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Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2021
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 commodity, excluding those derivatives that qualified for the NPNS exception as of December 31, 2021 and 2020. 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.
(In millions) |  | Total Volume
Commodity | Units | December 31, 2021 |  | December 31, 2020
Emissions | Short Ton | 1 |  |  | 1 |
Renewables Energy Certificates | Certificates | 13 |  |  | 5 |
Coal | Short Ton | 19 |  |  | 2 |
Natural Gas | MMBtu | 813 |  |  | (286) |
Oil | Barrels | 1 |  |  | — |
Power | MWh | 185 |  |  | 57 |
Capacity | MW/Day | — |  |  | (1) |
Foreign Exchange | Dollars | 279 |  |  | — |
The increase in positions is primarily the result of Direct Energy acquisition.
Fair Value Within the Derivative Instrument Valuation On the Balance Sheet | The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:
| Fair Value
| Derivative Assets |  | Derivative Liabilities
(In millions) | December 31, 2021 |  | December 31, 2020 |  | December 31, 2021 |  | December 31, 2020
Derivatives Not Designated as Cash Flow or Fair Value Hedges: |  |  |  |  |  |  |
Foreign exchange contracts - current | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Foreign exchange contracts - long-term | 1 |  |  | — |  |  | — |  |  | — |
Commodity contracts- current | 4,613 |  |  | 560 |  |  | 3,386 |  |  | 499 |
Commodity contracts- long-term | 2,526 |  |  | 261 |  |  | 1,412 |  |  | 385 |
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges | $ | 7,140 |  |  | $ | 821 |  |  | $ | 4,799 |  |  | $ | 884 |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received Or Paid | The following table summarizes the offsetting 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 December 31, 2021 |
Foreign exchange contracts: |  |  |  |  |  |  |
Derivative assets | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |
Derivative liabilities | (1) |  |  | 1 |  |  | — |  |  | — |
Total foreign exchange contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts: |  |  |  |  |  |  |
Derivative assets | $ | 7,139 |  |  | $ | (4,440) |  |  | $ | (831) |  |  | $ | 1,868 |
Derivative liabilities | (4,798) |  |  | 4,440 |  |  | 17 |  |  | (341) |
Total commodity contracts | $ | 2,341 |  |  | $ | — |  |  | $ | (814) |  |  | $ | 1,527 |
Total derivative instruments | $ | 2,341 |  |  | $ | — |  |  | $ | (814) |  |  | $ | 1,527 |
| 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, 2020 |
Commodity contracts: |  |  |  |  |  |  |
Derivative assets | $ | 821 |  |  | $ | (658) |  |  | $ | (5) |  |  | $ | 158 |
Derivative liabilities | (884) |  |  | 658 |  |  | — |  |  | (226) |
Total commodity contracts | $ | (63) |  |  | $ | — |  |  | $ | (5) |  |  | $ | (68) |
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 foreign exchange and commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense.
| Year Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Unrealized mark-to-market results |  |  |  |  |
Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges | $ | (41) |  |  | $ | (55) |  |  | $ | (68) |
Reversal of acquired loss positions related to economic hedges | 256 |  |  | 4 |  |  | 6 |
Net unrealized gains/(losses) on open positions related to economic hedges | 2,501 |  |  | (68) |  |  | 42 |
Total unrealized mark-to-market gains/(losses) for economic hedging activities | 2,716 |  |  | (119) |  |  | (20) |
Reversal of previously recognized unrealized (gains) on settled positions related to trading activity | (18) |  |  | (20) |  |  | (11) |
Reversal of acquired (gain) positions related to trading activity | (1) |  |  | — |  |  | — |
Net unrealized (losses)/gains on open positions related to trading activity | (13) |  |  | 15 |  |  | 31 |
Total unrealized mark-to-market (losses)/gains for trading activity | (32) |  |  | (5) |  |  | 20 |
Total unrealized gains/(losses) | $ | 2,684 |  |  | $ | (124) |  |  | $ | — |
| Year Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Unrealized (losses)/gains included in operating - commodities | $ | (196) |  |  | $ | 90 |  |  | $ | 53 |
Unrealized gains/(losses) included in cost of operations- commodities | 2,880 |  |  | (214) |  |  | (53) |
Total impact to statement of operations- commodities | $ | 2,684 |  |  | $ | (124) |  |  | $ | — |
Total impact to statement of operations — interest rate contracts | $ | — |  |  | $ | — |  |  | $ | (38) |

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