Accounts Receivable

3 Months Ended

Mar. 31, 2026

The following table provides additional information on the disaggregation of customer and other accounts receivable:


	Accounts receivable, net
March 31, 2026	CEG Parent		Constellation
Customer accounts receivable (net of allowance for credit losses of $157 for CEG Parent and Constellation)	$	3,960	$	3,960
Other accounts receivable (net of allowance for credit losses of $— for CEG Parent and Constellation)	454		432
Total	$	4,414	$	4,392


December 31, 2025
Customer accounts receivable (net of allowance for credit losses of $158 for CEG Parent and Constellation)	$	3,577	$	3,577
Other accounts receivable (net of allowance for credit losses of $9 for CEG Parent and Constellation)	689		674
Total	$	4,266	$	4,251

Allowance for Credit Losses on Accounts Receivable

The following table presents the rollforward of allowance for credit losses on customer accounts receivable from January 1, 2026 to March 31, 2026.






Balance as of January 1, 2026	$	158
Current period provision for expected credit losses	15
Write-offs, net of recoveries(a)	(16)

Balance as of March 31, 2026	$	157

__________

(a)Recoveries were not material.

The allowance for credit losses on other accounts receivable was not material as of the balance sheet dates, therefore, a rollforward is not presented.

Unbilled Customer Revenue

We recorded $1,465 million and $1,305 million of unbilled customer revenues in Accounts receivable, net in the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

Calpine Accounts Receivable Sales Program

Following the acquisition of Calpine on January 7, 2026, the Company has assumed Calpine's Accounts Receivable Sales Program (Calpine AR Facility). The Calpine AR Facility was established by Calpine in December 2016 and was last renewed in November 2025 with a current expiration of November 2026. The Calpine AR Facility is a receivables purchase agreement between Calpine Energy Solutions, LLC and Calpine Receivables, LLC, a wholly-owned subsidiary that is accounted for as an unconsolidated VIE, along with an additional purchase and sale agreement between Calpine Receivables, LLC, and unaffiliated financial institutions, the combination of which allow for the revolving sale of up to $500 million in certain trade accounts receivables of Calpine Energy Solutions, LLC to third parties at a nominal discount.

Receivables sold under the Calpine AR Facility are accounted for as sales and excluded from Accounts receivable, net in the Consolidated Balance Sheets and reflected as Cash provided by operating activities in the Consolidated Statements of Cash Flows. Any portion of the purchase price for the sold receivables which is not paid in cash is recorded as a short-term note receivable within Accounts receivable, net, which was not material as of March 31, 2026. Our risk of loss following the transfer of accounts receivable is limited to the note receivable outstanding. Payment of the note receivable is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred.

The Company has guaranteed the performance of Calpine Energy Solutions, LLC to Calpine Receivables, LLC under the Calpine AR Facility, see Note 15 — Commitments and Contingencies for additional information. Additionally, see Note 17 — Variable Interest Entities for additional information on Calpine Receivables, LLC and its status as an unconsolidated VIE.

There was $564 million in gross accounts receivable outstanding that were sold at a nominal discount under the Calpine AR Facility as of March 31, 2026 and the $500 million facility amount was fully utilized. The following table summarizes certain activity for the period under the Calpine AR Facility:


	Three Months Ended March 31, 2026
Aggregate receivables sold during the period	$	1,205
Proceeds collected on sold receivables	1,126

Other Sales of Customer Accounts Receivables

We are required, under supplier tariffs, to sell customer receivables to certain utility companies at a nominal discount. The total gross receivables sold were $1,244 million and $1,147 million for the three months ended March 31, 2026 and 2025, respectively.