Coal and coke

“Several of our businesses are subject to potentially significant remediation expenses, enforcement initiatives, private party lawsuits, and reputational risk associated with CCR. CCR generated at our current and former coal-fired generation plant sites, is currently handled and/or has been handled by: placement in onsite CCR ponds; disposal and beneficial use in onsite and offsite permitted, engineered landfills; use in various beneficial use applications, including encapsulated uses and structural fill; and used in permitted offsite mine reclamation.”

Annual report 2025A · The company itself

“We may be unable to develop our renewables platform as quickly as anticipated. Further, we may be unable to dispose of coal-fired generation assets at anticipated prices, the estimated useful lives of these assets may decrease, and the value of such assets may be impaired.”

Annual report 2025A · The company itself

“Commodity Price Risk AES generally seeks to hedge its exposure to commodity price risk; however, certain generation businesses may retain limited unhedged positions due to short‑term sales structures or contractual mismatches between supply and obligations. As a result, a portion of operating results may be exposed to changes in market prices for electricity, fuels, and environmental credits.”

Annual report 2025A · The company itself

“15% of the capacity of our generation fleet is coal-fired.”

Annual report 2025A · The company itself

“The open market wholesale prices for electricity can be volatile and generally reflect the variable cost of the source generation which could include renewable sources at near zero pricing or thermal sources subject to fluctuating cost of fuels such as coal, natural gas, or oil derivative fuels in addition to other factors described below. Consequently, any changes in the generation supply stack and cost of coal, natural gas, or oil derivative fuels may impact the open market wholesale price of electricity.”

Annual report 2025A · The company itself

“In many cases, we also limit our exposure to fluctuations in fuel prices by entering into long-term contracts for fuel with a limited number of suppliers.”

Annual report 2025A · The company itself

“A significant portion of our PPAs through 2025 include mechanisms of indexation that adjust the price of energy based on fluctuations in the price of coal, with an index defined by the National Energy Commission based on the physical coal imports for the energy system. This mechanism mitigates exposures to changes in the price of fuel.”

Annual report 2025A · The company itself

“Table of Contents We may not be able to fully recover costs related to commodity prices - We have natural gas and coal supply and transportation contracts in place for some of the natural gas and coal we require to generate electricity. We also have transportation and supply agreements in place to facilitate delivery of natural gas to our customers.”

Annual report 2025A · The company itself

“Our counterparties to these contracts may not fulfill their obligations to provide natural gas, coal, financial settlements or collateral to us due to financial or operational problems caused by natural disasters, severe weather, economic conditions, labor shortages, employee strikes, transportation issues, pandemics, physical attacks or cyber attacks.”

Annual report 2025A · The company itself

“Delays or disruptions in the delivery of coal, failure of our coal suppliers to provide adequate quantities or quality of coal, or lack of adequate inventories of coal, including low-sulfur coal used to comply with environmental regulations, could have adverse effects on Ameren Missouri’s electric generation operations. If Ameren Missouri is unable to obtain an adequate supply of coal under existing agreements, it may be required to purchase coal at higher prices or be forced to reduce generation at its coal-fired energy centers, which could adversely affect Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity.”

Annual report 2025A · The company itself

“Ameren Missouri’s ability to obtain an adequate supply of coal could limit operation of its coal-fired energy centers. Ameren Missouri owns and operates coal-fired energy centers. Approximately 96% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.”

Annual report 2025A · The company itself

“AEP’s overall 2025 6 fossil fuel costs for the Vertically Integrated Utilities increased 0.5% on a dollar per MMBtu basis from 2024.”

Annual report 2025A · The company itself

“The cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and SNF. • The availability of fuel and necessary generation capacity and the performance of generation plants. • The ability to recover fuel and other energy costs through regulated or competitive electric rates. • The ability to build or acquire generation (including from renewable sources and battery storage), transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) to meet the demand for electricity at acceptable prices and terms, including favorable tax treatment, cost caps imposed by regulators and other operational commitments to regulatory commissions and customers for generation projects, to recover all related costs and to earn a reasonable return.”

Annual report 2025A · The company itself

“Management has coal contracts in place with suppliers through 2031 for a portion of the Company’s projected coal requirements. As of December 31, 2025, through subsidiaries, the Vertically Integrated Utilities own, lease or control 3,009 railcars, 270 barges, 4 towboats and a coal handling terminal with approximately 18 million tons of annual capacity to move and store coal for use in AEP generating facilities.”

Annual report 2025A · The company itself

“Changes in the price of purchased power and commodities, the cost of procuring fuel, emission allowances for criteria pollutants and the costs of transport may increase AEP’s cost of purchasing and producing power, impacting financial performance. (Applies to all Registrants except AEP Texas, AEPTCo and OPCo) AEP is exposed to changes in the price and availability of purchased power and fuel (including the cost to procure coal and gas) and the price and availability to transport fuel. •AEP is exposed to changes in the price and availability of fuel, including coal, natural gas and uranium, as existing contracts for the supply of such fuel end or are not honored.”

Annual report 2025A · The company itself

“Mitchell (a) 2 WV Steam - Coal 780 1971 Big Sandy 1 KY (a)KPCo owns a 50% interest in the Mitchell Plant units. WPCo owns the remaining 50%.”

Annual report 2025A · The company itself

“PSO Plant Name Units State Fuel Type Net Maximum Capacity (MWs) Year Plant or First Unit Commissioned Comanche Green Country Northeastern, Unit 1 Riverside, Units 3 and 4 Southwestern, Units 4 and 5 Weleetka Northeastern, Unit 3 (a) Northeastern, Unit 2 Riverside, Units 1 and 2 Southwestern, Units 1, 2 and 3 Tulsa North Central Wind Energy Facilities (b) NA OK Wind 675 2021-2022 Rock Falls NA OK Wind 155 2017 Flat Ridge IV NA KS Wind 135 2025 Flat Ridge V NA KS Wind 153 2025 Pixley NA KS Solar 189 2025 Total MWs 5,876 (a)Northeastern, Unit 3 operated on coal up through December 2025 and began to operate on natural gas beginning in January 2026.”

Annual report 2025A · The company itself

“Expenses and Other and Income Tax Expense changed between years as follows: •Purchased Electricity, Fuel and Other Consumables Used for Electric Generation expenses increased $184 million primarily due to an increase in recoverable fuel and purchased power costs and an increase in Rockport Plant, Unit 2, merchant generation fuel costs.”

Annual report 2025A · The company itself

“In regulated jurisdictions with an active FAC, fuel cost over-recoveries (the excess of fuel-related revenues over applicable fuel costs incurred) are generally deferred as current regulatory liabilities and under-recoveries (the excess of applicable fuel costs incurred over fuel-related revenues) are generally deferred as current regulatory assets. Fuel cost over-recovery and under-recovery balances are classified as noncurrent when there is an expectation that refunds or recoveries will extend beyond a one year period, based on a company’s filing with a commission or a commission directive. These deferrals are incorporated into the development of future fuel rates billed to or refunded to customers.”

Annual report 2025A · The company itself

“The Company’s processing plants are powered principally by electricity, natural gas, and coal.”

Annual report 2025A · The company itself

“Additionally, our operating costs and the selling prices of certain of our products are sensitive to changes in energy prices. Our industrial operations utilize significant amounts of electricity, natural gas and coal, and our transportation operations are dependent upon diesel fuel and other petroleum-based products.”

Annual report 2025A · The company itself

“Department of Energy’s December 2025 emergency 202(c) order directing Indiana Electric to continue operating F.B.”

Annual report 2025A · The company itself

“For example, in June 2022, F.B. Culley Unit 3, a coal-fired generation unit, experienced a boiler feed pump turbine failure that caused the unit to be out of service for nearly nine months.”

Annual report 2025A · The company itself

“Further, Indiana Electric currently relies on coal for a portion of its generation capacity. Indiana Electric purchases the majority of its coal supply, and in 2025 purchased all of its coal supply, from a single, unrelated party and, although the coal supply is under long-term contract, the loss of this supplier or transportation interruptions could adversely affect its ability to deliver electricity to its customers and adversely impact Indiana Electric’s business, financial condition, results of operations and cash flows. Future labor shortages in the coal industry as well as coal supply shortages (such as those experienced by Indiana Electric in 2021 and part of 2022), may lead to increased cost and have an adverse impact on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“As of December 31, 2025, Indiana Electric had 1,228 MW of installed generating capacity, as set forth in the following table: Generation Source Unit No. Location Date in Service Capacity (MW) Coal F.B. Culley (1) 2 Warrick County, Indiana 1966 90 F.B. Culley 3 Warrick County, Indiana 1973 270 Total Coal Capacity 360 Gas Brown (2) 3 Posey County, Indiana 1991 80 Brown 4 Posey County, Indiana 2002 80 Brown 5 Posey County, Indiana 2025 230 Brown 6 Posey County, Indiana 2025 230 Renewable Landfill Gas Pike County, Indiana 2009 3 Total Gas Capacity 623 Solar Oak Hill Evansville, Indiana 2018 2 Volkman Evansville, Indiana 2018 2 Troy Spencer County, Indiana 2021 50 Posey Posey County, Indiana 2025 191 Total Solar Capacity 245 Total Generating Capacity (3) 1,228 (1)While Indiana Electric’s 2025 IRP (similar to previous IRPs) preferred portfolios included the retirement of F.B.”

Annual report 2025A · The company itself

“Changing dynamics in the U.S. and global energy markets could negatively impact profitability.”

Annual report 2025A · The company itself

“CSX CORPORATION PART I Lines of Business During 2025, the Company's services generated $14.1 billion of revenue and served four primary lines of business: merchandise, intermodal, coal and trucking. •The merchandise business shipped 2.6 million carloads (41% of volume) and generated $8.8 billion in revenue (62% of revenue) in 2025.”

Annual report 2025A · The company itself

“The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Most of the export coal the Company transports is used for steelmaking, while the majority of domestic coal the Company ships is used for electricity generation.”

Annual report 2025A · The company itself

“Raw material sourcing : Elkem sources high-quality raw materials such as quartz, coal, and wood, which are essential for producing silicon and its derivatives.”

Annual report 2024A · The company itself

“For the year ended December 31, 2025, coal transportation delivery rates to Entergy Arkansas- and Entergy Louisiana-operated coal-fired units were able to fully meet supply needs and obligations, and delivery rates in 2026 are expected to continue to be consistent with 2025 delivery rates in meeting supply needs and obligations.”

Annual report 2025A · The company itself

“Coal Entergy Arkansas has committed to six one- to three-year contracts that will supply at least 85% of the total coal supply needs in 2026. These contracts are staggered in term so that not all contracts have to be renewed the same year.”

Annual report 2025A · The company itself

“Entergy Louisiana has committed to four two- to three-year contracts that will supply at least 90% of Nelson Unit 6 coal needs in 2026. If needed, additional PRB coal will be purchased through contracts with a term of less than one year to provide the remaining supply needs.”

Annual report 2025A · The company itself

“To manage near-term and medium-term financial exposure related to commodity price fluctuations, Entergy and its subsidiaries, including the Utility operating companies, may enter into contracts to hedge portions of their purchase and sale commitments, fuel requirements, and inventories of natural gas, uranium and its conversion and enrichment, coal, refined products, and other commodities, within established risk management guidelines.”

Annual report 2025A · The company itself

“These generating units consist of steam-turbine generators fueled by natural gas, coal, and pressurized and boiling water nuclear reactors; combustion-turbine generators, combined cycle combustion turbine generators and reciprocating internal combustion engine generators that are fueled by natural gas; and inverter-based resources interconnecting both solar photovoltaic systems and energy storage devices that participate in the MISO wholesale electric market.”

Annual report 2025A · The company itself

“Nära 90 procent av HANZAs klimatavtryck tillhör framställning och transporter av insatsmaterial.”

Annual report 2024A · The company itself

“The production process requires the use of natural gas, coal and petroleum coke. Therefore, fluctuations in their pricing directly affect operating results.”

Annual report 2025A · The company itself

“Our businesses require a continued supply of diesel fuel, natural gas, coal, petroleum coke and other energy. Prices and availability for these inputs are influenced by global and regional supply-demand dynamics, refining and generation capacity, weather and other physical risks, transportation and labor constraints, geopolitics and trade policy, regulatory changes and supplier operating issues.”

Annual report 2025A · The company itself

“Production costs in the Building Materials business are also sensitive to energy and raw material prices, both directly and indirectly. Diesel fuel, natural gas, coal and other consumables change production costs directly through consumption or indirectly by increased energy-related input costs, such as steel, explosives, tires and conveyor belts.”

Annual report 2025A · The company itself

“Energy Transition: We continue to advance our energy transition strategy, primarily through the continuation and enhancement of existing programs, such as implementing our plan to retire and replace remaining coal-fired electric generation by 2028 with a balanced mix of low- or zero-emission electric generation, ongoing pipe replacement and modernization programs, and deployment of advanced leak detection and repair.”

Annual report 2025A · The company itself

“See below for information on our owned generating facilities: Facility Name Location Fuel Type Generating Capacity (MW)(1) R.M. Schahfer Wheatfield, IN Steam - Coal 722 Michigan City Michigan City, IN Steam - Coal 455 Sugar Creek West Terre Haute, IN CCGT 665 R.M. Schahfer Wheatfield, IN Natural Gas 155 Oakdale Carroll County, IN Hydro 9 Norway White County, IN Hydro 7 Rosewater(2) White County, IN Wind 102 Indiana Crossroads Wind(2) White County, IN Wind 302 Dunns Bridge I(2) Jasper County, IN Solar 265 Indiana Crossroads Solar(2) White County, IN Solar 200 Cavalry Solar and Storage(3) White County, IN Solar and Storage 200 Dunns Bridge II(3) Jasper County, IN Solar and Storage 435 Fairbanks Solar Sullivan County, IN Solar 250 Gibson Solar Gibson County, IN Solar 200 Total MW Capacity 3,967 (1)Represents current net generating capability of each fossil fuel and hydro generating facility.”

Annual report 2025A · The company itself

“In December 2025, before the planned retirement of the R.M. Schahfer coal facility, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring R.M. Schahfer to continue operating for 90 days, through March 23, 2026.”

Annual report 2025A · The company itself

“Fluctuations in the price of energy commodities or their related transportation costs, or an inability to obtain an adequate, reliable and cost- effective fuel supply may impact our ability to meet customer demand. Our current electric generating depends on coal and natural gas for fuel, and our gas distribution operations purchase and resell a portion of the natural gas we deliver to our customers. These energy commodities are subject to price fluctuations and fluctuations in associated transportation costs.”

Annual report 2025A · The company itself

“Commodity Price Impact Cost of energy for the NIPSCO Operations segment's electric activities is principally comprised of the cost of coal, natural gas purchased for internal generation of electricity, transportation of coal and natural gas, and the cost of power purchased from generators of electricity for its generation and transmission activities.”

Annual report 2025A · The company itself

“We are unable to forecast the future of commodity markets. Some of our generation is dependent on natural gas and coal, and we pass through the costs for these energy sources to our customers. In addition, in our gas distribution business, we procure natural gas on behalf of certain customers, and we pass through the actual cost of the gas consumed.”

Annual report 2025A · The company itself

“Energikostnadene består av fyringsolje, kull og elektrisitet, og utgjør om lag 35 prosent av samlede kontante driftskostnader.”

Annual report 2024A · The company itself

“Hydros oppstrømsvirksomhet er i hovedsak long alumina, aluminium og produktpremier, og short energi (kraft, gass og kull), kaustisk soda, petroleumskoks, bek, BRL og NOK. Mens råvareprisene er pålydende i USD og EUR, er den underliggende eksponeringen primært mot faktorene som driver kostnadskurven ved den relevante prispersentilen i de respektive markedene.”

Annual report 2024A · The company itself

“Conversely, should natural gas prices rise to consistently exceed coal prices, NRG’s demand for coal generation may exceed the near-term ability of coal suppliers or rail transporters to meet it, causing the Company to lose generation sales opportunities and/or realize higher retail energy supply costs.”

Annual report 2025A · The company itself

“The relative price of natural gas as compared to coal and prevailing power prices are the primary driver of coal demand. Coal commodity prices increased slightly in 2025.”

Annual report 2025A · The company itself

“Fuel Supply and Transportation Contracts NRG's fuel requirements consist of various forms of fossil fuel. The prices of fossil fuels can be volatile. The Company obtains its fossil fuels from multiple suppliers and through multiple transporters.”

Annual report 2025A · The company itself

“NRG's costs, results of operations, financial condition and cash flows could be adversely impacted by disruption of its fuel supplies. NRG relies on natural gas, coal and oil to fuel a majority of its power generation facilities.”

Annual report 2025A · The company itself

“From the current 2014 base year through 2025, the Company's directly controlled CO2e emissions decreased from 57 million metric tons to 30 million metric tons, representing a cumulative 47% reduction. The decrease is attributed to reductions in fleet-wide annual net generation and an overall market-driven shift away from coal as a primary fuel to natural gas.”

Annual report 2025A · The company itself

“As of December 31, 2025, less than 5% of the Company's consolidated revenues were derived from coal-fired operating assets.”

Annual report 2025A · The company itself

“The following table summarizes NRG's generation portfolio as of December 31, 2025: (In MW)(a) Type Texas East West/Other(b) Total Natural gas 5,069 80 113 5,262 Coal 4,202 1,538 605 6,345 Oil — 455 — 455 Utility Scale Solar — — 214 214 Total generation capacity 9,271 2,073 932 12,276 (a)Utility Scale Solar is described in MW on an alternating current basis.”

Annual report 2025A · The company itself

“In ferrochrome production the main inputs are chromite from the company’s Kemi mine and coke, which is defined as critical raw material according to EU Regulation.”

Annual report 2025A · The company itself

“The investments related to biocoke support reducing a significant amount of Outokumpu’s direct emissions, but this capital expenditure is not included in the EU eligible and aligned taxonomy KPI since ferrochrome manufacturing is not taxonomy eligible.”

Annual report 2025A · The company itself

“The economics of continuing to own certain resources, particularly our coal plants, may deteriorate, warranting early retirement of those plants, which may result in asset impairments. APS would seek recovery in rates for the book value of any remaining investments in the plants as well as other costs related to early retirement but cannot predict whether it would obtain such recovery.”

Annual report 2025A · The company itself

“Due to current or potential future regulations or legislation coupled with trends in natural gas and coal prices, or other clean energy rules or initiatives, the economics or feasibility of continuing to own certain resources, particularly coal facilities, may deteriorate, warranting early retirement of those plants, which may result in asset impairments. APS would seek recovery in rates for the book value of any remaining investments in the plants as well as other costs related to early retirement but cannot predict whether it would obtain such recovery.”

Annual report 2025A · The company itself

“NTEC, a company formed by the Navajo Nation to own the mine that serves Four Corners and develop other energy projects, is the coal supplier for Four Corners. The Four Corners co-owners executed a long-term agreement for the supply of coal to Four Corners from July 2016 through 2031, which was amended and restated on July 1, 2024.”

Annual report 2025A · The company itself

“APS ceased coal-burning operations at Cholla in March 2025 and formally retired Cholla Units 1 and 3 on April 30, 2025.”

Annual report 2025A · The company itself

“APS is exposed to the impact of market fluctuations in the price and transportation costs of electricity, natural gas, and coal to the extent that unhedged positions exist. We have established procedures to manage risks associated with these market fluctuations by utilizing various commodity derivatives, including exchange traded futures and over-the-counter (“OTC”) forwards, options, and swaps.”

Annual report 2025A · The company itself

“Due to environmental requirements, energy efficiency measures, and the relative cost of replacement resources, as of December 31, 2025, LG&E and KU have retired approximately 1,500 MW of coal-fired generation plants since 2010.”

Annual report 2025A · The company itself

“Risks Specific to Kentucky Regulated Segment (PPL, LG&E and KU) We are subject to financial, operational, regulatory and other risks related to requirements, developments and uncertainties in environmental regulation, including those affecting coal-fired generation facilities. Extensive federal, state and local environmental laws and regulations are applicable to LG&E's and KU's generation supply, including its air emissions, water discharges (ELGs) and the management of hazardous and solid wastes (CCRs), among other business-related activities, and the costs of compliance or alleged non-compliance cannot be predicted and could be material.”

Annual report 2025A · The company itself

“At some of our older generating facilities it may be uneconomic for us to install necessary pollution control equipment, which could cause us to retire those units.”

Annual report 2025A · The company itself

“During 2025, LG&E's and KU's power plants generated the following amounts of electricity: GWh Fuel Source LG&E KU Coal 10,331 14,738 Gas 1,613 4,899 Hydro 220 105 Solar 8 12 Total (a) 12,172 19,754 (a)This generation represents an increase for LG&E of 3% and an increase for KU of 5% from 2024 output.”

Annual report 2025A · The company itself

“Fuel inventory is maintained at levels estimated to be necessary to avoid operational disruptions at coal-fired generating units. Reliability of coal deliveries can be affected from time to time by several factors including fluctuations in demand, coal mine production issues, high or low river level events, lock outages and other supplier or transporter operating or financial difficulties.”

Annual report 2025A · The company itself

“LG&E and KU have entered into coal supply agreements with various suppliers for coal deliveries through 2030 and augment their coal supply agreements with spot market purchases, as needed.”

Annual report 2025A · The company itself

“The performance of coal markets and producers may be the subject of increased counterparty risk to LG&E and KU currently due to weaknesses in such markets and suppliers. The coal industry is subject to increasing competitive pressures from natural gas markets, political pressures and new or more stringent environmental regulation, including regulation of combustion byproducts and water inputs or discharges.”

Annual report 2025A · The company itself

“The electricity generating capacity at December 31, 2025 was: LG&E KU Primary Fuel/Plant Total MW Capacity Summer % Ownership or Other Interest Ownership or Other Interest in MW % Ownership or Other Interest Ownership or Other Interest in MW Coal Ghent - Units 1- 4 1,919 100.00 1,919 Mill Creek - Units 2- 4 1,165 100.00 1,165 E.W. Brown - Unit 3 412 100.00 412 Trimble County - Unit 1 (a) 493 75.00 370 Trimble County - Unit 2 (a) 732 14.25 104 60.75 445 4,721 1,639 2,776 Natural Gas/Oil E.W.”

Annual report 2025A · The company itself

“Fuel consumption from coal and coal products (MWh) 1,857,185”

Annual report 2025A · The company itself

“What’s more, the factory was coke-fuelled and facing sustainability investments that were not economically viable under current market conditions.”

Annual report 2025A · The company itself

“While the supply of coke remains stable and able to meet demand, there is a risk that the usage of coke as a primary energy source at our factories, could be limited mainly due to EU regulation, national restrictions or taxes on CO emissions.”

Annual report 2025A · The company itself

“Fuel Supply Electric The traditional electric operating companies' and SEGCO's supply of electricity is primarily fueled by natural gas and coal, as well as nuclear for Alabama Power and Georgia Power.”

Annual report 2025A · The company itself

“The traditional electric operating companies have agreements in place from which they expect to receive substantially all of their 2026 coal burn requirements. These agreements have terms ranging between one and five years.”

Annual report 2025A · The company itself

“Inköp av kokskol görs från Australien, USA och Kanada, normalt med årliga leveranskontrakt och månatliga priser.”

Annual report 2024A · The company itself

“Globala leveranskedja och tillgänglighet av råmaterial Stålproduktion kräver betydande mängder råmaterial, inklusive järnmalm, metallskrot, metallurgiskt kol, injektionskol, koks och legeringar. Om inte tillgången till råmaterial är säkrad kan det ha en negativ effekt på SSABs resultat.”

Annual report 2024A · The company itself

“Järnmalm är den största inköpskategorin, följt av kol och koks och skrot. Dessa tre kategorier uppgick till omkring 34 % av koncernens totala kostnader.”

Annual report 2024A · The company itself

“We purchase natural gas, coal, fuel oil, and nuclear fuel for our generation facilities, and higher than expected fuel costs, volatility, or disruption in these fuel markets may have an adverse impact on our costs, revenues, results of operations, financial condition and cash flows. We rely on natural gas, coal, fuel oil, and nuclear fuel for the majority of our power generation facilities.”

Annual report 2025A · The company itself

“Additionally, extreme weather has resulted, and may in the future result, in (i) unexpected increases in customer load, requiring our retail operation to procure additional electricity supplies at wholesale prices in excess of customer sales prices for electricity, (ii) the failure of equipment at our generation facilities, (iii) a decrease in the availability of, or increases in the cost of, fuel sources, including natural gas, diesel and coal, or (iv) unpredictable curtailment of customer load by the applicable ISO/RTO in order to maintain grid reliability, resulting in the realization of lower wholesale prices or retail customer sales.”

Annual report 2025A · The company itself

“An increasing number of accidents across the fleet, terminals and logistics operations (e.g., due to misdeclared dangerous cargo or highly ignitable cargo such as lithium batteries) could lead to an unacceptable loss of lives and injuries, damage to our reputation and our attractiveness as an employer.”

Annual report 2025A · The company itself

“Though ABL Group is active in some support activities related to petroleum and natural gas extraction, we are not active in the fossil fuel (coal, oil and gas) sector; this is to say we do not derive revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade of fossil fuels as defined in Article 2, point (62), of Regulation (EU)2018/199 of the European Parliament and the Council.”

Annual report 2024A · The company itself

“Positionering av vårt erbjudande AFRY har sedan tidigare fattat det strategiska beslutet att inte ta oss an några nya projekt rörande nybyggda kolkraftverk (beslutet gäller från januari 2021). Vi utvärderar kontinuerligt vår position och fattar strategiska beslut i förhållande till sektorer med komplexa överväganden när det kommer till hantering av hållbarhetsaspekter, för att ytterligare framtidssäkra vår affär.”

Annual report 2024A · The company itself

“In 2025, turnover from the transportation of fossil fuels, i.e., coal for energy production, totaled EUR 3 805 595.”

Annual report 2025A · The company itself

“BNSF derives significant revenues from the transportation of energy-related commodities, including coal. Changes in government policies that limit, restrict or displace coal as a fuel source in generating electricity, or limit or restrict other commodities that BNSF transports, could adversely affect revenues and earnings.”

Annual report unknown yearA · The company itself

“CMS Energy and Consumers might not be able to obtain an adequate supply of natural gas or coal, which could limit their ability to operate electric generation facilities or serve Consumers’ natural gas customers.”

Annual report 2025A · The company itself

“CMS Energy and Consumers have contracts in place for the supply and transportation of the natural gas, coal, and other fuel sources they require for their electric generating capacity. Consumers also has interstate transportation and supply agreements in place to facilitate delivery of natural gas to its customers.”

Annual report 2025A · The company itself

“Bolaget ska enligt investeringsstrategin undvika förvärv av bolag verksamma inom olja, gas, kol, tobak, alkohol, betting, avancerad bioteknik, gruvor eller företag vars värde till stor del är beroende av råvarupriser eller andra exogena makrofaktorer och inte heller bolag som är utsatta för betydande politisk eller regulatorisk risk.”

Annual report 2024A · The company itself

“Key uncertainties in 2026 are geopolitical factors and the development of the coal trade, which has been highly volatile in recent years.”

Annual report 2025A · The company itself

“Utilities that serve our data centers may be dependent on, and sensitive to price increases for, a particular type of fuel, such as natural gas, coal or nuclear. In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: grid modernization charges, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, increased demand from utilities from credit support and other obligations, minimum demand charges, geopolitical conflicts, military conflicts, energy market structure and/or regulatory changes, the adoption of modified and/or new energy tariffs, regulations intended to regulate carbon emissions and other pollutants, renewable energy adoption, and other obligations, as well as by the addition of other charges borne by ratepayers.”

Annual report 2025A · The company itself

“The Companies are subject to risks associated with the disposal and storage of coal ash. The Companies historically produced and continue to produce coal ash, or CCRs, as a by-product of their coal-fired generation operations.”

Annual report 2025A · The company itself

“The Evergy Companies are subject to commodity and other risks associated with energy markets. The Evergy Companies are required to maintain generation capacity that satisfies regulatory mandates and are obligated to provide power when required by the SPP or pursuant to contractual obligations. Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power 21 Table of Contents necessary to satisfy these requirements, regulatory or legislative actions could limit, eliminate or delay recovery of these expenses after the expenses have been incurred.”

Annual report 2025A · The company itself

“Commodity price risk is the potential adverse price impact related to the purchase or sale of electricity and energy-related products, including natural gas and coal.”

Annual report 2025A · The company itself

“The Evergy Companies' strategy is expected to result in the modernization and expansion of the generation fleet to support economic expansion in Kansas and Missouri and, as reflected in their IRPs, is expected in the future to be accompanied by the retirement of older coal-fired generation units and/or conversion of coal-fired generation resources to natural gas. If regulators determine that the modernization and expansion of the generation fleet or the retirement or conversion of coal generation facilities were not prudent, they could prohibit the Evergy Companies from recovering, or earning a return on, the investments in those facilities that were prudent when the investments were originally made. This concept is known as a "stranded asset," and generation retirements or conversion outside of those contemplated in the IRP increase the risk that regulators will disallow the recovery of otherwise prudent investments.”

Annual report 2025A · The company itself

“During 2024, as a result of the evaluation of closure options for McElroy’s Run CCR impoundment facility and the adjacent landfill, AE Supply reviewed its ARO and future expected costs to remediate, resulting in an increase to the ARO liability of $87 million. AE Supply transferred the McElroy’s Run CCR impoundment facility and adjacent dry landfill and related remediation obligations on March 4, 2025, pursuant to the environmental liability transfer agreement dated February 3, 2025 with a subsidiary of IDA Power, LLC.”

Annual report 2025A · The company itself

“On March 29, 2023, the EPA published proposed revised ELGs applicable to coal-fired electric generation facilities that include more stringent effluent limitations for wet scrubber systems and ash transport water, and new limits on landfill leachate. The rule was issued as final by the EPA on April 25, 2024.”

Annual report 2025A · The company itself

“MP has coal-fired generation capacity, which exposes it to risk from regulations relating to coal, GHGs and CCRs, which could lead to increased costs or the need to spend significant resources to defend allegations of violation. (Applies to FE) MP owns and maintains coal-fired electric generation facilities located in West Virginia. Historically, coal-fired generation has greater exposure to the costs of complying with federal, state and local environmental statutes, rules and regulations relating to air emissions, including GHGs and CCR disposal, than other types of electric generation facilities.”

Annual report 2025A · The company itself

“Kansainvälisillä markkinoilla kaupattavien polttoaineiden, kuten hiilen ja maakaasun, suurin riskitekijä on hintojen epävakaus. Hintoihin vaikuttaa merkittävästi kysynnän ja tarjonnan epätasapaino, jonka voi aiheuttaa esimerkiksi kysynnän kasvu kehittyvissä maissa, luonnonkatastrofit tai toimitusrajoitteet maissa, joissa on poliittista, sosiaalista tai työvoiman levottomuutta.”

Annual report 2025A · The company itself

“Polttoaineen ja kaasun hinta- ja volyymiriskit Sähkön- ja lämmöntuotannossa käytetään polttoaineita, jotka ostetaan kansainvälisiltä tai paikallisilta markkinoilta. Fortumin merkittävimmät polttoaineet ovat uraani, jäte, hiili, erilaiset biomassapohjaiset polttoaineet ja maakaasu.”

Annual report 2025A · The company itself

“Fortum käyttää sähkön, lämmön ja höyryntuotannossa useita polttoaineita, kuten uraania 87 prosenttia (2024: 81), hiiltä 5 prosenttia (2024: 6), biomassaa ja biopolttoaineita 3 prosenttia (2024: 3), jätepolttoaineita 2 prosenttia (2024: 6), maakaasua 2 prosenttia (2024: 2) ja muita prosentti.”

Annual report 2025A · The company itself

“Polttoaineiden hankinnassa kiinnitetään erityistä huomiota polttoaineiden alkuperään ja vastuulliseen tuotantoon. Fortum ei osta fossiilisia polttoaineita, puupellettejä tai biomassaa Venäjältä. Nämä polttoaineet ovat pääasiassa peräisin Euroopasta ja Yhdysvalloista.”

Annual report 2025A · The company itself

“Steam Power - offers a comprehensive range of steam turbine technologies and services primarily for nuclear power plants in North America and coal-fired power plants, helping our customers deliver reliable energy, and supporting coal-fired plant customers transitioning to a lower-carbon future.”

Annual report 2025A · The company itself

“Unntatt fra risikoappetitten er utvinning av gass, olje og kull (brun energi). Med utvinning menes produksjon av brun energi, inkludert raffinering og fremstilling av sekundære fossile energiprodukter (dekningsområder som eiendom, driftstap og ansvar).”

Annual report 2024A · The company itself

“Vi har også en internasjonal leverandørkjede hvor det er potensiell risiko for brudd på menneske- og arbeidsrettigheter (S2). Leverandørkjeden består av leverandører hvor trykkeritjenester, distribusjon og bøker og varer for videresalg utgjør hovedandelen, i tillegg til tjenester tilknyttet IT og markedsføring.”

Annual report 2024A · The company itself

“Coal MWh 106,653”

Annual report 2025A · The company itself

“Mandatum analysoi sijoitusmahdollisuudet huolellisesti ilmastoon liittyvien kriteerien perusteella. Yhtiön tavoitteena on vähentää altistusta fossiilisia polttoaineita valmistavalle teollisuudelle ja samalla sijoittaa yhtiöihin, jotka tuottavat energiaa uusiutuvista lähteistä tai joilla on selkeä ja uskottava strategia siirtymiseksi fossiilisista polttoaineista kestävämpään liiketoimintamalliin.”

Annual report 2025A · The company itself

“Lisäksi sitä sovelletaan ydinsulkusopimuksen (NPT) ulkopuolisiin ydinaseisiin.1 Vähäinen toleranssi Suora liiketoiminta Epäsuora liiketoiminta Kivihiili Sijoituksia ei tehdä yhtiöihin, joiden liikevaihdosta kivihiilen louhinta muodostaa yli 5 % tai joissa kivihiilen louhinnan alihankinnan tai kivihiilen jakelun osuus liikevaihdosta on yli 30 %. Sijoituksia ei tehdä yhtiöihin, joiden liikevaihdosta yli 30 % muodostuu kivihiileen perustuvan energian tuotannosta, ellei yrityksellä ole selkeää strategiaa kestävämpään liiketoimintamalliin siirtymiseksi.2 Tupakka Sijoituksia ei tehdä yhtiöihin, jotka saavat liikevaihtoa tupakkatuotteiden valmistuksesta tai joiden liikevaihdosta yli 50 % muodostuu tupakkatuotteiden alihankinnasta tai jakelusta.”

Annual report 2025A · The company itself

“Metso continues to serve customers in the coal industry, for both brown- and greenfield projects and for thermal as well as metallurgical coal. However, Metso will not make any investment in the research and development of products and services specific to the coal industry.”

Annual report 2025A · The company itself

“Nettoomsättning per land, 2024  Sverige, 82% Danmark, 9% Finland, 4% Norge, 3% Övriga länder, 2% Nettoomsättning per kundsegment, 2024 󰐆 Metall och gruva, 14% Papper och massa, såg, 13% El- och värmeproduktion, 13% Övrig tillverkning, 9% Fordon, 9% Vatten och avlopp, 4% Läkemedel och medicin teknik, 4% Livsmedel, 3% Andra industrisegment, 23% Övriga sektorer, 8% Nettoomsättning per produktområde, 2024 󰍭 Lager, 15% Ventiler, 14% Tekniska tätningar och industrigummi, 10% Hydraulik och pneumatik, 8% Pumpar, elmotorer och växlar, 8% Transmission, 7% Mätteknik, 5% Filter, rengöring och rörsystem, 4% Maskiner och system, 3% Smörjning och kemikalier, 3% Andra komponenter, 9% Reparationer och renovering, 11% Relaterade tjänster, t ex utbildning, installation och kalibrering, 3% Värdeskapande återförsäljare ~75% Service, reparation och underhåll ~15% Lokal tillverkning, montering, egna varumärken ~10% Eftermarknad ~90% OEM ~10% Kundfördelning 1) Momentum Groups erbjudande 1) Tillverkare Värdeskapande återförsäljare Våra kunder Affärsöversikt”

Annual report 2024A · The company itself

“Fuel consumption from coal and coal products (MWh) Fuel consumption from crude oil and petroleum products (MWh) 1,421 1,476 Fuel consumption from natural gas (MWh) 17,540 19,150 Fuel consumption from other fossil sources (MWh) Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources (MWh) 17,948 17,600 Total fossil energy consumption (MWh) 36,909 38,226 Share of fossil sources in total energy consumption (%) 25% 24% Consumption from nuclear sources (MWh) 79,927 78,586 Share of consumption from nuclear sources in total energy consumption (%) 54% 50% Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biofuels, biogas, renewable hydrogen, etc.)”

Annual report 2025A · The company itself

“ECO-Asfalt: Vi ersätter fossil eldningsolja vid torkning och uppvärmning av stenmaterialet med biobränsle, vilket halverar klimatpåverkan utan att asfaltens egenskaper påverkas.”

Annual report 2024A · The company itself

“Prosesser for å identifisere, vurdere og håndtere klimarelatert risiko Bærekraft i kredittprosesser i bedriftsmarkedet Vi finansierer ikke prosjekter knyttet til våpen, kull, por - nografi eller uregulert kryptovaluta.”

Annual report 2024A · The company itself

“Videre skal Sparebanken Vest utelukkende finansiere fornybar energiproduksjon, og banken finansierer ikke selskaper som er involvert i kraftproduksjon som er drevet av fossilt brennstoff, kull eller kullgruvedrift.”

Annual report 2024A · The company itself

“Vi ekskluderer selskaper som bidrar vesentlig til miljøskader og klimaendringer. Vi ekskluderer også investeringer i selskaper innen enkelte enkeltproduktkategorier eller bransjer som har betydelige risikoer fra samfunnsmessige, miljømessige eller helserelaterte skader.”

Annual report 2024A · The company itself

“Även inom bankens kapitalförvaltning tillämpas koncernens miljö- och klimatriktlinje gällande bland annat kol, vilket innebär att inga nya affärsförbindelser eller investeringar görs i företag som bedriver kolbrytning eller bygger nya kolkraftverk.”

Annual report 2024A · The company itself

“Veidekke har kartlagt sitt vesentlige materialforbruk ut fra kriterier som store mengder (i NOK, spend), vesentlige klimagassutslipp (CO e), kritiske råmaterialer, som f.eks. trevirke, produkter med sjeldne jordarter (Rare Earth Elements – REE) samt materialer som ifølge policy og mål er vesentlige for virksomhetens bærekraftarbeid.”

Annual report 2024A · The company itself

“Coal deliveries may occasionally be restricted because of rail congestion and maintenance, derailments, weather, public health crises, and supplier financial hardship as a result of decreased demand for coal. If we are unable to obtain our coal requirements under our coal supply and transportation contracts, we may be required to purchase coal at higher prices or we may be forced to reduce generation at our coal-fired units, which could lead to increased fuel costs.”

Annual report 2025A · The company itself

“Commodity Costs In the normal course of providing energy, we are subject to market fluctuations in the costs of coal, natural gas, purchased power, and fuel oil used in the delivery of coal. We manage our fuel and natural gas supply costs through a portfolio of short and long-term procurement contracts with various suppliers for the purchase of coal, natural gas, and fuel oil.”

Annual report 2025A · The company itself

“REGULATED Electric Facilities The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, 2025: Name Location Fuel Number of Generating Units Capacity In MW (1) Natural gas-fired plants PWGS Port Washington, WI Natural Gas 2 1,210 (3) Fox Energy Center Wrightstown, WI Natural Gas 3 579 Concord Generating Station Watertown, WI Natural Gas/Oil 4 367 Paris Union Grove, WI Natural Gas/Oil 4 360 VAPP Milwaukee, WI Natural Gas 2 278 Germantown Power Plant Germantown, WI Natural Gas/Oil 5 261 Whitewater Whitewater, WI Natural Gas/Oil 1 234 West Riverside Beloit, WI Natural Gas 1 190 (2) De Pere Energy Center De Pere, WI Natural Gas/Oil 1 170 West Marinette Power Plant Marinette, WI Natural Gas 3 149 Weston Rothschild, WI Natural Gas 7 130 F.D.”

Annual report 2025A · The company itself

“Similarly, emissions are calculated for all product groups where fossil products constitute 50 percent or more of purchasing cost. This is typically barbecuing charcoal, propane, lighters and candles.”

Annual report 2024A · The company itself

“Såväl den nordiska som den övriga europeiska marknaden för fjärrvärmeprodukter har haft enrelativtstabilutvecklingmedanmarknadenför pelletseldade produkter och konventionella villapannoravseddaförvedvaritfortsattsvag.”

Annual report 2024A · The company itself