REVENUE (Tables)
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6 Months Ended |
Jun. 30, 2025 |
REVENUE |
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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 |
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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 |
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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.
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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 |
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