Hallador signs 6-year Duke Energy Indiana power deals worth ~$700M; forward sales book reaches $3B

HALLADOR ENERGY CO

Six-year capacity and energy agreements with Duke Energy Indiana run June 1, 2029 through May 31, 2035: 225 MW/day accredited capacity (~$271M) plus 200 MW average energy (~$422M est.).
Total contracted revenue per MWh climbs from $46.07 in 2026 to $73.26 in 2030 and $75.35 for 2031-2035; total forward contracted revenue is $2.99B at the segment level.
Capacity price is Hallador's highest to date and more than 20% above the capacity contract announced in March 2026; about 95% of Merom accredited capacity is contracted through 2035.
Standby letters of credit: $3.5M rising to $7.0M in Jan 2029, then $4.5M (June 2031) and $2.7M (June 2033) under the PPA; $6M to $12M to $8M to $3M under the ZRC deal.
Hallador is advancing the 460 MW Turtle Creek gas project beside Merom and filed its air permit application Sept. 25, 2026; approval would lift total generating capacity over 40%.

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