over 20 years, being the estimated average useful life of the assets. (e) Insurance contract revenue Insurance revenue is recognised based on the expected premium receipts and the passage of time over the coverage period of a group of contracts unless the release of risk differs significantly from the passage of time, in which case insurance revenue is recognised based on the release of risk. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 282 31 REVENUE (CONTINUED) Disaggregation of revenue for the Group and the Company are categorised as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Sales: - Electricity* 51,713.2 49,702.3 48,223.3 46,650.4 - Goods and services 731.1 621.8 0 0 Construction contracts 151.1 155.1 0 0 Customers’contributions 286.1 276.3 233.4 229.3 Revenue from contracts with customers 52,881.5 50,755.5 48,456.7 46,879.7 Insurance contract revenue 185.4 112.2 0 0 T otal revenue 53,066.9 50,867.7 48,456.7 46,879.7 Over time 51,863.8 50,036.9 48,456.7 46,879.7 At a point in time 1,017.7 718.6 0 0 52,881.5 50,755.5 48,456.7 46,879.7 * Included in the sales of electricity of the Group and the Company are other regulatory adjustments of RM1,243.9 million (2022: RM778.1 million) and RM1,272.2 million (2022: RM790.6 million) respectively. The revenue of the Group and of the Company are predominantly derived in Malaysia. 32 IMBALANCE COST PASS-THROUGH (‘ICPT’) UNDER RECOVERY Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million ICPT under recovery 10,598.2 22,315.3 10,213.4 21,942.2 Accounting Policy ICPT, a mechanism established under the IBR framework allows the Group and the Company to pass through the volatility in fuel and other generation specific costs (termed as the ‘Single Buyer Generation Cost’) to the customers, such that the Group and the Company remain financially neutral. The Group’s and the Company’s claims and undertakings under the ICPT mechanism are such that any over