Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

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.


	2026		2027		2028		2029		2030		2031 and thereafter		Total
Remaining performance obligations	$	1,342	$	1,757	$	1,494	$	1,415	$	889	$	5,137	$	12,034

Disaggregation of Revenue

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
MISO	252		6		—		258
ERCOT	360		99		—		459
NYISO	745		13		—		758
ISO-NE	1,014		4		—		1,018
West	168		160		—		328
SERC/SPP	59		4		—		63
International Power	109		—		—		109
Total Power revenues	6,037		416		—		6,453
Gas revenues(c)	—		—		943		943
Other revenues(d)	—		—		145		145
Total revenue from contracts with customers	6,037		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
MISO	214		—		—		214
ERCOT	301		—		—		301
NYISO	675		—		—		675
ISO-NE	1,109		—		—		1,109
West	146		1		—		147
SERC/SPP	35		3		—		38
International Power	48		—		—		48
Total Power revenues	5,226		12		—		5,238
Gas revenues(c)	—		—		782		782
Other revenues(d)	—		—		86		86
Total revenue from contracts with customers	5,226		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.