Letter to shareholders on the first half of 2026

The half in summary

Two sites energized, contracted storage passed 1.4 GWh, and the fleet ran above its availability targets. The deployment playbook held schedule on every active site, and Dispatch shipped day-ahead co-optimization to the whole fleet.

Revenue quality improved alongside volume. A growing share of fleet output is now covered by tolls and hedges layered over merchant upside, which is the structure we want: downside insulated, volatility still ours to capture.

Where the numbers landed

Fleet availability finished the half above target, and captured spread per megawatt-hour improved after the Dispatch upgrade shipped. Deployment costs per kilowatt-hour came down again on the strength of repeatable site design — the third consecutive half-year of decline.

What we got wrong

We under-forecast interconnection study timelines on two pipeline projects, and the field operations team ran thin during the summer peak — the West Texas expansion announced this quarter is the correction. We would rather name the misses here than let the annual report discover them.

Looking forward

The pipeline into 2027 is weighted toward West Texas, where interconnection positions we secured early are now maturing. Our capital priorities are unchanged: control the schedule, publish the operating data, and let the fleet's performance make the argument.