April 2026 Year-to-Date
in $000,000's Actual Budget Var % Actual Budget Var %
Energy Revenues 71.7 92.3 -20.6 -22% 1,013.9 1,106.7 -92.8 -8% Cost of Energy 50.2 61.3 -11.2 -18% 910.7 1,058.7 -148.0 -14% Net Energy Revenue 21.5 31.0 -9.4 -31% 103.2 48.0 55.2 115% Operating Expenses 5.0 6.7 -1.7 -25% 48.0 63.4 -15.4 -24% Operating Income 16.5 24.3 -7.8 -32% 55.2 -15.4 70.6 NA Non-Operating Income 1.9 2.3 -0.4 -16% 17.8 20.7 -2.9 -14% Change in Net Position 18.4 26.6 -8.2 -31% 73.0 5.3 67.7 1,279% 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
April
2026
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,072,390
Participation Rate
92.9%
YTD Sales Volume
8,822 GWh
April Volume
759 GWh
Res
43%
Com - Lg
24%
Com - Sm
31%
Agr/Oth
2%
In April 2026, CPA’s net position increased by $18.4 million, $8.2 million lower than the budgeted net gain of $26.6 million. Energy revenues were $71.7 million, 22% lower than budgeted, due to the interim rates introduced in February and a lower customer load resulting from moderate temperatures. Cost of energy was $50.2 million, 18% lower than budgeted, driven by lower than budgeted energy market prices and unused energy contingencies.
Year to date, CPA’s net position has increased by $73.0 million, $67.7 million higher than the budgeted increase in net position of $5.3 million. YTD revenues totaled $1.014 billion, 8% lower than budgeted, due to mild weather this fiscal year generally reducing customer load and the introduction of interim rates in February. YTD energy expenses were $910.7 million, 14% 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 8% below budget. YTD operating expenses totaled $48.0 million, 24% less than budgeted, mainly due to lower than budgeted spending in 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 four project budgets have shifted to next fiscal year and several engagements have come in under budget.
As of April 30th, 2026, CPA had unrestricted cash, cash equivalents, and investments of $644.9 million, as well as $119.5 million available in its bank line of credit, representing 248 Days Liquidity on Hand. CPA is financially sound and in compliance with its bank and other credit covenants.