false2020Q20001606268--12-31us-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201613Member00016062682020-01-012020-06-300001606268us-gaap:CommonClassAMember2020-01-012020-06-300001606268us-gaap:SeriesAPreferredStockMember2020-01-012020-06-30xbrli:shares0001606268us-gaap:CommonClassAMember2020-08-030001606268us-gaap:CommonClassBMember2020-08-030001606268us-gaap:SeriesAPreferredStockMember2020-08-03iso4217:USD00016062682020-06-3000016062682019-12-31iso4217:USDxbrli:shares0001606268us-gaap:CommonClassAMember2020-06-300001606268us-gaap:CommonClassAMember2019-12-310001606268us-gaap:CommonClassBMember2019-12-310001606268us-gaap:CommonClassBMember2020-06-3000016062682020-04-012020-06-3000016062682019-04-012019-06-3000016062682019-01-012019-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-12-310001606268us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-12-310001606268us-gaap:TreasuryStockMember2019-12-310001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001606268us-gaap:AdditionalPaidInCapitalMember2019-12-310001606268us-gaap:RetainedEarningsMember2019-12-310001606268us-gaap:ParentMember2019-12-310001606268us-gaap:NoncontrollingInterestMember2019-12-3100016062682019-01-012019-12-310001606268us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001606268us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:TreasuryStockMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ParentMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:NoncontrollingInterestMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310001606268us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001606268us-gaap:ParentMember2020-01-012020-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-01-012020-06-300001606268us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001606268us-gaap:RetainedEarningsMember2020-01-012020-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-06-300001606268us-gaap:TreasuryStockMember2020-06-300001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001606268us-gaap:AdditionalPaidInCapitalMember2020-06-300001606268us-gaap:RetainedEarningsMember2020-06-300001606268us-gaap:ParentMember2020-06-300001606268us-gaap:NoncontrollingInterestMember2020-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-03-310001606268us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-03-310001606268us-gaap:TreasuryStockMember2020-03-310001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001606268us-gaap:AdditionalPaidInCapitalMember2020-03-310001606268us-gaap:RetainedEarningsMember2020-03-310001606268us-gaap:ParentMember2020-03-310001606268us-gaap:NoncontrollingInterestMember2020-03-3100016062682020-03-310001606268us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001606268us-gaap:ParentMember2020-04-012020-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-04-012020-06-300001606268us-gaap:RetainedEarningsMember2020-04-012020-06-300001606268us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001606268us-gaap:CommonClassAMember2020-04-012020-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2018-12-310001606268us-gaap:CommonStockMemberus-gaap:CommonClassBMember2018-12-310001606268us-gaap:TreasuryStockMember2018-12-310001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001606268us-gaap:AdditionalPaidInCapitalMember2018-12-310001606268us-gaap:RetainedEarningsMember2018-12-310001606268us-gaap:ParentMember2018-12-310001606268us-gaap:NoncontrollingInterestMember2018-12-3100016062682018-12-310001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-01-012019-06-300001606268us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001606268us-gaap:ParentMember2019-01-012019-06-300001606268us-gaap:RetainedEarningsMember2019-01-012019-06-300001606268us-gaap:NoncontrollingInterestMember2019-01-012019-06-300001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001606268us-gaap:CommonClassAMember2019-01-012019-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-06-300001606268us-gaap:TreasuryStockMember2019-06-300001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001606268us-gaap:AdditionalPaidInCapitalMember2019-06-300001606268us-gaap:RetainedEarningsMember2019-06-300001606268us-gaap:ParentMember2019-06-300001606268us-gaap:NoncontrollingInterestMember2019-06-3000016062682019-06-300001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-03-310001606268us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-03-310001606268us-gaap:TreasuryStockMember2019-03-310001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001606268us-gaap:AdditionalPaidInCapitalMember2019-03-310001606268us-gaap:RetainedEarningsMember2019-03-310001606268us-gaap:ParentMember2019-03-310001606268us-gaap:NoncontrollingInterestMember2019-03-3100016062682019-03-310001606268us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-04-012019-06-300001606268us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001606268us-gaap:ParentMember2019-04-012019-06-300001606268us-gaap:RetainedEarningsMember2019-04-012019-06-300001606268us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001606268us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001606268us-gaap:CommonClassAMember2019-04-012019-06-300001606268spke:StarionAcquisitionMember2020-06-300001606268spke:StarionAcquisitionMember2019-12-310001606268srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010001606268spke:RetailElectricityMemberspke:NewEnglandMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberspke:NewEnglandMember2020-04-012020-06-300001606268spke:NewEnglandMember2020-04-012020-06-300001606268spke:RetailElectricityMemberspke:NewEnglandMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberspke:NewEnglandMember2019-04-012019-06-300001606268spke:NewEnglandMember2019-04-012019-06-300001606268spke:MidAtlanticMemberspke:RetailElectricityMember2020-04-012020-06-300001606268spke:MidAtlanticMemberspke:RetailNaturalGasMember2020-04-012020-06-300001606268spke:MidAtlanticMember2020-04-012020-06-300001606268spke:MidAtlanticMemberspke:RetailElectricityMember2019-04-012019-06-300001606268spke:MidAtlanticMemberspke:RetailNaturalGasMember2019-04-012019-06-300001606268spke:MidAtlanticMember2019-04-012019-06-300001606268spke:MidwestMemberspke:RetailElectricityMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberspke:MidwestMember2020-04-012020-06-300001606268spke:MidwestMember2020-04-012020-06-300001606268spke:MidwestMemberspke:RetailElectricityMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberspke:MidwestMember2019-04-012019-06-300001606268spke:MidwestMember2019-04-012019-06-300001606268spke:RetailElectricityMemberspke:SouthwestMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberspke:SouthwestMember2020-04-012020-06-300001606268spke:SouthwestMember2020-04-012020-06-300001606268spke:RetailElectricityMemberspke:SouthwestMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberspke:SouthwestMember2019-04-012019-06-300001606268spke:SouthwestMember2019-04-012019-06-300001606268spke:RetailElectricityMember2020-04-012020-06-300001606268spke:RetailNaturalGasMember2020-04-012020-06-300001606268spke:RetailElectricityMember2019-04-012019-06-300001606268spke:RetailNaturalGasMember2019-04-012019-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2020-04-012020-06-300001606268us-gaap:BilledRevenuesMemberspke:CommercialMember2020-04-012020-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2019-04-012019-06-300001606268us-gaap:BilledRevenuesMemberspke:CommercialMember2019-04-012019-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2020-04-012020-06-300001606268us-gaap:BilledRevenuesMemberspke:ResidentialMember2020-04-012020-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2019-04-012019-06-300001606268us-gaap:BilledRevenuesMemberspke:ResidentialMember2019-04-012019-06-300001606268spke:RetailElectricityMemberus-gaap:UnbilledRevenuesMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:UnbilledRevenuesMember2020-04-012020-06-300001606268us-gaap:UnbilledRevenuesMember2020-04-012020-06-300001606268spke:RetailElectricityMemberus-gaap:UnbilledRevenuesMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:UnbilledRevenuesMember2019-04-012019-06-300001606268us-gaap:UnbilledRevenuesMember2019-04-012019-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailElectricityMember2020-04-012020-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailNaturalGasMember2020-04-012020-06-300001606268spke:PurchaseofAccountsReceivableMarketMember2020-04-012020-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailElectricityMember2019-04-012019-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailNaturalGasMember2019-04-012019-06-300001606268spke:PurchaseofAccountsReceivableMarketMember2019-04-012019-06-300001606268spke:RetailElectricityMemberspke:NonPurchaseofAccountsReceivableMarketMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberspke:NonPurchaseofAccountsReceivableMarketMember2020-04-012020-06-300001606268spke:NonPurchaseofAccountsReceivableMarketMember2020-04-012020-06-300001606268spke:RetailElectricityMemberspke:NonPurchaseofAccountsReceivableMarketMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberspke:NonPurchaseofAccountsReceivableMarketMember2019-04-012019-06-300001606268spke:NonPurchaseofAccountsReceivableMarketMember2019-04-012019-06-300001606268spke:RetailElectricityMemberspke:NewEnglandMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberspke:NewEnglandMember2020-01-012020-06-300001606268spke:NewEnglandMember2020-01-012020-06-300001606268spke:RetailElectricityMemberspke:NewEnglandMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberspke:NewEnglandMember2019-01-012019-06-300001606268spke:NewEnglandMember2019-01-012019-06-300001606268spke:MidAtlanticMemberspke:RetailElectricityMember2020-01-012020-06-300001606268spke:MidAtlanticMemberspke:RetailNaturalGasMember2020-01-012020-06-300001606268spke:MidAtlanticMember2020-01-012020-06-300001606268spke:MidAtlanticMemberspke:RetailElectricityMember2019-01-012019-06-300001606268spke:MidAtlanticMemberspke:RetailNaturalGasMember2019-01-012019-06-300001606268spke:MidAtlanticMember2019-01-012019-06-300001606268spke:MidwestMemberspke:RetailElectricityMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberspke:MidwestMember2020-01-012020-06-300001606268spke:MidwestMember2020-01-012020-06-300001606268spke:MidwestMemberspke:RetailElectricityMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberspke:MidwestMember2019-01-012019-06-300001606268spke:MidwestMember2019-01-012019-06-300001606268spke:RetailElectricityMemberspke:SouthwestMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberspke:SouthwestMember2020-01-012020-06-300001606268spke:SouthwestMember2020-01-012020-06-300001606268spke:RetailElectricityMemberspke:SouthwestMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberspke:SouthwestMember2019-01-012019-06-300001606268spke:SouthwestMember2019-01-012019-06-300001606268spke:RetailElectricityMember2020-01-012020-06-300001606268spke:RetailNaturalGasMember2020-01-012020-06-300001606268spke:RetailElectricityMember2019-01-012019-06-300001606268spke:RetailNaturalGasMember2019-01-012019-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2020-01-012020-06-300001606268us-gaap:BilledRevenuesMemberspke:CommercialMember2020-01-012020-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:CommercialMember2019-01-012019-06-300001606268us-gaap:BilledRevenuesMemberspke:CommercialMember2019-01-012019-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2020-01-012020-06-300001606268us-gaap:BilledRevenuesMemberspke:ResidentialMember2020-01-012020-06-300001606268spke:RetailElectricityMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:BilledRevenuesMemberspke:ResidentialMember2019-01-012019-06-300001606268us-gaap:BilledRevenuesMemberspke:ResidentialMember2019-01-012019-06-300001606268spke:RetailElectricityMemberus-gaap:UnbilledRevenuesMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:UnbilledRevenuesMember2020-01-012020-06-300001606268us-gaap:UnbilledRevenuesMember2020-01-012020-06-300001606268spke:RetailElectricityMemberus-gaap:UnbilledRevenuesMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:UnbilledRevenuesMember2019-01-012019-06-300001606268us-gaap:UnbilledRevenuesMember2019-01-012019-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailElectricityMember2020-01-012020-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailNaturalGasMember2020-01-012020-06-300001606268spke:PurchaseofAccountsReceivableMarketMember2020-01-012020-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailElectricityMember2019-01-012019-06-300001606268spke:PurchaseofAccountsReceivableMarketMemberspke:RetailNaturalGasMember2019-01-012019-06-300001606268spke:PurchaseofAccountsReceivableMarketMember2019-01-012019-06-300001606268spke:RetailElectricityMemberspke:NonPurchaseofAccountsReceivableMarketMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberspke:NonPurchaseofAccountsReceivableMarketMember2020-01-012020-06-300001606268spke:NonPurchaseofAccountsReceivableMarketMember2020-01-012020-06-300001606268spke:RetailElectricityMemberspke:NonPurchaseofAccountsReceivableMarketMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberspke:NonPurchaseofAccountsReceivableMarketMember2019-01-012019-06-300001606268spke:NonPurchaseofAccountsReceivableMarketMember2019-01-012019-06-300001606268us-gaap:SalesMember2020-04-012020-06-300001606268us-gaap:SalesMember2019-04-012019-06-300001606268us-gaap:CostOfSalesMember2020-04-012020-06-300001606268us-gaap:CostOfSalesMember2019-04-012019-06-300001606268us-gaap:SalesMember2020-01-012020-06-300001606268us-gaap:SalesMember2019-01-012019-06-300001606268us-gaap:CostOfSalesMember2020-01-012020-06-300001606268us-gaap:CostOfSalesMember2019-01-012019-06-300001606268us-gaap:TradeAccountsReceivableMember2019-12-310001606268us-gaap:TradeAccountsReceivableMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001606268us-gaap:TradeAccountsReceivableMember2020-01-012020-06-300001606268us-gaap:TradeAccountsReceivableMember2020-06-30xbrli:pure0001606268spke:SparkHoldCoMember2020-01-012020-06-300001606268spke:NuDevcoRetailandRetailcoLLCMemberspke:SparkHoldCoMember2020-01-012020-06-300001606268spke:SparkHoldCoMember2019-01-012019-12-310001606268spke:NuDevcoRetailandRetailcoLLCMemberspke:SparkHoldCoMember2019-01-012019-12-310001606268us-gaap:CommonClassBMember2020-01-012020-06-300001606268us-gaap:CommonClassBMember2020-04-012020-06-300001606268us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-06-300001606268us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001606268us-gaap:SeriesAPreferredStockMember2020-05-310001606268us-gaap:SeriesAPreferredStockMember2020-05-012020-05-310001606268us-gaap:SeriesAPreferredStockMember2020-04-012020-06-300001606268us-gaap:SeriesAPreferredStockMember2020-06-30utr:MMBTU0001606268srt:NaturalGasReservesMemberspke:NontradingMemberus-gaap:LongMember2020-01-012020-06-300001606268srt:NaturalGasReservesMemberspke:NontradingMemberus-gaap:LongMember2019-01-012019-12-310001606268spke:NontradingMemberus-gaap:LongMemberspke:NaturalGasBasisMember2020-01-012020-06-300001606268spke:NontradingMemberus-gaap:LongMemberspke:NaturalGasBasisMember2019-01-012019-12-31utr:MWh0001606268spke:NontradingMemberus-gaap:ElectricityMemberus-gaap:LongMember2020-01-012020-06-300001606268spke:NontradingMemberus-gaap:ElectricityMemberus-gaap:LongMember2019-01-012019-12-310001606268srt:NaturalGasReservesMemberspke:DesignatedasTradingMemberus-gaap:LongMember2020-01-012020-06-300001606268srt:NaturalGasReservesMemberspke:DesignatedasTradingMemberus-gaap:LongMember2019-01-012019-12-310001606268spke:DesignatedasTradingMemberus-gaap:ShortMemberspke:NaturalGasBasisMember2020-01-012020-06-300001606268spke:DesignatedasTradingMemberus-gaap:ShortMemberspke:NaturalGasBasisMember2019-01-012019-12-310001606268spke:NontradingMember2020-04-012020-06-300001606268spke:NontradingMember2019-04-012019-06-300001606268spke:DesignatedasTradingMember2020-04-012020-06-300001606268spke:DesignatedasTradingMember2019-04-012019-06-300001606268spke:NontradingMember2020-01-012020-06-300001606268spke:NontradingMember2019-01-012019-06-300001606268spke:DesignatedasTradingMember2020-01-012020-06-300001606268spke:DesignatedasTradingMember2019-01-012019-06-300001606268us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberspke:DesignatedasTradingMember2020-01-012020-06-300001606268us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberspke:DesignatedasTradingMember2019-01-012019-06-300001606268spke:NontradingCommodityContractCurrentMember2020-06-300001606268spke:TradingCommodityContractCurrentMember2020-06-300001606268spke:CommodityContractCurrentMember2020-06-300001606268spke:NontradingCommodityContractNoncurrentMember2020-06-300001606268spke:TradingCommodityContractNoncurrentMember2020-06-300001606268spke:CommodityContractNoncurrentMember2020-06-300001606268us-gaap:CommodityContractMember2020-06-300001606268spke:NontradingCommodityContractCurrentMember2019-12-310001606268spke:TradingCommodityContractCurrentMember2019-12-310001606268spke:CommodityContractCurrentMember2019-12-310001606268spke:NontradingCommodityContractNoncurrentMember2019-12-310001606268spke:TradingCommodityContractNoncurrentMember2019-12-310001606268spke:CommodityContractNoncurrentMember2019-12-310001606268us-gaap:CommodityContractMember2019-12-310001606268srt:MinimumMemberus-gaap:SoftwareDevelopmentMember2020-01-012020-06-300001606268srt:MaximumMemberus-gaap:SoftwareDevelopmentMember2020-01-012020-06-300001606268us-gaap:SoftwareDevelopmentMember2020-06-300001606268us-gaap:SoftwareDevelopmentMember2019-12-310001606268srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2020-01-012020-06-300001606268srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2020-01-012020-06-300001606268us-gaap:FurnitureAndFixturesMember2020-06-300001606268us-gaap:FurnitureAndFixturesMember2019-12-310001606268us-gaap:CustomerRelationshipsMember2020-06-300001606268us-gaap:CustomerRelationshipsMember2019-12-310001606268spke:CustomerRelationshipsOtherMember2020-06-300001606268spke:CustomerRelationshipsOtherMember2019-12-310001606268us-gaap:TrademarksMember2020-06-300001606268us-gaap:TrademarksMember2019-12-310001606268us-gaap:CustomerRelationshipsMember2020-01-012020-06-300001606268spke:CustomerRelationshipsOtherMember2020-01-012020-06-300001606268us-gaap:TrademarksMember2020-01-012020-06-300001606268us-gaap:LineOfCreditMember2020-06-300001606268us-gaap:LineOfCreditMember2019-12-310001606268us-gaap:LineOfCreditMember2020-01-012020-06-300001606268us-gaap:LineOfCreditMember2019-01-012019-12-310001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-06-300001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2019-12-310001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-04-012020-06-300001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2019-04-012019-06-300001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-01-012020-06-300001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2019-01-012019-06-300001606268spke:PromissoryNoteMember2020-04-012020-06-300001606268spke:PromissoryNoteMember2019-04-012019-06-300001606268spke:PromissoryNoteMember2020-01-012020-06-300001606268spke:PromissoryNoteMember2019-01-012019-06-300001606268spke:WorkingCapitalFacilityMember2020-04-012020-06-300001606268spke:WorkingCapitalFacilityMember2019-04-012019-06-300001606268spke:WorkingCapitalFacilityMember2020-01-012020-06-300001606268spke:WorkingCapitalFacilityMember2019-01-012019-06-300001606268us-gaap:SubordinatedDebtMember2020-04-012020-06-300001606268us-gaap:SubordinatedDebtMember2019-04-012019-06-300001606268us-gaap:SubordinatedDebtMember2020-01-012020-06-300001606268us-gaap:SubordinatedDebtMember2019-01-012019-06-300001606268us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:LineOfCreditMember2020-07-310001606268spke:ShareBuybackLoansMemberus-gaap:SubsequentEventMember2020-07-310001606268spke:ShareBuybackLoansMemberus-gaap:SubsequentEventMemberus-gaap:CommonClassAMember2020-07-310001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberspke:WorkingCapitalLineMemberus-gaap:EurodollarMember2020-01-012020-06-300001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberus-gaap:LineOfCreditMemberspke:WorkingCapitalLineMember2020-01-012020-06-300001606268us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EurodollarMember2020-07-012020-07-310001606268us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:LineOfCreditMember2020-07-012020-07-310001606268us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:FederalFundsEffectiveSwapRateMember2020-07-012020-07-310001606268spke:ReferenceEurodollarMemberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:LineOfCreditMember2020-07-012020-07-310001606268us-gaap:RevolvingCreditFacilityMemberspke:AcquisitionLineMemberus-gaap:EurodollarMember2020-01-012020-06-300001606268us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberspke:AcquisitionLineMember2020-01-012020-06-300001606268spke:ShareBuybackLoansMemberus-gaap:RevolvingCreditFacilityMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:EurodollarMember2020-01-012020-06-300001606268spke:ShareBuybackLoansMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberspke:FourthAmendmentToSeniorCreditFacilityMember2020-01-012020-06-300001606268srt:MinimumMemberus-gaap:LineOfCreditMemberspke:SeniorSecuredRevolvingCreditFacilityMember2020-01-012020-06-300001606268us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:LineOfCreditMember2020-07-012020-07-310001606268srt:MinimumMemberus-gaap:LineOfCreditMemberspke:SeniorSecuredRevolvingCreditFacilityMember2020-06-300001606268us-gaap:LineOfCreditMemberspke:SeniorSecuredRevolvingCreditFacilityMember2020-01-012020-06-300001606268us-gaap:CommonClassAMemberspke:SeniorSecuredRevolvingCreditFacilityMember2020-06-300001606268us-gaap:SeriesAPreferredStockMemberspke:SeniorSecuredRevolvingCreditFacilityMember2020-06-300001606268us-gaap:SubsequentEventMemberspke:FourthAmendmentToSeniorCreditFacilityMemberus-gaap:CommonClassAMemberus-gaap:LineOfCreditMember2020-07-310001606268spke:CommonClassAandCommonClassBMemberspke:SeniorSecuredRevolvingCreditFacilityMember2020-06-300001606268spke:RetailcoMemberus-gaap:SubordinatedDebtMember2019-06-300001606268spke:RetailcoMemberus-gaap:SubordinatedDebtMember2020-06-300001606268spke:RetailcoMemberus-gaap:SubordinatedDebtMember2020-01-012020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberspke:NontradingCommodityContractMember2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberspke:NontradingCommodityContractMember2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberspke:NontradingCommodityContractMemberus-gaap:FairValueInputsLevel3Member2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberspke:NontradingCommodityContractMember2020-06-300001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMember2020-06-300001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberspke:NontradingCommodityContractMember2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberspke:NontradingCommodityContractMember2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMemberspke:NontradingCommodityContractMemberus-gaap:FairValueInputsLevel3Member2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMemberspke:NontradingCommodityContractMember2019-12-310001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001606268spke:TradingCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001606268us-gaap:FairValueMeasurementsRecurringMember2019-12-310001606268spke:NuDevcoRetailHoldingsandNuDevcoRetailMember2020-06-300001606268spke:VerdeEnergyUSAOhioLLCMember2019-09-062019-09-060001606268spke:VerdeEnergyUSAIncMember2020-01-012020-06-300001606268spke:LitigationAndRegulatoryMattersMember2020-06-300001606268spke:LitigationAndRegulatoryMattersMember2019-12-310001606268spke:IndirectTaxAuditsMember2020-06-300001606268spke:IndirectTaxAuditsMember2019-12-310001606268srt:AffiliatedEntityMemberspke:AllocatedOverheadCostsMember2020-04-012020-06-300001606268srt:AffiliatedEntityMemberspke:AllocatedOverheadCostsMember2019-04-012019-06-300001606268srt:AffiliatedEntityMemberspke:AllocatedOverheadCostsMember2020-01-012020-06-300001606268srt:AffiliatedEntityMemberspke:AllocatedOverheadCostsMember2019-01-012019-06-300001606268srt:AffiliatedEntityMember2020-04-012020-06-300001606268srt:AffiliatedEntityMember2019-04-012019-06-300001606268srt:AffiliatedEntityMember2020-01-012020-06-300001606268srt:AffiliatedEntityMember2019-01-012019-06-300001606268srt:AffiliatedEntityMemberspke:PurchasedNaturalGasFromAffiliateMember2020-04-012020-06-300001606268srt:AffiliatedEntityMemberspke:PurchasedNaturalGasFromAffiliateMember2019-04-012019-06-300001606268srt:AffiliatedEntityMemberspke:PurchasedNaturalGasFromAffiliateMember2020-01-012020-06-300001606268srt:AffiliatedEntityMemberspke:PurchasedNaturalGasFromAffiliateMember2019-01-012019-06-300001606268spke:NuDevcoRetailHoldingsandNuDevcoRetailMember2019-04-012019-06-300001606268spke:NuDevcoRetailHoldingsandNuDevcoRetailMember2020-04-012020-06-300001606268spke:PaymentofIncomeTaxesIncurredbytheCompanyMemberspke:NuDevcoRetailHoldingsandNuDevcoRetailMember2020-04-012020-06-300001606268spke:PaymentofIncomeTaxesIncurredbytheCompanyMemberspke:NuDevcoRetailHoldingsandNuDevcoRetailMember2019-04-012019-06-300001606268spke:NuDevcoRetailHoldingsandNuDevcoRetailMember2020-01-012020-06-300001606268spke:NuDevcoRetailHoldingsandNuDevcoRetailMember2019-01-012019-06-300001606268spke:PaymentofIncomeTaxesIncurredbytheCompanyMemberspke:NuDevcoRetailHoldingsandNuDevcoRetailMember2020-01-012020-06-300001606268spke:PaymentofIncomeTaxesIncurredbytheCompanyMemberspke:NuDevcoRetailHoldingsandNuDevcoRetailMember2019-01-012019-06-300001606268srt:AffiliatedEntityMemberspke:SubordinatedDebtFacilityMember2019-06-300001606268srt:AffiliatedEntityMemberspke:SubordinatedDebtFacilityMember2019-06-012019-06-300001606268srt:AffiliatedEntityMemberspke:SubordinatedDebtFacilityMember2019-12-310001606268spke:RetailcoandNuDevcoRetailMember2019-07-152019-07-150001606268spke:SparkHoldCoMember2019-07-152019-07-150001606268spke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001606268us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001606268srt:ConsolidationEliminationsMember2020-04-012020-06-300001606268spke:NontradingMemberspke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001606268spke:NontradingMemberspke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001606268spke:NontradingMemberus-gaap:CorporateNonSegmentMember2020-04-012020-06-300001606268spke:NontradingMembersrt:ConsolidationEliminationsMember2020-04-012020-06-300001606268spke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2020-06-300001606268spke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2020-06-300001606268us-gaap:CorporateNonSegmentMember2020-06-300001606268srt:ConsolidationEliminationsMember2020-06-300001606268spke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001606268us-gaap:CorporateNonSegmentMember2019-04-012019-06-300001606268srt:ConsolidationEliminationsMember2019-04-012019-06-300001606268spke:NontradingMemberspke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001606268spke:NontradingMemberspke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001606268spke:NontradingMemberus-gaap:CorporateNonSegmentMember2019-04-012019-06-300001606268spke:NontradingMembersrt:ConsolidationEliminationsMember2019-04-012019-06-300001606268spke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2019-12-310001606268spke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2019-12-310001606268us-gaap:CorporateNonSegmentMember2019-12-310001606268srt:ConsolidationEliminationsMember2019-12-310001606268spke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001606268spke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001606268us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001606268srt:ConsolidationEliminationsMember2020-01-012020-06-300001606268spke:NontradingMemberspke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001606268spke:NontradingMemberspke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001606268spke:NontradingMemberus-gaap:CorporateNonSegmentMember2020-01-012020-06-300001606268spke:NontradingMembersrt:ConsolidationEliminationsMember2020-01-012020-06-300001606268spke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001606268spke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001606268us-gaap:CorporateNonSegmentMember2019-01-012019-06-300001606268srt:ConsolidationEliminationsMember2019-01-012019-06-300001606268spke:NontradingMemberspke:RetailElectricityMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001606268spke:NontradingMemberspke:RetailNaturalGasMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001606268spke:NontradingMemberus-gaap:CorporateNonSegmentMember2019-01-012019-06-300001606268spke:NontradingMembersrt:ConsolidationEliminationsMember2019-01-012019-06-300001606268us-gaap:SubsequentEventMemberus-gaap:CommonClassAMember2020-07-172020-07-170001606268us-gaap:SubsequentEventMemberus-gaap:SeriesAPreferredStockMember2020-07-172020-07-17

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended June 30, 2020
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to          
 
Commission File Number: 001-36559
Spark Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware 46-5453215
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
12140 Wickchester Ln, Suite 100
Houston, Texas 77079

(Address of principal executive offices)
 
(713) 600-2600
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbols(s) Name of exchange on which registered
Class A common stock, par value $0.01 per share SPKE The NASDAQ Global Select Market
8.75% Series A Fixed-to-Floating Rate

Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share
SPKEP The NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.        
Large accelerated filer                  Accelerated filer  
Non-accelerated filer Smaller reporting company



Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    
        Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
         Yes  No

There were 14,672,432 shares of Class A common stock, 20,800,000 shares of Class B common stock and 3,567,543 shares of Series A Preferred Stock outstanding as of August 3, 2020.



SPARK ENERGY, INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2020
Page No.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2020 AND DECEMBER 31, 2019 (unaudited)
3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (unaudited)  
4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (unaudited)  
5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019 (unaudited)  
9
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  
11
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
39
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
59
ITEM 4. CONTROLS AND PROCEDURES
61
PART II. OTHER INFORMATION
62
ITEM 1. LEGAL PROCEEDINGS
62
ITEM 1A. RISK FACTORS
62
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
64
ITEM 5. OTHER INFORMATION
65
ITEM 6. EXHIBITS
66
SIGNATURES
68

1

Table of Contents
Cautionary Note Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), can be identified by the use of forward-looking terminology including “may,” “should,” “likely,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “plan,” “intend,” “project,” or other similar words. All statements, other than statements of historical fact included in this Report, regarding strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives and beliefs of management are forward-looking statements. Forward-looking statements appear in a number of places in this Report and may include statements about expected impacts of COVID-19, business strategy and prospects for growth, customer acquisition costs, legal proceedings, ability to pay cash dividends, cash flow generation and liquidity, availability of terms of capital, competition and government regulation and general economic conditions. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct.
The forward-looking statements in this Report are subject to risks and uncertainties. Important factors that could cause actual results to materially differ from those projected in the forward-looking statements include, but are not limited to:

potential and evolving risks and uncertainties relating to COVID-19, including the geographic spread, the severity of the disease, the scope and duration of the COVID-19 outbreak, actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact, and the potential for continuing negative impacts of COVID-19 on economies and financial markets;
changes in commodity prices;
the sufficiency of risk management and hedging policies and practices;
the impact of extreme and unpredictable weather conditions, including hurricanes and other natural disasters;
federal, state and local regulations, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by public utility commissions;
our ability to borrow funds and access credit markets;
restrictions in our debt agreements and collateral requirements;
credit risk with respect to suppliers and customers;
changes in costs to acquire customers as well as actual attrition rates;
accuracy of billing systems;
our ability to successfully identify, complete, and efficiently integrate acquisitions into our operations;
significant changes in, or new changes by, the independent system operators ("ISOs") in the regions we operate;
competition; and
the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in "Item 1A— Risk Factors" of this Report, and in our other public filings and press releases.

You should review the risk factors and other factors noted throughout or incorporated by reference in this Report that could cause our actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements speak only as of the date of this Report. Unless required by law, we disclaim any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

2

Table of Contents
PART I. — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share counts)
(unaudited)
June 30, 2020 December 31, 2019
Assets
Current assets:
Cash and cash equivalents $ 78,618    $ 56,664   
Restricted cash 1,006    1,004   
Accounts receivable, net of allowance for doubtful accounts of $6,299 at June 30, 2020 and $4,797 at December 31, 2019
68,043    113,635   
Accounts receivable—affiliates 4,148    2,032   
Inventory 972    2,954   
Fair value of derivative assets 312    464   
Customer acquisition costs, net 10,382    8,649   
Customer relationships, net 12,159    13,607   
Deposits 6,086    6,806   
Renewable energy credit asset 12,175    24,204   
Other current assets 7,623    6,109   
Total current assets 201,524    236,128   
Property and equipment, net 2,779    3,267   
Fair value of derivative assets 221    106   
Customer acquisition costs, net 2,049    9,845   
Customer relationships, net 11,729    17,767   
Deferred tax assets 28,890    29,865   
Goodwill 120,343    120,343   
Other assets 4,477    5,647   
Total assets $ 372,012    $ 422,968   
Liabilities, Series A Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable $ 31,979    $ 48,245   
Accounts payable—affiliates 717    1,009   
Accrued liabilities 38,289    37,941   
Renewable energy credit liability 18,696    33,120   
Fair value of derivative liabilities 11,282    19,943   
Other current liabilities 1,461    1,697   
Total current liabilities 102,424    141,955   
Long-term liabilities:
Fair value of derivative liabilities 408    495   
Long-term portion of Senior Credit Facility 100,000    123,000   
Other long-term liabilities 73    217   
Total liabilities 202,905    265,667   
Commitments and contingencies (Note 12)
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,707,256 shares issued and 3,567,543 shares outstanding at June 30, 2020 and 3,707,256 shares issued and 3,677,318 shares outstanding at December 31, 2019
87,288    90,015   
Stockholders' equity:
       Common Stock:
Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 14,771,878 shares issued and 14,672,432 shares outstanding at June 30, 2020 and 14,478,999 shares issued and 14,379,553 shares outstanding at December 31, 2019
148    145   
Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 20,800,000 shares issued and outstanding at June 30, 2020 and 20,800,000 shares issued and outstanding at December 31, 2019
209    209   
       Additional paid-in capital 53,409    51,842   
       Accumulated other comprehensive loss (40)   (40)  
       Retained earnings 7,275    1,074   
       Treasury stock, at cost, 99,446 shares at June 30, 2020 and December 31, 2019
(2,011)   (2,011)  
       Total stockholders' equity 58,990    51,219   
Non-controlling interest in Spark HoldCo, LLC 22,829    16,067   
       Total equity 81,819    67,286   
Total liabilities, Series A Preferred Stock and Stockholders' equity $ 372,012    $ 422,968   

The accompanying notes are an integral part of the condensed consolidated financial statements.
3

Table of Contents
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Revenues:
Retail revenues $ 128,618    $ 177,805    $ 294,978    $ 417,959   
Net asset optimization (expense) revenues (82)   (56)   239    2,496   
Total Revenues 128,536    177,749    295,217    420,455   
Operating Expenses:
Retail cost of revenues 65,605    158,759    184,428    354,014   
General and administrative 21,331    37,247    47,007    66,723   
Depreciation and amortization 8,010    10,312    16,806    22,467   
Total Operating Expenses 94,946    206,318    248,241    443,204   
Operating income 33,590    (28,569)   46,976    (22,749)  
Other (expense)/income:
Interest expense (1,193)   (1,995)   (2,746)   (4,218)  
Interest and other income 53    494    213    683   
Total other expenses (1,140)   (1,501)   (2,533)   (3,535)  
Income before income tax expense 32,450    (30,070)   44,443    (26,284)  
Income tax expense (benefit) 5,673    (4,586)   7,598    (3,545)  
Net income (loss) $ 26,777    $ (25,484)   $ 36,845    $ (22,739)  
Less: Net income (loss) attributable to non-controlling interests 15,618    (18,369)   21,207    (16,406)  
Net income (loss) attributable to Spark Energy, Inc. stockholders $ 11,159    $ (7,115)   $ 15,638    $ (6,333)  
Less: Dividends on Series A Preferred Stock 2,039    2,027    3,539    4,054   
Net income (loss) attributable to stockholders of Class A common stock $ 9,120    $ (9,142)   $ 12,099    $ (10,387)  
Other comprehensive income (loss), net of tax:
Currency translation loss $ (63)   $ —    $ (98)  
Other comprehensive loss —    (63)   —    (98)  
Comprehensive income (loss) $ 26,777    $ (25,547)   $ 36,845    $ (22,837)  
Less: Comprehensive income (loss) attributable to non-controlling interests 15,618    (18,407)   21,207    (16,464)  
Comprehensive income (loss) attributable to Spark Energy, Inc. stockholders $ 11,159    $ (7,140)   $ 15,638    $ (6,373)  
Net income (loss) attributable to Spark Energy, Inc. per share of Class A common stock
       Basic $ 0.63    $ (0.64)   $ 0.84    $ (0.73)  
       Diluted $ 0.62    $ (0.73)   $ 0.83    $ (0.73)  
Weighted average shares of Class A common stock outstanding
       Basic 14,558    14,246    14,469    14,191   
       Diluted 14,763    35,046    14,569    34,991   

The accompanying notes are an integral part of the condensed consolidated financial statements.
4

Table of Contents
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands)
(unaudited)
Six Months Ended June 30, 2020
Issued Shares of Class A Common Stock Issued Shares of Class B Common Stock Treasury Stock Class A Common Stock Class B Common Stock Treasury Stock Accumulated Other Comprehensive Loss Additional Paid-in Capital Retained Earnings (Deficit) Total Stockholders' Equity Non-controlling Interest Total Equity
Balance at December 31, 2019 14,479    20,800    (99)   $ 145    $ 209    $ (2,011)   $ (40)   $ 51,842    $ 1,074    $ 51,219    $ 16,067    $ 67,286   
Impact of adoption of ASC 326
—    —    —    —    —    —    —    —    (633)   (633)   —    (633)  
Balance at January 1, 2020 14,479    20,800    (99)   145    209    (2,011)   (40)   51,842    441    50,586    16,067    66,653   
Stock based compensation —    —    —    —    —    —    1,772    —    1,772    —    1,772   
Restricted stock unit vesting 293    —    —      —    —    —    (915)   —    (912)   —    (912)  
Consolidated net income —    —    —    —    —    —    —    —    15,638    15,638    21,207    36,845   
Distributions paid to non-controlling unit holders —    —    —    —    —    —    —    —    —    —    (13,735)   (13,735)  
Dividends paid to Class A common stockholders ($0.3625 per share)
—    —    —    —    —    —    —    —    (5,265)   (5,265)   —    (5,265)  
Dividends paid to Preferred Stockholders —    —    —    —    —    —    —    —    (3,539)   (3,539)   —    (3,539)  
Changes in ownership interest —    —    —    —    —    —    —    710    —    710    (710)   —   
Balance at June 30, 2020 14,772    20,800    (99)   $ 148    $ 209    $ (2,011)   $ (40)   $ 53,409    $ 7,275    $ 58,990    $ 22,829    $ 81,819   

















5

Table of Contents

Three Months Ended June 30, 2020
Issued Shares of Class A Common Stock Issued Shares of Class B Common Stock Treasury Stock Class A Common Stock Class B Common Stock Treasury Stock Accumulated Other Comprehensive Loss Additional Paid-in Capital Retained Earnings (Deficit) Total Stockholders' Equity Non-controlling Interest Total Equity
Balance at March 31, 2020
14,495    20,800    (99)   $ 145    $ 209    $ (2,011)   $ (40)   $ 52,710    $ 814    $ 51,827    $ 14,906    $ 66,733   
Stock based compensation 443 443 443
Restricted stock unit vesting 277 3 (876) (873) (873)
Consolidated net income 11,159 11,159 15,618 26,777
Distributions paid to non-controlling unit holders (6,563) (6,563)
Dividends paid to Class A common stockholders ($0.18125 per share)
(2,659) (2,659) (2,659)
Dividends paid to Preferred Stockholders (2,039) (2,039) (2,039)
Changes in Ownership Interest 1,132 1,132 (1,132)
Balance at June 30, 2020 14,772 20,800 (99) $148 $209 $(2,011) $(40) $53,409 $7,275 $58,990 $22,829 $81,819















6

Table of Contents
Six Months Ended June 30, 2019
Issued Shares of Class A Common Stock Issued Shares of Class B Common Stock Treasury Stock Class A Common Stock Class B Common Stock Treasury Stock Accumulated Other Comprehensive Loss Additional Paid-in Capital Retained Earnings (Deficit) Total Stockholders' Equity Non-controlling Interest Total Equity
Balance at December 31, 2018
14,178    20,800    (99)   $ 142    $ 209    $ (2,011)   $   $ 46,157    $ 1,307    $ 45,806    $ 44,488    $ 90,294   
Stock based compensation 301    —    —    —    —    —    —    2,511    —    2,511    —    2,511   
Restricted stock unit vesting —    —    —      —    —    —    (1,107)   —    (1,104)   —    (1,104)  
Consolidated net loss —    —    —    —    —    —    —    —    (6,333)   (6,333)   (16,406)   (22,739)  
Foreign currency translation adjustment for equity method investee —    —    —    —    —    —    (40)   —    —    (40)   (58)   (98)  
Distributions paid to non-controlling unit holders —    —    —    —    —    —    —    —    —    —    (7,978)   (7,978)  
Dividends paid to Class A common stockholders ($0.3625 per share)
—    —    —    —    —    —    —    (5,170)   —    (5,170)   —    (5,170)  
Changes in ownership interest —    —    —    —    —    —    —    1,912    —    1,912    (1,912)   —   
Dividends to Preferred Stockholders —    —    —    —    —    —    —    (2,029)   (2,027)   (4,056)   —    (4,056)  
Proceeds from disgorgement of stockholder short-swing profits —    —    —    —    —    —    —    55    —    55    —    55   
Acquisition of Customers from Affiliate —    —    —    —    —    —    —    —    —    —    (10)   (10)  
Balance at June 30, 2019
14,479    20,800    (99)   $ 145    $ 209    $ (2,011)   $ (38)   $ 42,329    $ (7,053)   $ 33,581    $ 18,124    $ 51,705   





7

Table of Contents
Three Months Ended June 30, 2019
Issued Shares of Class A Common Stock Issued Shares of Class B Common Stock Treasury Stock Class A Common Stock Class B Common Stock Treasury Stock Accumulated Other Comprehensive Loss Additional Paid-in Capital Retained Earnings (Deficit) Total Stockholders' Equity Non-controlling Interest Total Equity
Balance at March 31, 2019
14,241    20,800    (99)   $ 142    $ 209    $ (2,011)   $ (12)   $ 45,769    $ 62    $ 44,159    $ 41,591    $ 85,750   
Stock based compensation 238    —    —    —    —    —    —    1,440    —    1,440    —    1,440   
Restricted stock unit vesting —    —    —      —    —    —    (1,107)   —    (1,104)   —    (1,104)  
Consolidated Net loss —    —    —    —    —    —    —    —    (7,115)   (7,115)   (18,369)   (25,484)  
Foreign currency translation adjustment for equity method investee —    —    —    —    —    —    (26)   —    —    (26)   (37)   (63)  
Distributions paid to non-controlling unit holders —    —    —    —    —    —    —    —    —    —    (4,208)   (4,208)  
Dividends paid to Class A common stockholders ($0.18125 per share)
—    —    —    —    —    —    —    (2,606)   —    (2,606)   —    (2,606)  
Dividends to Preferred Stockholders —    —    —    —    —    —    —    (2,029)   —    (2,029)   —    (2,029)  
Proceeds from disgorgement of stockholder short-swing profits —    —    —    —    —    —    —      —      —     
Changes in ownership interest —    —    —    —    —    —    —    853    —    853    (853)   —   
Balance at June 30, 2019 14,479    20,800    (99)   $ 145    $ 209    $ (2,011)   $ (38)   $ 42,329    $ (7,053)   $ 33,581    $ 18,124    $ 51,705   
The accompanying notes are an integral part of the condensed consolidated financial statements.
8

Table of Contents
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
  
Six Months Ended June 30,
   2020 2019
Cash flows from operating activities:
Net income (loss) $ 36,845    $ (22,739)  
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization expense 16,806    22,480   
Deferred income taxes 975    (4,527)  
Stock based compensation 1,814    2,432   
Amortization of deferred financing costs 490    505   
Bad debt expense 3,733    6,015   
Loss on derivatives, net 16,466    54,997   
Current period cash settlements on derivatives, net (26,256)   (19,891)  
Other —    (399)  
Changes in assets and liabilities:
Decrease in accounts receivable 41,225    41,171   
Increase in accounts receivable—affiliates (2,116)   (1,324)  
Decrease in inventory 1,981    1,858   
Increase in customer acquisition costs (1,556)   (9,185)  
Decrease in prepaid and other current assets 10,901    11,545   
Decrease (increase) in other assets 459    (786)  
Decrease in accounts payable and accrued liabilities (30,393)   (30,391)  
(Decrease) increase in accounts payable—affiliates (292)   11   
Increase (decrease) in other current liabilities 846    (792)  
(Decrease) increase in other non-current liabilities (145)   49   
Net cash provided by operating activities 71,783    51,029   
Cash flows from investing activities:
Purchases of property and equipment (579)   (460)  
Acquisition of Customers from Affiliate —    (5,913)  
Net cash used in investing activities (579)   (6,373)  
Cash flows from financing activities:
Buyback of Series A Preferred Stock (2,157)   (111)  
Borrowings on notes payable 250,000    118,500   
Payments on notes payable (273,000)   (164,000)  
Payments on the Verde promissory note —    (2,036)  
Proceeds from disgorgement of stockholders short-swing profits —    55   
Restricted stock vesting (1,107)   (1,348)  
Payment of dividends to Class A common stockholders (5,265)   (5,170)  
Payment of distributions to non-controlling unitholders (13,735)   (7,540)  
Payment of Preferred Stock dividends (3,984)   (4,054)  
Payment to affiliates for acquisition of customer book —    (10)  
Net cash used in financing activities (49,248)   (65,714)  
Increase (decrease) in Cash, cash equivalents and Restricted cash 21,956    (21,058)  
Cash, cash equivalents and Restricted cash—beginning of period 57,668    49,638   
Cash, cash equivalents and Restricted cash—end of period $ 79,624    $ 28,580   
Supplemental Disclosure of Cash Flow Information:
Non-cash items:
        Property and equipment purchase accrual $ 79    $  
        Holdback for Verde Note—Indemnified Matters $ —    $ 4,900   
Cash paid during the period for:
Interest $ 2,307    $ 3,723   
Taxes $ 987    $ 1,440   
9

Table of Contents
The accompanying notes are an integral part of the condensed consolidated financial statements.
10

Table of Contents
SPARK ENERGY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Formation and Organization
Organization

We are an independent retail energy services company that provides residential and commercial customers in competitive markets across the United States with an alternative choice for natural gas and electricity. Spark Energy, Inc. (the "Company") is a holding company whose sole material asset consists of units in Spark HoldCo, LLC (“Spark HoldCo”). The Company is the sole managing member of Spark HoldCo, is responsible for all operational, management and administrative decisions relating to Spark HoldCo’s business and consolidates the financial results of Spark HoldCo and its subsidiaries. Spark HoldCo is the direct and indirect owner of the subsidiaries through which we operate. We conduct our business through several brands across our service areas, including Electricity Maine, Electricity N.H., Major Energy, Provider Power Massachusetts, Respond Power, Spark Energy, and Verde Energy.
2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC") as it applies to interim financial statements. This information should be read along with our consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). Our unaudited condensed consolidated financial statements are presented on a consolidated basis and include all wholly-owned and controlled subsidiaries. We account for investments over which we have significant influence but not a controlling financial interest using the equity method of accounting. All significant intercompany transactions and balances have been eliminated in the unaudited condensed consolidated financial statements.

In the opinion of the Company's management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary to fairly present the financial position, the results of operations, the changes in equity and the cash flows of the Company for the respective periods. Such adjustments are of a normal recurring nature, unless otherwise disclosed.

Use of Estimates and Assumptions
The preparation of our condensed consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of revenues and expenses during the period. Actual results could materially differ from those estimates.

Restricted Cash

As part of the acquisition of RCEs from Starion Energy, Inc., Starion NY Inc. and Starion Energy PA Inc. (collectively "Starion") in 2018, we funded an escrow account, the balance of which is reflected as restricted cash in our consolidated balance sheet. As of June 30, 2020 and December 31, 2019, the balance in the escrow account related to the Starion acquisition was $1.0 million and $1.0 million, respectively. The balance remaining as of June 30, 2020 represents a holdback of amounts due to the seller for acquired customers that was released to the seller in July 2020, subject to the conditions outlined in the asset purchase agreement.

11

Table of Contents
Relationship with our Founder and Majority Shareholder

W. Keith Maxwell, III (our "Founder") is the owner of a majority of the voting power of our common stock through his ownership of NuDevco Retail, LLC ("NuDevco Retail") and Retailco, LLC ("Retailco"). Retailco is a wholly owned subsidiary of TxEx Energy Investments, LLC ("TxEx"), which is wholly owned by Mr. Maxwell. NuDevco Retail is a wholly owned subsidiary of NuDevco Retail Holdings LLC ("NuDevco Retail Holdings"), which is a wholly owned subsidiary of Electric HoldCo, LLC, which is also a wholly owned subsidiary of TxEx.

In March 2020, the Board of Directors (the "Board") of the Company appointed W. Keith Maxwell III as interim Chief Executive Officer.

New Accounting Standards Recently Adopted

There have been no changes to our significant accounting policies as disclosed in our 2019 Form 10-K, except as follows:

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 requires entities to use a current expected credit loss ("CECL") model, which is a new impairment model based on expected losses rather than incurred losses on financial assets, including trade accounts receivables. The model requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We adopted ASU 2016-13 and the related amendments effective January 1, 2020, and the adoption resulted in $0.6 million adjustment to retained earnings on January 1, 2020.

Standards Being Evaluated/Standards Not Yet Adopted

Below are accounting standards that have been issued, but not yet been adopted by the Company at June 30, 2020. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). These amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect adoption of the new standard to have a material impact to our consolidated statement of operations.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We do not expect adoption of the new standard to have a material impact to our consolidated statement of operations.

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
12

Table of Contents
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 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 twelve 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, 2020 Three Months Ended June 30, 2019
Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments
Primary markets (a)
  New England $ 40,161    $ 2,729    $ 42,890    $ 67,905    $ 3,152    $ 71,057   
  Mid-Atlantic 38,743    5,929    44,672    54,503    5,334    59,837   
  Midwest 14,506    4,191    18,697    17,473    4,736    22,209   
  Southwest 18,845    3,514    22,359    20,895    3,807    24,702   
$ 112,255    $ 16,363    $ 128,618    $ 160,776    $ 17,029    $ 177,805   
Customer type
  Commercial $ 29,408    $ 7,290    $ 36,698    $ 59,699    $ 8,834    $ 68,533   
  Residential 78,909    14,965    93,874    97,419    16,516    113,935   
  Unbilled revenue (b) 3,938    (5,892)   (1,954)   3,658    (8,321)   (4,663)  
$ 112,255    $ 16,363    $ 128,618    $ 160,776    $ 17,029    $ 177,805   
Customer credit risk
  POR $ 73,694    $ 8,376    $ 82,070    $ 110,270    $ 7,928    $ 118,198   
  Non-POR 38,561    7,987    46,548    50,506    9,101    59,607   
$ 112,255    $ 16,363    $ 128,618    $ 160,776    $ 17,029    $ 177,805   


13

Table of Contents
Reportable Segments
Six Months Ended June 30, 2020 Six Months Ended June 30, 2019
Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments
Primary markets (a)
New England $ 86,754    $ 9,783    $ 96,537    $ 144,139    $ 11,680    $ 155,819   
Mid-Atlantic 84,585    21,733    106,318    121,314    26,703    148,017   
Midwest 29,495    17,798    47,293    39,580    25,225    64,805   
Southwest 33,189    11,641    44,830    37,835    11,483    49,318   
$ 234,023    $ 60,955    $ 294,978    $ 342,868    $ 75,091    $ 417,959   
Customer type
Commercial 69,423    22,807    $ 92,230    $ 126,934    $ 28,701    $ 155,635   
Residential 172,137    48,328    220,465    222,187    57,611    279,798   
Unbilled revenue (b) (7,537)   (10,180)   (17,717)   (6,253)   (11,221)   (17,474)  
$ 234,023    $ 60,955    $ 294,978    $ 342,868    $ 75,091    $ 417,959   
Customer credit risk
POR $ 158,607    $ 31,413    $ 190,020    $ 239,207    $ 41,223    $ 280,430   
Non-POR 75,416    29,542    104,958    103,661    33,868    137,529