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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
4. Revenue
The disaggregation of our operating revenues for the periods were:
SuccessorPredecessorSuccessorPredecessor
Three Months Ended June 30, 2024May 18 through June 30, 2023April 1 through May 17, 2023Six Months Ended June 30, 2024May 18 through June 30, 2023January 1 through May 17, 2023
Capacity revenues$46 $26 $42 $91 $26 $108 
Electricity sales and ancillary services,
ISO/RTO		249 130 85 514 130 281 
Physical electricity sales, bilateral
contracts, other		22 6 13 86 6 62 
Other revenue from customers29 15 18 71 15 27 
Total revenue from contracts with
customers		346 177 158 762 177 478 
Realized and unrealized gain (loss) on
derivative instruments		100 124 (21)157 124 732 
Nuclear PTC and other revenue (a)
43 — — 79 — — 
Operating revenues$489 $301 $137 $998 $301 $1,210 
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(a)During the six months ended June 30, 2024, $51 million of estimated Nuclear PTCs were utilized as a credit against our federal income tax payable. See Note 5 for additional information on the tax impact of the Nuclear PTC
Accounts Receivable
“Accounts receivable, net” presented on the Consolidated Balance Sheets were:
Successor
June 30, 2024December 31, 2023
Customer accounts receivable$104 $52 
Other accounts receivable47 85 
Accounts receivable, net$151 $137 
During the six months ended June 30, 2024 (Successor), the period from May 18 through June 30, 2023 (Successor), and the period from January 1 through May 17, 2023 (Predecessor), there were no significant changes in accounts receivable other than normal receivable recognition and collection transactions. See Note 3 for additional information on Talen’s credit risk on the carrying value of its receivables.
Future Performance Obligations
In the normal course of business, Talen has future performance obligations for capacity sales awarded through market-based capacity auctions and (or) for capacity sales under bilateral contractual arrangements.
As of June 30, 2024 (Successor), the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:
2024 (a)
2025202620272028
Expected capacity revenues$101 $85 $3 $3 $1 
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(a)For the period from July 1 through December 31, 2024.
The PJM capacity auction for the 2025/2026 PJM Capacity Year was held in July 2024. Talen cleared a total of 6,820 MW at a clearing price of $269.92 per MW-day for the MAAC, PPL, and PSEG locational deliverability areas. The PJM capacity auctions for any years thereafter have not yet been held. See Note 10 for additional information on the PJM RPM and auctions.