SEGMENTS OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 (in thousands):

	Electric Operations			Coal Operations
Delivered Energy	$	203,434	Coal Sales	$	202,525
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 — EBITDA Margin	$	72,007	Coal Operations — EBITDA Margin	$	1,348
(1) Other operating costs include costs for limestone, dibasic acid, ammonia, lime dust and soda ash.
(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, 2023 (in thousands):

	Electric Operations			Coal Operations
Delivered Energy	$	211,772	Coal Sales	$	432,888
Capacity Revenue		56,155
Electric Sales	$	267,927
Fuel	$	(139,496)
Other Operating Costs (1)		(32)
Total Variable Costs	$	(139,528)
Other Operating and Maintenance Costs (2)	$	(33,777)	Fuel	$	(7,089)
Cost of Purchased Power		—	Other Operating and Maintenance Costs		(165,479)
Utilities		(429)	Utilities		(17,301)
Labor		(31,245)	Labor		(121,172)
Power Margin Without General and Administrative		62,948	Coal Margin Without General and Administrative		121,847
General and Administrative		(4,914)	General and Administrative		(10,287)
Electric Operations — EBITDA Margin	$	58,034	Coal Operations — EBITDA Margin	$	111,560
(1) Other operating costs include costs for limestone, dibasic acid, ammonia, lime dust and soda ash.
(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, 2024 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered Energy	$	203,434	$	—	$	—	$	203,434
Capacity Revenue		58,093		—		—		58,093
Other Operating Revenue		982		2,756		1,681		5,419
Coal Sales (Third-Party)		—		137,448		—		137,448
Coal Sales (Intercompany)		—		65,077		(65,077)		—
Operating Revenues	$	262,509	$	205,281	$	(63,396)	$	404,394

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues at December 31, 2023 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered Energy	$	211,772	$	—	$	—	$	211,772
Capacity Revenue		56,155		—		—		56,155
Other Operating Revenue		414		2,936		1,675		5,025
Coal Sales (Third-Party)		—		361,926		—		361,926
Coal Sales (Intercompany)		—		70,962		(70,962)		—
Operating Revenues	$	268,341	$	435,824	$	(69,287)	$	634,878

Schedule of operations of primary reportable segments

Presented below is our reconciliation of EBITDA Margin 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
Electric Operations — EBITDA Margin	$	72,007	$	—	$	65,276	$	137,283
Coal Operations — EBITDA Margin		—		1,348		(65,077)		(63,729)
Other Operating Revenue		982		2,756		1,681		5,419
Depreciation, Depletion and Amortization		(19,290)		(46,245)		(91)		(65,626)
Asset Impairment		—		(215,136)		—		(215,136)
Asset Retirement Obligations 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 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)
Income (Loss) before Income Taxes	$	51,367	$	(274,120)	$	(12,789)	$	(235,542)

Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes at December 31, 2023 (in thousands):

					Corporate and Other
Reconciliation of Income (Loss) before Income Taxes:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Electric Operations — EBITDA Margin	$	58,034	$	—	$	69,778	$	127,812
Coal Operations — EBITDA Margin		—		111,560		(70,961)		40,599
Other Operating Revenue		414		2,936		1,675		5,025
Amortization of Contract Asset		(26,581)		—		—		(26,581)
Depreciation, Depletion and Amortization		(18,739)		(48,365)		(107)		(67,211)
Asset Retirement Obligations Accretion		(576)		(1,228)		—		(1,804)
Exploration Costs		—		(904)		—		(904)
Gain (loss) on disposal or abandonment of assets, net		—		(398)		—		(398)
Interest Expense		(322)		(11,869)		(1,520)		(13,711)
Loss on Extinguishment of Debt				(1,491)		—		(1,491)
Equity Method Investment (Loss)		—		—		(552)		(552)
Corporate — General and Administrative		—		—		(10,958)		(10,958)
Corporate — Other Operating and Maintenance Costs		—		—		(568)		(568)
Income (Loss) before Income Taxes	$	12,230	$	50,241	$	(13,213)	$	49,258

Schedule of segment assets and capital expenditures

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

Presented below are our Electric and Coal Operations assets and capital expenditures at December 31, 2023 (in thousands):

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Assets	$	208,331	$	376,387	$	5,062	$	589,780
Capital Expenditures	$	18,831	$	56,521	$	—	$	75,352