v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Lease and Non-lease Components for all Lease Agreements
We combine lease and non-lease components for all lease agreements.
ClassificationJune 30, 2026December 31, 2025
(dollars in thousands)
Right-of-use assets—Finance leases
Right-of-use assets$302,732 $302,732 
Less: Accumulated provision for depreciation(291,323)(288,688)
Total finance lease assets$11,409 $14,044 
Lease liabilities—Finance leases
Obligations under finance leases$15,295 $21,578 
Long-term debt and finance leases due within one year12,236 11,595 
Total finance lease liabilities$27,531 $33,173 
ClassificationJune 30, 2026December 31, 2025
(dollars in thousands)
Right-of-use assets—Operating leases
Electric plant in service, net$6,293 $7,357 
Total operating lease assets$6,293 $7,357 
Lease liabilities—Operating leases
Capitalization—Other$4,323 $5,284 
Other current liabilities1,970 2,073 
Total operating lease liabilities$6,293 $7,357 
Schedule of Lease Cost
Three Months Ended
Six Months Ended
Lease CostClassificationJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
(dollars in thousands)
Finance lease cost:
Amortization of leased assetsDepreciation and amortization$3,194 $2,603 $5,798 $5,207 
Interest on lease liabilitiesInterest expense543 1,134 1,677 2,268 
Operating lease cost:
Inventory(1) & production expense
613 592 1,301 1,233 
    Total leased cost$4,350 $4,329 $8,776 $8,708 
(1) The majority of our operating lease costs relate to our railcar leases and such costs are added to the cost of our fossil-fuel inventories and are recognized in fuel expense as the inventories are consumed.
Schedule of Lease Terms and Discount Rates
June 30, 2026December 31, 2025
Lease Term and Discount Rate:
Weighted-average remaining lease term (in years)
Finance leases3.213.55
Operating leases4.054.36
Weighted-average discount rate:
Finance leases11.05 %11.05 %
Operating leases6.12 %6.14 %
Schedule of Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Six Months Ended June 30,
20262025
(dollars in thousands)
Other Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases$1,833 $2,408 
Operating cash flows from operating leases$1,301 $1,233 
Financing cash flows from finance leases$5,642 $5,067 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $13 
Schedule of Maturities of Finance Lease Liabilities
Maturity analysis of our finance and operating lease liabilities as of June 30, 2026 is as follows:
(dollars in thousands)
Year Ending December 31,Finance LeasesOperating LeasesTotal
2026$7,475 $1,170 $8,645 
202714,949 2,190 17,139 
20283,052 2,080 5,132 
20293,052 643 3,695 
20303,052 389 3,441 
Thereafter1,527 649 2,176 
Total lease payments$33,107 $7,121 $40,228 
Less: imputed interest(5,576)(828)(6,404)
Present value of lease liabilities$27,531 $6,293 $33,824 
Schedule of Maturities of Operating Lease Liabilities
Maturity analysis of our finance and operating lease liabilities as of June 30, 2026 is as follows:
(dollars in thousands)
Year Ending December 31,Finance LeasesOperating LeasesTotal
2026$7,475 $1,170 $8,645 
202714,949 2,190 17,139 
20283,052 2,080 5,132 
20293,052 643 3,695 
20303,052 389 3,441 
Thereafter1,527 649 2,176 
Total lease payments$33,107 $7,121 $40,228 
Less: imputed interest(5,576)(828)(6,404)
Present value of lease liabilities$27,531 $6,293 $33,824 
Schedule of Lease Income
Lease income recognized during the three and six months ended June 30, 2026 and 2025 was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(dollars in thousands)
Lease income$1,571 $1,312 $3,106 $2,596