SEGMENTS OF BUSINESS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| SEGMENTS OF BUSINESS |
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| Schedule of key metrics reviewed by CODM |
Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the three months ended June 30, 2025 (in thousands): | | | | | | | | | | Electric Operations | | | Coal Operations | Delivered Energy | | $ | 44,132 | | Coal Sales | $ | 45,529 | Capacity Revenue | | | 15,844 | | | | | Electric Sales | | $ | 59,976 | | | | | | | | | | | | | Fuel | | $ | (21,328) | | | | | Other Operating Costs (1) | | | (1) | | | | | Total Variable Costs | | $ | (21,329) | | | | | | | | | | | | | Other Operating and Maintenance Costs (2) | | $ | (10,707) | | Fuel | $ | (434) | Cost of Purchased Power | | | (2,172) | | Other Operating and Maintenance Costs | | (18,247) | Utilities | | | (1,383) | | Utilities | | (3,124) | Labor | | | (7,639) | | Labor | | (19,160) | Power Margin Without General and Administrative | | | 16,746 | | Coal Margin Without General and Administrative | | 4,564 | General and Administrative | | | (1,129) | | General and Administrative | | (1,915) | Electric Operations — EBITDA Margin | | $ | 15,617 | | Coal Operations — EBITDA Margin | $ | 2,649 |
(1) Other operating costs primarily 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 for the three months ended June 30, 2024 (in thousands): | | | | | | | | | | Electric Operations | | | Coal Operations | Delivered Energy | | $ | 43,106 | | Coal Sales | $ | 45,710 | Capacity Revenue | | | 16,873 | | | | | Electric Sales | | $ | 59,979 | | | | | | | | | | | | | Fuel | | $ | (24,416) | | | | | Other Operating Costs (1) | | | 7 | | | | | Total Variable Costs | | $ | (24,409) | | | | | | | | | | | | | Other Operating and Maintenance Costs (2) | | $ | (12,479) | | Fuel | $ | (750) | Cost of Purchased Power | | | (2,619) | | Other Operating and Maintenance Costs | | (21,597) | Utilities | | | (437) | | Utilities | | (3,253) | Labor | | | (7,160) | | Labor | | (19,395) | Power Margin Without General and Administrative | | | 12,875 | | Coal Margin Without General and Administrative | | 715 | General and Administrative | | | (1,450) | | General and Administrative | | (3,492) | Electric Operations — EBITDA Margin | | $ | 11,425 | | Coal Operations — EBITDA Margin | $ | (2,777) |
(1) Other operating costs primarily 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 for the six months ended June 30, 2025 (in thousands): | | | | | | | | | | Electric Operations | | | Coal Operations | Delivered Energy | | $ | 116,268 | | Coal Sales | $ | 100,303 | Capacity Revenue | | | 29,651 | | | | | Electric Sales | | $ | 145,919 | | | | | | | | | | | | | Fuel | | $ | (59,399) | | | | | Other Operating Costs (1) | | | (9) | | | | | Total Variable Costs | | $ | (59,408) | | | | | | | | | | | | | Other Operating and Maintenance Costs (2) | | $ | (15,234) | | Fuel | $ | (990) | Cost of Purchased Power | | | (9,012) | | Other Operating and Maintenance Costs | | (42,101) | Utilities | | | (2,059) | | Utilities | | (6,600) | Labor | | | (15,782) | | Labor | | (38,046) | Power Margin Without General and Administrative | | | 44,424 | | Coal Margin Without General and Administrative | | 12,566 | General and Administrative | | | (2,664) | | General and Administrative | | (4,228) | Electric Operations — EBITDA Margin | | $ | 41,760 | | Coal Operations — EBITDA Margin | $ | 8,338 |
(1) Other operating costs primarily 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 for the six months ended June 30, 2024 (in thousands): | | | | | | | | | | Electric Operations | | | Coal Operations | Delivered Energy | | $ | 92,234 | | Coal Sales | $ | 111,746 | Capacity Revenue | | | 28,646 | | | | | Electric Sales | | $ | 120,880 | | | | | | | | | | | | | Fuel | | $ | (49,351) | | | | | Other Operating Costs (1) | | | 14 | | | | | Total Variable Costs | | $ | (49,337) | | | | | | | | | | | | | Other Operating and Maintenance Costs (2) | | $ | (17,365) | | Fuel | $ | (1,985) | Cost of Purchased Power | | | (4,545) | | Other Operating and Maintenance Costs | | (53,388) | Utilities | | | (959) | | Utilities | | (7,545) | Labor | | | (14,843) | | Labor | | (46,880) | Power Margin Without General and Administrative | | | 33,831 | | Coal Margin Without General and Administrative | | 1,948 | General and Administrative | | | (2,508) | | General and Administrative | | (5,930) | Electric Operations — EBITDA Margin | | $ | 31,323 | | Coal Operations — EBITDA Margin | $ | (3,982) |
(1) Other operating costs primarily 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). |
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| Schedule of reconciliation of segment revenues to consolidated |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered Energy | | $ | 44,132 | | $ | — | | $ | — | | $ | 44,132 | Capacity Revenue | | | 15,844 | | | — | | | — | | | 15,844 | Other Operating Revenue | | | 3,134 | | | 1,399 | | | 233 | | | 4,766 | Coal Sales (Third-Party) | | | — | | | 38,147 | | | — | | | 38,147 | Coal Sales (Intercompany) | | | — | | | 7,382 | | | (7,382) | | | — | Operating Revenues | | $ | 63,110 | | $ | 46,928 | | $ | (7,149) | | $ | 102,889 |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended June 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered Energy | | $ | 43,106 | | $ | — | | $ | — | | $ | 43,106 | Capacity Revenue | | | 16,873 | | | — | | | — | | | 16,873 | Other Operating Revenue | | | 174 | | | 497 | | | 374 | | | 1,045 | Coal Sales (Third-Party) | | | — | | | 32,801 | | | — | | | 32,801 | Coal Sales (Intercompany) | | | — | | | 12,909 | | | (12,909) | | | — | Operating Revenues | | $ | 60,153 | | $ | 46,207 | | $ | (12,535) | | $ | 93,825 |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the six months ended June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered Energy | | $ | 116,268 | | $ | — | | $ | — | | $ | 116,268 | Capacity Revenue | | | 29,651 | | | — | | | — | | | 29,651 | Other Operating Revenue | | | 3,221 | | | 2,723 | | | 481 | | | 6,425 | Coal Sales (Third-Party) | | | — | | | 68,332 | | | — | | | 68,332 | Coal Sales (Intercompany) | | | — | | | 31,971 | | | (31,971) | | | — | Operating Revenues | | $ | 149,140 | | $ | 103,026 | | $ | (31,490) | | $ | 220,676 |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the six months ended June 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered Energy | | $ | 92,234 | | $ | — | | $ | — | | $ | 92,234 | Capacity Revenue | | | 28,646 | | | — | | | — | | | 28,646 | Other Operating Revenue | | | 331 | | | 1,307 | | | 670 | | | 2,308 | Coal Sales (Third-Party) | | | — | | | 82,431 | | | — | | | 82,431 | Coal Sales (Intercompany) | | | — | | | 29,315 | | | (29,315) | | | — | Operating Revenues | | $ | 121,211 | | $ | 113,053 | | $ | (28,645) | | $ | 205,619 |
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| Schedule of EBITDA Margin to Income (loss) before Income Taxes |
| | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered Energy | | $ | 92,234 | | $ | — | | $ | — | | $ | 92,234 | Capacity Revenue | | | 28,646 | | | — | | | — | | | 28,646 | Other Operating Revenue | | | 331 | | | 1,307 | | | 670 | | | 2,308 | Coal Sales (Third-Party) | | | — | | | 82,431 | | | — | | | 82,431 | Coal Sales (Intercompany) | | | — | | | 29,315 | | | (29,315) | | | — | Operating Revenues | | $ | 121,211 | | $ | 113,053 | | $ | (28,645) | | $ | 205,619 |
| | | | | | | | | | | | | Reconciliation of Income (Loss) | | | | | | | | Corporate and Other | | | | before Income Taxes: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Electric Operations — EBITDA Margin | | $ | 11,425 | | $ | — | | $ | 12,796 | | $ | 24,221 | Coal Operations — EBITDA Margin | | | — | | | (2,777) | | | (12,909) | | | (15,686) | Other Operating Revenue | | | 174 | | | 497 | | | 374 | | | 1,045 | Depreciation, Depletion and Amortization | | | (4,698) | | | (8,930) | | | (21) | | | (13,649) | Asset Retirement Obligations Accretion | | | (113) | | | (286) | | | — | | | (399) | Exploration Costs | | | — | | | (47) | | | — | | | (47) | Gain (loss) on disposal or abandonment of assets, net | | | — | | | 222 | | | — | | | 222 | Interest Expense | | | (186) | | | (3,188) | | | (361) | | | (3,735) | Loss on Extinguishment of Debt | | | — | | | — | | | (1,937) | | | (1,937) | Equity Method Investment (Loss) | | | — | | | — | | | (257) | | | (257) | Corporate — General and Administrative | | | — | | | — | | | (2,862) | | | (2,862) | Corporate — Other Operating and Maintenance Costs | | | — | | | — | | | (131) | | | (131) | Income (Loss) before Income Taxes | | $ | 6,602 | | $ | (14,509) | | $ | (5,308) | | $ | (13,215) |
Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the six months ended June 30, 2025 (in thousands): | | | | | | | | | | | | | Reconciliation of Income (Loss) | | | | | | | | Corporate and Other | | | | before Income Taxes: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Electric Operations — EBITDA Margin | | $ | 41,760 | | $ | — | | $ | 30,116 | | $ | 71,876 | Coal Operations — EBITDA Margin | | | — | | | 8,338 | | | (31,971) | | | (23,633) | Other Operating Revenue | | | 3,221 | | | 2,723 | | | 481 | | | 6,425 | Depreciation, Depletion and Amortization | | | (10,325) | | | (10,156) | | | (38) | | | (20,519) | Asset Retirement Obligations Accretion | | | (243) | | | (621) | | | — | | | (864) | Exploration Costs | | | — | | | (119) | | | — | | | (119) | Gain (loss) on disposal or abandonment of assets, net | | | — | | | 76 | | | — | | | 76 | Interest Expense | | | (3,623) | | | (3,919) | | | — | | | (7,542) | Equity Method Investment (Loss) | | | — | | | — | | | (39) | | | (39) | Corporate — General and Administrative | | | — | | | — | | | (7,434) | | | (7,434) | Income (Loss) before Income Taxes | | $ | 30,790 | | $ | (3,678) | | $ | (8,885) | | $ | 18,227 |
Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the six months ended June 30, 2024 (in thousands): | | | | | | | | | | | | | Reconciliation of Income (Loss) | | | | | | | | Corporate and Other | | | | before Income Taxes: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Electric Operations — EBITDA Margin | | $ | 31,323 | | $ | — | | $ | 30,407 | | $ | 61,730 | Coal Operations — EBITDA Margin | | | — | | | (3,982) | | | (29,315) | | | (33,297) | Other Operating Revenue | | | 331 | | | 1,307 | | | 670 | | | 2,308 | Depreciation, Depletion and Amortization | | | (9,395) | | | (19,658) | | | (39) | | | (29,092) | Asset Retirement Obligations Accretion | | | (224) | | | (574) | | | — | | | (798) | Exploration Costs | | | — | | | (117) | | | — | | | (117) | Gain (loss) on disposal or abandonment of assets, net | | | — | | | 246 | | | — | | | 246 | Interest Expense | | | (334) | | | (6,397) | | | (941) | | | (7,672) | Loss on Extinguishment of Debt | | | — | | | — | | | (2,790) | | | (2,790) | Equity Method Investment (Loss) | | | — | | | — | | | (506) | | | (506) | Corporate — General and Administrative | | | — | | | — | | | (5,310) | | | (5,310) | Corporate — Other Operating and Maintenance Costs | | | — | | | — | | | (223) | | | (223) | Income (Loss) before Income Taxes | | $ | 21,701 | | $ | (29,175) | | $ | (8,047) | | $ | (15,521) |
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| Schedule of segment assets and capital expenditures |
Presented below are our Electric and Coal Operations assets and capital expenditures for the periods presented below (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Other Reconciliations: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Assets at June 30, 2025 | | $ | 231,774 | | $ | 156,811 | | $ | 20,928 | | $ | 409,513 | Assets at December 31, 2024 | | $ | 220,477 | | $ | 144,519 | | $ | 4,124 | | $ | 369,120 | Capital Expenditures at June 30, 2025 | | $ | 12,700 | | $ | 12,037 | | $ | — | | $ | 24,737 |
Presented below are our Electric and Coal Operations assets and capital expenditures for the periods presented below (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Other Reconciliations: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Assets at June 30, 2024 | | $ | 220,511 | | $ | 367,807 | | $ | 6,851 | | $ | 595,169 | Assets at December 31, 2023 | | $ | 208,331 | | $ | 376,387 | | $ | 5,062 | | $ | 589,780 | Capital Expenditures at June 30, 2024 | | $ | 11,519 | | $ | 16,192 | | $ | 333 | | $ | 28,044 |
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