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Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023. 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 | December 31, 2024 |  | December 31, 2023
Emissions | Short Ton | 1 |  |  | — |
Renewables Energy Certificates | Certificates | 13 |  |  | 12 |
Coal | Short Ton | 10 |  |  | 9 |
Natural Gas | MMBtu | 861 |  |  | 838 |
Power | MWh | 91 |  |  | 201 |
Interest | Dollars | 700 |  |  | 1,000 |
Foreign Exchange | Dollars | 410 |  |  | 548 |
Consumer Financing Program | Dollars | 1,219 |  |  | 1,116 |
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, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Derivatives Not Designated as Cash Flow or Fair Value Hedges: |  |  |  |  |  |  |
Interest rate contracts - current | $ | — |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | — |
Interest rate contracts - long-term | 9 |  |  | — |  |  | — |  |  | 8 |
Foreign exchange contracts - current | 15 |  |  | 3 |  |  | — |  |  | 4 |
Foreign exchange contracts - long-term | 7 |  |  | 2 |  |  | 1 |  |  | 5 |
Commodity contracts- current | 2,295 |  |  | 3,847 |  |  | 2,067 |  |  | 3,922 |
Commodity contracts- long-term | 1,073 |  |  | 2,291 |  |  | 903 |  |  | 1,434 |
Consumer Financing Program - current | — |  |  | — |  |  | 137 |  |  | 93 |
Consumer Financing Program - long-term | — |  |  | — |  |  | 66 |  |  | 41 |
Derivatives Not Designated as Cash Flow or Fair Value Hedges | $ | 3,399 |  |  | $ | 6,155 |  |  | $ | 3,177 |  |  | $ | 5,507 |
Deferred gains/losses on NPNS contracts - current | 376 |  |  | — |  |  | 90 |  |  | — |
Deferred gains/losses on NPNS contracts - long-term | 621 |  |  | — |  |  | 137 |  |  | — |
Deferred gains/losses on NPNS contracts(a) | $ | 997 |  |  | $ | — |  |  | $ | 227 |  |  | $ | — |
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges | $ | 4,396 |  |  | $ | 6,155 |  |  | $ | 3,404 |  |  | $ | 5,507 |
(a)Balances related to certain derivative contracts that were previously accounted for as derivative contracts following the election of the NPNS exemption and the discontinuance of derivative accounting treatment as of the election date
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, 2024 |
Interest rate contracts: |  |  |  |  |  |  |
Derivative assets | $ | 9 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 6 |
Derivative liabilities | (3) |  |  | 3 |  |  | — |  |  | — |
Total interest rate contracts | 6 |  |  | — |  |  | — |  |  | 6 |
Foreign exchange contracts: |  |  |  |  |  |  |
Derivative assets | $ | 22 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 21 |
Derivative liabilities | (1) |  |  | 1 |  |  | — |  |  | — |
Total foreign exchange contracts | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |
Commodity contracts: |  |  |  |  |  |  |
Derivative assets | $ | 4,365 |  |  | $ | (2,992) |  |  | $ | (168) |  |  | $ | 1,205 |
Derivative liabilities | (3,197) |  |  | 2,992 |  |  | 61 |  |  | (144) |
Total commodity contracts | $ | 1,168 |  |  | $ | — |  |  | $ | (107) |  |  | $ | 1,061 |
Consumer Financing Program: |  |  |  |  |  |  |
Derivative liabilities | $ | (203) |  |  | $ | — |  |  | $ | — |  |  | $ | (203) |
Total derivative instruments | $ | 992 |  |  | $ | — |  |  | $ | (107) |  |  | $ | 885 |
| 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, 2023 |
Interest rate contracts: |  |  |  |  |  |  |
Derivative assets | $ | 12 |  |  | $ | (8) |  |  | $ | — |  |  | $ | 4 |
Derivative liabilities | (8) |  |  | 8 |  |  | — |  |  | — |
Total interest rate contracts | 4 |  |  | — |  |  | — |  |  | 4 |
Foreign exchange contracts: |  |  |  |  |  |  |
Derivative assets | $ | 5 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Derivative liabilities | (9) |  |  | 5 |  |  | — |  |  | (4) |
Total foreign exchange contracts | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |
Commodity contracts: |  |  |  |  |  |  |
Derivative assets | $ | 6,138 |  |  | $ | (4,926) |  |  | $ | (74) |  |  | $ | 1,138 |
Derivative liabilities | (5,356) |  |  | 4,926 |  |  | 145 |  |  | (285) |
Total commodity contracts | $ | 782 |  |  | $ | — |  |  | $ | 71 |  |  | $ | 853 |
Consumer Financing Program: |  |  |  |  |  |  |
Derivative liabilities | $ | (134) |  |  | $ | — |  |  | $ | — |  |  | $ | (134) |
Total derivative instruments | $ | 648 |  |  | $ | — |  |  | $ | 71 |  |  | $ | 719 |
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 tables summarize 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 revenues and cost of operations. The effect of the interest rate contracts is included within interest expense. The effect of the Consumer Financing Program is included in other income, net.
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Unrealized mark-to-market results |  |  |  |  |
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges(a) | $ | 106 |  |  | $ | (1,734) |  |  | $ | (1,232) |
Reversal of acquired loss positions related to economic hedges | 5 |  |  | 20 |  |  | 2 |
Net unrealized gains/(losses) on open positions related to economic hedges | 95 |  |  | (1,149) |  |  | 2,478 |
Total unrealized mark-to-market gains/(losses) for economic hedging activities | 206 |  |  | (2,863) |  |  | 1,248 |
Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity | (1) |  |  | 13 |  |  | 13 |
Net unrealized gains/(losses) on open positions related to trading activity | 2 |  |  | 25 |  |  | (17) |
Total unrealized mark-to-market gains/(losses) for trading activity | 1 |  |  | 38 |  |  | (4) |
Total unrealized gains/(losses) - commodities and foreign exchange | $ | 207 |  |  | $ | (2,825) |  |  | $ | 1,244 |
(a) December 31, 2024 balance includes $37 million related to derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Total impact to statement of operations - interest rate contracts | $ | 3 |  |  | $ | 4 |  |  | $ | — |
Unrealized (losses)/gains included in revenues - commodities | $ | (2) |  |  | $ | 182 |  |  | $ | (87) |
Unrealized gains/(losses) included in cost of operations - commodities | 186 |  |  | (2,988) |  |  | 1,315 |
Unrealized gains/(losses) included in cost of operations - foreign exchange | 23 |  |  | (19) |  |  | 16 |
Total impact to statement of operations - commodities and foreign exchange | $ | 207 |  |  | $ | (2,825) |  |  | $ | 1,244 |
Total impact to statement of operations - Consumer Financing Program | $ | (14) |  |  | $ | (16) |  |  | $ | — |

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