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Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 4—Revenue Recognition

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. 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 to purchase. GRE record unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends. 

Incumbent utility companies in most of the service territories in which GRE's REPs operate offer purchase of receivable, or POR programs, 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.

Revenue from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. Revenues from sales of solar panels are included in other revenues in the consolidated statements of operations. 

The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been one year or less.

Disaggregated Revenues  

The following table shows the Company’s revenues disaggregated by pricing plans offered to customers: 

 

Electricity

 

 

Natural Gas

 

 

Other

 

 

Total

 



(in thousands)


Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate

 

$

29,505

 

 

$

5,615

 

 

$

—

 

 

$

35,120

 

Variable rate

 

 

44,982

 

 

 

21,310

 

 

 

—

 

 

 

66,292

 

Other

 

 

—

 

 

 

—

 

 

 

3,864

 

 

 

3,864

 

Total

 

$

74,487

 

 

$

26,925

 

 

$

3,864

 

 

$

105,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate

 

$

18,618

 

 

$

3,784

 

 

$

—

 

 

$

22,402

 

Variable rate

 

 

40,762

 

 

 

20,720

 

 

 

—

 

 

61,482

 

Other

 

 

—

 

 

 

—

 

 

 

2,042

 

 

 

2,042

 

Total

 

$

59,380

 

 

$

24,504

 

 

$

2,042

 

 

$

85,926

 

Fixed and variable rate revenues are from GRE. Other revenues are revenues from Genie Renewables which includes revenues from solar projects by Genie Solar, commissions from marketing energy solutions by CityComm Solar and Diversegy and selling solar panels by Prism.


The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels:    

 

 

Electricity

 

 

Natural Gas

 

 

Other

 

 

Total

 



(in thousands)

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Commercial Channel

 

$

60,123

 

 

$

20,783

 

 

$

—

 

 

$

80,906

 

Commercial Channel

 

 

14,364

 

 

 

6,142

 

 

 

—

 

 

 

20,506

 

Other

 

 

—

 

 

 

—

 

 

 

3,864

 

 

 

3,864

 

Total

 

$

74,487

 

 

$

26,925

 

 

$

3,864

 

 

$

105,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Commercial Channel

 

$

50,622

 

 

$

19,638

 

 

$

—

 

 

$

70,260

 

Commercial Channel

 

 

8,758

 

 

 

4,866

 

 

 

—

 

 

 

13,624

 

Other

 

 

—

 

 

 

—

 

 

 

2,042

 

 

 

2,042

 

Total

 

$

59,380

 

 

$

24,504

 

 

$

2,042

 

 

$

85,926