REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

REVENUE

Schedule of revenue by major customers

	Three Months Ended March 31,
	2026		2025
Delivered energy (including contract liability amortization)	$	49,562	$	72,136
Accredited capacity		15,534		13,807
Total Electric Operations sales	$	65,096	$	85,943

Schedule of revenue by geographic area

	Three Months Ended March 31,
	2026		2025
Third party Indiana customers	$	25,913	$	20,314
Other customers		9,167		9,871
Total Coal Operations sales	$	35,080	$	30,185

Schedule of remaining performance obligation disaggregated by segment and contract duration

The following table illustrates the balance of all current Electric and Coal Operations contracts allocated to performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2026 and disaggregated by segment and contract duration (in thousands).

	2026		2027		2028		2029		Total
Delivered energy revenue	$	135,590	$	142,290	$	57,700	$	13,860	$	349,440
Accredited capacity revenue		52,820		75,260		73,280		20,440		221,800
Coal Operations revenue (1)		117,030		141,850		29,500		—		288,380
Total revenue	$	305,440	$	359,400	$	160,480	$	34,300	$	859,620

(1) Coal Operations revenue consists of consolidated revenue excluding our intercompany revenues from Merom.

Schedule of beginning and ending accounts receivable and contract liabilities

The following table shows our beginning and ending accounts receivable balances from contracts with customers for the periods presented (in thousands):

	March 31,
	2026		2025
Accounts receivable from contracts with customers - beginning balance	$	13,989	$	15,438
Accounts receivable from contracts with customers - ending balance	$	9,152	$	12,582

The following table reconciles our beginning and ending contract liabilities for the periods presented (in thousands):

	March 31,
	2026		2025
Total contract liabilities - beginning balance	$	149,057	$	146,719
Cash payments received on future contract obligations		46,874		37,297
Accretion on contract liabilities		2,834		1,560
Revenue recognized, cash payment received in prior period		(36,447)		(35,669)
Total contract liabilities - ending balance	$	162,318	$	149,907