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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 1, 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'>
    <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>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>
    <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>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>
    <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>&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>
    <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>&nbsp;</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>605.721.1700</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>(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>
    <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>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>


<table border="0" cellspacing=0 cellpadding=0 width="98%" style='margin-left:5.4pt;border-collapse:collapse'>
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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%" 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>
    <tr >
        <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>
    <tr >
        <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>
    <tr >
        <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>


<table border="0" cellspacing=0 cellpadding=0 width="400" style='border-collapse:collapse'>
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        <td width="20%" valign=top style='padding:5.0pt 0in 5.0pt 0in'>
            <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="80%" valign=top style='padding:5.0pt 0in 5.0pt 0in'>
            <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:5pt; margin-top:5pt; text-indent:0.3in;text-align:left;'><font size=2>On February 1, 2006, the Compensation Committee of the Board of Directors of Black Hills Corporation (the &#147;Company&#148;) approved annual incentive award targets for 2006 for the Company&#146;s executive officers pursuant to the Officers Short-Term Incentive Plan.  These awards, if earned, would be paid out in February 2007.  Corporate executives may earn a bonus payable 50% in cash and 50% in Company common stock on the basis of achieving designated earnings per share goals.  The threshold, target and maximum annual bonus, as a percentage of base compensation, that may be earned in 2006 for the Named Executive Officers and Chief Operating Officers are as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0in;border-collapse:collapse'>
    <tr >
        <td width="34%" rowspan=2 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p>
<p><b><font size=2>Name</font></b><b></b></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><b><font size=2>Base Salary as of</font></b><b></b></p> </td>
        <td  colspan="3" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><b><font size=2>Bonus as a Percentage of Base</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><b><font size=2>January 1, 2006</font></b></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><b><font size=2>Threshold</font></b><b></b></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><b><font size=2>Target</font></b><b></b></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><b><font size=2>Maximum</font></b><b></b></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>David R. Emery,</font><br> <font size=2>Chairman, President and Chief Executive Officer</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>$ 525,000</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>21%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>70%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>140%</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Thomas M. Ohlmacher,</font><br> <font size=2>Chief Operating Officer &#150; Wholesale</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>$ 340,600</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>15%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>50%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>100%</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Linden R. Evans,</font><br> <font size=2>Chief Operating Officer &#150; Retail</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>$ 241,400</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>15%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>50%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>100%</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Mark T. Thies,</font><br> <font size=2>Executive Vice President and Chief Financial Officer</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>$ 280,300</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>12%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>40%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>80%</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Russell D. Cohen,</font><br> <font size=2>Senior Vice President and Chief Risk Officer</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>$ 246,200</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>12%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>40%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>80%</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="34%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="34%" 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="22%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>$ 252,100</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>10.5%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>35%</font></p> </td>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='text-align:center'><font size=2>70%</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-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>
    <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=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 7, 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": "06585518"}, "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 1, 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 1, 2006, the Compensation Committee of the Board of Directors of Black Hills Corporation (the "Company") approved annual incentive award targets for 2006 for the Company's executive officers pursuant to the Officers Short-Term Incentive Plan.  These awards, if earned, would be paid out in February 2007.  Corporate executives may earn a bonus payable 50% in cash and 50% in Company common stock on the basis of achieving designated earnings per share goals.  The threshold, target and maximum annual bonus, as a percentage of base compensation, that may be earned in 2006 for the Named Executive Officers and Chief Operating Officers are as follows:
Name
Base Salary as of
Bonus as a Percentage of Base
January 1, 2006
Threshold
Target
Maximum
David R. Emery,
Chairman, President and Chief Executive Officer
$ 525,000
21%
70%
140%
Thomas M. Ohlmacher,
Chief Operating Officer – Wholesale
$ 340,600
15%
50%
100%
Linden R. Evans,
Chief Operating Officer – Retail
$ 241,400
15%
50%
100%
Mark T. Thies,
Executive Vice President and Chief Financial Officer
$ 280,300
12%
40%
80%
Russell D. Cohen,
Senior Vice President and Chief Risk Officer
$ 246,200
12%
40%
80%
Steven J. Helmers,
Senior Vice President and General Counsel
$ 252,100
10.5%
35%
70%
2
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 7, 2006
3