Segments (Tables)

12 Months Ended

Dec. 31, 2024

Financial results for the segments and reconciliation to consolidated results:


	PJM		Other		Corporate and Eliminations		Total
Year Ended December 31, 2024 (Successor)
Operating revenues	$	1,866	$	367	$	(118)	$	2,115
Operation, maintenance and development expenses (a)	518		74		—		592
Interest expense and other finance charges	—		—		238		238
Other segment items (b)	573
Adjusted EBITDA	775
Capital expenditures	164		24		1		189

May 18 through December 31, 2023 (Successor)
Operating revenues	$	1,120	$	397	$	(173)	$	1,344
Operation, maintenance and development expenses (a)	294		78		(14)		358
Interest expense and other finance charges	—		—		176		176
Other segment items (b)	449
Adjusted EBITDA	377
Capital expenditures	110		45		6		161


January 1 through May 17, 2023 (Predecessor)
Operating revenues	$	1,052	$	195	$	(37)	$	1,210
Operation, maintenance and development expenses (a)	245		47		(7)		285
Interest expense and other finance charges	—		—		163		163
Other segment items (b)	119
Adjusted EBITDA	688
Capital expenditures	132		53		2		187

Year ended December 31, 2022 (Predecessor)
Operating revenues	$	2,902	$	194	$	(7)	$	3,089
Operation, maintenance and development expenses (a)	519		97		(6)		610
Interest expense and other finance charges	—		—		359		359
Other segment items (b)	1,402
Adjusted EBITDA	981
Capital expenditures	237		69		6		312

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(a)This significant segment expense category aligns with the segment-level information that is regularly provided to the CODM.

(b)Other segment items are primarily comprised of fuel and energy purchases.

Reconciliation of segment Adjusted EBITDA to Net Income (Loss):


	Successor				Predecessor
	Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023		Year Ended December 31, 2022
Adjusted EBITDA:
PJM	$	775	$	377	$	688	$	981
Total Segment Adjusted EBITDA	$	775	$	377	$	688	$	981
Reconciling Items:
Interest expense and other finance charges	$	(238)	$	(176)	$	(163)	$	(359)
Income tax benefit (expense)	(98)		(51)		(212)		35
Depreciation, amortization and accretion	(298)		(165)		(200)		(520)
Nuclear fuel amortization	(123)		(108)		(33)		(94)
Reorganization (gain) loss, net	—		—		799		(812)
Unrealized (gain) loss on commodity derivative contracts	62		52		(63)		625
Nuclear decommissioning trust funds gain (loss), net	178		108		57		(184)
Stock-based compensation expense	(33)		(19)		—		—
Long-term incentive compensation expense	(21)		(2)		—		—

Gain (loss) on asset sales, net	884		7		50		—
Non-cash impairments	(1)		(3)		(381)		—
Legal settlements and litigation costs	10		84		(1)		(20)
Unusual market events	1		19		(14)		(29)
Net periodic defined benefit cost	(14)		(2)		3		(12)
Operational and other restructuring activities	(76)		(48)		(17)		(570)
Hedge termination losses, net	—		—		—		(158)
Development expenses	(1)		(7)		(10)		(17)
Non-cash inventory net realizable value, obsolescence, and other charges	(20)		(4)		(56)		(3)
Consolidation of subsidiary gain (loss), net	—		—		—		(170)
"Other" operating segment	71		113		37		103
Noncontrolling interest	21		42		14		(3)
Corporate and Eliminations	(76)		(64)		(30)		(69)
Other items	10		(10)		(3)		(17)
Net Income (Loss)	$	1,013	$	143	$	465	$	(1,293)