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Revenue Recognition | 9 Months Ended
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Sep. 30, 2018
Revenue Recognition [Abstract] |
Revenue Recognition | Note 3—Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), and has since issued amendments thereto (collectively referred to as “ASC 606”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five-step process to achieve this core principle. ASC 606 also mandates additional disclosure about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company adopted ASC 606 as of January 1, 2018, using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period results are not adjusted and continue to be reported in accordance with its historic accounting under ASC Topic 605. The Company determined that the new standard did not have any impact on revenue recognition and measurement in its consolidated financial statements. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods. Revenue from the single performance obligation to deliver a unit of electricity and/or natural gas is recognized as the customer simultaneously receives and consumes the benefit. Utility companies offer purchase of receivable, or POR, programs in most of the service territories in which the Company operates, and GRE’s REPs participate in POR programs for a majority of their receivables. The Company estimates variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company’s estimates related to rebate programs are based on the terms of the rebate program, the customer’s historical electricity and natural gas consumption, the customer’s rate plan, and a churn factor. Taxes that are imposed on the Company’s sales and collected from customers are excluded from the transaction price. Practical Expedients The Company’s performance obligations are generally pursuant to contracts for which the estimated customer relationship periods are currently less than one year. Therefore, in accordance with ASC 606, the Company generally expenses sales commissions to acquire customers when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. The Company continuously monitors its customer relationship periods to ensure compliance with the application of the practical expedient. Disaggregated Revenues The following table shows the Company’s revenues disaggregated by pricing plans offered to customers:
(in thousands) |  | Electricity |  |  | Natural Gas |  |  | Other |  |  | Total |
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 23,382 |  |  | $ | 250 |  |  | $ | — |  |  | $ | 23,632 |
Variable rate |  |  | 43,910 |  |  |  | 3,452 |  |  |  | — |  |  |  | 47,362 |
Other |  |  | — |  |  |  | — |  |  |  | 848 |  |  |  | 848 |
Total |  | $ | 67,292 |  |  | $ | 3,702 |  |  | $ | 848 |  |  | $ | 71,842 |
Three Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 19,318 |  |  | $ | 258 |  |  | $ | — |  |  | $ | 19,576 |
Variable rate |  |  | 46,871 |  |  |  | 2,529 |  |  |  | — |  |  |  | 49,400 |
Other |  |  | — |  |  |  | — |  |  |  | 497 |  |  |  | 497 |
Total |  | $ | 66,189 |  |  | $ | 2,787 |  |  | $ | 497 |  |  | $ | 69,473 |
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 61,572 |  |  | $ | 2,547 |  |  | $ | — |  |  | $ | 64,119 |
Variable rate |  |  | 119,569 |  |  |  | 31,945 |  |  |  | — |  |  |  | 151,514 |
Other |  |  | — |  |  |  | — |  |  |  | 1,911 |  |  |  | 1,911 |
Total |  | $ | 181,141 |  |  | $ | 34,492 |  |  | $ | 1,911 |  |  | $ | 217,544 |
Nine Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 43,570 |  |  | $ | 339 |  |  | $ | — |  |  | $ | 43,909 |
Variable rate |  |  | 120,066 |  |  |  | 25,706 |  |  |  | — |  |  |  | 145,772 |
Other |  |  | — |  |  |  | — |  |  |  | 1,445 |  |  |  | 1,445 |
Total |  | $ | 163,636 |  |  | $ | 26,045 |  |  | $ | 1,445 |  |  | $ | 191,126 |
The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels:
(in thousands) |  | Electricity |  |  | Natural Gas |  |  | Other |  |  | Total |
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 63,904 |  |  | $ | 3,177 |  |  | $ | — |  |  | $ | 67,081 |
Commercial Channel |  |  | 3,388 |  |  |  | 525 |  |  |  | — |  |  |  | 3,913 |
Other |  |  | — |  |  |  | — |  |  |  | 848 |  |  |  | 848 |
Total |  | $ | 67,292 |  |  | $ | 3,702 |  |  | $ | 848 |  |  | $ | 71,842 |
Three Months September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 65,740 |  |  | $ | 2,191 |  |  | $ | — |  |  | $ | 67,931 |
Commercial Channel |  |  | 449 |  |  |  | 596 |  |  |  | — |  |  |  | 1,045 |
Other |  |  | — |  |  |  | — |  |  |  | 497 |  |  |  | 497 |
Total |  | $ | 66,189 |  |  | $ | 2,787 |  |  | $ | 497 |  |  | $ | 69,473 |
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 172,819 |  |  | $ | 30,876 |  |  | $ | — |  |  | $ | 203,695 |
Commercial Channel |  |  | 8,322 |  |  |  | 3,616 |  |  |  | — |  |  |  | 11,938 |
Other |  |  | — |  |  |  | — |  |  |  | 1,911 |  |  |  | 1,911 |
Total |  | $ | 181,141 |  |  | $ | 34,492 |  |  | $ | 1,911 |  |  | $ | 217,544 |
Nine Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 163,183 |  |  | $ | 25,448 |  |  | $ | — |  |  | $ | 188,631 |
Commercial Channel |  |  | 453 |  |  |  | 597 |  |  |  | — |  |  |  | 1,050 |
Other |  |  | — |  |  |  | — |  |  |  | 1,445 |  |  |  | 1,445 |
Total |  | $ | 163,636 |  |  | $ | 26,045 |  |  | $ | 1,445 |  |  | $ | 191,126 |

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