SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

ANDERSON GARNER M

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/11/2003

3. Issuer Name and Ticker or Trading Symbol
BLACK HILLS CORP /SD/ [ BKH ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Corporate Treasurer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1,492.68	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option (Right to Buy)	12/07/2000⁽¹⁾	12/07/2009	Common Stock	1,000	22.44	D
Option (Right to Buy)	12/12/2001⁽²⁾	12/12/2010	Common Stock	1,000	37.69	D
Option (Right to Buy)	05/30/2002⁽³⁾	05/30/2011	Common Stock	2,500	55.36	D
Option (Right to Buy)	12/11/2002⁽⁴⁾	12/11/2011	Common Stock	2,000	31.25	D
Option (Right to Buy)	12/10/2003⁽⁵⁾	12/10/2012	Common Stock	3,000	25.16	D

Explanation of Responses:

1. 3 Year Vesting Schedule; 333 sh at 12/7/00; 333 sh at 12/7/01; 334 at 12/7/02

2. 3 Year Vesting Schedule; 333 sh at 12/12/01; 333 sh at 12/12/02; 334 sh at 12/12/03

3. 3 Year Vesting Schedule; 833 sh at 5/30/02; 833 sh at 5/30/03; 834 sh at 5/30/04

4. 3 Year Vesting Schedule; 666 sh at 12/11/02; 667 sh at 12/11/03; 667 sh at 12/11/04

5. 3 Year Vesting Schedule; 1,000 sh at 12/10/03; 1,000 sh at 12/10/04; 1,000 sh at 12/10/05

	/s/ Anderson, Garner M.	07/11/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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