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Accounting for Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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

						Total Volume (In millions)
Category			Units			June 30, 2020						December 31, 2019
Emissions			Short Ton			1						3
Renewable Energy Certificates			Certificates			1						1
Coal			Short Ton			5						10
Natural Gas			MMBtu			(237)						(181)
Power			MWh			56						38
Capacity			MW/Day			(1)						(1)

Fair value within the derivative instrument valuation on the balance sheets

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

			Fair Value
			Derivative Assets																		Derivative Liabilities
(In millions)			June 30, 2020						December 31, 2019						June 30, 2020						December 31, 2019
Derivatives Not Designated as Cash Flow or Fair Value Hedges:
Commodity contracts current			$	791					$	860					$	728					$	781
Commodity contracts long-term			439						310						299						322
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges			$	1,230					$	1,170					$	1,027					$	1,103

Offsetting of derivatives by counterparty assets

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

						Gross Amounts Not Offset in the Statement of Financial Position
(In millions)						Gross Amounts of Recognized Assets / Liabilities						Derivative Instruments						Cash Collateral (Held) / Posted						Net Amount
As of June 30, 2020
Commodity contracts:
Derivative assets						$	1,230					$	(921)					$	(22)					$	287
Derivative liabilities						(1,027)						921						38						(68)
Total commodity contracts						$	203					$	—					$	16					$	219

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

Offsetting of derivatives by counterparty, liabilities

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

						Gross Amounts Not Offset in the Statement of Financial Position
(In millions)						Gross Amounts of Recognized Assets / Liabilities						Derivative Instruments						Cash Collateral (Held) / Posted						Net Amount
As of June 30, 2020
Commodity contracts:
Derivative assets						$	1,230					$	(921)					$	(22)					$	287
Derivative liabilities						(1,027)						921						38						(68)
Total commodity contracts						$	203					$	—					$	16					$	219

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

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

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

(In millions)			Three months ended June 30,																		Six months ended June 30,
Unrealized mark-to-market results			2020						2019						2020						2019
Reversal of previously recognized unrealized losses on settled positions related to economic hedges			$	30					$	11					$	39					$	30
Reversal of acquired loss/(gain) positions related to economic hedges			3						1						4						(1)
Net unrealized gains on open positions related to economic hedges			54						9						88						12
Total unrealized mark-to-market gains for economic hedging activities			87						21						131						41
Reversal of previously recognized unrealized (gains) on settled positions related to trading activity			(5)						(1)						(7)						(7)
Net unrealized gains on open positions related to trading activity			4						13						17						26
Total unrealized mark-to-market (losses)/gains for trading activity			(1)						12						10						19
Total unrealized gains			$	86					$	33					$	141					$	60

			Three months ended June 30,																		Six months ended June 30,
(In millions)			2020						2019						2020						2019
Unrealized gains included in operating revenues			$	42					$	253					$	49					$	280
Unrealized gains/(losses) included in cost of operations			44						(220)						92						(220)
Total impact to statement of operations — energy commodities			$	86					$	33					$	141					$	60
Total impact to statement of operations — interest rate contracts			$	—					$	(29)					$	—					$	(38)

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