BKV Corp
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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Contents
EX-99.1 · Power Segment
Power Segment
BKV has made tangible commercial progress toward securing long-term PPAs across its power development platform. The Company announced an equipment supply agreement for approximately 1.2 GW of CCGT capacity, supported by a backstop agreement with an investment-grade hyperscaler. The Power JV also entered into a cost reimbursement agreement with a leading Frontier AI Lab, supporting an increase in planned modular generation at the Temple Energy Complex to 400 MW from 200 MW. These agreements represent important commercial milestones as BKV advances discussions toward long-term PPAs. With the additional modular generation equipment, the Company's existing and planned power generation assets now represent approximately 3.3 GW of potential capacity.
The Temple I and II facilities continued to demonstrate strong operational reliability during the quarter, achieving a combined capacity factor of 71.7% and total generation of 2,317 GWh. Plant availability remained high with an average equivalent availability factor of 96% reflecting continued operational execution across both facilities.
Despite record power demand across ERCOT during the quarter, wholesale power prices and spark spreads were below expectations, as increased renewable generation and battery storage moderated peak pricing. BKV remains confident in the long-term fundamentals of the ERCOT market, supported by a substantial backlog of large-load interconnection requests and anticipated demand growth.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Temple I capacity factor | 75.9% | 71.1% | 69.9% | 60.2% |
| Temple II capacity factor | 67.4% | 67.5% | 65.9% | 58.8% |
| Total power generation (GWh) | 2,317 | 2,246 | 6,520 | 5,746 |
| Average power price ($/MWh) (including derivatives) | $40.37 | $43.89 | $44.03 | $46.77 |
| Average natural gas cost ($/Mcf) | $2.64 | $2.88 | $3.09 | $3.24 |
| Average spark spread ($/MWh) | $21.18 | $23.32 | $21.88 | $23.73 |
| Summary of Power Operations | ||||
| ($ Millions) | ||||
| Total revenues, net | $170.8 | $178.8 | $457.7 | $413.3 |
| Depreciation and amortization | $9.5 | $9.5 | $30.8 | $28.7 |
| Operating expenses | $122.8 | $117.2 | $350.4 | $311.9 |
| Income from operations | $38.5 | $52.1 | $76.5 | $72.7 |
| Interest expense, net | $(13.1) | $(15.3) | $(39.8) | $(46.2) |
| Other income | $1.3 | $0.6 | $2.7 | $3.9 |
| Net income | $26.7 | $37.4 | $39.4 | $30.4 |
| Net income (loss) attributable to BKV | $18.4 | $26.8 | $23.3 | $20.1 |
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