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NOTE 7 — LEASES:

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The Company has operating leases for power generating facilities, vehicles and properties. The Company recognizes leasing expenses for these leases on a straight-line basis over the lease term. Some of the Company’s leases include both lease and non-lease components which are accounted for separately. The Company’s leases have remaining lease terms of less than one year to eight years, and do not include options to extend the leases. The Company’s lease agreements do not contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Company’s lease contracts have no material residual value guarantees or material restrictive covenants. As none of the Company’s leases stipulate an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

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The weighted average remaining lease term for the Company’s leases is approximately six years, and the weighted average discount rate for these leases is 4.10%.

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The operating lease expense recognized in the three-month period ended March 31, 2025 and 2024 was classified as follows (in millions):

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(*) amount is lower than $0.1 million.

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Maturities of lease liabilities are as follows:

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