Regulatory & Legislative Changes: The company operates in a highly regulated environment, and adverse changes in federal or state energy policies, environmental regulations, or rate-setting mechanisms could negatively impact its financial performance and operational flexibility.

Operational Disruptions & Infrastructure Failures: The company faces risks from potential failures of its generation, transmission, and distribution infrastructure, natural disasters, equipment malfunctions, or human error, which could lead to power outages, service disruptions, and increased repair costs.

Cybersecurity Threats & Data Breaches: Vulnerabilities in information technology and operational technology systems could expose the company to cyberattacks, leading to system outages, data loss, intellectual property theft, or disruption of critical energy services.