0001013871-20-000040 | 10-Q | XBRL Viewer

482

(2)

(749)

(10)

(739)

Common stock dividends and dividend equivalents declared

(32)

Issuance of common stock

^[1]

(8)

Ending balance at Mar. 31, 2019

(1,538)

8,473

(5,548)

(4,371)

(96)

Beginning balance at Dec. 31, 2018

(1,234)

8,510

(6,022)

(3,632)

(94)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,055

Ending balance at Sep. 30, 2019

(64)

(1,571)

8,494

(4,991)

(4,920)

(158)

Beginning balance at Mar. 31, 2019

(1,538)

8,473

(5,548)

(4,371)

(96)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

201

(3)

(305)

(315)

Common stock dividends and dividend equivalents declared

^[1]

(8)

Ending balance at Jun. 30, 2019

(1,648)

8,488

(5,355)

(4,686)

(99)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

372

(59)

(234)

Common stock dividends and dividend equivalents declared

Issuance of common stock

^[1]

(8)

Ending balance at Sep. 30, 2019

(1,571)

8,494

(4,991)

(4,920)

(158)

Beginning balance at Dec. 31, 2019

1,658

8,501

(1,616)

(5,039)

(192)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

121

Repurchase of partners' equity interest in VIE

(15)

(150)

Common stock dividends and dividend equivalents declared

(21)

^[1]

(75)

Ending balance at Mar. 31, 2020

1,536

8,498

(1,570)

(5,189)

(207)

Beginning balance at Dec. 31, 2019

1,658

8,501

(1,616)

(5,039)

(192)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

683

Ending balance at Sep. 30, 2020

1,934

8,511

(1,157)

(5,234)

(190)

Beginning balance at Mar. 31, 2020

1,536

8,498

(1,570)

(5,189)

(207)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

313

Shares reissuance for ESPP

(47)

Common stock dividends and dividend equivalents declared

Issuance of common stock

^[1]

(74)

Ending balance at Jun. 30, 2020

1,750

8,505

(1,331)

(5,234)

(194)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

249

Common stock dividends and dividend equivalents declared

^[1]

(75)

Ending balance at Sep. 30, 2020

$ 1,934

$ 4

$ 8,511

$ (1,157)

$ (5,234)

$ (190)

[1]	Dividends per common share were $0.30 for each of the quarters ended September 30, 2020, June 30, 2020 and March 31, 2020 and $0.03 for each of the quarters ended September 30, 2019, June 30, 2019 and March 31, 2019

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.03	$ 0.03	$ 0.03

Nature of Business and Basis of Presentation	9 Months Ended
Nature of Business and Basis of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation General NRG Energy, Inc., or NRG or the Company, is an integrated power company built on dynamic retail brands with diverse generation assets. NRG brings the power of energy to consumers by producing and selling electricity and related products and services in major competitive power markets in the U.S. and Canada in a manner that delivers value to all of NRG's stakeholders. NRG is a customer-driven business focused on perfecting the integrated model by balancing retail load with generation supply within its deregulated markets. The Company sells energy, services, and innovative, sustainable products and services directly to retail customers under the brand names NRG, Reliant, Green Mountain Energy, Stream, and XOOM Energy, as well as other brand names owned by NRG, supported by approximately 23,000 MW of generation as of September 30, 2020. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the condensed consolidated financial statements in the Company's 2019 Form 10-K and the Current Report on Form 8-K filed May 7, 2020, which provides retrospectively revised historical financial information to correspond with the Company's current segment structure. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2020, and the results of operations, comprehensive income, cash flows and statements of stockholders' equity for the three and nine months ended September 30, 2020 and 2019. Segments As part of perfecting the integrated model, in which the majority of the Company’s generation serves its retail customers, the Company began managing its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus in 2020. As a result, the Company changed its business segments from Retail and Generation to Texas, East and West/Other beginning in the first quarter of 2020. The Company's updated segment structure reflects how management currently makes financial decisions and allocates resources. The Company's businesses are segregated as follows: •Texas, which includes all activity related to customer, plant and market operations in Texas; •East, which includes the remaining activity related to customer operations and all activity related to plant and market operations in the East; •West/Other, which includes the following assets and activities: (i) all activity related to plant and market operations in the West, (ii) activity related to the Cottonwood power plant that was sold to Cleco on February 4, 2019 and is being leased back until 2025, (iii) the remaining renewables activity, including the Company’s equity method investments in Ivanpah Master Holdings, LLC and Agua Caliente, the remaining Home Solar assets and the NFL stadium solar generating assets, and (iv) activity related to the Company’s equity method investment for the Gladstone power plant in Australia; and •Corporate activities. All affected disclosures have been recast to reflect these changes for all periods presented. For further discussion of segment reporting, refer to Note 14, Segment Reporting. COVID-19 In March 2020, the World Health Organization categorized COVID-19 as a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. Electricity was deemed a 'critical and essential business operation' under various state and federal governmental COVID-19 mandates. NRG had activated its Crisis Management Team ("CMT") in January 2020 to proactively manage the Company's response to the impacts of COVID-19. NRG continues to remain focused on protecting the health and well-being of its employees, while supporting its customers and the communities in which it operates and assuring the continuity of its operations. In June 2020, summer-critical office employees returned to the offices and safety protocols were successfully implemented. The Company will continue to evaluate additional return to normal work operations on a location-by-location basis as COVID-19 conditions evolve. The Company continues to maintain certain restrictions on business travel and face-to-face sales channels, remote work practices remain in place and there are enhanced cleaning and hygiene protocols in all of its facilities. In addition, select essential employees and contractors are continuing to report to plant and certain office locations. The Company also continues to require pre-entry screening, including temperature checks, separation of work crews, additional personal protective equipment for employees and contractors when social distancing cannot be maintained, and a ban on all non-essential visitors. The Company has not experienced any material disruptions in its ability to continue its business operations to date. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain prior year amounts have been reclassified for comparative purposes.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Other Balance Sheet Information

The following table presents the accumulated depreciation included in property, plant and equipment, net and accumulated amortization included in intangible assets, net:


(In millions)	September 30, 2020		December 31, 2019
Property, plant and equipment accumulated depreciation	$	1,901	$	1,752
Intangible assets accumulated amortization	1,314		1,262

Credit Losses

On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU No. 2016-13, using the modified retrospective approach. Following the adoption of the new standard, the Company’s process of estimating expected credit losses remains materially consistent with its historical practice. Information prior to January 1, 2020, which was previously referred to as the allowance and provision for bad debt, has not been restated and continues to be reported under the accounting standards in effect for that period.

Retail trade receivables are reported on the balance sheet net of the allowance for credit losses. The Company accrues an allowance for current expected credit losses based on (i) estimates of uncollectible revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including, but not limited to, unemployment rates and weather-related events, (ii) historical collections and delinquencies, and (iii) counterparty credit ratings for commercial and industrial customers.

The following table represents the activity in the allowance for credit losses for the three and nine months ended September 30, 2020:


(In millions)	Three months ended September 30, 2020		Nine months ended September 30, 2020
Beginning balance	$	47	$	43
Provision for credit losses	26		74
Write-offs	(19)		(71)
Recoveries collected	3		11
Ending balance	$	57	$	57

Restricted Cash

The following table provides a reconciliation of cash and cash equivalents, restricted cash and funds deposited by counterparties reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows:


(In millions)	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	697	$	345
Funds deposited by counterparties	15		32
Restricted cash	6		8
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows	$	718	$	385

Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on the Company's intention, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the hedge counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities.

Restricted cash consists primarily of funds held within the Company's projects that are restricted for specific uses.

Pension Plan Contributions

In the Company's 2019 Form 10-K, NRG had anticipated making contributions of $56 million to its pension plans in 2020. Cash contributions of $12 million were made during the nine months ended September 30, 2020 and the remaining planned contributions for 2020 were satisfied by available pre-funded pension balances (previous contributions in excess of required pension contributions). No additional contributions are planned in the fourth quarter of 2020.

Recent Accounting Developments - Guidance Adopted in 2020

ASU 2018-17 — In October 2018, the FASB issued ASU No. 2018-17, Consolidations (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, or ASU No. 2018-17, in response to stakeholders’ observations that Topic 810, Consolidations, could be improved thereby improving general purpose financial reporting. Specifically, ASU No. 2018-17 requires application of the variable interest entity (VIE) guidance to private companies under common control and consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments retrospectively. The adoption did not have a material impact on the Company's results of operations, cash flows, or statement of financial position.

ASU 2018-15 — In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in Cloud Computing Arrangement That Is a Service Contract, or ASU No. 2018-15. The amendments in ASU No. 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal-use software (and hosting arrangement that include an internal-use software license). The amendment also requires the customer to amortize the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The Company adopted the amendments effective January 1, 2020 using the prospective approach. The adoption did not have a material impact on the Company's results of operations, cash flows, or statement of financial position.

ASU 2018-13 — In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirement for Fair value Measurement), or ASU No. 2018-13. The amendments in ASU No. 2018-13 eliminate such disclosures as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and add new disclosure requirements for Level 3 measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures in ASU No. 2018-13 are required to be applied on a retrospective basis and others on a prospective basis. The Company adopted the amendments effective January 1, 2020. As the amendments contemplates changes in disclosures only, it did not have an impact on the Company's results of operations, cash flows, or statement of financial position.

ASU 2016-13 — In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements, or ASU No. 2016-13, which was further amended through various updates issued by the FASB thereafter. The guidance in ASU No. 2016-13 provides a new model for recognizing credit losses on financial assets carried at amortized cost using an estimate of expected credit losses, instead of the "incurred loss" methodology previously required for recognizing credit losses that delayed recognition until it was probable that a loss was incurred. The estimate of expected credit losses is to be based on consideration of past events, current conditions and reasonable and supportable forecasts of future conditions. The Company adopted the standard and its subsequent corresponding updates effective January 1, 2020 using the modified retrospective approach. Results for the reporting periods after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company's adoption of Topic 326 did not have a material impact on the Company's results of operations, cash flows, or statement of financial position.

Recent Accounting Developments - Guidance Not Yet Adopted

ASU 2020-06 — In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), or ASU No. 2020-06. The guidance in ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, ASU 2020-06 improves and amends the related earnings per share guidance. This standard is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently in the process of assessing the impact of this guidance on the consolidated financial statements and disclosures related to earnings per share.

ASU 2019-12 — In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU No. 2019-12, to simplify various aspects related to accounting for income taxes. The guidance in ASU 2019-12 amends the general principles in Topic 740 to eliminate certain exceptions for recognizing deferred taxes for investment, performing intraperiod allocation and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years,. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of assessing the impact of this guidance on the consolidated financial statements.

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Performance Obligations

As of September 30, 2020, estimated future fixed fee performance obligations are $188 million for the remaining three months of fiscal year 2020, and $648 million, $281 million, $43 million and $8 million for the fiscal years 2021, 2022, 2023 and 2024, respectively. These performance obligations are for cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions and are subject to penalties for non-performance.

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	1,633	$	354	$	—	$	—	$	1,987
Business Solutions	288		27		—		—		315
Total retail revenue	1,921		381		—		—		2,302
Energy revenue(a)	11		93		117		1		222
Capacity revenue(a)	—		158		16		—		174
Mark-to-market for economic hedging activities(b)	1		43		(10)		5		39

Other revenue(a)	59		18		(1)		(4)		72
Total operating revenue	1,992		693		122		2		2,809
Less: Lease revenue	—		—		5		—		5
Less: Realized and unrealized ASC 815 revenue	10		115		(10)		5		120

Total revenue from contracts with customers	$	1,982	$	578	$	127	$	(3)	$	2,684
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	—	$	23	$	13	$	(1)	$	35
Capacity revenue	—		49		—		—		49
Other revenue	9		—		(13)		1		(3)
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Three months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	1,735	$	337	$	—	$	—	$	2,072
Business Solutions	397		19		—		—		416
Total retail revenue	2,132		356		—		—		2,488
Energy revenue(a)	211		109		107		(1)		426
Capacity revenue(a)	—		185		9		—		194
Mark-to-market for economic hedging activities(b)	(213)		12		(9)		—		(210)

Other revenue(a)	78		17		4		(1)		98
Total operating revenue	2,208		679		111		(2)		2,996
Less: Lease revenue	—		—		5		—		5
Less: Realized and unrealized ASC 815 revenue	420		69		—		(2)		487

Total revenue from contracts with customers	$	1,788	$	610	$	106	$	—	$	2,504
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	613	$	20	$	21	$	(2)	$	652
Capacity revenue	—		34		—		—		34
Other revenue	20		3		(12)		—		11
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Nine months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	3,938	$	992	$	—	$	(1)	$	4,929
Business Solutions	796		70		—		—		866
Total retail revenue	4,734		1,062		—		(1)		5,795
Energy revenue(a)	21		157		252		(1)		429
Capacity revenue(a)	—		471		47		—		518
Mark-to-market for economic hedging activities(b)	1		63		6		8		78

Other revenue(a)	172		45		36		(7)		246
Total operating revenue	4,928		1,798		341		(1)		7,066
Less: Lease revenue	—		1		14		—		15
Less: Realized and unrealized ASC 815 revenue	24		239		50		5		318

Total revenue from contracts with customers	$	4,904	$	1,558	$	277	$	(6)	$	6,733
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	—	$	60	$	42	$	(3)	$	99
Capacity revenue	—		114		—		—		114
Other revenue	23		2		2		—		27
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Nine months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	3,891	$	892	$	—	$	(3)	$	4,780
Business Solutions	927		55		—		—		982
Total retail revenue	4,818		947		—		(3)		5,762
Energy revenue(a)	452		283		217		—		952
Capacity revenue(a)	—		524		27		—		551
Mark-to-market for economic hedging activities(b)	28		13		11		(1)		51

Other revenue(a)	213		45		55		(3)		310
Total operating revenue	5,511		1,812		310		(7)		7,626
Less: Lease revenue	—		1		14		—		15
Less: Realized and unrealized ASC 815 revenue	1,314		187		46		(2)		1,545

Total revenue from contracts with customers	$	4,197	$	1,624	$	250	$	(5)	$	6,066
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	1,239	$	87	$	28	$	(2)	$	1,352
Capacity revenue	—		81		—		1		82
Other revenue	47		6		7		—		60
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815

Contract Balances

The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of September 30, 2020 and December 31, 2019:


(In millions)	September 30, 2020		December 31, 2019
Deferred customer acquisition costs	$	122	$	133

Accounts receivable, net - Contracts with customers	1,084		1,002

Accounts receivable, net - Derivative instruments	37		18
Accounts receivable, net - Affiliate	5		5
Total accounts receivable, net	$	1,126	$	1,025

Unbilled revenues (included within Accounts receivable, net - Contracts with customers)	$	411	$	402

Deferred revenues(a)	60		82

(a) Deferred revenues from contracts with customers for the three months ended September 30, 2020 and the year ended December 31, 2019 were approximately $31 million and $24 million, respectively

The revenue recognized from contracts with customers during both the nine months ended September 30, 2020 and 2019 relating to the deferred revenue balance at the beginning of each period was $13 million. The revenue recognized during the three months ended September 30, 2020 and 2019 relating to the deferred revenue balance at the beginning of each period was $31 million and $21 million, respectively. The change in deferred revenue balances during the three and nine months ended September 30, 2020 and 2019 was primarily due to the timing difference of when consideration was received and when the performance obligation was transferred.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Acquisitions, Discontinued Operations and Dispositions

Acquisitions, Discontinued Operations and Dispositions

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisitions

Direct Energy Acquisition

On July 24, 2020, the Company entered into a definitive purchase agreement with Centrica to acquire Direct Energy, a North American subsidiary of Centrica (the "Purchase Agreement"). Direct Energy is a leading retail provider of electricity, natural gas, and home and business energy related products and services in North America, with operations in all 50 U.S. states and 6 Canadian provinces. The acquisition will add over 3 million customers to NRG's business and build on and complement its integrated model, enabling better matching of power generation with customer demand. It will also broaden the Company's presence in the Northeast and into states and locales where it does not currently operate, supporting NRG's objective to diversify its business.

The Company will pay an aggregate purchase price of $3.625 billion in cash, subject to a purchase price adjustment, including a working capital adjustment. The Company expects to fund the purchase price using a combination of cash on hand and approximately $3 billion in newly-issued secured and unsecured corporate debt. The Company also expects to increase its collective collateral facilities by $3.5 billion through a combination of new letter of credit facilities and increases to its existing Revolving Credit Facility.

Through November 5, 2020, in preparation for the additional liquidity requirements related to the acquisition, the Company (i) amended its Revolving Credit Facility to, among other things, increase the existing revolving commitments in an aggregate amount of $802 million, and provide for a new tranche of revolving commitments in an aggregate amount of $273 million, as further discussed in Note 10, Long-term Debt, (ii) amended its credit default swap facility agreement to issue letters of credit to, among other things, increase the size of the facility to allow for the issuance of an additional $87 million of letters of credit, as further discussed in Note 10, Long-term Debt, (iii) entered into a revolving accounts receivable financing facility (the “ Receivables Facility”) for an amount up to $750 million, subject to adjustments on a seasonal basis, with issuers of asset-backed commercial paper and commercial banks, as further discussed in Note 9, Receivables Securitization and Repurchase Facility, (iv) entered into an uncommitted repurchase facility related to the Receivables Facility, under which the Company can borrow up to $75 million, as further discussed in Note 9, Receivables Securitization and Repurchase Facility, and (v) entered into $1.6 billion of interest rate hedges associated with anticipated financing needs, as further discussed in Note 20, Subsequent Events.

The shareholders of Centrica approved the acquisition on August 20, 2020. The transaction has received approvals under the Canadian Competition Act and early termination of the waiting period under the HSR Act has been granted. The transaction remains subject to customary closing conditions, including the receipt of approval under the Federal Power Act.

The acquisition is targeted to close by December 31, 2020. There are no assurances that the conditions to the consummation of the acquisition of Direct Energy will be satisfied or that the acquisition of Direct Energy will be consummated on the terms agreed to, or at all.

Midwest Generation Lease Purchase

On September 29, 2020, Midwest Generation acquired all of the ownership interests in the Powerton facility and Units 7 and 8 of the Joliet facility, which were being leased through 2034 and 2030, respectively, for approximately $260 million. The purchase was initially funded with cash-on-hand. The Company anticipates drawing on its Revolving Credit Facility in an amount equal to the previously existing operating lease liability of $148 million before December 31, 2020.

Stream Energy Acquisition

On August 1, 2019, the Company acquired Stream Energy's retail electricity and natural gas operating in 9 states and Washington, D.C. for $329 million, including working capital and other adjustments of approximately $29 million. The acquisition increased NRG's retail portfolio by approximately 600,000 RCEs or 450,000 customers. The purchase price was allocated as follows:


	(In millions)
Account receivable	$	98
Accounts payable	(73)
Other net current and non-current working capital	5
Marketing partnership	154
Customer relationships	85
Trade name	28
Other intangible assets	26
Goodwill (a)	6
Stream Purchase Price	$	329

(a) Goodwill arising from the acquisition is attributed to the value of the platform acquired and the synergies expected from combining the operations of Stream Energy with NRG's existing businesses. Goodwill of $5 million and $1 million was assigned to the Texas and East segments, respectively, and is not deductible for tax purposes

Discontinued Operations

Sale of South Central Portfolio

On February 4, 2019, the Company completed the sale of the South Central Portfolio to Cleco for cash consideration of $1 billion excluding working capital and other adjustments. The Company concluded that the divested business met the criteria for discontinued operations as of December 31, 2018, as the disposition represented a strategic shift in the business in which NRG operates and the criteria for held-for-sale were met. As such, all prior period results for the operations of the South Central Portfolio, except for the Cottonwood facility as discussed below, were reclassified as discontinued operations at December 31, 2018. In connection with the transaction, NRG also entered into a transition services agreement to provide certain corporate services to the divested business.

The South Central Portfolio includes the 1,153 MW Cottonwood natural gas generating facility. Upon the closing of the sale of the South Central Portfolio, NRG entered into an agreement with Cleco to leaseback the Cottonwood facility through 2025. Due to its continuing involvement with the Cottonwood facility, NRG did not use held-for-sale or discontinued operations treatment in accounting for the Cottonwood facility.

Summarized results of the South Central Portfolio discontinued operations were as follows:


	Three months ended			Nine months ended
(In millions)		September 30, 2019			September 30, 2019
Operating revenues		$	—		$	31
Operating costs and expenses		—			(23)




Gain from operations of discontinued components		—			8
(Loss)/Gain on disposal of discontinued operations, net of tax		(1)			27
(Loss)/Gain from discontinued operations, including disposal, net of tax		$	(1)		$	35

Carlsbad

On February 6, 2018, NRG entered into an agreement with NRG Yield and GIP to sell 100% of its membership interests in Carlsbad Energy Holdings LLC, which owns the Carlsbad project, for $385 million of cash consideration, excluding working capital adjustments. The primary condition to close the Carlsbad transaction was the completion of the sale of NRG Yield and the Renewables Platform. At the time of the sale of NRG Yield and the Renewables Platform in August 2018, the Company concluded that the Carlsbad project met the criteria for discontinued operations and accordingly, all prior period results for Carlsbad were reclassified as discontinued operations. The transaction closed on February 27, 2019. Carlsbad continues to have a ground lease and easement agreement with NRG with an initial term ending in 2039 and two, ten-year extensions. As a result of the transaction, additional commitments related to the project totaled approximately $23 million as of September 30, 2020 and December 31, 2019.

Summarized results of Carlsbad discontinued operations were as follows:


	Three months ended			Nine months ended
(In millions)		September 30, 2019		September 30, 2019
Operating revenues		$	—	$	19
Operating costs and expenses		—		(9)
Other expenses		—		(5)


Gain from discontinued operations, net of tax		—		5
(Loss)/gain on disposal of discontinued operations, net of tax		(1)		330

Other Commitments, Indemnification and Fees		—		27
(Loss)/gain on disposal of discontinued operations, net of tax		(1)		357
(Loss)/gain from discontinued operations, including disposal, net of tax		$	(1)	$	362

GenOn

On June 14, 2017, the GenOn Entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Texas Bankruptcy Court. As a result of the bankruptcy filings, NRG concluded that it no longer controlled GenOn as it was subject to the control of the Texas Bankruptcy Court; and accordingly, NRG deconsolidated GenOn and its subsidiaries for financial reporting purposes as of such date.

Summarized results of GenOn discontinued operations were as follows:


	Nine months ended
(In millions)	September 30, 2019


Gain from discontinued operations, net of tax	$	2

Dispositions

The Company completed other asset sales for cash proceeds of $15 million and $22 million during the nine months ended September 30, 2020 and 2019, respectively.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

For cash and cash equivalents, funds deposited by counterparties, restricted cash, accounts and other receivables, accounts payable, and cash collateral paid and received in support of energy risk management activities, the carrying amounts approximate fair values because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows:


	September 30, 2020				December 31, 2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Notes receivable	$	10	$	7	$	11	$	8
Liabilities:
Long-term debt, including current portion (a)	5,854		6,309		5,956		6,504

(a) Excludes deferred financing costs, which are recorded as a reduction to long-term debt in the Company's consolidated balance sheets

The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion, as of September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
(In millions)	Level 2		Level 3		Level 2		Level 3
Long-term debt, including current portion	$	6,305	$	4	$	6,388	$	116

Recurring Fair Value Measurements

Debt securities, equity securities, and trust fund investments, which are comprised of various U.S. debt and equity securities, and derivative assets and liabilities, are carried at fair market value.

The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:


	September 30, 2020

(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	15	$	—	$	15	$	—

Nuclear trust fund investments:
Cash and cash equivalents	25		25		—		—
U.S. government and federal agency obligations	49		48		1		—
Federal agency mortgage-backed securities	92		—		92		—
Commercial mortgage-backed securities	38		—		38		—
Corporate debt securities	144		—		144		—
Equity securities	402		402		—		—
Foreign government fixed income securities	6		—		6		—
Other trust fund investments:
U.S. government and federal agency obligations	1		1		—		—
Derivative assets:
Commodity contracts	893		74		592		227


Measured using net asset value practical expedient:
Equity securities — nuclear trust fund investments	72
Equity securities	7
Total assets	$	1,744	$	550	$	888	$	227
Derivative liabilities:
Commodity contracts	$	813	$	70	$	568	$	175

Total liabilities	$	813	$	70	$	568	$	175


	December 31, 2019

(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	20	$	—	$	20	$	—
Nuclear trust fund investments:
Cash and cash equivalents	17		17		—		—
U.S. government and federal agency obligations	68		68		—		—
Federal agency mortgage-backed securities	100		—		100		—
Commercial mortgage-backed securities	29		—		29		—
Corporate debt securities	109		—		109		—
Equity securities	388		388		—		—
Foreign government fixed income securities	5		—		5		—
Other trust fund investments:
U.S. government and federal agency obligations	1		1		—		—
Derivative assets:
Commodity contracts	1,170		84		893		193


Measured using net asset value practical expedient:
Equity securities — nuclear trust fund investments	78
Equity securities	8
Total assets	$	1,993	$	558	$	1,156	$	193
Derivative liabilities:
Commodity contracts	$	1,103	$	143	$	805	$	155

Total liabilities	$	1,103	$	143	$	805	$	155

The following tables reconcile, for the three and nine months ended September 30, 2020 and 2019, the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, using significant unobservable inputs:


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Three months ended September 30, 2020		Nine months ended September 30, 2020
(In millions)	Derivatives(a)			Derivatives(a)
Beginning balance	$	152		$	38


Total (losses) realized/unrealized— included in earnings	(92)			(18)


Purchases	(10)			6
Transfers into Level 3(b)	(11)			22
Transfers out of Level 3(b)	13			4
Ending balance	$	52		$	52
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	$	23		$	50

(a)Consists of derivative assets and liabilities, net

(b)Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Three months ended September 30, 2019						Nine months ended September 30, 2019
(In millions)	Debt Securities		Derivatives(a)		Total			Debt Securities		Derivatives(a)		Total
Beginning balance	$	19	$	97	$	116		$	19	$	20	$	39
Contracts added from acquisitions	—		(2)		(2)			—		(3)		(3)

Total (losses)/gains realized/unrealized:
Included in earnings	—		(18)		(18)			1		(45)		(44)
Included in OCI	(14)		—		(14)			(14)		—		(14)
Cash received	—		—		—			(1)		—		(1)
Purchases	—		38		38			—		26		26
Transfers into Level 3(b)	—		(126)		(126)			—		4		4
Transfers out of Level 3(b)	—		24		24			—		11		11
Ending balance	$	5	$	13	$	18		$	5	$	13	$	18
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	—		44		44			1		13		14

(a)Consists of derivative assets and liabilities, net

(b)Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2

Derivative Fair Value Measurements

A portion of NRG's contracts are exchange-traded contracts with readily available quoted market prices. A majority of NRG's contracts are non-exchange-traded contracts valued using prices provided by external sources, primarily price quotations available through brokers or over-the-counter and on-line exchanges. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available. These contracts are valued based on various valuation techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of the observable market data with similar characteristics. As of September 30, 2020, contracts valued with prices provided by models and other valuation techniques make up 25% of derivative assets and 22% of derivative liabilities.

NRG's significant positions classified as Level 3 include physical and financial power executed in illiquid markets, as well as FTRs. The significant unobservable inputs used in developing fair value include illiquid power location pricing, which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. For FTRs, NRG uses the most recent auction prices to derive the fair value.

The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2020 and December 31, 2019:



	September 30, 2020
	Fair Value						Input/Range
(In millions)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
Power Contracts	$	196	$	167	Discounted Cash Flow	Forward Market Price (per MWh)	$	10	$	116	$	24

FTRs	31		8		Discounted Cash Flow	Auction Prices (per MWh)	(50)		43		0
	$	227	$	175



	December 31, 2019
	Fair Value						Input/Range
(In millions)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
Power Contracts	$	151	$	139	Discounted Cash Flow	Forward Market Price (per MWh)	$	8	$	218	$	24

FTRs	42		16		Discounted Cash Flow	Auction Prices (per MWh)	(105)		213		0
	$	193	$	155

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2020 and December 31, 2019:

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Forward Market Price Power

Buy

Increase/(Decrease)

Higher/(Lower)

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

FTR Prices

Buy

Increase/(Decrease)

Higher/(Lower)

FTR Prices

Sell

Increase/(Decrease)

Lower/(Higher)

The fair value of each contract is discounted using a risk-free interest rate. In addition, the Company applies a credit reserve to reflect credit risk, which is calculated based on published default probabilities. As of September 30, 2020, the credit reserve resulted in a $1 million increase primarily within operating revenue. As of December 31, 2019, the credit reserve did not result in a significant change in fair value in operating revenue and cost of operations.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company's 2019 Form 10-K, the following is a discussion of the concentration of credit risk for the Company's contractual obligations. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. NRG is exposed to counterparty credit risk through various activities including wholesale sales, fuel purchases and retail supply arrangements, as well as retail customer credit risk through its retail load activities.

Counterparty Credit Risk

The Company's counterparty credit risk policies are disclosed in its 2019 Form 10-K. As of September 30, 2020, counterparty credit exposure, excluding credit exposure from RTOs, ISOs, registered commodity exchanges and certain long-term agreements, was $232 million and NRG held collateral (cash and letters of credit) against those positions of $19 million, resulting in a net exposure of $214 million NRG periodically receives collateral from counterparties in excess of their exposure. Collateral amounts shown include such excess while net exposure shown excludes excess collateral received. Approximately 39% of the Company's exposure before collateral is expected to roll off by the end of 2021. Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.


	Net Exposure(a)(b)
Category by Industry Sector	(% of Total)

Utilities, energy merchants, marketers and other	88	%
Financial institutions	12

Total as of September 30, 2020	100	%


	Net Exposure (a)(b)
Category by Counterparty Credit Quality	(% of Total)
Investment grade	59	%
Non-investment grade/non-rated	41
Total as of September 30, 2020	100	%

(a)Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices

(b)The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts

The Company currently has $45 million of exposure to two wholesale counterparties in excess of 10% of total net exposure discussed above as of September 30, 2020. Changes in hedge positions and market prices will affect credit exposure and counterparty concentration. Given the credit quality, diversification and term of the exposure in the portfolio, NRG does not anticipate a material impact on its financial position or results of operations from nonperformance by any of NRG's counterparties.

RTOs and ISOs

The Company participates in the organized markets of CAISO, ERCOT, ISO-NE, MISO, NYISO and PJM, known as RTOs or ISOs. Trading in these markets is approved by FERC, or in the case of ERCOT, approved by the PUCT, and includes credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to NRG’s share of the overall market and are excluded from the above exposures.

Exchange Traded Transactions

The Company enters into commodity transactions on registered exchanges, notably ICE, NYMEX and Nodal. These clearinghouses act as the counterparty and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk.

Long-Term Contracts

Counterparty credit exposure described above excludes credit risk exposure under certain long-term contracts, primarily solar PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company values these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of September 30, 2020, aggregate credit risk exposure managed by NRG to these counterparties was approximately $621 million for the next five years.

Retail Customer Credit Risk

The Company is exposed to retail credit risk through the Company's retail electricity providers, which serve C&I customers and the Mass market. Retail credit risk results in losses when a customer fails to pay for services rendered. The losses may result from both non-payment of customer accounts receivable and the loss of in-the-money forward value. The Company manages retail credit risk through the use of established credit policies that include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements.

As of September 30, 2020, the Company's retail customer credit exposure to C&I and Mass customers was diversified across many customers and various industries, as well as government entities. The Company is also subject to risk with respect to its residential solar customers. Current economic conditions may affect the Company's customers' ability to pay bills in a timely manner, which could increase customer delinquencies and may lead to an increase in credit losses.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Nuclear Decommissioning Trust Fund

Nuclear Decommissioning Trust Fund

9 Months Ended

Sep. 30, 2020

Regulated Operations [Abstract]

NRG's Nuclear Decommissioning Trust Fund assets, which are for the decommissioning of its 44% interest in STP, are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations, because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to the Nuclear Decommissioning Trust liability and are not included in net income or accumulated OCI, consistent with regulatory treatment.

The following table summarizes the aggregate fair values and unrealized gains and losses for the securities held in the trust funds, as well as information about the contractual maturities of those securities.


	As of September 30, 2020							As of December 31, 2019
(In millions, except maturities)	Fair Value		Unrealized Gains		Unrealized Losses		Weighted-average Maturities (In years)	Fair Value		Unrealized Gains		Unrealized Losses		Weighted-average Maturities (In years)
Cash and cash equivalents	$	25	$	—	$	—	—	$	17	$	—	$	—	—
U.S. government and federal agency obligations	49		7		—		12	68		4		—		11
Federal agency mortgage-backed securities	92		4		—		24	100		3		—		24
Commercial mortgage-backed securities	38		2		—		28	29		1		1		24
Corporate debt securities	144		12		—		12	109		6		—		11
Equity securities	474		321		1		—	466		324		—		—
Foreign government fixed income securities	6		1		—		10	5		—		—		10
Total	$	828	$	347	$	1		$	794	$	338	$	1

The following table summarizes proceeds from sales of available-for-sale securities held in the trust funds and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method.


	Nine months ended September 30,
(In millions)	2020		2019
Realized gains	$	22	$	8
Realized losses	(11)		(7)
Proceeds from sale of securities	318		271

Accounting for Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accounting for Derivative Instruments and Hedging Activities

Energy-Related Commodities

As of September 30, 2020, NRG had energy-related derivative instruments extending through 2034. The Company marks these derivatives to market through the statement of operations. NRG has executed power purchase agreements extending through 2037 that qualified for the NPNS exception and were therefore exempt from fair value accounting treatment.

Interest Rate Swaps

NRG was exposed to changes in interest rates through the Company's issuance of variable rate debt. In order to manage the Company's interest rate risk, NRG entered into interest rate swap agreements. As of September 30, 2020, NRG had no interest rate derivative instruments as a result of the early termination of such contracts in connection with the repayment of the 2023 Term Loan Facility during the second quarter of 2019. As of November 5, 2020, the Company entered into $1.6 billion of interest rate hedges associated with anticipated financing needs.

Volumetric Underlying Derivative Transactions

The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of September 30, 2020 and December 31, 2019. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.


		Total Volume (In millions)
Category	Units	September 30, 2020	December 31, 2019
Emissions	Short Ton	1	3
Renewable Energy Certificates	Certificates	3	1
Coal	Short Ton	4	10
Natural Gas	MMBtu	(264)	(181)

Power	MWh	51	38
Capacity	MW/Day	(1)	(1)

Fair Value of Derivative Instruments

The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:


	Fair Value
	Derivative Assets				Derivative Liabilities
(In millions)	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019




Derivatives Not Designated as Cash Flow or Fair Value Hedges:


Commodity contracts current	$	578	$	860	$	495	$	781
Commodity contracts long-term	315		310		318		322
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges	$	893	$	1,170	$	813	$	1,103

The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Company's derivative assets or liabilities are recorded on a separate line item on the balance sheet. The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:


	Gross Amounts Not Offset in the Statement of Financial Position
(In millions)	Gross Amounts of Recognized Assets / Liabilities		Derivative Instruments		Cash Collateral (Held) / Posted		Net Amount
As of September 30, 2020
Commodity contracts:
Derivative assets	$	893	$	(738)	$	(1)	$	154
Derivative liabilities	(813)		738		—		(75)
Total commodity contracts	$	80	$	—	$	(1)	$	79


	Gross Amounts Not Offset in the Statement of Financial Position
(In millions)	Gross Amounts of Recognized Assets / Liabilities		Derivative Instruments		Cash Collateral (Held) / Posted		Net Amount
As of December 31, 2019
Commodity contracts:
Derivative assets	$	1,170	$	(909)	$	(7)	$	254
Derivative liabilities	(1,103)		909		73		(121)
Total commodity contracts	$	67	$	—	$	66	$	133

Impact of Derivative Instruments on the Statements of Operations

Unrealized gains and losses associated with changes in the fair value of derivative instruments not accounted for as cash flow and fair value hedges are reflected in current period results of operations.

The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges or fair value hedges and trading activity on the Company's statement of operations. The effect of commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense.


(In millions)	Three months ended September 30,				Nine months ended September 30,
Unrealized mark-to-market results	2020		2019		2020		2019
Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges	$	(101)	$	(118)	$	(62)	$	(88)
Reversal of acquired (gain)/loss positions related to economic hedges	(2)		(3)		2		(4)
Net unrealized (losses)/gains on open positions related to economic hedges	(15)		57		73		69
Total unrealized mark-to-market (losses)/gains for economic hedging activities	(118)		(64)		13		(23)
Reversal of previously recognized unrealized (gains) on settled positions related to trading activity	(7)		(1)		(14)		(8)
Net unrealized gains/(losses) on open positions related to trading activity	2		(3)		19		23
Total unrealized mark-to-market (losses)/gains for trading activity	(5)		(4)		5		15
Total unrealized (losses)/gains	$	(123)	$	(68)	$	18	$	(8)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Unrealized gains/(losses) included in operating revenues	$	34	$	(214)	$	83	$	66
Unrealized (losses)/gains included in cost of operations	(157)		146		(65)		(74)
Total impact to statement of operations — energy commodities	$	(123)	$	(68)	$	18	$	(8)
Total impact to statement of operations — interest rate contracts	$	—	$	—	$	—	$	(38)

The reversals of acquired gain or loss positions were valued based upon the forward prices on the acquisition date. The roll-off amounts were offset by realized gains or losses at the settled prices and are reflected in operating revenue or cost of operations during the same period.

For the nine months ended September 30, 2020, the $73 million unrealized gain from open economic hedge positions was primarily the result of an increase in value of forward positions as a result of decreases in New York capacity and power prices, as well as increases in ERCOT power prices.

For the nine months ended September 30, 2019, the $69 million unrealized gain from open economic hedge positions was primarily the result of an increase in value of forward purchases of ERCOT heat rate due to ERCOT heat rate expansion.

Credit Risk Related Contingent Features

Certain of the Company's hedging agreements contain provisions that require the Company to post additional collateral if the counterparty determines that there has been deterioration in credit quality, generally termed “adequate assurance” under the agreements, or require the Company to post additional collateral if there were a downgrade in the Company's credit rating. The collateral required for contracts with adequate assurance clauses that are in a net liability position as of September 30, 2020 was

$35 million. The Company is also party to certain marginable agreements under which it has net liability position, but the counterparty has not called for the collateral due, which was $8 million as of September 30, 2020. If called for by the counterparty, $3 million of additional collateral would be required for all contracts with credit rating contingent features as of September 30, 2020.

See Note 5, Fair Value of Financial Instruments, for discussion regarding concentration of credit risk.

Impairments	9 Months Ended
Impairments	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Impairments	Impairments 2020 Impairment Losses Home Solar — During the third quarter of 2020, the Company concluded its Home Solar business was held for sale as a result of advanced negotiations to sell the business. NRG recorded impairment losses of $29 million in the West/Other segment to adjust the carrying amount of the assets and liabilities to fair market value based on indicative sale prices. As of September 30, 2020, there were $88 million of other non-current assets and $44 million of other non-current liabilities classified as held for sale. Petra Nova Parish Holdings — During the first quarter of 2020, due to the decline in oil prices, NRG determined that the carrying amount of the Company’s equity method investment exceeded the fair value of the investment and that the decline is considered to be other-than-temporary. In determining the fair value, the Company utilized an income approach to estimate future project cash flows. The Company recorded an impairment loss of $18 million in the Texas segment, which included the anticipated drawdown of the $12 million letter of credit posted in September 2019 to cover certain project debt reserve requirements. 2019 Impairment Losses Petra Nova Parish Holdings — During the third quarter of 2019, NRG contributed $95 million in cash to Petra Nova and posted a $12 million letter of credit to cover certain project debt reserve requirements. The cash portion of the contribution was used by Petra Nova to prepay a significant portion of the project debt. As a result, the previously disclosed guarantee of up to $124 million related to the project level debt provided by NRG was canceled and the remaining project debt has now become non-recourse to NRG. In relation to this contribution, the Company evaluated the project for impairment and determined that the carrying amount of the Company's equity method investment exceeded the fair value of the investment and that the decline is considered to be other-than-temporary. In determining the fair value, the Company utilized an income approach and considered project specific assumptions for the estimated future project cash flows. The Company measured the impairments loss as the difference between the carrying amount and the fair value of the investment and recorded an impairment loss of $101 million. Other Impairments — During the nine months ended September 30, 2019, the Company recorded $7 million of impairment losses of cost investments and intangible assets.

Long-term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consisted of the following:


(In millions, except rates)	September 30, 2020		December 31, 2019		Interest rate %
Recourse debt:
Senior Notes, due 2026	$	1,000	$	1,000	7.250
Senior Notes, due 2027	1,230		1,230		6.625
Senior Notes, due 2028	821		821		5.750
Senior Notes, due 2029	733		733		5.250
Convertible Senior Notes, due 2048(a)	575		575		2.750
Senior Secured First Lien Notes, due 2024	600		600		3.750
Senior Secured First Lien Notes, due 2029	500		500		4.450
Revolving Credit Facility	—		83		L + 1.750
Tax-exempt bonds	466		466		1.30 - 6.00
Subtotal recourse debt	5,925		6,008
Non-recourse debt:


Other	4		34		various
Subtotal all non-recourse debt	4		34
Subtotal long-term debt (including current maturities)	5,929		6,042




Less current maturities	(3)		(88)
Less debt issuance costs	(59)		(65)
Discounts	(75)		(86)
Total long-term debt	$	5,792	$	5,803

(a)As of the ex-dividend date of October 30, 2020, the Convertible Notes were convertible at a price of $46.24, which is equivalent to a conversion rate of approximately 21.62 shares of common stock per $1,000 principal amount

Recourse Debt

Revolving Credit Facility

The Company had $83 million outstanding under its Revolving Credit Facility as of December 31, 2019, which was used to repay the outstanding indebtedness on the Agua Caliente Borrower 1 notes on a leverage-neutral basis during the fourth quarter of 2019. Due to market conditions, primarily as a result of COVID-19, the Company drew upon the facility in the first quarter of 2020 as a precaution and to proportionally increase cash on hand, and fully repaid the outstanding borrowings during the second quarter of 2020.

During the third quarter of 2020, the Company amended its existing credit agreement to, among other things, (i) increase the existing revolving commitments in an aggregate amount of $802 million, and (ii) provide for a new tranche of revolving commitments in an aggregate amount of $273 million with a maturity date that is 30 months after the date of closing of the Direct Energy acquisition (the "Acquisition Closing Date"). The maturity date of the new revolving tranche of commitments may, upon request by the Company, and at the option of each applicable lender under the new tranche be extended by 12 months, but not beyond May 28, 2024, which is the maturity date of the existing and increased commitments. Other than with respect to the maturity date, the terms of all revolving commitments and loan made pursuant thereto are identical. The increase in the existing commitments, and the commitments with respect to the new tranche were effective on August 20, 2020 but will only become available upon the Acquisition Closing Date. For further discussion of the acquisition of Direct Energy see Note 4, Acquisitions, Discontinued Operations and Dispositions. Upon the Acquisition Closing Date, total revolving commitments available, subject to usage, under the amended credit agreement will be $3.7 billion.

In addition, the amendment includes changes to, among other things, (i) permit the borrowing of up to the full amount of the revolving commitments in Canadian dollars, (ii) increase the swingline facility from $50 million to $100 million and provide a $10 million swingline facility in Canadian dollars, (iii) increase the credit facilities lien basket from the greater of $6 billion and 30% of total assets to the greater of $10 billion and 30% of total assets, (iv) increase the credit facilities debt basket from $6 billion to $10 billion, (v) increase the basket for securitization indebtedness from $750 million to $1.7 billion, (vi) provide an additional indebtedness basket equal to $600 million for certain liquidity facilities, and (vii) make certain other changes to the existing covenants and other provisions.

Tax-Exempt Bonds

On March 11, 2020, NRG issued $59 million in aggregate principal amount of NRG Dunkirk 2020 1.30% tax-exempt refinancing bonds due 2042 ("the Bonds"). The Bonds are guaranteed on a first-priority basis by each of NRG’s current and future subsidiaries that guarantee indebtedness under its credit agreement. The Bonds are secured by a first priority security interest in the same collateral that is pledged for the benefit of the lenders under NRG’s credit agreement, which consists of a substantial portion of the property and assets owned by NRG and the guarantors. The collateral securing the Bonds will, at the request of NRG, be released if NRG satisfies certain conditions, including receipt of an investment grade rating on its senior, unsecured debt securities from two out of the three rating agencies, subject to reversion if those rating agencies withdraw their investment grade rating of the Bonds or any of NRG’s senior, unsecured debt securities or downgrade such rating below investment grade. The Bonds are subject to mandatory tender and purchase on April 3, 2023 and have a final maturity date of April 1, 2042.

NRG used the net proceeds from the offering to redeem the existing principal amount of outstanding Dunkirk Power LLC 5.875% tax exempt bonds due 2042.

Non-Recourse Debt

Credit Default Swap Facility

On January 4, 2019, the Company entered into an $80 million credit agreement to issue letters of credit, which is currently supporting the Cottonwood facility lease. Annual fees of 1.33% on the facility were paid quarterly in advance. On August 13, 2020, the agreement was amended permitting the Company to increase the size of the facility and fees on the facility were adjusted to reflect the cost of the credit default swaps that serve as collateral for the facility. In order to increase the Company's collective collateral facilities in connection with the Direct Energy acquisition, NRG expanded the facility allowing for the issuance of an additional $50 million of letters of credit as of September 30, 2020. The Company has further expanded the facility to a total capacity of $167 million as of November 5, 2020. As of September 30, 2020, $80 million was issued under this facility.

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs

9 Months Ended

Sep. 30, 2020

Variable Interest Entities Disclosure [Abstract]

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs

Entities that are not Consolidated

NRG accounts for the Company's significant investments using the equity method of accounting. NRG's carrying value of equity investments can be impacted by a number of elements including impairments, unrealized gains and losses on derivatives and movements in foreign currency exchange rates.

PG&E Bankruptcy — Agua Caliente and two of the three Ivanpah units are party to PPAs with PG&E. Both projects have project financing with the U.S. DOE. On January 29, 2019, PG&E Corp. and primary operating subsidiary utility PG&E filed for Chapter 11 relief in the California Bankruptcy Court. As a result of the bankruptcy filing, Agua Caliente and the two Ivanpah units were issued notices of events of default under their respective loan agreements. On September 9, 2019, PG&E filed a plan of reorganization that would assume all power purchase agreements, including those held by Agua Caliente and the two Ivanpah units. The California Bankruptcy Court approved the PG&E plan and the Confirmation Order was entered on June 19, 2020. The plan went effective, and PG&E emerged from bankruptcy on July 1, 2020. In July 2020, the U.S. DOE agreed to waivers of the bankruptcy-related events of default with respect to the Agua Caliente and Ivanpah projects. Subsequent to PG&E's emergence from bankruptcy, the Agua Caliente and the Ivanpah projects were allowed to resume distributions, and as of November 5, 2020, NRG received $50 million. NRG renewed its efforts to sell its 35% interest in Agua Caliente in July 2020, following PG&E's emergence from bankruptcy.

NRG's maximum exposure to loss is limited to its equity investment, which was $197 million for Agua Caliente and $26 million for Ivanpah as of September 30, 2020.

Variable Interest Entities that are Consolidated

The Company has a controlling financial interest in certain entities that have been identified as VIEs under ASC 810. These arrangements are related to the Receivables Facility as further described in Note 9, Receivables Securitization and Repurchase Facility, and tax equity arrangements entered into with third-parties in order to finance the cost of solar energy systems under operating leases eligible for certain tax credits as further described in Note 2, Summary of Significant Accounting Policies, to the Company's 2019 Form 10-K. During the first quarter of 2020, the Company repurchased its partners' equity interest in one of the partnerships. As the Company retains control of its interest, the repurchase was recorded to equity. During the third quarter of 2020, the remaining Home Solar VIE was reclassified to held for sale as further discussed in Note 8, Impairments.

The summarized financial information for the Company's consolidated VIEs consisted of the following:


(In millions)	September 30, 2020		December 31, 2019
Accounts receivable	$	887	$	—
Other current assets	4		3
Net property, plant and equipment	—		71
Other long-term assets	25		27
Total assets	916		101
Current liabilities	5		4
Long-term debt	—		24


Other long-term liabilities	27		8
Total liabilities	32		36
Redeemable noncontrolling interest	—		20

Net assets less noncontrolling interest	$	884	$	45

Changes in Capital Structure

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Changes in Capital Structure

As of September 30, 2020 and December 31, 2019, the Company had 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's common stock issued and outstanding:


	Issued	Treasury	Outstanding
Balance as of December 31, 2019	421,890,790	(172,894,601)	248,996,189
Shares issued under LTIPs	1,150,559	—	1,150,559
Shares issued under ESPP	—	63,455	63,455
Shares repurchased	—	(6,062,783)	(6,062,783)
Balance as of September 30, 2020	423,041,349	(178,893,929)	244,147,420
Shares issued under LTIPs	5,400	—	5,400
Shares issued under ESPP	—	68,014	68,014

Balance as of November 5, 2020	423,046,749	(178,825,915)	244,220,834

Share Repurchases

The Company adopted, in the fourth quarter of 2019, a long-term capital allocation policy that targets allocating 50% of cash available for allocation generated each year to growth investments and 50% to be returned to shareholders. The return of capital to shareholders is expected to be completed through the increased dividend discussed below, supplemented by share repurchases. The following repurchases have been made during the nine months ended September 30, 2020:


	Total number of shares purchased	Average price paid per share	Amounts paid for shares purchased (in millions)
2020 repurchases:
Repurchases	6,062,783		$	197
Equivalent shares purchased in lieu of tax withholdings on equity compensation issuances(a)	711,248		27

Total Share Repurchases during the nine months ended September 30, 2020	6,774,031	$33.05	$	224

(a) NRG elected to pay cash for tax withholding on equity awards instead of issuing actual shares to management. The average price per equivalent shares withheld was $38.23

Employee Stock Purchase Plan

In March 2019, the Company reopened participation in the ESPP, which allows eligible employees to elect to withhold between 1% and 10% of their eligible compensation to purchase shares of NRG common stock at the lesser of 95% of its market value on the offering date or 95% of the fair market value on the exercise date. An offering date will occur each April 1 and October 1. An exercise date will occur each September 30 and March 31.

NRG Common Stock Dividends

Beginning in the first quarter of 2020, NRG increased the annual dividend to $1.20 from $0.12 per share and expects to target an annual dividend growth rate of 7-9% per share in subsequent years. A quarterly dividend of $0.30 per share was paid on the Company's common stock during the three months ended September 30, 2020. On October 23, 2020, NRG declared a quarterly dividend on the Company's common stock of $0.30 per share, payable on November 16, 2020 to stockholders of record as of November 2, 2020.

The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share Basic income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the year are weighted for the portion of the year that they were outstanding. Diluted income per share is computed in a manner consistent with that of basic income per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The outstanding non-qualified stock options, non-vested restricted stock units, market stock units, and relative performance stock units are not considered outstanding for purposes of computing basic income per share. However, these instruments are included in the denominator for purposes of computing diluted income per share under the treasury stock method. The Convertible Senior Notes are convertible, under certain circumstances, into the Company’s common stock, cash or combination thereof (at NRG's option). There is no dilutive effect for the Convertible Senior Notes due to the Company’s expectation to settle the liability in cash.

The reconciliation of NRG's basic and diluted income per share is shown in the following table:


	Three months ended September 30,				Nine months ended September 30,
(In millions, except per share data)	2020		2019		2020		2019
Basic income per share:
Net income available to common shareholders	$	249	$	372	$	683	$	1,055
Weighted average number of common shares outstanding - basic	244		254		246		266
Income per weighted average common share — basic	$	1.02	$	1.46	$	2.78	$	3.97

Diluted income per share:


Net income available to common shareholders	$	249	$	372	$	683	$	1,055
Weighted average number of common shares outstanding - basic	244		254		246		266
Incremental shares attributable to the issuance of equity compensation (treasury stock method)	1		2		1		2
Weighted average number of common shares outstanding - dilutive	245		256		247		268
Income per weighted average common share — diluted	$	1.02	$	1.45	$	2.77	$	3.94

As of September 30, 2020 and 2019, the Company had an insignificant number of outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted income per share.

Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

As part of perfecting the integrated model, in which the majority of the Company’s generation serves its retail customers, the Company began managing its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus in 2020. As a result, the Company changed its business segments from Retail and Generation to Texas, East and West/Other beginning in the first quarter of 2020, as further described in Note 1, Nature of Business. The Company's updated segment structure reflects how management currently makes financial decisions and allocates resources The financial information for the three and nine months ended September 30, 2019 was recast to reflect the current segment structure.

In February 2019, as described in Note 4, Acquisitions, Discontinued Operations and Dispositions, the Company completed the sales of the South Central Portfolio and Carlsbad. The financial information for the three and nine months ended September 30, 2019 presented below reflects the presentation of these entities as discontinued operations within the corporate segment.

NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and allocation of capital, as well as net income/(loss).


	Three months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	1,992	$	693	$	122	$	—	$	2	$	2,809
Depreciation and amortization	49		34		9		7		—		99
Impairment losses	—		—		29		—		—		29


Equity in earnings of unconsolidated affiliates	—		—		36		—		—		36

Income/(loss) from continuing operations before income taxes	288		149		17		(113)		—		341
Income/(loss) from continuing operations	288		149		17		(205)		—		249


Net income/(loss) attributable to NRG Energy, Inc	$	288	$	149	$	17	$	(205)	$	—	$	249


	Three months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	2,208	$	679	$	111	$	—	$	(2)	$	2,996
Depreciation and amortization	45		31		8		7		—		91



Equity in earnings of unconsolidated affiliates	1		—		28		—		—		29

Income/(loss) from continuing operations before income taxes	348		121		16		(106)		1		380
Income/(loss) from continuing operations	348		121		15		(111)		1		374
Loss from discontinued operations, net of tax	—		—		—		(2)		—		(2)
Net income/(loss)	348		121		15		(113)		1		372
Net income/(loss) attributable to NRG Energy, Inc.	$	348	$	121	$	15	$	(113)	$	1	$	372


	Nine months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	4,928	$	1,798	$	341	$	—	$	(1)	$	7,066
Depreciation and amortization	167		100		25		26		—		318
Impairment losses	—		—		29		—		—		29

Gain on sale of assets	—		—		1		5		—		6
Equity in (losses)/earnings of unconsolidated affiliates	(3)		—		40		—		—		37


Income/(loss) from continuing operations before income taxes	800		319		84		(304)		—		899

Income/(loss) from continuing operations	800		319		83		(519)		—		683


Net income/(loss) attributable to NRG Energy, Inc	$	800	$	319	$	83	$	(519)	$	—	$	683


	Nine months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	5,511	$	1,812	$	310	$	—	$	(7)	$	7,626
Depreciation and amortization	125		87		26		23		—		261

Reorganization costs	5		—		—		11		—		16
Gain on sale of assets	—		1		—		1		—		2
Equity in (losses)/earnings of unconsolidated affiliates	(5)		—		13		—		—		8
Loss on debt extinguishment, net	—		—		—		(47)		—		(47)
Income/(loss) from continuing operations before income taxes	757		280		11		(382)		—		666
Income/(loss) from continuing operations	757		280		10		(390)		—		657
Income from discontinued operations, net of tax	—		—		—		399		—		399
Net income	757		280		10		9		—		1,056
Net income attributable to NRG Energy, Inc.	$	757	$	280	$	9	$	9	$	—	$	1,055

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.

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Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Effective Income Tax Rate

The income tax provision consisted of the following:


	Three months ended September 30,						Nine months ended September 30,
(In millions, except rates)	2020			2019			2020			2019
Income from continuing operations before income taxes	$	341		$	380		$	899		$	666
Income tax expense from continuing operations	92			6			216			9

Effective income tax rate	27.0		%	1.6		%	24.0		%	1.4		%

For the three and nine months ended September 30, 2020, the effective tax rates were higher than the statutory rate of 21% due to state tax expense partially offset by an excess tax benefit related to share-based compensation. For the same periods in 2019, the effective tax rates were lower than the statutory rate of 21% primarily due to the tax benefit for the change in valuation allowance partially offset by state tax expense.

On March 27, 2020, the Senate passed the CARES Act to provide emergency relief related to the COVID-19 pandemic. The CARES Act contains federal income tax provisions which, among other things: (i) increases the amount of interest expense that businesses are allowed to deduct by increasing the adjusted taxable income limitation from 30% to 50% for tax years that begin in 2019 and 2020; (ii) permits businesses to carry back to each of the five tax years NOLs arising from tax years beginning after December 31, 2017 and before January 1, 2020; and (iii) temporarily removes the 80% limitation on NOLs until tax years beginning after 2020. NRG does not expect the CARES Act provisions to have a material impact on the tax positions of the Company.

Uncertain Tax Benefits

As of September 30, 2020, NRG had a non-current tax liability of $21 million for uncertain tax benefits from positions taken on various state income tax returns and accrued interest. For the nine months ended September 30, 2020, NRG accrued an immaterial amount of interest relating to the uncertain tax benefits. As of September 30, 2020, NRG had cumulative interest and penalties related to these uncertain tax benefits of $3 million. The Company recognizes interest and penalties related to uncertain tax benefits in income tax expense.

NRG is subject to examination by taxing authorities for income tax returns filed in the U.S. federal jurisdiction and various state and foreign jurisdictions including operations located in Australia and Canada. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2016. With few exceptions, state and local income tax examinations are no longer open for years prior to 2011.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Related Party Transactions

Related Party Transactions

9 Months Ended

Sep. 30, 2020

NRG provides services to some of its equity method investments under operations and maintenance agreements. Fees for the services under these agreements include recovery of NRG's costs of operating the plants. Certain agreements also include fees for administrative service, a base monthly fee, profit margin and/or annual incentive bonus.

The following table summarizes NRG's material related party transactions with third party affiliates:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Revenues from Related Parties Included in Operating Revenues
Gladstone	$	1	$	2	$	2	$	3

Ivanpah(a)	11		7		34		25
Midway-Sunset	1		2		4		4


Total	$	13	$	11	$	40	$	32

(a) Also includes fees under project management agreements with each project company

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments First Lien Structure NRG has granted first liens to certain counterparties on a substantial portion of property and assets owned by NRG and the guarantors of its senior debt. NRG uses the first lien structure to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedge agreements for forward sales of power or gas used as a proxy for power. To the extent that the underlying hedge positions for a counterparty are out-of-the-money to NRG, the counterparties would have a claim under the first lien program. As of September 30, 2020, all hedges under the first lien were in-the-money for NRG on a counterparty aggregate basis. Jewett Mine Lignite Contract The Company's Limestone facility historically burned lignite obtained from the Jewett mine, which was operated by TWCC. On or about March 15, 2019, the Jewett mine and related lignite supply agreement with NRG were acquired by Westmoreland Jewett Mining LLC ("Jewett Mining"), a subsidiary of Westmoreland Mining LLC pursuant to a plan of reorganization confirmed by the Texas Bankruptcy Court. Effective August 5, 2020, NRG's subsidiary, NRG Texas LLC, acquired all of the equity interests of Jewett Mining. Active mining under the lignite supply agreement ceased as of December 31, 2016; however, under the terms of the lignite supply agreement, Jewett Mining remains responsible for reclamation activities and NRG is responsible for all reclamation costs. NRG has recorded an adequate ARO liability. The Railroad Commission of Texas has imposed a bond obligation of approximately $99 million for the reclamation of the Jewett mine, which NRG supports through surety bonds. The cost of the reclamation may exceed the value of the bonds. NRG may provide additional performance assurance if required by the Railroad Commission of Texas. Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. NRG records accruals for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate accrual for the applicable legal matters, including regulatory and environmental matters as further discussed in Note 18, Regulatory Matters, and Note 19, Environmental Matters. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Company is unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded accruals and that such difference could be material. In addition to the legal proceedings noted below, NRG and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. Washington-St. Tammany and Claiborne Electric Cooperative v. LaGen — On June 28, 2017, plaintiffs Washington-St. Tammany Electric Cooperative, Inc. and Claiborne Electric Cooperative, Inc. filed a lawsuit against LaGen in the United States District Court for the Middle District of Louisiana. The plaintiffs claimed breach of contract against LaGen for allegedly improperly charging the plaintiffs for costs related to the installation and maintenance of certain pollution control technology. Plaintiffs sought damages for the alleged improper charges and a declaration as to which charges were proper under the contract. In February 2020, the court dismissed this lawsuit without prejudice for lack of subject matter jurisdiction. This matter had been appealed to the United States Court of Appeals for the Fifth Circuit, which dismissed the appeals on July 13, 2020. On March 17, 2020, plaintiffs filed a lawsuit in the Nineteenth Judicial District Court for the Parish of East Baton Rouge in Louisiana alleging substantially the same matters. On February 4, 2019, NRG sold the South Central Portfolio, including the entities subject to this litigation. However, NRG has agreed to indemnify the purchaser for certain losses suffered in connection therewith. Sierra club et al. v. Midwest Generation LLC — In 2012, several environmental groups filed a complaint against Midwest Generation with the Illinois Pollution Control Board ("IPCB") alleging violations of environmental law resulting in groundwater contamination. In June 2019, the IPCB found that Midwest Generation violated the law because it had improperly handled coal ash at four facilities in Illinois and caused or allowed coal ash constituents to impact groundwater. On September 9, 2019, Midwest Generation filed a Motion to Reconsider numerous issues, which the court granted in part and denied in part on February 6, 2020. The IPCB will hold hearings to determine the appropriate relief. Midwest Generation has been working with the Illinois EPA to address the groundwater issues since 2010. XOOM Energy Litigation — XOOM is a defendant in two purported class action lawsuits pending in Maryland and New York. The plaintiffs generally claim that they did not receive the savings they were promised in their natural gas and electricity bills. In the Maryland lawsuit, the district court denied plaintiffs' bid to certify the case as a class action on August 18, 2020. The court is resetting the discovery and trial schedule for the remaining plaintiffs' individual claims. In the New York case, XOOM filed a motion to dismiss, which the court granted on September 21, 2018, later entering judgment in XOOM's favor on September 24, 2018. The plaintiffs in the New York case appealed to the U.S. Court of Appeals for the Second Circuit. On July 26, 2019, the Second Circuit reversed the judgment of the district court and remanded to the district court with instructions that plaintiffs be permitted to proceed on their proposed amended complaint. This matter was known and accrued for at the time of the acquisition.

Regulatory Matters	9 Months Ended
Regulatory Matters	Sep. 30, 2020
Regulatory Matters Disclosure [Abstract]
Regulatory Matters	Regulatory Matters Environmental regulatory matters are discussed within Note 19, Environmental Matters. NRG operates in a highly regulated industry and is subject to regulation by various federal and state agencies. As such, NRG is affected by regulatory developments at both the federal and state levels and in the regions in which NRG operates. In addition, NRG is subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which NRG participates. These power markets are subject to ongoing legislative and regulatory changes that may impact NRG's businesses. In addition to the regulatory proceedings noted below, NRG and its subsidiaries are parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. California Station Power — As the result of unfavorable final and non-appealable litigation, the Company accrued a liability associated with consumption of station power at the Company's Encina power plant facility in California after August 30, 2010. The Company has established an appropriate accrual pending potential regulatory action by San Diego Gas & Electric regarding the Company's Encina facility. South Central — On August 4, 2016, NRG received a document hold notice from FERC regarding conduct in the MISO and PJM markets. FERC Office of Enforcement Staff investigated potential violations of MISO rules involving bidding for the Big Cajun 2 facility, as well as other aspects of NRG’s operations in MISO. On August 18, 2020, FERC Office of Enforcement presented NRG with its preliminary findings. NRG will respond to the preliminary findings on January 15, 2021. FERC has the authority to require disgorgement of profits and to impose penalties and NRG retains any liability following the sale of the South Central Portfolio. ISO-NE — On February 5, 2019, FERC informed the Company that it had made a preliminary finding that the Company violated FERC's market behavior rules in connection with offers made into the ISO-NE Forward Capacity Auction in 2016. On April 26, 2019, NRG responded to the preliminary findings. The investigation is awaiting further Commission action.

Environmental Matters	9 Months Ended
Environmental Matters	Sep. 30, 2020
Environmental Matters Disclosure [Abstract]
Environmental Matters	Environmental Matters NRG is subject to a wide range of environmental laws in the development, construction, ownership and operation of projects. These laws generally require that governmental permits and approvals be obtained before construction and during operation of power plants. NRG is also subject to laws regarding the protection of wildlife, including migratory birds, eagles and threatened and endangered species. The electric generation industry has been facing requirements regarding GHGs, combustion byproducts, water discharge and use, and threatened and endangered species that have been put in place in recent years. However, under the current U.S. presidential administration, some of these rules are being reconsidered and reviewed. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose certain restrictions on the operations of the Company's facilities, which could have a material effect on the Company's consolidated financial position, results of operations, or cash flows. Federal and state environmental laws generally have become more stringent over time, although this trend could slow or pause in the near term with respect to federal laws under the current U.S. presidential administration. Air On July 8, 2019, the EPA promulgated the ACE rule, which rescinded the CPP, which had sought to broadly regulate CO2 emissions from the power sector. The ACE rule requires states that have coal-fired EGUs to develop plans to seek heat rate improvements from coal-fired EGUs. Numerous parties have challenged the ACE rule in the D.C. Circuit and numerous parties have filed petitions for reconsideration with the EPA. Water Effluent Limitations Guidelines — In November 2015, the EPA revised the Effluent Limitations Guidelines for Steam Electric Generating Facilities, which imposed more stringent requirements (as individual permits were renewed) for wastewater streams from FGD, fly ash, bottom ash, and flue gas mercury control. On September 18, 2017, the EPA promulgated a final rule that, among other things, postponed the compliance dates to preserve the status quo for FGD wastewater and bottom ash transport water by two years to November 2020 until the EPA amended the rule. On October 13, 2020, the EPA amended the 2015 ELG rule by: (i) altering the stringency of certain limits for FGD wastewater; (ii) relaxing the zero-discharge requirement for bottom ash transport water; and (iii) changing several deadlines. The Company is in the process of estimating the environmental capital expenditures that will be required to comply. Byproducts, Wastes, Hazardous Materials and Contamination In April 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. In September 2017, the EPA agreed to reconsider the rule. On July 30, 2018, the EPA promulgated a rule that amends the existing ash rule by extending some of the deadlines and providing more flexibility for compliance. On August 21, 2018, the D.C. Circuit found, among other things, that the EPA had not adequately regulated unlined ponds and legacy ponds. On August 14, 2019, the EPA proposed targeted changes to the April 2015 Rule including changes to address the August 2018 D.C. Circuit decision. On December 2, 2019, the EPA released for comment "Closure Part A Proposal" to revise the CCR Rule to address the D.C. Circuit's 2018 decision regarding the adequacy of clay-lined impoundments, obligations to close all unlined impoundments and related deadlines. On February 20, 2020, the EPA proposed the framework for developing and implementing a federal permit program for states that are not approved to administer the CCR rule. On March 3, 2020, the EPA proposed for comment "A Holistic Approach to Closure Part B," which proposes procedures for obtaining approval to operate existing impoundments with alternative liners. On August 28, 2020, the EPA finalized "A Holistic Approach to Closure Part A: Deadline to Initiate Closure," which amended the April 2015 Rule to address the August 2018 D.C. Circuit decision and extend some of the deadlines. The Company anticipates that the EPA will promulgate additional regulations to further amend the existing rule. The Company has updated its estimates of required environmental capital expenditures.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsAs of November 5, 2020, the Company entered into $1.6 billion of interest rate hedges associated with anticipated financing needs.

Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2020

Condensed Consolidating Financial Information Disclosure [Abstract]

Condensed Consolidating Financial Information

As of September 30, 2020, the Company had outstanding $4.4 billion of Senior Notes and Convertible Senior Notes due from 2026 to 2048 and outstanding $1.1 billion of Senior Secured Notes due from 2024 to 2029, as shown in Note 10, Long-term Debt. These Senior Notes and Senior Secured Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries. These guarantees are both joint and several. The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries.

NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. There are no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to NRG. However, there may be restrictions for certain non-guarantor subsidiaries.

The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 of Regulation S-X of the Securities Act. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities.

In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis.

Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes, Convertible Senior Notes and Senior Secured Notes as of September 30, 2020:


Ace Energy, Inc.	NRG Distributed Energy Resources Holdings LLC	Reliant Energy Retail Services, LLC
Allied Home Warranty GP LLC	NRG Distributed Generation PR LLC	RERH Holdings, LLC
Allied Warranty LLC	NRG Dunkirk Operations Inc.	Saguaro Power LLC
Arthur Kill Power LLC	NRG ECOKAP Holdings LLC	SGE Energy Sourcing, LLC
Astoria Gas Turbine Power LLC	NRG El Segundo Operations Inc.	SGE Texas Holdco, LLC
BidURenergy, Inc.	NRG Energy Labor Services LLC	Somerset Operations Inc.
Cabrillo Power I LLC	NRG Energy Services Group LLC	Somerset Power LLC
Cabrillo Power II LLC	NRG Energy Services LLC	Stream Energy Columbia, LLC
Carbon Management Solutions LLC	NRG Generation Holdings Inc.	Stream Energy Delaware, LLC
Cirro Energy Services, Inc.	NRG Greenco LLC	Stream Energy Illinois, LLC
Cirro Group, Inc.	NRG Home & Business Solutions LLC	Stream Energy Maryland, LLC
Connecticut Jet Power LLC	NRG Home Services LLC	Stream Energy New Jersey, LLC
Devon Power LLC	NRG Home Solutions LLC	Stream Energy New York, LLC
Dunkirk Power LLC	NRG Home Solutions Product LLC	Stream Energy Pennsylvania, LLC
Eastern Sierra Energy Company LLC	NRG Homer City Services LLC	Stream Georgia Gas SPE, LLC
El Segundo Power II LLC	NRG HQ DG LLC	Stream Ohio Gas & Electric, LLC
El Segundo Power, LLC	NRG Huntley Operations Inc.	Stream SPE GP, LLC
Energy Alternatives Wholesale, LLC	NRG Identity Protect LLC	Stream SPE, Ltd.
Energy Choice Solutions LLC	NRG Ilion Limited Partnership	Texas Genco GP, LLC
Energy Plus Holdings LLC	NRG Ilion LP LLC	Texas Genco Holdings, Inc.
Energy Plus Natural Gas LLC	NRG International LLC	Texas Genco LP, LLC
Energy Protection Insurance Company	NRG Maintenance Services LLC	Texas Genco Services, LP
Everything Energy LLC	NRG Mextrans Inc.	US Retailers LLC
Forward Home Security, LLC	NRG Middletown Operations Inc.	Vienna Operations Inc.
GCP Funding Company, LLC	NRG Montville Operations Inc.	Vienna Power LLC
Green Mountain Energy Company	NRG North Central Operations Inc.	WCP (Generation) Holdings LLC
Gregory Partners, LLC	NRG Norwalk Harbor Operations Inc.	West Coast Power LLC
Gregory Power Partners LLC	NRG Operating Services, Inc.	XOOM Alberta Holdings, LLC
Huntley Power LLC	NRG Oswego Harbor Power Operations Inc.	XOOM British Columbia Holdings, LLC
Independence Energy Alliance LLC	NRG Portable Power LLC	XOOM Energy California, LLC
Independence Energy Group LLC	NRG Power Marketing LLC	XOOM Energy Connecticut, LLC
Independence Energy Natural Gas LLC	NRG Reliability Solutions LLC	XOOM Energy Delaware, LLC
Indian River Operations Inc.	NRG Renter's Protection LLC	XOOM Energy Georgia, LLC
Indian River Power LLC	NRG Retail LLC	XOOM Energy Global Holdings, LLC
Meriden Gas Turbines LLC	NRG Retail Northeast LLC	XOOM Energy Illinois LLC
Middletown Power LLC	NRG Rockford Acquisition LLC	XOOM Energy Indiana, LLC
Montville Power LLC	NRG Saguaro Operations Inc.	XOOM Energy Kentucky, LLC
NEO Corporation	NRG Security LLC	XOOM Energy Maine, LLC
New Genco GP, LLC	NRG Services Corporation	XOOM Energy Maryland, LLC
Norwalk Power LLC	NRG SimplySmart Solutions LLC	XOOM Energy Massachusetts, LLC
NRG Advisory Services LLC	NRG South Central Operations Inc.	XOOM Energy Michigan, LLC
NRG Affiliate Services Inc.	NRG South Texas LP	XOOM Energy New Hampshire, LLC
NRG Arthur Kill Operations Inc.	NRG Texas Gregory LLC	XOOM Energy New Jersey, LLC
NRG Astoria Gas Turbine Operations Inc.	NRG Texas Holding Inc.	XOOM Energy New York, LLC
NRG Business Services LLC	NRG Texas LLC	XOOM Energy Ohio, LLC
NRG Cabrillo Power Operations Inc.	NRG Texas Power LLC	XOOM Energy Pennsylvania, LLC
NRG California Peaker Operations LLC	NRG Warranty Services LLC	XOOM Energy Rhode Island, LLC
NRG Cedar Bayou Development Company, LLC	NRG West Coast LLC	XOOM Energy Texas, LLC
NRG Connected Home LLC	NRG Western Affiliate Services Inc.	XOOM Energy Virginia, LLC
NRG Construction LLC	Oswego Harbor Power LLC	XOOM Energy Washington D.C., LLC
NRG Curtailment Solutions, Inc.	Reliant Energy Northeast LLC	XOOM Energy, LLC
NRG Development Company Inc.	Reliant Energy Power Supply, LLC	XOOM Ontario Holdings, LLC
NRG Devon Operations Inc.	Reliant Energy Retail Holdings, LLC	XOOM Solar, LLC
NRG Dispatch Services LLC

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the three months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	2,513	$	297	$	—	$	(1)	$	2,809
Operating Costs and Expenses
Cost of operations	1,796		230		9		(1)		2,034
Depreciation and amortization	72		21		6		—		99
Impairment losses	—		29		—		—		29
Selling, general and administrative costs	154		7		92		—		253

Development costs	—		(1)		2		—		1
Total operating costs and expenses	2,022		286		109		(1)		2,416


Operating Income/(Loss)	491		11		(109)		—		393
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	—		—		540		(540)		—
Equity in earnings of unconsolidated affiliates	—		36		—		—		36

Other income, net	4		2		5		—		11

Interest expense	(3)		—		(96)		—		(99)
Total other income/(expense)	1		38		449		(540)		(52)
Income from Continuing Operations Before Income Taxes	492		49		340		(540)		341
Income tax expense	—		1		91		—		92




Net Income	$	492	$	48	$	249	$	(540)	$	249

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the nine months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	6,346	$	730	$	—	$	(10)	$	7,066
Operating Costs and Expenses
Cost of operations	4,357		586		(8)		(10)		4,925
Depreciation and amortization	232		60		26		—		318
Impairment losses	—		29		—		—		29
Selling, general and administrative costs	431		19		220		—		670
Reorganization costs	—		—		3		—		3
Development costs	—		—		6		—		6
Total operating costs and expenses	5,020		694		247		(10)		5,951

Gain on sale of assets	—		1		5		—		6
Operating Income/(Loss)	1,326		37		(242)		—		1,121
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	6		—		1,385		(1,391)		—
Equity in earnings of unconsolidated affiliates	—		37		—		—		37
Impairment losses on investments	—		(18)		—		—		(18)
Other income, net	14		6		32		—		52
Loss on debt extinguishment, net	—		—		(1)		—		(1)
Interest expense	(12)		(3)		(277)		—		(292)
Total other income/(expense)	8		22		1,139		(1,391)		(222)
Income from Continuing Operations Before Income Taxes	1,334		59		897		(1,391)		899
Income tax expense	—		2		214		—		216




Net Income	$	1,334	$	57	$	683	$	(1,391)	$	683

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

For the three months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income	$	492	$	48	$	249	$	(540)	$	249
Other Comprehensive Income

Foreign currency translation adjustments, net	5		3		4		(8)		4

Defined benefit plans, net	2		—		—		(2)		—
Other comprehensive income	7		3		4		(10)		4


Comprehensive Income	$	499	$	51	$	253	$	(550)	$	253

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income	$	1,334	$	57	$	683	$	(1,391)	$	683
Other Comprehensive Income

Foreign currency translation adjustments, net	2		1		2		(3)		2

Defined benefit plans, net	5		—		—		(5)		—
Other comprehensive income	7		1		2		(8)		2


Comprehensive Income	$	1,341	$	58	$	685	$	(1,399)	$	685

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	—	$	23	$	674	$	—	$	697
Funds deposited by counterparties	15		—		—		—		15
Restricted cash	5		—		1		—		6
Accounts receivable, net	650		1,034		805		(1,363)		1,126
Inventory	253		77		—		—		330
Derivative instruments	582		14		—		(18)		578
Cash collateral paid in support of energy risk management activities	74		3		—		—		77

Prepayments and other current assets	238		16		4		—		258


Total current assets	1,817		1,167		1,484		(1,381)		3,087
Property, plant and equipment, net	1,270		1,159		144		—		2,573
Other Assets
Investment in subsidiaries	28		—		4,981		(5,009)		—
Equity investments in affiliates	—		376		—		—		376

Operating lease right-of-use assets, net	68		167		110		—		345
Goodwill	400		179		—		—		579
Intangible assets, net	684		37		—		—		721
Nuclear decommissioning trust fund	828		—		—		—		828
Derivative instruments	315		10		—		(10)		315
Deferred income taxes	435		(32)		2,684		—		3,087
Other non-current assets	168		110		36		—		314


Total other assets	2,926		847		7,811		(5,019)		6,565
Total Assets	$	6,013	$	3,173	$	9,439	$	(6,400)	$	12,225
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	3	$	—	$	—	$	—	$	3
Current portion of operating lease liabilities	18		33		18		—		69
Accounts payable	933		144		1,039		(1,363)		753

Derivative instruments	505		8		—		(18)		495
Cash collateral received in support of energy risk management activities	15		—		—		—		15
Accrued expenses and other current liabilities	275		71		305		—		651



Total current liabilities	1,749		256		1,362		(1,381)		1,986
Other Liabilities
Long-term debt	245		—		5,547		—		5,792
Non-current operating lease liabilities	56		134		107		—		297
Nuclear decommissioning reserve	311		—		—		—		311
Nuclear decommissioning trust liability	508		—		—		—		508

Derivative instruments	326		2		—		(10)		318
Deferred income taxes	—		17		—		—		17
Other non-current liabilities	307		266		489		—		1,062


Total other liabilities	1,753		419		6,143		(10)		8,305
Total Liabilities	3,502		675		7,505		(1,391)		10,291

Stockholders’ Equity	2,511		2,498		1,934		(5,009)		1,934
Total Liabilities and Stockholders’ Equity	$	6,013	$	3,173	$	9,439	$	(6,400)	$	12,225

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Cash Flows from Operating Activities
Net income	$	1,334	$	57	$	683	$	(1,391)	$	683


Adjustments to reconcile net income/(loss) to cash provided by operating activities:
Distributions from and equity in earnings/(losses) of unconsolidated affiliates and consolidated subsidiaries	(6)		6		(1,385)		1,391		6
Depreciation and amortization	232		60		26		—		318
Accretion of asset retirement obligations	19		27		—		—		46
Provision for credit losses	66		8		—		—		74
Amortization of nuclear fuel	40		—		—		—		40
Amortization of financing costs and debt discount/premiums	—		—		23		—		23
Loss on debt extinguishment, net	—		—		1		—		1
Amortization of emission allowances and energy credits	46		14		—		—		60
Amortization of unearned equity compensation	—		—		17		—		17
Net gain on sale of assets and disposal of assets	(16)		(1)		(5)		—		(22)

Impairment losses	—		47		—		—		47
Changes in derivative instruments	(27)		20		—		—		(7)
Changes in deferred income taxes and liability for uncertain tax benefits	(52)		11		243		—		202
Changes in collateral deposits in support of energy risk management activities	91		5		—		—		96
Changes in nuclear decommissioning trust liability	39		—		—		—		39


Changes in other working capital	355		(923)		331		—		(237)


Net Cash Provided/(Used) by Operating Activities	2,121		(669)		(66)		—		1,386
Cash Flows from Investing Activities
Intercompany dividends	—		—		2,591		(2,591)		—
Payments for acquisitions of businesses	(15)		(262)		—		—		(277)
Capital expenditures	(115)		(28)		(24)		—		(167)

Net purchases of emission allowances	(15)		—		—		—		(15)
Investments in nuclear decommissioning trust fund securities	(360)		—		—		—		(360)
Proceeds from the sale of nuclear decommissioning trust fund securities	318		—		—		—		318
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees	8		2		5		—		15

Net contributions to investments in unconsolidated affiliates	—		2		—		—		2




Net Cash (Used)/Provided by Investing Activities	(179)		(286)		2,572		(2,591)		(484)
Cash Flows from Financing Activities

Intercompany dividends and transfers	(1,894)		964		(1,661)		2,591		—
Payments of dividends to common stockholders	—		—		(221)		—		(221)
Payments for share repurchase activity	—		—		(229)		—		(229)


Purchase of and distributions to noncontrolling interests from subsidiaries	—		(2)		—		—		(2)
Proceeds from issuance of common stock	—		—		1		—		1
Proceeds from issuance of long-term debt	—		—		59		—		59
Payment of debt issuance costs	—		—		(24)		—		(24)
Repayments of long-term debt	(59)		(3)		—		—		(62)
Net repayment of Revolving Credit Facility	—		—		(83)		—		(83)

Other	(6)		—		—		—		(6)


Net Cash (Used)/Provided by Financing Activities	(1,959)		959		(2,158)		2,591		(567)
Effect of exchange rate changes on cash and cash equivalents	—		(2)		—		—		(2)

Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	(17)		2		348		—		333
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period	37		21		327		—		385
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period	$	20	$	23	$	675	$	—	$	718

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the three months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	2,473	$	525	$	—	$	(2)	$	2,996
Operating Costs and Expenses
Cost of operations	1,728		421		6		(2)		2,153
Depreciation and amortization	52		32		7		—		91

Selling, general and administrative costs	132		28		50		—		210
Reorganization costs	—		—		1		—		1
Development costs	—		—		1		—		1
Total operating costs and expenses	1,912		481		65		(2)		2,456


Operating Income/(Loss)	561		44		(65)		—		540
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	20		—		537		(557)		—
Equity in earnings of unconsolidated affiliates	—		29		—		—		29
Impairment losses on investments	—		(101)		(6)		—		(107)
Other income, net	11		1		5		—		17

Interest expense	(4)		(3)		(92)		—		(99)
Total other income/(expense)	27		(74)		444		(557)		(160)
Income/(Loss) from Continuing Operations Before Income Taxes	588		(30)		379		(557)		380
Income tax expense	—		1		5		—		6
Income/(Loss) from Continuing Operations	588		(31)		374		(557)		374
Loss from discontinued operations, net of income tax	—		—		(2)		—		(2)


Net Income Attributable to NRG Energy, Inc.	$	588	$	(31)	$	372	$	(557)	$	372

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the nine months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	6,382	$	1,252	$	—	$	(8)	$	7,626
Operating Costs and Expenses
Cost of operations	4,676		956		25		(8)		5,649
Depreciation and amortization	157		81		23		—		261
Impairment losses	1		—		—		—		1
Selling, general and administrative costs	366		56		193		—		615
Reorganization costs	—		—		16		—		16
Development costs	—		1		4		—		5
Total operating costs and expenses	5,200		1,094		261		(8)		6,547

Gain on sale of assets	1		1		—		—		2
Operating Income/(Loss)	1,183		159		(261)		—		1,081
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	32		—		1,266		(1,298)		—
Equity in earnings of unconsolidated affiliates	—		8		—		—		8
Impairment losses on investments	—		(101)		(6)		—		(107)
Other income, net	19		10		20		—		49
Loss on debt extinguishment, net	—		—		(47)		—		(47)
Interest expense	(11)		(12)		(295)		—		(318)
Total other income/(expense)	40		(95)		938		(1,298)		(415)
Income from Continuing Operations Before Income Taxes	1,223		64		677		(1,298)		666
Income tax expense	—		2		7		—		9
Income from Continuing Operations	1,223		62		670		(1,298)		657
Income from discontinued operations, net of income tax	9		5		385		—		399
Net Income	1,232		67		1,055		(1,298)		1,056
Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest	—		1		—		—		1
Net Income Attributable to NRG Energy, Inc.	$	1,232	$	66	$	1,055	$	(1,298)	$	1,055

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income/(Loss)	$	588	$	(31)	$	372	$	(557)	$	372
Other Comprehensive Loss

Foreign currency translation adjustments, net	(5)		(4)		(4)		9		(4)
Available-for-sale securities, net	—		—		(14)		—		(14)
Defined benefit plans, net	(40)		—		(41)		40		(41)
Other comprehensive loss	(45)		(4)		(59)		49		(59)
Comprehensive Income/(Loss)	$	543	$	(35)	$	313	$	(508)	$	313

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income	$	1,232	$	67	$	1,055	$	(1,298)	$	1,056
Other Comprehensive Loss

Foreign currency translation adjustments, net	(5)		(4)		(4)		9		(4)
Available-for-sale securities, net	—		—		(13)		—		(13)
Defined benefit plans, net	(40)		—		(47)		40		(47)
Other comprehensive loss	(45)		(4)		(64)		49		(64)
Comprehensive Income	1,187		63		991		(1,249)		992
Less: Comprehensive income attributable to redeemable noncontrolling interest	—		1		—		—		1
Comprehensive Income Attributable to NRG Energy, Inc.	$	1,187	$	62	$	991	$	(1,249)	$	991

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2019


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	—	$	20	$	325	$	—	$	345
Funds deposited by counterparties	32		—		—		—		32
Restricted cash	5		1		2		—		8
Accounts receivable, net	1,293		239		233		(740)		1,025
Inventory	272		111		—		—		383
Derivative instruments	856		45		—		(41)		860
Cash collateral paid in support of energy risk management activities	182		8		—		—		190

Prepayments and other current assets	170		8		67		—		245


Total current assets	2,810		432		627		(781)		3,088
Property, plant and equipment, net	1,483		952		158		—		2,593
Other Assets
Investment in subsidiaries	710		—		4,785		(5,495)		—
Equity investments in affiliates	—		388		—		—		388

Operating lease right-of-use assets, net	81		261		122		—		464
Goodwill	359		220		—		—		579
Intangible assets, net	375		414		—		—		789
Nuclear decommissioning trust fund	794		—		—		—		794
Derivative instruments	308		15		—		(13)		310
Deferred income taxes	421		(19)		2,884		—		3,286
Other non-current assets	145		30		65		—		240


Total other assets	3,193		1,309		7,856		(5,508)		6,850
Total Assets	$	7,486	$	2,693	$	8,641	$	(6,289)	$	12,531
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	—	$	5	$	83	$	—	$	88
Current portion of operating lease liabilities	20		32		21		—		73
Accounts payable	918		141		403		(740)		722

Derivative instruments	797		25		—		(41)		781
Cash collateral received in support of energy risk management activities	32		—		—		—		32
Accrued expenses and other current liabilities	280		44		339		—		663



Total current liabilities	2,047		247		846		(781)		2,359
Other Liabilities
Long-term debt	302		28		5,473		—		5,803
Non-current operating lease liabilities	64		301		118		—		483
Nuclear decommissioning reserve	298		—		—		—		298
Nuclear decommissioning trust liability	487		—		—		—		487

Derivative instruments	334		1		—		(13)		322
Deferred income taxes	—		17		—		—		17
Other non-current liabilities	399		153		532		—		1,084


Total other liabilities	1,884		500		6,123		(13)		8,494
Total Liabilities	3,931		747		6,969		(794)		10,853
Redeemable noncontrolling interest in subsidiaries	—		20		—		—		20
Stockholders’ Equity	3,555		1,926		1,672		(5,495)		1,658
Total Liabilities and Stockholders’ Equity	$	7,486	$	2,693	$	8,641	$	(6,289)	$	12,531

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Cash Flows from Operating Activities
Net income	$	1,232	$	67	$	1,055	$	(1,298)	$	1,056
Income from discontinued operations	9		5		385		—		399
Income from continuing operations	1,223		62		670		(1,298)		657
Adjustments to reconcile net income to cash provided by operating activities:
Distributions from and equity in losses of unconsolidated affiliates and consolidated subsidiaries	(32)		(5)		(1,266)		1,298		(5)
Depreciation and amortization	156		82		23		—		261
Accretion of asset retirement obligations	25		6		—		—		31
Provision for credit losses	72		11		4		—		87
Amortization of nuclear fuel	40		—		—		—		40
Amortization of financing costs and debt discount/premiums	—		—		20		—		20
Loss on debt extinguishment, net	—		—		47		—		47
Amortization of emission allowances and energy credits	21		7		—		—		28
Amortization of unearned equity compensation	—		—		15		—		15
Net loss on sale of assets and disposal of assets	(25)		2		3		—		(20)

Impairment losses	1		101		6		—		108
Changes in derivative instruments	10		(12)		38		—		36
Changes in deferred income taxes and liability for uncertain tax benefits	—		(1)		(2)		—		(3)
Changes in collateral deposits in support of energy risk management activities	136		(7)		—		—		129
Changes in nuclear decommissioning trust liability	27		—		—		—		27


Changes in other working capital	(401)		(123)		(45)		—		(569)
Cash provided/(used) by continuing operations	1,253		123		(487)		—		889
Cash provided/(used) by discontinued operations	17		(9)		—		—		8
Net Cash Provided/(Used) by Operating Activities	1,270		114		(487)		—		897
Cash Flows from Investing Activities
Intercompany dividends	—		—		3,866		(3,866)		—
Payments for acquisitions of businesses	(348)		—		—		—		(348)
Capital expenditures	(135)		(23)		(25)		—		(183)
Decrease in notes receivable	—		—		2		—		2
Net purchases of emission allowances	14		—		—		—		14
Investments in nuclear decommissioning trust fund securities	(295)		—		—		—		(295)
Proceeds from the sale of nuclear decommissioning trust fund securities	271		—		—		—		271
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees	1		400		892		—		1,293

Net distributions from investments in unconsolidated affiliates	—		(94)				—		(94)
Contributions to discontinued operations	—		(44)		—		—		(44)

Cash (used)/provided by continuing operations	(492)		239		4,735		(3,866)		616
Cash used by discontinued operations	—		(2)		—		—		(2)
Net Cash (Used)/Provided by Investing Activities	(492)		237		4,735		(3,866)		614
Cash Flows from Financing Activities

Intercompany dividends and transfers	(824)		(317)		(2,725)		3,866		—
Payment of dividends to common stockholders	—		—		(24)		—		(24)
Payments for share repurchase activity	—		—		(1,322)		—		(1,322)

Payments for debt extinguishment	—		—		(24)		—		(24)
Net distributions to noncontrolling interests from subsidiaries	—		(1)		—		—		(1)
Proceeds from issuance of common stock	—		—		3		—		3
Proceeds from issuance of long-term debt	—		—		1,833		—		1,833
Payment of debt issuance costs	—		—		(34)		—		(34)
Payments for long-term debt	—		(55)		(2,432)		—		(2,487)
Net proceeds of Revolving Credit Facility	—		—		215		—		215


Cash used by continuing operations	(824)		(373)		(4,510)		3,866		(1,841)
Cash provided by discontinued operations	—		43		—		—		43
Net Cash Used by Financing Activities	(824)		(330)		(4,510)		3,866		(1,798)

Change in cash from discontinued operations	17		32		—		—		49
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	(63)		(11)		(262)		—		(336)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period	95		38		480		—		613
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period	$	32	$	27	$	218	$	—	$	277

(a)All significant intercompany transactions have been eliminated in consolidation

Receivables Securitization and Repurchase Facility	9 Months Ended
Receivables Securitization and Repurchase Facility	Sep. 30, 2020
Debt Disclosure [Abstract]
Receivables Securitization and Repurchase Facility	Receivables Securitization and Repurchase Facility Receivables Securitization On September 22, 2020, NRG Receivables LLC, a bankruptcy remote, special purpose, indirect wholly owned subsidiary, entered into the Receivables Facility for an amount up to $750 million, subject to adjustments on a seasonal basis, with issuers of asset-backed commercial paper and commercial banks (the "Lenders".) The assets of NRG Receivables LLC are first available to satisfy the claims of the Lenders before making payments on the subordinated note and equity issued by NRG Receivables LLC. The assets of NRG Receivables LLC are not available to the Company and its subsidiaries or creditors unless and until distributed by NRG Receivables LLC. Under the Receivables Facility, certain indirect subsidiaries of the Company sell their accounts receivables to NRG Receivables LLC, subject to certain terms and conditions. In turn, NRG Receivables LLC grants a security interest in the purchased receivables to the Lenders as collateral for cash borrowings and issuances of letters of credit. The accounts receivables remain on the Company's consolidated balance sheet and any amounts funded by the Lenders to NRG Receivables LLC will be reflected as short-term borrowings. Cash flows from the Receivables Facility are reflected as financing activities in the Company's consolidated statements of cash flows. The Company will continue to service the accounts receivables sold in exchange for a servicing fee. The Receivables Facility is scheduled to expire on September 21, 2021, unless renewed by the mutual consent of the parties in accordance with its terms. Borrowings by NRG Receivables LLC under the Receivables Facility bear interest as defined under the Receivables Financing Agreement. The weighted average interest rate related to usage under the Securitization Facility as of September 30, 2020 was 0.489%. As of September 30, 2020, there were no outstanding borrowings and there were $179 million in letters of credit issued under the Receivables Facility. Repurchase Facility On September 22, 2020, the Company entered into an uncommitted repurchase facility (“Repurchase Facility”) related to the Receivables Facility. Under the Repurchase Facility, the Company can borrow up to $75 million, collateralized by a subordinated note issued by NRG Receivables LLC to NRG Retail LLC in favor of the originating entities representing a portion of the balance of receivables sold to NRG Receivables LLC under the Receivables Facility. The Repurchase Facility is scheduled to expire on September 22, 2021, unless renewed by the mutual consent of the parties in accordance with its terms. The Repurchase Facility has no commitment fee and borrowings will be drawn at LIBOR + 1.25%. As of September 30, 2020, there were no outstanding borrowings under the Repurchase Facility.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Segment Reporting	Segments As part of perfecting the integrated model, in which the majority of the Company’s generation serves its retail customers, the Company began managing its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus in 2020. As a result, the Company changed its business segments from Retail and Generation to Texas, East and West/Other beginning in the first quarter of 2020. The Company's updated segment structure reflects how management currently makes financial decisions and allocates resources. The Company's businesses are segregated as follows: •Texas, which includes all activity related to customer, plant and market operations in Texas; •East, which includes the remaining activity related to customer operations and all activity related to plant and market operations in the East; •West/Other, which includes the following assets and activities: (i) all activity related to plant and market operations in the West, (ii) activity related to the Cottonwood power plant that was sold to Cleco on February 4, 2019 and is being leased back until 2025, (iii) the remaining renewables activity, including the Company’s equity method investments in Ivanpah Master Holdings, LLC and Agua Caliente, the remaining Home Solar assets and the NFL stadium solar generating assets, and (iv) activity related to the Company’s equity method investment for the Gladstone power plant in Australia; and •Corporate activities. All affected disclosures have been recast to reflect these changes for all periods presented. For further discussion of segment reporting, refer to Note 14, Segment Reporting. As part of perfecting the integrated model, in which the majority of the Company’s generation serves its retail customers, the Company began managing its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus in 2020. As a result, the Company changed its business segments from Retail and Generation to Texas, East and West/Other beginning in the first quarter of 2020, as further described in Note 1, Nature of Business. The Company's updated segment structure reflects how management currently makes financial decisions and allocates resources The financial information for the three and nine months ended September 30, 2019 was recast to reflect the current segment structure. In February 2019, as described in Note 4, Acquisitions, Discontinued Operations and Dispositions, the Company completed the sales of the South Central Portfolio and Carlsbad. The financial information for the three and nine months ended September 30, 2019 presented below reflects the presentation of these entities as discontinued operations within the corporate segment. NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and allocation of capital, as well as net income/(loss).
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified for comparative purposes.
Credit Losses	Credit Losses On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU No. 2016-13, using the modified retrospective approach. Following the adoption of the new standard, the Company’s process of estimating expected credit losses remains materially consistent with its historical practice. Information prior to January 1, 2020, which was previously referred to as the allowance and provision for bad debt, has not been restated and continues to be reported under the accounting standards in effect for that period. Retail trade receivables are reported on the balance sheet net of the allowance for credit losses. The Company accrues an allowance for current expected credit losses based on (i) estimates of uncollectible revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including, but not limited to, unemployment rates and weather-related events, (ii) historical collections and delinquencies, and (iii) counterparty credit ratings for commercial and industrial customers.
Restricted Cash	Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on the Company's intention, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the hedge counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities. Restricted cash consists primarily of funds held within the Company's projects that are restricted for specific uses.
Pension Plan Contributions	Pension Plan Contributions In the Company's 2019 Form 10-K, NRG had anticipated making contributions of $56 million to its pension plans in 2020. Cash contributions of $12 million were made during the nine months ended September 30, 2020 and the remaining planned contributions for 2020 were satisfied by available pre-funded pension balances (previous contributions in excess of required pension contributions). No additional contributions are planned in the fourth quarter of 2020.
Recent Accounting Developments	Recent Accounting Developments - Guidance Adopted in 2020 ASU 2018-17 — In October 2018, the FASB issued ASU No. 2018-17, Consolidations (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, or ASU No. 2018-17, in response to stakeholders’ observations that Topic 810, Consolidations, could be improved thereby improving general purpose financial reporting. Specifically, ASU No. 2018-17 requires application of the variable interest entity (VIE) guidance to private companies under common control and consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments retrospectively. The adoption did not have a material impact on the Company's results of operations, cash flows, or statement of financial position. ASU 2018-15 — In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in Cloud Computing Arrangement That Is a Service Contract, or ASU No. 2018-15. The amendments in ASU No. 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal-use software (and hosting arrangement that include an internal-use software license). The amendment also requires the customer to amortize the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The Company adopted the amendments effective January 1, 2020 using the prospective approach. The adoption did not have a material impact on the Company's results of operations, cash flows, or statement of financial position. ASU 2018-13 — In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirement for Fair value Measurement), or ASU No. 2018-13. The amendments in ASU No. 2018-13 eliminate such disclosures as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and add new disclosure requirements for Level 3 measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures in ASU No. 2018-13 are required to be applied on a retrospective basis and others on a prospective basis. The Company adopted the amendments effective January 1, 2020. As the amendments contemplates changes in disclosures only, it did not have an impact on the Company's results of operations, cash flows, or statement of financial position. ASU 2016-13 — In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements, or ASU No. 2016-13, which was further amended through various updates issued by the FASB thereafter. The guidance in ASU No. 2016-13 provides a new model for recognizing credit losses on financial assets carried at amortized cost using an estimate of expected credit losses, instead of the "incurred loss" methodology previously required for recognizing credit losses that delayed recognition until it was probable that a loss was incurred. The estimate of expected credit losses is to be based on consideration of past events, current conditions and reasonable and supportable forecasts of future conditions. The Company adopted the standard and its subsequent corresponding updates effective January 1, 2020 using the modified retrospective approach. Results for the reporting periods after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company's adoption of Topic 326 did not have a material impact on the Company's results of operations, cash flows, or statement of financial position. Recent Accounting Developments - Guidance Not Yet Adopted ASU 2020-06 — In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), or ASU No. 2020-06. The guidance in ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, ASU 2020-06 improves and amends the related earnings per share guidance. This standard is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently in the process of assessing the impact of this guidance on the consolidated financial statements and disclosures related to earnings per share. ASU 2019-12 — In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU No. 2019-12, to simplify various aspects related to accounting for income taxes. The guidance in ASU 2019-12 amends the general principles in Topic 740 to eliminate certain exceptions for recognizing deferred taxes for investment, performing intraperiod allocation and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years,. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of assessing the impact of this guidance on the consolidated financial statements.
Nuclear Decommissioning	NRG's Nuclear Decommissioning Trust Fund assets, which are for the decommissioning of its 44% interest in STP, are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations, because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to the Nuclear Decommissioning Trust liability and are not included in net income or accumulated OCI, consistent with regulatory treatment.

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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Disclosure of accounting policy for segment reporting.

Other Balance Sheet Information

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

The following table presents the accumulated depreciation included in property, plant and equipment, net and accumulated amortization included in intangible assets, net:


(In millions)	September 30, 2020		December 31, 2019
Property, plant and equipment accumulated depreciation	$	1,901	$	1,752
Intangible assets accumulated amortization	1,314		1,262

Activity in Allowance for Credit Losses

The following table represents the activity in the allowance for credit losses for the three and nine months ended September 30, 2020:


(In millions)	Three months ended September 30, 2020		Nine months ended September 30, 2020
Beginning balance	$	47	$	43
Provision for credit losses	26		74
Write-offs	(19)		(71)
Recoveries collected	3		11
Ending balance	$	57	$	57

Reconciliation of Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties


(In millions)	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	697	$	345
Funds deposited by counterparties	15		32
Restricted cash	6		8
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows	$	718	$	385

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue from Contracts with Customer

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	1,633	$	354	$	—	$	—	$	1,987
Business Solutions	288		27		—		—		315
Total retail revenue	1,921		381		—		—		2,302
Energy revenue(a)	11		93		117		1		222
Capacity revenue(a)	—		158		16		—		174
Mark-to-market for economic hedging activities(b)	1		43		(10)		5		39

Other revenue(a)	59		18		(1)		(4)		72
Total operating revenue	1,992		693		122		2		2,809
Less: Lease revenue	—		—		5		—		5
Less: Realized and unrealized ASC 815 revenue	10		115		(10)		5		120

Total revenue from contracts with customers	$	1,982	$	578	$	127	$	(3)	$	2,684
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	—	$	23	$	13	$	(1)	$	35
Capacity revenue	—		49		—		—		49
Other revenue	9		—		(13)		1		(3)
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Three months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	1,735	$	337	$	—	$	—	$	2,072
Business Solutions	397		19		—		—		416
Total retail revenue	2,132		356		—		—		2,488
Energy revenue(a)	211		109		107		(1)		426
Capacity revenue(a)	—		185		9		—		194
Mark-to-market for economic hedging activities(b)	(213)		12		(9)		—		(210)

Other revenue(a)	78		17		4		(1)		98
Total operating revenue	2,208		679		111		(2)		2,996
Less: Lease revenue	—		—		5		—		5
Less: Realized and unrealized ASC 815 revenue	420		69		—		(2)		487

Total revenue from contracts with customers	$	1,788	$	610	$	106	$	—	$	2,504
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	613	$	20	$	21	$	(2)	$	652
Capacity revenue	—		34		—		—		34
Other revenue	20		3		(12)		—		11
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Nine months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	3,938	$	992	$	—	$	(1)	$	4,929
Business Solutions	796		70		—		—		866
Total retail revenue	4,734		1,062		—		(1)		5,795
Energy revenue(a)	21		157		252		(1)		429
Capacity revenue(a)	—		471		47		—		518
Mark-to-market for economic hedging activities(b)	1		63		6		8		78

Other revenue(a)	172		45		36		(7)		246
Total operating revenue	4,928		1,798		341		(1)		7,066
Less: Lease revenue	—		1		14		—		15
Less: Realized and unrealized ASC 815 revenue	24		239		50		5		318

Total revenue from contracts with customers	$	4,904	$	1,558	$	277	$	(6)	$	6,733
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	—	$	60	$	42	$	(3)	$	99
Capacity revenue	—		114		—		—		114
Other revenue	23		2		2		—		27
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Nine months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Retail revenue:
Mass Market	$	3,891	$	892	$	—	$	(3)	$	4,780
Business Solutions	927		55		—		—		982
Total retail revenue	4,818		947		—		(3)		5,762
Energy revenue(a)	452		283		217		—		952
Capacity revenue(a)	—		524		27		—		551
Mark-to-market for economic hedging activities(b)	28		13		11		(1)		51

Other revenue(a)	213		45		55		(3)		310
Total operating revenue	5,511		1,812		310		(7)		7,626
Less: Lease revenue	—		1		14		—		15
Less: Realized and unrealized ASC 815 revenue	1,314		187		46		(2)		1,545

Total revenue from contracts with customers	$	4,197	$	1,624	$	250	$	(5)	$	6,066
(a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Other		Corporate/Eliminations		Total
Energy revenue	$	1,239	$	87	$	28	$	(2)	$	1,352
Capacity revenue	—		81		—		1		82
Other revenue	47		6		7		—		60
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815

Contract Asset and Liabilities

The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of September 30, 2020 and December 31, 2019:


(In millions)	September 30, 2020		December 31, 2019
Deferred customer acquisition costs	$	122	$	133

Accounts receivable, net - Contracts with customers	1,084		1,002

Accounts receivable, net - Derivative instruments	37		18
Accounts receivable, net - Affiliate	5		5
Total accounts receivable, net	$	1,126	$	1,025

Unbilled revenues (included within Accounts receivable, net - Contracts with customers)	$	411	$	402

Deferred revenues(a)	60		82

(a) Deferred revenues from contracts with customers for the three months ended September 30, 2020 and the year ended December 31, 2019 were approximately $31 million and $24 million, respectively

Acquisitions, Discontinued Operations and Dispositions (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The purchase price was allocated as follows:


	(In millions)
Account receivable	$	98
Accounts payable	(73)
Other net current and non-current working capital	5
Marketing partnership	154
Customer relationships	85
Trade name	28
Other intangible assets	26
Goodwill (a)	6
Stream Purchase Price	$	329

Summary of Results of Discontinued Operations

Summarized results of the South Central Portfolio discontinued operations were as follows:


	Three months ended			Nine months ended
(In millions)		September 30, 2019			September 30, 2019
Operating revenues		$	—		$	31
Operating costs and expenses		—			(23)




Gain from operations of discontinued components		—			8
(Loss)/Gain on disposal of discontinued operations, net of tax		(1)			27
(Loss)/Gain from discontinued operations, including disposal, net of tax		$	(1)		$	35

Summarized results of Carlsbad discontinued operations were as follows:


	Three months ended			Nine months ended
(In millions)		September 30, 2019		September 30, 2019
Operating revenues		$	—	$	19
Operating costs and expenses		—		(9)
Other expenses		—		(5)


Gain from discontinued operations, net of tax		—		5
(Loss)/gain on disposal of discontinued operations, net of tax		(1)		330

Other Commitments, Indemnification and Fees		—		27
(Loss)/gain on disposal of discontinued operations, net of tax		(1)		357
(Loss)/gain from discontinued operations, including disposal, net of tax		$	(1)	$	362

Summarized results of GenOn discontinued operations were as follows:


	Nine months ended
(In millions)	September 30, 2019


Gain from discontinued operations, net of tax	$	2

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows:


	September 30, 2020				December 31, 2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Notes receivable	$	10	$	7	$	11	$	8
Liabilities:
Long-term debt, including current portion (a)	5,854		6,309		5,956		6,504

(a) Excludes deferred financing costs, which are recorded as a reduction to long-term debt in the Company's consolidated balance sheets

Fair value hierarchy for long-term debt

The following table presents the level within the fair value hierarchy for long-term debt, including current portion, as of September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
(In millions)	Level 2		Level 3		Level 2		Level 3
Long-term debt, including current portion	$	6,305	$	4	$	6,388	$	116

Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis


	September 30, 2020

(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	15	$	—	$	15	$	—

Nuclear trust fund investments:
Cash and cash equivalents	25		25		—		—
U.S. government and federal agency obligations	49		48		1		—
Federal agency mortgage-backed securities	92		—		92		—
Commercial mortgage-backed securities	38		—		38		—
Corporate debt securities	144		—		144		—
Equity securities	402		402		—		—
Foreign government fixed income securities	6		—		6		—
Other trust fund investments:
U.S. government and federal agency obligations	1		1		—		—
Derivative assets:
Commodity contracts	893		74		592		227


Measured using net asset value practical expedient:
Equity securities — nuclear trust fund investments	72
Equity securities	7
Total assets	$	1,744	$	550	$	888	$	227
Derivative liabilities:
Commodity contracts	$	813	$	70	$	568	$	175

Total liabilities	$	813	$	70	$	568	$	175


	December 31, 2019

(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	20	$	—	$	20	$	—
Nuclear trust fund investments:
Cash and cash equivalents	17		17		—		—
U.S. government and federal agency obligations	68		68		—		—
Federal agency mortgage-backed securities	100		—		100		—
Commercial mortgage-backed securities	29		—		29		—
Corporate debt securities	109		—		109		—
Equity securities	388		388		—		—
Foreign government fixed income securities	5		—		5		—
Other trust fund investments:
U.S. government and federal agency obligations	1		1		—		—
Derivative assets:
Commodity contracts	1,170		84		893		193


Measured using net asset value practical expedient:
Equity securities — nuclear trust fund investments	78
Equity securities	8
Total assets	$	1,993	$	558	$	1,156	$	193
Derivative liabilities:
Commodity contracts	$	1,103	$	143	$	805	$	155

Total liabilities	$	1,103	$	143	$	805	$	155

Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Three months ended September 30, 2020		Nine months ended September 30, 2020
(In millions)	Derivatives(a)			Derivatives(a)
Beginning balance	$	152		$	38


Total (losses) realized/unrealized— included in earnings	(92)			(18)


Purchases	(10)			6
Transfers into Level 3(b)	(11)			22
Transfers out of Level 3(b)	13			4
Ending balance	$	52		$	52
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	$	23		$	50

(a)Consists of derivative assets and liabilities, net

(b)Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Three months ended September 30, 2019						Nine months ended September 30, 2019
(In millions)	Debt Securities		Derivatives(a)		Total			Debt Securities		Derivatives(a)		Total
Beginning balance	$	19	$	97	$	116		$	19	$	20	$	39
Contracts added from acquisitions	—		(2)		(2)			—		(3)		(3)

Total (losses)/gains realized/unrealized:
Included in earnings	—		(18)		(18)			1		(45)		(44)
Included in OCI	(14)		—		(14)			(14)		—		(14)
Cash received	—		—		—			(1)		—		(1)
Purchases	—		38		38			—		26		26
Transfers into Level 3(b)	—		(126)		(126)			—		4		4
Transfers out of Level 3(b)	—		24		24			—		11		11
Ending balance	$	5	$	13	$	18		$	5	$	13	$	18
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	—		44		44			1		13		14

(a)Consists of derivative assets and liabilities, net

(b)Transfers into/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2

Significant unobservable inputs used developing fair values, Quantitative Information

The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2020 and December 31, 2019:



	September 30, 2020
	Fair Value						Input/Range
(In millions)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
Power Contracts	$	196	$	167	Discounted Cash Flow	Forward Market Price (per MWh)	$	10	$	116	$	24

FTRs	31		8		Discounted Cash Flow	Auction Prices (per MWh)	(50)		43		0
	$	227	$	175



	December 31, 2019
	Fair Value						Input/Range
(In millions)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
Power Contracts	$	151	$	139	Discounted Cash Flow	Forward Market Price (per MWh)	$	8	$	218	$	24

FTRs	42		16		Discounted Cash Flow	Auction Prices (per MWh)	(105)		213		0
	$	193	$	155

Fair value inputs, sensitivity analysis

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2020 and December 31, 2019:

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Forward Market Price Power

Buy

Increase/(Decrease)

Higher/(Lower)

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

FTR Prices

Buy

Increase/(Decrease)

Higher/(Lower)

FTR Prices

Sell

Increase/(Decrease)

Lower/(Higher)

Net counterparty credit exposure by industry sector and by counterparty credit quality

The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.


	Net Exposure(a)(b)
Category by Industry Sector	(% of Total)

Utilities, energy merchants, marketers and other	88	%
Financial institutions	12

Total as of September 30, 2020	100	%


	Net Exposure (a)(b)
Category by Counterparty Credit Quality	(% of Total)
Investment grade	59	%
Non-investment grade/non-rated	41
Total as of September 30, 2020	100	%

(a)Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices

(b)The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts

Nuclear Decommissioning Trust Fund (Tables)

9 Months Ended

Sep. 30, 2020

Regulated Operations [Abstract]

Summary of aggregate fair values and unrealized gains and losses for the securities held in the trust fund


	As of September 30, 2020							As of December 31, 2019
(In millions, except maturities)	Fair Value		Unrealized Gains		Unrealized Losses		Weighted-average Maturities (In years)	Fair Value		Unrealized Gains		Unrealized Losses		Weighted-average Maturities (In years)
Cash and cash equivalents	$	25	$	—	$	—	—	$	17	$	—	$	—	—
U.S. government and federal agency obligations	49		7		—		12	68		4		—		11
Federal agency mortgage-backed securities	92		4		—		24	100		3		—		24
Commercial mortgage-backed securities	38		2		—		28	29		1		1		24
Corporate debt securities	144		12		—		12	109		6		—		11
Equity securities	474		321		1		—	466		324		—		—
Foreign government fixed income securities	6		1		—		10	5		—		—		10
Total	$	828	$	347	$	1		$	794	$	338	$	1

Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses


	Nine months ended September 30,
(In millions)	2020		2019
Realized gains	$	22	$	8
Realized losses	(11)		(7)
Proceeds from sale of securities	318		271

Accounting for Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net notional volume buy/(sell) of NRG's open derivative transactions broken out by commodity


		Total Volume (In millions)
Category	Units	September 30, 2020	December 31, 2019
Emissions	Short Ton	1	3
Renewable Energy Certificates	Certificates	3	1
Coal	Short Ton	4	10
Natural Gas	MMBtu	(264)	(181)

Power	MWh	51	38
Capacity	MW/Day	(1)	(1)

Fair value within the derivative instrument valuation on the balance sheets

The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:


	Fair Value
	Derivative Assets				Derivative Liabilities
(In millions)	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019




Derivatives Not Designated as Cash Flow or Fair Value Hedges:


Commodity contracts current	$	578	$	860	$	495	$	781
Commodity contracts long-term	315		310		318		322
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges	$	893	$	1,170	$	813	$	1,103

Offsetting of derivatives by counterparty assets

The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:


	Gross Amounts Not Offset in the Statement of Financial Position
(In millions)	Gross Amounts of Recognized Assets / Liabilities		Derivative Instruments		Cash Collateral (Held) / Posted		Net Amount
As of September 30, 2020
Commodity contracts:
Derivative assets	$	893	$	(738)	$	(1)	$	154
Derivative liabilities	(813)		738		—		(75)
Total commodity contracts	$	80	$	—	$	(1)	$	79


	Gross Amounts Not Offset in the Statement of Financial Position
(In millions)	Gross Amounts of Recognized Assets / Liabilities		Derivative Instruments		Cash Collateral (Held) / Posted		Net Amount
As of December 31, 2019
Commodity contracts:
Derivative assets	$	1,170	$	(909)	$	(7)	$	254
Derivative liabilities	(1,103)		909		73		(121)
Total commodity contracts	$	67	$	—	$	66	$	133

Offsetting of derivatives by counterparty, liabilities

The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:


	Gross Amounts Not Offset in the Statement of Financial Position
(In millions)	Gross Amounts of Recognized Assets / Liabilities		Derivative Instruments		Cash Collateral (Held) / Posted		Net Amount
As of September 30, 2020
Commodity contracts:
Derivative assets	$	893	$	(738)	$	(1)	$	154
Derivative liabilities	(813)		738		—		(75)
Total commodity contracts	$	80	$	—	$	(1)	$	79


	Gross Amounts Not Offset in the Statement of Financial Position
(In millions)	Gross Amounts of Recognized Assets / Liabilities		Derivative Instruments		Cash Collateral (Held) / Posted		Net Amount
As of December 31, 2019
Commodity contracts:
Derivative assets	$	1,170	$	(909)	$	(7)	$	254
Derivative liabilities	(1,103)		909		73		(121)
Total commodity contracts	$	67	$	—	$	66	$	133

Pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations


(In millions)	Three months ended September 30,				Nine months ended September 30,
Unrealized mark-to-market results	2020		2019		2020		2019
Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges	$	(101)	$	(118)	$	(62)	$	(88)
Reversal of acquired (gain)/loss positions related to economic hedges	(2)		(3)		2		(4)
Net unrealized (losses)/gains on open positions related to economic hedges	(15)		57		73		69
Total unrealized mark-to-market (losses)/gains for economic hedging activities	(118)		(64)		13		(23)
Reversal of previously recognized unrealized (gains) on settled positions related to trading activity	(7)		(1)		(14)		(8)
Net unrealized gains/(losses) on open positions related to trading activity	2		(3)		19		23
Total unrealized mark-to-market (losses)/gains for trading activity	(5)		(4)		5		15
Total unrealized (losses)/gains	$	(123)	$	(68)	$	18	$	(8)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Unrealized gains/(losses) included in operating revenues	$	34	$	(214)	$	83	$	66
Unrealized (losses)/gains included in cost of operations	(157)		146		(65)		(74)
Total impact to statement of operations — energy commodities	$	(123)	$	(68)	$	18	$	(8)
Total impact to statement of operations — interest rate contracts	$	—	$	—	$	—	$	(38)

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term debt

Long-term debt consisted of the following:


(In millions, except rates)	September 30, 2020		December 31, 2019		Interest rate %
Recourse debt:
Senior Notes, due 2026	$	1,000	$	1,000	7.250
Senior Notes, due 2027	1,230		1,230		6.625
Senior Notes, due 2028	821		821		5.750
Senior Notes, due 2029	733		733		5.250
Convertible Senior Notes, due 2048(a)	575		575		2.750
Senior Secured First Lien Notes, due 2024	600		600		3.750
Senior Secured First Lien Notes, due 2029	500		500		4.450
Revolving Credit Facility	—		83		L + 1.750
Tax-exempt bonds	466		466		1.30 - 6.00
Subtotal recourse debt	5,925		6,008
Non-recourse debt:


Other	4		34		various
Subtotal all non-recourse debt	4		34
Subtotal long-term debt (including current maturities)	5,929		6,042




Less current maturities	(3)		(88)
Less debt issuance costs	(59)		(65)
Discounts	(75)		(86)
Total long-term debt	$	5,792	$	5,803

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs (Tables)

9 Months Ended

Sep. 30, 2020

Variable Interest Entities Disclosure [Abstract]

Financial Information for Consolidated VIEs

The summarized financial information for the Company's consolidated VIEs consisted of the following:


(In millions)	September 30, 2020		December 31, 2019
Accounts receivable	$	887	$	—
Other current assets	4		3
Net property, plant and equipment	—		71
Other long-term assets	25		27
Total assets	916		101
Current liabilities	5		4
Long-term debt	—		24


Other long-term liabilities	27		8
Total liabilities	32		36
Redeemable noncontrolling interest	—		20

Net assets less noncontrolling interest	$	884	$	45

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Changes in NRG's common shares issued and outstanding

Changes in Capital Structure (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

As of September 30, 2020 and December 31, 2019, the Company had 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's common stock issued and outstanding:


	Issued	Treasury	Outstanding
Balance as of December 31, 2019	421,890,790	(172,894,601)	248,996,189
Shares issued under LTIPs	1,150,559	—	1,150,559
Shares issued under ESPP	—	63,455	63,455
Shares repurchased	—	(6,062,783)	(6,062,783)
Balance as of September 30, 2020	423,041,349	(178,893,929)	244,147,420
Shares issued under LTIPs	5,400	—	5,400
Shares issued under ESPP	—	68,014	68,014

Balance as of November 5, 2020	423,046,749	(178,825,915)	244,220,834

Shares Repurchased

The following repurchases have been made during the nine months ended September 30, 2020:


	Total number of shares purchased	Average price paid per share	Amounts paid for shares purchased (in millions)
2020 repurchases:
Repurchases	6,062,783		$	197
Equivalent shares purchased in lieu of tax withholdings on equity compensation issuances(a)	711,248		27

Total Share Repurchases during the nine months ended September 30, 2020	6,774,031	$33.05	$	224

(a) NRG elected to pay cash for tax withholding on equity awards instead of issuing actual shares to management. The average price per equivalent shares withheld was $38.23

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of NRG's basic and diluted earnings per share

The reconciliation of NRG's basic and diluted income per share is shown in the following table:


	Three months ended September 30,				Nine months ended September 30,
(In millions, except per share data)	2020		2019		2020		2019
Basic income per share:
Net income available to common shareholders	$	249	$	372	$	683	$	1,055
Weighted average number of common shares outstanding - basic	244		254		246		266
Income per weighted average common share — basic	$	1.02	$	1.46	$	2.78	$	3.97

Diluted income per share:


Net income available to common shareholders	$	249	$	372	$	683	$	1,055
Weighted average number of common shares outstanding - basic	244		254		246		266
Incremental shares attributable to the issuance of equity compensation (treasury stock method)	1		2		1		2
Weighted average number of common shares outstanding - dilutive	245		256		247		268
Income per weighted average common share — diluted	$	1.02	$	1.45	$	2.77	$	3.94

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment


	Three months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	1,992	$	693	$	122	$	—	$	2	$	2,809
Depreciation and amortization	49		34		9		7		—		99
Impairment losses	—		—		29		—		—		29


Equity in earnings of unconsolidated affiliates	—		—		36		—		—		36

Income/(loss) from continuing operations before income taxes	288		149		17		(113)		—		341
Income/(loss) from continuing operations	288		149		17		(205)		—		249


Net income/(loss) attributable to NRG Energy, Inc	$	288	$	149	$	17	$	(205)	$	—	$	249


	Three months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	2,208	$	679	$	111	$	—	$	(2)	$	2,996
Depreciation and amortization	45		31		8		7		—		91



Equity in earnings of unconsolidated affiliates	1		—		28		—		—		29

Income/(loss) from continuing operations before income taxes	348		121		16		(106)		1		380
Income/(loss) from continuing operations	348		121		15		(111)		1		374
Loss from discontinued operations, net of tax	—		—		—		(2)		—		(2)
Net income/(loss)	348		121		15		(113)		1		372
Net income/(loss) attributable to NRG Energy, Inc.	$	348	$	121	$	15	$	(113)	$	1	$	372


	Nine months ended September 30, 2020
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	4,928	$	1,798	$	341	$	—	$	(1)	$	7,066
Depreciation and amortization	167		100		25		26		—		318
Impairment losses	—		—		29		—		—		29

Gain on sale of assets	—		—		1		5		—		6
Equity in (losses)/earnings of unconsolidated affiliates	(3)		—		40		—		—		37


Income/(loss) from continuing operations before income taxes	800		319		84		(304)		—		899

Income/(loss) from continuing operations	800		319		83		(519)		—		683


Net income/(loss) attributable to NRG Energy, Inc	$	800	$	319	$	83	$	(519)	$	—	$	683


	Nine months ended September 30, 2019
(In millions)	Texas		East		West/Other		Corporate		Eliminations		Total
Operating revenues	$	5,511	$	1,812	$	310	$	—	$	(7)	$	7,626
Depreciation and amortization	125		87		26		23		—		261

Reorganization costs	5		—		—		11		—		16
Gain on sale of assets	—		1		—		1		—		2
Equity in (losses)/earnings of unconsolidated affiliates	(5)		—		13		—		—		8
Loss on debt extinguishment, net	—		—		—		(47)		—		(47)
Income/(loss) from continuing operations before income taxes	757		280		11		(382)		—		666
Income/(loss) from continuing operations	757		280		10		(390)		—		657
Income from discontinued operations, net of tax	—		—		—		399		—		399
Net income	757		280		10		9		—		1,056
Net income attributable to NRG Energy, Inc.	$	757	$	280	$	9	$	9	$	—	$	1,055

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision consisted of the following:


	Three months ended September 30,						Nine months ended September 30,
(In millions, except rates)	2020			2019			2020			2019
Income from continuing operations before income taxes	$	341		$	380		$	899		$	666
Income tax expense from continuing operations	92			6			216			9

Effective income tax rate	27.0		%	1.6		%	24.0		%	1.4		%

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Summary of NRG's Material Related Party Transactions

The following table summarizes NRG's material related party transactions with third party affiliates:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Revenues from Related Parties Included in Operating Revenues
Gladstone	$	1	$	2	$	2	$	3

Ivanpah(a)	11		7		34		25
Midway-Sunset	1		2		4		4


Total	$	13	$	11	$	40	$	32

(a) Also includes fees under project management agreements with each project company

Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2020

Condensed Consolidating Financial Information Disclosure [Abstract]

Schedule of Guarantor Subsidiaries


Ace Energy, Inc.	NRG Distributed Energy Resources Holdings LLC	Reliant Energy Retail Services, LLC
Allied Home Warranty GP LLC	NRG Distributed Generation PR LLC	RERH Holdings, LLC
Allied Warranty LLC	NRG Dunkirk Operations Inc.	Saguaro Power LLC
Arthur Kill Power LLC	NRG ECOKAP Holdings LLC	SGE Energy Sourcing, LLC
Astoria Gas Turbine Power LLC	NRG El Segundo Operations Inc.	SGE Texas Holdco, LLC
BidURenergy, Inc.	NRG Energy Labor Services LLC	Somerset Operations Inc.
Cabrillo Power I LLC	NRG Energy Services Group LLC	Somerset Power LLC
Cabrillo Power II LLC	NRG Energy Services LLC	Stream Energy Columbia, LLC
Carbon Management Solutions LLC	NRG Generation Holdings Inc.	Stream Energy Delaware, LLC
Cirro Energy Services, Inc.	NRG Greenco LLC	Stream Energy Illinois, LLC
Cirro Group, Inc.	NRG Home & Business Solutions LLC	Stream Energy Maryland, LLC
Connecticut Jet Power LLC	NRG Home Services LLC	Stream Energy New Jersey, LLC
Devon Power LLC	NRG Home Solutions LLC	Stream Energy New York, LLC
Dunkirk Power LLC	NRG Home Solutions Product LLC	Stream Energy Pennsylvania, LLC
Eastern Sierra Energy Company LLC	NRG Homer City Services LLC	Stream Georgia Gas SPE, LLC
El Segundo Power II LLC	NRG HQ DG LLC	Stream Ohio Gas & Electric, LLC
El Segundo Power, LLC	NRG Huntley Operations Inc.	Stream SPE GP, LLC
Energy Alternatives Wholesale, LLC	NRG Identity Protect LLC	Stream SPE, Ltd.
Energy Choice Solutions LLC	NRG Ilion Limited Partnership	Texas Genco GP, LLC
Energy Plus Holdings LLC	NRG Ilion LP LLC	Texas Genco Holdings, Inc.
Energy Plus Natural Gas LLC	NRG International LLC	Texas Genco LP, LLC
Energy Protection Insurance Company	NRG Maintenance Services LLC	Texas Genco Services, LP
Everything Energy LLC	NRG Mextrans Inc.	US Retailers LLC
Forward Home Security, LLC	NRG Middletown Operations Inc.	Vienna Operations Inc.
GCP Funding Company, LLC	NRG Montville Operations Inc.	Vienna Power LLC
Green Mountain Energy Company	NRG North Central Operations Inc.	WCP (Generation) Holdings LLC
Gregory Partners, LLC	NRG Norwalk Harbor Operations Inc.	West Coast Power LLC
Gregory Power Partners LLC	NRG Operating Services, Inc.	XOOM Alberta Holdings, LLC
Huntley Power LLC	NRG Oswego Harbor Power Operations Inc.	XOOM British Columbia Holdings, LLC
Independence Energy Alliance LLC	NRG Portable Power LLC	XOOM Energy California, LLC
Independence Energy Group LLC	NRG Power Marketing LLC	XOOM Energy Connecticut, LLC
Independence Energy Natural Gas LLC	NRG Reliability Solutions LLC	XOOM Energy Delaware, LLC
Indian River Operations Inc.	NRG Renter's Protection LLC	XOOM Energy Georgia, LLC
Indian River Power LLC	NRG Retail LLC	XOOM Energy Global Holdings, LLC
Meriden Gas Turbines LLC	NRG Retail Northeast LLC	XOOM Energy Illinois LLC
Middletown Power LLC	NRG Rockford Acquisition LLC	XOOM Energy Indiana, LLC
Montville Power LLC	NRG Saguaro Operations Inc.	XOOM Energy Kentucky, LLC
NEO Corporation	NRG Security LLC	XOOM Energy Maine, LLC
New Genco GP, LLC	NRG Services Corporation	XOOM Energy Maryland, LLC
Norwalk Power LLC	NRG SimplySmart Solutions LLC	XOOM Energy Massachusetts, LLC
NRG Advisory Services LLC	NRG South Central Operations Inc.	XOOM Energy Michigan, LLC
NRG Affiliate Services Inc.	NRG South Texas LP	XOOM Energy New Hampshire, LLC
NRG Arthur Kill Operations Inc.	NRG Texas Gregory LLC	XOOM Energy New Jersey, LLC
NRG Astoria Gas Turbine Operations Inc.	NRG Texas Holding Inc.	XOOM Energy New York, LLC
NRG Business Services LLC	NRG Texas LLC	XOOM Energy Ohio, LLC
NRG Cabrillo Power Operations Inc.	NRG Texas Power LLC	XOOM Energy Pennsylvania, LLC
NRG California Peaker Operations LLC	NRG Warranty Services LLC	XOOM Energy Rhode Island, LLC
NRG Cedar Bayou Development Company, LLC	NRG West Coast LLC	XOOM Energy Texas, LLC
NRG Connected Home LLC	NRG Western Affiliate Services Inc.	XOOM Energy Virginia, LLC
NRG Construction LLC	Oswego Harbor Power LLC	XOOM Energy Washington D.C., LLC
NRG Curtailment Solutions, Inc.	Reliant Energy Northeast LLC	XOOM Energy, LLC
NRG Development Company Inc.	Reliant Energy Power Supply, LLC	XOOM Ontario Holdings, LLC
NRG Devon Operations Inc.	Reliant Energy Retail Holdings, LLC	XOOM Solar, LLC
NRG Dispatch Services LLC

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the three months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	2,513	$	297	$	—	$	(1)	$	2,809
Operating Costs and Expenses
Cost of operations	1,796		230		9		(1)		2,034
Depreciation and amortization	72		21		6		—		99
Impairment losses	—		29		—		—		29
Selling, general and administrative costs	154		7		92		—		253

Development costs	—		(1)		2		—		1
Total operating costs and expenses	2,022		286		109		(1)		2,416


Operating Income/(Loss)	491		11		(109)		—		393
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	—		—		540		(540)		—
Equity in earnings of unconsolidated affiliates	—		36		—		—		36

Other income, net	4		2		5		—		11

Interest expense	(3)		—		(96)		—		(99)
Total other income/(expense)	1		38		449		(540)		(52)
Income from Continuing Operations Before Income Taxes	492		49		340		(540)		341
Income tax expense	—		1		91		—		92




Net Income	$	492	$	48	$	249	$	(540)	$	249

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the nine months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	6,346	$	730	$	—	$	(10)	$	7,066
Operating Costs and Expenses
Cost of operations	4,357		586		(8)		(10)		4,925
Depreciation and amortization	232		60		26		—		318
Impairment losses	—		29		—		—		29
Selling, general and administrative costs	431		19		220		—		670
Reorganization costs	—		—		3		—		3
Development costs	—		—		6		—		6
Total operating costs and expenses	5,020		694		247		(10)		5,951

Gain on sale of assets	—		1		5		—		6
Operating Income/(Loss)	1,326		37		(242)		—		1,121
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	6		—		1,385		(1,391)		—
Equity in earnings of unconsolidated affiliates	—		37		—		—		37
Impairment losses on investments	—		(18)		—		—		(18)
Other income, net	14		6		32		—		52
Loss on debt extinguishment, net	—		—		(1)		—		(1)
Interest expense	(12)		(3)		(277)		—		(292)
Total other income/(expense)	8		22		1,139		(1,391)		(222)
Income from Continuing Operations Before Income Taxes	1,334		59		897		(1,391)		899
Income tax expense	—		2		214		—		216




Net Income	$	1,334	$	57	$	683	$	(1,391)	$	683

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the three months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	2,473	$	525	$	—	$	(2)	$	2,996
Operating Costs and Expenses
Cost of operations	1,728		421		6		(2)		2,153
Depreciation and amortization	52		32		7		—		91

Selling, general and administrative costs	132		28		50		—		210
Reorganization costs	—		—		1		—		1
Development costs	—		—		1		—		1
Total operating costs and expenses	1,912		481		65		(2)		2,456


Operating Income/(Loss)	561		44		(65)		—		540
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	20		—		537		(557)		—
Equity in earnings of unconsolidated affiliates	—		29		—		—		29
Impairment losses on investments	—		(101)		(6)		—		(107)
Other income, net	11		1		5		—		17

Interest expense	(4)		(3)		(92)		—		(99)
Total other income/(expense)	27		(74)		444		(557)		(160)
Income/(Loss) from Continuing Operations Before Income Taxes	588		(30)		379		(557)		380
Income tax expense	—		1		5		—		6
Income/(Loss) from Continuing Operations	588		(31)		374		(557)		374
Loss from discontinued operations, net of income tax	—		—		(2)		—		(2)


Net Income Attributable to NRG Energy, Inc.	$	588	$	(31)	$	372	$	(557)	$	372

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the nine months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Operating Revenues
Total operating revenues	$	6,382	$	1,252	$	—	$	(8)	$	7,626
Operating Costs and Expenses
Cost of operations	4,676		956		25		(8)		5,649
Depreciation and amortization	157		81		23		—		261
Impairment losses	1		—		—		—		1
Selling, general and administrative costs	366		56		193		—		615
Reorganization costs	—		—		16		—		16
Development costs	—		1		4		—		5
Total operating costs and expenses	5,200		1,094		261		(8)		6,547

Gain on sale of assets	1		1		—		—		2
Operating Income/(Loss)	1,183		159		(261)		—		1,081
Other Income/(Expense)
Equity in earnings of consolidated subsidiaries	32		—		1,266		(1,298)		—
Equity in earnings of unconsolidated affiliates	—		8		—		—		8
Impairment losses on investments	—		(101)		(6)		—		(107)
Other income, net	19		10		20		—		49
Loss on debt extinguishment, net	—		—		(47)		—		(47)
Interest expense	(11)		(12)		(295)		—		(318)
Total other income/(expense)	40		(95)		938		(1,298)		(415)
Income from Continuing Operations Before Income Taxes	1,223		64		677		(1,298)		666
Income tax expense	—		2		7		—		9
Income from Continuing Operations	1,223		62		670		(1,298)		657
Income from discontinued operations, net of income tax	9		5		385		—		399
Net Income	1,232		67		1,055		(1,298)		1,056
Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest	—		1		—		—		1
Net Income Attributable to NRG Energy, Inc.	$	1,232	$	66	$	1,055	$	(1,298)	$	1,055

(a)All significant intercompany transactions have been eliminated in consolidation

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME /(LOSS)

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

For the three months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income	$	492	$	48	$	249	$	(540)	$	249
Other Comprehensive Income

Foreign currency translation adjustments, net	5		3		4		(8)		4

Defined benefit plans, net	2		—		—		(2)		—
Other comprehensive income	7		3		4		(10)		4


Comprehensive Income	$	499	$	51	$	253	$	(550)	$	253

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income	$	1,334	$	57	$	683	$	(1,391)	$	683
Other Comprehensive Income

Foreign currency translation adjustments, net	2		1		2		(3)		2

Defined benefit plans, net	5		—		—		(5)		—
Other comprehensive income	7		1		2		(8)		2


Comprehensive Income	$	1,341	$	58	$	685	$	(1,399)	$	685

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income/(Loss)	$	588	$	(31)	$	372	$	(557)	$	372
Other Comprehensive Loss

Foreign currency translation adjustments, net	(5)		(4)		(4)		9		(4)
Available-for-sale securities, net	—		—		(14)		—		(14)
Defined benefit plans, net	(40)		—		(41)		40		(41)
Other comprehensive loss	(45)		(4)		(59)		49		(59)
Comprehensive Income/(Loss)	$	543	$	(35)	$	313	$	(508)	$	313

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Net Income	$	1,232	$	67	$	1,055	$	(1,298)	$	1,056
Other Comprehensive Loss

Foreign currency translation adjustments, net	(5)		(4)		(4)		9		(4)
Available-for-sale securities, net	—		—		(13)		—		(13)
Defined benefit plans, net	(40)		—		(47)		40		(47)
Other comprehensive loss	(45)		(4)		(64)		49		(64)
Comprehensive Income	1,187		63		991		(1,249)		992
Less: Comprehensive income attributable to redeemable noncontrolling interest	—		1		—		—		1
Comprehensive Income Attributable to NRG Energy, Inc.	$	1,187	$	62	$	991	$	(1,249)	$	991

(a)All significant intercompany transactions have been eliminated in consolidation

CONDENSED CONSOLIDATING BALANCE SHEETS

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	—	$	23	$	674	$	—	$	697
Funds deposited by counterparties	15		—		—		—		15
Restricted cash	5		—		1		—		6
Accounts receivable, net	650		1,034		805		(1,363)		1,126
Inventory	253		77		—		—		330
Derivative instruments	582		14		—		(18)		578
Cash collateral paid in support of energy risk management activities	74		3		—		—		77

Prepayments and other current assets	238		16		4		—		258


Total current assets	1,817		1,167		1,484		(1,381)		3,087
Property, plant and equipment, net	1,270		1,159		144		—		2,573
Other Assets
Investment in subsidiaries	28		—		4,981		(5,009)		—
Equity investments in affiliates	—		376		—		—		376

Operating lease right-of-use assets, net	68		167		110		—		345
Goodwill	400		179		—		—		579
Intangible assets, net	684		37		—		—		721
Nuclear decommissioning trust fund	828		—		—		—		828
Derivative instruments	315		10		—		(10)		315
Deferred income taxes	435		(32)		2,684		—		3,087
Other non-current assets	168		110		36		—		314


Total other assets	2,926		847		7,811		(5,019)		6,565
Total Assets	$	6,013	$	3,173	$	9,439	$	(6,400)	$	12,225
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	3	$	—	$	—	$	—	$	3
Current portion of operating lease liabilities	18		33		18		—		69
Accounts payable	933		144		1,039		(1,363)		753

Derivative instruments	505		8		—		(18)		495
Cash collateral received in support of energy risk management activities	15		—		—		—		15
Accrued expenses and other current liabilities	275		71		305		—		651



Total current liabilities	1,749		256		1,362		(1,381)		1,986
Other Liabilities
Long-term debt	245		—		5,547		—		5,792
Non-current operating lease liabilities	56		134		107		—		297
Nuclear decommissioning reserve	311		—		—		—		311
Nuclear decommissioning trust liability	508		—		—		—		508

Derivative instruments	326		2		—		(10)		318
Deferred income taxes	—		17		—		—		17
Other non-current liabilities	307		266		489		—		1,062


Total other liabilities	1,753		419		6,143		(10)		8,305
Total Liabilities	3,502		675		7,505		(1,391)		10,291

Stockholders’ Equity	2,511		2,498		1,934		(5,009)		1,934
Total Liabilities and Stockholders’ Equity	$	6,013	$	3,173	$	9,439	$	(6,400)	$	12,225

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2019


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	—	$	20	$	325	$	—	$	345
Funds deposited by counterparties	32		—		—		—		32
Restricted cash	5		1		2		—		8
Accounts receivable, net	1,293		239		233		(740)		1,025
Inventory	272		111		—		—		383
Derivative instruments	856		45		—		(41)		860
Cash collateral paid in support of energy risk management activities	182		8		—		—		190

Prepayments and other current assets	170		8		67		—		245


Total current assets	2,810		432		627		(781)		3,088
Property, plant and equipment, net	1,483		952		158		—		2,593
Other Assets
Investment in subsidiaries	710		—		4,785		(5,495)		—
Equity investments in affiliates	—		388		—		—		388

Operating lease right-of-use assets, net	81		261		122		—		464
Goodwill	359		220		—		—		579
Intangible assets, net	375		414		—		—		789
Nuclear decommissioning trust fund	794		—		—		—		794
Derivative instruments	308		15		—		(13)		310
Deferred income taxes	421		(19)		2,884		—		3,286
Other non-current assets	145		30		65		—		240


Total other assets	3,193		1,309		7,856		(5,508)		6,850
Total Assets	$	7,486	$	2,693	$	8,641	$	(6,289)	$	12,531
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	—	$	5	$	83	$	—	$	88
Current portion of operating lease liabilities	20		32		21		—		73
Accounts payable	918		141		403		(740)		722

Derivative instruments	797		25		—		(41)		781
Cash collateral received in support of energy risk management activities	32		—		—		—		32
Accrued expenses and other current liabilities	280		44		339		—		663



Total current liabilities	2,047		247		846		(781)		2,359
Other Liabilities
Long-term debt	302		28		5,473		—		5,803
Non-current operating lease liabilities	64		301		118		—		483
Nuclear decommissioning reserve	298		—		—		—		298
Nuclear decommissioning trust liability	487		—		—		—		487

Derivative instruments	334		1		—		(13)		322
Deferred income taxes	—		17		—		—		17
Other non-current liabilities	399		153		532		—		1,084


Total other liabilities	1,884		500		6,123		(13)		8,494
Total Liabilities	3,931		747		6,969		(794)		10,853
Redeemable noncontrolling interest in subsidiaries	—		20		—		—		20
Stockholders’ Equity	3,555		1,926		1,672		(5,495)		1,658
Total Liabilities and Stockholders’ Equity	$	7,486	$	2,693	$	8,641	$	(6,289)	$	12,531

(a)All significant intercompany transactions have been eliminated in consolidation

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2020

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Cash Flows from Operating Activities
Net income	$	1,334	$	57	$	683	$	(1,391)	$	683


Adjustments to reconcile net income/(loss) to cash provided by operating activities:
Distributions from and equity in earnings/(losses) of unconsolidated affiliates and consolidated subsidiaries	(6)		6		(1,385)		1,391		6
Depreciation and amortization	232		60		26		—		318
Accretion of asset retirement obligations	19		27		—		—		46
Provision for credit losses	66		8		—		—		74
Amortization of nuclear fuel	40		—		—		—		40
Amortization of financing costs and debt discount/premiums	—		—		23		—		23
Loss on debt extinguishment, net	—		—		1		—		1
Amortization of emission allowances and energy credits	46		14		—		—		60
Amortization of unearned equity compensation	—		—		17		—		17
Net gain on sale of assets and disposal of assets	(16)		(1)		(5)		—		(22)

Impairment losses	—		47		—		—		47
Changes in derivative instruments	(27)		20		—		—		(7)
Changes in deferred income taxes and liability for uncertain tax benefits	(52)		11		243		—		202
Changes in collateral deposits in support of energy risk management activities	91		5		—		—		96
Changes in nuclear decommissioning trust liability	39		—		—		—		39


Changes in other working capital	355		(923)		331		—		(237)


Net Cash Provided/(Used) by Operating Activities	2,121		(669)		(66)		—		1,386
Cash Flows from Investing Activities
Intercompany dividends	—		—		2,591		(2,591)		—
Payments for acquisitions of businesses	(15)		(262)		—		—		(277)
Capital expenditures	(115)		(28)		(24)		—		(167)

Net purchases of emission allowances	(15)		—		—		—		(15)
Investments in nuclear decommissioning trust fund securities	(360)		—		—		—		(360)
Proceeds from the sale of nuclear decommissioning trust fund securities	318		—		—		—		318
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees	8		2		5		—		15

Net contributions to investments in unconsolidated affiliates	—		2		—		—		2




Net Cash (Used)/Provided by Investing Activities	(179)		(286)		2,572		(2,591)		(484)
Cash Flows from Financing Activities

Intercompany dividends and transfers	(1,894)		964		(1,661)		2,591		—
Payments of dividends to common stockholders	—		—		(221)		—		(221)
Payments for share repurchase activity	—		—		(229)		—		(229)


Purchase of and distributions to noncontrolling interests from subsidiaries	—		(2)		—		—		(2)
Proceeds from issuance of common stock	—		—		1		—		1
Proceeds from issuance of long-term debt	—		—		59		—		59
Payment of debt issuance costs	—		—		(24)		—		(24)
Repayments of long-term debt	(59)		(3)		—		—		(62)
Net repayment of Revolving Credit Facility	—		—		(83)		—		(83)

Other	(6)		—		—		—		(6)


Net Cash (Used)/Provided by Financing Activities	(1,959)		959		(2,158)		2,591		(567)
Effect of exchange rate changes on cash and cash equivalents	—		(2)		—		—		(2)

Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	(17)		2		348		—		333
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period	37		21		327		—		385
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period	$	20	$	23	$	675	$	—	$	718

(a)All significant intercompany transactions have been eliminated in consolidation

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2019

(Unaudited)


(In millions)	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		NRG Energy, Inc. (Note Issuer)		Eliminations(a)		Consolidated
Cash Flows from Operating Activities
Net income	$	1,232	$	67	$	1,055	$	(1,298)	$	1,056
Income from discontinued operations	9		5		385		—		399
Income from continuing operations	1,223		62		670		(1,298)		657
Adjustments to reconcile net income to cash provided by operating activities:
Distributions from and equity in losses of unconsolidated affiliates and consolidated subsidiaries	(32)		(5)		(1,266)		1,298		(5)
Depreciation and amortization	156		82		23		—		261
Accretion of asset retirement obligations	25		6		—		—		31
Provision for credit losses	72		11		4		—		87
Amortization of nuclear fuel	40		—		—		—		40
Amortization of financing costs and debt discount/premiums	—		—		20		—		20
Loss on debt extinguishment, net	—		—		47		—		47
Amortization of emission allowances and energy credits	21		7		—		—		28
Amortization of unearned equity compensation	—		—		15		—		15
Net loss on sale of assets and disposal of assets	(25)		2		3		—		(20)

Impairment losses	1		101		6		—		108
Changes in derivative instruments	10		(12)		38		—		36
Changes in deferred income taxes and liability for uncertain tax benefits	—		(1)		(2)		—		(3)
Changes in collateral deposits in support of energy risk management activities	136		(7)		—		—		129
Changes in nuclear decommissioning trust liability	27		—		—		—		27


Changes in other working capital	(401)		(123)		(45)		—		(569)
Cash provided/(used) by continuing operations	1,253		123		(487)		—		889
Cash provided/(used) by discontinued operations	17		(9)		—		—		8
Net Cash Provided/(Used) by Operating Activities	1,270		114		(487)		—		897
Cash Flows from Investing Activities
Intercompany dividends	—		—		3,866		(3,866)		—
Payments for acquisitions of businesses	(348)		—		—		—		(348)
Capital expenditures	(135)		(23)		(25)		—		(183)
Decrease in notes receivable	—		—		2		—		2
Net purchases of emission allowances	14		—		—		—		14
Investments in nuclear decommissioning trust fund securities	(295)		—		—		—		(295)
Proceeds from the sale of nuclear decommissioning trust fund securities	271		—		—		—		271
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees	1		400		892		—		1,293

Net distributions from investments in unconsolidated affiliates	—		(94)				—		(94)
Contributions to discontinued operations	—		(44)		—		—		(44)

Cash (used)/provided by continuing operations	(492)		239		4,735		(3,866)		616
Cash used by discontinued operations	—		(2)		—		—		(2)
Net Cash (Used)/Provided by Investing Activities	(492)		237		4,735		(3,866)		614
Cash Flows from Financing Activities

Intercompany dividends and transfers	(824)		(317)		(2,725)		3,866		—
Payment of dividends to common stockholders	—		—		(24)		—		(24)
Payments for share repurchase activity	—		—		(1,322)		—		(1,322)

Payments for debt extinguishment	—		—		(24)		—		(24)
Net distributions to noncontrolling interests from subsidiaries	—		(1)		—		—		(1)
Proceeds from issuance of common stock	—		—		3		—		3
Proceeds from issuance of long-term debt	—		—		1,833		—		1,833
Payment of debt issuance costs	—		—		(34)		—		(34)
Payments for long-term debt	—		(55)		(2,432)		—		(2,487)
Net proceeds of Revolving Credit Facility	—		—		215		—		215


Cash used by continuing operations	(824)		(373)		(4,510)		3,866		(1,841)
Cash provided by discontinued operations	—		43		—		—		43
Net Cash Used by Financing Activities	(824)		(330)		(4,510)		3,866		(1,798)

Change in cash from discontinued operations	17		32		—		—		49
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	(63)		(11)		(262)		—		(336)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period	95		38		480		—		613
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period	$	32	$	27	$	218	$	—	$	277

(a)All significant intercompany transactions have been eliminated in consolidation

Nature of Business and Basis of Presentation - General (Details) MW in Thousands	Sep. 30, 2020 MW
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Generation capacity (in MW)	23

Summary of Significant Accounting Policies - Other Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Property, plant and equipment accumulated depreciation	$ 1,901	$ 1,752
Intangible assets accumulated amortization	$ 1,314	$ 1,262

Summary of Significant Accounting Policies - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 47	$ 43
Provision for credit losses	26	74	$ 87
Write-offs	(19)	(71)
Recoveries collected	3	11
Ending balance	$ 57	$ 57

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 697	$ 345
Funds deposited by counterparties	15	32
Restricted cash	6	8
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows	$ 718	$ 385	$ 277	$ 613

Summary of Significant Accounting Policies - Pension Plan Contributions (Details) - Pension Plan - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Anticipated employer contribution		$ 56
Cash contributions	$ 12

Amount of contribution received by defined benefit plan from employer which increases plan assets.

Revenue Recognition - Performance Obligations Expected Timing of Satisfaction (Details) $ in Millions	Sep. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 188
Revenue remaining performance obligation period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 648
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 281
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 43
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 8
Revenue remaining performance obligation period	1 year

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 2,684	$ 2,504	$ 6,733	$ 6,066
Mark-to-market for economic hedging activities	(118)	(64)	13	(23)
Operating revenues	2,809	2,996	7,066	7,626
Lease revenue	5	5	15	15
Derivative revenue	(123)	(68)	18	(8)
Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(3)	0	(6)	(5)
Operating revenues	2	(2)	(1)	(7)
Lease revenue	0	0	0	0
Retail revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,302	2,488	5,795	5,762
Retail revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	(1)	(3)
Energy revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	222	426	429	952
Derivative revenue	35	652	99	1,352
Energy revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	(1)	(1)	0
Derivative revenue	(1)	(2)	(3)	(2)
Capacity revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	174	194	518	551
Derivative revenue	49	34	114	82
Capacity revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Derivative revenue	0	0	0	1
Derivative revenue
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	39	(210)	78	51
Derivative revenue	120	487	318	1,545
Derivative revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	5	0	8	(1)
Derivative revenue	5	(2)	5	(2)
Other revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	72	98	246	310
Other revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(4)	(1)	(7)	(3)
Total operating revenue
Disaggregation of Revenue [Line Items]
Operating revenues	2,809	2,996	7,066	7,626
Total operating revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Operating revenues	2	(2)	(1)	(7)
Other revenue, derivative
Disaggregation of Revenue [Line Items]
Derivative revenue	(3)	11	27	60
Other revenue, derivative \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Derivative revenue	1	0	0	0
Mass customers \| Retail revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,987	2,072	4,929	4,780
Mass customers \| Retail revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	(1)	(3)
Business Solutions customers \| Retail revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	315	416	866	982
Business Solutions customers \| Retail revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Texas \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,982	1,788	4,904	4,197
Operating revenues	1,992	2,208	4,928	5,511
Lease revenue	0	0	0	0
Texas \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,921	2,132	4,734	4,818
Texas \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	211	21	452
Derivative revenue	0	613	0	1,239
Texas \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Derivative revenue	0	0	0	0
Texas \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	1	(213)	1	28
Derivative revenue	10	420	24	1,314
Texas \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	59	78	172	213
Texas \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	1,992	2,208	4,928	5,511
Texas \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	9	20	23	47
Texas \| Mass customers \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,633	1,735	3,938	3,891
Texas \| Business Solutions customers \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	288	397	796	927
East \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	578	610	1,558	1,624
Operating revenues	693	679	1,798	1,812
Lease revenue	0	0	1	1
East \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	381	356	1,062	947
East \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	93	109	157	283
Derivative revenue	23	20	60	87
East \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	158	185	471	524
Derivative revenue	49	34	114	81
East \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	43	12	63	13
Derivative revenue	115	69	239	187
East \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	18	17	45	45
East \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	693	679	1,798	1,812
East \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	0	3	2	6
East \| Mass customers \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	354	337	992	892
East \| Business Solutions customers \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	27	19	70	55
West/Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	127	106	277	250
Operating revenues	122	111	341	310
Lease revenue	5	5	14	14
West/Other \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
West/Other \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	117	107	252	217
Derivative revenue	13	21	42	28
West/Other \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	16	9	47	27
Derivative revenue	0	0	0	0
West/Other \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	(10)	(9)	6	11
Derivative revenue	(10)	0	50	46
West/Other \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	4	36	55
West/Other \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	122	111	341	310
West/Other \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	(13)	(12)	2	7
West/Other \| Mass customers \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
West/Other \| Business Solutions customers \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule Of Contract Assets And Liabilities [Line Items]
Deferred customer acquisition costs	$ 122		$ 122		$ 133
Total accounts receivable, net	1,126		1,126		1,025
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)	411		411		402
Deferred revenues	60		60		82
Deferred revenue from contract with customers	31				24
Revenue recognized	31	$ 21	13	$ 13
Accounts receivable, net - Contracts with customers
Schedule Of Contract Assets And Liabilities [Line Items]
Total accounts receivable, net	1,084		1,084		1,002
Accounts receivable, net - Derivative instruments
Schedule Of Contract Assets And Liabilities [Line Items]
Total accounts receivable, net	37		37		18
Accounts receivable, net - Affiliate
Schedule Of Contract Assets And Liabilities [Line Items]
Total accounts receivable, net	$ 5		$ 5		$ 5

Acquisitions, Discontinued Operations and Dispositions - Acquisitions (Details) customer in Thousands				3 Months Ended
	Sep. 29, 2020 USD ($)	Jul. 24, 2020 USD ($) state customer	Aug. 01, 2019 USD ($) state customer	Nov. 05, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 22, 2020 USD ($)
Leased Assets, Powerton facility and Units 7 and 8 of the Joliet facility
Business Acquisition [Line Items]
Operating lease liability	$ 148,000,000
Powerton Facility And Units 7 And 8 Of The Joliet Facility
Business Acquisition [Line Items]
Payment for asset acquisition	$ 260,000,000
Credit Facility \| Line of Credit \| Revolving Credit Facility
Business Acquisition [Line Items]
Increase revolving commitments					$ 802,000,000
Revolving credit commitments					$ 273,000,000
Receivables Facility \| Secured Debt
Business Acquisition [Line Items]
Revolving credit commitments						$ 750,000,000
Repurchase Facility \| Secured Debt
Business Acquisition [Line Items]
Revolving credit commitments						$ 75,000,000
Subsequent Event \| Interest Rate Swap
Business Acquisition [Line Items]
Derivative, notional amount				$ 1,600,000,000
Subsequent Event \| Letter of Credit
Business Acquisition [Line Items]
Increase revolving commitments				87,000,000
Subsequent Event \| Credit Facility \| Line of Credit \| Revolving Credit Facility
Business Acquisition [Line Items]
Increase revolving commitments				802,000,000
Revolving credit commitments				273,000,000
Subsequent Event \| Receivables Facility \| Secured Debt
Business Acquisition [Line Items]
Revolving credit commitments				750,000,000
Subsequent Event \| Repurchase Facility \| Secured Debt
Business Acquisition [Line Items]
Revolving credit commitments				$ 75,000,000
Direct Energy
Business Acquisition [Line Items]
Customers added (over) \| customer		3,000
Cash paid to acquire business		$ 3,625,000,000
Proceeds from issuance of long-term debt		3,000,000,000
Increase in collective collateral facilities		$ 3,500,000,000
Direct Energy \| U.S.
Business Acquisition [Line Items]
States in which entity operates \| state		50
Direct Energy \| Canada
Business Acquisition [Line Items]
Provinces in which entity operates \| state		6
Stream Energy Acquisition
Business Acquisition [Line Items]
States in which entity operates \| state			9
Cash paid to acquire business			$ 329,000,000
Working capital and other adjustment			$ 29,000,000
Increase in retail portfolio by RCE's acquired \| customer			600
Customers acquired \| customer			450

Acquisitions, Discontinued Operations and Dispositions - Purchase Price Allocation (Details) - USD ($) $ in Millions	Aug. 01, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 579	$ 579
Stream Energy Acquisition
Business Acquisition [Line Items]
Account receivable	$ 98
Accounts payable	(73)
Other net current and non-current working capital	5
Goodwill	6
Stream Purchase Price	329
Stream Energy Acquisition \| Texas
Business Acquisition [Line Items]
Goodwill	5
Stream Energy Acquisition \| East
Business Acquisition [Line Items]
Goodwill	1
Stream Energy Acquisition \| Marketing Partnerships
Business Acquisition [Line Items]
Finite-lived intangibles	154
Stream Energy Acquisition \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangibles	85
Stream Energy Acquisition \| Trade Names
Business Acquisition [Line Items]
Finite-lived intangibles	28
Stream Energy Acquisition \| Other Intangible Assets
Business Acquisition [Line Items]
Finite-lived intangibles	$ 26

Acquisitions, Discontinued Operations and Dispositions - Discontinued Operations Narrative (Details) $ in Millions		9 Months Ended
	Feb. 06, 2018 USD ($) extension	Sep. 30, 2020 USD ($) MW	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Feb. 04, 2019 USD ($) MW
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Generation capacity (in MW) \| MW		23,000
South Central Portfolio \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration					$ 1,000
Generation capacity (in MW) \| MW					1,153
Carlsbad Energy Holdings LLC \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 385
Percentage of ownership sold	100.00%
Lease and easement agreement, number of extensions \| extension	2
Lease renewal term	10 years
Additional commitments related to project		$ 23		$ 23
Other \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from other asset sales		$ 15	$ 22

Acquisitions, Discontinued Operations and Dispositions - Summarized Results of Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss)/Gain from discontinued operations, including disposal, net of tax	$ 0	$ (2)	$ 0	$ 399
Discontinued Operations, Disposed of by Sale \| South Central Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating revenues		0		31
Operating costs and expenses		0		(23)
Gain from operations of discontinued components/discontinued operations, net of tax		0		8
(Loss)/Gain on disposal of discontinued operation, net of tax		(1)		27
(Loss)/Gain from discontinued operations, including disposal, net of tax		(1)		35
Discontinued Operations, Disposed of by Sale \| Carlsbad Energy Holdings LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating revenues		0		19
Operating costs and expenses		0		(9)
Other expense		0		(5)
Gain from operations of discontinued components/discontinued operations, net of tax		0		5
(Loss)/gain on disposal of discontinued operations, net of tax		(1)		330
Other Commitments, Indemnification and Fees		0		27
(Loss)/Gain on disposal of discontinued operation, net of tax		(1)		357
(Loss)/Gain from discontinued operations, including disposal, net of tax		$ (1)		362
Discontinued Operations \| GenOn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss)/Gain on disposal of discontinued operation, net of tax				$ 2

Fair Value of Financial Instruments - Estimated Carrying Amounts and Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, including current portion	$ 5,929	$ 6,042
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Notes receivable	10	11
Long-term debt, including current portion	5,854	5,956
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Notes receivable	7	8
Long-term debt, including current portion	6,309	6,504
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, including current portion	6,305	6,388
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, including current portion	$ 4	$ 116

Fair Value of Financial Instruments - Assets and Liabilities Measured and Recorded at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	$ 15	$ 20
Other trust fund investments:
U.S. government and federal agency obligations	1	1
Measured using net asset value practical expedient:
Total assets	1,744	1,993
Derivative liabilities:
Derivative liabilities	813	1,103
Commodity contracts
Derivative assets:
Derivative assets	893	1,170
Derivative liabilities:
Derivative liabilities	813	1,103
Cash and cash equivalents
Nuclear trust fund investments:
Nuclear trust fund investments	25	17
U.S. government and federal agency obligations
Nuclear trust fund investments:
Nuclear trust fund investments	49	68
Federal agency mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	92	100
Commercial mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	38	29
Corporate debt securities
Nuclear trust fund investments:
Nuclear trust fund investments	144	109
Equity securities
Nuclear trust fund investments:
Nuclear trust fund investments	402	388
Measured using net asset value practical expedient:
Equity contracts	7	8
Foreign government fixed income securities
Nuclear trust fund investments:
Nuclear trust fund investments	6	5
Equity securities — nuclear trust fund investments
Measured using net asset value practical expedient:
Equity contracts	72	78
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	0	0
Other trust fund investments:
U.S. government and federal agency obligations	1	1
Measured using net asset value practical expedient:
Total assets	550	558
Derivative liabilities:
Derivative liabilities	70	143
Level 1 \| Commodity contracts
Derivative assets:
Derivative assets	74	84
Derivative liabilities:
Derivative liabilities	70	143
Level 1 \| Cash and cash equivalents
Nuclear trust fund investments:
Nuclear trust fund investments	25	17
Level 1 \| U.S. government and federal agency obligations
Nuclear trust fund investments:
Nuclear trust fund investments	48	68
Level 1 \| Federal agency mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 1 \| Commercial mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 1 \| Corporate debt securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 1 \| Equity securities
Nuclear trust fund investments:
Nuclear trust fund investments	402	388
Level 1 \| Foreign government fixed income securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	15	20
Other trust fund investments:
U.S. government and federal agency obligations	0	0
Measured using net asset value practical expedient:
Total assets	888	1,156
Derivative liabilities:
Derivative liabilities	568	805
Level 2 \| Commodity contracts
Derivative assets:
Derivative assets	592	893
Derivative liabilities:
Derivative liabilities	568	805
Level 2 \| Cash and cash equivalents
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 2 \| U.S. government and federal agency obligations
Nuclear trust fund investments:
Nuclear trust fund investments	1	0
Level 2 \| Federal agency mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	92	100
Level 2 \| Commercial mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	38	29
Level 2 \| Corporate debt securities
Nuclear trust fund investments:
Nuclear trust fund investments	144	109
Level 2 \| Equity securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 2 \| Foreign government fixed income securities
Nuclear trust fund investments:
Nuclear trust fund investments	6	5
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	0	0
Other trust fund investments:
U.S. government and federal agency obligations	0	0
Measured using net asset value practical expedient:
Total assets	227	193
Derivative liabilities:
Derivative liabilities	175	155
Level 3 \| Commodity contracts
Derivative assets:
Derivative assets	227	193
Derivative liabilities:
Derivative liabilities	175	155
Level 3 \| Cash and cash equivalents
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 3 \| U.S. government and federal agency obligations
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 3 \| Federal agency mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 3 \| Commercial mortgage-backed securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 3 \| Corporate debt securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 3 \| Equity securities
Nuclear trust fund investments:
Nuclear trust fund investments	0	0
Level 3 \| Foreign government fixed income securities
Nuclear trust fund investments:
Nuclear trust fund investments	$ 0	$ 0

Fair Value of Financial Instruments - Reconciliation of Level 3 Financial Instruments (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 116		$ 39
Contracts added from acquisitions		(2)		(3)
Total (losses)/gains realized/unrealized:
Total (losses) — realized/unrealized included in earnings		(18)		(44)
Included in OCI		(14)		(14)
Cash received		0		(1)
Purchases		38		26
Transfers into Level 3		(126)		4
Transfers out of Level 3		24		11
Ending balance		18		18
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end		44		14
Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		19		19
Contracts added from acquisitions		0		0
Total (losses)/gains realized/unrealized:
Total (losses) — realized/unrealized included in earnings		0		1
Included in OCI		(14)		(14)
Cash received		0		(1)
Purchases		0		0
Transfers into Level 3		0		0
Transfers out of Level 3		0		0
Ending balance		5		5
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end		0		1
Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 152	97	$ 38	20
Contracts added from acquisitions		(2)		(3)
Total (losses)/gains realized/unrealized:
Total (losses) — realized/unrealized included in earnings	(92)	(18)	(18)	(45)
Included in OCI		0		0
Cash received		0		0
Purchases	(10)	38	6	26
Transfers into Level 3	(11)	(126)	22	4
Transfers out of Level 3	13	24	4	11
Ending balance	52	13	52	13
Gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	$ 23	$ 44	$ 50	$ 13

Fair Value of Financial Instruments - Derivative Fair Value Measurements, Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Fair Value Disclosures [Abstract]
Total derivative assets valued with prices provided by models and other valuation techniques (as a percent)	25.00%
Total derivative liabilities valued with prices provided by models and other valuation techniques (as a percent)	22.00%
Increase within operating revenue	$ 1

Fair Value of Financial Instruments - Derivative Fair Value Measurements (Details) $ in Millions	Sep. 30, 2020 USD ($) $ / MWh	Dec. 31, 2019 USD ($) $ / MWh
Liabilities
Derivative liabilities	$ 813	$ 1,103
Level 3
Liabilities
Derivative liabilities	175	155
Commodity contracts
Assets
Derivative assets	893	1,170
Liabilities
Derivative liabilities	813	1,103
Commodity contracts \| Level 3
Assets
Derivative assets	227	193
Liabilities
Derivative liabilities	175	155
Commodity contracts \| Level 3 \| Power Contracts
Assets
Derivative assets	196	151
Liabilities
Derivative liabilities	$ 167	$ 139
Commodity contracts \| Level 3 \| Power Contracts \| Low
Fair Value Inputs / Range
Forward Market Price (per MWh) \| $ / MWh	10	8
Commodity contracts \| Level 3 \| Power Contracts \| High
Fair Value Inputs / Range
Forward Market Price (per MWh) \| $ / MWh	116	218
Commodity contracts \| Level 3 \| Power Contracts \| Weighted Average
Fair Value Inputs / Range
Forward Market Price (per MWh) \| $ / MWh	24	24
Commodity contracts \| Level 3 \| FTRs
Assets
Derivative assets	$ 31	$ 42
Liabilities
Derivative liabilities	$ 8	$ 16
Commodity contracts \| Level 3 \| FTRs \| Low
Fair Value Inputs / Range
Auction Prices (per MWh) \| $ / MWh	(50)	(105)
Commodity contracts \| Level 3 \| FTRs \| High
Fair Value Inputs / Range
Auction Prices (per MWh) \| $ / MWh	43	213
Commodity contracts \| Level 3 \| FTRs \| Weighted Average
Fair Value Inputs / Range
Auction Prices (per MWh) \| $ / MWh	0	0

Fair Value of Financial Instruments - Counterparty Credit Risk (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) counterparty
Concentration of Credit Risk
Counterparty credit exposure to a portion of the Company's counterparties	$ 232
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties	19
Net counterparty credit exposure to a portion of the Company's counterparties	$ 214
Company's exposure before collateral is expected to roll off by the end of 2019 (as a percent)	39.00%
Net exposure (as a percent)	100.00%
Counterparty credit risk exposure	$ 45
Wholesale counterparty with net exposure \| counterparty	2
Counterparty credit risk exposure to certain counterparties, threshold (as a percent)	10.00%
Estimated counterparty credit risk exposure to certain counterparties	$ 621
Period of estimated counterparty credit risk exposure, years	5 years
Investment grade
Concentration of Credit Risk
Net exposure (as a percent)	59.00%
Non-investment grade/non-rated
Concentration of Credit Risk
Net exposure (as a percent)	41.00%
Utilities, energy merchants, marketers and other
Concentration of Credit Risk
Net exposure (as a percent)	88.00%
Financial institutions
Concentration of Credit Risk
Net exposure (as a percent)	12.00%

Nuclear Decommissioning Trust Fund - Narrative (Details)	Sep. 30, 2020
STP
Nuclear decommissioning trust fund
Ownership interest as percentage	44.00%

Nuclear Decommissioning Trust Fund - Summary of aggregate fair values and realized gains and losses (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Nuclear decommissioning trust fund
Fair Value	$ 828	$ 794
Unrealized Gains	347	338
Unrealized Losses	1	1
Cash and cash equivalents
Nuclear decommissioning trust fund
Fair Value	25	17
Unrealized Gains	0	0
Unrealized Losses	0	0
U.S. government and federal agency obligations
Nuclear decommissioning trust fund
Fair Value	49	68
Unrealized Gains	7	4
Unrealized Losses	$ 0	$ 0
Weighted-average Maturities (In years)	12 years	11 years
Federal agency mortgage-backed securities
Nuclear decommissioning trust fund
Fair Value	$ 92	$ 100
Unrealized Gains	4	3
Unrealized Losses	$ 0	$ 0
Weighted-average Maturities (In years)	24 years	24 years
Commercial mortgage-backed securities
Nuclear decommissioning trust fund
Fair Value	$ 38	$ 29
Unrealized Gains	2	1
Unrealized Losses	$ 0	$ 1
Weighted-average Maturities (In years)	28 years	24 years
Corporate debt securities
Nuclear decommissioning trust fund
Fair Value	$ 144	$ 109
Unrealized Gains	12	6
Unrealized Losses	$ 0	$ 0
Weighted-average Maturities (In years)	12 years	11 years
Equity securities
Nuclear decommissioning trust fund
Fair Value	$ 474	$ 466
Unrealized Gains	321	324
Unrealized Losses	1	0
Foreign government fixed income securities
Nuclear decommissioning trust fund
Fair Value	6	5
Unrealized Gains	1	0
Unrealized Losses	$ 0	$ 0
Weighted-average Maturities (In years)	10 years	10 years

Nuclear Decommissioning Trust Fund - Summary of proceeds from sales of available-for-sale securities and related gains and losses (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Regulated Operations [Abstract]
Realized gains	$ 22	$ 8
Realized losses	(11)	(7)
Proceeds from sale of securities	$ 318	$ 271

Accounting for Derivative Instruments and Hedging Activities - Net notional volume buy/sell of open derivative transactions (Details) certificates in Millions, T in Millions, MWh in Millions, MMBTU in Millions, $ in Billions	9 Months Ended	12 Months Ended
	Sep. 30, 2020 MMBTU MWh certificates T	Dec. 31, 2019 MMBTU MWh certificates T	Nov. 05, 2020 USD ($)
Interest Rate Swap \| Subsequent Event
Derivative [Line Items]
Derivative, notional amount \| $			$ 1.6
Long \| Emissions
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, mass (ton) \| T	1	3
Long \| Renewable Energy Certificates
Volumetric Underlying Derivative Transactions
Derivative, non-monetary notional amount (in shares) \| certificates	3	1
Long \| Coal
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, mass (ton) \| T	4	10
Long \| Power
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, energy measure (MMBtu/MW/Day) \| MWh	(51)	(38)
Short \| Natural Gas
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, energy measure (MMBtu/MW/Day) \| MMBTU	(264)	(181)
Short \| Capacity
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, energy measure (MMBtu/MW/Day) \| MMBTU	(1)	(1)

Accounting for Derivative Instruments and Hedging Activities - Fair value within the derivative instrument valuation (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative Liabilities	$ 813	$ 1,103
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	893	1,170
Derivative Liabilities	813	1,103
Not Designated as Hedging Instrument \| Commodity contracts current
Derivative [Line Items]
Derivative Assets	578	860
Derivative Liabilities	495	781
Not Designated as Hedging Instrument \| Commodity contracts long-term
Derivative [Line Items]
Derivative Assets	315	310
Derivative Liabilities	$ 318	$ 322

Accounting for Derivative Instruments and Hedging Activities - Offsetting of derivatives by counterparty master agreement level and collateral received (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Cash Collateral (Held) / Posted	$ (15)	$ (32)
Derivative liabilities	(813)	(1,103)
Cash Collateral Posted	77	190
Commodity contracts
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Derivative assets	893	1,170
Derivative Instruments	(738)	(909)
Cash Collateral (Held) / Posted	(1)	(7)
Net Amount	154	254
Derivative liabilities	(813)	(1,103)
Derivative Instruments	738	909
Cash Collateral Posted	0	73
Net Amount	(75)	(121)
Gross Amounts of Recognized Assets / Liabilities	80	67
Derivative Instruments	0	0
Cash Collateral (Held) / Posted	(1)	66
Net Amount	$ 79	$ 133

Accounting for Derivative Instruments and Hedging Activities - Pre-tax effects of economic hedges not designated a cash flow hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unrealized mark-to-market results
Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges	$ (101)	$ (118)	$ (62)	$ (88)
Reversal of acquired (gain)/loss positions related to economic hedges	(2)	(3)	2	(4)
Net unrealized (losses)/gains on open positions related to economic hedges	(15)	57	73	69
Total unrealized mark-to-market (losses)/gains for economic hedging activities	(118)	(64)	13	(23)
Reversal of previously recognized unrealized (gains) on settled positions related to trading activity	(7)	(1)	(14)	(8)
Net unrealized gains/(losses) on open positions related to trading activity	2	(3)	19	23
Total unrealized mark-to-market (losses)/gains for trading activity	(5)	(4)	5	15
Total unrealized (losses)/gains	(123)	(68)	18	(8)
Credit Risk Related Contingent Features
Unrealized gains from open economic hedge positions			73	69
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty	8		8
Additional collateral required	3		3
Adequate Assurance Clauses
Credit Risk Related Contingent Features
Derivative net liability position, collateral required for contracts with credit rating contingent feature	35		35
Commodity contracts
Unrealized mark-to-market results
Total unrealized (losses)/gains	(123)	(68)	18	(8)
Commodity contracts \| Operating revenues
Unrealized mark-to-market results
Total unrealized (losses)/gains	34	(214)	83	66
Commodity contracts \| Cost of operations
Unrealized mark-to-market results
Total unrealized (losses)/gains	(157)	146	(65)	(74)
Interest rate contracts
Unrealized mark-to-market results
Total unrealized (losses)/gains	$ 0	$ 0	$ 0	$ (38)

Impairments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Impairments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Impairment losses of cost investments and intangible assets				$ 7
Petra Nova
Schedule of Equity Method Investments [Line Items]
Impairment losses		$ 18	$ 101
Letters of credit issued			12	12
Investment in cash			95
Guarantor obligations (up to)			$ 124	$ 124
West/Other \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Home Solar
Schedule of Equity Method Investments [Line Items]
Adjustment to carrying amount of assets and liabilities	$ 29
Other noncurrent assets- held for sale	88
Non-current liabilities - held-for-sale	$ 44

Long-term Debt - Schedule of Long-term Debt (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Oct. 30, 2020 $ / shares	Sep. 30, 2020 USD ($)	Mar. 11, 2020	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt amount		$ 5,929		$ 6,042
Less current maturities		(3)		(88)
Less debt issuance costs		(59)		(65)
Discounts		(75)		(86)
Long-term debt		5,792		5,803
Recourse Debt
Debt Instrument [Line Items]
Debt amount		5,925		6,008
Recourse Debt \| Senior Notes, due 2026
Debt Instrument [Line Items]
Debt amount		$ 1,000		1,000
Interest rate, stated percentage		7.25%
Recourse Debt \| Senior Notes, due 2027
Debt Instrument [Line Items]
Debt amount		$ 1,230		1,230
Interest rate, stated percentage		6.625%
Recourse Debt \| Senior Notes, due 2028
Debt Instrument [Line Items]
Debt amount		$ 821		821
Interest rate, stated percentage		5.75%
Recourse Debt \| Senior Notes, due 2029
Debt Instrument [Line Items]
Debt amount		$ 733		733
Interest rate, stated percentage		5.25%
Recourse Debt \| Convertible Senior Notes Due 2048
Debt Instrument [Line Items]
Debt amount		$ 575		575
Interest rate, stated percentage		2.75%
Recourse Debt \| Convertible Senior Notes Due 2048 \| Subsequent Event
Debt Instrument [Line Items]
Convertible Notes, conversion price (in usd per share) \| $ / shares	$ 46.24
Conversion rate	0.02162
Recourse Debt \| Senior Secured First Lien Notes, due 2024
Debt Instrument [Line Items]
Debt amount		$ 600		600
Interest rate, stated percentage		3.75%
Recourse Debt \| Senior Secured First Lien Notes, due 2029
Debt Instrument [Line Items]
Debt amount		$ 500		500
Interest rate, stated percentage		4.45%
Recourse Debt \| Tax-exempt bonds
Debt Instrument [Line Items]
Debt amount		$ 466		466
Recourse Debt \| Tax-exempt bonds \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage		1.30%	1.30%
Recourse Debt \| Tax-exempt bonds \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage		6.00%
Line of Credit \| Revolving Credit Facility \| Revolver Facility
Debt Instrument [Line Items]
Debt amount		$ 0		83
Line of Credit \| Revolving Credit Facility \| Revolver Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Non Recourse Debt
Debt Instrument [Line Items]
Debt amount		$ 4		34
Non Recourse Debt \| Other
Debt Instrument [Line Items]
Debt amount		$ 4		$ 34

Long-term Debt - Recourse Debt (Details)	3 Months Ended
Long-term Debt - Recourse Debt (Details)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 CAD ($)	Jun. 30, 2020 USD ($)	Mar. 11, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt amount	$ 5,929,000,000					$ 6,042,000,000
Recourse Debt
Debt Instrument [Line Items]
Debt amount	5,925,000,000					6,008,000,000
Recourse Debt \| Tax-exempt bonds
Debt Instrument [Line Items]
Debt amount	$ 466,000,000					466,000,000
Debt issuance amount					$ 59,000,000
Recourse Debt \| Dunkirk Power LLC Tax Exempt Bonds Due 2042
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%		5.875%
Revolving Credit Facility \| Line of Credit \| Revolver Facility
Debt Instrument [Line Items]
Debt amount	$ 0					$ 83,000,000
Increase revolving commitments	802,000,000
Revolving credit commitments	$ 273,000,000
Debt term	30 months
Debt extension, term	12 months
Credit facility, lien basket (greater than)	$ 10,000,000,000			$ 6,000,000,000
Credit facilities, percentage of total assets	30.00%		30.00%	30.00%
Revolving Credit Facility \| Line of Credit \| Revolver Facility \| Forecast
Debt Instrument [Line Items]
Total revolving commitments available		$ 3,700,000,000
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Revolving credit commitments	$ 100,000,000		$ 10,000,000	$ 50,000,000
Debt Basket \| Revolver Facility
Debt Instrument [Line Items]
Revolving credit commitments	600,000,000
Debt Basket \| Line of Credit
Debt Instrument [Line Items]
Revolving credit commitments	10,000,000,000			6,000,000,000
Debt Basket \| Secured Debt \| Revolver Facility
Debt Instrument [Line Items]
Revolving credit commitments	$ 1,700,000,000			$ 750,000,000

Long-term Debt - Non Recourse Debt (Details) - Letter of Credit - USD ($)		2 Months Ended	3 Months Ended
	Jan. 04, 2019	Sep. 30, 2020	Nov. 05, 2020
Subsequent Event
Debt Instrument [Line Items]
Increase credit facility			$ 87,000,000
Credit Agreement
Debt Instrument [Line Items]
Credit agreement	$ 80,000,000
Facility fees	1.33%
Increase credit facility		$ 50,000,000
Letters of credit issued		$ 80,000,000
Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Credit agreement			$ 167,000,000

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs (Details) - USD ($) $ in Millions	Nov. 05, 2020	Sep. 30, 2020	Jul. 31, 2020	Dec. 31, 2019
Investments Accounted for by the Equity Method
Equity investments in affiliates		$ 376		$ 388
Other current assets		3,087		3,088
Property, plant and equipment, net		2,573		2,593
Other non-current assets		314		240
Total Assets		12,225		12,531
Current liabilities		1,986		2,359
Long-term debt		5,929		6,042
Other non-current liabilities		1,062		1,084
Total Liabilities		10,291		10,853
Variable Interest Entity, Primary Beneficiary
Investments Accounted for by the Equity Method
Accounts receivable		887		0
Other current assets		4		3
Property, plant and equipment, net		0		71
Other non-current assets		25		27
Total Assets		916		101
Current liabilities		5		4
Long-term debt		0		24
Other non-current liabilities		27		8
Total Liabilities		32		36
Redeemable noncontrolling interest		0		20
Net Assets Less Noncontrolling Interest		884		$ 45
Agua Caliente
Investments Accounted for by the Equity Method
Ownership interest			35.00%
Equity investments in affiliates		197
Agua Caliente \| Subsequent Event
Investments Accounted for by the Equity Method
Distributions received	$ 50
Ivampah Master Holdings LLC
Investments Accounted for by the Equity Method
Equity investments in affiliates		$ 26

Changes in Capital Structure - Narrative (Details) - shares	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Sep. 30, 2020
Equity [Abstract]
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Long-term capital allocation, target allocation, cash generated allocated to growth investments, percentage		50.00%
Long-term capital allocation, target allocation, cash generated allocated returned to shareholders, percentage		50.00%
Employee Stock Purchase Plan, minimum percentage of eligible compensation to purchase shares	1.00%
Employee Stock Purchase Plan, maximum percentage of eligible compensation	10.00%
Employee Stock Purchase Plan, exercise price as percentage of fair value	95.00%

Changes in Capital Structure - Changes in NRG's common stock issued and outstanding (Details) - shares	1 Months Ended	9 Months Ended
	Nov. 05, 2020	Sep. 30, 2020
Schedule of Stock by Class, Equity [Roll Forward]
Balance as of beginning of period (in shares)	423,041,349	421,890,790
Treasury shares, balance as of beginning of period (in shares)	(178,893,929)	(172,894,601)
Outstanding, as of beginning of period (in shares)	244,147,420	248,996,189
Shares issued under LTIPs (in shares)		1,150,559
Stock issued under ESPP (in shares)		63,455
Shares repurchased (in shares)		(6,062,783)
Balance as of end of period (in shares)		423,041,349
Treasury shares, balance as of end of the period (in shares)		(178,893,929)
Outstanding, as of end of period (in shares)		244,147,420
Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)	5,400
Stock issued under ESPP (in shares)	68,014
Outstanding, as of end of period (in shares)	244,220,834
Common Stock
Schedule of Stock by Class, Equity [Roll Forward]
Balance as of beginning of period (in shares)	423,041,349	421,890,790
Shares issued under LTIPs (in shares)		1,150,559
Stock issued under ESPP (in shares)		0
Shares repurchased (in shares)		0
Balance as of end of period (in shares)		423,041,349
Common Stock \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)	5,400
Stock issued under ESPP (in shares)	0
Balance as of end of period (in shares)	423,046,749
Treasury
Schedule of Stock by Class, Equity [Roll Forward]
Treasury shares, balance as of beginning of period (in shares)	(178,893,929)	(172,894,601)
Shares issued under LTIPs (in shares)		0
Stock issued under ESPP (in shares)		63,455
Shares repurchased (in shares)		(6,062,783)
Treasury shares, balance as of end of the period (in shares)		(178,893,929)
Treasury \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)	0
Stock issued under ESPP (in shares)	68,014
Treasury shares, balance as of end of the period (in shares)	(178,825,915)

Changes in Capital Structure - Schedule of Repurchases Under Share Repurchase Programs (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Schedule of Capitalization, Equity [Line Items]
Total number of shares purchased (in shares)	6,062,783
Capital Allocation Plan, Open Market Repurchases
Schedule of Capitalization, Equity [Line Items]
Total number of shares purchased (in shares)	6,062,783
Amounts paid for shares purchased \| $	$ 197
Equivalent Shares In Lieu Of Tax Withholding on Equity Compensation Issuances
Schedule of Capitalization, Equity [Line Items]
Total number of shares purchased (in shares)	711,248
Average price paid per share (in usd per share) \| $ / shares	$ 38.23
Amounts paid for shares purchased \| $	$ 27
Capital Allocation Plan
Schedule of Capitalization, Equity [Line Items]
Total number of shares purchased (in shares)	6,774,031
Average price paid per share (in usd per share) \| $ / shares	$ 33.05
Amounts paid for shares purchased \| $	$ 224

Changes in Capital Structure - NRG Common Stock Dividends (Details) - $ / shares		3 Months Ended						12 Months Ended
	Oct. 23, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Subsequent Event [Line Items]
Common stock dividends proposed annual amount (in usd per share)				$ 1.20				$ 0.12
Dividends per common share (in usd per share)		$ 0.30	$ 0.30	$ 0.30	$ 0.03	$ 0.03	$ 0.03
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in usd per share)	$ 0.30
Minimum
Subsequent Event [Line Items]
Common stock, annual dividend growth rate, percentage				700.00%
Maximum
Subsequent Event [Line Items]
Common stock, annual dividend growth rate, percentage				9.00%

Earnings Per Share - Reconciliation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic income per share:
Net income attributable to NRG Energy, Inc.	$ 249	$ 313	$ 121	$ 372	$ 201	$ 482	$ 683	$ 1,055
Weighted average number of common shares outstanding — basic (in shares)	244			254			246	266
Income per weighted average common share — basic (in usd per share)	$ 1.02			$ 1.46			$ 2.78	$ 3.97
Diluted income per share:
Net income available to common shareholders	$ 249			$ 372			$ 683	$ 1,055
Weighted average number of common shares outstanding — basic (in shares)	244			254			246	266
Incremental shares attributable to the issuance of equity compensation (treasury stock method) (in shares)	1			2			1	2
Weighted average number of common shares outstanding- dilutive (in shares)	245			256			247	268
Income per weighted average common share — diluted (in usd per share)	$ 1.02			$ 1.45			$ 2.77	$ 3.94

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Operating revenues	$ 2,809			$ 2,996			$ 7,066	$ 7,626
Depreciation and amortization	99			91			318	261
Impairment losses	29			0			29	1
Reorganization costs	0			1			3	16
Gain on sale of assets							6	2
Equity in earnings of unconsolidated affiliates	36			29			37	8
Loss on debt extinguishment, net	0			0			(1)	(47)
Income from Continuing Operations Before Income Taxes	341			380			899	666
Income/(loss) from continuing operations	249			374			683	657
Loss from discontinued operations, net of tax	0			(2)			0	399
Net Income	249			372			683	1,056
Net income attributable to NRG Energy, Inc.	249	$ 313	$ 121	372	$ 201	$ 482	683	1,055
Eliminations
Segment Reporting Information
Operating revenues	2			(2)			(1)	(7)
Depreciation and amortization	0			0			0	0
Impairment losses	0						0
Reorganization costs								0
Gain on sale of assets							0	0
Equity in earnings of unconsolidated affiliates	0			0			0	0
Loss on debt extinguishment, net								0
Income from Continuing Operations Before Income Taxes	0			1			0	0
Income/(loss) from continuing operations	0			1			0	0
Loss from discontinued operations, net of tax				0				0
Net Income				1				0
Net income attributable to NRG Energy, Inc.	0			1			0	0
Texas \| Operating Segments
Segment Reporting Information
Operating revenues	1,992			2,208			4,928	5,511
Depreciation and amortization	49			45			167	125
Impairment losses	0						0
Reorganization costs								5
Gain on sale of assets							0	0
Equity in earnings of unconsolidated affiliates	0			1			(3)	(5)
Loss on debt extinguishment, net								0
Income from Continuing Operations Before Income Taxes	288			348			800	757
Income/(loss) from continuing operations	288			348			800	757
Loss from discontinued operations, net of tax				0				0
Net Income				348				757
Net income attributable to NRG Energy, Inc.	288			348			800	757
East \| Operating Segments
Segment Reporting Information
Operating revenues	693			679			1,798	1,812
Depreciation and amortization	34			31			100	87
Impairment losses	0						0
Reorganization costs								0
Gain on sale of assets							0	1
Equity in earnings of unconsolidated affiliates	0			0			0	0
Loss on debt extinguishment, net								0
Income from Continuing Operations Before Income Taxes	149			121			319	280
Income/(loss) from continuing operations	149			121			319	280
Loss from discontinued operations, net of tax				0				0
Net Income				121				280
Net income attributable to NRG Energy, Inc.	149			121			319	280
West/Other \| Operating Segments
Segment Reporting Information
Operating revenues	122			111			341	310
Depreciation and amortization	9			8			25	26
Impairment losses	29						29
Reorganization costs								0
Gain on sale of assets							1	0
Equity in earnings of unconsolidated affiliates	36			28			40	13
Loss on debt extinguishment, net								0
Income from Continuing Operations Before Income Taxes	17			16			84	11
Income/(loss) from continuing operations	17			15			83	10
Loss from discontinued operations, net of tax				0				0
Net Income				15				10
Net income attributable to NRG Energy, Inc.	17			15			83	9
Corporate \| Operating Segments
Segment Reporting Information
Operating revenues	0			0			0	0
Depreciation and amortization	7			7			26	23
Impairment losses	0						0
Reorganization costs								11
Gain on sale of assets							5	1
Equity in earnings of unconsolidated affiliates	0			0			0	0
Loss on debt extinguishment, net								(47)
Income from Continuing Operations Before Income Taxes	(113)			(106)			(304)	(382)
Income/(loss) from continuing operations	(205)			(111)			(519)	(390)
Loss from discontinued operations, net of tax				(2)				399
Net Income				(113)				9
Net income attributable to NRG Energy, Inc.	$ (205)			$ (113)			$ (519)	$ 9

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective Tax Rate
Income from continuing operations before income taxes	$ 341	$ 380	$ 899	$ 666
Income tax expense from continuing operations	$ 92	$ 6	$ 216	$ 9
Effective income tax rate	27.00%	1.60%	24.00%	1.40%
Uncertain Tax Benefits
Non-current tax liability for uncertain tax benefits	$ 21		$ 21
Uncertain tax benefits, penalties and interest accrued	$ 3		$ 3

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.