Hallador Signs $700M Six-Year Power Agreements with Duke Energy Indiana
HNRG is trading near its 52-week low of $13.19 (9.2% above the low).
Summary
Hallador Energy executed six-year power purchase and capacity agreements with Duke Energy Indiana covering Merom Generating Station, adding approximately $700 million in contracted revenue and lifting total forward sales to $3 billion.
Key Events · M&A and Partnerships · HNRG
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Six-Year Agreements with Duke Energy Indiana
Hallador Power signed a Power Purchase Agreement (200 MW annual average base energy) and a Zonal Resource Credits agreement (225 ZRCs/day) with Duke Energy Indiana, covering Merom Station from June 1, 2029 through May 31, 2035.
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Approximately $700M in Contracted Revenue
The capacity agreement is worth approximately $271 million over six years, and the energy agreement is estimated to generate approximately $422 million, based on current forward prices.
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Forward Sales Book Reaches $3 Billion
The agreements increase Hallador's total forward sales position to $3 billion at the segment level, with approximately 95% of Merom's accredited capacity contracted through 2035.
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Pricing Milestone Above $80/MWh
The capacity agreement is priced at the highest level Hallador has contracted to date, more than 20% above the March 2026 capacity contract, with contracted capacity and energy revenue rising from $46/MWh in 2026 to $73/MWh by 2030.
Analysis · HNRG · Energy & Transportation
Hallador locked in six-year capacity and energy agreements with Duke Energy Indiana covering Merom Generating Station output from June 2029 through May 2035. The capacity agreement alone is worth approximately $271 million, and the energy agreement is estimated to generate roughly $422 million more — together pushing Hallador's total forward sales book to $3 billion at the segment level. This is the third capacity contract announced in 2026 and is priced more than 20% above the March contract, reflecting strong demand for accredited power in MISO Zone 6. The agreements are effective immediately with no regulatory approval required, providing long-term revenue visibility that supports the company's planned Turtle Creek natural gas expansion.
How filings like this one have moved
In the 30 days to Oct 8, 2026, 36.4% of the 1080 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HNRG was trading at $14.41 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $643.5M. The 52-week trading range was $13.19 to $24.70. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.