Summary of Financial Results
Definitions:
Accounts: Active Accounts represents customer accounts of active customers served by CPA per Calpine Invoice Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts YTD Sales Volume: Year-to-date sales volume represents the amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales and other (grant related) revenues less allowance for doubtful accounts Cost of energy: Includes all direct power costs incurred to serve CPA’s load Operating expenses: Includes general, administrative, consulting, payroll, and other costs required to fund operations Operating Income: Represents the difference between revenues and cost of energy and operating expenses Non-Operating Income: Interest income arising from deposits and investments net of borrowing costs and fees Investments: Liquid and high-quality securities with maturities of 91 days or more Cash and Cash Equivalents: Includes bank deposits and high quality and liquid securities with maturities of 90 days or less Year to date (YTD): Represents the fiscal period beginning July 1, 2025 YTD
January
2026
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,071,487
Participation Rate
92.8%
YTD Sales Volume
6,451GWh
January Volume
849 GWh
Res
48%
Com - Lg
21%
Com - Sm
29%
Agr/Oth
2%
In January 2026, CPA’s net position increased by $5.8 million, $9.2 million greater than the budgeted net loss of $3.4 million. Energy revenues were $94.5 million, 9% lower than budgeted, and the cost of energy was $86.3 million, 17% lower than budgeted. Revenue and cost of energy were lower than budgeted primarily due to lower than forecasted residential heating load attributable to mild weather. Cost of energy was also impacted by lower than budgeted energy market prices and the non-utilization of energy contingencies.
Year to date, CPA’s net position increased by $41.0 million, $76.3 million higher than budgeted. YTD revenues totaled $784.9 million, 5% less than budgeted, due to mild weather this fiscal year generally reducing customer load. YTD energy expenses were $724.7 million, 13% less than budgeted, due to lower than forecasted market prices for energy and renewables, and the non-use of energy contingencies. Absent contingencies, energy costs YTD were $51.0 million (7%) below budget. YTD operating expenses totaled $33.0 million, 25% less than budgeted, mainly due to timing differences across three areas: staffing, where hiring has progressed slower than planned; customer program incentives, which are distributed as customers enroll in programs and will extend into future fiscal years; and professional services, where two project budgets have shifted to next fiscal year and some engagements have come in under budget. Consultant activity is expected to increase in Q4.
As of January 31st, 2026, CPA had unrestricted cash, cash equivalents, and investments of $631.1 million, as well as $119.5 million available in its bank line of credit, representing 236 Days Liquidity on Hand. CPA is financially sound and in compliance with its bank and other credit covenants.