v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue
The components of operating revenues for the periods were:
Three Months Ended March 31,
20262025
Electricity sales and ancillary services, ISO/RTO$1,336 $582 
Capacity revenues207 49 
Physical electricity sales, bilateral contracts, other25 23 
Total revenue from contracts with customers1,568 654 
Realized and unrealized gain (loss) on derivative instruments(439)(268)
Other revenue— 4 
Operating revenues$1,129 $390 
Accounts Receivable
“Accounts receivable” presented on the Consolidated Balance Sheets were:
March 31,
2026		December 31,
2025
Customer accounts receivable$109 $160 
Other accounts receivable49 36 
Accounts receivable$158 $196 
During the three months ended March 31, 2026, and 2025, 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
Talen’s estimated future fixed fee performance obligations primarily include capacity volumes awarded, net of capacity repurchases by the Company, through PJM BRAs and incremental PJM capacity auctions. See Note 9 for additional information on the PJM BRAs.
As of March 31, 2026, future performance obligations that were unsatisfied or partially unsatisfied were:
2026 (a)
2027
2028 (b)
2029 (b)
2030 (b)
Future performance obligations$762 $1,060 $443 $— $— 
__________________
(a)Estimated for the period from April 1 through December 31, 2026.
(b)As PJM BRAs have not yet occurred for periods after the 2027/2028 PJM Capacity Year, there are no future performance obligations after May 31, 2028.