The NAV fell -4% over 2025 as an increased power price forecast was outweighed by generation underperformance and a subsequent revision to future generation assumptions. Underperformance stemmed from a range of non-weather related issues including equipment faults, delays in replacing equipment, theft, and grid outages. As a result, the Board has temporarily paused the dividend until there is sufficient visibility of an improvement in performance. The Board also assessed market conditions toward ....
