Commodity Price Volatility: Exposure to fluctuating prices for natural gas, wholesale power, and other commodities can significantly impact revenues and operating expenses.

Regulatory and Policy Changes: Evolving environmental regulations, carbon pricing, renewable energy mandates, and market rule changes (e.g., ERCOT, PJM) could increase costs, reduce profitability, or alter strategic priorities.

Extreme Weather Events: Severe weather such as heatwaves, winter storms, and hurricanes can lead to generation outages, increased fuel costs, grid instability, and substantial repair expenses.