v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
We recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The following tables display our revenue by major source based on product and service type for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotalRegulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Energy distribution
Delaware natural gas distribution$19.9 $— $— $19.9 $15.5 $— $— $15.5 
FPU natural gas distribution
50.1 — — 50.1 46.6 — — 46.6 
Florida City Gas41.9 — — 41.9 39.5 — — 39.5 
FPU electric distribution26.5 — — 26.5 26.2 — — 26.2 
Maryland natural gas distribution (1)
12.0 — — 12.0 10.7 — — 10.7 
Total energy distribution150.4 — — 150.4 138.5 — — 138.5 
Energy transmission
Aspire Energy— 7.1 — 7.1 — 8.4 — 8.4 
Aspire Energy Express0.4 — — 0.4 0.3 — — 0.3 
Eastern Shore22.4 — — 22.4 21.2 — — 21.2 
Peninsula Pipeline16.6 — — 16.6 11.8 — — 11.8 
Total energy transmission39.4 7.1 — 46.5 33.3 8.4 — 41.7 
Energy generation
Eight Flags— 5.0 — 5.0 — 4.6 — 4.6 
Propane operations
Propane delivery operations— 26.3 — 26.3 — 26.5 — 26.5 
CNG / RNG Services
Marlin Gas Services— 5.7 — 5.7 — 7.3 — 7.3 
Other RNG— 1.3 — 1.3 — 1.1 — 1.1 
Total CNG / RNG Services— 7.0 — 7.0 — 8.4 — 8.4 
Other Businesses and Eliminations
Eliminations(25.5)(0.2)(7.6)(33.3)(20.0)— (6.9)(26.9)
Total operating revenues (2)
$164.3 $45.2 $(7.6)$201.9 $151.8 $47.9 $(6.9)$192.8 
(1) In accordance with the Maryland PSC approval of our natural gas base rate proceeding, effective April 2025, our natural gas distribution businesses in Maryland (Maryland natural gas division, Sandpiper Energy and Elkton Gas) are now consolidated for rate-making and other purposes and are reflected on a consolidated basis for all periods presented consistent with the final rate order. See Note 5, Rates and Other Regulatory Activities, for additional information.
(2) Revenues from sources other than contracts with customers, which include alternative revenue programs related to revenue normalization for the Maryland natural gas operations and late fees, were not material for the three months ended June 30, 2026 and 2025, respectively.
Six months ended June 30, 2026Six months ended June 30, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotalRegulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Energy distribution
Delaware natural gas distribution$74.0 $— $— $74.0 $57.8 $— $— $57.8 
FPU natural gas distribution
109.0 — — 109.0 97.9 — — 97.9 
Florida City Gas107.4 — — 107.4 83.1 — — 83.1 
FPU electric distribution54.2 — — 54.2 49.4 — — 49.4 
Maryland natural gas distribution (1)
40.4 — — 40.4 36.0 — — 36.0 
Total energy distribution385.0 — — 385.0 324.2 — — 324.2 
Energy transmission
Aspire Energy— 33.4 — 33.4 — 27.6 — 27.6 
Aspire Energy Express0.7 — — 0.7 0.7 — — 0.7 
Eastern Shore46.6 — — 46.6 43.9 — — 43.9 
Peninsula Pipeline33.4 — — 33.4 21.8 — — 21.8 
Total energy transmission80.7 33.4 — 114.1 66.4 27.6 — 94.0 
Energy generation
Eight Flags— 10.9 — 10.9 — 9.3 — 9.3 
Propane operations
Propane delivery operations— 99.6 — 99.6 — 101.2 — 101.2 
CNG / RNG Services
Marlin Gas Services— 13.2 — 13.2 — 14.5 — 14.5 
Other RNG— 2.0 — 2.0 — 2.1 — 2.1 
Total CNG / RNG Services— 15.2 — 15.2 — 16.6 — 16.6 
Other Businesses and Eliminations
Eliminations(52.1)(0.2)(17.5)(69.8)(39.2)(0.1)(14.5)(53.8)
Total operating revenues (2)
$413.6 $158.9 $(17.5)$555.0 $351.4 $154.6 $(14.5)$491.5 
(1) In accordance with the Maryland PSC approval of our natural gas base rate proceeding, effective April 2025, our natural gas distribution businesses in Maryland (Maryland natural gas division, Sandpiper Energy and Elkton Gas) are now consolidated for rate-making and other purposes and are reflected on a consolidated basis for all periods presented consistent with the final rate order. See Note 5, Rates and Other Regulatory Activities, for additional information.
(2) Revenues from sources other than contracts with customers, which include alternative revenue programs related to revenue normalization for the Maryland natural gas operations and late fees, were not material for the six months ended June 30, 2026 and 2025, respectively.
Contract Balances
The timing of revenue recognition, customer billings and cash collections results in trade receivables and customer advances (contract liabilities) in our condensed consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2025 and June 30, 2026 were as follows:
Trade ReceivablesContract Assets (Current)Contract Assets (Non-current)Contract Liabilities (Current)
(in millions)
Balance at 12/31/2025$92.2 $— $2.9 $1.3 
Balance at 6/30/2026
84.6 — 2.8 0.9 
Decrease$(7.6)$— $(0.1)$(0.4)
Our trade receivables are included in trade and other receivables in the condensed consolidated balance sheets. Our non-current contract assets are included in receivables and other deferred charges in the condensed consolidated balance sheets and primarily relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement.
At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the condensed consolidated balance sheets and relate to non-refundable prepaid fixed fees for our propane distribution operation's retail offerings. Our performance obligation is satisfied over the term of the respective customer retail program on a ratable basis. For the three and six months ended June 30, 2026 and 2025, the amounts recognized in revenue were not material.

Remaining Performance Obligations
Certain of our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. Revenue for these businesses for the remaining performance obligations, at June 30, 2026, are expected to be recognized as follows:
(in millions)2026202720282029203020312032 and thereafter
Eastern Shore and Peninsula Pipeline$19.8 $38.3 $39.8 $32.6 $26.5 $19.4 $96.6 
Natural gas distribution operations5.3 9.7 9.8 9.7 9.7 8.9 24.7 
FPU electric distribution0.5 0.9 0.9 0.9 0.9 0.9 — 
Total revenue contracts with remaining performance obligations$25.6 $48.9 $50.5 $43.2 $37.1 $29.2 $121.3