Inconsistent And Declining RevenuePersistent revenue inconsistency and a recent decline weaken scale economics for a capital-intensive generator. Reduced top-line undermines margin leverage, pressures coverage metrics over time, and can force postponement of maintenance or investment, elevating operational and regulatory risks.
Material Remaining LiabilitiesEven with improved debt ratios, significant absolute liabilities maintain refinancing and interest-rate exposure for the company. High nominal obligations can strain cash flow if generation or tariff realizations fall, limiting strategic flexibility and increasing sensitivity to credit market conditions.
Structural Exposure To Fuel, Hydrology, And CounterpartiesOperational and cash-flow outcomes hinge on coal costs, seasonal water flows and timely payments from distribution companies. These multi-dimensional, structural risks can cause sustained earnings volatility, higher working capital needs and potential regulatory/collection challenges over the medium term.