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Long-term Debt and Finance Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-term Debt and Finance Leases
Long-term debt and finance leases consisted of the following:
(In millions, except rates)December 31, 2020December 31, 2019 Interest rate %
Recourse debt:
Senior Notes, due 2026$1,000 $1,000 7.250
Senior Notes, due 20271,230 1,230 6.625
Senior Notes, due 2028821 821 5.750
Senior Notes, due 2029733 733 5.250
Senior Notes, due 2029500 — 3.375
Senior Notes, due 20311,030 — 3.625
Convertible Senior Notes, due 2048(a)
575 575 2.750
Senior Secured First Lien Notes, due 2024600 600 3.750
Senior Secured First Lien Notes, due 2025500 — 2.000
Senior Secured First Lien Notes, due 2027900 — 2.450
Senior Secured First Lien Notes, due 2029500 500 4.450
Revolving Credit Facility— 83 
L+ 1.75
Tax-exempt bonds466 466 
1.250 - 4.75
Subtotal recourse debt8,855 6,008 
Non-recourse debt:
Other— 34 various
Subtotal all non-recourse debt— 34 
Subtotal long-term debt (including current maturities)
8,855 6,042 
Finance leases4 — various
Subtotal long-term debt and finance leases (including current maturities)8,859 6,042 
Less current maturities(1)(88)
Less debt issuance costs(93)(65)
Discounts(74)(86)
Total long-term debt and finance leases$8,691 $5,803 
(a)The effective interest rate was 5.19% and 5.05% for the years ended December 31, 2020 and 2019, respectively. As of the ex-dividend date of January 29, 2021, the Convertible Notes were convertible at a price of $45.94, which is equivalent to a conversion rate of approximately 21.77 shares of common stock per $1,000 principal amount. The remaining period over which the discount on the liability component will be amortized is 4.7 years.

Debt includes the following discounts:
As of December 31,
(In millions)20202019
Senior Secured First Lien Notes, due 2024, 2025, 2027 and 2029$(2)$(1)
Convertible Senior Notes, due 2048(72)(85)
Total discounts
$(74)$(86)
Annual Payments Based On the Maturities of NRG's Debt
As of December 31, 2020, annual payments based on the maturities of NRG's debt and finance leases are expected to be as follows:
 (In millions)
2021$1 
20222 
20231 
2024600 
2025500 
Thereafter7,755 
Total$8,859 
Debt Redemption In addition, on or after May 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption PeriodRedemption
Percentage
May 15, 2021 to May 14, 2022103.625 %
May 15, 2022 to May 14, 2023102.417 %
May 15, 2023 to May 14, 2024101.208 %
May 15, 2024 and thereafter100.000 %
In addition, on or after July 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption PeriodRedemption
Percentage
July 15, 2021 to July 14, 2022103.313 %
July 15, 2022 to July 14, 2023102.208 %
July 15, 2023 to July 14, 2024101.104 %
July 15, 2024 and thereafter100.000 %
In addition, on or after January 15, 2023, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption PeriodRedemption
Percentage
January 15, 2023 to January 14, 2024102.875 %
January 15, 2024 to January 14, 2025101.917 %
January 15, 2025 to January 14, 2026100.958 %
January 15, 2026 and thereafter100.000 %
In addition, on or after June 15, 2024, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption PeriodRedemption Percentage
June 15, 2024 to June 14, 2025102.625 %
June 15, 2025 to June 14, 2026101.750 %
June 15, 2026 to June 14, 2027100.875 %
June 15, 2027 and thereafter100.000 %
In addition, on or after February 15, 2024, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption PeriodRedemption Percentage
February 15, 2024 to February 14, 2025101.688 %
February 15, 2025 to February 14, 2026100.844 %
February 15, 2026 and thereafter100.000 %
In addition, on or after February 15, 2026, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption PeriodRedemption Percentage
February 15, 2026 to February 14, 2027101.813 %
February 15, 2027 to February 14, 2028101.208 %
February 15, 2028 to February 14, 2029100.604 %
February 15, 2029 and thereafter100.000 %
Schedule of Tax Exempt Bonds
Tax Exempt Bonds
As of December 31,
(In millions, except rates)20202019Interest Rate %
NRG Indian River Power 2020, tax exempt bonds, due 2040$57 $— 1.250 
NRG Indian River Power 2020, tax exempt bonds, due 2045190 — 1.250 
Indian River Power, tax exempt bonds, due 2040 — 57 6.000 
Indian River Power LLC, tax exempt bonds, due 2045— 190 5.375 
NRG Dunkirk 2020, tax exempt bonds, due 204259 — 1.300 
Dunkirk Power LLC, tax exempt bonds, due 2042— 59 5.875 
City of Texas City, tax exempt bonds, due 2045 33 33 4.125 
Fort Bend County, tax exempt bonds, due 203854 54 4.750 
Fort Bend County, tax exempt bonds, due 204273 73 4.750 
Total$466 $466