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SEGMENTS OF BUSINESS | 6 Months Ended
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Jun. 30, 2025
SEGMENTS OF BUSINESS |
SEGMENTS OF BUSINESS |
(14) | SEGMENTS OF BUSINESS
Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations. The Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, reviews and assesses operating performance measures related to our Electric Operations and our Coal Operations segments. ​ Our Electric Operations segment includes the electric power generation facilities of our Merom power plant, which is a two unit, 1080-megawatt rated coal fired power plant located in Sullivan County, Indiana. Our sales region is in MISO Zone 6, which includes Indiana and a portion of western Kentucky. Revenues from our Electric Operations segment consist primarily of delivered energy and capacity revenues. Fuel costs included in our Electric Operations segment include the cost of coal purchased from our Coal Operations segment, which are based on multi-year contracts which approximate market prices at the time the contracts are entered into. ​ Our Coal Operations segment includes the Oaktown 1 underground mining complex, as well as other currently idled mining facilities, which produce high-quality bituminous coal from the Illinois Basin. Revenues from our Coal Operations segment consist of sales of coal to various third-parties and to Merom. Coal sales to our Electric Operations are based on multi-year contracts which approximate market prices at the time the contracts are entered into. Intercompany coal sales and amounts above actual costs to produce the coal are eliminated in the consolidated statements of operations. ​ In addition to these reportable segments, the Company has a “Corporate and Other and Eliminations” category, which is not significant enough, on a stand-alone basis, to be considered an operating segment. Corporate and Other and Eliminations primarily consist of unallocated corporate costs and activities, including our equity method investments. ​ The CODM evaluates segment performance based upon EBITDA margin for each business segment. EBITDA margin is calculated for each segment as follows: ​
| 1. | For our Electric Operations segment, EBITDA margin is comprised of delivered energy revenues less certain significant segment expenses, which include (i) variable costs, (ii) other operating and maintenance costs, (iii) costs of purchased power, (iv) utilities, (v) labor and (vi) general and administrative costs. (i) Variable operating costs are comprised of fuel costs and certain other operating costs, such as limestone and soda ash.
​
| 2. | For our Coal Operations segment, EBITDA margin is comprised of coal sales less certain significant segment expenses, which include (i) fuel, (ii) other operating and maintenance costs, (iii) utilities, (iv) labor and (v) general and administrative costs.
​ EBITDA margin for each segment is a key measure used by our CODM and provides information about our core operating performance, significant expenses and ability to generate cash flow. Additionally, EBITDA margin provides investors with the financial analytical framework upon which our CODM bases financial, operational, compensation and planning decisions and presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations. Our CODM reviews variable costs, as defined above, in our Electric Operations segment in order to evaluate the efficiency of that segments operations. ​ 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).
​ 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
​ Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the three 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 |  | $ | 15,617 |  | $ | — |  | $ | 6,699 |  | $ | 22,316
Coal Operations — EBITDA Margin | ​ | ​ | — | ​ | ​ | 2,649 | ​ | ​ | (7,382) | ​ | ​ | (4,733)
Other Operating Revenue | ​ | ​ | 3,134 | ​ | ​ | 1,399 | ​ | ​ | 233 | ​ | ​ | 4,766
Depreciation, Depletion and Amortization (1) | ​ | ​ | (5,164) | ​ | ​ | (359) | ​ | ​ | (19) | ​ | ​ | (5,542)
Asset Retirement Obligations Accretion | ​ | ​ | (123) | ​ | ​ | (314) | ​ | ​ | — | ​ | ​ | (437)
Exploration Costs | ​ | ​ | — | ​ | ​ | (98) | ​ | ​ | — | ​ | ​ | (98)
Gain (loss) on disposal or abandonment of assets, net | ​ | ​ | — | ​ | ​ | 55 | ​ | ​ | — | ​ | ​ | 55
Interest Expense | ​ | ​ | (1,891) | ​ | ​ | (1,928) | ​ | ​ | — | ​ | ​ | (3,819)
Equity Method Investment (Loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 197 | ​ | ​ | 197
Corporate — General and Administrative | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,457) | ​ | ​ | (4,457)
Income (Loss) before Income Taxes | ​ | $ | 11,573 | ​ | $ | 1,404 | ​ | $ | (4,729) | ​ | $ | 8,248
(1) Depreciation, Depletion and Amortization for Coal Operations includes a $4.8 million out-of-period adjustment resulting in decreased expense during the second quarter of 2025 due to an overestimate of depreciation, depletion and amortization expense in the first quarter 2025. ​ Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the three 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 |  | $ | 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)
​ 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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