v3.25.2
Revenue (Notes)
 6 Months Ended
Jun. 30, 2025
Revenue from Contracts with Customers [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions):
Three Months Ended June 30, 2025
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUCorporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers
$638 $20 $1,236 $— $(49)$1,845 
Other non-regulated revenue (1)
6 1 70 — — 77 
Total non-regulated revenue
644 21 1,306 — (49)1,922 
Regulated Revenue
Revenue from contracts with customers
— 927 — — — 927 
Other regulated revenue
— 6 — — — 6 
Total regulated revenue
— 933 — — — 933 
Total revenue
$644 $954 $1,306 $— $(49)$2,855 
Three Months Ended June 30, 2024
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUCorporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers$569 $23 $1,304 $— $(35)$1,861 
Other non-regulated revenue (1)
50 1 158 — — 209 
Total non-regulated revenue619 24 1,462 — (35)2,070 
Regulated Revenue
Revenue from contracts with customers— 865 — — — 865 
Other regulated revenue— 7 — — — 7 
Total regulated revenue— 872 — — — 872 
Total revenue$619 $896 $1,462 $— $(35)$2,942 
Six Months Ended June 30, 2025
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUCorporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers
$1,258 $43 $2,458 $— $(118)$3,641 
Other non-regulated revenue (1)
52 2 168 — — 222 
Total non-regulated revenue
1,310 45 2,626 — (118)3,863 
Regulated Revenue
Revenue from contracts with customers
— 1,903 — — — 1,903 
Other regulated revenue
— 15 — — — 15 
Total regulated revenue
— 1,918 — — — 1,918 
Total revenue
$1,310 $1,963 $2,626 $— $(118)$5,781 
Six Months Ended June 30, 2024
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUCorporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers$1,163 $42 $2,706 $— $(75)$3,836 
Other non-regulated revenue (1)
99 2 365 — — 466 
Total non-regulated revenue1,262 44 3,071 — (75)4,302 
Regulated Revenue
Revenue from contracts with customers— 1,712 — — — 1,712 
Other regulated revenue— 13 — — — 13 
Total regulated revenue— 1,725 — — — 1,725 
Total revenue$1,262 $1,769 $3,071 $— $(75)$6,027 
_______________________________
(1)         Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606.
Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. The contract liabilities from contracts with customers were $259 million and $237 million as of June 30, 2025 and December 31, 2024, respectively.
During the six months ended June 30, 2025 and 2024, we recognized revenue of $15 million and $70 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.
In June 2023, the Company closed on an agreement to terminate the PPA for the Warrior Run coal-fired power plant for total consideration of $357 million, to be paid by the offtaker through the end of the previous contract term in January 2030. Under the termination agreement, the plant provided capacity through May 2024. The termination represented a contract modification under which the discounted termination payments, as well as a pre-existing contract liability, were recognized as revenue on a straight-line basis over the remaining performance obligation period for approximately $32 million per month. On February 1, 2024, the Company executed a receivable sale agreement to transfer all of its rights, title, and interest in the remaining future cash flows under this agreement. At the time of execution, the transaction was considered a sale of future revenue under U.S. GAAP, and as such, the net proceeds of $273 million were recorded as debt. Upon completion of the remaining performance obligation in May 2024, the corresponding receivable balance of $267 million, net of valuation allowance of $7 million, and the remaining debt balance of $260 million were derecognized upon accounting for the transaction as a sale of receivables.
A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a build, operate, and transfer contract and sold to the Vietnamese government, while we remain the operator for the duration of the 25-year PPA. The performance obligation to construct the facility was substantially completed in 2015. Contract consideration related to the construction, but not yet collected through the 25-year PPA, was reflected on the Condensed Consolidated Balance Sheet. As of December 31, 2024, Mong Duong met the held-for-sale criteria and the loan receivable balance of $963 million was classified in held-for-sale assets. As of June 30, 2025, Mong Duong no longer met the held-for-sale criteria. Of the loan receivable balance of $905 million, $105 million was classified in Other current assets and $800 million in Loan receivable on the Condensed Consolidated Balance Sheets. See Note 18—Held-for-Sale and Dispositions for further information.
Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of June 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations was $7 million, primarily consisting of fixed consideration for the sale of renewable energy credits in long-term contracts in the U.S. We expect to recognize revenue of approximately $1 million per year between 2025 and 2029 and the remainder thereafter