Note 3 - Inventories

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 3—Inventories

Inventories consisted of the following:

	June 30,		December 31,
	2025		2024
	(in thousands)
Natural gas	$	1,006	$	1,333
Renewable credits		15,819		10,800
Solar panels		46		55
Totals	$	16,871	$	12,188

The renewable energy credits are used to satisfy specific state-mandated requirements and, to a lesser extent, our customer portfolio. Depending on the state, compliance typically occurs either in the first quarter for calendar year compliance periods and late in the second or early third quarter for energy year compliance periods of June to May. Renewable energy credit inventory will increase based on the schedule of deliveries of renewable energy credits by the third-party vendors and decrease based on the aforementioned compliance satisfaction.