Revenue VolatilityRevenue sensitivity to wholesale power prices and plant dispatch causes material top-line swings. Persistent revenue volatility undermines forecasting, capital planning and margin stability, making multi-quarter cash and investment planning harder and increasing exposure to adverse market cycles.
Uneven Profitability & Cash FlowIntermittent EBIT weakness and prior years of free-cash-flow deficits point to underlying margin and reinvestment pressure. This variability can force lumpy capital allocation, raise the cost of growth projects, and require retained earnings or external funding when markets are weak, limiting steady shareholder returns.
Concentrated Asset & Market ExposureConcentration in Canadian natural-gas-fired assets limits geographic and fuel diversification. That elevates exposure to regional price dynamics, gas cost swings, and regulatory shifts. Limited scale (small workforce and asset base) can constrain bargaining power and increase per-unit operating or development costs.