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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 14. Segment Reporting Our reportable business segments are retail electricity and retail natural gas. The retail electricity segment consists of electricity sales and transmission to residential and commercial customers. The retail natural gas segment consists of natural gas sales to, and natural gas transportation and distribution for, residential and commercial customers. The Chief Executive Officer, who is also the Chief Operating Decision Maker (“CODM”), determines the reportable business segments by considering the strategic operating units used to make financial decisions, allocate resources and assess performance of our business. The primary metric used by the CODM in managing the Company, assessing segment performance, and allocating resources is retail gross margin. We use retail gross margin to assess the performance of our operating segments. We define retail gross margin as gross profit less (i) net asset optimization (expenses) revenues, (ii) net (losses) gains on non-trading derivative instruments, (iii) net current period cash settlements on non-trading derivative instruments, and (iv) gains (losses) from non-recurring events (including non-recurring market volatility). We deduct net gains (losses) on non-trading derivative instruments, excluding current period cash settlements, from the retail gross margin calculation in order to remove the non-cash impact of net gains and losses on these derivative instruments. We deduct net gains (losses) from non-recurring events (including non-recurring market volatility) to ensure retail gross margin reflects operating performance that is not distorted by non-recurring events or extreme market volatility. Retail gross margin should not be considered an alternative to, or more meaningful than, operating income (loss), as determined in accordance with GAAP. The Company’s CODM reviews significant expenses on a consolidated level.
| Three Months Ended June 30, |  |
Financial data for business segments are as follows (in thousands):
Three Months Ended June 30, 2025
| Retail Electricity (1) |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 66,810 |  |  | $ | 23,825 |  |  | $ | (606) |  |  | $ | — |  |  | $ | 90,029 |
Retail cost of revenues | 46,607 |  |  | 16,439 |  |  | 9 |  |  | — |  |  | 63,055 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense(2) | — |  |  | — |  |  | (636) |  |  | — |  |  | (636) |
Net, loss on non-trading derivative instruments | (4,842) |  |  | (1,558) |  |  | — |  |  | — |  |  | (6,400) |
Current period settlements on non-trading derivatives | 1,514 |  |  | (226) |  |  | — |  |  | — |  |  | 1,288 |
Retail Gross Margin | $ | 23,531 |  |  | $ | 9,170 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 32,722 |
Add: Reconciling items (3) |  |  |  |  |  |  |  |  | (5,748) |
Gross Profit |  |  |  |  |  |  |  |  | $ | 26,974 |
Total Assets at June 30, 2025 | $ | 2,062,179 |  |  | $ | 197,693 |  |  | $ | 334,443 |  |  | $ | (2,277,972) |  |  | $ | 316,343 |
Goodwill at June 30, 2025 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
(1) Retail Electricity includes related services. (2) For the three months ended June 30, 2025 we recorded asset optimization revenues of $2.8 million and asset optimization cost of revenues of $3.4 million, which are presented on a net basis in asset optimization revenues. (3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments and current period settlements on non-trading activities.
Three Months Ended June 30, 2024
| Retail Electricity(1) |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 71,148 |  |  | $ | 15,812 |  |  | $ | (264) |  |  | $ | — |  |  | $ | 86,696 |
Retail cost of revenues | 37,127 |  |  | 5,663 |  |  | 207 |  |  | — |  |  | 42,997 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense (2) | — |  |  | — |  |  | (531) |  |  | — |  |  | (531) |
Net, loss on non-trading derivative instruments | 2,607 |  |  | 553 |  |  | — |  |  | — |  |  | 3,160 |
Current period settlements on non-trading derivatives | 6,103 |  |  | 1,580 |  |  | — |  |  | — |  |  | 7,683 |
Retail Gross Margin | $ | 25,311 |  |  | $ | 8,016 |  |  | $ | 60 |  |  | $ | — |  |  | $ | 33,387 |
Add: Reconciling items (3) |  |  |  |  |  |  |  |  | 10,312 |
Gross Profit |  |  |  |  |  |  |  |  | $ | 43,699 |
Total Assets at December 31, 2024 | $ | 1,867,055 |  |  | $ | 126,911 |  |  | $ | 317,408 |  |  | $ | (1,966,435) |  |  | $ | 344,939 |
Goodwill at December 31, 2024 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
(1) Retail Electricity includes related services. (2) For the three months ended June 30, 2024, we recorded asset optimization revenues of $3.2 million and asset optimization cost of revenues and $3.7 million, respectively, which are presented on a net basis in asset optimization revenues. (3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments and current period settlements on non-trading activities.
Six Months Ended June 30, 2025
| Retail Electricity(1) |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 147,530 |  |  | $ | 87,608 |  |  | $ | (2,852) |  |  | $ | — |  |  | $ | 232,286 |
Retail cost of revenues | 104,809 |  |  | 53,628 |  |  | 11 |  |  | — |  |  | 158,448 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense (2) | — |  |  | — |  |  | (2,885) |  |  | — |  |  | (2,885) |
Net, gain on non-trading derivatives | 21 |  |  | 133 |  |  | — |  |  | — |  |  | 154 |
Current period settlements on non-trading derivatives | (2,245) |  |  | (367) |  |  | — |  |  | — |  |  | (2,612) |
Retail Gross Margin | $ | 44,945 |  |  | $ | 34,214 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 79,181 |
Add: Reconciling items (3) |  |  |  |  |  |  |  |  | (5,343) |
Gross Profit |  |  |  |  |  |  |  |  | $ | 73,838 |
Total Assets at June 30, 2025 | $ | 2,062,179 |  |  | $ | 197,693 |  |  | $ | 334,443 |  |  | $ | (2,277,972) |  |  | $ | 316,343 |
Goodwill at June 30, 2025 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
(1) Retail Electricity includes related services. (2) For the six months ended June 30, 2025, we recorded asset optimization revenues of $22.8 million and asset optimization cost of revenues of $25.7 million, which are presented on a net basis in asset optimization revenues. (3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments, and current period settlements on non-trading activities.
Six Months Ended June 30, 2024
| Retail Electricity(1) |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 148,477 |  |  | $ | 52,871 |  |  | $ | (596) |  |  | $ | — |  |  | $ | 200,752 |
Retail cost of revenues | 86,258 |  |  | 24,866 |  |  | 835 |  |  | — |  |  | 111,959 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense (2) | — |  |  | — |  |  | (2,128) |  |  | — |  |  | (2,128) |
Net, loss on non-trading derivatives | (1,229) |  |  | 93 |  |  | — |  |  | — |  |  | (1,136) |
Current period settlements on non-trading derivatives | 19,226 |  |  | 3,699 |  |  | — |  |  | — |  |  | 22,925 |
Retail Gross Margin | $ | 44,222 |  |  | $ | 24,213 |  |  | $ | 697 |  |  | $ | — |  |  | $ | 69,132 |
Add: Reconciling items (3) |  |  |  |  |  |  |  |  | 19,661 |
Gross Profit |  |  |  |  |  |  |  |  | $ | 88,793 |
Total Assets at December 31, 2024 | $ | 1,867,055 |  |  | $ | 126,911 |  |  | $ | 317,408 |  |  | $ | (1,966,435) |  |  | $ | 344,939 |
Goodwill at December 31, 2024 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
(1) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments, and current period settlements on non-trading activities. (2) For the six months ended June 30, 2024, we recorded asset optimization revenues of $14.7 million and asset optimization cost of revenues of $16.8 million, which are presented on a net basis in net asset optimization revenues. (3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments, and current period settlements on non-trading activities.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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