SEGMENTS OF BUSINESS (Tables)

3 Months Ended

Mar. 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 March 31, 2025 (in thousands):

	Electric Operations			Coal Operations
Delivered Energy	$	72,136	Coal Sales	$	54,774
Capacity Revenue		13,807
Electric Sales	$	85,943
Fuel	$	(38,071)
Other Operating Costs (1)		(8)
Total Variable Costs	$	(38,079)
Other Operating and Maintenance Costs (2)	$	(4,527)	Fuel	$	(556)
Cost of Purchased Power		(6,840)	Other Operating and Maintenance Costs		(23,854)
Utilities		(676)	Utilities		(3,476)
Labor		(8,143)	Labor		(18,886)
Power Margin Without General and Administrative		27,678	Coal Margin Without General and Administrative		8,002
General and Administrative		(1,535)	General and Administrative		(2,313)
Electric Operations — EBITDA Margin	$	26,143	Coal Operations — EBITDA Margin	$	5,689
(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 March 31, 2024 (in thousands):

	Electric Operations			Coal Operations
Delivered Energy	$	48,908	Coal Sales	$	66,036
Capacity Revenue		11,773
Electric Sales	$	60,681
Fuel	$	(24,435)
Other Operating Costs (1)		(493)
Total Variable Costs	$	(24,928)
Other Operating and Maintenance Costs (2)	$	(4,886)	Fuel	$	(1,235)
Cost of Purchased Power		(1,926)	Other Operating and Maintenance Costs		(31,791)
Utilities		(302)	Utilities		(4,292)
Labor		(7,683)	Labor		(27,485)
Power Margin Without General and Administrative		20,956	Coal Margin Without General and Administrative		1,233
General and Administrative		(1,058)	General and Administrative		(2,438)
Electric Operations — EBITDA Margin	$	19,898	Coal Operations — EBITDA Margin	$	(1,205)
(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 March 31, 2025 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered Energy	$	72,136	$	—	$	—	$	72,136
Capacity Revenue		13,807		—		—		13,807
Other Operating Revenue		87		1,324		248		1,659
Coal Sales (Third-Party)		—		30,185		—		30,185
Coal Sales (Intercompany)		—		24,589		(24,589)		—
Operating Revenues	$	86,030	$	56,098	$	(24,341)	$	117,787

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

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered Energy	$	48,908	$	—	$	—	$	48,908
Capacity Revenue		11,773		—		—		11,773
Other Operating Revenue		157		810		296		1,263
Coal Sales (Third-Party)		—		49,630		—		49,630
Coal Sales (Intercompany)		—		16,406		(16,406)		—
Operating Revenues	$	60,838	$	66,846	$	(16,110)	$	111,574

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

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

					Corporate and Other
Reconciliation of Income (Loss) before Income Taxes:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Electric Operations — EBITDA Margin	$	26,143	$	—	$	23,417	$	49,560
Coal Operations — EBITDA Margin		—		5,689		(24,589)		(18,900)
Other Operating Revenue		87		1,324		248		1,659
Depreciation, Depletion and Amortization		(5,161)		(9,797)		(19)		(14,977)
Asset Retirement Obligations Accretion		(120)		(307)		—		(427)
Exploration Costs		—		(21)		—		(21)
Gain (loss) on disposal or abandonment of assets, net		—		21		—		21
Interest Expense		(1,732)		(1,991)		—		(3,723)
Equity Method Investment (Loss)		—		—		(236)		(236)
Corporate — General and Administrative		—		—		(2,977)		(2,977)
Income (Loss) before Income Taxes	$	19,217	$	(5,082)	$	(4,156)	$	9,979

Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes at March 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	$	19,898	$	—	$	17,611	$	37,509
Coal Operations — EBITDA Margin		—		(1,205)		(16,406)		(17,611)
Other Operating Revenue		157		810		296		1,263
Depreciation, Depletion and Amortization		(4,697)		(10,728)		(18)		(15,443)
Asset Retirement Obligations Accretion		(111)		(288)		—		(399)
Exploration Costs		—		(70)		—		(70)
Gain (loss) on disposal or abandonment of assets, net		—		24		—		24
Interest Expense		(148)		(3,209)		(580)		(3,937)
Loss on Extinguishment of Debt		—		—		(853)		(853)
Equity Method Investment (Loss)		—		—		(249)		(249)
Corporate — General and Administrative		—		—		(2,448)		(2,448)
Corporate — Other Operating and Maintenance Costs		—		—		(92)		(92)
Income (Loss) before Income Taxes	$	15,099	$	(14,666)	$	(2,739)	$	(2,306)

Schedule of segment assets and capital expenditures

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

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Assets	$	222,865	$	141,023	$	2,209	$	366,097
Capital Expenditures	$	5,449	$	6,244	$	—	$	11,693

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

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Assets	$	211,116	$	370,292	$	4,012	$	585,420
Capital Expenditures	$	6,242	$	8,632	$	—	$	14,874