Revenue

6 Months Ended

Jun. 30, 2024

Revenues [Abstract]

Revenue

9. Revenue
 

The following disaggregates TEC’s revenue by major source:

(millions)
Three months ended June 30,	2024			2023
Electric revenue
Residential	$	385		$	430
Commercial		177			201
Industrial		42			50
Regulatory deferrals		(28	)		(97	)
Unbilled revenue		24			21
Other (1)		72			72
Total revenue	$	672		$	677
Six months ended June 30,	2024			2023
Electric revenue
Residential	$	689		$	755
Commercial		332			371
Industrial		82			96
Regulatory deferrals		(50	)		(160	)
Unbilled revenue		27			24
Other (1)		140			143
Total revenue	$	1,220		$	1,229

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

Remaining Performance Obligations

Remaining performance obligations primarily represent lighting contracts with fixed contract terms. As of June 30, 2024 and December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $78 million and $78 million, respectively. As allowed under ASC 606, Revenue from Contracts with Customers, 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 2044.