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Revenues | 3 Months Ended
--- | ---
Mar. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenues | 3. Revenues Our revenues are derived primarily from the sale of natural gas and electricity to customers, including affiliates. Revenue is measured based upon the quantity of gas or power delivered at prices contained or referenced in the customer's contract, and excludes any sales incentives (e.g. rebates) and amounts collected on behalf of third parties (e.g. sales tax). Our revenues also include asset optimization activities. Asset optimization activities consist primarily of purchases and sales of gas that meet the definition of trading activities per FASB ASC Topic 815, Derivatives and Hedging. They are therefore excluded from the scope of FASB ASC Topic 606, Revenue from Contracts with Customers. Revenues for electricity, natural gas, and related services are recognized as the Company transfers the promised goods and services to the customer. Electricity and natural gas products may be sold as fixed-price or variable-price products. The typical length of a contract to provide electricity and/or natural gas is twelve months. Customers are billed and generally pay at least monthly, based on usage. Electricity and natural gas sales that have been delivered but not billed by period end are estimated and recorded as accrued unbilled revenues based on estimates of customer usage since the date of the last meter read provided by the utility. Volume estimates are based on forecasted volumes and estimated residential and commercial customer usage. Unbilled revenues are calculated by multiplying these volume estimates by the applicable rate by customer class (residential or commercial). Estimated amounts are adjusted when actual usage is known and billed. The following table discloses revenue by primary geographical market, customer type, and customer credit risk profile (in thousands). The table also includes a reconciliation of the disaggregated revenue to revenue by reportable segment (in thousands).
| Reportable Segments
| Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
| Retail Electricity (a) |  | Retail Natural Gas |  |  |  | Total Reportable Segments |  | Retail Electricity |  | Retail Natural Gas |  |  |  | Total Reportable Segments
Primary markets (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 29,461 |  |  | $ | 5,161 |  |  |  |  | $ | 34,622 |  |  | $ | 26,241 |  |  | $ | 4,377 |  |  |  |  | $ | 30,618 |
Mid-Atlantic | 30,419 |  |  | 19,513 |  |  |  |  | 49,932 |  |  | 28,550 |  |  | 13,455 |  |  |  |  | 42,005 |
Midwest | 9,939 |  |  | 9,620 |  |  |  |  | 19,559 |  |  | 11,059 |  |  | 10,238 |  |  |  |  | 21,297 |
Southwest | 18,222 |  |  | 5,723 |  |  |  |  | 23,945 |  |  | 12,905 |  |  | 6,320 |  |  |  |  | 19,225 |
| $ | 88,041 |  |  | $ | 40,017 |  |  |  |  | $ | 128,058 |  |  | $ | 78,755 |  |  | $ | 34,390 |  |  |  |  | $ | 113,145 |
Customer type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 11,080 |  |  | $ | 20,429 |  |  |  |  | $ | 31,509 |  |  | $ | 15,216 |  |  | $ | 11,516 |  |  |  |  | $ | 26,732 |
Residential | 79,937 |  |  | 22,145 |  |  |  |  | 102,082 |  |  | 73,272 |  |  | 26,490 |  |  |  |  | 99,762 |
Unbilled revenue (c) | (2,976) |  |  | (2,557) |  |  |  |  | (5,533) |  |  | (9,733) |  |  | (3,616) |  |  |  |  | (13,349) |
| $ | 88,041 |  |  | $ | 40,017 |  |  |  |  | $ | 128,058 |  |  | $ | 78,755 |  |  | $ | 34,390 |  |  |  |  | $ | 113,145 |
Customer credit risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
POR | $ | 56,176 |  |  | $ | 25,510 |  |  |  |  | $ | 81,686 |  |  | $ | 50,850 |  |  | $ | 19,600 |  |  |  |  | $ | 70,450 |
Non-POR | 31,865 |  |  | 14,507 |  |  |  |  | 46,372 |  |  | 27,905 |  |  | 14,790 |  |  |  |  | 42,695 |
| $ | 88,041 |  |  | $ | 40,017 |  |  |  |  | $ | 128,058 |  |  | $ | 78,755 |  |  | $ | 34,390 |  |  |  |  | $ | 113,145 |
(a) Retail Electricity includes Services (b) The primary markets include the following states: •New England - Connecticut, Maine, Massachusetts, New Hampshire; •Mid-Atlantic - Delaware, Maryland (including the District of Colombia), New Jersey, New York and Pennsylvania; •Midwest - Illinois, Indiana, Michigan and Ohio; and •Southwest - Arizona, California, Colorado, Florida, Nevada, and Texas. (c) Unbilled revenue is recorded in total until it is actualized, at which time it is categorized between commercial and residential customers. We record gross receipts taxes on a gross basis in retail revenues and retail cost of revenues. During the three months ended March 31, 2022 and 2021, our retail revenues included gross receipts taxes of $0.3 million and $0.3 million, respectively, and our retail cost of revenues included gross receipts taxes of $1.4 million and $1.2 million, respectively. Accounts receivables and Allowance for Credit Losses The Company conducts business in many utility service markets where the local regulated utility purchases our receivables, and then becomes responsible for billing the customer and collecting payment from the customer (“POR programs”). These POR programs result in substantially all of the Company’s credit risk being linked to the applicable utility, which generally has an investment-grade rating, and not to the end-use customer. The Company monitors the financial condition of each utility and currently believes its receivables are collectible. In markets that do not offer POR programs or when the Company chooses to directly bill its customers, certain receivables are billed and collected by the Company. The Company bears the credit risk on these accounts and records an appropriate allowance for doubtful accounts to reflect any losses due to non-payment by customers. The Company’s customers are individually insignificant and geographically dispersed in these markets. The Company writes off customer balances when it believes that amounts are no longer collectible and when it has exhausted all means to collect these receivables. For trade accounts receivables, the Company accrues an allowance for doubtful accounts by business segment by pooling customer accounts receivables based on similar risk characteristics, such as customer type, geography, aging analysis, payment terms, and related macro-economic factors. Expected credit loss exposure is evaluated for each of our accounts receivables pools. Expected credits losses are established using a model that considers historical collections experience, current information, and reasonable and supportable forecasts. The Company writes off accounts receivable balances against the allowance for doubtful accounts when the accounts receivable is deemed to be uncollectible. A rollforward of our allowance for credit losses for the three months ended March 31, 2022 are presented in the table below (in thousands):
Balance at December 31, 2021 |  |  |  |  | $ | (2,368) |
Current period bad debt provision |  |  |  |  | (1,024) |
Write-offs |  |  |  |  | 356 |
Recovery of previous write offs |  |  |  |  | (19) |
Balance at March 31, 2022 |  |  |  |  | $ | (3,055) |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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