<SEC-DOCUMENT>0001104659-18-049505.txt : 20180913
<SEC-HEADER>0001104659-18-049505.hdr.sgml : 20180913
<ACCEPTANCE-DATETIME>20180803161621
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-049505
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NRG ENERGY, INC.
		CENTRAL INDEX KEY:			0001013871
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				411724239
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		804 CARNEGIE CENTER
		STREET 2:		-
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540
		BUSINESS PHONE:		609-524-4500

	MAIL ADDRESS:	
		STREET 1:		804 CARNEGIE CENTER
		STREET 2:		-
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NRG ENERGY INC
		DATE OF NAME CHANGE:	19960509
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;3, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&nbsp; Jennifer Thompson, Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NRG   Energy,&nbsp;Inc.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K   for the Fiscal Year Ended December&nbsp;31, 2017</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed   March&nbsp;1, 2018</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File   No.&nbsp;1-15891</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 5.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Thompson:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby respond to the comments made by the Staff in your letter dated July&nbsp;23, 2018 related to the above referenced filing of NRG Energy,&nbsp;Inc. (the &#147;Company&#148;). Since the Company and management are in possession of all the facts relating to the Company&#146;s disclosure, we hereby acknowledge that (i)&nbsp;the Company is responsible for the adequacy and accuracy of the disclosure in the filing; (ii)&nbsp;staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and (iii)&nbsp;the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.&nbsp; We look forward to working with the Staff and improving the disclosures in our filings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Staff&#146;s comments, indicated in bold, and the Company&#146;s responses are as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2017</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1 - Business</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Portfolio optimization, page&nbsp;11</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>We note that during the first quarter of 2018 you entered into agreements to sell your full ownership interest in NRG Yield Inc., your renewables platform, the South Central business, Carlsbad Energy Center, and Buckthorn Solar.&#160; Please tell us, if applicable, how you determined these operations did not qualify for held-for-sale and/or discontinued operations classification at both December&nbsp;31, 2017 and March&nbsp;31, 2018.&#160; See ASC 360-10-45-9 and ASC 205-20-45-1.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASC 360 states that a long-lived asset to be sold shall be classified as held for sale in the period in which <u>all</u> of the following criteria are met:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Management, having the authority to approve the action, commits to a plan to sell the asset.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_231042_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The sale of the asset is probable, transfer of the asset is expected to qualify for recognition as a completed sale, within one year, except as permitted by paragraph 360-10-45-11. The term probable refers to a future sale that is likely to occur.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. The price at which a long-lived asset is being marketed is indicative of whether the entity currently has the intent and ability to sell the asset. A market price that is reasonable in relation to fair value indicates that the asset is available for immediate sale, whereas a market price in excess of fair value indicates that the asset is not available for immediate sale</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the analysis for each of the announced transactions:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Analysis&nbsp;at&nbsp;12/31/2017</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Analysis&nbsp;at&nbsp;3/31/2018</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Renewables/NRG Yield</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31,   2017, the Company had received informal approval from the Board of Directors   (&#147;Board&#148;) to negotiate a transaction at a specific price with a specific   buyer. The Company notes the following:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.   Management was still negotiating the final transaction price and would have   to go back to the Board for final approval before signing a deal.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. A   number of items in the agreement had yet to be resolved, which included   termination rights for each of the involved parties (NRG Yield,&nbsp;Inc.,   NRG, the buyer) as well as potential expansion of the right of first offer   (&#147;ROFO&#148;) assets to be included in the deal.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.   Given the latest tax reform, each party was still evaluating the deal   economics as a result of the recent changes in tax laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Given these factors,   management believed that the held for sale criteria a), d) and f) had not   been met as of December&nbsp;31, 2017.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;6,   2018, NRG and Global Infrastructure Partners (&#147;GIP&#148;) entered into a purchase   and sale agreement for GIP to purchase NRG&#146;s ownership in the Renewables   platform and NRG Yield. The transaction is subject to various closing   conditions, approval and consents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although the agreement   had been executed, the following elements were still missing:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.   The transaction was subject to regulatory approval with the Federal Energy   Regulatory Commission (&#147;FERC&#148;), Department of Energy, state utility   regulators as well as clear an antitrust review under Hart-Scott-Rodino   Antitrust Improvements Act (&#147;HSR&#148;).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.   The Company needed to obtain over 70 consents and notices that were in early   stages.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. The   agreement provides a termination right if the impact of obtaining the   required approvals and consents exceeds a specific amount.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Given these factors,   the Company could not be certain that the sale would be completed within one   year due to the length of time it could take to receive all the proper   consents and approvals given the volume, and the risk that counterparties may   request</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_231440_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amendments to the   related agreements that could result in a termination event under the   purchase and sale agreement. As such, management believed that the held for   sale criteria d) and f) had not been met as of March&nbsp;31, 2018.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">South Central</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31,   2017, management was in the process of negotiating a deal with a potential   buyer, who at that time had offered a price that was below the Company&#146;s   target transaction price that had been presented to its Board of Directors.   Management continued to work on a proposal that would achieve the desired transaction   price. Given the number of open items between both parties, the deal was   uncertain as of December&nbsp;31, 2017. Formal approval by the Board of   Directors was required and had not yet occurred. As a result, management   believed that the held for sale criteria a), d) and f) had not been met as of   December&nbsp;31, 2017.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;6,   2018, NRG entered into a purchase and sale agreement to sell the South   Central business to Cleco Energy LLC (&#147;Cleco&#148;). Although the agreement had   been executed, the transaction was subject to various closing conditions,   consents and regulatory approvals including FERC, Public Utility Commission   of Texas &#147;(PUCT&#148;), the Committee on Foreign Investments in the United States   (&#147;CFIUS&#148;), the Louisiana Public Service Commission (&#147;LPSC&#148;) as well as clear   an antitrust review under HSR. As of March&nbsp;31, 2018, all of these   approvals remained pending. Given that the length of each approval process is   unknown, management was not certain that the sale would be completed within   one year and the transaction could be withdrawn if such approvals are not   obtained. Therefore, the held for sale criteria d) and f) had not been met as   of March&nbsp;31, 2018.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes that the sale of Buckthorn Solar was completed on March&nbsp;30,2018 and is considered a sale of an entity under common control, as currently the Company controls both the selling subsidiary and the acquiring subsidiary (NRG Yield).&#160; This is also the case for the proposed sale of Carlsbad Energy Center.&#160; Because the Company continues to consolidate these entities, it has not considered them for held-for-sale treatment.&#160; The Company expects to sell Carlsbad Energy Center to NRG Yield and accordingly, considers the sale to fall into the same analysis as Renewables /NRG Yield documented above, as the sale of Carlsbad Energy Center will become a third party transaction once the Renewables/NRG Yield sale is completed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this letter, the Company had obtained regulatory approvals for the Renewables/NRG Yield sale, but several critical counterparty consents are still pending approval for Renewables/NRG Yield and the Company cannot be certain that the transaction will not be delayed or significantly impacted by the resolution of these consents.&#160; Accordingly, the held for sale criteria f) has not yet been met.&#160; In addition, for the South Central transaction, FERC, LPSC and PUCT approvals remain outstanding. Under the procedural schedule adopted by LPSC, the hearing is scheduled for October&nbsp;2018. There are multiple interveners in the docket and in order to give the parties more time to file testimony based on discovery responses, the applicants filed a motion to extend the procedural schedule. The Company cannot predict the timing of these approvals, based on the current status of each of the matters pending with each agency.&#160; Accordingly, the held for sale criteria d) and f) have not yet been met.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_231454_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8 - Financial Statements and Supplementary Data</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notes to Consolidated Financial Statements</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Note 21 &#151; Related Party Transactions</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Service Agreement and Transition Services Agreement with GenOn, page&nbsp;200</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>We note that you have classified income from GenOn under the Services Agreement and Transition Services Agreement within continuing operations.&#160; Please clarify how you determined these amounts should be included within continuing operations as opposed to discontinued operations.&#160; Explain how you accounted for the Services Agreement prior to GenOn&#146;s classification within discontinued operations.&#160; In doing so, clarify if such amounts were eliminated in the consolidated financial statements as intra-entity transactions.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the periods subsequent to the acquisition of GenOn in 2012, the Company accounted for the shared services agreement between NRG and GenOn as an intercompany arrangement that eliminated in consolidation, prior to the disposition of GenOn in June&nbsp;2017 in connection with GenOn&#146;s bankruptcy filing.&#160; An NRG subsidiary recorded such amounts as Other Income &#151; affiliate, as they do not relate to the </font>entity&#146;s recurring revenue generating activities, and GenOn recorded such amounts as General and Administrative Expense &#151; affiliate, with the amounts eliminating in consolidation at NRG.&#160; Upon the deconsolidation of GenOn, the expense was retained by GenOn while the income remained at NRG as NRG continues to provide transition services to GenOn.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the GenOn bankruptcy and the Restructuring Support Agreement signed between NRG and GenOn, the two entities entered into a Transition Services Agreement, or TSA.&#160; The nature of the services provided is similar to the services provided through the shared services agreement that was in place prior to bankruptcy.&#160; The length of the services agreements was expected to extend through June&nbsp;of 2018, with the opportunity to extend through September&nbsp;of 2018.&#160; The Company referred to several interpretive sources when determining how to classify the income associated with the TSA.&#160; These sources include the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>PwC Guide on Financial Statement Presentation &#151; Chapter 27 &#147;Discontinued Operations&#148;</p>
<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Revenues and costs associated with transition services provided by an ongoing reporting entity to a disposed component after a disposition should not be reflected in the discontinued operations line item, but rather in continuing operations of the ongoing reporting entity. Each reporting entity must use judgment to determine appropriate classification of the revenues and costs (i.e., which income statement line item to include them in) within continuing operations.&#133;</i>.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Deloitte publication, &#147;A Roadmap to Reporting Discontinued Operations &#151; Chapter 5 - Presentation of Discontinued Operations&#148;</p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147; 5.3.7 Transition Services</font></i></p>
<p style="margin:0in 0in .0001pt .75in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">When a component is sold or spun off, an entity often enters into agreements with the buyer or with the component to provide certain services to the component, usually for a specified period (e.g., one year). Such arrangements are often called &#147;transition service arrangements.&#148; The revenues and expenses associated with transition services provided to a discontinued operation after its disposal should be reported in continuing operations because such services are part of the entity&#146;s continuing activities. The entity should use judgment in determining the income statement line item in which to report the income and expenses...&#148;</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on our review of the discontinued operations guidance, as well as interpretive guidance, the Company concluded that the amounts earned under the TSA should remain in continuing operations.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_231621_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hope that the foregoing has been responsive to your comments and await the Staff&#146;s response.&nbsp; Please contact David Callen, Senior Vice President and Chief Accounting Officer, at (609) 524-4734, Brian Curci, General Counsel, at (609) 524-5171, or me at (609) 524-5475 if you have questions regarding our responses or related matters.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kirkland B. Andrews</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirkland B. Andrews</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President   and</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Curci,&nbsp;Esq.,   General Counsel, NRG Energy,&nbsp;Inc.<br>   David Callen, Senior Vice President and Chief Accounting Officer, NRG   Energy,&nbsp;Inc.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
