v3.26.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
We recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that we expect to be entitled to in exchange for those goods or services. Our primary sources of revenue include competitive sales of power, natural gas, and other energy-related products and sustainable solutions.
See Note 4 — Revenue from Contracts with Customers of our 2025 Form 10-K for additional information regarding the performance obligations, revenue recognition, and payment terms associated with these sources of revenue.
Transaction Price Allocated to Remaining Performance Obligations
The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2026. This disclosure only includes components of contracts for which consideration is fixed and determinable. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes derivatives and certain power and gas sales contracts which contain variable volumes and/or variable pricing.
202620272028202920302031 and thereafterTotal
Remaining performance obligations$1,342 $1,757 $1,494 $1,415 $889 $5,137 $12,034 
Revenue Disaggregation
We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following tables disaggregate the revenue recognized from contracts with customers between power revenues, capacity revenues, natural gas revenues, and other revenues. Power revenues and capacity revenues are further disaggregated by ISO/RTO and/or geographic location, which include PJM, MISO, ERCOT, NYISO, ISO-NE, West (which includes operations in CAISO, Arizona and Oregon), SERC/SPP, and International Power (which includes operations in the United Kingdom and Canada).
Three Months Ended March 31, 2026
Power and Power-related Revenues(a)
Capacity Revenues(b)
Other Revenues
Total
PJM$3,330 $130 $— $3,460 
MISO252 6 — 258 
ERCOT360 99 — 459 
NYISO745 13 — 758 
ISO-NE1,014 4 — 1,018 
West168 160 — 328 
SERC/SPP59 4 — 63 
International Power109 — — 109 
Total Power revenues6,037 416 — 6,453 
Gas revenues(c)
— — 943 943 
Other revenues(d)
— — 145 145 
Total revenue from contracts with customers6,037 416 1,088 7,541 
Other revenue sources(e)
— — 3,581 3,581 
Total Operating revenues
$6,037 $416 $4,669 $11,122 
Three Months Ended March 31, 2025
Power and Power-related Revenues(a)
Capacity Revenues(b)
Other Revenues
Total
PJM$2,698 $8 $— $2,706 
MISO214 — — 214 
ERCOT301 — — 301 
NYISO675 — — 675 
ISO-NE1,109 — — 1,109 
West146 1 — 147 
SERC/SPP35 3 — 38 
International Power48 — — 48 
Total Power revenues5,226 12 — 5,238 
Gas revenues(c)
— — 782 782 
Other revenues(d)
— — 86 86 
Total revenue from contracts with customers5,226 12 868 6,106 
Other revenue sources(e)
— — 682 682 
Total Operating revenues
$5,226 $12 $1,550 $6,788 
__________
(a)Represents power and power-related revenues, including state-sponsored program revenues, ancillary revenues, and revenues from bundled contracts with customers.
(b)Represents revenues from regulated capacity auctions as well as bilateral capacity revenues recognized at negotiated contract prices.
(c)Represents natural gas sales and other gas-related revenues.
(d)Other revenues primarily includes the sales of other energy-related products and sustainable solutions.
(e)Other revenue sources primarily includes revenues accounted for as derivatives, leases, and amortization of certain intangible assets and liabilities related to commodity contracts recorded at fair value from acquisitions.