v3.26.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables display our revenue by major source based on product and service type for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotalRegulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Energy distribution
Delaware natural gas distribution$13.1 $— $— $13.1 $10.9 $— $— $10.9 
FPU natural gas distribution
45.3 — — 45.3 42.3 — — 42.3 
Florida City Gas49.3 — — 49.3 40.8 — — 40.8 
FPU electric distribution33.7 — — 33.7 30.7 — — 30.7 
Maryland natural gas distribution (1)
9.4 — — 9.4 8.6 — — 8.6 
Total energy distribution150.8 — — 150.8 133.3 — — 133.3 
Energy transmission
Aspire Energy— 5.1 — 5.1 — 6.0 — 6.0 
Aspire Energy Express0.4 — — 0.4 0.4 — — 0.4 
Eastern Shore22.1 — — 22.1 20.7 — — 20.7 
Peninsula Pipeline17.5 — — 17.5 14.6 — — 14.6 
Total energy transmission40.0 5.1 — 45.1 35.7 6.0 — 41.7 
Energy generation
Eight Flags— 4.5 — 4.5 — 4.9 — 4.9 
Propane operations
Propane delivery operations— 21.0 — 21.0 — 22.2 — 22.2 
CNG / RNG Services
Marlin Gas Services— 6.1 — 6.1 — 6.7 — 6.7 
Other RNG— 1.1 — 1.1 — 1.0 — 1.0 
Total CNG / RNG Services— 7.2 — 7.2 — 7.7 — 7.7 
Other Businesses and Eliminations
Eliminations(25.8)— (7.0)(32.8)(22.6)(0.1)(7.5)(30.2)
Total operating revenues (2)
$165.0 $37.8 $(7.0)$195.8 $146.4 $40.7 $(7.5)$179.6 
(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 6, 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 September 30, 2026 and 2025.
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotalRegulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Energy distribution
Delaware natural gas distribution$87.1 $— $— $87.1 $68.7 $— $— $68.7 
FPU natural gas distribution
154.3 — — 154.3 140.2 — — 140.2 
Florida City Gas156.7 — — 156.7 123.9 — — 123.9 
FPU electric distribution87.9 — — 87.9 80.1 — — 80.1 
Maryland natural gas distribution (1)
49.8 — — 49.8 44.6 — — 44.6 
Total energy distribution535.8 — — 535.8 457.5 — — 457.5 
Energy transmission
Aspire Energy— 38.5 — 38.5 — 33.6 — 33.6 
Aspire Energy Express1.1 — — 1.1 1.1 — — 1.1 
Eastern Shore68.7 — — 68.7 64.6 — — 64.6 
Peninsula Pipeline50.9 — — 50.9 36.4 — — 36.4 
Total energy transmission120.7 38.5 — 159.2 102.1 33.6 — 135.7 
Energy generation
Eight Flags— 15.4 — 15.4 — 14.2 — 14.2 
Propane operations
Propane delivery operations— 120.6 — 120.6 — 123.4 — 123.4 
CNG / RNG Services
Marlin Gas Services— 19.3 — 19.3 — 21.2 — 21.2 
Other RNG— 3.1 — 3.1 — 3.1 — 3.1 
Total CNG / RNG Services— 22.4 — 22.4 — 24.3 — 24.3 
Other Businesses and Eliminations
Eliminations(77.9)(0.2)(24.5)(102.6)(61.8)(0.2)(22.0)(84.0)
Total operating revenues (2)
$578.6 $196.7 $(24.5)$750.8 $497.8 $195.3 $(22.0)$671.1 
(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 6, 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 nine months ended September 30, 2026 and 2025.
Contract with Customer, Asset and Liability The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2025 and September 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 $1.3 
Balance at 9/30/2026
76.7 — 3.0 1.5 
Increase (Decrease)$(15.5)$— $0.1 $0.2 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Revenue for these businesses for the remaining performance obligations, at September 30, 2026, are expected to be recognized as follows:
(in millions)2026202720282029203020312032 and thereafter
Eastern Shore and Peninsula Pipeline$10.0 $39.2 $41.1 $33.9 $27.8 $20.7 $96.9 
Natural gas distribution operations2.3 9.6 9.8 9.7 9.7 9.0 25.1 
FPU electric distribution0.2 1.0 1.0 1.0 1.0 1.0 — 
Total revenue contracts with remaining performance obligations$12.5 $49.8 $51.9 $44.6 $38.5 $30.7 $122.0