v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue
The components of operating revenues for the periods were:
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Capacity revenues$88 $46 $137 $91 
Electricity sales and ancillary services, ISO/RTO307 249 889 514 
Physical electricity sales, bilateral contracts, other14 22 37 86 
Other revenue from customers— 29 — 71 
Total revenue from contracts with customers409 346 1,063 762 
Realized and unrealized gain (loss) on derivative instruments218 100 (50)157 
Nuclear PTC— 39 — 74 
Other revenue3 4 7 5 
Operating revenues$630 $489 $1,020 $998 
Accounts Receivable
“Accounts receivable” presented on the Consolidated Balance Sheets were:
June 30,
2025		December 31,
2024
Customer accounts receivable$154 $66 
Other accounts receivable72 57 
Accounts receivable$226 $123 
During the six months ended June 30, 2025 and 2024, there were no significant changes in accounts receivable other than normal receivable recognition and collection transactions. See Note 2 for additional information on Talen’s credit risk on the carrying value of its receivables.
Future Performance Obligations
In the normal course of business, Talen has future performance obligations for capacity sales awarded through market-based capacity auctions and (or) for capacity sales under bilateral contractual arrangements.
The expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:
2025 (a)
2026202720282029
Expected capacity revenues as of June 30, 2025 (b)
$333 $275 $3 $1 $— 
2026/2027 PJM Capacity Year (c)
— 472 333 — — 
Total expected capacity revenues$333 $747 $336 $1 $— 
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(a)Estimated for the period from July 1, 2025 through December 31, 2025.
(b)PJM capacity revenues are estimated for the period from January 1, 2026 through May 31, 2026 for the remainder of the 2025/2026 PJM Capacity Year.
(c)PJM capacity revenues are estimated for the period from June 1, 2026 through May 31, 2027 based on the results of the 2026/2027 PJM BRA held in July 2025. Talen cleared 6,702 MWs at a price of $329.17/MWd for the MAAC, PPL, and PSEG locational deliverability areas.

See Note 9 for additional information on the PJM BRAs.