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Accounting for Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

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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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-SubTopic 10
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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