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Revenue Recognition | 9 Months Ended
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Sep. 30, 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 records 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. Revenues from commissions from selling third-party products to customers, entry and other fees from the energy brokerage are recognized at the time the performance obligation is met. The Company's contacts with customers for commission revenue contain a single performance obligation and are satisfied at a point in time. 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 73,595 |  |  | $ | 2,724 |  |  | $ | — |  |  | $ | 76,319 |
Variable rate |  |  | 40,407 |  |  |  | 2,266 |  |  |  | — |  |  |  | 42,673 |
Other |  |  | — |  |  |  | — |  |  |  | 6,057 |  |  |  | 6,057 |
Total |  | $ | 114,002 |  |  | $ | 4,990 |  |  | $ | 6,057 |  |  | $ | 125,049 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 25,374 |  |  | $ | 1,925 |  |  | $ | — |  |  | $ | 27,299 |
Variable rate |  |  | 48,390 |  |  |  | 4,228 |  |  |  | — |  |  |  | 52,618 |
Other |  |  | — |  |  |  | — |  |  |  | 1,368 |  |  |  | 1,368 |
Total |  | $ | 73,764 |  |  | $ | 6,153 |  |  | $ | 1,368 |  |  | $ | 81,285 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 150,725 |  |  | $ | 11,322 |  |  | $ | — |  |  | $ | 162,047 |
Variable rate |  |  | 117,963 |  |  |  | 29,568 |  |  |  | — |  |  |  | 147,531 |
Other |  |  | — |  |  |  | — |  |  |  | 14,209 |  |  |  | 14,209 |
Total |  | $ | 268,688 |  |  | $ | 40,890 |  |  | $ | 14,209 |  |  | $ | 323,787 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  | $ | 62,822 |  |  | $ | 8,020 |  |  | $ | — |  |  | $ | 70,842 |
Variable rate |  |  | 123,385 |  |  |  | 32,734 |  |  |  | — |  |  |  | 156,119 |
Other |  |  | — |  |  |  | — |  |  |  | 7,189 |  |  |  | 7,189 |
Total |  | $ | 186,207 |  |  | $ | 40,754 |  |  | $ | 7,189 |  |  | $ | 234,150 |
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 CityCom 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 95,026 |  |  | $ | 1,981 |  |  | $ | — |  |  | $ | 97,007 |
Commercial Channel |  |  | 18,976 |  |  |  | 3,009 |  |  |  | — |  |  |  | 21,985 |
Other |  |  | — |  |  |  | — |  |  |  | 6,057 |  |  |  | 6,057 |
Total |  | $ | 114,002 |  |  | $ | 4,990 |  |  | $ | 6,057 |  |  | $ | 125,049 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 61,704 |  |  | $ | 2,723 |  |  | $ | — |  |  | $ | 64,427 |
Commercial Channel |  |  | 12,060 |  |  |  | 3,430 |  |  |  | — |  |  |  | 15,490 |
Other |  |  | — |  |  |  | — |  |  |  | 1,368 |  |  |  | 1,368 |
Total |  | $ | 73,764 |  |  | $ | 6,153 |  |  | $ | 1,368 |  |  | $ | 81,285 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 220,481 |  |  | $ | 28,702 |  |  | $ | — |  |  | $ | 249,183 |
Commercial Channel |  |  | 48,207 |  |  |  | 12,188 |  |  |  | — |  |  |  | 60,395 |
Other |  |  | — |  |  |  | — |  |  |  | 14,209 |  |  |  | 14,209 |
Total |  | $ | 268,688 |  |  | $ | 40,890 |  |  | $ | 14,209 |  |  | $ | 323,787 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Commercial Channel |  | $ | 156,425 |  |  | $ | 29,028 |  |  | $ | — |  |  | $ | 185,453 |
Commercial Channel |  |  | 29,782 |  |  |  | 11,726 |  |  |  | — |  |  |  | 41,508 |
Other |  |  | — |  |  |  | — |  |  |  | 7,189 |  |  |  | 7,189 |
Total |  | $ | 186,207 |  |  | $ | 40,754 |  |  | $ | 7,189 |  |  | $ | 234,150 |
GRE revenues are from both non-commercial and commercial channels. Other revenues are revenues from Genie Renewables which includes revenues from solar projects by Genie Solar, commissions from marketing energy solutions by CityCom Solar and Diversegy and selling solar panels by Prism. Contract liabilities Certain revenue generating contracts at GES include provisions that require advance payment from customers. These advance payments are recognized as revenue as the Company satisfies the performance obligations to the other party. A portion of the traction price allocated to the performance obligations to be satisfied in future periods is recognized as a contract liability. Contract liabilities are included in other current liabilities account in the consolidated balance sheet. The table below reconciles the change in the carrying amount of contract liabilities:
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Contract liability, beginning |  | $ | 1,759 |  |  | $ | 367 |
Recognition of revenue included in the beginning of the year contract liability |  |  | (430 | ) |  |  | (281 | )
Additions during the period, net of revenue recognized during the period |  |  | 3,290 |  |  |  | 630 |
Contract liability, end |  | $ | 4,619 |  |  | $ | 716 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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