Fervo Energy is trading 4.7% down at $15.93, reversing its September 25 pre-market gain after Cape Station began exporting electricity. No reliable company-specific explanation has emerged. - Cape Station is the first utility-scale enhanced geothermal system to synchronize with the grid. - Phase I targets commercial operations by October 1, 2026. - Broader markets are modestly higher, so market weakness does not clearly explain the decline.