v3.25.2
REVENUE (Tables)
6 Months Ended
Jun. 30, 2025
REVENUE  
Schedule of revenue by major customers

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2025

    

2024

    

2025

    

2024

Delivered energy (including contract liability amortization)

$

44,132

$

43,106

$

116,268

$

92,234

Capacity

 

15,844

 

16,873

 

29,651

 

28,646

Total Electric Operations sales

$

59,976

$

59,979

$

145,919

$

120,880

Schedule of revenue by geographic area

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2025

    

2024

    

2025

    

2024

Outside third-party Indiana customers

$

21,290

$

15,048

$

41,604

$

33,152

Customers in Florida, North Carolina, Alabama and Georgia

 

16,857

 

17,753

 

26,728

 

49,279

Total Coal Operations sales

$

38,147

$

32,801

$

68,332

$

82,431

Schedule of remaining performance obligation disaggregated by segment and contract duration

The following table illustrates the balance of all current Electric and Coal Operations contracts allocated to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2025 and disaggregated by segment and contract duration.

    

2025

    

2026

    

2027

    

2028

    

2029

    

Total

Delivered energy revenues

 

$

95,510

 

$

172,220

 

$

97,280

 

$

57,750

 

$

13,770

 

$

436,530

Capacity revenues

29,460

61,540

51,400

37,330

3,470

183,200

Coal Operations revenues

72,360

127,830

141,850

29,500

371,540

Total revenue (1)

$

197,330

$

361,590

$

290,530

$

124,580

$

17,240

$

991,270

(1) Coal revenues consist of consolidated revenues excluding our intercompany revenues from Merom.

Schedule of beginning and ending accounts receivable and contract liabilities

The following table shows our beginning and ending accounts receivable from contracts with customers balance for the periods presented (in thousands):

June 30,

2025

2024

Accounts receivable from contracts with customers - beginning balance

$

15,438

$

19,937

Accounts receivable from contracts with customers - ending balance

$

18,742

$

19,098

The following table reconciles our beginning and ending contract liabilities for the periods presented (in thousands):

June 30,

2025

2024

Total contract liabilities - beginning balance

$

146,719

$

113,741

Cash payments received on future contract obligations

82,476

90,082

Accretion on contract liabilities

3,215

Revenue recognized, cash payment received in prior period

(65,597)

(46,524)

Revenue recognized, cash payment received in current period

(4,662)

(6,716)

Total contract liabilities - ending balance

$

162,151

$

150,583