Revenue

9 Months Ended

Sep. 30, 2022

Revenues [Abstract]

Revenue

10. Revenue
 

The following disaggregates TEC’s revenue by major source:

(millions)	Tampa									Tampa Electric
Three months ended September 30, 2022	Electric				PGS		Eliminations			Company
Electric revenue
Residential	$	445			$	0	$	0		$	445
Commercial		194				0		0			194
Industrial		45				0		0			45
Regulatory deferrals and unbilled revenue		(23	)			0		0			(23	)
Other (1)		92				0		(1	)		91
Total electric revenue		753				0		(1	)		752
Gas revenue
Residential		0				47		0			47
Commercial		0				46		0			46
Industrial (2)		0				7		0			7
Other (3)		0				61		(1	)		60
Total gas revenue		0				161		(1	)		160
Total revenue	$	753			$	161	$	(2	)	$	912
Three months ended September 30, 2021
Electric revenue
Residential	$	359			$	0	$	0		$	359
Commercial		169				0		0			169
Industrial		46				0		0			46
Regulatory deferrals and unbilled revenue		(7	)			0		0			(7	)
Other (1)		67		`		0		(1	)		66
Total electric revenue		634				0		(1	)		633
Gas revenue
Residential		0				41		0			41
Commercial		0				44		0			44
Industrial (2)		0				6		0			6
Other (3)		0				24		(1	)		23
Total gas revenue		0				115		(1	)		114
Total revenue	$	634			$	115	$	(2	)	$	747

(millions)	Tampa								Tampa Electric
Nine months ended September 30, 2022	Electric			PGS		Eliminations			Company
Electric revenue
Residential	$	1,063		$	0	$	0		$	1,063
Commercial		501			0		0			501
Industrial		129			0		0			129
Regulatory deferrals and unbilled revenue		(4	)		0		0			(4	)
Other (1)		237			0		(3	)		234
Total electric revenue		1,926			0		(3	)		1,923
Gas revenue
Residential		0			172		0			172
Commercial		0			151		0			151
Industrial (2)		0			22		0			22
Other (3)		0			159		(3	)		156
Total gas revenue		0			504		(3	)		501
Total revenue	$	1,926		$	504	$	(6	)	$	2,424
Nine months ended September 30, 2021
Electric revenue
Residential	$	867		$	0	$	0		$	867
Commercial		439			0		0			439
Industrial		124			0		0			124
Regulatory deferrals and unbilled revenue		2			0		0			2
Other (1)		181			0		(3	)		178
Total electric revenue		1,613			0		(3	)		1,610
Gas revenue
Residential		0			157		0			157
Commercial		0			143		0			143
Industrial (2)		0			18		0			18
Other (3)		0			74		(2	)		72
Total gas revenue		0			392		(2	)		390
Total revenue	$	1,613		$	392	$	(5	)	$	2,000

(1)Other electric revenue includes sales to public authorities, off-system sales to other utilities and various other items.

(2)Industrial gas revenue includes sales to power generation customers.

(3)Other gas revenue includes off-system sales to other utilities and various other items.

Remaining Performance Obligations

Remaining performance obligations primarily represent lighting contracts and gas transportation contracts with fixed contract terms. As of September 30, 2022 and December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $140 million and $135 million, respectively. This amount includes $12 million of future performance obligations related to an asset management agreement with Emera Energy, a related party, through 2025. As allowed under ASC 606, these amounts exclude contracts with an original expected length of one year or less and variable amounts for which TEC recognizes revenue at the amount to which it has the right to invoice for services performed. TEC expects to recognize revenue for the remaining performance obligations through 2042.