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BKV Corporation, Owner of Texas REP, Reports Earnings
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BKV Corporation reported fourth quarter 2025 and full year results
BKV Corporation, through the BKV-BPP Power, LLC joint venture with Banpu Power US Corporation (the (Power JV), owns Texas retail electric provider BKV Energy (BKV-BPP Retail LLC)
BKV has not yet filed a 10-K, which may provide a more precise retail customer count for BKV Energy
In a presentation, BKV said that BKV Energy had ~60,000 customers, which is an approximation used in presentations dating back to last August
In BKV's 10-K for 2024, filed in early 2025, the company had reported that BKV Energy was serving over 55,000 customers
The Power JV also owns the Temple I and II power plants
Adjusted EBITDA for the Power JV for the fourth quarter of 2025 was $30.6 million, versus $0.9 million a year ago
Adjusted EBITDA for the Power JV for the full year 2025 was $126.5 million, versus $67.9 million a year ago
BKV’s implied proportionate share of Power JV Adjusted EBITDA was $15.3 million for the three months ended December 31, 2025, compared to $0.5 million for the three months ended December 31, 2024, and $63.3 million for the year ended December 31, 2025, compared to $34.0 million for the year ended December 31, 2024
BKV reported that, for the fourth quarter of 2025, the Temple I and II power plants reported capacity factors of 56.1% and 58.4%, respectively, with total power generation of 1,864 GWh. Average power pricing was $49.69/MWh and average natural gas cost was $3.55/MMBtu, resulting in an average spark spread of $24.54/MWh.
BKV reported that, for the full year ended December 31, 2025, the Temple I and II power plants reported total power generation of 7,611 GWh, for a combined annual capacity factor of 59.0%. Average power pricing was $48.86/MWh and average natural gas cost was $3.31/MMBtu, resulting in an average spark spread of $25.36/MWh for the year.
BKV said, "During the quarter, the Power JV remained focused on optimizing operations at Temple I and II to enhance cash flow and improve capacity utilization. The Company has engaged an advisor and is actively evaluating potential power purchase agreement proposals, with discussions ongoing with multiple prospective counterparties ... BKV remains confident in long-term power market fundamentals, driven by accelerating demand from AI and data center development, and views execution of a power purchase agreement as a natural next step following the consolidation of the Power JV into its financial results in the first quarter of 2026."
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February 25, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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