We recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The following tables display revenue by major source based on product and service type for the years ended December 31, 2024, 2023 and 2022:


	For the Year Ended December 31, 2024
(in millions)	Regulated Energy		Unregulated Energy		Other and Eliminations		Total
Energy distribution
Delaware natural gas division	$	76.9	$	—	$	—	$	76.9
Florida Natural Gas distribution	170.3		—		—		170.3
Florida City Gas	140.3		—		—		140.3
FPU electric distribution	92.6		—		—		92.6
Maryland natural gas division	24.6		—		—		24.6
Sandpiper natural gas/propane operations	20.0		—		—		20.0
Elkton Gas	7.3		—		—		7.3
Total energy distribution	532.0		—		—		532.0

Energy transmission
Aspire Energy	—		35.2		—		35.2
Aspire Energy Express	1.5		—		—		1.5
Eastern Shore	81.7		—		—		81.7
Peninsula Pipeline	34.5		—		—		34.5
Total energy transmission	117.7		35.2		—		152.9

Energy generation
Eight Flags	—		18.0		—		18.0

Propane operations
Propane distribution operations	—		157.9		—		157.9

CNG / RNG
Marlin Gas Services	—		16.6		—		16.6
Other RNG			1.0				1.0
Total CNG / RNG Services	—		17.6		—		17.6

Other and eliminations
Eliminations	(66.3)		(0.3)		(24.8)		(91.4)
Other	—				0.2		0.2
Total other and eliminations	(66.3)		(0.3)		(24.6)		(91.2)

Total operating revenues (1)	$	583.4	$	228.4	$	(24.6)	$	787.2

(1) Total operating revenues for the year ended December 31, 2024, include other revenue (revenues from sources other than contracts with customers) of $1.6 million and $0.4 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees.


	For the Year Ended December 31, 2023
(in millions)	Regulated Energy		Unregulated Energy		Other and Eliminations		Total
Energy distribution
Delaware natural gas division	$	83.9	$	—	$	—	$	83.9
Florida Natural Gas distribution	168.4		—		—		168.4
Florida City Gas (1)	12.1		—		—		12.1
FPU electric distribution	99.5		—		—		99.5
Maryland natural gas division	28.1		—		—		28.1
Sandpiper natural gas/propane operations	20.2		—		—		20.2
Elkton Gas	8.8		—		—		8.8
Total energy distribution	421.0		—		—		421.0

Energy transmission
Aspire Energy	—		37.1		—		37.1
Aspire Energy Express	1.5		—		—		1.5
Eastern Shore	79.9		—		—		79.9
Peninsula Pipeline	30.4		—		—		30.4
Total energy transmission	111.8		37.1		—		148.9

Energy generation
Eight Flags	—		19.2		—		19.2

Propane operations
Propane distribution operations	—		154.7		—		154.7

Compressed Natural Gas Services
Marlin Gas Services	—		12.3		—		12.3

Other and eliminations
Eliminations	(59.2)		(0.2)		(26.3)		(85.7)
Other	—		—		0.2		0.2
Total other and eliminations	(59.2)		(0.2)		(26.1)		(85.5)

Total operating revenues (2)	$	473.6	$	223.1	$	(26.1)	$	670.6

(1) Operating revenues for FCG include amounts from the acquisition date through December 31, 2023. For additional information on FCG's results, see Note 4, Acquisitions, and discussion under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

(2) Total operating revenues for the year ended December 31, 2023, include other revenue (revenues from sources other than contracts with customers) of $1.2 million and $0.4 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees.


	For the Year Ended December 31, 2022
(in millions)	Regulated Energy		Unregulated Energy		Other and Eliminations		Total
Energy distribution
Delaware natural gas division	$	82.2	$	—	$	—	$	82.2
Florida Natural Gas distribution	155.9		—		—		155.9
FPU electric distribution	81.7		—		—		81.7
Maryland natural gas division	26.6		—		—		26.6
Sandpiper natural gas/propane operations	21.3		—		—		21.3
Elkton Gas	9.2		—		—		9.2
Total energy distribution	376.9		—		—		376.9

Energy transmission
Aspire Energy	—		56.2		—		56.2
Aspire Energy Express	1.4		—		—		1.4
Eastern Shore	78.6		—		—		78.6
Peninsula Pipeline	27.3		—		—		27.3
Total energy transmission	107.3		56.2		—		163.5

Energy generation
Eight Flags	—		25.3		—		25.3

Propane operations
Propane distribution operations	—		188.4		—		188.4

Compressed Natural Gas Services
Marlin Gas Services	—		11.2		—		11.2

Other and eliminations
Eliminations	(54.8)		(0.3)		(29.8)		(84.9)
Other	—		—		0.3		0.3
Total other and eliminations	(54.8)		(0.3)		(29.5)		(84.6)

Total operating revenues (1)	$	429.4	$	280.8	$	(29.5)	$	680.7

(1) Total operating revenues for the year ended December 31, 2022, include other revenue (revenues from sources other than contracts with customers) of $0.5 million and $0.4 million for our Regulated and Unregulated Energy segments, respectively. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for Maryland division and Sandpiper and late fees.

Our energy distribution operations deliver natural gas or electricity to customers, and we bill the customers for both the delivery of natural gas or electricity and the related commodity, where applicable. In most jurisdictions, our customers are also required to purchase the commodity from us, although certain customers in some jurisdictions may purchase the commodity from a third-party retailer (in which case we provide delivery service only). We consider the delivery of natural gas or electricity and/or the related commodity sale as one performance obligation because the commodity and its delivery are highly interrelated with two-way dependency on one another. Our performance obligation is satisfied over time as natural gas or electricity is delivered and consumed by the customer. We recognize revenues based on monthly meter readings, which are based on the quantity of natural gas or electricity used and the approved rates. We accrue unbilled revenues for natural gas and electricity that have been delivered, but not yet billed, at the end of an accounting period, to the extent that billing and delivery do not coincide.

Revenues for Eastern Shore are based on rates approved by the FERC. The FERC has also authorized Eastern Shore to negotiate rates above or below the FERC-approved maximum rates, which customers can elect as an alternative to the FERC-approved maximum rates. Eastern Shore's services can be firm or interruptible. Firm services are offered on a guaranteed basis

and are available at all times unless prevented by force majeure or other permitted curtailments. Interruptible customers receive service only when there is available capacity or supply. Our performance obligation is satisfied over time as we deliver natural gas to the customers' locations. We recognize revenues based on capacity used or reserved and the fixed monthly charge.

Peninsula Pipeline is engaged in natural gas intrastate transmission to third-party customers and certain affiliates in the State of Florida. Our performance obligation is satisfied over time as the natural gas is transported to customers. We recognize revenue based on rates approved by the Florida PSC and the capacity used or reserved. We accrue unbilled revenues for transportation services provided and not yet billed at the end of an accounting period.

Aspire Energy Express is engaged in natural gas intrastate transmission in the State of Ohio. We currently serve the Guernsey Power Station and our performance obligation is satisfied over time as the natural gas is transported to the plant. We recognize revenue based on rates approved by the Ohio PSC and the capacity used or reserved. We accrue unbilled revenues for transportation services provided and not yet billed at the end of an accounting period.

Revenues generated from the Unregulated Energy segment are not subject to any federal, state, or local pricing regulations. Aspire Energy primarily sources gas from hundreds of conventional producers and performs gathering and processing functions to maintain the quality and reliability of its gas for its wholesale customers. Aspire Energy's performance obligation is satisfied over time as natural gas is delivered to its customers. Aspire Energy recognizes revenue based on the deliveries of natural gas at contractually agreed upon rates (which are based upon an established monthly index price and a monthly operating fee, as applicable). For natural gas customers, we accrue unbilled revenues for natural gas that has been delivered, but not yet billed, at the end of an accounting period, to the extent that billing and delivery do not coincide with the end of the accounting period.

Eight Flags' CHP plant, which is located on land leased from a customer, produces three sources of energy: electricity, steam and heated water. This customer purchases the steam (unfired and fired) and heated water, which are used in the customer’s production facility. Our electric distribution operation purchases the electricity generated by the CHP plant for distribution to its customers. Eight Flags' performance obligation is satisfied over time as deliveries of heated water, steam and electricity occur. Eight Flags recognizes revenues over time based on the amount of heated water, steam and electricity generated and delivered to its customers.

For our propane distribution operations, we recognize revenue based upon customer type and service offered. Generally, for propane bulk delivery customers (customers without meters) and wholesale sales, our performance obligation is satisfied when we deliver propane to the customers' locations (point-in-time basis). We recognize revenue from these customers based on the number of gallons delivered and the price per gallon at the point-in-time of delivery. For our propane distribution customers with meters, we satisfy our performance obligation over time. We recognize revenue over time based on the amount of propane consumed and the applicable price per unit. For propane distribution metered customers, we accrue unbilled revenues for propane that is estimated to have been consumed, but not yet billed, at the end of an accounting period, to the extent that billing and delivery do not coincide with the end of the accounting period.

Marlin Gas Services provides mobile CNG and pipeline solutions primarily to utilities and pipelines. Marlin Gas Services provides temporary hold services, pipeline integrity services, emergency services for damaged pipelines and specialized gas services for customers who have unique requirements. Marlin Gas Services continues to actively expand the territories it serves, as well as leveraging its fleet of equipment and patented technologies to also serve LNG and RNG market needs. Marlin Gas Services' performance obligations are comprised of the compression of natural gas, mobilization of CNG equipment, utilization of equipment and on-site CNG support. Our performance obligations for the compression of natural gas, utilization of mobile CNG equipment and for the on-site CNG staff support are satisfied over time when the natural gas is compressed, equipment is utilized or as our staff provide support services to our customers. Our performance obligation for the mobilization of CNG equipment is satisfied at a point-in-time when the equipment is delivered to the customer project location. We recognize revenue for CNG services at the end of each calendar month for services provided during the month based on agreed upon rates for equipment utilized, costs incurred for natural gas compression, miles driven, mobilization and demobilization fees.

The timing of revenue recognition, customer billings and cash collections results in trade receivables and customer advances (contract liabilities) in our consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2024 and 2023 were as follows:

Our trade receivables are included in trade and other receivables in the consolidated balance sheets. Our non-current contract assets are included in receivables and other deferred charges in the consolidated balance sheets and relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement.

At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the consolidated balance sheets and relate to non-refundable prepaid fixed fees for our propane distribution operation's retail offerings. Our performance obligation is satisfied over the term of the respective retail offering plan on a ratable basis. For the years ended December 31, 2024 and 2023, the amount of contract liabilities recognized in revenue were not material.

Our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. Revenue for these businesses for the remaining performance obligations at December 31, 2024 are expected to be recognized as follows:


(in millions)	2025		2026		2027		2028		2029		2030 and thereafter
Eastern Shore and Peninsula Pipeline	$	37.5	$	34.5	$	30.8	$	28.6	$	26.3	$	130.6
Natural gas distribution operations	11.7		11.5		10.0		10.0		10.0		33.6
FPU electric distribution	0.7		0.4		0.4		0.4		—		—
Total revenue contracts with remaining performance obligations	$	49.9	$	46.4	$	41.2	$	39.0	$	36.3	$	164.2