nrg-20210331
0001013871FALSE2021Q1--12-31P9MP1YP1YP1YP1Y45.9145.54.02179.0219600010138712021-01-012021-03-31xbrli:shares00010138712021-05-06iso4217:USD00010138712020-01-012020-03-31iso4217:USDxbrli:shares00010138712021-03-3100010138712020-12-3100010138712019-12-3100010138712020-03-310001013871us-gaap:CommonStockMember2020-12-310001013871us-gaap:AdditionalPaidInCapitalMember2020-12-310001013871us-gaap:RetainedEarningsMember2020-12-310001013871us-gaap:TreasuryStockMember2020-12-310001013871us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001013871us-gaap:RetainedEarningsMember2021-01-012021-03-310001013871us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001013871us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001013871us-gaap:CommonStockMember2021-03-310001013871us-gaap:AdditionalPaidInCapitalMember2021-03-310001013871us-gaap:RetainedEarningsMember2021-03-310001013871us-gaap:TreasuryStockMember2021-03-310001013871us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001013871us-gaap:CommonStockMember2019-12-310001013871us-gaap:AdditionalPaidInCapitalMember2019-12-310001013871us-gaap:RetainedEarningsMember2019-12-310001013871us-gaap:TreasuryStockMember2019-12-310001013871us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001013871us-gaap:RetainedEarningsMember2020-01-012020-03-310001013871us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001013871us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001013871us-gaap:TreasuryStockMember2020-01-012020-03-310001013871us-gaap:CommonStockMember2020-03-310001013871us-gaap:AdditionalPaidInCapitalMember2020-03-310001013871us-gaap:RetainedEarningsMember2020-03-310001013871us-gaap:TreasuryStockMember2020-03-310001013871us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-31utr:MWnrg:state0001013871nrg:DirectEnergyMembercountry:US2021-01-05nrg:province0001013871nrg:DirectEnergyMembercountry:CA2021-01-05nrg:counterparty00010138712021-01-052021-01-0500010138712021-04-012021-03-3100010138712022-01-012021-03-3100010138712023-01-012021-03-3100010138712024-01-012021-03-3100010138712025-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesRetailRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:ProductsAndServicesRetailRevenueMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:EnergyRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:EastSegmentMembernrg:EnergyRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:EnergyRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871us-gaap:IntersegmentEliminationMembernrg:EnergyRevenueMember2021-01-012021-03-310001013871nrg:EnergyRevenueMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:CapacityRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:CapacityRevenueMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:CapacityRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871nrg:CapacityRevenueMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:CapacityRevenueMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesDerivativeRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:EastSegmentMembernrg:ProductsAndServicesDerivativeRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesDerivativeRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871us-gaap:IntersegmentEliminationMembernrg:ProductsAndServicesDerivativeRevenueMember2021-01-012021-03-310001013871nrg:ProductsAndServicesDerivativeRevenueMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesOtherMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherMember2021-01-012021-03-310001013871nrg:TexasSegmentMemberus-gaap:OperatingSegmentsMembernrg:OperatingRevenuesMember2021-01-012021-03-310001013871nrg:EastSegmentMemberus-gaap:OperatingSegmentsMembernrg:OperatingRevenuesMember2021-01-012021-03-310001013871us-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMembernrg:OperatingRevenuesMember2021-01-012021-03-310001013871us-gaap:IntersegmentEliminationMembernrg:OperatingRevenuesMember2021-01-012021-03-310001013871nrg:OperatingRevenuesMember2021-01-012021-03-310001013871nrg:TexasSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871us-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871us-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesOtherAncillaryMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesOtherDerivativeRevenueMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMember2021-01-012021-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMemberus-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:HomeCustomerMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMemberus-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:BusinessSolutionsCustomersMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesRetailRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMemberus-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:ProductsAndServicesRetailRevenueMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:EnergyRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:EastSegmentMembernrg:EnergyRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:EnergyRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871us-gaap:IntersegmentEliminationMembernrg:EnergyRevenueMember2020-01-012020-03-310001013871nrg:EnergyRevenueMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:CapacityRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:CapacityRevenueMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:CapacityRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871nrg:CapacityRevenueMemberus-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:CapacityRevenueMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesDerivativeRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:EastSegmentMembernrg:ProductsAndServicesDerivativeRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesDerivativeRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871us-gaap:IntersegmentEliminationMembernrg:ProductsAndServicesDerivativeRevenueMember2020-01-012020-03-310001013871nrg:ProductsAndServicesDerivativeRevenueMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherMemberus-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherMember2020-01-012020-03-310001013871nrg:TexasSegmentMemberus-gaap:OperatingSegmentsMembernrg:OperatingRevenuesMember2020-01-012020-03-310001013871nrg:EastSegmentMemberus-gaap:OperatingSegmentsMembernrg:OperatingRevenuesMember2020-01-012020-03-310001013871us-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMembernrg:OperatingRevenuesMember2020-01-012020-03-310001013871us-gaap:IntersegmentEliminationMembernrg:OperatingRevenuesMember2020-01-012020-03-310001013871nrg:OperatingRevenuesMember2020-01-012020-03-310001013871nrg:TexasSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871us-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871us-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:TexasSegmentMembernrg:ProductsAndServicesOtherDerivativeRevenueMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMembernrg:EastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMemberus-gaap:OperatingSegmentsMembernrg:WestServicesAndOtherSegmentMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMemberus-gaap:IntersegmentEliminationMember2020-01-012020-03-310001013871nrg:ProductsAndServicesOtherDerivativeRevenueMember2020-01-012020-03-310001013871us-gaap:CustomerContractsMember2021-03-310001013871us-gaap:CustomerContractsMember2020-12-310001013871us-gaap:DerivativeMember2021-03-310001013871us-gaap:DerivativeMember2020-12-310001013871srt:AffiliatedEntityMember2021-03-310001013871srt:AffiliatedEntityMember2020-12-3100010138712020-01-012020-06-30nrg:customer0001013871nrg:DirectEnergyMember2021-01-052021-01-050001013871nrg:DirectEnergyMember2020-12-012020-12-310001013871nrg:DirectEnergyMember2021-01-012021-03-310001013871nrg:RevolvingCreditFacilityCommitmentIncreaseMemberus-gaap:RevolvingCreditFacilityMember2021-01-052021-01-050001013871nrg:CreditFacilityNewTrancheMemberus-gaap:RevolvingCreditFacilityMember2021-01-050001013871nrg:FacilityAgreementPreCapitalizedTrustSecuritiesMemberus-gaap:RevolvingCreditFacilityMember2021-01-050001013871nrg:CreditDefaultSwapFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001013871nrg:ReceivablesFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001013871nrg:RepurchaseFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001013871nrg:BilateralLetterOfCreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001013871nrg:TotalLiquidityAndCollateralFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2020-07-012021-01-050001013871nrg:DirectEnergyMember2021-01-0500010138712021-01-050001013871nrg:EastAndWestMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:SubsequentEventMembersrt:ScenarioForecastMember2021-12-310001013871nrg:EastAndWestMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:SubsequentEventMembersrt:ScenarioForecastMember2021-10-012021-12-310001013871nrg:ArthurKillPlantMembernrg:EastAndWestMemberus-gaap:SubsequentEventMembersrt:ScenarioForecastMember2021-12-310001013871nrg:EastAndWestMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2021-03-310001013871nrg:EastSegmentMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2021-03-310001013871nrg:WestServicesAndOtherSegmentMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2021-03-31xbrli:pure0001013871nrg:AguaCalienteSolarProjectMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2021-02-030001013871nrg:AguaCalienteSolarProjectMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2021-02-032021-02-030001013871nrg:OtherMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2021-01-012021-03-310001013871nrg:OtherMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2020-01-012020-03-310001013871us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310001013871us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001013871us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001013871us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001013871us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:FairValueInputsLevel1Member2021-03-310001013871us-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:CashAndCashEquivalentsMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2021-03-310001013871us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMember2021-03-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-03-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-03-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:CommercialMortgageBackedSecuritiesMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2021-03-310001013871us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:CorporateDebtSecuritiesMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-03-310001013871us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:EquitySecuritiesMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2021-03-310001013871us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-03-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:CommodityContractMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMember2021-03-310001013871us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871nrg:EquitySecuritiesNuclearTrustFundMember2021-03-310001013871us-gaap:ForeignExchangeContractMember2021-03-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2021-03-310001013871us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Member2021-03-310001013871us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:FairValueInputsLevel1Member2020-12-310001013871us-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:CashAndCashEquivalentsMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2020-12-310001013871us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMember2020-12-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001013871us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:CorporateDebtSecuritiesMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310001013871us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:EquitySecuritiesMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2020-12-310001013871us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:CommodityContractMember2020-12-310001013871us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMember2020-12-310001013871us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2020-12-310001013871us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871nrg:EquitySecuritiesNuclearTrustFundMember2020-12-310001013871us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2020-12-310001013871us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2019-12-310001013871us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310001013871us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-03-310001013871us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2021-03-310001013871us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2020-03-310001013871nrg:NaturalGasContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2021-03-31iso4217:USDutr:MWh0001013871nrg:NaturalGasContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:MinimumMember2021-03-310001013871nrg:NaturalGasContractsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2021-03-310001013871nrg:NaturalGasContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:WeightedAverageMember2021-03-310001013871nrg:PowerContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2021-03-310001013871nrg:PowerContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:MinimumMember2021-03-310001013871nrg:PowerContractsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2021-03-310001013871nrg:PowerContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:WeightedAverageMember2021-03-310001013871nrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2021-03-310001013871nrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:MinimumMember2021-03-310001013871srt:MaximumMembernrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2021-03-310001013871nrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:WeightedAverageMember2021-03-310001013871nrg:PowerContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2020-12-310001013871nrg:PowerContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:MinimumMember2020-12-310001013871nrg:PowerContractsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2020-12-310001013871nrg:PowerContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:WeightedAverageMember2020-12-310001013871nrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2020-12-310001013871nrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:MinimumMember2020-12-310001013871srt:MaximumMembernrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMember2020-12-310001013871nrg:FinancialTransmissionRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMembersrt:WeightedAverageMember2020-12-3100010138712020-01-012020-12-310001013871nrg:UtilitiesEnergyMerchantsMarketersAndOtherMember2021-03-310001013871nrg:FinancialInstitutionsMember2021-03-310001013871us-gaap:ExternalCreditRatingInvestmentGradeMember2021-03-310001013871nrg:ExternalCreditRatingNotRatedMember2021-03-310001013871us-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001013871nrg:SouthTexasProjectUnits1And2Member2021-03-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-01-012021-03-310001013871us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-01-012020-12-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-01-012021-03-310001013871us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-01-012020-12-310001013871us-gaap:CommercialMortgageBackedSecuritiesMember2021-01-012021-03-310001013871us-gaap:CommercialMortgageBackedSecuritiesMember2020-01-012020-12-310001013871us-gaap:CorporateDebtSecuritiesMember2021-01-012021-03-310001013871us-gaap:CorporateDebtSecuritiesMember2020-01-012020-12-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMember2021-01-012021-03-310001013871us-gaap:ForeignGovernmentDebtSecuritiesMember2020-01-012020-12-31utr:T0001013871us-gaap:LongMembernrg:EmissionsMember2021-01-012021-03-310001013871us-gaap:LongMembernrg:EmissionsMember2020-01-012020-12-31nrg:certificate0001013871us-gaap:LongMembernrg:RenewableEnergyCertificatesMember2021-03-310001013871us-gaap:LongMembernrg:RenewableEnergyCertificatesMember2020-12-310001013871us-gaap:LongMemberus-gaap:PublicUtilitiesInventoryCoalMember2021-01-012021-03-310001013871us-gaap:LongMemberus-gaap:PublicUtilitiesInventoryCoalMember2020-01-012020-12-31utr:MMBTU0001013871nrg:NaturalGasMemberus-gaap:ShortMember2021-01-012021-03-310001013871nrg:NaturalGasMemberus-gaap:ShortMember2020-01-012020-12-31utr:MWh0001013871nrg:PowerMemberus-gaap:LongMember2021-01-012021-03-310001013871nrg:PowerMemberus-gaap:LongMember2020-01-012020-12-310001013871us-gaap:CapacityMemberus-gaap:ShortMember2021-01-012021-03-310001013871us-gaap:CapacityMemberus-gaap:ShortMember2020-01-012020-12-310001013871us-gaap:LongMemberus-gaap:ForeignExchangeMember2021-03-310001013871us-gaap:LongMemberus-gaap:ForeignExchangeMember2020-12-310001013871nrg:ForeignExchangeContractCurrentMemberus-gaap:NondesignatedMember2021-03-310001013871nrg:ForeignExchangeContractCurrentMemberus-gaap:NondesignatedMember2020-12-310001013871nrg:ForeignExchangeContractNoncurrentMemberus-gaap:NondesignatedMember2021-03-310001013871nrg:ForeignExchangeContractNoncurrentMemberus-gaap:NondesignatedMember2020-12-310001013871nrg:CommodityContractCurrentMemberus-gaap:NondesignatedMember2021-03-310001013871nrg:CommodityContractCurrentMemberus-gaap:NondesignatedMember2020-12-310001013871us-gaap:NondesignatedMembernrg:CommodityContractNonCurrentMember2021-03-310001013871us-gaap:NondesignatedMembernrg:CommodityContractNonCurrentMember2020-12-310001013871us-gaap:NondesignatedMember2021-03-310001013871us-gaap:NondesignatedMember2020-12-310001013871us-gaap:SalesMemberus-gaap:CommodityContractMember2021-01-012021-03-310001013871us-gaap:SalesMemberus-gaap:CommodityContractMember2020-01-012020-03-310001013871us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-012021-03-310001013871us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-01-012020-03-310001013871us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2021-01-012021-03-310001013871us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2020-01-012020-03-310001013871us-gaap:CommodityContractMember2021-01-012021-03-310001013871us-gaap:CommodityContractMember2020-01-012020-03-310001013871nrg:AdequateAssuranceClausesMember2021-03-310001013871nrg:PetraNovaMember2020-01-012020-03-310001013871nrg:PetraNovaMember2020-03-310001013871nrg:SeniorNotesdue2026Membernrg:RecourseDebtMember2021-03-310001013871nrg:SeniorNotesdue2026Membernrg:RecourseDebtMember2020-12-310001013871nrg:SeniorNotesdue2027Membernrg:RecourseDebtMember2021-03-310001013871nrg:SeniorNotesdue2027Membernrg:RecourseDebtMember2020-12-310001013871nrg:SeniorNotesdue2028Membernrg:RecourseDebtMember2021-03-310001013871nrg:SeniorNotesdue2028Membernrg:RecourseDebtMember2020-12-310001013871nrg:SeniorNotesDue2029Membernrg:RecourseDebtMember2021-03-310001013871nrg:SeniorNotesDue2029Membernrg:RecourseDebtMember2020-12-310001013871nrg:A3375SeniorUnsecuredNotesDue2029Membernrg:RecourseDebtMember2021-03-310001013871nrg:A3375SeniorUnsecuredNotesDue2029Membernrg:RecourseDebtMember2020-12-310001013871nrg:A3625SeniorUnsecuredNotesDue2031Membernrg:RecourseDebtMember2021-03-310001013871nrg:A3625SeniorUnsecuredNotesDue2031Membernrg:RecourseDebtMember2020-12-310001013871nrg:ConvertibleSeniorNotesDue2048Membernrg:RecourseDebtMember2021-03-310001013871nrg:ConvertibleSeniorNotesDue2048Membernrg:RecourseDebtMember2020-12-310001013871nrg:SeniorSecuredFirstLienNotesDue2024Membernrg:RecourseDebtMember2021-03-310001013871nrg:SeniorSecuredFirstLienNotesDue2024Membernrg:RecourseDebtMember2020-12-310001013871nrg:A2000SeniorSecuredNotesDue2025Membernrg:RecourseDebtMember2021-03-310001013871nrg:A2000SeniorSecuredNotesDue2025Membernrg:RecourseDebtMember2020-12-310001013871nrg:A2450SeniorSecuredNotesDue2027Membernrg:RecourseDebtMember2021-03-310001013871nrg:A2450SeniorSecuredNotesDue2027Membernrg:RecourseDebtMember2020-12-310001013871nrg:SeniorSecuredFirstLienNotesDue2029Membernrg:RecourseDebtMember2021-03-310001013871nrg:SeniorSecuredFirstLienNotesDue2029Membernrg:RecourseDebtMember2020-12-310001013871nrg:CreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001013871nrg:CreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001013871nrg:CreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-03-310001013871nrg:TaxexemptBondsMembernrg:RecourseDebtMember2021-03-310001013871nrg:TaxexemptBondsMembernrg:RecourseDebtMember2020-12-310001013871nrg:TaxexemptBondsMembersrt:MinimumMembernrg:RecourseDebtMember2021-03-310001013871srt:MaximumMembernrg:TaxexemptBondsMembernrg:RecourseDebtMember2021-03-310001013871nrg:RepurchaseFacilityMembernrg:NonRecourseDebtMember2021-03-310001013871nrg:RepurchaseFacilityMembernrg:NonRecourseDebtMember2020-12-310001013871nrg:RepurchaseFacilityMembernrg:NonRecourseDebtMember2021-01-012021-03-310001013871nrg:RecourseDebtMember2021-03-310001013871nrg:RecourseDebtMember2020-12-310001013871nrg:ConvertibleSeniorNotesDue2048Membernrg:RecourseDebtMember2021-01-290001013871nrg:ConvertibleSeniorNotesDue2048Memberus-gaap:SubsequentEventMembernrg:RecourseDebtMember2021-04-300001013871nrg:CreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-07-012020-09-300001013871nrg:CreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-09-300001013871nrg:CreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMember2021-05-060001013871nrg:LetterOfCreditAgreementMember2020-12-020001013871nrg:LetterOfCreditAgreementMember2021-03-310001013871nrg:ConvertibleSeniorNotesDue2048Membernrg:RecourseDebtMember2021-01-292021-01-290001013871nrg:ConvertibleSeniorNotesDue2048Memberus-gaap:SubsequentEventMembernrg:RecourseDebtMember2021-04-012021-04-300001013871nrg:AguaCalienteMember2021-02-030001013871us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-03-310001013871us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001013871us-gaap:CommonStockMembernrg:LongTermIncentivePlanMember2021-01-012021-03-310001013871us-gaap:TreasuryStockMembernrg:LongTermIncentivePlanMember2021-01-012021-03-310001013871nrg:LongTermIncentivePlanMember2021-01-012021-03-310001013871us-gaap:CommonStockMembernrg:LongTermIncentivePlanMemberus-gaap:SubsequentEventMember2021-04-012021-05-060001013871us-gaap:TreasuryStockMembernrg:LongTermIncentivePlanMemberus-gaap:SubsequentEventMember2021-04-012021-05-060001013871nrg:LongTermIncentivePlanMemberus-gaap:SubsequentEventMember2021-04-012021-05-060001013871us-gaap:CommonStockMembernrg:EmployeeStockPurchasePlanMemberus-gaap:SubsequentEventMember2021-04-012021-05-060001013871us-gaap:TreasuryStockMembernrg:EmployeeStockPurchasePlanMemberus-gaap:SubsequentEventMember2021-04-012021-05-060001013871nrg:EmployeeStockPurchasePlanMemberus-gaap:SubsequentEventMember2021-04-012021-05-060001013871us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2021-05-060001013871us-gaap:TreasuryStockMemberus-gaap:SubsequentEventMember2021-05-060001013871us-gaap:SubsequentEventMember2021-05-0600010138712019-03-012019-03-310001013871srt:MinimumMember2021-01-012021-03-310001013871srt:MaximumMember2021-01-012021-03-310001013871us-gaap:SubsequentEventMember2021-04-152021-04-150001013871us-gaap:CorporateNonSegmentMember2021-01-012021-03-310001013871us-gaap:CorporateNonSegmentMember2020-01-012020-03-310001013871nrg:GladstonePowerStationMember2021-01-012021-03-310001013871nrg:GladstonePowerStationMember2020-01-012020-03-310001013871nrg:IvanpahMember2021-01-012021-03-310001013871nrg:IvanpahMember2020-01-012020-03-310001013871nrg:MidwaySunsetCogenerationCompanyMember2021-01-012021-03-310001013871nrg:MidwaySunsetCogenerationCompanyMember2020-01-012020-03-310001013871nrg:DirectEnergyMembernrg:PurchasedEnergyAgreementsMember2021-01-05nrg:facility0001013871nrg:SierraClubEtAlV.MidwestGenerationLLCMember2019-06-30nrg:case0001013871nrg:DirectEnergyVsStanleyForteSchaferAndLaneMember2019-12-310001013871nrg:DirectEnergyVsBurkAndDicksonLitigationMember2019-12-31


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended:March 31, 2021
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-15891
NRG Energy, Inc.
(Exact name of registrant as specified in its charter)

Delaware41-1724239
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)

910 Louisiana StreetHoustonTexas77002
(Address of principal executive offices)(Zip Code)
(713537-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
Common Stock, par value $0.01NRGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of May 6, 2021, there were 244,753,963 shares of common stock outstanding, par value $0.01 per share.


1


TABLE OF CONTENTS
Index


2


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause NRG's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Risk Factors, in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the following:
NRG's inability to estimate with any degree of certainty the future impact that COVID-19, any resurgence of COVID-19, or other pandemic may have on NRG's results of operations, financial position, risk exposure and liquidity;
Business uncertainties related to the acquisition of Direct Energy and NRG's ability to integrate the operations of Direct Energy with its own;
NRG's ability to obtain and maintain retail market share;
General economic conditions, changes in the wholesale power and gas markets and fluctuations in the cost of fuel;
Volatile power and gas supply costs and demand for power and gas;
Changes in law, including judicial and regulatory decisions;
Hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions, catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that NRG may not have adequate insurance to cover losses as a result of such hazards;
NRG's ability to successfully integrate, realize cost savings and manage any acquired businesses;
NRG's ability to engage in successful sales and divestitures, as well as mergers and acquisitions activity;
The effectiveness of NRG's risk management policies and procedures and the ability of NRG's counterparties to satisfy their financial commitments;
Counterparties' collateral demands and other factors affecting NRG's liquidity position and financial condition;
NRG's ability to operate its businesses efficiently and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
NRG's ability to enter into contracts to sell power or gas and procure fuel on acceptable terms and prices;
The liquidity and competitiveness of wholesale markets for energy commodities;
Government regulation, including changes in market rules, rates, tariffs and environmental laws;
NRG's ability to develop and innovate new products, as retail and wholesale markets continue to change and evolve;
Price mitigation strategies and other market structures employed by ISOs or RTOs that result in a failure to adequately and fairly compensate NRG's generation units;
NRG's ability to mitigate forced outage risk for units subject to capacity performance requirements in PJM, performance incentives in ISO-NE, and scarcity pricing in ERCOT;
NRG's ability to borrow funds and access capital markets, as well as NRG's substantial indebtedness and the possibility that NRG may incur additional indebtedness in the future;
Operating and financial restrictions placed on NRG and its subsidiaries that are contained in NRG's corporate credit agreements, and in debt and other agreements of certain of NRG subsidiaries and project affiliates generally;
Cyber terrorism and inadequate cybersecurity, data breaches or the occurrence of a catastrophic loss and the possibility that NRG may not have adequate insurance to cover losses resulting from such hazards or the inability of NRG's insurers to provide coverage;
NRG's ability to develop and build new power generation facilities;
NRG's ability to implement its strategy of finding ways to meet the challenges of climate change, clean air and protecting natural resources, while taking advantage of business opportunities;
NRG's ability to increase cash from operations through operational and market initiatives, corporate efficiencies, asset strategy, and a range of other programs throughout NRG to reduce costs or generate revenues;
NRG's ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives;

3


NRG's ability to develop and maintain successful partnering relationships as needed.
Forward-looking statements speak only as of the date they were made and NRG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing factors that could cause NRG's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.

4


GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2020 Form 10-KNRG’s Annual Report on Form 10-K for the year ended December 31, 2020
ACEAffordable Clean Energy
AESOAlberta Electric System Operator
Agua CalienteAgua Caliente Solar Project, a 290 MW photovoltaic power station located in Yuma County, Arizona in which NRG owned 35% interest
AROAsset Retirement Obligation
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
Average realized power pricesVolume-weighted average power prices, net of average fuel costs and reflecting the impact of settled hedges
BTUBritish Thermal Unit
BusinessNRG Business, which serves medium and large business customers
CAAClean Air Act
CAISOCalifornia Independent System Operator
CARES ActCoronavirus Aid, Relief, and Economic Security Act of 2020
CCRCoal Combustion Residuals
CDDCooling Degree Day
CFTCU.S. Commodity Futures Trading Commission
CentricaCentrica plc
CESClean Energy Standard
ClecoCleco Corporate Holdings LLC
CO2
Carbon Dioxide
ComEdCommonwealth Edison
CompanyNRG Energy, Inc.
Convertible Senior Notes
As of March 31, 2021, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048
CottonwoodCottonwood Generating Station, a 1,153 MW natural gas-fueled plant
COVID-19Coronavirus Disease 2019
CPPClean Power Plan
CPUCCalifornia Public Utilities Commission
CWAClean Water Act
D.C. CircuitU.S. Court of Appeals for the District of Columbia Circuit
Economic gross marginSum of energy revenue, capacity revenue, retail revenue and other revenue, less cost of fuels and other cost of sales
EGUElectric Generating Unit
EPAU.S. Environmental Protection Agency
ERCOTElectric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas
ESPPNRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FGDFlue gas desulfurization
FTRsFinancial Transmission Rights
GAAPGenerally accepted accounting principles in the U.S.
GHGGreenhouse Gas
GWGigawatts

5


Green Mountain EnergyGreen Mountain Energy Company
GWhGigawatt Hour
HDDHeating Degree Day
Heat RateA measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat rates can be expressed as either gross or net heat rates, depending upon whether the electricity output measured is gross or net generation. Heat rates are generally expressed as BTU per net kWh
HomeNRG Home, which serves Mass Market customers
HLWHigh-level radioactive waste
ICEIntercontinental Exchange
IESOIndependent Electricity System Operator
ISOIndependent System Operator, also referred to as RTOs
ISO-NEISO New England Inc.
IvanpahIvanpah Solar Electric Generation Station, a 393 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest
kWhKilowatt-hour
LaGenLouisiana Generating, LLC
LIBORLondon Inter-Bank Offered Rate
LTIPsCollectively, the NRG long-term incentive plan ("LTIP") and the NRG GenOn LTIP
Mass MarketResidential and small commercial customers
MDthThousand Dekatherms
Midwest GenerationMidwest Generation, LLC
MISOMidcontinent Independent System Operator, Inc.
MMBtuMillion British Thermal Units
MWMegawatts
MWhSaleable megawatt hour net of internal/parasitic load megawatt-hour
NAAQSNational Ambient Air Quality Standards
NEPOOLNew England Power Pool
NERCNorth American Electric Reliability Corporation
Net ExposureCounterparty credit exposure to NRG, net of collateral
Net Revenue RateSum of retail revenues less TDSP transportation charges
NodalNodal Exchange is a derivatives exchange
NOLNet Operating Loss
NOxNitrogen Oxides
NPNSNormal Purchase Normal Sale
NRCU.S. Nuclear Regulatory Commission
NRGNRG Energy, Inc.
Nuclear Decommissioning Trust FundNRG's nuclear decommissioning trust fund assets, which are for the Company's portion of the decommissioning of the STP, Units 1 & 2
Nuclear Waste Policy ActU.S. Nuclear Waste Policy Act of 1982
NYISONew York Independent System Operator
NYMEXNew York Mercantile Exchange
NYSPSCNew York State Public Service Commission
OCI/OCLOther Comprehensive Income/(Loss)
Petra NovaPetra Nova Parish Holdings, LLC
PJMPJM Interconnection, LLC
PM2.5Particulate Matter that has a diameter of less than 2.5 micrometers
PPAPower Purchase Agreement
PUCTPublic Utility Commission of Texas

6


RCEResidential Customer Equivalent is a unit of measure used by the energy industry to denote the typical annual commodity consumption by a single-family residential customer. 1 RCE represents 1,000 therms of natural gas or 10,000 kWh of electricity
RCRAResource Conservation and Recovery Act of 1976
Receivables Securitization FacilitiesCollectively, the Receivables Facility and the Repurchase Facility
Revolving Credit FacilityThe Company's $3.7 billion revolving credit facility due 2024, was amended on May 28, 2019 and August 20, 2020
RGGIRegional Greenhouse Gas Initiative
RTORegional Transmission Organization, also referred to as ISOs
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
Senior Notes
As of March 31, 2021, NRG's $5.3 billion outstanding unsecured senior notes consisting of $1.0 billion of the 7.25% senior notes due 2026, $1.2 billion of the 6.625% senior notes due 2027, $821 million of 5.75% senior notes due 2028, $733 million of the 5.25% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, and $1.0 billion of the 3.625% senior notes due 2031
Senior Secured First Lien Notes
As of March 31, 2021, NRG’s $2.5 billion outstanding Senior Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien Notes due 2024, $500 million of the 2.0% Senior Secured First Lien Notes due 2025, $900 million of the 2.45% Senior Secured First Lien Notes due 2027, and $500 million of the 4.45% Senior Secured First Lien Notes due 2029
ServicesNRG Services, which primarily includes the services businesses acquired in the Direct Energy Acquisition
SNFSpent Nuclear Fuel
SO2
Sulfur Dioxide
South Central PortfolioNRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG is leasing back the Cottonwood facility through May 2025
STPSouth Texas Project — nuclear generating facility located near Bay City, Texas in which NRG owns a 44% interest
STPNOCSouth Texas Project Nuclear Operating Company
TDSPTransmission/distribution service provider
Texas Bankruptcy CourtUnited States Bankruptcy Court for the Southern District of Texas, Houston Division
U.S.United States of America
U.S. DOEU.S. Department of Energy
Utility Scale SolarSolar power projects, typically 20 MW or greater in size (on an alternating current basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VaRValue at Risk
VIEVariable Interest Entity
Winter Storm UriA major winter and ice storm that had widespread impacts across North America occurring in February 2021


7


PART I — FINANCIAL INFORMATION

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three months ended March 31,
(In millions, except for per share amounts)20212020
Operating Revenues
Total operating revenues$8,091 $2,019 
Operating Costs and Expenses
Cost of operations6,864 1,457 
Depreciation and amortization317 109 
Selling, general and administrative costs330 190 
Provision for credit losses611 24 
Acquisition-related transaction and integration costs42 1 
Total operating costs and expenses8,164 1,781 
Gain on sale of assets17 6 
Operating (Loss)/Income(56)244 
Other (Expense)/Income
Equity in losses of unconsolidated affiliates(6)(11)
Impairment losses on investments (18)
Other income, net22 27 
Interest expense(127)(98)
Total other expense(111)(100)
(Loss)/Income Before Income Taxes(167)144 
Income tax (benefit)/expense(85)23 
Net (Loss)/Income(82)121 
(Loss)/Income per Share
Weighted average number of common shares outstanding — basic245 248 
(Loss)/Income per Weighted Average Common Share — Basic $(0.33)$0.49 
Weighted average number of common shares outstanding — diluted245 249 
(Loss)/Income per Weighted Average Common Share — Diluted$(0.33)$0.49 
See accompanying notes to condensed consolidated financial statements.

8


NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
(Unaudited)

Three months ended March 31,
(In millions)20212020
Net (Loss)/Income$(82)$121 
Other Comprehensive Income/(Loss)
Foreign currency translation adjustments3 (15)
Other comprehensive income/(loss)3 (15)
Comprehensive (Loss)/Income$(79)$106 
See accompanying notes to condensed consolidated financial statements.

9


NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2021December 31, 2020
(In millions, except share data)(Unaudited)(Audited)
ASSETS
Current Assets
Cash and cash equivalents$501 $3,905 
Funds deposited by counterparties55 19 
Restricted cash18 6 
Accounts receivable, net3,037 904 
Inventory316 327 
Derivative instruments1,816 560 
Cash collateral paid in support of energy risk management activities298 50 
Prepayments and other current assets511 257 
Total current assets6,552 6,028 
Property, plant and equipment, net2,328 2,547 
Other Assets
Equity investments in affiliates162 346 
Operating lease right-of-use assets, net312 301 
Goodwill1,572 579 
Intangible assets, net3,054 668 
Nuclear decommissioning trust fund909 890 
Derivative instruments1,008 261 
Deferred income taxes2,719 3,066 
Other non-current assets625 216 
Total other assets10,361 6,327 
Total Assets$19,241 $14,902 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt and finance leases831 1 
Current portion of operating lease liabilities79 69 
Accounts payable2,216 649 
Derivative instruments1,606 499 
Cash collateral received in support of energy risk management activities55 19 
Accrued expenses and other current liabilities1,008 678 
Total current liabilities5,795 1,915 
Other Liabilities
Long-term debt and finance lease8,705 8,691 
Non-current operating lease liabilities280 278 
Nuclear decommissioning reserve308 303 
Nuclear decommissioning trust liability580 565 
Derivative instruments834 385 
Deferred income taxes30 19 
Other non-current liabilities1,192 1,066 
Total other liabilities11,929 11,307 
Total Liabilities17,724 13,222 
Commitments and Contingencies
Stockholders' Equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 423,519,121 and 423,057,848 shares issued and 244,693,206 and 244,231,933 shares outstanding at March 31, 2021 and December 31, 2020, respectively
4 4 
Additional paid-in-capital8,513 8,517 
Accumulated deficit(1,565)(1,403)
Treasury stock, at cost - 178,825,915 shares at March 31, 2021 and December 31, 2020
(5,232)(5,232)
Accumulated other comprehensive loss(203)(206)
Total Stockholders' Equity1,517 1,680 
Total Liabilities and Stockholders' Equity$19,241 $14,902 
See accompanying notes to condensed consolidated financial statements.

10


NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20212020
Cash Flows from Operating Activities
Net (Loss)/Income$(82)$121 
Adjustments to reconcile net (loss)/income to cash (used)/provided by operating activities:
Distributions from and equity in losses of unconsolidated affiliates17 16 
Depreciation and amortization317 109 
Accretion of asset retirement obligations3 11 
Provision for credit losses611 24 
Amortization of nuclear fuel13 13 
Amortization of financing costs and debt discounts11 6 
Amortization of emissions allowances and energy credits7 7 
Amortization of unearned equity compensation4 5 
Gain on sale and disposal of assets(18)(14)
Impairment losses 18 
Changes in derivative instruments(902)(46)
Changes in deferred income taxes and liability for uncertain tax benefits(71)19 
Changes in collateral deposits in support of energy risk management activities1 9 
Changes in nuclear decommissioning trust liability15 8 
Changes in other working capital(843)(98)
Cash (used)/provided by operating activities(917)208 
Cash Flows from Investing Activities
Payments for acquisitions of businesses, net of cash acquired(3,482) 
Capital expenditures(63)(66)
Net purchases of emission allowances(5)(8)
Investments in nuclear decommissioning trust fund securities(129)(121)
Proceeds from the sale of nuclear decommissioning trust fund securities118 112 
Proceeds from sale of assets, net of cash disposed197 15 
Cash used by investing activities(3,364)(68)
Cash Flows from Financing Activities
Payments of dividends to common stockholders(80)(74)
Payments for share repurchase activity(9)(179)
Net payments from settlement of acquired derivatives that include financing elements190 (3)
Net proceeds of Revolving Credit Facility and Receivables Securitization Facilities825 552 
Payments of debt issuance costs(2) 
Proceeds from issuance of common stock1  
Repayments of long-term debt and finance leases(1)(60)
Proceeds from issuance of long-term debt 59 
Purchase of and distributions to noncontrolling interests from subsidiaries (2)
Cash provided by financing activities924 293 
Effect of exchange rate changes on cash and cash equivalents1  
Net (Decrease)/increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash(3,356)433 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period3,930 385 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period$574 $818 
See accompanying notes to condensed consolidated financial statements.

11


NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2020$4 $8,517 $(1,403)$(5,232)$(206)$1,680 
Net loss
(82)(82)
Other comprehensive income3 3 
Equity-based awards activity, net(a)
(5)(5)
Issuance of common stock
1 1 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at March 31, 2021$4 $8,513 $(1,565)$(5,232)$(203)$1,517 

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2019$4 $8,501 $(1,616)$(5,039)$(192)$1,658 
Net income
121 121 
Other comprehensive loss(15)(15)
Repurchase of partners' equity interest in VIE
18 18 
Share repurchases
(150)(150)
Equity-based awards activity, net(a)
(21)(21)
Common stock dividends and dividend equivalents declared(b)
(75)(75)
Balance at March 31, 2020$4 $8,498 $(1,570)$(5,189)$(207)$1,536 
(a) Includes $(9) million and $(27) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended March 31, 2021 and 2020, respectively
(b) Dividends per common share were $0.325 and $0.30 for the quarters ended March 31, 2021 and 2020, respectively
See accompanying notes to condensed consolidated financial statements.

12


NRG ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — 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 customers by producing and selling energy 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-centric 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 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 March 31, 2021.
NRG also conducts business under the brand name of Direct Energy as a result of the Company's acquisition of Direct Energy, a North American subsidiary of Centrica, on January 5, 2021. 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 8 Canadian provinces. The acquisition increased NRG's retail portfolio by over 3 million customers. In addition, Direct Energy is a participant in the wholesale gas and power markets in the United States and Canada. Refer to Note 4, Acquisitions and Dispositions, for further discussion of the acquisition of Direct Energy.
The acquired operations of Direct Energy are integrated into the existing NRG segment structure. Domestic customer and market operations will be combined into the corresponding geographical segments of Texas, East and West/Services/Other. The East segment will also include the deregulated customer and market operations of Canada. The West/Services/Other segment will also include activity related to the regulated operations in Alberta, Canada and the services businesses.
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 consolidated financial statements in the Company's 2020 Form 10-K. 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 March 31, 2021, and the results of operations, comprehensive income, cash flows and statements of stockholders' equity for the three months ended March 31, 2021 and 2020.
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. The reclassifications did not affect consolidated results from operations, net assets or consolidated cash flows.

Note 2 — 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)March 31, 2021December 31, 2020
Property, plant and equipment accumulated depreciation $1,566 $1,936 
Intangible assets accumulated amortization 1,424 1,357 

13


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.
Retail trade receivables are reported on the balance sheet net of the allowance for credit losses. The Company accrues a provision 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 months ended March 31, 2021:
(In millions)Three months ended March 31, 2021Three months ended March 31, 2020
Beginning balance$67 $43 
Acquired balance from Direct Energy112  
Provision for credit losses611 24 
Write-offs(48)(32)
Recoveries collected7 4 
Ending balance$749 $39 

The increase in the provision for credit losses during the three months ended March 31, 2021, compared to the same period in 2020 was primarily due to the impacts of Winter Storm Uri on bilateral finance hedging risk of $393 million, counterparty credit risk of $109 million and ERCOT default shortfall payments of $83 million, as well as the acquisition of Direct Energy.
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)March 31, 2021December 31, 2020
Cash and cash equivalents
$501 $3,905 
Funds deposited by counterparties
55 19 
Restricted cash
18 6 
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows
$574 $3,930 
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.
Recent Accounting Developments - Guidance Adopted in 2021
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. The Company adopted the amendments effective January 1, 2021 using the prospective

14


approach. The adoption 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.

Note 3 — Revenue Recognition
Performance Obligations
As of March 31, 2021, estimated future fixed fee performance obligations are $544 million for the remaining nine months of fiscal year 2021, and $299 million, $51 million, $37 million and $20 million for the fiscal years 2022, 2023, 2024 and 2025, 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 months ended March 31, 2021 and 2020:
Three months ended March 31, 2021
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,542 $702 $474 $ $2,718 
Business572 2,841 31  3,444 
Total retail revenue2,114 3,543 505  6,162 
Energy revenue(c)
285 126 70 1 482 
Capacity revenue(c)
 141 14  155 
Mark-to-market for economic hedging activities(d)
(1)(4)(28)1 (32)
Other revenue(b)(c)
1,304 19 4 (3)1,324 
Total operating revenue3,702 3,825 565 (1)8,091 
Less: Lease revenue  2  2 
Less: Realized and unrealized ASC 815 revenue
93 99 (34)2 160 
Total revenue from contracts with customers$3,609 $3,726 $597 $(3)$7,929 
(a) Home includes Services
(b) Other Revenue in Texas includes ancillary revenues of $1.2 billion driven by high pricing during Winter Storm Uri
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$ $60 $(4)$2 $58 
Capacity revenue 37   37 
Other revenue94 6 (2)(1)97 
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815

15


Three months ended March 31, 2020
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,032 $329 $18 $(1)$1,378 
Business260 23   283 
Total retail revenue1,292 352 18 (1)1,661 
Energy revenue(b)
5 45 75 (1)124 
Capacity revenue(b)
 134 15  149 
Mark-to-market for economic hedging activities(c)
 (20)15 1 (4)
Other revenue(b)
61 10 20 (2)89 
Total operating revenue1,358 521 143 (3)2,019 
Less: Lease revenue  5  5 
Less: Realized and unrealized ASC 815 revenue
7 39 44 (1)89 
Total revenue from contracts with customers$1,351 $482 $94 $(2)$1,925 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$ $35 $19 $(1)$53 
Capacity revenue 24   24 
Other revenue7  10 <