v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Components of Operating Revenues
The components of operating revenues for the periods were:
 Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Electricity sales and ancillary services, ISO/RTO$626 $307 $1,962 $889 
Capacity revenues237 88 444 137 
Physical electricity sales, bilateral contracts, other31 14 56 37 
Total revenue from contracts with customers894 409 2,462 1,063 
Realized and unrealized gain (loss) on derivative instruments(147)218 (586)(50)
Other revenue— 3 — 7 
Operating revenues$747 $630 $1,876 $1,020 
Schedule of Accounts Receivable
“Accounts receivable” presented on the Consolidated Balance Sheets were:
June 30,
2026		December 31,
2025
Customer accounts receivable$240 $160 
Other accounts receivable54 36 
Accounts receivable$294 $196 
Schedule of Future Performance Obligations
Future performance obligations that were unsatisfied or partially unsatisfied were:
2026 (a)
2027202820292030
Thereafter (c)
Total
Expected capacity revenues as of June 30, 2026$639 $1,273 $561 $50 $56 $226 $2,807 
2028/2029 PJM Capacity Year (b)
— — 696 491 — — 1,186 
Total expected capacity revenues$639 $1,273 $1,257 $541 $56 $226 $3,993 
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(a)Estimated for the period from July 1, 2026 through December 31, 2026.
(b)PJM capacity revenues are estimated for the period from June 1, 2028 through May 31, 2029 based on the result of the 2028/2029 PJM BRA held in July 2026. Talen cleared 10,180 MWs at a price of $325.00/MWd for the MAAC, PPL, and RTO locational deliverability areas. PJM BRAs have not yet occurred for periods after the 2028/2029 PJM Capacity Year.
(c)Contractual maturities through 2035.