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Revenues | 6 Months Ended
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Jun. 30, 2025
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. Other revenue is derived from contracts with customers through the provision of wireless and other services and the sale of wireless equipment. Revenues for electricity and natural gas sales are recognized under the accrual method when our performance obligation to a customer is satisfied, which is the point in time when the product is delivered and control of the product passes 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 12 months. Customers are billed and typically 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 June 30, 2025 |  | Three Months Ended June 30, 2024
| Retail Electricity (c) |  | Retail Natural Gas |  |  |  | Total Reportable Segments |  | Retail Electricity (c) |  | Retail Natural Gas |  |  |  | Total Reportable Segments
Primary markets (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 15,919 |  |  | $ | 1,682 |  |  |  |  | $ | 17,601 |  |  | $ | 21,271 |  |  | $ | 1,572 |  |  |  |  | $ | 22,843 |
Mid-Atlantic | 28,509 |  |  | 6,453 |  |  |  |  | 34,962 |  |  | 27,514 |  |  | 5,912 |  |  |  |  | 33,426 |
Midwest | 7,032 |  |  | 2,834 |  |  |  |  | 9,866 |  |  | 6,518 |  |  | 2,107 |  |  |  |  | 8,625 |
Southwest | 15,350 |  |  | 12,856 |  |  |  |  | 28,206 |  |  | 15,845 |  |  | 6,221 |  |  |  |  | 22,066 |
| $ | 66,810 |  |  | $ | 23,825 |  |  |  |  | $ | 90,635 |  |  | $ | 71,148 |  |  | $ | 15,812 |  |  |  |  | $ | 86,960 |
Customer type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 8,712 |  |  | $ | 16,919 |  |  |  |  | $ | 25,631 |  |  | $ | 9,989 |  |  | $ | 11,304 |  |  |  |  | $ | 21,293 |
Residential | 52,996 |  |  | 11,231 |  |  |  |  | 64,227 |  |  | 56,956 |  |  | 8,703 |  |  |  |  | 65,659 |
Unbilled revenue (b) | 5,102 |  |  | (4,325) |  |  |  |  | 777 |  |  | 4,203 |  |  | (4,195) |  |  |  |  | 8 |
| $ | 66,810 |  |  | $ | 23,825 |  |  |  |  | $ | 90,635 |  |  | $ | 71,148 |  |  | $ | 15,812 |  |  |  |  | $ | 86,960 |
Customer credit risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
POR | $ | 42,956 |  |  | $ | 10,371 |  |  |  |  | $ | 53,327 |  |  | $ | 44,080 |  |  | $ | 7,177 |  |  |  |  | $ | 51,257 |
Non-POR | 23,854 |  |  | 13,454 |  |  |  |  | 37,308 |  |  | 27,068 |  |  | 8,635 |  |  |  |  | 35,703 |
| $ | 66,810 |  |  | $ | 23,825 |  |  |  |  | $ | 90,635 |  |  | $ | 71,148 |  |  | $ | 15,812 |  |  |  |  | $ | 86,960 |
| Reportable Segments
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
| Retail Electricity (c) |  | Retail Natural Gas |  | Total Reportable Segments |  | Retail Electricity (c) |  | Retail Natural Gas |  | Total Reportable Segments
Primary markets (a) |  |  |  |  |  |  |  |  |  |  |
New England | $ | 37,191 |  |  | $ | 6,877 |  |  | $ | 44,068 |  |  | $ | 48,610 |  |  | $ | 6,197 |  |  | $ | 54,807 |
Mid-Atlantic | 67,369 |  |  | 26,677 |  |  | 94,046 |  |  | 58,213 |  |  | 21,167 |  |  | 79,380 |
Midwest | 15,151 |  |  | 15,053 |  |  | 30,204 |  |  | 13,827 |  |  | 9,478 |  |  | 23,305 |
Southwest | 27,819 |  |  | 39,001 |  |  | 66,820 |  |  | 27,827 |  |  | 16,029 |  |  | 43,856 |
| $ | 147,530 |  |  | $ | 87,608 |  |  | $ | 235,138 |  |  | $ | 148,477 |  |  | $ | 52,871 |  |  | $ | 201,348 |
Customer type |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 19,513 |  |  | $ | 51,965 |  |  | $ | 71,478 |  |  | $ | 21,354 |  |  | $ | 32,018 |  |  | $ | 53,372 |
Residential | 129,213 |  |  | 39,734 |  |  | 168,947 |  |  | 127,904 |  |  | 27,344 |  |  | 155,248 |
Unbilled revenue (b) | (1,196) |  |  | (4,091) |  |  | (5,287) |  |  | (781) |  |  | (6,491) |  |  | (7,272) |
| $ | 147,530 |  |  | $ | 87,608 |  |  | $ | 235,138 |  |  | $ | 148,477 |  |  | $ | 52,871 |  |  | $ | 201,348 |
Customer credit risk |  |  |  |  |  |  |  |  |  |  |
POR | $ | 98,890 |  |  | $ | 39,337 |  |  | $ | 138,227 |  |  | $ | 94,369 |  |  | $ | 26,646 |  |  | $ | 121,015 |
Non-POR | 48,640 |  |  | 48,271 |  |  | 96,911 |  |  | 54,108 |  |  | 26,225 |  |  | 80,333 |
| $ | 147,530 |  |  | $ | 87,608 |  |  | $ | 235,138 |  |  | $ | 148,477 |  |  | $ | 52,871 |  |  | $ | 201,348 |
| Reportable Segments
(a) The primary markets include the following states: •New England - Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island; •Mid-Atlantic - Delaware, Maryland (including the District of Columbia), New Jersey, New York, Pennsylvania and Virginia; •Midwest - Illinois, Indiana, Michigan and Ohio; and •Southwest - Arizona, California, Colorado, Florida, Nevada and Texas. (b) Unbilled revenue is recorded in total until it is actualized, at which time it is categorized between commercial and residential customers. (c) Retail Electricity includes Services. Reconciliation to Condensed Consolidated Financial Information A reconciliation of the reportable segment operating revenues to consolidated revenues is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total Reportable Segments Revenue | $ | 90,635 |  |  | $ | 86,960 |  |  | $ | 235,138 |  |  | $ | 201,348 |
Net asset optimization expense | (636) |  |  | (531) |  |  | (2,885) |  |  | (2,128) |
Other Revenue | 30 |  |  | 267 |  |  | 33 |  |  | 1,532 |
Total Revenues | $ | 90,029 |  |  | $ | 86,696 |  |  | $ | 232,286 |  |  | $ | 200,752 |
We record gross receipts taxes on a gross basis in retail revenues and retail cost of revenues. During the three months ended June 30, 2025 and 2024, our retail revenues included gross receipts taxes of $0.2 million and $0.2 million, respectively, and our retail cost of revenues included gross receipts taxes of $1.5 million and $1.3 million, respectively. During the six months ended June 30, 2025 an d 2024, our retail revenues included gross receipts taxes of $0.5 million and $0.6 million, respectively, and our retail cost of revenues included gross receipts taxes of $3.3 million and $2.7 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 credit losses 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 credit losses 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 credit losses accounts when the accounts receivable is deemed to be uncollectible. The following table reflects the Company's beginning and ending balances of our account receivables.
|  | Three Months Ended June 30, | Six months ended June 30,
|  | 2025 |  | 2024 | 2025 |  | 2024
Beginning balance accounts receivables |  | $ | 70,442 |  |  | $ | 55,852 |  | $ | 65,442 |  |  | $ | 63,246 |
Ending balance of accounts receivables |  | $ | 47,972 |  |  | $ | 49,085 |  | $ | 47,972 |  |  | $ | 49,085 |
We assess the adequacy of the allowance for credit losses through review of an aging of customer accounts receivable and general economic conditions in the markets that we serve. Bad debt expense of $0.8 million and $1.3 million was recorded in general and administrative expense in the condensed consolidated statements of operations for the six months ended June 30, 2025 and June 30, 2024, respectively. A rollforward of our allowance for credit losses for the six months ended June 30, 2025 are presented in the table below (in thousands):
Balance at December 31, 2024 |  |  |  |  | $ | (2,950) |
Current period credit loss provision |  |  |  |  | (833) |
Write-offs |  |  |  |  | 1,236 |
Recovery of previous write-offs |  |  |  |  | (59) |
Balance at June 30, 2025 |  |  |  |  | $ | (2,606) |

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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