v3.26.1
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