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Accounting for Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

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 category, excluding those derivatives that qualified for the NPNS exception, as of March 31, 2025 and December 31, 2024. 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			March 31, 2025						December 31, 2024
Emissions			Short Ton			—						1
Renewable Energy Certificates			Certificates			14						13
Coal			Short Ton			7						10
Natural Gas			MMBtu			711						861
Power			MWh			87						91
Interest			Dollars			700						700
Foreign Exchange			Dollars			349						410
Consumer Financing Program			Dollars			1,188						1,219

Fair value within the derivative instrument valuation on the balance sheets

The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:

			Fair Value
			Derivative Assets												Derivative Liabilities
(In millions)			March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Derivatives Not Designated as Cash Flow or Fair Value Hedges:
Interest rate contracts - current			$	—					$	—					$	3					$	3
Interest rate contracts - long-term			—						9						—						—
Foreign exchange contracts - current			12						15						1						—
Foreign exchange contracts - long-term			6						7						1						1
Commodity contracts - current			3,091						2,295						2,386						2,067
Commodity contracts - long-term			1,167						1,073						1,077						903
Consumer Financing Program - current			—						—						126						137
Consumer Financing Program - long-term			—						—						81						66
Derivatives Not Designated as Cash Flow or Fair Value Hedges			$	4,276					$	3,399					$	3,675					$	3,177
Deferred gains/losses on NPNS contracts - current			333						376						79						90
Deferred gains/losses on NPNS contracts - long-term			562						621						129						137
Deferred gains/losses on NPNS contracts(a)			$	895					$	997					$	208					$	227
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges			$	5,171					$	4,396					$	3,883					$	3,404

(a)Balances related to certain derivative contracts that were previously accounted for as derivative contracts prior to the election of the NPNS exemption and the discontinuance of derivative accounting treatment as of the election date

Offsetting of derivatives by counterparty assets

The following table summarizes the offsetting of 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 March 31, 2025
Interest rate contracts:
Derivative liabilities						$	(3)					$	—					$	—					$	(3)
Foreign exchange contracts:
Derivative assets						$	18					$	(2)					$	—					$	16
Derivative liabilities						(2)						2						—						—
Total foreign exchange contracts						$	16					$	—					$	—					$	16
Commodity contracts:
Derivative assets						$	5,153					$	(3,460)					$	(578)					$	1,115
Derivative liabilities						(3,671)						3,460						48						(163)
Total commodity contracts						$	1,482					$	—					$	(530)					$	952
Consumer Financing Program:
Derivative liabilities						$	(207)					$	—					$	—					$	(207)
Total derivative instruments						$	1,288					$	—					$	(530)					$	758

						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

Offsetting of derivatives by counterparty, liabilities

The following table summarizes the offsetting of 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 March 31, 2025
Interest rate contracts:
Derivative liabilities						$	(3)					$	—					$	—					$	(3)
Foreign exchange contracts:
Derivative assets						$	18					$	(2)					$	—					$	16
Derivative liabilities						(2)						2						—						—
Total foreign exchange contracts						$	16					$	—					$	—					$	16
Commodity contracts:
Derivative assets						$	5,153					$	(3,460)					$	(578)					$	1,115
Derivative liabilities						(3,671)						3,460						48						(163)
Total commodity contracts						$	1,482					$	—					$	(530)					$	952
Consumer Financing Program:
Derivative liabilities						$	(207)					$	—					$	—					$	(207)
Total derivative instruments						$	1,288					$	—					$	(530)					$	758

						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

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 table summarizes 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 consolidated statement of operations. The effect of foreign exchange

and commodity hedges are included within revenues and cost of operations. The effect of the interest rate contracts are included within interest expense. The effect of the Consumer Financing Program is included in other income, net.

(In millions)									Three months ended March 31,
Unrealized mark-to-market results															2025						2024
Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges(a)															$	(218)					$	244
Reversal of acquired gain positions related to economic hedges															(4)						(12)
Net unrealized gains on open positions related to economic hedges															553						240
Total unrealized mark-to-market gains for economic hedging activities															331						472
Reversal of previously recognized unrealized gains on settled positions related to trading activity															(1)						(4)
Net unrealized losses on open positions related to trading activity															(3)						—
Total unrealized mark-to-market losses for trading activity															(4)						(4)
Total unrealized gains - commodities and foreign exchange															$	327					$	468

(a)For the three months ended March 31, 2025, includes $(83) 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

									Three months ended March 31,
(In millions)															2025						2024
Total impact to statement of operations - interest rate contracts															$	(9)					$	12
Unrealized losses included in revenues - commodities															$	(19)					$	(64)
Unrealized gains included in cost of operations - commodities															350						523
Unrealized (losses)/gains included in cost of operations - foreign exchange															(4)						9
Total impact to statement of operations - commodities and foreign exchange															$	327					$	468
Total impact to statement of operations - Consumer Financing Program															$	(8)					$	4

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