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REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

REVENUE

Schedule of revenue by major customers

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
​		2025			2024			2025			2024
Delivered energy (including contract liability amortization)	​	$	77,776	​	$	56,256	​	$	194,044	​	$	148,490
Capacity	​		15,459	​		15,860	​		45,110	​		44,506
Total Electric Operations sales	​	$	93,235	​	$	72,116	​	$	239,154	​	$	192,996

Schedule of revenue by geographic area

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
​		2025			2024			2025			2024
Outside third-party Indiana customers	​	$	27,355	​	$	13,338	​	$	68,960	​	$	46,490
Customers in Florida, North Carolina, Alabama and Georgia	​		23,901	​		18,324	​		50,628	​		67,603
Total Coal Operations sales	​	$	51,256	​	$	31,662	​	$	119,588	​	$	114,093

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, 2025 and disaggregated by segment and contract duration.

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		2025			2026			2027			2028			2029			Total
Delivered energy revenues		$	43,780		$	172,360		$	117,300		$	57,700		$	13,860		$	405,000
Capacity revenues	​	​	12,980	​	​	61,540	​	​	51,400	​	​	37,330	​	​	3,470	​	​	166,720
Coal Operations revenues (1)	​	​	27,070	​	​	151,560	​	​	141,850	​	​	29,500	​	​	—	​	​	349,980
Total revenue	​	$	83,830	​	$	385,460	​	$	310,550	​	$	124,530	​	$	17,330	​	$	921,700

(1) Coal revenues consist of consolidated revenues 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 from contracts with customers balance for the periods presented (in thousands):

​	​	​	​	​	​	​
​	​	September 30,
​	​	2025		​	2024
Accounts receivable from contracts with customers - beginning balance	​	$	15,438	​	$	19,937
Accounts receivable from contracts with customers - ending balance	​	$	24,763	​	$	11,908

The following table reconciles our beginning and ending contract liabilities for the periods presented (in thousands):

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​	​	​	​	​	​	​
​	​	September 30,
​	​	2025		​	2024
Total contract liabilities - beginning balance	​	$	146,719	​	$	113,741
Cash payments received on future contract obligations	​	​	102,480	​	​	90,082
Accretion on contract liabilities	​	​	5,659	​	​	—
Revenue recognized, cash payment received in prior period	​	​	(82,639)	​	​	(59,236)
Revenue recognized, cash payment received in current period	​	​	(24,613)	​	​	(32,789)
Total contract liabilities - ending balance	​	$	147,606	​	$	111,798

​

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
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- Definition

Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.

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