FY25_Annual Report 4-6-26 DIGITAL

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Emerging Energy As energy markets evolve, University Lands (UL) has taken a deliberate, market-driven approach to emerging energy, focused on long-term positioning, disciplined evaluation, and alignment with the stewardship

and engaged with potential partners across a range of emerging energy technologies across the PUF Lands. While many opportunities extend beyond a single fiscal year, these efforts reflect meaningful progress in positioning UL for future project execution. Organizational capacity continued to expand during the year, strengthening UL’s ability to manage parallel evaluations as project scale and complexity increase. UL’s emerging energy efforts also gained broader visibility through a Bloomberg feature highlighting the PUF Lands’ unique role at the intersection of traditional energy production and surface-based infrastructure opportunities. UL remains committed to evaluating emerging energy opportunities thoughtfully, ensuring development supports long-term stewardship and enhances the value of the PUF Lands for the institutions it serves.

responsibilities of the Permanent University Fund (PUF) Lands. In fiscal year 2025, UL’s Emerging Energy team strengthened its market intelligence, expanded its market engagement, and built organizational readiness for large-scale infrastructure opportunities. A key area of focus during the year was the growing demand for reliable power from data center infrastructure seeking sites in West Texas. UL engaged with power developers, utilities, infrastructure providers, and end-users to better understand siting requirements, transmission considerations, behind the meter power structures, and land-use implications. These discussions enhanced UL’s ability to serve as a valuable partner to developers seeking to site large scale infrastructure projects on PUF lands. Throughout fiscal year 2025, the Emerging Energy team evaluated projects, advanced competitive processes,

CHAVES

GAINES

DAWSON

BORDEN

SCURRY

U87

LEA

EDDY

OTERO

ANDREWS

MARTIN

HOWARD

MITCHELL

Midland

LOVING

ECTOR

WINKLER

MIDLAND

GLASSCOCK

STERLING

I20

WARD

HUDSPETH

TOM GREEN

CULBERSON

CRANE

UPTON

REAGAN

REEVES

IRION

I10

SCHLEICHER

PECOS

JEFF DAVIS

CROCKETT

SUTTON

BREWSTER

TERRELL

PRESIDIO

VAL VERDE

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