Revenue

9 Months Ended

Sep. 30, 2024

Revenues [Abstract]

Revenue

9. Revenue
 

The following disaggregates TEC’s revenue by major source:

(millions)
Three months ended September 30,	2024			2023
Electric revenue
Residential	$	471		$	567
Commercial		190			234
Industrial		42			56
Regulatory deferrals		(56	)		(137	)
Unbilled revenue		1			(8	)
Other (1)		76			83
Total revenue	$	724		$	795
Nine months ended September 30,	2024			2023
Electric revenue
Residential	$	1,160		$	1,322
Commercial		522			605
Industrial		124			152
Regulatory deferrals		(106	)		(297	)
Unbilled revenue		28			16
Other (1)		216			226
Total revenue	$	1,944		$	2,024

(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 September 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.