Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

The following tables disaggregate our revenue by major source:


	Three Months Ended March 31, 2025
	Retail		Texas		East		West		Asset Closure		Eliminations / Corporate and Other		Consolidated
	(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$	1,986	$	—	$	—	$	—	$	—	$	—	$	1,986
Retail energy charge in Northeast/Midwest	1,039		—		—		—		—		—		1,039
Wholesale generation revenue from ISO/RTO	—		78		770		26		—		—		874
Capacity revenue from ISO/RTO (a)	—		—		20		—		—		—		20
Revenue from other wholesale contracts	—		129		130		68		4		—		331
Total revenue from contracts with customers	3,025		207		920		94		4		—		4,250
Other revenues:

Transferable PTC revenues (b)	—		2		—		—		—		—		2
Hedging revenues — realized	274		(27)		(78)		26		—		—		195
Hedging revenues — unrealized	(157)		(143)		(250)		36		1		—		(513)
Intangible amortization and other revenues	—		—		(1)		—		—		—		(1)
Intersegment sales (c)	26		171		789		1		(1)		(986)		—
Total other revenues	143		3		460		63		—		(986)		(317)
Total revenues	$	3,168	$	210	$	1,380	$	157	$	4	$	(986)	$	3,933

____________

(a)Includes $73 million of capacity sold offset by $53 million of capacity purchased in each ISO/RTO in the East segment. If the net capacity purchased or sold in an ISO/RTO results in a net capacity purchase, the net purchase is included in fuel, purchased power costs, and delivery fees.

(b)Represents transferable PTCs generated from qualifying solar assets during the period.

(c)The Texas and East segments include $883 million and $271 million, respectively, of intersegment unrealized net losses, and West segment includes $1 million of intersegment net gains from mark-to-market valuations of commodity positions with the Retail segment.


	Three Months Ended March 31, 2024
	Retail		Texas		East (a)		West		Asset Closure		Eliminations / Corporate and Other		Consolidated
	(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$	1,702	$	—	$	—	$	—	$	—	$	—	$	1,702
Retail energy charge in Northeast/Midwest (a)	663		—		—		—		—		—		663
Wholesale generation revenue from ISO/RTO	—		68		333		79		9		—		489
Capacity revenue from ISO/RTO (b)	—		—		19		—		—		—		19
Revenue from other wholesale contracts	—		104		125		57		—		—		286
Total revenue from contracts with customers	2,365		172		477		136		9		—		3,159
Other revenues:

Transferable PTC revenues	—		2		—		—		—		—		2
Hedging revenues — realized	278		(110)		74		3		(4)		—		241
Hedging revenues — unrealized	(155)		(132)		(200)		136		4		—		(347)
Intangible amortization and other revenues	—		—		(1)		—		—		—		(1)
Intersegment sales (c)	6		527		506		1		—		(1,040)		—
Total other revenues	129		287		379		140		—		(1,040)		(105)
Total revenues	$	2,494	$	459	$	856	$	276	$	9	$	(1,040)	$	3,054

____________

(a)Includes revenues associated with March 2024 operations acquired in the Energy Harbor Merger.

(b)Represents net capacity sold in each ISO/RTO. The East segment includes $40 million of capacity sold offset by $21 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs, and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $7 million offset by $2 million of capacity sold within the East segment.

(c)Texas and East segments include $490 million and $291 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of March 31, 2025, we have future fixed fee performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers for which the total consideration is fixed and determinable at contract execution. Capacity revenues are recognized when the performance obligations to provide capacity to the relevant ISOs/RTOs or counterparties are fulfilled.


	Balance of 2025		2026		2027		2028		2029		2030 and Thereafter		Total
	(in millions)
Remaining performance obligations	$	934	$	832	$	292	$	122	$	62	$	548	$	2,790

Schedule of Accounts, Notes, Loans and Financing Receivable

Trade Accounts Receivable


	March 31, 2025		December 31, 2024
	(in millions)
Wholesale and retail trade accounts receivable	$	1,999	$	2,061
Allowance for credit losses	(75)		(79)
Trade accounts receivable — net	$	1,924	$	1,982

Trade accounts receivable from contracts with customers — net	$	1,494	$	1,514
Other trade accounts receivable — net	430		468
Trade accounts receivable — net	$	1,924	$	1,982

Allowance for Credit Losses on Accounts Receivable


	Three Months Ended March 31,
		2025		2024
		(in millions)
Allowance for credit losses on accounts receivable at beginning of period		$	79	$	61
Increase for bad debt expense		44		36
Decrease for account write-offs		(48)		(36)

Allowance for credit losses on accounts receivable at end of period		$	75	$	61