Hallador Energy Company is a vertically integrated independent power producer and fuel company operating primarily in Indiana. Through its Electric Operations segment, the company operates the Merom Power Plant, a coal-fired generating station that produces and sells wholesale electricity and generation capacity to utilities and other market participants through power purchase agreements and spot market transactions within the Midcontinent Independent System Operator. Through Sunrise Coal, its wholly-owned mining subsidiary, Hallador extracts bituminous coal from the Illinois Basin and sells it to power plants across the Midwest and Southeast, with a cost advantage from its proximity to the Merom facility. The company's vertically integrated structure—further supported by equity interests in Sunrise Energy and Oaktown Gas—enables it to capture value across the energy supply chain while serving wholesale electricity markets and coal customers across multiple states.