Hallador Energy
- Company typePublic
- Founded1951
- HeadquartersDenver, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
Hallador Energy firmographics
Firmographics- Name
- Hallador Energy
- Legal name
- Hallador Energy Company
- Website
- https://halladorenergy.com
- Company type
- Public
- Founded year
- 1951
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Ownership category
- akta.pro rank
Hallador Energy industry classification
Industry- Product category
- Independent Power Production
- NAICS
- Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Hard Coal (Bituminous/Anthracite) Power Generation (EUACAAAG)
- akta.pro secondary industry
- Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)
Keywords
Where Hallador Energy is headquartered
LocationHeadquarters
- HQ city
- Denver
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Hallador Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Others
Revenue model
- Electric Power Sales: Sale of electricity and accredited capacity from Merom Generating Station to utilities and large customers. Revenue from electric sales was $310.7 million in FY 2025. Includes 12-year $1 billion+ capacity agreement with NIPSCO subsidiary (2028-2040) and three-year $86 million capacity agreement (2026-2028). Power serves MISO grid markets and data center customers.
- Coal Sales: Third-party coal sales from Sunrise Coal operations. Revenue from third-party coal sales was $148.7 million in FY 2025. Intercompany coal sales to Merom plant were $385 million through 2029. Coal produced at Oaktown complex using room-and-pillar mining.
- Federal Funding: Potential federal funding from DOE for Merom Generating Station modernization. Selected for up to $27.2 million in award negotiations for water management system upgrades. Project costs estimated at $56.9 million.
- Gas Reserve Operations: Sunrise Energy 50% joint venture owns gas reserves and gathering systems and actively develops and operates these assets.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | 12-Year Capacity Agreement with NIPSCO - $1 billion total contracted revenue |
| Subscription | Annual | 3-Year Capacity Agreement - $86 million total contracted revenue |
| Usage-based | Monthly | Energy Sales Pricing - $43-52 per MWh |
| Unit Pricing | Annual | Coal Sales - $51-59 per ton |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Hallador Energy product offering
Product offeringCore offering
Hallador Energy is a vertically integrated Independent Power Producer (IPP) that generates electricity at its 1,080 MW Merom Generating Station (a coal-fired power plant in Sullivan County, Indiana) and sells dispatchable power and accredited capacity to utilities serving the MISO grid. Through its Sunrise Coal subsidiary, the company also mines and sells high-quality bituminous coal from the Illinois Basin, while Sunrise Energy is a 50% joint venture owning gas reserves and gathering systems. The company is pursuing a proposed 515 MW natural gas-fired combustion turbine expansion at the Merom site.
Product overview
Hallador Energy Company is a vertically integrated Independent Power Producer (IPP) based in Terre Haute, Indiana, operating through four main business segments: Hallador Power Company (electricity generation at its 1,080 MW Merom Generating Station), Sunrise Coal (coal mining/production from the Illinois Basin), Sunrise Energy (50% joint venture for gas reserves), and Logistics (coal transload and storage facilities). The company is pursuing expansion through a proposed 515 MW natural gas generation project at Merom, with recent acquisitions including 460 MW of Siemens gas turbines. Hallador provides dispatchable power to utilities serving the MISO grid, with over $2.1 billion in contracted revenue visibility.
Differentiator
Problem solved
Functional benefit
Products and services
- Hallador Power Company The power generation subsidiary that owns and operates the Merom Generating Station, providing dispatchable electricity and accredited capacity to utilities serving the MISO grid in the Midwest region.
- Merom Generating Station A 2-unit, 1,080 MW coal-fired power plant located in Sullivan County, Indiana, providing baseload power to utilities serving southern Indiana, eastern Illinois, northern Kentucky, and beyond within the MISO grid.
- Sunrise Coal Indiana's third-largest coal producer, mining high-quality bituminous coal from the Illinois Basin at the Oaktown complex using room-and-pillar underground mining, supplying fuel to the Merom Generating Station and third-party customers.
- Sunrise Energy
Quantifiable outcome
- Revenue of $469.5 million in FY 2025, up 16% year-over-year
- +6 more outcomes
Companies that use Hallador Energy
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Hallador Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Hallador Energy partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and secondary.
- Energy World Corporation (EWC)coreAsset Purchase Agreement for acquisition of approximately 460 MW of Siemens gas turbines, generators, steam turbine, and ancillary equipment for $350 million. Equipment was originally intended for EWC's proposed LNG-to-power project in Pagbilao, Philippines. Hallador will incur additional $100 million for transportation and refurbishment. Turbines have never been previously fired.
- NIPSCO (Northern Indiana Public Service Company)core12-year capacity agreement signed May 2026 for over $1 billion of contracted revenue, selling approximately 2/3rds of Hallador's accredited capacity from Merom Generating Station from 2029-2040. The agreement initially covers smaller volume in 2028, increasing to approximately 500 MW. Power serves Amazon and Google data centers through NIPSCO's GenCo subsidiary.
- MISO (Midcontinent Independent System Operator)coreMISO ERAS (Expedited Resource Adequacy Study) program participant for 515 MW natural gas expansion at Merom. Hallador was awarded one of 50 ERAS slots with $14 million refundable deposit. MISO interconnection study anticipated September 2026 for final investment decision.
- Hoosier EnergysecondaryLong-term utility customer receiving baseload power from Merom Generating Station. Plant provides critical power to utilities serving southern Indiana, eastern Illinois, northern Kentucky.
- Elevate IRsecondaryInvestor relations adviser providing IR services including analyst coverage coordination, investor communications, conference call facilitation, and financial community engagement.
Scale indicators11 records
Recent moves8 records
Expansion highlights5 records
Hallador Energy competitors and assessment
Company assessmentBroad incumbents
- NRG Energy: Competitive US power producer with significant merchant generation and retail operations. Comparable in serving data center and large C&I load growth, though more diversified across generation types and geographies than Hallador.
- Constellation Energy: Largest US IPP with a large nuclear, gas, and renewables portfolio and a leading position serving hyperscaler data center demand. A natural broader-market comparable for Hallador's coal-to-gas transition and data center thesis.
- Vistra Corp: One of the largest US IPPs with a portfolio spanning coal, natural gas, nuclear, and renewables. Highly comparable business model to Hallador with coal baseload and gas expansion optionality, but materially larger scale and broader geography.
- AES Corporation: Global IPP with significant US gas, renewables, and battery storage portfolio pivoting toward data center demand. Comparable as a utility-scale IPP executing the energy transition while serving hyperscaler load growth.
Direct peers
- Peabody Energy: Largest US coal producer with operations relevant to baseload power markets. Relevant comparable for the Sunrise Coal mining business and as a barometer for thermal coal pricing dynamics that affect Merom's fuel costs.
- CONSOL Energy: US coal producer with both thermal and metallurgical exposure, including Pennsylvania and West Virginia operations. Comparable to Sunrise Coal as a domestic coal producer feeding baseload power demand, though with different geography and mix.
- Talen Energy: Independent power producer with coal/gas baseload capacity that has signed hyperscaler (Amazon) data center power agreements in PJM, directly comparable to Hallador's NIPSCO/Amazon/Google contract structure at Merom.
- Alliance Resource Partners: Coal producer operating in the Illinois Basin alongside Hallador's Sunrise Coal, with a similar mix of thermal and metallurgical coal. Comparable as a coal-mining peer feeding into US power generation, though without Hallador's owned generation assets.
Regional players
- DTE Energy: Vertically integrated Michigan-based utility with a coal-to-gas transition underway. Comparable as a Midwest utility operator with baseload coal assets and gas generation expansion plans, though with regulated rate base structure that Hallador lacks.
Others
- Sunoco LP: Energy infrastructure and logistics MLP with coal logistics adjacencies. Tangentially comparable through fuel logistics and distribution of coal to power generators, though primarily a refined products and midstream operator today.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Hallador Energy social profiles
Digital presenceHallador Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hallador Energy leadership team
Management profileNumber of profiles
Profiles8 records
Hallador Energy subsidiaries and ownership
Company hierarchySubsidiaries3 records
Hallador Energy funding detail
Funding detailFunding overview
Funding rounds6 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hallador Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hallador Energy
What does Hallador Energy do?
Hallador Energy is a vertically integrated Independent Power Producer (IPP) that generates electricity at its 1,080 MW Merom Generating Station (a coal-fired power plant in Sullivan County, Indiana) and sells dispatchable power and accredited capacity to utilities serving the MISO grid. Through its Sunrise Coal subsidiary, the company also mines and sells high-quality bituminous coal from the Illinois Basin, while Sunrise Energy is a 50% joint venture owning gas reserves and gathering systems. The company is pursuing a proposed 515 MW natural gas-fired combustion turbine expansion at the Merom site.
Is Hallador Energy a public or private company?
Hallador Energy is a public company. It is classified as public and is currently operating.
When was Hallador Energy founded?
Hallador Energy was founded in 1951. It employs 501 to 1,000 people.
Where is Hallador Energy based?
Hallador Energy is headquartered in Denver, United States, in the North America region.
How does Hallador Energy make money?
Four revenue lines are on record. Electric Power Sales are the primary driver. The others are coal Sales, federal Funding and gas Reserve Operations.
Who are Hallador Energy's main competitors?
Broad incumbents on record are NRG Energy, Constellation Energy, Vistra Corp and AES Corporation. Direct peers are Peabody Energy, CONSOL Energy, Talen Energy and Alliance Resource Partners. DTE Energy is listed as a regional player. Sunoco LP is listed as an others.
Does Hallador Energy have an API?
No public API is recorded for Hallador Energy.
What industry is Hallador Energy in?
Hallador Energy's product category is Independent Power Production. Its primary akta.pro industry code is EUACAAAG, Hard Coal (Bituminous/Anthracite) Power Generation, with a secondary code of EUACABAI, Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield). Its NAICS code is 221112 and its SIC code is 4911.