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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>__________________________________________________________________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>UNITED STATES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>___________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>FORM 8-K</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>CURRENT REPORT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Date of Report (Date of earliest event reported) February 2, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>BLACK HILLS CORPORATION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>(Exact name of registrant as specified in its charter)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="93%" style='margin-left:23.4pt;border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>South Dakota</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(State or other jurisdiction of incorporation)</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>001-31303</font></b><b></b></p> </td>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>46-0458824</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Commission File Number)</font></b><b></b></p> </td>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(IRS Employer Identification No.)</font></b><b></b></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
    <tr >
        <td  colspan="2" rowspan=2 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>625 Ninth Street, PO Box 1400</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Rapid City, South Dakota</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Address of principal executive offices)</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="12%" rowspan=2 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>57709-1400</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Zip Code)</font></b><b></b></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>605.721.1700</font></b><b></b></p> </td> </tr>
    <tr >
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Registrant&#146;s telephone number, including area code)</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="27%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="3" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
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        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Not Applicable</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Former name or former address, if changed since last report)</font></b><b></b></p> </td> </tr>
    <tr>
        <td width="190" ></td>

        <td width="119" ></td>

        <td width="84" ></td>

        <td width="84" ></td>

        <td width="218" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><i><font size=2>see</font></i><font size=2> General Instruction A.2. below):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#144;</font></b><b></b></p> </td>
        <td width="97%" style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#144;</font></b><b></b></p> </td>
        <td width="97%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#144;</font></b><b></b></p> </td>
        <td width="97%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="2%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&#144;</font></b><b></b></p> </td>
        <td width="97%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>______________________________________________________________________________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1.01.</font></b></p> </td>
        <td width="79%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Entry into a Material Definitive Agreement.</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On February 2, 2006, the Compensation Committee of the Board of Directors of Black Hills Corporation (the &#147;Company&#148;) recommended, and the Independent Directors approved, a discretionary award under the 2005 Short-Term Incentive Plan.  The Company&#146;s 2005 earnings of $1.00 per share were negatively impacted by certain one-time events, including the loss from the sale of the communications business and the non-cash asset impairment of the Las Vegas I gas-fired power plant.  The sale of the communications business was a strategic decision to allow the Company to focus on the core energy business and was achieved in a timely manner.  The impairment of the Las Vegas I plant was a direct result of a significant and sustained increase in natural gas prices, beyond historical levels.  Absent these one-time charges, the earnings growth in the core business was strong and the payout
under the 2005 Short-Term Incentive Plan would have exceeded 175% of target.  While the significant and sustained increase in natural gas prices resulted in an impairment of the Las Vegas I plant, it also significantly increased the value of the oil and gas reserves which is not reflected on the balance sheet.  Many goals were attained at the business unit level that not only led to a successful year but positioned the Company to take advantage of future opportunities.  The Company had record oil and gas production and earnings, began construction on a new coal-fired power plant, expanded the core asset base through acquisitions, experienced record new customer growth and a 5% increase in retail megawatt-hour sales at the electric utility.  The Company&#146;s Total Shareholder Return for 2005, which includes stock price appreciation and dividends was 23.8% and ranked at the top of the Company&#146;s peer group (S&amp;P midcap electric utilities).  In reviewing these factors and in
recognizing employee contributions and the Total Shareholder Return for the year, the Committee determined that an adjustment was appropriate and applied its discretion in determining and recommending awards for the 2005 plan year at the target level.  The 2005 Short-Term Incentive amounts approved for the Named Executive Officers and the Chief Operating Officers are as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="79%" style='margin-left:45.9pt;border-collapse:collapse'>
    <tr style='height:.5in'>
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt'><b><font size=2>Name</font></b><b></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.5in'>
            <p><b><font size=2>2005 Short-Term</font></b><br> <b><font size=2>Annual Incentive</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=2>David R. Emery,</font><br> <font size=2>Chairman, President and Chief Executive Officer</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>$</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>250,000</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=2>Thomas M. Ohlmacher,</font><br> <font size=2>Chief Operating Officer - Wholesale</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>$</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>165,350</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=2>Mark T. Thies,</font><br> <font size=2>Executive Vice President and Chief Financial Officer</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>$</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>107,800</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=2>Linden R. Evans,</font><br> <font size=2>Chief Operating Officer - Retail</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>$</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>111,750</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=2>Russell D. Cohen, </font><br> <font size=2>Senior Vice President and Chief Risk Officer</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>$</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-indent:3.0pt'><font size=2>95,600</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="72%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Steven J. Helmers,</font><br> <font size=2>Senior Vice President and General Counsel</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>$</font></p> </td>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-indent:3.0pt'><font size=2>85,680</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>The awards are payable 50% cash and 50% common stock.  Officers are required to retain the shares until their stock ownership guidelines are met &#150; 90,000 shares for the Chief Executive Officer, 40,000 shares for the Chief Financial Officer and Chief Operating Officers, and 25,000 shares for the other senior officers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font SIZE=2>SIGNATURES</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.35in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BLACK HILLS CORPORATION</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:&nbsp;&nbsp;&nbsp;</font><u><font size=2>/s/ Mark T. Thies</font></u>                                                                                                                                               </p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mark T. Thies</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Executive Vice President</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>and Chief Financial Officer</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 8, 2006</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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{"company-data": {"conformed-name": "BLACK HILLS CORP /SD/", "cik": "0001130464", "assigned-sic": "4911", "irs-number": "460458824", "state-of-incorporation": "SD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31303", "film-number": "06588935"}, "business-address": {"street1": "625 9TH STREET", "street2": "PO BOX 1400", "city": "RAPID CITY", "state": "SD", "zip": "57709", "phone": "6057212343"}, "mail-address": {"street1": "625 9TH STREET", "street2": "PO BOX 1400", "city": "RAPID", "state": "SD", "zip": "57709"}, "former-company": {"former-conformed-name": "BLACK HILLS HOLDING CORP", "date-changed": "20001222"}}
__________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K
____________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 2, 2006
____________
BLACK HILLS CORPORATION
(Exact name of registrant as specified in its charter)
____________
South Dakota
(State or other jurisdiction of incorporation)
001-31303
46-0458824
(Commission File Number)
(IRS Employer Identification No.)
625 Ninth Street, PO Box 1400
Rapid City, South Dakota
(Address of principal executive offices)
57709-1400
(Zip Code)
605.721.1700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
____________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
______________________________________________________________________________
1
Item 1.01.
Entry into a Material Definitive Agreement.
On February 2, 2006, the Compensation Committee of the Board of Directors of Black Hills Corporation (the "Company") recommended, and the Independent Directors approved, a discretionary award under the 2005 Short-Term Incentive Plan.  The Company's 2005 earnings of $1.00 per share were negatively impacted by certain one-time events, including the loss from the sale of the communications business and the non-cash asset impairment of the Las Vegas I gas-fired power plant.  The sale of the communications business was a strategic decision to allow the Company to focus on the core energy business and was achieved in a timely manner.  The impairment of the Las Vegas I plant was a direct result of a significant and sustained increase in natural gas prices, beyond historical levels.  Absent these one-time charges, the earnings growth in the core business was strong and the payout
under the 2005 Short-Term Incentive Plan would have exceeded 175% of target.  While the significant and sustained increase in natural gas prices resulted in an impairment of the Las Vegas I plant, it also significantly increased the value of the oil and gas reserves which is not reflected on the balance sheet.  Many goals were attained at the business unit level that not only led to a successful year but positioned the Company to take advantage of future opportunities.  The Company had record oil and gas production and earnings, began construction on a new coal-fired power plant, expanded the core asset base through acquisitions, experienced record new customer growth and a 5% increase in retail megawatt-hour sales at the electric utility.  The Company's Total Shareholder Return for 2005, which includes stock price appreciation and dividends was 23.8% and ranked at the top of the Company's peer group (S&P midcap electric utilities).  In reviewing these factors and in
recognizing employee contributions and the Total Shareholder Return for the year, the Committee determined that an adjustment was appropriate and applied its discretion in determining and recommending awards for the 2005 plan year at the target level.  The 2005 Short-Term Incentive amounts approved for the Named Executive Officers and the Chief Operating Officers are as follows:
Name
2005 Short-Term
Annual Incentive
David R. Emery,
Chairman, President and Chief Executive Officer
$
250,000
Thomas M. Ohlmacher,
Chief Operating Officer - Wholesale
$
165,350
Mark T. Thies,
Executive Vice President and Chief Financial Officer
$
107,800
Linden R. Evans,
Chief Operating Officer - Retail
$
111,750
Russell D. Cohen,
Senior Vice President and Chief Risk Officer
$
95,600
Steven J. Helmers,
Senior Vice President and General Counsel
$
85,680
2
The awards are payable 50% cash and 50% common stock.  Officers are required to retain the shares until their stock ownership guidelines are met – 90,000 shares for the Chief Executive Officer, 40,000 shares for the Chief Financial Officer and Chief Operating Officers, and 25,000 shares for the other senior officers.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BLACK HILLS CORPORATION
By:
/s/ Mark T. Thies
Mark T. Thies
Executive Vice President
and Chief Financial Officer
Date:     February 8, 2006
3