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Long-term Debt and Finance Leases (Tables)
 12 Months Ended
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)20242023Interest rate %
Recourse debt:
Senior Notes, due 2027$— $375 6.625
Senior Notes, due 2028821 821 5.750
Senior Notes, due 2029733 733 5.250
Senior Notes, due 2029500 500 3.375
Senior Notes, due 2029798 — 5.750
Senior Notes, due 20311,030 1,030 3.625
Senior Notes, due 2032480 480 3.875
Senior Notes, due 2033925 — 6.000
Senior Notes, due 2034950 — 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 2025500 500 2.000
Senior Secured First Lien Notes, due 2027900 900 2.450
Senior Secured First Lien Notes, due 2029500 500 4.450
Senior Secured First Lien Notes, due 2033740 740 7.000
Term Loan B, due 20311,317 — 
SOFR + 1.750
Tax-exempt bonds466 466 
1.250 - 4.750
Subtotal recourse debt10,892 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 leases14 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 $1,000 principal amount of Convertible Senior Notes
Debt includes the following discounts:
As of December 31,
(In millions)20242023
Senior Secured First Lien Notes, due 2025, 2027, 2029 and 2033$(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 
202618 
2027916 
2028894 
20292,544 
Thereafter5,538 
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 PeriodPrincipal Repurchased
Cash Paid(a)
Average Repurchase Percentage
March 2024$92 $151 162.356%
April 2024251 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)202420232022
Contractual interest expense$9 $16 $16 
Amortization of discount and deferred finance costs1 2 1 
Total$10 $18 $17 
Effective Interest Rate3.08 %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 PeriodRedemption
Percentage
January 15, 2025 to January 14, 2026100.958 %
January 15, 2026 and thereafter100.000 %
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 PeriodRedemption Percentage
June 15, 2024 to June 14, 2025102.625 %
June 15, 2025 to June 14, 2026101.750 %
June 15, 2026 to June 14, 2027100.875 %
June 15, 2027 and thereafter100.000 %
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 PeriodRedemption Percentage
February 15, 2025 to February 14, 2026100.844 %
February 15, 2026 and thereafter100.000 %
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 PeriodRedemption Percentage
February 15, 2026 to February 14, 2027101.813 %
February 15, 2027 to February 14, 2028101.208 %
February 15, 2028 to February 14, 2029100.604 %
February 15, 2029 and thereafter100.000 %
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:
YearRedemption 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)
2027101.938 %102.188 %
2028101.292 %101.458 %
2029100.646 %100.729 %
2030 and thereafter100.000 %100.000 %
Schedule of Tax Exempt Bonds
Tax Exempt Bonds
As of December 31,
(In millions, except rates)20242023Interest Rate %
NRG Indian River Power 2020, tax exempt bonds, due 2040$57 $57 1.250 
NRG Indian River Power 2020, tax exempt bonds, due 2045190 190 1.250 
NRG Dunkirk 2020, tax exempt bonds, due 204259 59 4.250 
City of Texas City, tax exempt bonds, due 2045 33 33 4.125 
Fort Bend County, tax exempt bonds, due 203854 54 4.750 
Fort Bend County, tax exempt bonds, due 204273 73 4.750 
Total$466 $466