XML 24 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue Disaggregation

The following tables disaggregate our revenue by major source:
Three Months Ended September 30, 2025
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$2,698 $— $— $— $— $— $2,698 
Retail energy charge in Northeast/Midwest1,054 — — — — — 1,054 
Wholesale generation revenue from ISO/RTO— 112 543 28 — — 683 
Capacity revenue from ISO/RTO (a)— — 79 — — — 79 
Revenue from other wholesale contracts— 100 101 61 — 2 264 
Total revenue from contracts with customers3,752 212 723 89 — 2 4,778 
Other revenues:
Transferable PTC revenues (b)— 145 — — — — 145 
Hedging revenues — realized396 (422)(108)26 — — (108)
Hedging revenues — unrealized(43)251 (97)50 1 — 162 
Business interruption insurance proceeds— — — — 1 — 1 
Intangible amortization and other revenues— — (7)— — — (7)
Intersegment sales (c)34 1,613 1,239 — — (2,886)— 
Total other revenues387 1,587 1,027 76 2 (2,886)193 
Total revenues$4,139 $1,799 $1,750 $165 $2 $(2,884)$4,971 
____________
(a)Includes $270 million of capacity sold offset by $191 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 nuclear and solar assets during the period.
(c)The Texas segment includes $28 million of intersegment unrealized net losses and the East segment includes $4 million of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Three Months Ended September 30, 2024
RetailTexasEast (a)WestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$2,500 $— $— $— $— $— $2,500 
Retail energy charge in Northeast/Midwest (a)1,051 — — — — — 1,051 
Wholesale generation revenue from ISO/RTO— 122 347 50 1 — 520 
Capacity revenue from ISO/RTO (b)— — 18 — — — 18 
Revenue from other wholesale contracts— 93 100 48 10 1 252 
Total revenue from contracts with customers3,551 215 465 98 11 1 4,341 
Other revenues:
Transferable PTC revenue— 4 — — — — 4 
Hedging revenues — realized373 (382)(52)35 (3)— (29)
Hedging revenues — unrealized308 1,253 299 98 2 — 1,960 
Intangible amortization and other revenues1 — (1)— 1 11 12 
Intersegment sales (c)18 3,154 1,142 1 — (4,315)— 
Total other revenues700 4,029 1,388 134 — (4,304)1,947 
Total revenues$4,251 $4,244 $1,853 $232 $11 $(4,303)$6,288 
____________
(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 $30 million of capacity sold offset by $12 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 $28 million of capacity sold within the East segment.
(c)The Texas, East, and West segment includes $1.527 billion, $55 million, and $1 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
Nine Months Ended September 30, 2025
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$6,890 $— $— $— $— $— $6,890 
Retail energy charge in Northeast/Midwest2,886 — — — — — 2,886 
Wholesale generation revenue from ISO/RTO— 231 1,725 75 — — 2,031 
Capacity revenue from ISO/RTO (a)— — 129 — — — 129 
Revenue from other wholesale contracts— 338 323 176 5 3 845 
Total revenue from contracts with customers9,776 569 2,177 251 5 3 12,781 
Other revenues:
Transferable PTC revenues (b)— 151 — — — — 151 
Hedging revenues — realized1,040 (458)(158)90 — — 514 
Hedging revenues — unrealized(59)198 (446)4 2 — (301)
Business interruption insurance proceeds— — — — 22 — 22 
Intangible amortization and other revenues— (2)(11)— — — (13)
Intersegment sales (c)82 3,339 3,048 2 (3)(6,468)— 
Total other revenues1,063 3,228 2,433 96 21 (6,468)373 
Total revenues$10,839 $3,797 $4,610 $347 $26 $(6,465)$13,154 
____________
(a)Includes $477 million of capacity sold offset by $348 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 nuclear and solar assets during the period.
(c)The Texas and East segments include $93 million and $103 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.

Nine Months Ended September 30, 2024
RetailTexasEast (a)WestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$6,241 $— $— $— $— $— $6,241 
Retail energy charge in Northeast/Midwest (a)2,705 — — — — — 2,705 
Wholesale generation revenue from ISO/RTO— 278 844 164 4 — 1,290 
Capacity revenue from ISO/RTO (b)— — 54 — — — 54 
Revenue from other wholesale contracts— 325 312 147 24 1 809 
Total revenue from contracts with customers8,946 603 1,210 311 28 1 11,099 
Other revenues:
Transferable PTC revenues— 9 — — — — 9 
Hedging revenues — realized927 (524)35 68 (8)— 498 
Hedging revenues — unrealized(3)893 356 317 8 — 1,571 
Intangible amortization and other revenues— — (3)— 1 12 10 
Intersegment sales (c)43 3,943 2,643 5 — (6,634)— 
Total other revenues967 4,321 3,031 390 1 (6,622)2,088 
Total revenues$9,913 $4,924 $4,241 $701 $29 $(6,621)$13,187 
____________
(a)Includes seven months of revenue associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold in each ISO/RTO. The East segment includes $94 million of capacity sold offset by $40 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 $88 million offset by $47 million of capacity sold within the East segment.
(c)The Texas and West segments include $605 million and $3 million, respectively, of intersegment unrealized net gains and the East segment includes $123 million of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.

Performance Obligations

As of September 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$370 $1,647 $882 $122 $62 $548 $3,631 

Trade Accounts Receivable
September 30, 2025December 31,
2024
(in millions)
Wholesale and retail trade accounts receivable$2,431 $2,061 
Allowance for credit losses(104)(79)
Trade accounts receivable — net$2,327 $1,982 
Trade accounts receivable from contracts with customers — net$1,776 $1,514 
Other trade accounts receivable — net551 468 
Trade accounts receivable — net$2,327 $1,982 

Gross trade accounts receivable as of September 30, 2025 and December 31, 2024 include unbilled retail revenues of $924 million and $802 million, respectively.

Allowance for Credit Losses on Accounts Receivable
Nine Months Ended September 30,
20252024
(in millions)
Allowance for credit losses on accounts receivable at beginning of period$79 $61 
Increase for bad debt expense152 132 
Decrease for account write-offs(127)(105)
Allowance for credit losses on accounts receivable at end of period$104 $88