OPC Energy Reports Strong Second Quarter 2026 Financial Results, EBITDA Increased by 46% to $131 Million, Adjusted Net Income Grew 580% to $34M

Constructing two projects in the U.S. and Israel expected to add 2.2 GW of operating capacity by 2029–2030 

Advancing development of three additional projects in the U.S. and Israel toward construction in 2027–2028, totaling 4.8 GW and representing about $10 billion in investment, with long-term power and capacity arrangements expected to support project economics and capitalize on growing electricity demand in the U.S. and Israel

Continuing to execute the U.S. gas asset consolidation strategy, achieving full ownership of three major gas-fired assets during the second quarter, representing 2.8 GW of capacity

TEL AVIV, Israel, Aug. 12, 2026 /PRNewswire/ -- OPC Energy Ltd. (TASE: OPCE), a leading independent power producer operating in Israel and the U.S., providing reliable and efficient electricity generation through natural gas and renewable energy, today announced its financial results for the second quarter and first half of 2026.

Second Quarter 2026 Highlights:

• Consolidated EBITDA after proportional consolidation increased 46% year-over-year to $131 million, reflecting higher energy margins in the U.S, increased capacity prices in the PJM market and higher ownership stakes in the Shore and Maryland power plants.
• FFO grew 58% to $90M
• Adjusted net profit climbed 580% to $34M         

Giora Almogy, Chief Executive Officer of OPC Energy Ltd., commented:

"We delivered another quarter of strong results, as our investments over the past several years continue to bear fruit, driving exceptional development capabilities especially in the natural gas space, and ensuring new growth engines for the company. In the U.S., we operate in a supportive business environment, characterized by significant long-term structural growth in demand for electricity, led by the accelerated growth in the Data Center sector and especially in our main markets, PJM and ERCOT. As we leverage these positive market trends, we continue to expand our project portfolio, with an investment plan of approximately $7 billion over the coming years in the PJM market.

Meanwhile, development of the Shay project continues to advance, following the recent execution of a 10-year Gas Net Back agreement with EQT Global, a leading U.S. natural gas producer. The project is also expected to participate in PJM's long-term capacity auction in September, which could provide capacity revenues for the project for up to 15 years. In addition, we are accelerating development of the Walker project, for which an agreement has been signed to secure turbine supply from a global equipment manufacturer, while negotiations are underway toward a long-term PPA with a leading global hyperscaler. These projects represent a key pillar of our growth strategy in one of the world's most attractive power markets. In Israel, the commencement of construction of the Hadera Expansion project marks a significant milestone for the Company and the beginning of a new phase in the expansion of our generation capacity. At the same time, we continue to advance the Ramat Beka project, which is expected to reach a final investment decision by year-end. We are also expanding our activities into new areas of electricity demand, led by power supply to data centers, a sector expected to become one of the key drivers of electricity demand in the coming years.

The combination of operating assets, projects under construction, a significant development pipeline, and financial resilience allows us to continue investing in the energy infrastructure of the future and to keep creating sustainable value for our shareholders."

Financial Highlights

* For definitions of the financial parameters, please refer to the Company's Board of Directors report for the second quarter of 2026.    

Major Events in Q2 2026:

In Israel:

• Progress toward achieving key milestones in expanding operations:
• Financial close achieved and Notice to Proceed (NTP) issued for the 850 MW Hadera Expansion project.
• The Ramat Beka project - planned for 550 MW of capacity combined with 3,850 MWh of storage, is in an advanced stage of development, with a Final Investment Decision (FID) expected in the second half of 2026.
• Expansion into electricity supply for data centers:
  • Entered into a long-term Power Purchase Agreement (PPA) with a data center operator in Israel for up to 460 MW over the coming years.
  • Engaged in discussions and feasibility studies regarding potential collaboration to develop and advance joint solutions for electricity generation and supply to data center projects, including sites adjacent to the company's existing power plants.

In the U.S.: 

• Construction continues on the 1.4 GW Basin Ranch project in Texas
• Continues accelerated development in the PJM market:
  • Shay Project: 2.1 GW combined-cycle plant in West Virginia; CPV holds a 70% stake: The project is advancing through permitting and grid interconnection processes, with an interconnection agreement expected to be signed in early 2027. Additionally, the supply of major equipment has been secured. As part of the project's commercial framework, an agreement was signed with EQT Group for gas supply under a "Gas Net Back" arrangement for a 10-year period commencing at the start of operations. The project is also expected to participate in PJM's central procurement process, a long-term capacity auction scheduled for September 2026, subject to FERC approval, which could provide stable, long-term revenues for up to 15 years.
  • Walker Project: 1.5 GW combined-cycle plant in Ohio; CPV holds a 70% stake: As part of the project's advancement, an agreement has been signed with a global equipment manufacturer, securing the supply of major equipment. Negotiations are also underway with a leading global hyperscaler regarding a long-term Power Purchase Agreement (PPA) for the project.
• Commercial operation of the Rogue's Wind project, a 114 MW facility. Construction was completed and commercial operation commenced in June 2026; subsequently, the full investment from the project's tax equity partner, totaling $160 million was received.
• Regulatory developments in the U.S. PJM market are supporting strong results for the CPV Group, which is uniquely positioned to benefit from the tailwinds driving the development of its project pipeline:
  • RBP Mechanism – PJM submitted a framework for the RBP mechanism to FERC for approval. Under this framework, PJM is expected to conduct an accelerated procurement process in September 2026 for capacity from new generation sources, with an initial volume of 6.8 GW. The framework allows for contracts of up to 15 years, depending on each project's commercial operation date, covering capacity only and sets a weighted average procurement price cap of $555 per MW/day for the selected project portfolio. Concurrently, a pathway will be advanced to encourage direct contracts between large electricity consumers and new generation sources.
  • Capacity Auctions in the PJM Market – Following FERC's approval of extended price caps and floors (a "collar") for two additional capacity auctions covering the period from June 1, 2028, to May 31, 2030, the results of the capacity auction for the June 2028–May 2029 period were published in July 2026. The clearing price was $325 per MW/day, reflecting the upper limit of the established price range.
• Upgrade to the company's credit rating – In May 2026, Midroog affirmed the A1.il issuer rating for the company and its bonds and revised the rating outlook from stable to positive, reflecting the strengthening of the company's financial profile driven by a significant boost to its capital base alongside continued improvement in its natural gas operations in the U.S. Concurrently, S&P Maalot upgraded the company's credit rating to IlA+ with a stable outlook, citing the continued improvement in its financial profile alongside growth in business performance.

Conference Call Information

Giora Almogy, Chief Executive Officer, and Ana Berenstein Shvartsman, Chief Financial Officer, will host a conference call to review the Company's second quarter and first half 2026 financial results and recent business developments on August 12, 2026, at 8:00 a.m. Eastern Time. The conference call may be accessed via the following link: https://www.veidan-conferencing.com/opcen

Recordings will be published on the Company's website at: http://www.opc-energy.com/en shortly following the investors' conference and the conference call. To attend the conference call via phone, please dial one of the following teleconference numbers:

USA 1-888-407-2553 | Canada 1-866-485-2399 | UK 0-800-917-4613 | Singapore 800-852-9533

About OPC Energy

OPC Energy Ltd. (TASE: OPCE) is a leading energy company operating in the Energy Transition space in Israel and the U.S. and provides electricity in an efficient, reliable and environmentally friendly manner while combining highly efficient natural gas with solar, wind and storage. In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated solution by supplying all energy needs through the company's production sites and in the customer's yard. OPC continues to expand its generation portfolio and customer base in Israel, advancing a growing pipeline of renewable and natural gas projects to support the evolving needs of the Israeli electricity market. In the U.S., the company operates through the CPV Group, which has over 25 years of success in the development and operation of highly efficient, low emission electric generation and renewable projects. CPV is focused on leveraging its extensive experience to advance its current portfolio of 15 GW of renewable and natural gas projects. For more information, please visit: www.opc-energy.com/en

Company Contact:

Ana Berenstein Shvartsman, CFO Ana.berenstein@opc-energy.com

Yehonatan Mualem, Finance & IR Manager yehonatan.mualem@opc-energy.com 

Investor Relations Contact:

Miri Segal, CEO, MS-IR LLC, msegal@ms-ir.com

 

Appendix – Financial Information

 

 

 

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SOURCE OPC Energy