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REVENUE (Tables)
3 Months Ended
Mar. 31, 2025
REVENUE  
Schedule of revenue by major customers

Three Months Ended March 31, 

    

2025

    

2024

Delivered energy (including contract liability amortization)

$

72,136

$

48,908

Capacity

 

13,807

 

11,773

Total Electric Operations sales

$

85,943

$

60,681

Schedule of revenue by geographic area

Three Months Ended March 31, 

    

2025

    

2024

Outside third-party Indiana customers

$

20,314

$

18,103

Customers in Florida, North Carolina, Alabama and Georgia

 

9,871

 

31,527

Total Coal Operations sales

$

30,185

$

49,630

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, 2025 and disaggregated by segment and contract duration.

    

2025

    

2026

    

2027

    

2028

    

2029

    

Total

Delivered energy revenues

 

$

113,090

 

$

149,280

 

$

97,290

 

$

57,700

 

$

13,860

 

$

431,220

Capacity revenues

45,450

61,540

51,400

37,330

3,470

199,190

Coal Operations revenues

112,600

138,730

141,850

29,500

422,680

Total revenue (1)

$

271,140

$

349,550

$

290,540

$

124,530

$

17,330

$

1,053,090

(1) Coal revenues consist of consolidated revenues 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 from contracts with customers balance for the periods presented (in thousands):

March 31,

2025

2024

Accounts receivable from contracts with customers - beginning balance

$

15,438

$

19,937

Accounts receivable from contracts with customers - ending balance

$

12,582

$

14,228

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

March 31,

2025

2024

Total contract liabilities - beginning balance

$

146,719

$

113,741

Cash payments received on future contract obligations

37,296

35,355

Accretion on contract liabilities

1,560

Revenue recognized, cash payment received in prior period

(35,668)

(24,529)

Total contract liabilities - ending balance

$

149,907

$

124,567