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Capital Structure (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Changes in NRG's Common Shares Issued and Outstanding | The following table reflects the changes in NRG's preferred and common shares issued and outstanding for each period presented:
| Preferred Shares |  | Common Shares
| Issued and Outstanding |  | Issued |  | Treasury |  | Outstanding
Balance as of December 31, 2021 | — |  |  | 423,547,174 |  |  | (179,793,275) |  |  | 243,753,899 |
Shares issued under ESPP | — |  |  | — |  |  | 142,825 |  |  | 142,825 |
Shares issued under LTIPs | — |  |  | 349,827 |  |  | — |  |  | 349,827 |
Share repurchases | — |  |  | — |  |  | (14,685,521) |  |  | (14,685,521) |
Balance as of December 31, 2022 | — |  |  | 423,897,001 |  |  | (194,335,971) |  |  | 229,561,030 |
Issuance of Series A Preferred Stock | 650,000 |  |  | — |  |  | — |  |  | — |
Shares issued under ESPP | — |  |  | — |  |  | 191,249 |  |  | 191,249 |
Shares issued under LTIPs | — |  |  | 1,109,611 |  |  | — |  |  | 1,109,611 |
Share repurchases | — |  |  | — |  |  | (22,730,940) |  |  | (22,730,940) |
Retirement of treasury stock | — |  |  | (157,676,142) |  |  | 157,676,142 |  |  | — |
Balance as of December 31, 2023 | 650,000 |  |  | 267,330,470 |  |  | (59,199,520) |  |  | 208,130,950 |
Shares issued under ESPP | — |  |  | — |  |  | 242,070 |  |  | 242,070 |
Shares issued under LTIPs | — |  |  | 1,959,134 |  |  | — |  |  | 1,959,134 |
Share repurchases | — |  |  | — |  |  | (11,725,563) |  |  | (11,725,563) |
Partial settlement of Capped Call Options | — |  |  | — |  |  | (2,588) |  |  | (2,588) |
Retirement of treasury stock | — |  |  | (64,225,546) |  |  | 64,225,546 |  |  | — |
Balance as of December 31, 2024 | 650,000 |  |  | 205,064,058 |  |  | (6,460,055) |  |  | 198,604,003 |
Shares issued under LTIPs | — |  |  | 540,996 |  |  | — |  |  | 540,996 |
Share repurchases | — |  |  | — |  |  | (1,076,423) |  |  | (1,076,423) |
Retirement of treasury stock | — |  |  | (1,028,193) |  |  | 1,028,193 |  |  | — |
Balance as of January 31, 2025 | 650,000 |  |  | 204,576,861 |  |  | (6,508,285) |  |  | 198,068,576 |
Summary of Shares Repurchased |
| Total number of shares purchased | Average price paid per share | Amounts paid for shares purchased (in millions)
2023 Repurchases: |  |  |  |
Open market repurchases | 5,054,798 |  | $ | 39.56 |  | $ | 200 |  |
Repurchases made under the accelerated share repurchase agreements | 17,676,142 |  | (a) | 950 |  |
Total Share Repurchases during 2023 | 22,730,940 |  |  | 1,150 |  | (b)
2024 Repurchases: |  |  |  |
Repurchases made under the accelerated share repurchase agreements | 1,163,230 |  | (a) | — |  |
Open market repurchases | 10,562,333 |  | 87.57 |  | 925 |  |
Total Share Repurchases during 2024 | 11,725,563 |  |  | 925 |  | (c)
Repurchases made subsequent to December 31, 2024 thru January 31, 2025 | 1,076,423 |  | 101.07 |  | 109 |  |
Total Share Repurchases made under the $3.7 billion authorization | 35,532,926 |  | $ | 61.46 |  | $ | 2,184 |  |
(a)Under the November 6, 2023 ASR, the Company received a total of 18,839,375 shares for an average price per share of $50.43, excluding the impact of the excise tax incurred. See discussion below for further information of the ASR agreements (b)Excludes $10 million of excise tax accrued in 2023 which was paid in 2024 (c)Excludes $9 million accrued for estimated excise tax owed as of December 31, 2024
Schedule of Retirement of Treasury Stock | The Company's accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.
| Total number of treasury shares retired |  | Average price per share |  | Carrying value of treasury shares retired (in millions)
Shares retired during the year ended December 31, 2023 | 157,676,142 |  |  | $ | 31.77 |  |  | $ | 5,009 |
Shares retired during the year ended December 31, 2024 | 64,225,546 |  |  | $ | 41.07 |  |  | $ | 2,638 |

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