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Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Net notional volume buy/(sell) of NRG's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of September 30, 2020 and December 31, 2019. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.
|  | Total Volume (In millions)
Category | Units | September 30, 2020 |  | December 31, 2019
Emissions | Short Ton | 1 |  |  | 3 |
Renewable Energy Certificates | Certificates | 3 |  |  | 1 |
Coal | Short Ton | 4 |  |  | 10 |
Natural Gas | MMBtu | (264) |  |  | (181) |
Power | MWh | 51 |  |  | 38 |
Capacity | MW/Day | (1) |  |  | (1) |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:
| Fair Value
| Derivative Assets |  | Derivative Liabilities
(In millions) | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019
Derivatives Not Designated as Cash Flow or Fair Value Hedges: |  |  |  |  |  |  |
Commodity contracts current | $ | 578 |  |  | $ | 860 |  |  | $ | 495 |  |  | $ | 781 |
Commodity contracts long-term | 315 |  |  | 310 |  |  | 318 |  |  | 322 |
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges | $ | 893 |  |  | $ | 1,170 |  |  | $ | 813 |  |  | $ | 1,103 |
Offsetting of derivatives by counterparty assets | The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
|  | Gross Amounts Not Offset in the Statement of Financial Position
(In millions) |  | Gross Amounts of Recognized Assets / Liabilities |  | Derivative Instruments |  | Cash Collateral (Held) / Posted |  | Net Amount
As of September 30, 2020 |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Derivative assets |  | $ | 893 |  |  | $ | (738) |  |  | $ | (1) |  |  | $ | 154 |
Derivative liabilities |  | (813) |  |  | 738 |  |  | — |  |  | (75) |
Total commodity contracts |  | $ | 80 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 79 |
|  | Gross Amounts Not Offset in the Statement of Financial Position
(In millions) |  | Gross Amounts of Recognized Assets / Liabilities |  | Derivative Instruments |  | Cash Collateral (Held) / Posted |  | Net Amount
As of December 31, 2019 |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Derivative assets |  | $ | 1,170 |  |  | $ | (909) |  |  | $ | (7) |  |  | $ | 254 |
Derivative liabilities |  | (1,103) |  |  | 909 |  |  | 73 |  |  | (121) |
Total commodity contracts |  | $ | 67 |  |  | $ | — |  |  | $ | 66 |  |  | $ | 133 |
Offsetting of derivatives by counterparty, liabilities | The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
|  | Gross Amounts Not Offset in the Statement of Financial Position
(In millions) |  | Gross Amounts of Recognized Assets / Liabilities |  | Derivative Instruments |  | Cash Collateral (Held) / Posted |  | Net Amount
As of September 30, 2020 |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Derivative assets |  | $ | 893 |  |  | $ | (738) |  |  | $ | (1) |  |  | $ | 154 |
Derivative liabilities |  | (813) |  |  | 738 |  |  | — |  |  | (75) |
Total commodity contracts |  | $ | 80 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 79 |
|  | Gross Amounts Not Offset in the Statement of Financial Position
(In millions) |  | Gross Amounts of Recognized Assets / Liabilities |  | Derivative Instruments |  | Cash Collateral (Held) / Posted |  | Net Amount
As of December 31, 2019 |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |
Derivative assets |  | $ | 1,170 |  |  | $ | (909) |  |  | $ | (7) |  |  | $ | 254 |
Derivative liabilities |  | (1,103) |  |  | 909 |  |  | 73 |  |  | (121) |
Total commodity contracts |  | $ | 67 |  |  | $ | — |  |  | $ | 66 |  |  | $ | 133 |
Pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations | The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges or fair value hedges and trading activity on the Company's statement of operations. The effect of commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense.
(In millions) | Three months ended September 30, |  | Nine months ended September 30,
Unrealized mark-to-market results | 2020 |  | 2019 |  | 2020 |  | 2019
Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges | $ | (101) |  |  | $ | (118) |  |  | $ | (62) |  |  | $ | (88) |
Reversal of acquired (gain)/loss positions related to economic hedges | (2) |  |  | (3) |  |  | 2 |  |  | (4) |
Net unrealized (losses)/gains on open positions related to economic hedges | (15) |  |  | 57 |  |  | 73 |  |  | 69 |
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (118) |  |  | (64) |  |  | 13 |  |  | (23) |
Reversal of previously recognized unrealized (gains) on settled positions related to trading activity | (7) |  |  | (1) |  |  | (14) |  |  | (8) |
Net unrealized gains/(losses) on open positions related to trading activity | 2 |  |  | (3) |  |  | 19 |  |  | 23 |
Total unrealized mark-to-market (losses)/gains for trading activity | (5) |  |  | (4) |  |  | 5 |  |  | 15 |
Total unrealized (losses)/gains | $ | (123) |  |  | $ | (68) |  |  | $ | 18 |  |  | $ | (8) |
| Three months ended September 30, |  | Nine months ended September 30,
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Unrealized gains/(losses) included in operating revenues | $ | 34 |  |  | $ | (214) |  |  | $ | 83 |  |  | $ | 66 |
Unrealized (losses)/gains included in cost of operations | (157) |  |  | 146 |  |  | (65) |  |  | (74) |
Total impact to statement of operations — energy commodities | $ | (123) |  |  | $ | (68) |  |  | $ | 18 |  |  | $ | (8) |
Total impact to statement of operations — interest rate contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (38) |

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