04:56 PM EST, 12/02/2024 (MT Newswires) -- Black Hills (BKH) said Monday its Iowa natural gas utility Black Hills Energy has obtained approval from the Iowa Utilities Commission of a settlement agreement for new rates.

The rates will recover about $100 million of pipeline system investments since the utility's last general rate filing in 2021, the company said.

The black box settlement agreement will generate about $15 million of new annual revenue based on a weighted average cost of capital of about 7.2%, Black Hills said.