v3.26.3
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of revenue by major customers
Electric Operations
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Delivered energy (including contract liability amortization)$74,169 $77,776 $167,313 $194,044 
Accredited capacity18,677 15,459 52,819 45,110 
Total Electric Operations sales$92,846 $93,235 $220,132 $239,154 
Schedule of revenue by geographic area
Coal Operations
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Third party Indiana customers$23,457 $27,355 $78,072 $68,960 
Third party other customers12,671 23,901 33,737 50,628 
Total Coal Operations sales$36,128 $51,256 $111,809 $119,588 
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 September 30, 2026, disaggregated by segment and contract duration (in thousands).
20262027202820292030ThereafterTotal
Delivered energy revenue$56,279 $160,255 $86,570 $28,931 $— $— $332,034 
Accredited capacity revenue16,315 75,310 90,951 102,374 87,539 824,777 1,197,265 
Coal Operations revenue¹51,252 159,845 44,625 — — — 255,721 
Total revenue $123,845 $395,409 $222,146 $131,304 $87,539 $824,777 $1,785,020 
1 - 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 nine-month periods presented (in thousands):
September 30,
20262025
Accounts receivable from contracts with customers - beginning balance$13,989 $15,438 
Accounts receivable from contracts with customers - ending balance$23,169 $24,763 
As the Company fulfills its contractual obligations, we recognize those amounts in revenue. The following table reconciles our beginning and ending contract liabilities for the nine-month periods presented (in thousands):
September 30,
20262025
Total contract liabilities - beginning balance$149,057 $146,719 
Cash payments received on future contract obligations67,880 102,480 
Accretion on contract liabilities7,027 5,659 
Revenue recognized, cash payment received in prior period(86,806)(82,639)
Revenue recognized, cash payment received in current period(23,427)(24,613)
Total contract liabilities - ending balance$113,730 $147,606