XML 43 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables disaggregate our revenue by major source:
Three Months Ended June 30, 2025
RetailTexas
East
WestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$2,206 $— $— $— $— $— $2,206 
Retail energy charge in Northeast/Midwest
793 — — — — — 793 
Wholesale generation revenue from ISO/RTO— 41 412 21 — — 474 
Capacity revenue from ISO/RTO (a)
— — 30 — — — 30 
Revenue from other wholesale contracts— 109 92 47 1 1 250 
Total revenue from contracts with customers2,999 150 534 68 1 1 3,753 
Other revenues:
Transferable PTC revenues (b)
— 4 — — — — 4 
Hedging revenues — realized
370 (9)28 38 — — 427 
Hedging revenues — unrealized141 90 (99)(82)— — 50 
Business interruption insurance proceeds
— — — — 21 — 21 
Intangible amortization and other revenues
— (2)(3)— — — (5)
Intersegment sales (c)
22 1,555 1,020 1 (2)(2,596)— 
Total other revenues533 1,638 946 (43)19 (2,596)497 
Total revenues$3,532 $1,788 $1,480 $25 $20 $(2,595)$4,250 
____________
(a)Includes $134 million of capacity sold offset by $104 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 $817 million and $164 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Three Months Ended June 30, 2024
RetailTexas
East (a)
WestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$2,039 $— $— $— $— $— $2,039 
Retail energy charge in Northeast/Midwest (a)
991 — — — — — 991 
Wholesale generation revenue from ISO/RTO— 88 164 35 (6)— 281 
Capacity revenue from ISO/RTO (b)
— — 17 — — — 17 
Revenue from other wholesale contracts— 128 87 42 14 — 271 
Total revenue from contracts with customers3,030 216 268 77 8 — 3,599 
Other revenues:
Transferable PTC revenue— 3 — — — — 3 
Hedging revenues — realized276 (32)13 30 (1)— 286 
Hedging revenues — unrealized(156)(228)257 83 2 — (42)
Intangible amortization and other revenues(1)— (1)— — 1 (1)
Intersegment sales (c)19 262 995 3 — (1,279)— 
Total other revenues138 5 1,264 116 1 (1,278)246 
Total revenues$3,168 $221 $1,532 $193 $9 $(1,278)$3,845 
____________
(a)Includes revenues associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold in each ISO/RTO. The East segment includes $24 million of capacity sold offset by $7 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 $37 million offset by $21 million of capacity sold within the East segment.
(c)The Texas segment includes $432 million of intersegment unrealized net losses, and the East and West segments include $113 million and $2 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Six Months Ended June 30, 2025
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$4,192 $— $— $— $— $— $4,192 
Retail energy charge in Northeast/Midwest1,832 — — — — — 1,832 
Wholesale generation revenue from ISO/RTO— 119 1,182 47 — — 1,348 
Capacity revenue from ISO/RTO (a)— — 50 — — — 50 
Revenue from other wholesale contracts— 238 222 115 5 1 581 
Total revenue from contracts with customers6,024 357 1,454 162 5 1 8,003 
Other revenues:
Transferable PTC revenues (b)— 6 — — — — 6 
Hedging revenues — realized644 (36)(50)64 — — 622 
Hedging revenues — unrealized(16)(53)(349)(46)1 — (463)
Business interruption insurance proceeds— — — — 21 — 21 
Intangible amortization and other revenues— (2)(4)— — — (6)
Intersegment sales (c)48 1,726 1,809 2 (3)(3,582)— 
Total other revenues676 1,641 1,406 20 19 (3,582)180 
Total revenues$6,700 $1,998 $2,860 $182 $24 $(3,581)$8,183 
____________
(a)Includes $207 million of capacity sold offset by $157 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 $65 million and $107 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.

Six Months Ended June 30, 2024
RetailTexasEast (a)WestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$3,741 $— $— $— $— $— $3,741 
Retail energy charge in Northeast/Midwest (a)1,654 — — — — — 1,654 
Wholesale generation revenue from ISO/RTO— 156 497 114 3 — 770 
Capacity revenue from ISO/RTO (b)— — 36 — — — 36 
Revenue from other wholesale contracts— 232 212 99 14 — 557 
Total revenue from contracts with customers5,395 388 745 213 17 — 6,758 
Other revenues:
Transferable PTC revenues— 5 — — — — 5 
Hedging revenues — realized554 (142)87 33 (5)— 527 
Hedging revenues — unrealized(311)(360)57 219 6 — (389)
Intangible amortization and other revenues(1)— (2)— — 1 (2)
Intersegment sales (c)25 789 1,501 4 — (2,319)— 
Total other revenues267 292 1,643 256 1 (2,318)141 
Total revenues$5,662 $680 $2,388 $469 $18 $(2,318)$6,899 
____________
(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 $64 million of capacity sold offset by $28 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 $44 million offset by $19 million of capacity sold within the East segment.
(c)The Texas and East segments include $922 million and $178 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 June 30, 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
2026202720282029
2030 and Thereafter
Total
(in millions)
Remaining performance obligations$755 $881 $308 $122 $62 $548 $2,676 
Schedule of Accounts, Notes, Loans and Financing Receivable
Trade Accounts Receivable
June 30,
2025		December 31,
2024
(in millions)
Wholesale and retail trade accounts receivable$2,304 $2,061 
Allowance for credit losses(75)(79)
Trade accounts receivable — net$2,229 $1,982 
Trade accounts receivable from contracts with customers — net$1,802 $1,514 
Other trade accounts receivable — net427 468 
Trade accounts receivable — net$2,229 $1,982 
Allowance for Credit Losses on Accounts Receivable
Six Months Ended June 30,
20252024
(in millions)
Allowance for credit losses on accounts receivable at beginning of period$79 $61 
Increase for bad debt expense87 72 
Decrease for account write-offs(91)(74)
Allowance for credit losses on accounts receivable at end of period$75 $59