What happened
The FAA’s narrative, in sentence case. The FAA writes it in capitals and removes private details.
After deploying a target marker during balloon competition, the pilot heated to climb, then vented to slow his ascent. He over-vented and was unable to regain adequate climb rate. Balloon stuck power lines causing arcing damage. Uncertain of the balloon's structural integrity, the pilot vented as he flew over an adjacent lake, deliberately landing in the lake to avoid further damage or a hard landing. Pilot and ballon were towed to shore, where the pilot was examined by EMS and determined to be uninjured. Balloon was later examined by ops and a/w inspectors, and balloon repair station personnel. The manufacturer was consulted, and all agreed the balloon did not have major structural damage.
As the FAA filed it
AFTER DEPLOYING A TARGET MARKER DURING BALLOON COMPETITION, THE PILOT HEATED TO CLIMB, THEN VENTED TO SLOW HIS ASCENT. HE OVER-VENTED AND WAS UNABLE TO REGAIN ADEQUATE CLIMB RATE. BALLOON STUCK POWER LINES CAUSING ARCING DAMAGE. UNCERTAIN OF THE BALLOON'S STRUCTURAL INTEGRITY, THE PILOT VENTED AS HE FLEW OVER AN ADJACENT LAKE, DELIBERATELY LANDING IN THE LAKE TO AVOID FURTHER DAMAGE OR A HARD LANDING. PILOT AND BALLON WERE TOWED TO SHORE, WHERE THE PILOT WAS EXAMINED BY EMS AND DETERMINED TO BE UNINJURED. BALLOON WAS LATER EXAMINED BY OPS AND A/W INSPECTORS, AND BALLOON REPAIR STATION PERSONNEL. THE MANUFACTURER WAS CONSULTED, AND ALL AGREED THE BALLOON DID NOT HAVE MAJOR STRUCTURAL DAMAGE.