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Long-term Debt and Finance Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-term Debt and Finance Leases | Long-term debt and finance leases consisted of the following:
| As of December 31, |  |
(In millions, except rates) | 2024 |  | 2023 |  | Interest rate %
Recourse debt: |  |  |  |  |
Senior Notes, due 2027 | $ | — |  |  | $ | 375 |  |  | 6.625
Senior Notes, due 2028 | 821 |  |  | 821 |  |  | 5.750
Senior Notes, due 2029 | 733 |  |  | 733 |  |  | 5.250
Senior Notes, due 2029 | 500 |  |  | 500 |  |  | 3.375
Senior Notes, due 2029 | 798 |  |  | — |  |  | 5.750
Senior Notes, due 2031 | 1,030 |  |  | 1,030 |  |  | 3.625
Senior Notes, due 2032 | 480 |  |  | 480 |  |  | 3.875
Senior Notes, due 2033 | 925 |  |  | — |  |  | 6.000
Senior Notes, due 2034 | 950 |  |  | — |  |  | 6.250
Convertible Senior Notes, due 2048(a) | 232 |  |  | 575 |  |  | 2.750
Senior Secured First Lien Notes, due 2024 | — |  |  | 600 |  |  | 3.750
Senior Secured First Lien Notes, due 2025 | 500 |  |  | 500 |  |  | 2.000
Senior Secured First Lien Notes, due 2027 | 900 |  |  | 900 |  |  | 2.450
Senior Secured First Lien Notes, due 2029 | 500 |  |  | 500 |  |  | 4.450
Senior Secured First Lien Notes, due 2033 | 740 |  |  | 740 |  |  | 7.000
Term Loan B, due 2031 | 1,317 |  |  | — |  |  | SOFR + 1.750
Tax-exempt bonds | 466 |  |  | 466 |  |  | 1.250 - 4.750
Subtotal recourse debt | 10,892 |  |  | 8,220 |  |  |
Non-recourse debt: |  |  |  |  |
Vivint Senior Notes, due 2029 | — |  |  | 800 |  |  | 5.750
Vivint Senior Secured Notes, due 2027 | — |  |  | 600 |  |  | 6.750
Vivint Senior Secured Term Loan, due 2028 | — |  |  | 1,320 |  |  | SOFR + 3.510
Subtotal all Vivint non-recourse debt | — |  |  | 2,720 |  |  |
Subtotal long-term debt (including current maturities) | 10,892 |  |  | 10,940 |  |  |
Finance leases | 14 |  |  | 19 |  |  | various
Subtotal long-term debt and finance leases (including current maturities) | 10,906 |  |  | 10,959 |  |  |
Less current maturities | (996) |  |  | (620) |  |  |
Less debt issuance costs | (86) |  |  | (60) |  |  |
Discounts | (12) |  |  | (146) |  |  |
Total long-term debt and finance leases | $ | 9,812 |  |  | $ | 10,133 |  |  |
(a)As of the ex-dividend date of February 3, 2025, the Convertible Senior Notes were convertible at a price of $40.78, which is equivalent to a conversion rate of approximately 24.5222 shares of common stock per $1,000 principal amount of Convertible Senior Notes Debt includes the following discounts:
|  | As of December 31,
(In millions) |  | 2024 |  | 2023
Senior Secured First Lien Notes, due 2025, 2027, 2029 and 2033 |  | $ | (10) |  |  | $ | (10) |
Term Loan B, due 2031 |  | (2) |  |  | — |
Vivint Senior Notes, due 2029 |  | — |  |  | (103) |
Vivint Senior Secured Notes, due 2027 |  | — |  |  | (12) |
Vivint Senior Secured Term Loan, due 2028 |  | — |  |  | (21) |
Total discounts |  | $ | (12) |  |  | $ | (146) |
Annual Payments Based on the Maturities of NRG's Debt | As of December 31, 2024, annual payments based on the maturities of NRG’s debt and finance leases are expected to be as follows:
| (In millions)
2025 | $ | 996 |
2026 | 18 |
2027 | 916 |
2028 | 894 |
2029 | 2,544 |
Thereafter | 5,538 |
Total | $ | 10,906 |
Senior Note Repurchases | For the year ended December 31, 2024, a $260 million loss on debt extinguishment was recorded in connection with the repurchases below.
(In millions, except percentages) |  |  |  |  |  |
Settlement Period |  | Principal Repurchased |  | Cash Paid(a) |  | Average Repurchase Percentage
March 2024 |  | $ | 92 |  |  | $ | 151 |  |  | 162.356%
April 2024 |  | 251 |  |  | 452 |  |  | 179.454%
Total Repurchases |  | $ | 343 |  |  | $ | 603 |  |  |
(a)Includes accrued interest of $1 million and $2 million for the March and April repurchases, respectively
Schedule of Interest Expense, Convertible Senior Notes | The following table details the interest expense recorded in connection with the Convertible Senior Notes:
| For the years ended December 31,
(In millions, except percentages) | 2024 |  | 2023 |  | 2022
Contractual interest expense | $ | 9 |  |  | $ | 16 |  |  | $ | 16 |
Amortization of discount and deferred finance costs | 1 |  |  | 2 |  |  | 1 |
Total | $ | 10 |  |  | $ | 18 |  |  | $ | 17 |
Effective Interest Rate | 3.08 | % |  | 3.18 | % |  | 3.01 | %
Senior Note Redemptions | The Company may redeem some or all of the 2028 Senior 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 up to the redemption date:
Redemption Period | Redemption Percentage
January 15, 2025 to January 14, 2026 | 100.958 | %
January 15, 2026 and thereafter | 100.000 | %
The Company 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 up to the redemption date:
Redemption Period | Redemption Percentage
June 15, 2024 to June 14, 2025 | 102.625 | %
June 15, 2025 to June 14, 2026 | 101.750 | %
June 15, 2026 to June 14, 2027 | 100.875 | %
June 15, 2027 and thereafter | 100.000 | %
The Company 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 up to the redemption date:
Redemption Period | Redemption Percentage
February 15, 2025 to February 14, 2026 | 100.844 | %
February 15, 2026 and thereafter | 100.000 | %
In addition, on or after February 15, 2026, the Company 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 up to the redemption date:
Redemption Period | Redemption Percentage
February 15, 2026 to February 14, 2027 | 101.813 | %
February 15, 2027 to February 14, 2028 | 101.208 | %
February 15, 2028 to February 14, 2029 | 100.604 | %
February 15, 2029 and thereafter | 100.000 | %
In addition, on or after February 15, 2027, the Company may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table during the twelve-month period beginning on February 15 of the years indicated below, plus accrued and unpaid interest on the notes redeemed up to the redemption date:
Year | Redemption Percentage (If Sustainability Performance Target has been satisfied and confirmed by External Verifier) |  | Redemption Percentage (If Sustainability Performance Target has not been satisfied and/or confirmed by External Verifier)
2027 | 101.938 | % |  | 102.188 | %
2028 | 101.292 | % |  | 101.458 | %
2029 | 100.646 | % |  | 100.729 | %
2030 and thereafter | 100.000 | % |  | 100.000 | %
Schedule of Tax Exempt Bonds | Tax Exempt Bonds
|  | As of December 31, |  |
(In millions, except rates) |  | 2024 |  | 2023 |  | Interest Rate %
NRG Indian River Power 2020, tax exempt bonds, due 2040 |  | $ | 57 |  |  | $ | 57 |  |  | 1.250 |
NRG Indian River Power 2020, tax exempt bonds, due 2045 |  | 190 |  |  | 190 |  |  | 1.250 |
NRG Dunkirk 2020, tax exempt bonds, due 2042 |  | 59 |  |  | 59 |  |  | 4.250 |
City of Texas City, tax exempt bonds, due 2045 |  | 33 |  |  | 33 |  |  | 4.125 |
Fort Bend County, tax exempt bonds, due 2038 |  | 54 |  |  | 54 |  |  | 4.750 |
Fort Bend County, tax exempt bonds, due 2042 |  | 73 |  |  | 73 |  |  | 4.750 |
Total |  | $ | 466 |  |  | $ | 466 |  |  |

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