Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Financial Data for Business Segments

Financial data for business segments are as follows (in thousands):


Three Months Ended March 31, 2025
	Retail Electricity (1)		Retail Natural Gas		Corporate and Other		Eliminations		Consolidated
Total revenues	$	80,720	$	63,783	$	(2,246)	$	—	$	142,257
Retail cost of revenues	58,202		37,189		2		—		95,393
Less:
Net asset optimization expense(2)	—		—		(2,249)		—		(2,249)
Net, gain on non-trading derivative instruments	4,863		1,691		—		—		6,554
Current period settlements on non-trading derivatives	(3,759)		(141)		—		—		(3,900)

Retail Gross Margin	$	21,414	$	25,044	$	1	$	—	$	46,459
Add: Reconciling items (3)									405
Gross Profit									$	46,864
Total Assets at March 31, 2025	$	1,932,644	$	167,105	$	315,930	$	(2,068,277)	$	347,402
Goodwill at March 31, 2025	$	117,813	$	2,530	$	—	$	—	$	120,343

(1) Retail Electricity includes related services.

(2) For the three months ended March 31, 2025 we recorded asset optimization revenues of $20.1 million and asset optimization cost of revenues of $22.3 million, which are presented on a net basis in asset optimization revenues.

(3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments and current period settlements on non-trading activities.


Three Months Ended March 31, 2024
	Retail Electricity(1)		Retail Natural Gas		Corporate and Other		Eliminations		Consolidated
Total revenues	$	77,329	$	37,059	$	(332)	$	—	$	114,056
Retail cost of revenues	49,131		19,203		628		—		68,962
Less:
Net asset optimization expense (2)	—		—		(1,597)		—		(1,597)
Net, loss on non-trading derivative instruments	(3,836)		(460)		—		—		(4,296)
Current period settlements on non-trading derivatives	13,123		2,119		—		—		15,242

Retail Gross Margin	$	18,911	$	16,197	$	637	$	—	$	35,745
Add: Reconciling items (3)									9,349
Gross Profit									$	45,094
Total Assets at December 31, 2024	$	1,867,055	$	126,911	$	317,408	$	(1,966,435)	$	344,939
Goodwill at December 31, 2024	$	117,813	$	2,530	$	—	$	—	$	120,343

(1) Retail Electricity includes related services.

(2) For the three months ended March 31, 2024, we recorded asset optimization revenues of $11.5 million and asset optimization cost of revenues and $13.1 million, respectively, which are presented on a net basis in asset optimization revenues.

(3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments and current period settlements on non-trading activities.