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Revenue Recognition
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Performance Obligations
As of June 30, 2022, estimated future fixed fee performance obligations are $78 million for the remaining six months of fiscal year 2022, and $77 million, $18 million, $3 million and $1 million for the fiscal years 2023, 2024, 2025 and 2026, respectively. These performance obligations are for cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions and are subject to penalties for non-performance.
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2022 and 2021:
Three months ended June 30, 2022
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,661 $453 $537 $(1)$2,650 
Business910 2,947 444 — 4,301 
Total retail revenue2,571 3,400 981 (1)6,951 
Energy revenue(b)
38 128 131 9 306 
Capacity revenue(b)
— 89 1 — 90 
Mark-to-market for economic hedging activities(c)
(1)(106)(38)(3)(148)
Contract amortization— (11)(2)— (13)
Other revenue(b)
88 16 (3)(5)96 
Total revenue2,696 3,516 1,070 — 7,282 
Less: Revenues accounted for under topics other than 606 and 815— (4)8 — 4 
Less: Realized and unrealized ASC 815 revenue
(13)(123)(70)7 (199)
Total revenue from contracts with customers$2,709 $3,643 $1,132 $(7)$7,477 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$— $(19)$(20)$9 $(30)
Capacity revenue— 9 — — 9 
Other revenue(12)(7)(12)1 (30)
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Three months ended June 30, 2021
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,376 $416 $485 $(2)$2,275 
Business582 1,702 257 — 2,541 
Total retail revenue1,958 2,118 742 (2)4,816 
Energy revenue(b)
14 101 55 1 171 
Capacity revenue(b)
— 255 16 — 271 
Mark-to-market for economic hedging activities(c)
(3)(46)(26)5 (70)
Contract amortization— (8)(8)— (16)
Other revenue(b)
56 10 7 (2)71 
Total revenue2,025 2,430 786 2 5,243 
Less: Revenues accounted for under topics other than 606 and 815— (7)(7)— (14)
Less: Realized and unrealized ASC 815 revenue
(2)18 (31)4 (11)
Total revenue from contracts with customers$2,027 $2,419 $824 $(2)$5,268 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$— $24 $(2)$(1)$21 
Capacity revenue— 40 — — 40 
Other revenue1 — (3)— (2)
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Six months ended June 30, 2022
(In millions)TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$2,950 $1,128 $1,234 $(1)$5,311 
Business1,573 6,793 844 — 9,210 
Total retail revenue4,523 7,921 2,078 (1)14,521 
Energy revenue(b)
53 332 185 14 584 
Capacity revenue(b)
— 204 2 — 206 
Mark-to-market for economic hedging activities(c)
(3)(236)(56)14 (281)
Contract amortization— (20)(2)— (22)
Other revenue(b)
146 33 1 (10)170 
Total revenue4,719 8,234 2,208 17 15,178 
Less: Revenues accounted for under topics other than 606 and 815— (13)19 — 6 
Less: Realized and unrealized ASC 815 revenue
(20)(189)(112)27 (294)
Total revenue from contracts with customers$4,739 $8,436 $2,301 $(10)$15,466 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$— $26 $(40)$13 $(1)
Capacity revenue— 22 — — 22 
Other revenue(17)(1)(16)— (34)
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Six months ended June 30, 2021
(In millions)TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$2,709 $1,000 $1,039 $(2)$4,746 
Business1,363 4,331 538 — 6,232 
Total retail revenue4,072 5,331 1,577 (2)10,978 
Energy revenue(c)
299 227 125 2 653 
Capacity revenue(c)
— 396 30 — 426 
Mark-to-market for economic hedging activities(d)
(4)(50)(54)6 (102)
Contract amortization— (8)(8)— (16)
Other revenue(b)(c)
1,360 29 11 (5)1,395 
Total revenue5,727 5,925 1,681 1 13,334 
Less: Revenues accounted for under topics other than 606 and 815— (7)(5)— (12)
Less: Realized and unrealized ASC 815 revenue
91 117 (65)6 149 
Total revenue from contracts with customers$5,636 $5,815 $1,751 $(5)$13,197 
(a) Home includes Services
(b) Other Revenue in Texas includes ancillary revenues of $1.2 billion driven by high pricing during Winter Storm Uri
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$— $84 $(6)$1 $79 
Capacity revenue— 77 — — 77 
Other revenue95 6 (5)(1)95 
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Contract Balances
The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2022 and December 31, 2021:
(In millions)
June 30, 2022December 31, 2021
Deferred customer acquisition costs$114 $133 
Accounts receivable, net - Contracts with customers3,609 3,057 
Accounts receivable, net - Derivative instruments and leases249 182 
Accounts receivable, net - Affiliate4 6 
Total accounts receivable, net $3,862 $3,245 
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)$1,503 $1,574 
Deferred revenues(a)
191 227 
(a) Deferred revenues from contracts with customers for the six months ended June 30, 2022 and the year ended December 31, 2021 were approximately $184 million and $224 million, respectively
The revenue recognized from contracts with customers during the six months ended June 30, 2022 and 2021 relating to the deferred revenue balance at the beginning of each period was $117 million and $23 million, respectively. The revenue recognized from contracts with customers during the three months ended June 30, 2022 and 2021 relating to the deferred revenue balance at the beginning of each period was $106 million and $98 million, respectively. The change in deferred revenue balances during the three and six months ended June 30, 2022 and 2021 was primarily due to the usage of customer bill credits by certain C&I customers, which were as a result of power pricing during Winter Storm Uri.