v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue Disaggregation

The following tables disaggregate our revenue by major source:
Three Months Ended June 30, 2026
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$2,253 $— $— $— $— $— $2,253 
Retail energy charge in Northeast/Midwest1,091 — — — — — 1,091 
Wholesale generation revenue from ISO/RTO— 106 496 18 — — 620 
Capacity revenue from ISO/RTO (a)— — 134 — — — 134 
Revenue from other wholesale contracts— 97 144 61 — 1 303 
Total revenue from contracts with customers3,344 203 774 79 — 1 4,401 
Other revenues:
Transferable PTC revenues (b)— 3 — — — — 3 
Hedging revenues — realized188 (36)(22)24 — — 154 
Hedging revenues — unrealized57 63 (650)(32)— — (562)
Business interruption insurance proceeds— 22 — — — — 22 
Intangible amortization and other revenues— — (1)— — — (1)
Intersegment sales21 755 942 — — (1,718)— 
Intersegment sales — unrealized— 408 (89)— — (319)— 
Total other revenues266 1,215 180 (8)— (2,037)(384)
Total revenues$3,610 $1,418 $954 $71 $— $(2,036)$4,017 
____________
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $346 million of capacity sold offset by $212 million of capacity purchased.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.
Three Months Ended June 30, 2025
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$2,206 $— $— $— $— $— $2,206 
Retail energy charge in Northeast/Midwest793 — — — — — 793 
Wholesale generation revenue from ISO/RTO— 41 412 21 — — 474 
Capacity revenue from ISO/RTO (a)— — 30 — — — 30 
Revenue from other wholesale contracts— 109 92 47 1 1 250 
Total revenue from contracts with customers2,999 150 534 68 1 1 3,753 
Other revenues:
Transferable PTC revenues (b)— 4 — — — — 4 
Hedging revenues — realized370 (9)28 38 — — 427 
Hedging revenues — unrealized141 90 (99)(82)— — 50 
Business interruption insurance proceeds— — — — 21 — 21 
Intangible amortization and other revenues— (2)(3)— — — (5)
Intersegment sales22 738 856 1 (2)(1,615)— 
Intersegment sales — unrealized— 817 164 — — (981)— 
Total other revenues533 1,638 946 (43)19 (2,596)497 
Total revenues$3,532 $1,788 $1,480 $25 $20 $(2,595)$4,250 
____________
(a)Represents net capacity sold in each ISO/RTO. The East segment includes $134 million of capacity sold offset by $104 million of capacity purchased.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.

Six Months Ended June 30, 2026
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$4,147 $— $— $— $— $— $4,147 
Retail energy charge in Northeast/Midwest2,350 — — — — — 2,350 
Wholesale generation revenue from ISO/RTO— 329 1,632 35 — — 1,996 
Capacity revenue from ISO/RTO (a)— — 256 — — — 256 
Revenue from other wholesale contracts— 215 321 115 — 2 653 
Total revenue from contracts with customers6,497 544 2,209 150 — 2 9,402 
Other revenues:
Transferable PTC revenues (b)— 5 — — — — 5 
Hedging revenues — realized389 (69)(220)51 — — 151 
Hedging revenues — unrealized363 573 (820)(42)— — 74 
Business interruption insurance proceeds— 22 — — 6 — 28 
Intangible amortization and other revenues— — (3)— — — (3)
Intersegment sales50 1,735 2,253 1 — (4,039)— 
Intersegment sales — unrealized— 1,595 (205)— — (1,390)— 
Total other revenues802 3,861 1,005 10 6 (5,429)255 
Total revenues$7,299 $4,405 $3,214 $160 $6 $(5,427)$9,657 
____________
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $667 million of capacity sold offset by $411 million of capacity purchased.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.

Six Months Ended June 30, 2025
RetailTexasEastWestAsset
Closure		Eliminations / Corporate and OtherConsolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT$4,192 $— $— $— $— $— $4,192 
Retail energy charge in Northeast/Midwest1,832 — — — — — 1,832 
Wholesale generation revenue from ISO/RTO— 119 1,182 47 — — 1,348 
Capacity revenue from ISO/RTO (a)— — 50 — — — 50 
Revenue from other wholesale contracts— 238 222 115 5 1 581 
Total revenue from contracts with customers6,024 357 1,454 162 5 1 8,003 
Other revenues:
Transferable PTC revenues (b)— 6 — — — — 6 
Hedging revenues — realized644 (36)(50)64 — — 622 
Hedging revenues — unrealized(16)(53)(349)(46)1 — (463)
Business interruption insurance proceeds— — — — 21 — 21 
Intangible amortization and other revenues— (2)(4)— — — (6)
Intersegment sales48 1,791 1,916 2 (3)(3,754)— 
Intersegment sales — unrealized— (65)(107)— — 172 — 
Total other revenues676 1,641 1,406 20 19 (3,582)180 
Total revenues$6,700 $1,998 $2,860 $182 $24 $(3,581)$8,183 
____________
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $207 million of capacity sold offset by $157 million of capacity purchased.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.

Performance Obligations

As of June 30, 2026, we have future fixed fee performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or capacity contracts with customers for which the total consideration is fixed and determinable at contract execution. Capacity revenues are recognized when the performance obligations to provide capacity to the relevant ISOs/RTOs or counterparties are fulfilled. Amounts with counterparties in the table below represent minimum guaranteed capacity revenues as determined on a contract-by-contract basis and do not represent the full amount of capacity that is expected to be delivered.
Balance of 2026
2027202820292030
2031 and Thereafter
Total
(in millions)
Remaining performance obligations$966 $1,706 $733 $215 $215 $3,293 $7,128 

Contract Balances
June 30,
2026		December 31,
2025
(in millions)
Wholesale and retail trade accounts receivable$2,366 $2,412 
Allowance for credit losses(73)(89)
Trade accounts receivable — net$2,293 $2,323 
Trade accounts receivable from contracts with customers — net$1,939 $1,826 
Other trade accounts receivable — net354 497 
Trade accounts receivable — net$2,293 $2,323 
Gross trade accounts receivable as of June 30, 2026 and December 31, 2025 include unbilled retail revenues of $1.087 billion and $924 million, respectively.

Allowance for Credit Losses on Accounts Receivable
Six Months Ended June 30,
20262025
(in millions)
Allowance for credit losses on accounts receivable at beginning of period$89 $79 
Increase for bad debt expense86 87 
Decrease for account write-offs(102)(91)
Allowance for credit losses on accounts receivable at end of period$73 $75