Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Components of Operating Revenues

The components of operating revenues for the periods were:

	Successor				Predecessor
	Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023		Year Ended December 31, 2022
Capacity revenues	$	192	$	133	$	108	$	377
Electricity sales and ancillary services, ISO/RTO	1,144		880		281		2,534
Physical electricity sales, bilateral contracts, other	147		71		62		298
Other revenue from customers	91		81		27		—
Total revenue from contracts with customers	1,574		1,165		478		3,209
Realized and unrealized gain (loss) on derivative instruments	307		179		732		(120)
Nuclear PTC (a)	220		—		—		—
Other revenue	14		—		—		—
Operating revenues	$	2,115	$	1,344	$	1,210	$	3,089

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(a)During the year ended December 31, 2024 (Successor), $70 million of estimated Nuclear PTCs were utilized as a credit against our federal income tax payable. See Note 7 for additional information on the tax impact of the Nuclear PTC

Summary of Accounts Receivable

“Accounts receivable” presented on the Consolidated Balance Sheets were:

	Successor
	December 31, 2024		December 31, 2023
Customer accounts receivable	$	66	$	52
Other accounts receivable	57		85
Accounts receivable	$	123	$	137

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of December 31, 2024 (Successor), the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:

	2025		2026 (a)		2027		2028		2029
Expected capacity revenues	$	478	$	281	$	3	$	1	$	—

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(a)Estimated through May 31, 2026. The PJM BRA for the 2026/2027 PJM Capacity Year has been delayed to July 2025.