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Accounting for Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 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 September 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)
CategoryUnitsSeptember 30, 2025December 31, 2024
EmissionsShort Ton1 1 
Renewable Energy CertificatesCertificates11 13 
CoalShort Ton8 10 
Natural GasMMBtu789 861 
PowerMWh90 91 
InterestDollars700 700 
Foreign ExchangeDollars425 410 
Consumer Financing ProgramDollars1,443 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)September 30, 2025December 31, 2024September 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 3 — 
Foreign exchange contracts - current6 15 1 — 
Foreign exchange contracts - long-term2 7 1 1 
Commodity contracts - current1,716 2,295 1,618 2,067 
Commodity contracts - long-term1,046 1,073 890 903 
Consumer Financing Program - current— — 169 137 
Consumer Financing Program - long-term— — 126 66 
Derivatives Not Designated as Cash Flow or Fair Value Hedges$2,770 $3,399 $2,811 $3,177 
Deferred gains/losses on NPNS contracts - current206 376 89 90 
Deferred gains/losses on NPNS contracts - long-term438 621 105 137 
Deferred gains/losses on NPNS contracts(a)
$644 $997 $194 $227 
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges$3,414 $4,396 $3,005 $3,404 
(a)Balances related to certain derivative contracts that were previously accounted for as derivative contracts prior to the election of the NPNS exemption and the discontinuance of derivative accounting treatment as of the election date
Offsetting of derivatives by counterparty assets The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of September 30, 2025
Interest rate contracts:
Derivative liabilities$(6)$— $— $(6)
Foreign exchange contracts:
Derivative assets$8 $(2)$— $6 
Derivative liabilities(2)2 — — 
Total foreign exchange contracts$6 $— $— $6 
Commodity contracts:
Derivative assets$3,406 $(2,498)$(278)$630 
Derivative liabilities(2,702)2,498 42 (162)
Total commodity contracts$704 $— $(236)$468 
Consumer Financing Program:
Derivative liabilities$(295)$— $— $(295)
Total derivative instruments$409 $— $(236)$173 
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)$885 
Offsetting of derivatives by counterparty, liabilities The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of September 30, 2025
Interest rate contracts:
Derivative liabilities$(6)$— $— $(6)
Foreign exchange contracts:
Derivative assets$8 $(2)$— $6 
Derivative liabilities(2)2 — — 
Total foreign exchange contracts$6 $— $— $6 
Commodity contracts:
Derivative assets$3,406 $(2,498)$(278)$630 
Derivative liabilities(2,702)2,498 42 (162)
Total commodity contracts$704 $— $(236)$468 
Consumer Financing Program:
Derivative liabilities$(295)$— $— $(295)
Total derivative instruments$409 $— $(236)$173 
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 September 30,Nine months ended September 30,
Unrealized mark-to-market results2025202420252024
Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges(a)
$(354)$(414)$(452)$39 
Reversal of acquired loss/(gain) positions related to economic hedges
16 (8)21 (3)
Net unrealized (losses)/gains on open positions related to economic hedges
(38)(1,208)103 (319)
Total unrealized mark-to-market losses for economic hedging activities
(376)(1,630)(328)(283)
Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity
— (1)2 (1)
Net unrealized (losses)/gains on open positions related to trading activity
(3)(4)5 1 
Total unrealized mark-to-market (losses)/gains for trading activity
(3)(5)7 — 
Total unrealized losses - commodities and foreign exchange$(379)$(1,635)$(321)$(283)
(a)For the three and nine months ended September 30, 2025, includes $(266) million and $(319) 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 September 30,Nine months ended September 30,
(In millions)2025202420252024
Total impact to statement of operations - interest rate contracts$1 $(49)$(13)$(31)
Unrealized gains included in revenues - commodities$31 $3 $25 $32 
Unrealized losses included in cost of operations - commodities(416)(1,633)(332)(321)
Unrealized gains/(losses) included in cost of operations - foreign exchange6 (5)(14)6 
Total impact to statement of operations - commodities and foreign exchange$(379)$(1,635)$(321)$(283)
Total impact to statement of operations - Consumer Financing Program $2 $(7)$(6)$(9)