Power Supply Agreements (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of unobservable inputs used in the valuation of derivative assets


Valuation Date			Significant Unobservable Input		Range						Average
March 31, 2026			Forward prices (per MWh)		$	28.80	-	$	95.90		$	49.12
December 31, 2025			Forward prices (per MWh)		$	36.09	-	$	106.51		$	55.70

Rockdale PPA

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of changes in estimated fair value of derivative asset


Derivative asset balance as of January 1, 2025		$	148,673
Change in fair value:
Change due to future price curve			36,868
Change due to passage of time and settlements			3,521
Total change in fair value			40,389
Derivative asset balance as of March 31, 2025		$	189,062

Derivative asset balance as of January 1, 2026		$	147,026
Change in fair value:
Change due to future price curve			(53,117)
Change due to passage of time and settlements			3,209
Total change in fair value			(49,908)
Derivative asset balance as of March 31, 2026		$	97,118

Corsicana PPA

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of changes in estimated fair value of derivative asset


Derivative asset balance as of January 1, 2025		$	822
Change in fair value:
Change due to future price curve			1,460
Change due to passage of time and settlements			45
Total change in fair value			1,505
Derivative asset balance as of March 31, 2025		$	2,327

Derivative asset balance as of January 1, 2026		$	1,022
Change in fair value:
Change due to future price curve			(2,109)
Change due to passage of time and settlements			165
Total change in fair value			(1,944)
Derivative liability balance as of March 31, 2026		$	(922)