 $ $ $ $ $ 855.0
Intercompany revenue 11.9 56.1 24.3 143.9 1.2 (237.4 )
Fuel, purchased power and cost of gas sold 202.2     164.6                 0.1     2.4         (86.1 )   283.2  
Gross margin 261.7     149.7     59.3     42.8     67.0     143.8     (2.4 )   1.2     (151.3 )   571.8  
 
Operations and maintenance 110.2 88.1 22.5 32.1 33.3 135.2 (139.0 ) 282.4
Gain on sale of operating asset (27.3 ) (27.3 )
Depreciation, depletion and amortization 56.4 18.7 3.4 9.6 34.8 8.1 (9.8 ) 8.2 (8.0 ) 121.4
Impairment of long-lived assets                 26.9                     26.9  
Operating income 95.1     42.9     33.4     1.1     (0.7 )   0.5     7.4     (7.0 )   (4.3 )   168.4  
 
Interest expense, net (44.8 ) (20.1 ) (12.3 ) (3.9 ) (64.0 ) 63.0 (82.1 )
Interest rate swaps - unrealized (loss) gain (2.9 ) (2.9 )
Interest income 6.8 2.4 0.5 1.2 48.0 (57.5 ) 1.4
Other income (expense) 1.2 0.1 2.0 0.2 30.3 (31.1 ) 2.7
Income tax benefit (expense) (20.8 )   (8.9 )   (5.6 )   (0.4 )   2.2     3.6     (2.7 )   2.5     0.2     (29.9 )
Income (loss) from continuing operations   $ 37.5     $ 16.4     $ 16.0     $ 3.9     $ (2.2 )   $ 15.5     $ 4.7     $ (4.5 )   $ (29.7 )   $ 57.6  
 

* The new generating facility constructed by Black Hills Colorado IPP at our Pueblo Airport Generation site which sells energy and capacity under a 20-year PPA to Colorado Electric is accounted for as a capital lease. Therefore, revenue and expense of the Electric Utilities and Power Generation segments reflect adjustments for lease accounting which are eliminated in consolidation.
  Consolidating Income Statement

 
Electric   Gas   Power   Coal       Intercompany  

Three Months Ended Sept. 30, 2011
Utilities   Utilities   Generation   Mining   Oil and Gas  

Corporate (a)
  Eliminations   Total
(in millions)
Revenue $ 151.0 $ 72.7 $ 1.0 $ 9.2 $ 19.2 $ $ $ 253.1
Intercompany revenue 2.7 7.1 8.6 46.2 (68.2 ) (3.6 )
Fuel, purchased power and cost of gas sold 73.1     33.2                     (20.2 )   86.1  
Gross margin 80.6     39.5     8.1     17.8     19.2     46.2     (48.0 )   163.4  
 
Operations and maintenance 34.8 28.3 4.6 14.2 9.6 41.0 (42.0 ) 90.5
Depreciation, depletion and amortization 13.3     6.1     1.1     5.1     7.7     2.8     (2.8 )   33.3  
Operating income 33.3     5.1     2.4     (1.5 )   1.9     2.4     (4.0 )   39.6  
 
Interest expense, net (13.4 ) (7.8 ) (2.2 ) (1.5 ) (23.7 ) 25.8 (22.8 )
Interest rate swaps - unrealized (loss) gain (38.2 ) (38.2 )
Interest income 3.7 1.5 0.4 1.0 16.4 (22.5 ) 0.5
Other income (expense) 0.2 0.5 3.1 (3.1 ) 0.7
Income tax benefit (expense) (8.0 )   1.8     (0.3 )   0.5     (0.2 )   14.9     0.3     9.0  
Income (loss) from continuing operations   $ 15.8     $ 0.6     $ 0.3     $ 0.5     $ 0.2     $ (25.1 )   $ (3.5 )   $ (11.2 )
 
(a)   Certain direct corporate costs and inter-segment interest expense previously allocated to our Energy Marketing segment were not reclassified to discontinued operations but included in the Corporate segment.
 
  Consolidating Income Statement

 
Electric   Gas   Power   Coal       Intercompany  

Nine Months Ended Sept. 30, 2011
Utilities   Utilities   Generation   Mining   Oil and Gas  

Corporate (a)
  Eliminations   Total
(in millions)
Revenue $ 431.6 $ 402.8 $ 2.6 $ 23.1 $ 55.9 $ $ $ 916.0
Intercompany revenue 9.9 20.9 25.8 142.1 (203.7 ) (5.0 )
Fuel, purchased power and cost of gas sold 216.9     239.4                 0.1     (55.9 )   400.5  
Gross margin 224.6     163.4     23.5     48.9     55.9     142.0     (147.8 )   510.5  
 
Operations and maintenance 106.1 91.1 12.9 41.8 30.3 125.8 (129.0 ) 279.0
Depreciation, depletion and amortization 39.1     18.0     3.1     14.4     22.6     8.2     (8.0 )   97.4  
Operating income 80.2     54.3     7.5     (7.3 )   3.0     8.0     (11.6 )   134.1  
 
Interest expense, net (40.5 ) (24.0 ) (6.6 ) (4.2 ) (69.0 ) 75.3 (69.0 )
Interest rate swaps - unrealized (loss) gain (40.6 ) (40.6 )
Interest income 10.7 4.3 1.2 2.9 46.8 (64.4 ) 1.5
Other income (expense) 0.6 0.2 1.1 1.7 (0.1 ) 32.9 (32.9 ) 3.5
Income tax benefit (expense) (16.4 )   (10.5 )   (1.1 )   1.6     0.7     17.5     0.3     (7.9 )
Income (loss) from continuing operations   $ 34.6     $ 24.3     $ 2.1     $ (1.1 )   $ (0.6 )   $ (4.4 )   $ (33.3 )   $ 21.6  
(a)   Certain direct corporate costs and inter-segment interest expense previously allocated to our Energy Marketing segment were not reclassified to discontinued operations but included in the Corporate segment.

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