SEGMENTS OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENTS OF BUSINESS

Schedule of key metrics reviewed by CODM

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM at December 31, 2025 (in thousands):

	Electric Operations			Coal Operations
Delivered energy	$	252,644	Coal sales	$	221,008
Accredited capacity revenue		58,093
Electric sales	$	310,737
Fuel	$	(132,573)
Other operating costs (1)		(5)
Total variable costs	$	(132,578)
Other operating and maintenance costs (2)	$	(29,358)	Fuel	$	(2,088)
Cost of purchased power		(20,892)	Other operating and maintenance costs		(99,883)
Utilities		(4,612)	Utilities		(12,189)
Labor		(32,672)	Labor		(78,006)
Power margin without general and administrative		90,625	Coal margin without general and administrative		28,842
General and administrative		(5,195)	General and administrative		(8,712)
Electric Operations — Segment EBITDA	$	85,430	Coal Operations — Segment EBITDA	$	20,130
(1) Other operating costs include costs for lime dust.
(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM at December 31, 2024 (in thousands):

	Electric Operations			Coal Operations
Delivered energy	$	203,434	Coal sales	$	202,525
Accredited capacity revenue		58,093
Electric sales	$	261,527
Fuel	$	(111,768)
Other operating costs (1)		(19)
Total variable costs	$	(111,787)
Other operating and maintenance costs (2)	$	(28,622)	Fuel	$	(2,851)
Cost of purchased power		(10,888)	Other operating and maintenance costs		(89,283)
Utilities		(2,070)	Utilities		(13,844)
Labor		(30,842)	Labor		(85,322)
Power margin without general and administrative		77,318	Coal margin without general and administrative		11,225
General and administrative		(5,311)	General and administrative		(9,877)
Electric Operations — Segment EBITDA	$	72,007	Coal Operations — Segment EBITDA	$	1,348
(1) Other operating costs include costs for lime dust.
(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).

Schedule of reconciliation of segment revenues to consolidated

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2025 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered energy	$	252,644	$	—	$	—	$	252,644
Accredited capacity revenue		58,093		—		—		58,093
Other operating revenue		3,534		5,373		1,167		10,074
Coal sales (third party)		—		148,655		—		148,655
Coal sales (intercompany)		—		72,353		(72,353)		—
Operating Revenues	$	314,271	$	226,381	$	(71,186)	$	469,466

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2024 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered energy	$	203,434	$	—	$	—	$	203,434
Accredited capacity revenue		58,093		—		—		58,093
Other operating revenue		946		2,559		1,679		5,184
Coal sales (third party)		—		137,448		—		137,448
Coal sales (intercompany)		—		65,077		(65,077)		—
Operating Revenues	$	262,473	$	205,084	$	(63,398)	$	404,159

Schedule of EBITDA Margin to Income (loss) before Income Taxes

Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes at December 31, 2025 (in thousands):

					Corporate and Other
Reconciliation of Income (Loss) before Income Taxes:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Income (Loss) before Income Taxes	$	56,741	$	480	$	(13,517)	$	43,704
Other operating revenue		(3,534)		(5,373)		(1,167)		(10,074)
Depreciation, depletion and amortization		22,681		18,465		76		41,222
ARO accretion		497		1,267		—		1,764
Exploration costs		—		216		—		216
(Gain) loss on disposal or abandonment of assets, net		—		(2,489)		—		(2,489)
Interest income		(52)		(235)		(315)		(602)
Interest expense		9,097		7,799		—		16,896
Loss on extinguishment of debt		—		—		608		608
Equity method investment (loss)		—		—		450		450
Corporate — general and administrative		—		—		12,319		12,319
Segment EBITDA	$	85,430	$	20,130	$	(1,546)	$	104,014

Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes at December 31, 2024 (in thousands):

					Corporate and Other
Reconciliation of Income (Loss) before Income Taxes:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Income (Loss) before Income Taxes	$	51,367	$	(274,120)	$	(12,789)	$	(235,542)
Other operating revenue		(946)		(2,559)		(1,679)		(5,184)
Depreciation, depletion and amortization		19,290		46,245		91		65,626
Asset impairment		—		215,136		—		215,136
ARO accretion		457		1,171		—		1,628
Exploration costs		—		260		—		260
(Gain) loss on disposal or abandonment of assets, net		—		1,629		(1,679)		(50)
Interest income		(36)		(197)		(2)		(235)
Interest expense		1,875		11,033		942		13,850
Loss on extinguishment of debt		—		—		2,790		2,790
Equity method investment (loss)		—		—		746		746
Settlement of litigation		—		2,750		—		2,750
Corporate — general and administrative		—		—		11,339		11,339
Corporate — other operating and maintenance costs		—		—		440		440
Segment EBITDA	$	72,007	$	1,348	$	199	$	73,554

Schedule of segment assets and capital expenditures

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2025 (in thousands):

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Assets	$	256,529	$	148,957	$	2,567	$	408,053
Capital expenditures	$	43,853	$	25,362	$	—	$	69,215

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2024 (in thousands):

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Assets	$	220,477	$	144,519	$	4,124	$	369,120
Capital expenditures	$	18,699	$	34,081	$	587	$	53,367