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Accounting for Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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)
CategoryUnitsJune 30, 2025December 31, 2024
EmissionsShort Ton1 1 
Renewable Energy CertificatesCertificates13 13 
CoalShort Ton10 10 
Natural GasMMBtu691 861 
PowerMWh88 91 
InterestDollars700 700 
Foreign ExchangeDollars350 410 
Consumer Financing ProgramDollars1,340 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 AssetsDerivative Liabilities
(In millions)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Derivatives Not Designated as Cash Flow or Fair Value Hedges:   
Interest rate contracts - current$— $— $3 $3 
Interest rate contracts - long-term— 9 4 — 
Foreign exchange contracts - current3 15 1 — 
Foreign exchange contracts - long-term— 7 2 1 
Commodity contracts - current2,020 2,295 1,738 2,067 
Commodity contracts - long-term1,193 1,073 1,077 903 
Consumer Financing Program - current— — 147 137 
Consumer Financing Program - long-term— — 110 66 
Derivatives Not Designated as Cash Flow or Fair Value Hedges$3,216 $3,399 $3,082 $3,177 
Deferred gains/losses on NPNS contracts - current309 376 65 90 
Deferred gains/losses on NPNS contracts - long-term552 621 80 137 
Deferred gains/losses on NPNS contracts(a)
$861 $997 $145 $227 
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges$4,077 $4,396 $3,227 $3,404 
(a)Balances related to certain derivative contracts that were previously accounted for as derivative contracts prior to the election of the NPNS exemption and the discontinuance of derivative accounting treatment as of the election date
Offsetting of derivatives by counterparty assets The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of June 30, 2025
Interest rate contracts:
Derivative liabilities$(7)$— $— $(7)
Foreign exchange contracts:
Derivative assets$3 $(2)$— $1 
Derivative liabilities(3)2 — (1)
Total foreign exchange contracts$— $— $— $— 
Commodity contracts:
Derivative assets$4,074 $(2,799)$(381)$894 
Derivative liabilities(2,960)2,799 35 (126)
Total commodity contracts$1,114 $— $(346)$768 
Consumer Financing Program:
Derivative liabilities$(257)$— $— $(257)
Total derivative instruments$850 $— $(346)$504 
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet 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)$885 
Offsetting of derivatives by counterparty, liabilities The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of June 30, 2025
Interest rate contracts:
Derivative liabilities$(7)$— $— $(7)
Foreign exchange contracts:
Derivative assets$3 $(2)$— $1 
Derivative liabilities(3)2 — (1)
Total foreign exchange contracts$— $— $— $— 
Commodity contracts:
Derivative assets$4,074 $(2,799)$(381)$894 
Derivative liabilities(2,960)2,799 35 (126)
Total commodity contracts$1,114 $— $(346)$768 
Consumer Financing Program:
Derivative liabilities$(257)$— $— $(257)
Total derivative instruments$850 $— $(346)$504 
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet 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 June 30,Six months ended June 30,
Unrealized mark-to-market results2025202420252024
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges(a)
$120 $209 $(98)$453 
Reversal of acquired loss positions related to economic hedges
9 17 5 5 
Net unrealized (losses)/gains on open positions related to economic hedges
(412)649 141 889 
Total unrealized mark-to-market (losses)/gains for economic hedging activities
(283)875 48 1,347 
Reversal of previously recognized unrealized losses on settled positions related to trading activity
3 4 2 — 
Net unrealized gains on open positions related to trading activity
11 5 8 5 
Total unrealized mark-to-market gains for trading activity
14 9 10 5 
Total unrealized (losses)/gains - commodities and foreign exchange$(269)$884 $58 $1,352 
(a)For the three and six months ended June 30, 2025, includes $30 million and $(53) million, respectively, related to derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis
Three months ended June 30,Six months ended June 30,
(In millions)2025202420252024
Total impact to statement of operations - interest rate contracts$(5)$6 $(14)$18 
Unrealized gains/(losses) included in revenues - commodities$13 $93 $(6)$29 
Unrealized (losses)/gains included in cost of operations - commodities(266)789 84 1,312 
Unrealized (losses)/gains included in cost of operations - foreign exchange(16)2 (20)11 
Total impact to statement of operations - commodities and foreign exchange$(269)$884 $58 $1,352 
Total impact to statement of operations - Consumer Financing Program $— $(6)$(8)$(2)