Record 2025 performance was driven by the integrated model's ability to manage high volatility during Winter Storm Fern, where thermal generation provided 93% of ERCOT grid power. Strategic acquisitions of Lotus and Cogentrix assets added approximately 8,100 megawatts of modern natural gas capacity to meet growing dispatchable generation demand. Management attributes outperformance to consistent execution across generation, commercial, and retail teams, with retail benefiting from customer growth and ...