REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
| REVENUE |
|
| Schedule of revenue by major customers |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Delivered energy (including contract liability amortization) | | $ | 40,901 | | $ | 44,132 | | $ | 93,144 | | $ | 116,268 | Accredited capacity | | | 18,608 | | | 15,844 | | | 34,142 | | | 29,651 | Total Electric Operations sales | | $ | 59,509 | | $ | 59,976 | | $ | 127,286 | | $ | 145,919 |
|
| Schedule of revenue by geographic area |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Third party Indiana customers | | $ | 28,701 | | $ | 21,290 | | $ | 54,614 | | $ | 41,604 | Other customers | | | 11,900 | | | 16,857 | | | 21,067 | | | 26,728 | Total Coal Operations sales | | $ | 40,601 | | $ | 38,147 | | $ | 75,681 | | $ | 68,332 |
|
| Schedule of remaining performance obligation disaggregated by segment and contract duration |
The following table illustrates the balance of all current Electric and Coal Operations contracts allocated to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2026 and disaggregated by segment and contract duration (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | Delivered energy revenue | | $ | 114,350 | | $ | 160,260 | | $ | 86,550 | | $ | 28,930 | | $ | — | | $ | — | | $ | 390,090 | Accredited capacity revenue (1) | | | 34,990 | | | 75,310 | | | 90,950 | | | 102,370 | | | 87,540 | | | 824,780 | | | 1,215,940 | Coal Operations revenue (2) | | | 76,340 | | | 130,640 | | | 29,500 | | | — | | | — | | | — | | | 236,480 | Total revenue | | $ | 225,680 | | $ | 366,210 | | $ | 207,000 | | $ | 131,300 | | $ | 87,540 | | $ | 824,780 | | $ | 1,842,510 |
| (1) | Certain contracted forward sales positions included above are subject to approval by the Indiana Utility Regulatory Commission. |
| (2) | Coal Operations revenue consists of consolidated revenue excluding our intercompany revenues from Merom. |
|
| Schedule of beginning and ending accounts receivable and contract liabilities |
The following table shows our beginning and ending accounts receivable balances from contracts with customers for the periods presented (in thousands): | | | | | | | | | June 30, | | | 2026 | | 2025 | Accounts receivable from contracts with customers - beginning balance | | $ | 13,989 | | $ | 15,438 | Accounts receivable from contracts with customers - ending balance | | $ | 14,396 | | $ | 18,742 | The following table reconciles our beginning and ending contract liabilities for the periods presented (in thousands): | | | | | | | | | June 30, | | | 2026 | | 2025 | Total contract liabilities - beginning balance | | $ | 149,057 | | $ | 146,719 | Cash payments received on future contract obligations | | | 67,880 | | | 82,476 | Accretion on contract liabilities | | | 5,104 | | | 3,215 | Revenue recognized, cash payment received in prior period | | | (69,505) | | | (65,597) | Revenue recognized, cash payment received in current period | | | (6,079) | | | (4,662) | Total contract liabilities - ending balance | | $ | 146,457 | | $ | 162,151 |
|