0001013871-24-000015 | 10-Q | XBRL Viewer

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Long-term Debt and Finance Leases - Convertible Senior Notes, Receivables Securitization Facilities and Senior Note Repayment (Details)			3 Months Ended	6 Months Ended
	Aug. 01, 2024 $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) counterparty $ / shares	Jun. 21, 2024 USD ($)	Jun. 20, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 16, 2024	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Borrowings outstanding		$ 10,863,000,000	$ 10,863,000,000	$ 10,863,000,000						$ 10,940,000,000
Recourse Debt
Debt Instrument [Line Items]
Borrowings outstanding		8,150,000,000	8,150,000,000	8,150,000,000						8,220,000,000
Aggregate principal redeemed		$ 343,000,000	$ 343,000,000	$ 343,000,000
Convertible Senior Notes, due 2048 \| Recourse Debt
Debt Instrument [Line Items]
Convertible notes, conversion price (in usd per share) \| $ / shares		$ 41.32	$ 41.32	$ 41.32
Conversion rate		0.0241998
Convertible notes, carrying amount		$ 231,000,000	$ 231,000,000	$ 231,000,000						572,000,000
Convertible notes, threshold percentage of stock price trigger				130.00%
Convertible notes, threshold trading days \| counterparty				20
Convertible notes, consecutive trading days \| counterparty				30
Capped call, convertible debt, conversion, premium		257,000,000	257,000,000	$ 257,000,000
Borrowings outstanding		$ 232,000,000	232,000,000	$ 232,000,000						575,000,000
Capped calls option price			$ 257,000,000
Aggregate principal redeemed							$ 251,000,000		$ 92,000,000
Interest rate, stated percentage		2.75%	2.75%	2.75%
Convertible Senior Notes, due 2048 \| Recourse Debt \| Subsequent Event
Debt Instrument [Line Items]
Convertible notes, conversion price (in usd per share) \| $ / shares	$ 41.11
Conversion rate	0.024322
Senior Secured First Lien Notes, due 2024
Debt Instrument [Line Items]
Interest rate, stated percentage								3.75%
Senior Secured First Lien Notes, due 2024 \| Recourse Debt
Debt Instrument [Line Items]
Borrowings outstanding		$ 0	$ 0	$ 0						$ 600,000,000
Aggregate principal redeemed		$ 600,000,000	$ 600,000,000	$ 600,000,000
Interest rate, stated percentage		3.75%	3.75%	3.75%
Receivables Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit commitments					$ 2,300,000,000	$ 1,400,000,000
Outstanding borrowing		$ 0	$ 0	$ 0
Receivables Facility \| Secured Debt \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit issued					$ 1,100,000,000

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Other Balance Sheet Information

The following table presents the accumulated depreciation included in property, plant and equipment, net and accumulated amortization included in customer relationships, net and other intangible assets, net:


(In millions)	June 30, 2024		December 31, 2023
Property, plant and equipment accumulated depreciation	$	1,420	$	1,295
Customer relationships and other intangible assets accumulated amortization	3,319		2,994

Activity in Allowance for Credit Losses

The following table represents the activity in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Beginning balance	$	140	$	121	$	145	$	133
Acquired balance from Vivint Smart Home	—		—		—		22
Provision for credit losses	58		45		133		80
Write-offs	(86)		(66)		(178)		(144)
Recoveries collected	9		12		19		21
Other	6		8		8		8
Ending balance	$	127	$	120	$	127	$	120

Reconciliation of Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties

The following table provides a reconciliation of cash and cash equivalents, restricted cash and funds deposited by counterparties reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows:


(In millions)	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	376	$	541
Funds deposited by counterparties	688		84
Restricted cash	16		24
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows	$	1,080	$	649

Schedule of Goodwill

The following table represents the changes in goodwill during the six months ended June 30, 2024:


(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Total
Balance as of December 31, 2023	$	643	$	721	$	221	$	3,494	$	5,079

Impairment	—		—		(15)		—		(15)

Foreign currency translation adjustments	—		—		(4)		—		(4)
Balance as of June 30, 2024	$	643	$	721	$	202	$	3,494	$	5,060

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Performance Obligations

As of June 30, 2024, estimated future fixed fee performance obligations are $762 million for the remaining six months of fiscal year 2024, and $1.3 billion, $940 million, $588 million, $308 million and $38 million for the fiscal years 2025, 2026, 2027, 2028 and 2029, respectively. These performance obligations include Vivint Smart Home products and services, as well as cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions. The cleared auction MWs are subject to penalties for non-performance.

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue:
Home(a)	$	1,766	$	537	$	414	$	467	$	(8)	$	3,176
Business	926		1,824		418		—		—		3,168
Total retail revenue(b)	2,692		2,361		832		467		(8)		6,344
Energy revenue(b)	16		46		51		—		(3)		110
Capacity revenue(b)	—		39		6		—		(1)		44
Mark-to-market for economic hedging activities(c)	—		65		17		—		2		84
Contract amortization	—		(6)		(1)		—		—		(7)
Other revenue(b)	55		27		5		—		(3)		84
Total revenue	2,763		2,532		910		467		(13)		6,659
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		12		19		—		—		31
Less: Realized and unrealized ASC 815 revenue	8		108		32		—		—		148
Total revenue from contracts with customers	$	2,755	$	2,412	$	859	$	467	$	(13)	$	6,480
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	9	$	—	$	—	$	—	$	9
Energy revenue	—		15		16		—		(2)		29
Capacity revenue	—		19		—		—		—		19
Other revenue	8		—		(1)		—		—		7
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Three months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue:
Home(a)	$	1,563	$	446	$	406	$	444	$	—	$	2,859
Business	832		1,912		424		—		—		3,168
Total retail revenue(b)	2,395		2,358		830		444		—		6,027
Energy revenue(b)	16		28		40		—		(1)		83
Capacity revenue(b)	—		49		—		—		—		49
Mark-to-market for economic hedging activities(c)	—		52		23		—		—		75
Contract amortization	—		(7)		(1)		—		—		(8)
Other revenue(b)	104		23		—		—		(5)		122
Total revenue	2,515		2,503		892		444		(6)		6,348
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		6		7		—		—		13
Less: Realized and unrealized ASC 815 revenue	14		99		7		—		(1)		119
Total revenue from contracts with customers	$	2,501	$	2,398	$	878	$	444	$	(5)	$	6,216
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	16	$	—	$	—	$	—	$	16
Energy revenue	—		13		(7)		—		(1)		5
Capacity revenue	—		17		—		—		—		17
Other revenue	14		1		(9)		—		—		6
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Six months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue:
Home(a)	$	3,126	$	1,239	$	1,013	$	935	$	(8)	$	6,305
Business	1,744		4,550		974		—		—		7,268
Total retail revenue(b)	4,870		5,789		1,987		935		(8)		13,573
Energy revenue(b)	23		127		118		—		(6)		262
Capacity revenue(b)	—		80		8		—		(2)		86
Mark-to-market for economic hedging activities(c)	—		14		8		—		2		24
Contract amortization	—		(16)		(1)		—		—		(17)
Other revenue(b)	103		53		9		—		(5)		160
Total revenue	4,996		6,047		2,129		935		(19)		14,088
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		22		25		—		—		47
Less: Realized and unrealized ASC 815 revenue	10		132		42		—		(3)		181
Total revenue from contracts with customers	$	4,986	$	5,893	$	2,062	$	935	$	(16)	$	13,860
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	19	$	—	$	—	$	—	$	19
Energy revenue	—		58		38		—		(5)		91
Capacity revenue	—		41		—		—		—		41
Other revenue	10		—		(4)		—		—		6
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Six months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home(a)		Corporate/Eliminations		Total
Retail revenue:
Home(b)	$	2,799	$	1,097	$	1,031	$	592	$	—	$	5,519
Business	1,554		5,277		1,040		—		—		7,871
Total retail revenue(c)	4,353		6,374		2,071		592		—		13,390
Energy revenue(c)	20		102		88		—		1		211
Capacity revenue(c)	—		90		1		—		—		91
Mark-to-market for economic hedging activities(d)	—		87		90		—		(11)		166
Contract amortization	—		(18)		(1)		—		—		(19)
Other revenue(c)	176		44		17		—		(6)		231
Total revenue	4,549		6,679		2,266		592		(16)		14,070
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		5		16		—		—		21
Less: Realized and unrealized ASC 815 revenue	12		212		104		—		(10)		318
Total revenue from contracts with customers	$	4,537	$	6,462	$	2,146	$	592	$	(6)	$	13,731
(a) Includes results of operations following the acquisition date of March 10, 2023
(b) Home includes Services
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	43	$	—	$	—	$	—	$	43
Energy revenue	—		60		10		—		1		71
Capacity revenue	—		23		—		—		—		23
Other revenue	12		(1)		4		—		—		15
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815

Contract Balances

The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2024 and December 31, 2023:


(In millions)	June 30, 2024		December 31, 2023
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)	$	1,005	$	706

Accounts receivable, net - Contracts with customers	3,346		3,395
Accounts receivable, net - Accounted for under topics other than ASC 606	44		136
Accounts receivable, net - Affiliate	12		11
Total accounts receivable, net	$	3,402	$	3,542

Unbilled revenues (included within Accounts receivable, net - Contracts with customers)	$	1,512	$	1,493
Deferred revenues(a)	1,685		1,634

(a)Deferred revenues from contracts with customers were approximately $1.6 billion as of both June 30, 2024 and December 31, 2023

The revenue recognized from contracts with customers during the three months ended June 30, 2024 and 2023 relating to the deferred revenue balance at the beginning of each period was $266 million and $310 million, respectively, which decreased primarily due to the timing difference of when consideration was received and when the performance obligation was transferred. The revenue recognized from contracts with customers during the six months ended June 30, 2024 and 2023 relating to the deferred revenue balance at the beginning of each period was $395 million and $168 million, respectively, which increased primarily due to the acquisition of Vivint Smart Home.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounting for Derivative Instruments and Hedging Activities - Fair Value within the Derivative Instrument Valuation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Liabilities	$ 4,099	$ 5,507
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	6,145	6,155
Derivative Liabilities	4,099	5,507
Not Designated as Hedging Instrument \| Interest rate contracts current
Derivative [Line Items]
Derivative Assets	20	12
Derivative Liabilities	0	0
Not Designated as Hedging Instrument \| Interest rate contracts long-term
Derivative [Line Items]
Derivative Assets	6	0
Derivative Liabilities	4	8
Not Designated as Hedging Instrument \| Foreign exchange contracts - current
Derivative [Line Items]
Derivative Assets	6	3
Derivative Liabilities	0	4
Not Designated as Hedging Instrument \| Foreign exchange contracts - long-term
Derivative [Line Items]
Derivative Assets	3	2
Derivative Liabilities	0	5
Not Designated as Hedging Instrument \| Commodity contracts - current
Derivative [Line Items]
Derivative Assets	3,494	3,847
Derivative Liabilities	2,570	3,922
Not Designated as Hedging Instrument \| Commodity contracts - long-term
Derivative [Line Items]
Derivative Assets	2,616	2,291
Derivative Liabilities	1,374	1,434
Not Designated as Hedging Instrument \| Consumer Financing Program - short-term
Derivative [Line Items]
Derivative Assets	0	0
Derivative Liabilities	94	93
Not Designated as Hedging Instrument \| Consumer Financing Program - long-term
Derivative [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 57	$ 41

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-15891
Entity Registrant Name	NRG Energy, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1724239
Entity Address, Address Line One	910 Louisiana Street
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	537-3000
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	NRG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		206,379,832
Entity Central Index Key	0001013871
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Summary of Significant Accounting Policies - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 140	$ 121	$ 145	$ 133
Acquired balance from Vivint Smart Home	0	0	0	22
Provision for credit losses	58	45	133	80
Write-offs	(86)	(66)	(178)	(144)
Recoveries collected	9	12	19	21
Other	6	8	8	8
Ending balance	$ 127	$ 120	$ 127	$ 120

Accounting for Derivative Instruments and Hedging Activities - Net Notional Volume Buy/Sell of Open Derivative Transactions (Details) - Long certificate in Millions, T in Millions, MWh in Millions, MMBTU in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) MMBTU MWh certificate T	Dec. 31, 2023 USD ($) MMBTU MWh certificate T
RECs
Volumetric Underlying Derivative Transactions
Derivative, non-monetary notional amount (in shares) \| certificate	14	12
Coal
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, mass (ton) \| T	13	9
Natural Gas
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, energy measure (MMBtu/MW/Day) \| MMBTU	747	838
Power
Volumetric Underlying Derivative Transactions
Derivative, nonmonetary notional amount, energy measure (MMBtu/MW/Day) \| MWh	208	201
Interest
Volumetric Underlying Derivative Transactions
Derivative, notional amount	$ 1,700	$ 1,000
Foreign Exchange
Volumetric Underlying Derivative Transactions
Derivative, notional amount	429	548
Consumer Financing Program
Volumetric Underlying Derivative Transactions
Derivative, notional amount	$ 1,185	$ 1,116

Long-term Debt and Finance Leases - Interest Expense in Connection with Convertible Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of deferred finance costs			$ 21	$ 31
Convertible Senior Notes, due 2048
Debt Instrument [Line Items]
Contractual interest expense	$ 2	$ 4	6	8
Amortization of deferred finance costs	1	0	1	1
Total	$ 3	$ 4	$ 7	$ 9
Effective Interest Rate	0.76%	0.75%	1.54%	1.52%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Summary of Significant Accounting Policies - Other Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Property, plant and equipment accumulated depreciation	$ 1,420	$ 1,295
Customer relationships and other intangible assets accumulated amortization	$ 3,319	$ 2,994

Long-term Debt and Finance Leases -Vivint Term Loan Repricing (Details) - Term Loan - Vivint Credit Agreement	Apr. 10, 2024
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Fed Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
SOFR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
SOFR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

For cash and cash equivalents, funds deposited by counterparties, restricted cash, accounts and other receivables, accounts payable and cash collateral paid and received in support of energy risk management activities, the carrying amounts approximate fair values because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

The estimated carrying value and fair value of the Company's long-term debt, including current portion, is as follows:


	June 30, 2024				December 31, 2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value




Convertible Senior Notes	$	232	$	445	$	575	$	739

Other long-term debt, including current portion	10,496		10,142		10,219		9,835
Total long-term debt, including current portion(a)	$	10,728	$	10,587	$	10,794	$	10,574

(a)Excludes deferred financing costs, which are recorded as a reduction to long-term debt in the Company's consolidated balance sheets

The fair value of the Company's publicly-traded long-term debt, the Term Loan and Vivint Senior Secured Term Loan are based on quoted market prices and are classified as Level 2 within the fair value hierarchy.

Recurring Fair Value Measurements

Debt securities, equity securities and derivative assets and liabilities are carried at fair market value.

The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:


	June 30, 2024
	Fair Value
(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	25	$	—	$	25	$	—



Derivative assets:
Interest rate contracts	26		—		26		—
Foreign exchange contracts	9		—		9		—
Commodity contracts	6,110		764		5,051		295


Equity securities measured using net asset value practical expedient (classified within other non-current assets)	6
Total assets	$	6,176	$	764	$	5,111	$	295
Derivative liabilities:
Interest rate contracts	$	4	$	—	$	4	$	—

Commodity contracts	3,944		729		3,041		174
Consumer Financing Program	151		—		—		151
Total liabilities	$	4,099	$	729	$	3,045	$	325


	December 31, 2023
	Fair Value
(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	21	$	—	$	21	$	—


Derivative assets:
Interest rate contracts	12		—		12		—
Foreign exchange contracts	5		—		5		—
Commodity contracts	6,138		1,334		4,470		334



Equity securities measured using net asset value practical expedient (classified within other non-current assets)	6
Total assets	$	6,182	$	1,334	$	4,508	$	334
Derivative liabilities:
Interest rate contracts	$	8	$	—	$	8	$	—
Foreign exchange contracts	9		—		9		—
Commodity contracts	5,356		1,413		3,728		215
Consumer Financing Program	134		—		—		134
Total liabilities	$	5,507	$	1,413	$	3,745	$	349

The following table reconciles, for the three and six months ended June 30, 2024 and 2023, the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, using significant unobservable inputs, for commodity derivatives:


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Commodity Derivatives(a)
(In millions)	Three months ended June 30, 2024		Three months ended June 30, 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
Beginning balance	$	91	$	471	$	119	$	505

Total gains/(losses) realized/unrealized included in earnings	4		(86)		(37)		(177)
Purchases	31		99		31		140
Transfers into Level 3(b)	2		414		17		438
Transfers out of Level 3(b)	(7)		7		(9)		(1)
Ending balance	$	121	$	905	$	121	$	905
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	$	8	$	(76)	$	(29)	$	(131)

(a)Consists of derivative assets and liabilities, net, excluding derivatives liabilities from the Consumer Financing Program, which are presented in a separate table below

(b)Transfers into/out of Level 3 within the fair value hierarchy are related to the availability of consensus pricing and external broker quotes and are valued as of the end of the reporting period. All transfers in/out of Level 3 are from/to Level 2

Realized and unrealized gains and losses included in earnings that are related to the commodity derivatives are recorded in revenues and cost of operations.

The following table reconciles, for the three and six months ended June 30, 2024 and 2023, the beginning and ending balances of the contractual obligations from the Consumer Financing Program that are recognized at fair value in the condensed consolidated financial statements, using significant unobservable inputs:


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Consumer Financing Program
(In millions)	Three months ended June 30, 2024		Three months ended June 30, 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
Beginning balance	$	(124)	$	(111)	$	(134)	$	—
Contractual obligations added from the acquisition of Vivint Smart Home	—		—		—		(112)
New contractual obligations	(43)		(20)		(58)		(22)
Settlements	22		19		43		22
Total losses included in earnings	(6)		(3)		(2)		(3)
Ending balance	$	(151)	$	(115)	$	(151)	$	(115)

Gains and losses that are related to the Consumer Financing Program derivative are recorded in other income, net.

Derivative Fair Value Measurements

The Company's contracts consist of non-exchange traded contracts valued using prices provided by external sources and exchange-traded contracts with readily available quoted market prices. Beginning in the fourth quarter of 2023 and as of June 30, 2024, the fair value of non-exchange traded contracts were primarily based on consensus pricing provided by independent pricing services. The pricing data was compiled from market makers with longer dated tenors as compared to broker quotes, enhancing reliability and increasing transparency. Prior to the fourth quarter of 2023, the Company valued derivatives based on price quotes from brokers in active markets who regularly facilitate those transactions. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available. These contracts are valued based on various valuation techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of the observable market data with similar characteristics. As of June 30, 2024, contracts valued with prices provided by models and other valuation techniques made up 5% of derivative assets and 8% of derivative liabilities.

NRG's significant positions classified as Level 3 include physical and financial natural gas, power, capacity contracts and RECs executed in illiquid markets, FTRs and the Consumer Financing Program. The significant unobservable inputs used in developing fair value include illiquid natural gas and power location pricing, which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. Forward capacity prices are based on market information, forecasted future electricity demand and supply, past auctions and internally developed pricing models. REC prices are based on market information and internally developed pricing models. For FTRs, NRG uses the most recent auction prices to derive the fair value. The Consumer Financing Program derivatives are valued using a discounted cash flow model, with inputs consisting of available market data, such as market yield discount rates, as well as unobservable internally derived assumptions, such as collateral prepayment rates, collateral default rates and credit loss rates.

The following tables quantify the significant, unobservable inputs used in developing the fair value of the Company's Level 3 positions as of June 30, 2024 and December 31, 2023:



	June 30, 2024
	Fair Value						Input/Range
(In millions, except as noted)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low			High			Weighted Average
Natural Gas Contracts	$	39	$	14	Discounted Cash Flow	Forward Market Price ($ per MMBtu)	$	0		$	14		$	4
Power Contracts	168		102		Discounted Cash Flow	Forward Market Price ($ per MWh)	0			188			45
Capacity Contracts	15		12		Discounted Cash Flow	Forward Market Price ($ per MW/Day)	21			641			215
RECs	56		15		Discounted Cash Flow	Forward Market Price ($ per Certificate)	2			248			16
FTRs	17		31		Discounted Cash Flow	Auction Prices ($ per MWh)	(34)			17,974			0
Consumer Financing Program	—		151		Discounted Cash Flow	Collateral Default Rates	1.04		%	66.20		%	9.72		%
					Discounted Cash Flow	Collateral Prepayment Rates	2.00		%	3.00		%	2.92		%
					Discounted Cash Flow	Credit Loss Rates	4.75		%	60.00		%	13.32		%
	$	295	$	325



	December 31, 2023
	Fair Value						Input/Range
(In millions, except as noted)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low			High			Weighted Average
Natural Gas Contracts	$	39	$	65	Discounted Cash Flow	Forward Market Price ($ per MMBtu)	$	1		$	15		$	3
Power Contracts	197		66		Discounted Cash Flow	Forward Market Price ($ per MWh)	1			210			47
Capacity Contracts	21		33		Discounted Cash Flow	Forward Market Price ($ per MW/Day)	49			658			285
RECs	58		14		Discounted Cash Flow	Forward Market Price ($ per Certificate)	2			320			15
FTRs	19		37		Discounted Cash Flow	Auction Prices ($ per MWh)	(58)			252			0
Consumer Financing Program	—		134		Discounted Cash Flow	Collateral Default Rates	0.43		%	93.30		%	8.12		%
					Discounted Cash Flow	Collateral Prepayment Rates	2.00		%	3.00		%	2.95		%
					Discounted Cash Flow	Credit Loss Rates	6.00		%	60.00		%	12.57		%
	$	334	$	349

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant, unobservable inputs as of June 30, 2024 and December 31, 2023:

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Forward Market Price Natural Gas/Power/Capacity/RECs

Buy

Increase/(Decrease)

Higher/(Lower)

Forward Market Price Natural Gas/Power/Capacity/RECs

Sell

Increase/(Decrease)

Lower/(Higher)

FTR Prices

Buy

Increase/(Decrease)

Higher/(Lower)

FTR Prices

Sell

Increase/(Decrease)

Lower/(Higher)

Collateral Default Rates

n/a

Increase/(Decrease)

Higher/(Lower)

Collateral Prepayment Rates

n/a

Increase/(Decrease)

Lower/(Higher)

Credit Loss Rates

n/a

Increase/(Decrease)

Higher/(Lower)

The fair value of each contract is discounted using a risk-free interest rate. In addition, the Company applies a credit reserve to reflect credit risk, which is calculated based on published default probabilities. As of June 30, 2024, the credit reserve resulted in a $7 million decrease primarily within cost of operations. As of December 31, 2023, the credit reserve resulted in a $18 million decrease primarily within cost of operations.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company's 2023 Form 10-K, the following is a discussion of the concentration of credit risk for the Company's contractual obligations. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. NRG is exposed to counterparty credit risk through various activities including wholesale sales, fuel purchases and retail supply arrangements, as well as retail customer credit risk through its retail load activities.

Counterparty Credit Risk

The Company's counterparty credit risk policies are disclosed in its 2023 Form 10-K. As of June 30, 2024, counterparty credit exposure, excluding credit exposure from RTOs, ISOs, registered commodity exchanges and certain long-term agreements, was $2.6 billion and NRG held collateral (cash and letters of credit) against those positions of $1.3 billion, resulting in a net exposure of $1.4 billion. NRG periodically receives collateral from counterparties in excess of their exposure. Collateral amounts shown include such excess while net exposure shown excludes excess collateral received. Approximately 61% of the Company's exposure before collateral is expected to roll off by the end of 2025. Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.


	Net Exposure(a)(b)
Category by Industry Sector	(% of Total)

Utilities, energy merchants, marketers and other	79	%
Financial institutions	21

Total as of June 30, 2024	100	%


	Net Exposure (a)(b)
Category by Counterparty Credit Quality	(% of Total)
Investment grade	54	%
Non-investment grade/Non-Rated	46
Total as of June 30, 2024	100	%

(a)Counterparty credit exposure excludes coal transportation contracts because of the unavailability of market prices

(b)The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts

The Company currently has exposure to two wholesale counterparties in excess of 10% of total net exposure as of June 30, 2024. Changes in hedge positions and market prices will affect credit exposure and counterparty concentration.

RTOs and ISOs

The Company participates in the organized markets of CAISO, ERCOT, AESO, IESO, ISO-NE, MISO, NYISO and PJM, known as RTOs or ISOs. Trading in the majority of these markets is approved by FERC, whereas in the case of ERCOT, it is approved by the PUCT, and whereas in the case of AESO and IESO, both exist provincially with AESO primarily subject to Alberta Utilities Commission and the IESO to the Ontario Energy Board. These ISOs may include credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to NRG’s share of the overall market and are excluded from the above exposures.

Exchange Traded Transactions

The Company enters into commodity transactions on registered exchanges, notably ICE, NYMEX and Nodal. These clearinghouses act as the counterparty and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk.

Long-Term Contracts

Counterparty credit exposure described above excludes credit risk exposure under certain long-term contracts, primarily solar under Renewable PPAs. As external sources or observable market quotes are not always available to estimate such exposure, the Company values these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of June 30, 2024, aggregate credit risk exposure managed by NRG to these counterparties was approximately $962 million for the next five years.

Retail Customer Credit Risk

The Company is exposed to retail credit risk through the Company's retail electricity and gas providers as well as through Vivint Smart Home, which serve both Home and Business customers. Retail credit risk results in losses when a customer fails to pay for services rendered. The losses may result from both non-payment of customer accounts receivable and the loss of in-the-money forward value. The Company manages retail credit risk by using established credit policies, which include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements.

As of June 30, 2024, the Company's retail customer credit exposure to Home and Business customers was diversified across many customers and various industries, as well as government entities. Current economic conditions may affect the Company’s customers’ ability to pay their bills in a timely manner or at all, which could increase customer delinquencies and may lead to an increase in credit losses.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Changes in Capital Structure - Treasury Stock Retirements (Details) - Treasury Stock - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury stock (in shares)	1,114,400	1,163,230	2,277,630
Average price paid per share (in usd per share)	$ 33.84	$ 32.67
Retirement of treasury stock	$ 38	$ 38	$ 76

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs

6 Months Ended

Jun. 30, 2024

Variable Interest Entities Disclosure [Abstract]

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs

Entities that are not Consolidated

NRG accounts for the Company's significant investments using the equity method of accounting. NRG's carrying value of equity investments can be impacted by a number of elements including impairments and movements in foreign currency exchange rates.

Variable Interest Entities that are Consolidated

The Company has a controlling financial interest that has been identified as a VIE under ASC 810 in NRG Receivables LLC, which has entered into financing transactions related to the Receivables Facility as further described in Note 13, Long-term Debt and Finance Leases, to the Company’s 2023 Form 10-K.

The summarized financial information for the Company's consolidated VIE consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
Accounts receivable and Other current assets	$	2,527	$	1,541




Current liabilities	153		153







Net assets	$	2,374	$	1,388

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Other Balance Sheet Information


(In millions)	June 30, 2024		December 31, 2023
Property, plant and equipment accumulated depreciation	$	1,420	$	1,295
Customer relationships and other intangible assets accumulated amortization	3,319		2,994

Credit Losses

Retail trade receivables are reported on the consolidated balance sheet net of the allowance for credit losses within accounts receivables, net. Long-term receivables are recorded net of allowance for credit losses in other non-current assets on the consolidated balance sheet. The Company accrues a provision for current expected credit losses based on (i) estimates of uncollectible revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including, but not limited to, unemployment rates and weather-related events, (ii) historical collections and delinquencies, and (iii) counterparty credit ratings for commercial and industrial customers.

The following table represents the activity in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Beginning balance	$	140	$	121	$	145	$	133
Acquired balance from Vivint Smart Home	—		—		—		22
Provision for credit losses	58		45		133		80
Write-offs	(86)		(66)		(178)		(144)
Recoveries collected	9		12		19		21
Other	6		8		8		8
Ending balance	$	127	$	120	$	127	$	120

Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash


(In millions)	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	376	$	541
Funds deposited by counterparties	688		84
Restricted cash	16		24
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows	$	1,080	$	649

Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties related to NRG's hedging program. Though some amounts are segregated into separate accounts, not all funds are contractually restricted. Based on the Company's intention, these funds are not available for the payment of general corporate obligations; however, they are available for liquidity management. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities.

Restricted cash consists primarily of funds held to satisfy the requirements of certain agreements and funds held within the Company's projects that are restricted in their uses.

Goodwill

The following table represents the changes in goodwill during the six months ended June 30, 2024:


(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Total
Balance as of December 31, 2023	$	643	$	721	$	221	$	3,494	$	5,079

Impairment	—		—		(15)		—		(15)

Foreign currency translation adjustments	—		—		(4)		—		(4)
Balance as of June 30, 2024	$	643	$	721	$	202	$	3,494	$	5,060

Recent Accounting Developments — Guidance Not Yet Adopted

ASU 2023-07 – In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, or ASU 2023-07. The guidance in ASU 2023-07 enhances reportable segment disclosure requirements by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The Company plans to adopt the new guidance for the annual period ending December 31, 2024 and subsequent interim periods thereafter. The guidance will be applied retrospectively for all prior periods presented in the financial statements.

ASU 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, or ASU 2023-09. The guidance in ASU 2023-09 enhances income tax disclosures by requiring disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. Further the amendments of ASU 2023-09 require certain disclosures on income tax expense and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments of ASU 2023-09 may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09 on its disclosures.

Regulatory Matters	6 Months Ended
Regulatory Matters	Jun. 30, 2024
Regulated Operations [Abstract]
Regulatory Matters	Regulatory Matters Environmental regulatory matters are discussed within Note 16, Environmental Matters. NRG operates in a highly regulated industry and is subject to regulation by various federal, state and provincial agencies. As such, NRG is affected by regulatory developments at the federal, state and provincial levels and in the regions in which NRG operates. In addition, NRG is subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which NRG participates. These power markets are subject to ongoing legislative and regulatory changes that may impact NRG's wholesale and retail operations. In addition to the regulatory proceedings noted below, NRG and its subsidiaries are parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. California Station Power — As the result of unfavorable final and non-appealable litigation, the Company accrued a liability associated with consumption of station power at the Company's Encina power plant facility in California after August 30, 2010. The Company has established an appropriate accrual pending potential regulatory action by San Diego Gas & Electric regarding the Company's Encina facility. New York State Public Service Commission ("NYSPSC") - Notice of Apparent Violation — The NYSPSC issued an order referred to as the Retail Reset Order in December 2019 that limited ESCO's offers for electric and natural gas to three compliant products: guaranteed savings from the utility default rate, a fixed rate commodity product that is priced at no more than 5% greater than the trailing 12-month average utility supply rate or New York-sourced renewable energy that is at least 50% greater than the prevailing New York Renewable Energy Standard for load serving entities. The order effectively limited ESCO offers to natural gas customers to only the guaranteed savings and capped fixed term compliant products because no equivalent renewable energy product exists for natural gas. NRG took action to comply with the order when it became effective April 16, 2021. On January 8, 2024, the NYSPSC notified eight of NRG's retail energy suppliers (serving both electricity and natural gas) of alleged non-compliance with New York regulatory requirements. Among other items, the notices allege that the NRG suppliers did not transition existing residential customers to one of the three compliant products authorized by the NYSPSC following the effective date of the order. NRG responded to the notices in February 2024. The outcome of this process has the potential to negatively impact the retail business in New York.

Fair Value of Financial Instruments - Derivative Fair Value Measurements, Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Total derivative assets valued with prices provided by models and other valuation techniques (as a percent)	5.00%
Total derivative liabilities valued with prices provided by models and other valuation techniques (as a percent)	8.00%
Change in credit reserve	$ 7	$ 18

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Summary of NRG's Material Related Party Transactions

The following table summarizes NRG's material related party transactions with third-party affiliates:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Revenues from Related Parties Included in Revenue
Gladstone	$	—	$	—	$	1	$	1

Ivanpah(a)	12		21		25		55
Midway-Sunset	1		1		2		2


Total	$	13	$	22	$	28	$	58

(a)Also includes fees under project management agreements with each project company

Long-term Debt and Finance Leases - Senior Credit Facility (Details) $ in Millions	Apr. 16, 2024 USD ($)
Senior Secured First Lien Notes, due 2024
Line of Credit Facility [Line Items]
Interest rate, stated percentage	3.75%
Term Loan B Facility \| Credit agreement \| Fed Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Term Loan B Facility \| Credit agreement \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Term Loan B Facility \| Credit agreement \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Term Loan B Facility \| Credit agreement \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Term Loan B Facility \| Credit agreement \| Term Loan
Line of Credit Facility [Line Items]
Credit facility borrowing available	$ 875
Interest rate, stated percentage	1.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	650,000	650,000
Preferred stock, shares outstanding (in shares)	650,000	650,000
Preferred stock, liquidation preference	$ 650	$ 650
Common stock, par or value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	266,552,386	267,330,470
Common stock, shares outstanding (in shares)	207,498,428	208,130,950
Treasury stock, shares (in shares)	59,053,958	59,199,520

Accounting for Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 category, excluding those derivatives that qualified for the NPNS exception, as of June 30, 2024 and December 31, 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	June 30, 2024	December 31, 2023

RECs	Certificates	14	12
Coal	Short Ton	13	9
Natural Gas	MMBtu	747	838

Power	MWh	208	201
Interest	Dollars	1,700	1,000
Foreign Exchange	Dollars	429	548
Consumer Financing Program	Dollars	1,185	1,116

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)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023




Derivatives Not Designated as Cash Flow or Fair Value Hedges:
Interest rate contracts - current	$	20	$	12	$	—	$	—
Interest rate contracts - long-term	6		—		4		8
Foreign exchange contracts - current	6		3		—		4
Foreign exchange contracts - long-term	3		2		—		5
Commodity contracts - current	3,494		3,847		2,570		3,922
Commodity contracts - long-term	2,616		2,291		1,374		1,434
Consumer Financing Program - short-term	—		—		94		93
Consumer Financing Program - long-term	—		—		57		41
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges	$	6,145	$	6,155	$	4,099	$	5,507

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 June 30, 2024
Interest rate contracts:
Derivative assets	$	26	$	(4)	$	—	$	22
Derivative liabilities	(4)		4		—		—
Total interest rate contracts	$	22	$	—	$	—	$	22
Foreign exchange contracts:
Derivative assets	$	9	$	—	$	—	$	9


Commodity contracts:
Derivative assets	$	6,110	$	(3,726)	$	(693)	$	1,691
Derivative liabilities	(3,944)		3,726		47		(171)
Total commodity contracts	$	2,166	$	—	$	(646)	$	1,520
Consumer Financing Program:
Derivative liabilities	$	(151)	$	—	$	—	$	(151)
Total derivative instruments	$	2,046	$	—	$	(646)	$	1,400


	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

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 June 30, 2024
Interest rate contracts:
Derivative assets	$	26	$	(4)	$	—	$	22
Derivative liabilities	(4)		4		—		—
Total interest rate contracts	$	22	$	—	$	—	$	22
Foreign exchange contracts:
Derivative assets	$	9	$	—	$	—	$	9


Commodity contracts:
Derivative assets	$	6,110	$	(3,726)	$	(693)	$	1,691
Derivative liabilities	(3,944)		3,726		47		(171)
Total commodity contracts	$	2,166	$	—	$	(646)	$	1,520
Consumer Financing Program:
Derivative liabilities	$	(151)	$	—	$	—	$	(151)
Total derivative instruments	$	2,046	$	—	$	(646)	$	1,400


	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 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 results	2024		2023		2024		2023
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges	$	209	$	(151)	$	453	$	(997)
Reversal of acquired loss positions related to economic hedges	17		35		5		10
Net unrealized gains/(losses) on open positions related to economic hedges	649		180		889		(893)
Total unrealized mark-to-market gains/(losses) for economic hedging activities	875		64		1,347		(1,880)
Reversal of previously recognized unrealized losses on settled positions related to trading activity	4		10		—		11

Net unrealized gains on open positions related to trading activity	5		3		5		14
Total unrealized mark-to-market gains for trading activity	9		13		5		25
Total unrealized gains/(losses) - commodities and foreign exchange	$	884	$	77	$	1,352	$	(1,855)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Total impact to statement of operations - interest rate contracts	$	6	$	29	$	18	$	24
Unrealized gains included in revenues - commodities	$	93	$	88	$	29	$	191
Unrealized gains/(losses) included in cost of operations - commodities	789		5		1,312		(2,032)
Unrealized gains/(losses) included in cost of operations - foreign exchange	2		(16)		11		(14)
Total impact to statement of operations - commodities and foreign exchange	$	884	$	77	$	1,352	$	(1,855)
Total impact to statement of operations - Consumer Financing Program	$	(6)	$	(3)	$	(2)	$	(3)

Nature of Business and Basis of Presentation - General (Details) customer in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) customer GW	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Generation capacity (in GW) \| GW	13
Proceeds from credit facilities	$ 625	$ 1,870
Repayments of credit facilities	$ 625	1,670
Error Correction, Other
Business Acquisition [Line Items]
Proceeds from credit facilities		1,900
Repayments of credit facilities		$ 1,700
Residential Customers
Business Acquisition [Line Items]
Customers \| customer	8.0

Income/(Loss) Per Share - Outstanding Antidilutive Equity Instruments Excluded From Computation of Diluted Loss Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	0	1	0	7

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ / shares in Units, customer in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 10, 2023 USD ($) customer $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Proceeds from issuance of preferred stock, net of fees				$ 0	$ 635
Issuance of Series A Preferred Stock			$ 636
Proceeds from credit facilities				$ 625	1,870
Vivint Smart Home
Business Acquisition [Line Items]
Customers added (nearly) \| customer	2
Acquisition, share price (in usd per share) \| $ / shares	$ 12
Cash paid to acquire business	$ 2,609
Consideration	2,623
Acquisition costs		$ 2			$ 38
Vivint Smart Home \| Revolving Credit Facility
Business Acquisition [Line Items]
Proceeds from credit facilities	900
Vivint Smart Home \| Series A Preferred Stock
Business Acquisition [Line Items]
Proceeds from issuance of preferred stock, net of fees	635
Issuance of Series A Preferred Stock	$ 650
Preferred stock, dividend rate, percentage	10.25%
Vivint Smart Home \| Senior Secured First Lien Notes, due 2033 \| Senior Notes
Business Acquisition [Line Items]
Proceeds from issuance of senior notes	$ 724
Debt issuance amount	$ 740
Interest rate, stated percentage	7.00%

Changes in Capital Structure - NRG Common Stock Dividends (Details) - $ / shares		3 Months Ended				12 Months Ended
	Jul. 19, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock dividends proposed annual amount (in usd per share)			$ 1.63			$ 1.51
Dividends per common share (in usd per share)		$ 0.4075	$ 0.4075	$ 0.3775	$ 0.3775
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in usd per share)	$ 0.4075
Minimum
Subsequent Event [Line Items]
Common stock, annual dividend growth rate, percentage			7.00%
Maximum
Subsequent Event [Line Items]
Common stock, annual dividend growth rate, percentage			9.00%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Shares purchased for tax withholding obligation (in shares)	(12)	(23)	(8)
Dividends per common share (in usd per share)	$ 0.4075	$ 0.4075	$ 0.3775
Dividends per share of Series A Preferred Stock (in usd per share)		$ 51.25
Excise tax, accrued	$ 1

Fair Value of Financial Instruments - Contractual Obligations From the Consumer Financing Program (Details) - Level 3 - Derivatives - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 91	$ 471	$ 119	$ 505
New contractual obligations	(31)	(99)	(31)	(140)
Total losses included in earnings	(4)	86	37	177
Ending balance	121	905	121	905
Consumer Financing Program
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(124)	(111)	(134)	0
Contractual obligations added from the acquisition of Vivint Smart Home	0	0	0	(112)
New contractual obligations	(43)	(20)	(58)	(22)
Settlements	22	19	43	22
Total losses included in earnings	(6)	(3)	(2)	(3)
Ending balance	$ (151)	$ (115)	$ (151)	$ (115)

Income/(Loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Income/(Loss) Per Share

Basic income/(loss) per common share is computed by dividing net income/(loss) less cumulative dividends attributable to preferred stock by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the period are weighted for the portion of the period that they were outstanding. Diluted income/(loss) per share is computed in a manner consistent with that of basic income/(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period when there is net income. The performance stock units and non-vested restricted stock units are not considered outstanding for purposes of computing basic income/(loss) per share. However, these instruments are included in the denominator for purposes of computing diluted income per share under the treasury stock method for periods when there is net income. The Convertible Senior Notes are convertible, under certain circumstances, into cash or a combination of cash and the Company’s common stock. The Company is including the potential share settlements, if any, in the denominator for purposes of computing diluted income per share under the if converted method for periods when there is net income. The potential shares settlements are calculated as the excess of the Company's conversion obligation over the aggregate principal amount (which will be settled in cash), divided by the average share price for the period.

NRG's basic and diluted income/(loss) per share is shown in the following table:


	Three months ended June 30,				Six months ended June 30,
(In millions, except per share data)	2024		2023		2024		2023
Basic income/(loss) per share:
Net income/(loss)	$	738	$	308	$	1,249	$	(1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		34		21
Net income/(loss) available for common stockholders	$	721	$	291	$	1,215	$	(1,048)
Weighted average number of common shares outstanding - basic	208		231		209		230
Income/(loss) per weighted average common share — basic	$	3.47	$	1.26	$	5.81	$	(4.56)

Diluted income/(loss) per share:
Net income/(loss)	$	738	$	308	$	1,249	$	(1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		34		21
Net income/(loss) available for common stockholders	$	721	$	291	$	1,215	$	(1,048)
Weighted average number of common shares outstanding - basic	208		231		209		230
Incremental shares attributable to the issuance of equity compensation (treasury stock method)	3		1		2		—
Incremental shares attributable to the potential share settlements of the Convertible Senior Notes (if converted method)	3		—		3		—
Weighted average number of common shares outstanding - dilutive	214		232		214		230
Income/(loss) per weighted average common share — diluted	$	3.37	$	1.25	$	5.68	$	(4.56)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 376	$ 541
Funds deposited by counterparties	688	84
Restricted cash	16	24
Accounts receivable, net	3,402	3,542
Inventory	623	607
Derivative instruments	3,520	3,862
Cash collateral paid in support of energy risk management activities	384	441
Prepayments and other current assets	797	626
Total current assets	9,806	9,727
Property, plant and equipment, net	1,790	1,763
Other Assets
Equity investments in affiliates	45	42
Operating lease right-of-use assets, net	201	179
Goodwill	5,060	5,079
Derivative instruments	2,625	2,293
Deferred income taxes	1,841	2,251
Other non-current assets	981	777
Total other assets	14,166	14,548
Total Assets	25,762	26,038
Current Liabilities
Current portion of long-term debt and finance leases	262	620
Current portion of operating lease liabilities	91	90
Accounts payable	2,109	2,325
Derivative instruments	2,664	4,019
Cash collateral received in support of energy risk management activities	688	84
Deferred revenue current	779	720
Accrued expenses and other current liabilities	1,709	1,642
Total current liabilities	8,302	9,500
Other Liabilities
Long-term debt and finance leases	10,425	10,133
Non-current operating lease liabilities	144	128
Derivative instruments	1,435	1,488
Deferred income taxes	8	22
Deferred revenue non-current	906	914
Other non-current liabilities	919	947
Total other liabilities	13,837	13,632
Total Liabilities	22,139	23,132
Commitments and Contingencies
Stockholders' Equity
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2024 and December 31, 2023, aggregate liquidation preference of $650 at June 30, 2024 and December 31, 2023	650	650
Common stock; $0.01 par value; 500,000,000 shares authorized; 266,552,386 and 267,330,470 shares issued and 207,498,428 and 208,130,950 shares outstanding at June 30, 2024 and December 31, 2023, respectively	3	3
Additional paid-in-capital	3,229	3,416
Retained earnings	1,863	820
Treasury stock, at cost; 59,053,958 shares and 59,199,520 shares at June 30, 2024 and December 31, 2023, respectively	(2,019)	(1,892)
Accumulated other comprehensive loss	(103)	(91)
Total Stockholders' Equity	3,623	2,906
Total Liabilities and Stockholders' Equity	25,762	26,038
Customer relationships, net
Other Assets
Intangible assets, net	1,946	2,164
Other intangible assets, net
Other Assets
Intangible assets, net	$ 1,467	$ 1,763

Changes in Capital Structure (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Changes in NRG's Preferred Stock and Commons Shares Issued and Outstanding

The following table reflects the changes in NRG's preferred and common stock issued and outstanding:


	Preferred	Common
	Issued and Outstanding	Issued	Treasury	Outstanding
Balance as of December 31, 2023	650,000	267,330,470	(59,199,520)	208,130,950
Shares issued under LTIPs	—	1,499,546	—	1,499,546
Shares issued under ESPP	—	—	145,562	145,562

Shares repurchased	—	—	(2,277,630)	(2,277,630)
Retirement of treasury stock	—	(2,277,630)	2,277,630	—
Balance as of June 30, 2024	650,000	266,552,386	(59,053,958)	207,498,428
Shares issued under LTIPs	—	9,703	—	9,703

Shares repurchased	—	—	(1,127,232)	(1,127,232)
Partial settlement of Capped Call Options	—	—	(1,067)	(1,067)
Retirement of treasury stock	—	(955,232)	955,232	—
Balance as of July 31, 2024	650,000	265,606,857	(59,227,025)	206,379,832

Share Repurchases

The following table summarizes the share repurchases made under the $2.7 billion authorization through July 31, 2024:


	Total number of shares purchased	Average price paid per share		Amounts paid for shares purchased (in millions)
2023 Repurchases:
Open market repurchases	5,054,798	$	39.56	$	200
Repurchases made under the accelerated share repurchase agreements	17,676,142	(b)		950
Total Share Repurchases during 2023	22,730,940			1,150		(a)
2024 Repurchases:
Repurchases made under the accelerated share repurchase agreements	1,163,230	(b)		—
Open market repurchases	1,114,400	$	80.76	90
Total Share Repurchases during the six months ended June 30, 2024	2,277,630			$	90	(c)
Open market repurchases July 1, 2024 through July 31, 2024	1,127,232	$	76.27	86
Total Share Repurchases under the $2.7 billion authorization	26,135,802	$	50.73	$	1,326

(a)Excludes $10 million accrued for excise tax owed as of December 31, 2023

(b)Under the November 6, 2023 ASR, the Company received a total of 18,839,372 shares for an average price per share of $50.43, excluding the impact of the excise tax incurred. See discussion below for further information of the ASR agreements

(c)Excludes $1 million accrued for excise tax owed as of June 30, 2024

Schedule of Retirement of Treasury Stock

The Company's accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in-capital.


	Total number of treasury shares retired	Average price per share		Carrying value of treasury shares retired (in millions)



Shares retired during the first quarter of 2024	1,163,230	$	32.67	$	38
Shares retired during the second quarter of 2024	1,114,400	33.84		38
Total shares retired during the six months ended June 30, 2024	2,277,630			$	76

Accounting for Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accounting for Derivative Instruments and Hedging Activities

Energy-Related Commodities

As of June 30, 2024, NRG had energy-related derivative instruments extending through 2036. The Company marks these derivatives to market through the consolidated statement of operations. NRG has executed energy-related contracts extending through 2036 that qualified for the NPNS exception and were therefore exempt from fair value accounting treatment.

Interest Rate Swaps

NRG is exposed to changes in interest rate through the Company's issuance of variable rate debt. To manage the Company's interest rate risk, NRG enters into interest rate swap agreements. In the first quarter of 2024, the Company entered into interest rate swaps with a total nominal value of $700 million extending through 2029 to hedge the floating rate of the Term Loans (as defined in Note 7, Long-term Debt and Finance Leases). Additionally, as of June 30, 2024, the Company had $1.0 billion of interest rate swaps extending through 2027 to hedge the floating rate on the Vivint Term Loans (as defined in Note 7, Long-term Debt and Finance Leases).

Foreign Exchange Contracts

NRG is exposed to changes in foreign currency primarily associated with the purchase of U.S. dollar denominated natural gas for its Canadian business. To manage the Company's foreign exchange risk, NRG entered into foreign exchange contracts. As of June 30, 2024, NRG had foreign exchange contracts extending through 2027. The Company marks these derivatives to market through the consolidated statement of operations.

Consumer Financing Program

Under the Consumer Financing Program, Vivint Smart Home pays a monthly fee to Financing Providers based on either the average daily outstanding balance of the loans or the number of outstanding loans. For certain loans, Vivint Smart Home incurs fees at the time of the loan origination and receives proceeds that are net of these fees. Vivint Smart Home also shares the liability for credit losses, depending on the credit quality of the subscriber. Due to the nature of certain provisions under the Consumer Financing Program, the Company records a derivative liability that is not designated as a hedging instrument and is adjusted to fair value, measured using the present value of the estimated future payments. Changes to the fair value are recorded through other income, net in the consolidated statement of operations. The following represent the contractual future payment obligations with the Financing Providers under the Consumer Financing Program that are components of the derivative:

• Vivint Smart Home pays either a monthly fee based on the average daily outstanding balance of the loans, or the number of outstanding loans, depending on the Financing Provider;

• Vivint Smart Home shares the liability for credit losses depending on the credit quality of the subscriber; and

• Vivint Smart Home pays transactional fees associated with subscriber payment processing.

The derivative is classified as a Level 3 instrument. The derivative positions are valued using a discounted cash flow model, with inputs consisting of available market data, such as market yield discount rates, as well as unobservable internally derived assumptions, such as collateral prepayment rates, collateral default rates and credit loss rates. In summary, the fair value represents an estimate of the present value of the cash flows Vivint Smart Home will be obligated to pay to the Financing Providers for each component of the derivative.

Volumetric Underlying Derivative Transactions


		Total Volume (In millions)
Category	Units	June 30, 2024	December 31, 2023

RECs	Certificates	14	12
Coal	Short Ton	13	9
Natural Gas	MMBtu	747	838

Power	MWh	208	201
Interest	Dollars	1,700	1,000
Foreign Exchange	Dollars	429	548
Consumer Financing Program	Dollars	1,185	1,116

Fair Value of Derivative Instruments

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


	Fair Value
	Derivative Assets				Derivative Liabilities
(In millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023




Derivatives Not Designated as Cash Flow or Fair Value Hedges:
Interest rate contracts - current	$	20	$	12	$	—	$	—
Interest rate contracts - long-term	6		—		4		8
Foreign exchange contracts - current	6		3		—		4
Foreign exchange contracts - long-term	3		2		—		5
Commodity contracts - current	3,494		3,847		2,570		3,922
Commodity contracts - long-term	2,616		2,291		1,374		1,434
Consumer Financing Program - short-term	—		—		94		93
Consumer Financing Program - long-term	—		—		57		41
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges	$	6,145	$	6,155	$	4,099	$	5,507

The Company has elected to present derivative assets and liabilities on the consolidated balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Company's derivative assets or liabilities are recorded on a separate line item on the consolidated balance sheet. 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 June 30, 2024
Interest rate contracts:
Derivative assets	$	26	$	(4)	$	—	$	22
Derivative liabilities	(4)		4		—		—
Total interest rate contracts	$	22	$	—	$	—	$	22
Foreign exchange contracts:
Derivative assets	$	9	$	—	$	—	$	9


Commodity contracts:
Derivative assets	$	6,110	$	(3,726)	$	(693)	$	1,691
Derivative liabilities	(3,944)		3,726		47		(171)
Total commodity contracts	$	2,166	$	—	$	(646)	$	1,520
Consumer Financing Program:
Derivative liabilities	$	(151)	$	—	$	—	$	(151)
Total derivative instruments	$	2,046	$	—	$	(646)	$	1,400


	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

Impact of Derivative Instruments on the Statements of Operations

Unrealized gains and losses associated with changes in the fair value of derivative instruments not accounted for as cash flow and fair value hedges are reflected in current period results of operations.


(In millions)	Three months ended June 30,				Six months ended June 30,
Unrealized mark-to-market results	2024		2023		2024		2023
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges	$	209	$	(151)	$	453	$	(997)
Reversal of acquired loss positions related to economic hedges	17		35		5		10
Net unrealized gains/(losses) on open positions related to economic hedges	649		180		889		(893)
Total unrealized mark-to-market gains/(losses) for economic hedging activities	875		64		1,347		(1,880)
Reversal of previously recognized unrealized losses on settled positions related to trading activity	4		10		—		11

Net unrealized gains on open positions related to trading activity	5		3		5		14
Total unrealized mark-to-market gains for trading activity	9		13		5		25
Total unrealized gains/(losses) - commodities and foreign exchange	$	884	$	77	$	1,352	$	(1,855)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Total impact to statement of operations - interest rate contracts	$	6	$	29	$	18	$	24
Unrealized gains included in revenues - commodities	$	93	$	88	$	29	$	191
Unrealized gains/(losses) included in cost of operations - commodities	789		5		1,312		(2,032)
Unrealized gains/(losses) included in cost of operations - foreign exchange	2		(16)		11		(14)
Total impact to statement of operations - commodities and foreign exchange	$	884	$	77	$	1,352	$	(1,855)
Total impact to statement of operations - Consumer Financing Program	$	(6)	$	(3)	$	(2)	$	(3)

The reversals of acquired loss positions were valued based upon the forward prices on the acquisition date. The roll-off amounts were offset by realized gains or losses at the settled prices and are reflected in revenue or cost of operations during the same period.

For the six months ended June 30, 2024, the $889 million unrealized gain from open economic hedge positions was primarily the result of an increase in the value of forward positions as a result of increases in ERCOT power prices.

For the six months ended June 30, 2023, the $893 million unrealized loss from open economic hedge positions was primarily the result of a decrease in the value of forward positions as a result of decreases in natural gas and power prices in the East and West.

Credit Risk Related Contingent Features

Certain of the Company's trading agreements contain provisions that entitle the counterparty to demand that the Company post additional collateral if the counterparty determines that there has been deterioration in the Company's credit quality, generally termed “adequate assurance” under the agreements, or require the Company to post additional collateral if there were a downgrade in the Company's credit rating. The collateral potentially required for all contracts with adequate assurance clauses that are in a net liability position as of June 30, 2024 was $488 million. The Company is also party to certain marginable agreements under which it has net liability position, but the counterparty has not called for the collateral due, which was approximately $50 million as of June 30, 2024. In the event of a downgrade in the Company's credit rating and if called for by the counterparty, $7 million of additional collateral would be required for all contracts with credit rating contingent features as of June 30, 2024.

See Note 5, Fair Value of Financial Instruments, for discussion regarding concentration of credit risk.

Changes in Capital Structure

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Changes in Capital Structure

As of June 30, 2024 and December 31, 2023, the Company had 10,000,000 shares of preferred stock authorized and 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's preferred and common stock issued and outstanding:


	Preferred	Common
	Issued and Outstanding	Issued	Treasury	Outstanding
Balance as of December 31, 2023	650,000	267,330,470	(59,199,520)	208,130,950
Shares issued under LTIPs	—	1,499,546	—	1,499,546
Shares issued under ESPP	—	—	145,562	145,562

Shares repurchased	—	—	(2,277,630)	(2,277,630)
Retirement of treasury stock	—	(2,277,630)	2,277,630	—
Balance as of June 30, 2024	650,000	266,552,386	(59,053,958)	207,498,428
Shares issued under LTIPs	—	9,703	—	9,703

Shares repurchased	—	—	(1,127,232)	(1,127,232)
Partial settlement of Capped Call Options	—	—	(1,067)	(1,067)
Retirement of treasury stock	—	(955,232)	955,232	—
Balance as of July 31, 2024	650,000	265,606,857	(59,227,025)	206,379,832

Common Stock

Share Repurchases

On June 22, 2023, NRG revised its long-term capital allocation policy to target allocating approximately 80% of cash available for allocation, after debt reduction, to be returned to shareholders. As part of the revised capital allocation framework, the Company announced an increase to its share repurchase authorization to $2.7 billion, to be executed through 2025. As of July 31, 2024, $1.4 billion is remaining under the $2.7 billion authorization. The following table summarizes the share repurchases made under the $2.7 billion authorization through July 31, 2024:


	Total number of shares purchased	Average price paid per share		Amounts paid for shares purchased (in millions)
2023 Repurchases:
Open market repurchases	5,054,798	$	39.56	$	200
Repurchases made under the accelerated share repurchase agreements	17,676,142	(b)		950
Total Share Repurchases during 2023	22,730,940			1,150		(a)
2024 Repurchases:
Repurchases made under the accelerated share repurchase agreements	1,163,230	(b)		—
Open market repurchases	1,114,400	$	80.76	90
Total Share Repurchases during the six months ended June 30, 2024	2,277,630			$	90	(c)
Open market repurchases July 1, 2024 through July 31, 2024	1,127,232	$	76.27	86
Total Share Repurchases under the $2.7 billion authorization	26,135,802	$	50.73	$	1,326

(a)Excludes $10 million accrued for excise tax owed as of December 31, 2023

(c)Excludes $1 million accrued for excise tax owed as of June 30, 2024

On November 6, 2023, the Company executed Accelerated Share Repurchase agreements to repurchase a total of $950 million of NRG's outstanding common stock based on volume-weighted average prices. The Company received 17,676,142 shares in the fourth quarter of 2023, which were recorded in treasury stock at fair value based on the closing prices of $833 million, with the remaining $117 million recorded in additional paid-in-capital, representing the value of the forward contracts to purchase additional shares. During the first quarter of 2024, the Company received an additional 1,163,230 shares pursuant to the ASR agreements. Upon receipt of the final shares, the Company transferred the $117 million from additional paid-in-capital to treasury stock.

Employee Stock Purchase Plan

The Company offers participation in the ESPP which allows eligible employees to elect to withhold between 1% and 10% of their eligible compensation to purchase shares of NRG common stock at the lesser of 90% of its market value on the offering date or 90% of the fair market value on the exercise date. An offering date occurs each April 1 and October 1. An exercise date occurs each September 30 and March 31.

NRG Common Stock Dividends

During the first quarter of 2024, NRG increased the annual dividend to $1.63 from $1.51 per share and expects to target an annual dividend growth rate of 7%-9% per share in subsequent years. A quarterly dividend of $0.4075 per share was paid on the Company's common stock during the three months ended June 30, 2024. On July 19, 2024, NRG declared a quarterly dividend on the Company's common stock of $0.4075 per share, payable on August 15, 2024 to stockholders of record as of August 1, 2024.

The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations.

Retirement of Treasury Stock

During 2024, the Company retired shares of treasury stock as detailed below. These retired shares are now included in NRG's pool of authorized but unissued shares. The Company's accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in-capital.


	Total number of treasury shares retired	Average price per share		Carrying value of treasury shares retired (in millions)



Shares retired during the first quarter of 2024	1,163,230	$	32.67	$	38
Shares retired during the second quarter of 2024	1,114,400	33.84		38
Total shares retired during the six months ended June 30, 2024	2,277,630			$	76

Capped Call Options

During the second quarter of 2024, the Company entered into privately negotiated capped call transactions with certain counterparties (the "Capped Calls"). The Capped Calls each have a strike price of $41.32 per share, subject to certain adjustments, which correspond to the conversion price of the Convertible Senior Notes as of June 30, 2024. The Capped Calls have a cap price of $249.00 per share, subject to certain adjustments, and effectively lock in a conversion premium of $257 million on the remaining $232 million balance of the Convertible Senior Notes. The options will expire on June 1, 2025 if not exercised. The Capped Calls are separate transactions and not part of the terms of the Convertible Senior Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity. The option price of $257 million incurred in connection with the Capped Calls, of which $253 million was recorded as a reduction to additional paid-in capital and a $4 million loss was recorded to other income, net to account for the change in the value of the Capped Calls during the calculation period which began on May 31, 2024 and concluded on June 28, 2024. The option price will be payable upon the earlier of settlement and expiration of the applicable Capped Calls.

Preferred Stock

Series A Preferred Stock Dividends

During the quarter ended March 31, 2024, the Company declared and paid a semi-annual 10.25% dividend of $51.25 per share on its outstanding Series A Preferred Stock, totaling $33 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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+ Details

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Total Consideration

The total consideration of $2.623 billion includes:


	(In millions)
Vivint Smart Home, Inc. common shares outstanding as of March 10, 2023 of 216,901,639 at $12.00 per share	$	2,603
Other Vivint Smart Home, Inc. equity instruments (Cash out RSUs and PSUs, Stock Appreciation Rights, Private Placement Warrants)	6
Total Cash Consideration	$	2,609
Fair value of acquired Vivint Smart Home, Inc. equity awards attributable to pre-combination service	14
Total Consideration	$	2,623

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Tax Rate
Income/(Loss) before income taxes	$ 1,052	$ 397	$ 1,747	$ (1,274)
Income tax expense/(benefit)	$ 314	$ 89	$ 498	$ (247)
Effective income tax rate	29.80%	22.40%	28.50%	19.40%
Uncertain Tax Benefits
Non-current tax liability for uncertain tax benefits	$ 67		$ 67
Uncertain tax benefits, penalties and interest accrued	$ 3		$ 3

- Definition

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 738	$ 308	$ 1,249	$ (1,027)

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+ Details

Fair Value of Financial Instruments - Assets and Liabilities Measured and Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	$ 25	$ 21
Measured using net asset value practical expedient:
Total assets	6,176	6,182
Derivative liabilities:
Derivative contracts	4,099	5,507
Interest rate contracts
Derivative assets:
Derivative contracts	26	12
Derivative liabilities:
Derivative contracts	4	8
Foreign exchange
Derivative assets:
Derivative contracts	9	5
Derivative liabilities:
Derivative contracts		9
Commodity contracts
Derivative assets:
Derivative contracts	6,110	6,138
Derivative liabilities:
Derivative contracts	3,944	5,356
Consumer Financing Program
Derivative liabilities:
Derivative contracts	151	134
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	0	0
Measured using net asset value practical expedient:
Total assets	764	1,334
Derivative liabilities:
Derivative contracts	729	1,413
Level 1 \| Equity Securities
Measured using net asset value practical expedient:
Equity securities
Level 1 \| Interest rate contracts
Derivative assets:
Derivative contracts	0	0
Derivative liabilities:
Derivative contracts	0	0
Level 1 \| Foreign exchange
Derivative assets:
Derivative contracts	0	0
Derivative liabilities:
Derivative contracts		0
Level 1 \| Commodity contracts
Derivative assets:
Derivative contracts	764	1,334
Derivative liabilities:
Derivative contracts	729	1,413
Level 1 \| Consumer Financing Program
Derivative liabilities:
Derivative contracts	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	25	21
Measured using net asset value practical expedient:
Total assets	5,111	4,508
Derivative liabilities:
Derivative contracts	3,045	3,745
Level 2 \| Equity Securities
Measured using net asset value practical expedient:
Equity securities
Level 2 \| Interest rate contracts
Derivative assets:
Derivative contracts	26	12
Derivative liabilities:
Derivative contracts	4	8
Level 2 \| Foreign exchange
Derivative assets:
Derivative contracts	9	5
Derivative liabilities:
Derivative contracts		9
Level 2 \| Commodity contracts
Derivative assets:
Derivative contracts	5,051	4,470
Derivative liabilities:
Derivative contracts	3,041	3,728
Level 2 \| Consumer Financing Program
Derivative liabilities:
Derivative contracts	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in securities (classified within other current and non-current assets)	0	0
Derivative assets:
Derivative contracts	295	334
Measured using net asset value practical expedient:
Total assets	295	334
Derivative liabilities:
Derivative contracts	325	349
Level 3 \| Equity Securities
Measured using net asset value practical expedient:
Equity securities
Level 3 \| Interest rate contracts
Derivative assets:
Derivative contracts	0	0
Derivative liabilities:
Derivative contracts	0	0
Level 3 \| Foreign exchange
Derivative assets:
Derivative contracts	0	0
Derivative liabilities:
Derivative contracts		0
Level 3 \| Commodity contracts
Derivative assets:
Derivative contracts	295	334
Derivative liabilities:
Derivative contracts	174	215
Level 3 \| Consumer Financing Program
Derivative liabilities:
Derivative contracts	151	134
Net Asset Value \| Equity Securities
Measured using net asset value practical expedient:
Equity securities	$ 6	$ 6

Summary of Significant Accounting Policies - Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 376	$ 541
Funds deposited by counterparties	688	84
Restricted cash	16	24
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows	$ 1,080	$ 649	$ 813	$ 2,178

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue	$	2,763	$	2,532	$	910	$	467	$	—	$	(13)	$	6,659
Depreciation and amortization	63		22		46		144		10		—		285
Impairment losses	—		—		15		—		—		—		15
Gain on sale of assets	—		—		5		—		—		—		5
Equity in earnings of unconsolidated affiliates	—		—		4		—		—		—		4
Loss on debt extinguishment	—		—		—		—		(202)		—		(202)
Income/(loss) before income taxes	966		447		(4)		(31)		(326)		—		1,052



Net income/(loss)	$	966	$	447	$	2	$	(29)	$	(648)	$	—	$	738


	Three months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue	$	2,515	$	2,503	$	892	$	444	$	—	$	(6)	$	6,348
Depreciation and amortization	73		30		23		180		9		—		315

Gain on sale of assets	—		3		—		—		—		—		3
Equity in earnings of unconsolidated affiliates	—		—		5		—		—		—		5

Income/(loss) before income taxes	785		(100)		(128)		(23)		(137)		—		397



Net income/(loss)	$	785	$	(101)	$	(129)	$	(23)	$	(224)	$	—	$	308



	Six months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue	$	4,996	$	6,047	$	2,129	$	935	$	—	$	(19)	$	14,088
Depreciation and amortization	130		45		70		288		20		—		553
Impairment losses	—		—		15		—		—		—		15

(Loss)/ gain on sale of assets	(4)		—		5		—		—		—		1
Equity in earnings of unconsolidated affiliates	—		—		7		—		—		—		7

Loss on debt extinguishment	—		—		—		—		(260)		—		(260)
Income/(loss) before income taxes	1,315		1,027		(79)		(22)		(494)		—		1,747




Net income/(loss)	$	1,315	$	1,028	$	(58)	$	(22)	$	(1,014)	$	—	$	1,249



	Six months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home(a)		Corporate		Eliminations		Total
Revenue	$	4,549	$	6,679	$	2,266	$	592	$	—	$	(16)	$	14,070
Depreciation and amortization	148		60		47		232		18		—		505


Gain on sale of assets	—		202		—		—		—		—		202
Equity in earnings of unconsolidated affiliates	—		—		10		—		—		—		10

Income/(loss) before income taxes	1,069		(1,502)		(479)		(62)		(300)		—		(1,274)



Net income/(loss)	$	1,069	$	(1,503)	$	(433)	$	(62)	$	(98)	$	—	$	(1,027)

(a)Includes results of operations following the acquisition date of March 10, 2023

Fair Value of Financial Instruments - Estimated Carrying Amounts and Fair Value of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	$ 10,863	$ 10,940
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	10,728	10,794
Carrying Amount \| Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	232	575
Carrying Amount \| Other long-term debt, including current portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	10,496	10,219
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	10,587	10,574
Fair Value \| Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	445	739
Fair Value \| Other long-term debt, including current portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total long-term debt, including current portion	$ 10,142	$ 9,835

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Date Adopted

Character of Trading Arrangement

Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement(a)

Duration

Date Terminated

Rasesh Patel

President, NRG Consumer

5/28/2024

Rule 10b5-1 Trading Arrangement

Up to 102,603 shares to be Sold

9/13/2024-5/30/2025

N/A

(a)Potential sales may be subject to certain price limitations set forth in the 10b5-1 plans and therefore actual number of shares sold could vary if certain minimum stock prices are not met

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Expiration Date

5/30/2025

Rasesh Patel [Member]

Trading Arrangements, by Individual

Name

Rasesh Patel

Title

President, NRG Consumer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/28/2024

Arrangement Duration

259 days

Aggregate Available

102,603

Related Party Transactions - Schedule of NRG's Material Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenue	$ 6,659	$ 6,348	$ 14,088	$ 14,070
Related Party
Related Party Transaction [Line Items]
Revenue	13	22	28	58
Related Party \| Gladstone
Related Party Transaction [Line Items]
Revenue	0	0	1	1
Related Party \| Ivanpah
Related Party Transaction [Line Items]
Revenue	12	21	25	55
Related Party \| Midway-Sunset
Related Party Transaction [Line Items]
Revenue	$ 1	$ 1	$ 2	$ 2

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Acquisitions and Dispositions - Consideration (Details) - Vivint Smart Home $ / shares in Units, $ in Millions	Mar. 10, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Acquisition, shares outstanding (in shares) \| shares	216,901,639
Acquisition, share price (in usd per share) \| $ / shares	$ 12
Vivint Smart Home, Inc. common shares outstanding as of March 10, 2023 of $216,901,639 at $12.00 per share	$ 2,603
Other Vivint Smart Home, Inc. equity instruments (Cash out RSUs and PSUs, Stock Appreciation Rights, Private Placement Warrants)	6
Total Cash Consideration	2,609
Total Consideration	2,623
Equity Awards Pre-combination Service
Business Acquisition [Line Items]
Fair value of acquired Vivint Smart Home, Inc. equity awards attributable to pre-combination service	$ 14

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Revenues	$ 6,659	$ 6,348	$ 14,088	$ 14,070
Depreciation and amortization	285	315	553	505
Impairment losses	15	0	15	0
Gain (loss) on sale of assets	5	3	1	202
Equity in earnings of unconsolidated affiliates	4	5	7	10
Loss on debt extinguishment	(202)	0	(260)	0
Income/(loss) before income taxes	1,052	397	1,747	(1,274)
Net income /(loss)	738	308	1,249	(1,027)
Corporate
Segment Reporting Information
Revenues	0	0	0	0
Depreciation and amortization	10	9	20	18
Impairment losses	0		0
Gain (loss) on sale of assets	0	0	0	0
Equity in earnings of unconsolidated affiliates	0	0	0	0
Loss on debt extinguishment	(202)		(260)
Income/(loss) before income taxes	(326)	(137)	(494)	(300)
Net income /(loss)	(648)	(224)	(1,014)	(98)
Eliminations
Segment Reporting Information
Revenues	(13)	(6)	(19)	(16)
Depreciation and amortization	0	0	0	0
Impairment losses	0		0
Gain (loss) on sale of assets	0	0	0	0
Equity in earnings of unconsolidated affiliates	0	0	0	0
Loss on debt extinguishment	0		0
Income/(loss) before income taxes	0	0	0	0
Net income /(loss)	0	0	0	0
Texas \| Operating Segments
Segment Reporting Information
Revenues	2,763	2,515	4,996	4,549
Depreciation and amortization	63	73	130	148
Impairment losses	0		0
Gain (loss) on sale of assets	0	0	(4)	0
Equity in earnings of unconsolidated affiliates	0	0	0	0
Loss on debt extinguishment	0		0
Income/(loss) before income taxes	966	785	1,315	1,069
Net income /(loss)	966	785	1,315	1,069
East \| Operating Segments
Segment Reporting Information
Revenues	2,532	2,503	6,047	6,679
Depreciation and amortization	22	30	45	60
Impairment losses	0		0
Gain (loss) on sale of assets	0	3	0	202
Equity in earnings of unconsolidated affiliates	0	0	0	0
Loss on debt extinguishment	0		0
Income/(loss) before income taxes	447	(100)	1,027	(1,502)
Net income /(loss)	447	(101)	1,028	(1,503)
West/Services/Other \| Operating Segments
Segment Reporting Information
Revenues	910	892	2,129	2,266
Depreciation and amortization	46	23	70	47
Impairment losses	15		15
Gain (loss) on sale of assets	5	0	5	0
Equity in earnings of unconsolidated affiliates	4	5	7	10
Loss on debt extinguishment	0		0
Income/(loss) before income taxes	(4)	(128)	(79)	(479)
Net income /(loss)	2	(129)	(58)	(433)
Vivint Smart Home \| Operating Segments
Segment Reporting Information
Revenues	467	444	935	592
Depreciation and amortization	144	180	288	232
Impairment losses	0		0
Gain (loss) on sale of assets	0	0	0	0
Equity in earnings of unconsolidated affiliates	0	0	0	0
Loss on debt extinguishment	0		0
Income/(loss) before income taxes	(31)	(23)	(22)	(62)
Net income /(loss)	$ (29)	$ (23)	$ (22)	$ (62)

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue from Contracts with Customer

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue:
Home(a)	$	1,766	$	537	$	414	$	467	$	(8)	$	3,176
Business	926		1,824		418		—		—		3,168
Total retail revenue(b)	2,692		2,361		832		467		(8)		6,344
Energy revenue(b)	16		46		51		—		(3)		110
Capacity revenue(b)	—		39		6		—		(1)		44
Mark-to-market for economic hedging activities(c)	—		65		17		—		2		84
Contract amortization	—		(6)		(1)		—		—		(7)
Other revenue(b)	55		27		5		—		(3)		84
Total revenue	2,763		2,532		910		467		(13)		6,659
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		12		19		—		—		31
Less: Realized and unrealized ASC 815 revenue	8		108		32		—		—		148
Total revenue from contracts with customers	$	2,755	$	2,412	$	859	$	467	$	(13)	$	6,480
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	9	$	—	$	—	$	—	$	9
Energy revenue	—		15		16		—		(2)		29
Capacity revenue	—		19		—		—		—		19
Other revenue	8		—		(1)		—		—		7
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Three months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue:
Home(a)	$	1,563	$	446	$	406	$	444	$	—	$	2,859
Business	832		1,912		424		—		—		3,168
Total retail revenue(b)	2,395		2,358		830		444		—		6,027
Energy revenue(b)	16		28		40		—		(1)		83
Capacity revenue(b)	—		49		—		—		—		49
Mark-to-market for economic hedging activities(c)	—		52		23		—		—		75
Contract amortization	—		(7)		(1)		—		—		(8)
Other revenue(b)	104		23		—		—		(5)		122
Total revenue	2,515		2,503		892		444		(6)		6,348
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		6		7		—		—		13
Less: Realized and unrealized ASC 815 revenue	14		99		7		—		(1)		119
Total revenue from contracts with customers	$	2,501	$	2,398	$	878	$	444	$	(5)	$	6,216
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	16	$	—	$	—	$	—	$	16
Energy revenue	—		13		(7)		—		(1)		5
Capacity revenue	—		17		—		—		—		17
Other revenue	14		1		(9)		—		—		6
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Six months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue:
Home(a)	$	3,126	$	1,239	$	1,013	$	935	$	(8)	$	6,305
Business	1,744		4,550		974		—		—		7,268
Total retail revenue(b)	4,870		5,789		1,987		935		(8)		13,573
Energy revenue(b)	23		127		118		—		(6)		262
Capacity revenue(b)	—		80		8		—		(2)		86
Mark-to-market for economic hedging activities(c)	—		14		8		—		2		24
Contract amortization	—		(16)		(1)		—		—		(17)
Other revenue(b)	103		53		9		—		(5)		160
Total revenue	4,996		6,047		2,129		935		(19)		14,088
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		22		25		—		—		47
Less: Realized and unrealized ASC 815 revenue	10		132		42		—		(3)		181
Total revenue from contracts with customers	$	4,986	$	5,893	$	2,062	$	935	$	(16)	$	13,860
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	19	$	—	$	—	$	—	$	19
Energy revenue	—		58		38		—		(5)		91
Capacity revenue	—		41		—		—		—		41
Other revenue	10		—		(4)		—		—		6
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815


	Six months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home(a)		Corporate/Eliminations		Total
Retail revenue:
Home(b)	$	2,799	$	1,097	$	1,031	$	592	$	—	$	5,519
Business	1,554		5,277		1,040		—		—		7,871
Total retail revenue(c)	4,353		6,374		2,071		592		—		13,390
Energy revenue(c)	20		102		88		—		1		211
Capacity revenue(c)	—		90		1		—		—		91
Mark-to-market for economic hedging activities(d)	—		87		90		—		(11)		166
Contract amortization	—		(18)		(1)		—		—		(19)
Other revenue(c)	176		44		17		—		(6)		231
Total revenue	4,549		6,679		2,266		592		(16)		14,070
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	—		5		16		—		—		21
Less: Realized and unrealized ASC 815 revenue	12		212		104		—		(10)		318
Total revenue from contracts with customers	$	4,537	$	6,462	$	2,146	$	592	$	(6)	$	13,731
(a) Includes results of operations following the acquisition date of March 10, 2023
(b) Home includes Services
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate/Eliminations		Total
Retail revenue	$	—	$	43	$	—	$	—	$	—	$	43
Energy revenue	—		60		10		—		1		71
Capacity revenue	—		23		—		—		—		23
Other revenue	12		(1)		4		—		—		15
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815

Contract Asset and Liabilities

The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of June 30, 2024 and December 31, 2023:


(In millions)	June 30, 2024		December 31, 2023
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)	$	1,005	$	706

Accounts receivable, net - Contracts with customers	3,346		3,395
Accounts receivable, net - Accounted for under topics other than ASC 606	44		136
Accounts receivable, net - Affiliate	12		11
Total accounts receivable, net	$	3,402	$	3,542

Unbilled revenues (included within Accounts receivable, net - Contracts with customers)	$	1,512	$	1,493
Deferred revenues(a)	1,685		1,634

(a)Deferred revenues from contracts with customers were approximately $1.6 billion as of both June 30, 2024 and December 31, 2023

Long-term Debt and Finance Leases - Schedule of Long-term Debt and Finance Leases (Details) $ / shares in Units, $ in Millions			6 Months Ended
	Aug. 01, 2024 $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Apr. 16, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 10,863	$ 10,863		$ 10,940
Finance leases		21	21		19
Subtotal long-term debt and finance leases (including current maturities)		10,884	10,884		10,959
Less current maturities		(262)	(262)		(620)
Less debt issuance costs		(62)	(62)		(60)
Discounts		(135)	(135)		(146)
Total long-term debt and finance leases		10,425	10,425		10,133
Senior Secured First Lien Notes, due 2024
Debt Instrument [Line Items]
Interest rate, stated percentage				3.75%
Recourse Debt
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		8,150	8,150		8,220
Recourse Debt \| Senior Notes, due 2027
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 375	$ 375		375
Interest rate, stated percentage		6.625%	6.625%
Recourse Debt \| Senior Notes, due 2028
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 821	$ 821		821
Interest rate, stated percentage		5.75%	5.75%
Recourse Debt \| Senior Notes, due 2029
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 733	$ 733		733
Interest rate, stated percentage		5.25%	5.25%
Recourse Debt \| Senior Notes, due 2029
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 500	$ 500		500
Interest rate, stated percentage		3.375%	3.375%
Recourse Debt \| Senior Notes, due 2031
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 1,030	$ 1,030		1,030
Interest rate, stated percentage		3.625%	3.625%
Recourse Debt \| Senior Notes, due 2032
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 480	$ 480		480
Interest rate, stated percentage		3.875%	3.875%
Recourse Debt \| Convertible Senior Notes, due 2048
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 232	$ 232		575
Interest rate, stated percentage		2.75%	2.75%
Convertible notes, conversion price (in usd per share) \| $ / shares		$ 41.32	$ 41.32
Conversion rate		0.0241998
Recourse Debt \| Convertible Senior Notes, due 2048 \| Subsequent Event
Debt Instrument [Line Items]
Convertible notes, conversion price (in usd per share) \| $ / shares	$ 41.11
Conversion rate	0.024322
Recourse Debt \| Senior Secured First Lien Notes, due 2024
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 0	$ 0		600
Interest rate, stated percentage		3.75%	3.75%
Recourse Debt \| Senior Secured First Lien Notes, due 2025
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 500	$ 500		500
Interest rate, stated percentage		2.00%	2.00%
Recourse Debt \| Senior Secured First Lien Notes, due 2027
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 900	$ 900		900
Interest rate, stated percentage		2.45%	2.45%
Recourse Debt \| Senior Secured First Lien Notes, due 2029
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 500	$ 500		500
Interest rate, stated percentage		4.45%	4.45%
Recourse Debt \| Senior Secured First Lien Notes, due 2033
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 740	$ 740		740
Interest rate, stated percentage		7.00%	7.00%
Recourse Debt \| Term Loan, due 2031 \| Revolving Credit Facility
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 873	$ 873		0
Basis spread on variable rate			2.00%
Recourse Debt \| Tax-exempt bonds
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 466	$ 466		466
Recourse Debt \| Tax-exempt bonds \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage		1.25%	1.25%
Recourse Debt \| Tax-exempt bonds \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage		4.75%	4.75%
Non Recourse Debt
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 2,713	$ 2,713		2,720
Non Recourse Debt \| Vivint Senior Secured Notes, due 2027
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 600	$ 600		600
Interest rate, stated percentage		6.75%	6.75%
Non Recourse Debt \| Vivint Senior Notes, due 2029
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 800	$ 800		800
Interest rate, stated percentage		5.75%	5.75%
Non Recourse Debt \| Vivint Senior Secured Term Loan, due 2028
Debt Instrument [Line Items]
Subtotal long-term debt (including current maturities)		$ 1,313	$ 1,313		$ 1,320
Basis spread on variable rate			2.75%

Environmental Matters (Details) $ in Millions	Jun. 30, 2024 USD ($) facility	Dec. 31, 2021 facility
Commitments and Contingencies Disclosure [Abstract]
Environmental proceedings, disclosure threshold \| $	$ 1
Number of plants \| facility	2	2

Long-term Debt and Finance Leases (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt and Finance Leases

Long-term debt and finance leases consisted of the following:


(In millions, except rates)	June 30, 2024		December 31, 2023		Interest rate %
Recourse debt:
Senior Notes, due 2027	$	375	$	375	6.625
Senior Notes, due 2028	821		821		5.750
Senior Notes, due 2029	733		733		5.250
Senior Notes, due 2029	500		500		3.375
Senior Notes, due 2031	1,030		1,030		3.625
Senior Notes, due 2032	480		480		3.875
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 2025	500		500		2.000
Senior Secured First Lien Notes, due 2027	900		900		2.450
Senior Secured First Lien Notes, due 2029	500		500		4.450
Senior Secured First Lien Notes, due 2033	740		740		7.000

Term Loan, due 2031	873		—		SOFR + 2.000


Tax-exempt bonds	466		466		1.250 - 4.750
Subtotal recourse debt	8,150		8,220
Non-recourse debt:
Vivint Senior Notes, due 2029	800		800		5.750
Vivint Senior Secured Notes, due 2027	600		600		6.750
Vivint Senior Secured Term Loan, due 2028	1,313		1,320		SOFR + 2.750
Subtotal all Vivint non-recourse debt	2,713		2,720
Subtotal long-term debt (including current maturities)	10,863		10,940
Finance leases	21		19		various
Subtotal long-term debt and finance leases (including current maturities)	10,884		10,959
Less current maturities	(262)		(620)
Less debt issuance costs	(62)		(60)
Discounts	(135)		(146)
Total long-term debt and finance leases	$	10,425	$	10,133

(a)As of the ex-dividend date of August 1, 2024, the Convertible Senior Notes were convertible at a price of $41.11, which is equivalent to a conversion rate of approximately 24.322 shares of common stock per $1,000 principal amount

Schedule of Extinguishment of Debt

For the six months ended June 30, 2024, a $260 million loss on debt extinguishment was recorded.


(In millions, except percentages)
Settlement Period	Principal Repurchased		Cash Paid(a)		Average Repurchase Percentage
March 2024	$	92	$	151	162.356%
April 2024	251		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 Debt Instrument, Interest Expense

The following table details the interest expense recorded in connection with the Convertible Senior Notes:


	Three months ended June 30,						Six months ended June 30,
(In millions, except percentages)	2024			2023			2024			2023
Contractual interest expense	$	2		$	4		$	6		$	8
Amortization of deferred finance costs	1			—			1			1
Total	$	3		$	4		$	7		$	9

Effective Interest Rate	0.76		%	0.75		%	1.54		%	1.52		%

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified for comparative purposes. The reclassifications did not affect consolidated results of operations, net assets or consolidated cash flows
Credit Losses	Credit Losses Retail trade receivables are reported on the consolidated balance sheet net of the allowance for credit losses within accounts receivables, net. Long-term receivables are recorded net of allowance for credit losses in other non-current assets on the consolidated balance sheet. The Company accrues a provision for current expected credit losses based on (i) estimates of uncollectible revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including, but not limited to, unemployment rates and weather-related events, (ii) historical collections and delinquencies, and (iii) counterparty credit ratings for commercial and industrial customers.
Funds Deposited by Counterparties and Restricted Cash	Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties related to NRG's hedging program. Though some amounts are segregated into separate accounts, not all funds are contractually restricted. Based on the Company's intention, these funds are not available for the payment of general corporate obligations; however, they are available for liquidity management. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities. Restricted cash consists primarily of funds held to satisfy the requirements of certain agreements and funds held within the Company's projects that are restricted in their uses.
Recent Accounting Developments - Guidance Not Yet Adopted	Recent Accounting Developments — Guidance Not Yet Adopted ASU 2023-07 – In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, or ASU 2023-07. The guidance in ASU 2023-07 enhances reportable segment disclosure requirements by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The Company plans to adopt the new guidance for the annual period ending December 31, 2024 and subsequent interim periods thereafter. The guidance will be applied retrospectively for all prior periods presented in the financial statements. ASU 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, or ASU 2023-09. The guidance in ASU 2023-09 enhances income tax disclosures by requiring disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. Further the amendments of ASU 2023-09 require certain disclosures on income tax expense and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments of ASU 2023-09 may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09 on its disclosures.
Segment Reporting	The Company’s segment structure reflects how management currently makes financial decisions and allocates resources. The Company manages its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus. Vivint Smart Home operations are reported within the Vivint Smart Home segment. NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of the Company's segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and allocation of capital, as well as net income/(loss). The accounting policies of the segments are the same as those applied in the consolidated financial statements as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company’s 2023 Form 10-K.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.M.2.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483530/326-20-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479391/326-20-30-5A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-3C

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 35
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479366/326-20-35-8A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-3D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 30
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479175/326-30-30-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3D

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 13A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479148/326-30-35-13A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 4A
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- Definition

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Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments First Lien Structure NRG has granted first liens to certain counterparties on a substantial portion of property and assets owned by NRG and the guarantors of its senior debt. NRG uses the first lien structure to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedges. To the extent that the underlying hedge positions for a counterparty are out-of-the-money to NRG, the counterparty would have a claim under the first lien program. As of June 30, 2024, all hedges under the first liens were in-the-money on a counterparty aggregate basis. Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. NRG records accruals for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate accrual for the applicable legal matters, including regulatory and environmental matters as further discussed in Note 15, Regulatory Matters, and Note 16, Environmental Matters. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Company is unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded accruals and that such difference could be material. In addition to the legal proceedings noted below, NRG and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. Environmental Lawsuits Sierra club et al. v. Midwest Generation LLC — In 2012, several environmental groups filed a complaint against Midwest Generation with the Illinois Pollution Control Board ("IPCB") alleging violations of environmental law resulting in groundwater contamination. In June 2019, the IPCB found in an interim order that Midwest Generation violated the law because it had improperly handled coal ash at four facilities in Illinois and caused or allowed coal ash constituents to impact groundwater. On September 9, 2019, Midwest Generation filed a Motion to Reconsider numerous issues, which the court granted in part and denied in part on February 6, 2020. In 2023, the IPCB held hearings regarding the appropriate relief. Midwest Generation has been working with the Illinois EPA to address the groundwater issues since 2010. Consumer Lawsuits Similar to other energy service companies (“ESCOs”) operating in the industry, from time-to-time, the Company and/or its subsidiaries may be subject to consumer lawsuits in various jurisdictions where they sell natural gas and electricity. Variable Price Case Mirkin v. XOOM Energy (E.D.N.Y. Aug. 2019) — XOOM Energy is a defendant in a putative class action lawsuit pending in New York, alleging that XOOM Energy promised that consumers would pay the same or less than they would have paid if they stayed with their default utility or previous energy supplier. The Court denied XOOM's motion for summary judgment and granted class certification. The Second Circuit denied XOOM's request to appeal the class certification grants. XOOM plans to challenge Mirkin's expert testimony to further hamper Mirkin's ability to support its case. The parties held a court-ordered remediation on March 21, 2024 where the parties did not settle. The parties continue to prepare pre-trial materials for submission to the Court. A trial date has not been scheduled. The Company continues to deny the allegations and is vigorously defending this matter. This matter was known and accrued for at the time of the XOOM acquisition. Telephone Consumer Protection Act ("TCPA") Cases — In the cases set forth below, referred to as the TCPA Cases, such actions involve consumers alleging violations of the Telephone Consumer Protection Act of 1991, as amended, by receiving calls, texts or voicemails without consent in violation of the federal Telemarketing Sales Rule, and/or state counterpart legislation. The underlying claims of each case are similar. The Company denies the allegations asserted by plaintiffs and intends to vigorously defend these matters. These matters were known and accrued for at the time of the Direct Energy acquisition. There are two putative class actions pending against Direct Energy: (1) Holly Newman v. Direct Energy, LP (D. Md Sept 2021) - Direct Energy filed its Motion to Dismiss asserting the ruling in the Brittany Burk v. Direct Energy (S.D. Tex. Feb 2019) preempts the Plaintiff's ability to file suit based on the same facts. The Court denied Direct Energy's motion stating the Court does not have the benefit of all of the facts that were in front of the Burk court to issue a similar ruling. On April 12, 2023, the Court granted Direct Energy’s Motion to Transfer Venue, moving to the case to the Southern District of Texas. The parties are proceeding with written discovery; and (2) Matthew Dickson v. Direct Energy (N.D. Ohio Jan. 2018) - The case was stayed pending the outcome of an appeal to the Sixth Circuit based on the unconstitutionality of the TCPA during the period from 2015-2020. The Sixth Circuit found the TCPA was in effect during that period and remanded the case back to the trial court. Direct Energy refiled its motions along with supplements. On March 25, 2022, the Court granted summary judgment in favor of Direct Energy and dismissed the case. Dickson appealed. The Sixth Circuit found that Dickson has standing and reversed the trial court's dismissal of the case. The matter is back at the trial court. The parties conducted fact and expert discovery and submitted its motion for summary judgment in August 2024. Sales Practice Lawsuit A Vivint Smart Home competitor has made a claim against Vivint Smart Home alleging, among other things, that Vivint Smart Home's sales representatives used deceptive sales practices. This matter was known and accrued for at the time of the Vivint Smart Home acquisition. CPI Security Systems, Inc. ("CPI") v. Vivint Smart Home, Inc. (W.D.N.C. Sept. 2020) was filed in 2020 went to trial, and in February 2023, the jury issued a verdict against Vivint Smart Home, in favor of CPI for $50 million of compensatory damages and an additional $140 million of punitive damages. Vivint Smart Home has fully briefed the appeal and is awaiting a hearing date to be set. While Vivint Smart Home believes the CPI jury verdict is not legally or factually supported and intends to pursue post judgment remedies and file an appeal, there can be no assurance that such defense efforts will be successful. Patent Infringement Lawsuit SB IP Holdings LLC (“Skybell”) v. Vivint Smart Home, Inc. — On October 23, 2023, a jury in the U.S. District Court, Eastern District of Texas, Sherman Division, issued a verdict against the Company in favor of Skybell for $45 million in damages for patent infringement. The patents that were the basis for the claims made by Skybell were ruled invalid by the U.S. International Trade Commission in November 2021. In accordance with advice by legal counsel, the Company does not believe the verdict is legally supported and will pursue post-judgment and appellate remedies along with any other legal options available. This matter was known and accrued for at the time of the Vivint acquisition. Contract Dispute STP — In July 2023, the partners in STP, CPS and Austin Energy, initiated a lawsuit and filed to intervene in the license transfer application with the NRC, claiming a right of first refusal exists in relation to the proposed sale of NRG South Texas' 44% interest in STP to Constellation. The parties entered into a settlement agreement in May 2024, and the litigation was dismissed. There was no incremental impact to NRG as a result of the settlement. Winter Storm Uri Lawsuits The Company has been named in certain property damage and wrongful death claims that have been filed in connection with Winter Storm Uri in its capacity as a generator and a REP. Most of the lawsuits related to Winter Storm Uri are consolidated into a single multi-district litigation matter in Harris County District Court. NRG's REPs have since been dismissed from the multi-district litigation. As a power generator, the Company is named in various cases with claims ranging from: wrongful death; personal injury only; property damage and personal injury; property damage only; and subrogation. The First Court of Appeals conditionally granted the generators' mandamus relief, ordering the trial court to grant the generator defendants' Motion to Dismiss. The Company expected the Plaintiffs to challenge this ruling. The Company intends to vigorously defend these matters.

Commitments and Contingencies - Narrative (Details) $ in Millions		1 Months Ended
	Oct. 23, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jun. 30, 2024 facility case	Jul. 31, 2023	Dec. 31, 2021 facility	Jun. 30, 2019 facility
Loss Contingencies
Number of facilities \| facility			2		2
Sierra Club Et Al V. Midwest Generation LLC
Loss Contingencies
Number of facilities \| facility						4
Direct Energy vs. Burk and Dickson
Loss Contingencies
Pending lawsuits \| case			2
CPI Security Systems, Inc. v. Vivint Smart Home, Inc.
Loss Contingencies
Damages awarded		$ 50
Punitive damages awarded		$ 140
SB IP Holdings LLC (“Skybell”) v. Vivint Smart Home, Inc.
Loss Contingencies
Damages awarded	$ 45
Partners in STP, CPS and Austin Energy vs. NRG \| Pending Litigation \| STP
Loss Contingencies
Ownership interest				44.00%

Regulatory Matters (Details) - New York State Public Service Commission	Jan. 08, 2024 retailSupplier compliantProduct
Loss Contingencies
Number of company's retail suppliers notified \| retailSupplier	8
Minimum
Loss Contingencies
Number of compliant products authorized by regulatory agency	1
Maximum
Loss Contingencies
Number of compliant products authorized by regulatory agency	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Environmental Matters	6 Months Ended
Environmental Matters	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Environmental Matters	Environmental Matters NRG is subject to a wide range of environmental laws in the development, construction, ownership and operation of power plants. These laws generally require that governmental permits and approvals be obtained before construction and maintained during operation of power plants. The electric generation industry has been facing increasingly stringent requirements regarding air quality, GHG emissions, combustion byproducts, water use and discharge, and threatened and endangered species including four rules promulgated during the second quarter of 2024. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose additional restrictions on the operations of the Company's facilities, which could have a material effect on the Company's consolidated financial position, results of operations, or cash flows. The Company has elected to use a $1 million disclosure threshold, as permitted, for environmental proceedings to which the government is a party. Air CPP/ACE Rules — The attention in recent years on GHG emissions has resulted in federal and state regulations. In 2019, the EPA promulgated the ACE rule, which rescinded the CPP, which had sought to broadly regulate CO2 emissions from the power sector. The ACE rule required states that have coal-fired EGUs to develop plans to seek heat rate improvements from coal-fired EGUs. On January 19, 2021, the D.C. Circuit vacated the ACE rule (but on February 22, 2021, at the EPA's request, stayed the issuance of the portion of the mandate that would vacate the repeal of the CPP). On June 30, 2022, the U.S. Supreme Court held that the "generation shifting" approach in the CPP exceeded the powers granted to the EPA by Congress. The Court did not address the related issues of whether the EPA may adopt only measures applied at each source. On May 9, 2024, the EPA promulgated a rule that repealed the ACE rule and significantly revised the manner in which new combustion-turbine and existing steam EGU's GHG emissions will be regulated including capturing and storing/sequestering CO2 in some instances. This rule has been challenged by numerous parties in the D.C. Circuit including 27 states with 22 states intervening in support of the rule. The EPA has stated that it will address GHG emissions from existing combustion turbines in a future rule. Cross-State Air Pollution Rule ("CSAPR") — On March 15, 2023, the EPA signed and released a prepublication version of a final rule that sought to significantly revise the CSAPR to address the good-neighbor obligations of the 2015 ozone NAAQS for 23 states after earlier having disapproved numerous state plans to address the issue. Several states, including Texas, challenged the EPA's disapproval of their state plans. On May 1, 2023, the United States Court of Appeals for the Fifth Circuit stayed the EPA's disapproval of Texas' and Louisiana's state plans, which disapprovals are a condition precedent to the EPA imposing its plan on Texas and Louisiana. Several other states are also similarly situated because of similar stays. Nonetheless, on June 5, 2023, the EPA promulgated this rule. On July 31, 2023, the EPA promulgated an interim final rule that addresses the various judicial orders that have stayed several State-Implementation-Plan disapprovals by limiting the effectiveness of certain requirements of the final rule promulgated on June 5, 2023 in Texas and several other states. On June 27, 2024, the U.S. Supreme Court stayed the final rule in the 11 states where the rule had not already been stayed. The Company cannot predict the outcome of the legal challenges to the: (i) various state disapprovals; (ii) the final rule promulgated on June 5, 2023; and (iii) the interim final rule promulgated on July 31, 2023 that seeks to address the judicial orders. Regional Haze Proposal — In May 2023, the EPA proposed to withdraw the existing Texas Sulfur Dioxide Trading Program and replace it with unit-specific SO2 limits for 12 units in Texas to address requirements to improve visibility at National Parks and Wilderness areas. If finalized as proposed, it would result in more stringent SO2 limits for two of the Company's coal-fired units in Texas. The Company cannot predict the outcome of this proposal. Mercury and Air Toxics Standards (“MATS”) — On May 7, 2024, the EPA promulgated a final rule that amends the MATS rule by, among other things, increasing the stringency of the filterable particulate matter standard at coal-burning units. The deadline for complying with this more stringent standard is 2027. Twenty three states have challenged this rule in the D.C. Circuit. Accordingly, the outcome of this rulemaking may be uncertain for several years. Water ELG — In 2015, the EPA revised the ELG for Steam Electric Generating Facilities, which imposed more stringent requirements (as individual permits were renewed) for wastewater streams from FGD, fly ash, bottom ash and flue gas mercury control. On September 18, 2017, the EPA promulgated a final rule that, among other things, postponed the compliance dates to preserve the status quo for FGD wastewater and bottom ash transport water by two years to November 2020 until the EPA amended the rule. On October 13, 2020, the EPA amended the 2015 ELG rule by: (i) altering the stringency of certain limits for FGD wastewater; (ii) relaxing the zero-discharge requirement for bottom ash transport water; and (iii) changing several deadlines. In 2021, NRG informed its regulators that the Company intends to comply with the ELG by ceasing combustion of coal by the end of 2028 at its domestic coal units outside of Texas, and installing appropriate controls by the end of 2025 at its two plants that have coal-fired units in Texas. On May 9, 2024, the EPA promulgated a rule that revises the ELG by, among other things, further restricting the discharge of (i) FGD wastewater, (ii) bottom ash transport water, and (iii) combustion residual leachate. The rule was challenged in numerous courts, but the cases have been consolidated in the Eighth Circuit of the United States Court of Appeals. The Company expects that the outcome of the legal challenges will be uncertain for several years. Byproducts In 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. On August 21, 2018, the D.C. Circuit found, among other things, that the EPA had not adequately regulated unlined ponds and legacy surface impoundments. On August 28, 2020, the EPA finalized "A Holistic Approach to Close Part A: Deadline to Initiate Closure," which amended the April 2015 Rule to address the August 2018 D.C. Circuit decision and extend some of the deadlines. On November 12, 2020, the EPA finalized "A Holistic Approach to Closure Part B: Alternative Demonstration for Unlined Surface Impoundments," which further amended the April 2015 Rule to, among other things, provide procedures for requesting approval to operate existing ash impoundments with an alternate liner. On May 8, 2024, the EPA promulgated a rule that establishes requirements for: (i) inactive (or legacy) surface impoundments at inactive facilities and (ii) coal combustion residual ("CCR") management units (regardless of how or when the CCR was placed) at regulated facilities. The rule also creates an obligation to conduct site assessments (at all active and certain inactive facilities) to determine whether CCR management units are present. The rule has been challenged in the D.C. Circuit and may be uncertain for several years.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net Income/(Loss)	$ 1,249	$ (1,027)
Adjustments to reconcile net income/(loss) to cash provided/(used) by operating activities:
Equity in and distributions from earnings of unconsolidated affiliates	(4)	(9)
Depreciation and amortization	553	505
Accretion of asset retirement obligations	3	5
Provision for credit losses	133	80
Amortization of nuclear fuel	0	26
Amortization of financing costs and debt discounts	21	31
Loss on debt extinguishment	260	0
Amortization of in-the-money contracts and emissions allowances	73	112
Amortization of unearned equity compensation	57	61
Net loss/(gain) on sale of assets and disposal of assets	8	(187)
Impairment losses	15	0
Changes in derivative instruments	(1,384)	1,515
Changes in current and deferred income taxes and liability for uncertain tax benefits	390	(282)
Changes in collateral deposits in support of risk management activities	660	(1,355)
Changes in nuclear decommissioning trust liability	0	2
Changes in other working capital	(711)	(505)
Cash provided/(used) by operating activities	1,323	(1,028)
Cash Flows from Investing Activities
Payments for acquisitions of businesses and assets, net of cash acquired	(32)	(2,498)
Capital expenditures	(172)	(324)
Net purchases of emissions allowances	(11)	(25)
Investments in nuclear decommissioning trust fund securities	0	(185)
Proceeds from the sale of nuclear decommissioning trust fund securities	0	180
Proceeds from sales of assets, net of cash disposed	11	229
Proceeds from insurance recoveries for property, plant and equipment, net	3	121
Cash used by investing activities	(201)	(2,502)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net of fees	0	635
Payments of dividends to preferred and common stockholders	(204)	(174)
Equivalent shares purchased in lieu of tax withholdings	(35)	(16)
Payments for share repurchase activity	(90)	0
Net (payments)/receipts from settlement of acquired derivatives that include financing elements	(12)	318
Net proceeds of Revolving Credit Facility and Receivable Securitization Facilities	0	500
Proceeds from issuance of long-term debt	875	731
Payments of debt issuance costs	(12)	(22)
Repayments of long-term debt and finance leases	(956)	(10)
Payments for debt extinguishment costs	(257)	0
Proceeds from credit facilities	625	1,870
Repayments to credit facilities	(625)	(1,670)
Cash (used)/provided by financing activities	(691)	2,162
Effect of exchange rate changes on cash and cash equivalents	0	3
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	431	(1,365)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period	649	2,178
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period	$ 1,080	$ 813

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs - Summarized Financial Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments Accounted for by the Equity Method
Accounts receivable and Other current assets	$ 9,806	$ 9,727
Current liabilities	8,302	9,500
Variable Interest Entity, Primary Beneficiary
Investments Accounted for by the Equity Method
Accounts receivable and Other current assets	2,527	1,541
Current liabilities	153	153
Net assets	$ 2,374	$ 1,388

- Definition

Amount of asset recognized for present right to economic benefit, classified as current.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income/(Loss)	$ 738	$ 308	$ 1,249	$ (1,027)
Other Comprehensive (Loss)/Income
Foreign currency translation adjustments	(2)	6	(10)	8
Defined benefit plans	(1)	0	(2)	(1)
Other comprehensive (loss)/income	(3)	6	(12)	7
Comprehensive Income/(Loss)	$ 735	$ 314	$ 1,237	$ (1,020)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s segment structure reflects how management currently makes financial decisions and allocates resources. The Company manages its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus. Vivint Smart Home operations are reported within the Vivint Smart Home segment.

NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of the Company's segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and allocation of capital, as well as net income/(loss). The accounting policies of the segments are the same as those applied in the consolidated financial statements as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company’s 2023 Form 10-K.


	Three months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue	$	2,763	$	2,532	$	910	$	467	$	—	$	(13)	$	6,659
Depreciation and amortization	63		22		46		144		10		—		285
Impairment losses	—		—		15		—		—		—		15
Gain on sale of assets	—		—		5		—		—		—		5
Equity in earnings of unconsolidated affiliates	—		—		4		—		—		—		4
Loss on debt extinguishment	—		—		—		—		(202)		—		(202)
Income/(loss) before income taxes	966		447		(4)		(31)		(326)		—		1,052



Net income/(loss)	$	966	$	447	$	2	$	(29)	$	(648)	$	—	$	738


	Three months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue	$	2,515	$	2,503	$	892	$	444	$	—	$	(6)	$	6,348
Depreciation and amortization	73		30		23		180		9		—		315

Gain on sale of assets	—		3		—		—		—		—		3
Equity in earnings of unconsolidated affiliates	—		—		5		—		—		—		5

Income/(loss) before income taxes	785		(100)		(128)		(23)		(137)		—		397



Net income/(loss)	$	785	$	(101)	$	(129)	$	(23)	$	(224)	$	—	$	308



	Six months ended June 30, 2024
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue	$	4,996	$	6,047	$	2,129	$	935	$	—	$	(19)	$	14,088
Depreciation and amortization	130		45		70		288		20		—		553
Impairment losses	—		—		15		—		—		—		15

(Loss)/ gain on sale of assets	(4)		—		5		—		—		—		1
Equity in earnings of unconsolidated affiliates	—		—		7		—		—		—		7

Loss on debt extinguishment	—		—		—		—		(260)		—		(260)
Income/(loss) before income taxes	1,315		1,027		(79)		(22)		(494)		—		1,747




Net income/(loss)	$	1,315	$	1,028	$	(58)	$	(22)	$	(1,014)	$	—	$	1,249



	Six months ended June 30, 2023
(In millions)	Texas		East		West/Services/Other		Vivint Smart Home(a)		Corporate		Eliminations		Total
Revenue	$	4,549	$	6,679	$	2,266	$	592	$	—	$	(16)	$	14,070
Depreciation and amortization	148		60		47		232		18		—		505


Gain on sale of assets	—		202		—		—		—		—		202
Equity in earnings of unconsolidated affiliates	—		—		10		—		—		—		10

Income/(loss) before income taxes	1,069		(1,502)		(479)		(62)		(300)		—		(1,274)



Net income/(loss)	$	1,069	$	(1,503)	$	(433)	$	(62)	$	(98)	$	—	$	(1,027)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Long-term Debt and Finance Leases

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt and Finance Leases

Long-term debt and finance leases consisted of the following:


(In millions, except rates)	June 30, 2024		December 31, 2023		Interest rate %
Recourse debt:
Senior Notes, due 2027	$	375	$	375	6.625
Senior Notes, due 2028	821		821		5.750
Senior Notes, due 2029	733		733		5.250
Senior Notes, due 2029	500		500		3.375
Senior Notes, due 2031	1,030		1,030		3.625
Senior Notes, due 2032	480		480		3.875
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 2025	500		500		2.000
Senior Secured First Lien Notes, due 2027	900		900		2.450
Senior Secured First Lien Notes, due 2029	500		500		4.450
Senior Secured First Lien Notes, due 2033	740		740		7.000

Term Loan, due 2031	873		—		SOFR + 2.000


Tax-exempt bonds	466		466		1.250 - 4.750
Subtotal recourse debt	8,150		8,220
Non-recourse debt:
Vivint Senior Notes, due 2029	800		800		5.750
Vivint Senior Secured Notes, due 2027	600		600		6.750
Vivint Senior Secured Term Loan, due 2028	1,313		1,320		SOFR + 2.750
Subtotal all Vivint non-recourse debt	2,713		2,720
Subtotal long-term debt (including current maturities)	10,863		10,940
Finance leases	21		19		various
Subtotal long-term debt and finance leases (including current maturities)	10,884		10,959
Less current maturities	(262)		(620)
Less debt issuance costs	(62)		(60)
Discounts	(135)		(146)
Total long-term debt and finance leases	$	10,425	$	10,133

Recourse Debt

Senior Credit Facility

Term Loan B Incurrence

On April 16, 2024, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into the Eighth Amendment to the Second Amended and Restated Credit Agreement (the “Eighth Amendment”) with, among others, Citicorp North America, Inc., as administrative agent (the “Agent”) and as collateral agent, and certain financial institutions, as lenders, which amended the Company’s Second Amended and Restated Credit Agreement, dated as of June 30, 2016 (as amended, restated, supplemented and/or otherwise modified from time to time prior to the effectiveness of the Eighth Amendment, the “Credit Agreement”), in order to (i) establish a new term loan B facility with borrowings of $875 million in aggregate principal amount (the “Term Loan Facility” and the loans thereunder, the “Term Loans”) and (ii) make certain other modifications to the Credit Agreement as set forth therein. The proceeds from the Term Loans were used to repay a portion of the Company’s Convertible Senior Notes, all of the Company’s 3.750% senior secured first lien notes due 2024 and for general corporate purposes.

At the Company’s election, the Term Loans bear interest at a rate per annum equal to either (1) a fluctuating rate equal to the highest of (A) the rate published by the Federal Reserve Bank of New York in effect on such day, plus 0.50%, (B) the rate

of interest per annum publicly announced from time to time by The Wall Street Journal as the “Prime Rate” in the United States, and (C) a rate of one-month Term SOFR (as defined in the Credit Agreement (as amended by the Eighth Amendment and the Ninth Amendment (as defined below))) (after giving effect to any floor applicable to Term SOFR), in each case, plus a margin of 1.00% or (2) Term SOFR (as defined in the Credit Agreement (as amended by the Eighth Amendment and the Ninth Amendment)) (which Term SOFR shall not be less than 0.00%) for a one-, three- or six-month interest period (or such other period as agreed to by the Agent and the lenders, as selected by the Company), plus a margin of 2.00%.

The Term Loan Facility is guaranteed by each of the Company’s subsidiaries that guarantee the Revolving Credit Facility and is secured on a first lien basis by substantially all of the Company’s and such subsidiaries’ assets, in each case, subject to certain customary exceptions and limitations set forth in the Credit Agreement (as amended by the Eighth Amendment and the Ninth Amendment).

The Term Loans have a final maturity date of April 16, 2031 and amortize at a rate of 1% per annum payable in equal quarterly installments. If an event of default occurs under the Term Loan Facility, the entire principal amount outstanding thereunder, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods. The Term Loan Facility also provides for customary asset sale mandatory prepayments, reporting covenants and negative covenants governing dividends, investments, indebtedness, and other matters that are customary for similar term loan B facilities.

Revolving Credit Facility

On April 22, 2024, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into the Ninth Amendment to the Second Amended and Restated Credit Agreement (the “Ninth Amendment”) to extend the maturity date of a portion of the revolving commitments thereunder to February 14, 2028.

2048 Convertible Senior Notes

As of July 1, 2024, the Company's Convertible Senior Notes are convertible during the quarterly period ending September 30, 2024 due to the satisfaction of the Common Stock Sale Price Condition (as defined below). As of June 30, 2024, the Convertible Senior Notes are convertible into cash or a combination of cash and the Company’s common stock at a price of $41.32 per common share, which is the equivalent to a conversion rate of approximately 24.1998 shares of common stock per $1,000 principal amount of Convertible Senior Notes. The net carrying amounts of the Convertible Senior Notes as of June 30, 2024 and December 31, 2023 were $231 million and $572 million, respectively. The Convertible Senior Notes mature on June 1, 2048, unless earlier repurchased, redeemed or converted in accordance with their terms. The Convertible Senior notes are convertible at the option of the holders under certain circumstances. Prior to the close of business on the business day immediately preceding December 1, 2024, the Convertible Senior Notes will be convertible only upon the occurrence of certain events and during certain periods, including, among others, during any calendar quarter (and only during such calendar quarter) if the last reported sales price per share of the Company's common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter (the "Common Stock Sale Price Condition"). Thereafter during specified periods as follows:

•from December 1, 2024 until the close of business on the second scheduled trading day immediately before June 1, 2025; and

•from December 1, 2047 until the close of business on the second scheduled trading day immediately before the maturity date.

All conversions with a conversion date that occurs within the specific periods above will be settled after such period pursuant to the terms of the Convertible Senior Notes indenture.

The following table details the interest expense recorded in connection with the Convertible Senior Notes:


	Three months ended June 30,						Six months ended June 30,
(In millions, except percentages)	2024			2023			2024			2023
Contractual interest expense	$	2		$	4		$	6		$	8
Amortization of deferred finance costs	1			—			1			1
Total	$	3		$	4		$	7		$	9

Effective Interest Rate	0.76		%	0.75		%	1.54		%	1.52		%

Repurchases

During the six months ended June 30, 2024, the Company completed repurchases of a portion of the Convertible Senior Notes using cash on hand and a portion of the proceeds from the Term Loans, as detailed in the table below. For the six months ended June 30, 2024, a $260 million loss on debt extinguishment was recorded.


(In millions, except percentages)
Settlement Period	Principal Repurchased		Cash Paid(a)		Average Repurchase Percentage
March 2024	$	92	$	151	162.356%
April 2024	251		452		179.454%
Total Repurchases	$	343	$	603

(a)Includes accrued interest of $1 million and $2 million for the March and April repurchases, respectively

Capped Call Options

During the second quarter of 2024, the Company entered into privately negotiated capped call transactions with certain counterparties (the "Capped Calls") to effectively lock in a conversion premium of $257 million on the remaining $232 million of the Convertible Senior Notes. The option price of $257 million was incurred when the Company entered into the Capped Calls, which will be payable upon the earlier of settlement and expiration of the applicable Capped Calls. For further discussion see Note 9, Changes in Capital Structure.

Receivables Securitization Facilities

On June 21, 2024, NRG Receivables LLC (“NRG Receivables”), an indirect wholly-owned subsidiary of the Company, amended its existing Receivables Facility to, among other things, (i) extend the scheduled termination date to June 20, 2025, (ii) increase the aggregate commitments from $1.4 billion to $2.3 billion (adjusted seasonally) and (iii) add a new originator. As of June 30, 2024, there were no outstanding borrowings and there were $1.1 billion in letters of credit issued.

Also on June 21, 2024, Direct Energy Services, LLC (in its capacity as additional originator, the “Additional Originator”) entered into a Joinder Agreement (the “Joinder Agreement”) to join as Additional Originator to the Receivables Sale Agreement, dated as of September 22, 2020, among Direct Energy, LP, Direct Energy Business, LLC, Green Mountain Energy Company, NRG Business Marketing, LLC, Reliant Energy Northeast LLC, Reliant Energy Retail Services, LLC, Stream SPE, Ltd., US Retailers LLC and XOOM Energy Texas, LLC, as originators, NRG Retail, as the servicer, and NRG Receivables (the “Receivables Sale Agreement”). Pursuant to the Joinder Agreement, the Additional Originator agrees to be bound by the terms of the Receivables Sale Agreement, will sell to NRG Receivables substantially all of its receivables for the sale of electricity, natural gas and/or related services and certain related rights (collectively, the “Receivables”) and in connection therewith have transferred to NRG Receivables the deposit accounts into which the proceeds of such Receivables are paid.

Concurrently with the amendments to the Receivables Facility, the Company and the originators thereunder terminated the existing uncommitted Repurchase Facility.

Senior Secured First Lien Note Repayment

During the six months ended June 30, 2024, the Company repaid $600 million in aggregate principal amount of its 3.750% Senior Secured First Lien Notes due 2024.

Non-recourse Debt

Vivint Term Loan Repricing

On April 10, 2024, the Company’s wholly-owned indirect subsidiary, APX Group, Inc. (“Vivint”), entered into Amendment No. 2 (the "Second Amendment") to the Second Amended and Restated Credit Agreement dated as of June 9, 2021 (the “Vivint Credit Agreement”) with, among others, Bank of America, N.A. as administrative agent (the “Vivint Agent”), and certain financial institutions, as lenders, which amended the Vivint Agreement in order to (i) reprice its term loan B facility (the term loans thereunder, the “Vivint Term Loans”) and (ii) make certain other changes to the Vivint Credit Agreement.

From and after the closing of the Second Amendment, at Vivint’s election, the Vivint Term Loans will bear interest at a rate per annum equal to either (1) a fluctuating rate equal to the highest of (A) the rate published by the Federal Reserve Bank of New York in effect on such day, plus 0.50%, (B) the rate of interest per annum publicly announced from time to time by The Wall Street Journal as the “Prime Rate” in the United States, and (C) a rate of one-month Term SOFR (as defined in the Vivint Credit Agreement), (after giving effect to any floor applicable to Term SOFR) plus 1.00% in each case, plus a margin of 1.75%, or (2) Term SOFR (as defined in the Vivint Credit Agreement) (which Term SOFR shall not be less than 0.50%) for a one-, three- or six-month interest period or such other period as agreed to by the Vivint Agent and the lenders, as selected by Vivint, plus a margin of 2.75%.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Revenue	$ 6,659	$ 6,348	$ 14,088	$ 14,070
Operating Costs and Expenses
Cost of operations (excluding depreciation and amortization shown below)	4,356	4,962	10,041	13,740
Depreciation and amortization	285	315	553	505
Impairment losses	15	0	15	0
Selling, general and administrative costs	592	522	1,183	948
Acquisition-related transaction and integration costs	6	22	15	93
Total operating costs and expenses	5,254	5,821	11,807	15,286
Gain on sale of assets	5	3	1	202
Operating Income/(Loss)	1,410	530	2,282	(1,014)
Other Income/(Expense)
Equity in earnings of unconsolidated affiliates	4	5	7	10
Other income, net	3	13	33	29
Loss on debt extinguishment	(202)	0	(260)	0
Interest expense	(163)	(151)	(315)	(299)
Total other expense	(358)	(133)	(535)	(260)
Income/(Loss) Before Income Taxes	1,052	397	1,747	(1,274)
Income tax expense/(benefit)	314	89	498	(247)
Net Income/(Loss)	738	308	1,249	(1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17	17	34	21
Net Income/(Loss) Available to Common Stockholders, basic	721	291	1,215	(1,048)
Net Income/(Loss) Available to Common Stockholders, diluted	$ 721	$ 291	$ 1,215	$ (1,048)
Income/(Loss) per Share
Weighted average number of common shares outstanding — basic (in shares)	208,000	231,000	209,000	230,000
Income/(Loss) per Weighted Average Common Share — Basic (in usd per share)	$ 3.47	$ 1.26	$ 5.81	$ (4.56)
Weighted average number of common shares outstanding — diluted (in shares)	214,000	232,000	214,000	230,000
Income/(Loss) per Weighted Average Common Share — Diluted (in usd per share)	$ 3.37	$ 1.25	$ 5.68	$ (4.56)

Changes in Capital Structure - Changes in NRG's Common Stock Issued and Outstanding (Details) - shares	1 Months Ended	6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024
Schedule of Stock by Class, Equity [Roll Forward]
Preferred, Balance as of beginning of period (in shares)	650,000	650,000
Preferred, Balance as of end of period (in shares)		650,000
Common, Balance as of beginning of period (in shares)	266,552,386	267,330,470
Treasury, Balance as of beginning of period (in shares)	(59,053,958)	(59,199,520)
Common, Outstanding, as of beginning of period (in shares)	207,498,428	208,130,950
Shares repurchased (in shares)		(2,277,630)
Common, Balance as of end of period (in shares)		266,552,386
Treasury, Balance as of end of period (in shares)		(59,053,958)
Common, Outstanding, as of end of period (in shares)		207,498,428
Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares repurchased (in shares)	(1,127,232)
Partial settlement of Capped Call Options (in shares)	(1,067)
Common, Outstanding, as of end of period (in shares)	206,379,832
Shares issued under LTIPs
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)		1,499,546
Shares issued under LTIPs \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)	9,703
Shares issued under ESPP
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under ESPP (in shares)		145,562
Preferred Stock
Schedule of Stock by Class, Equity [Roll Forward]
Preferred, Balance as of beginning of period (in shares)	650,000
Preferred, Balance as of end of period (in shares)		650,000
Preferred Stock \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Preferred, Balance as of end of period (in shares)	650,000
Common Stock
Schedule of Stock by Class, Equity [Roll Forward]
Common, Balance as of beginning of period (in shares)	266,552,386	267,330,470
Retirement of treasury stock (in shares)		(2,277,630)
Common, Balance as of end of period (in shares)		266,552,386
Common Stock \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Retirement of treasury stock (in shares)	(955,232)
Common, Balance as of end of period (in shares)	265,606,857
Common Stock \| Shares issued under LTIPs
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)		1,499,546
Common Stock \| Shares issued under LTIPs \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)	9,703
Treasury Stock
Schedule of Stock by Class, Equity [Roll Forward]
Treasury, Balance as of beginning of period (in shares)	(59,053,958)	(59,199,520)
Shares repurchased (in shares)		(2,277,630)
Retirement of treasury stock (in shares)		2,277,630
Treasury, Balance as of end of period (in shares)		(59,053,958)
Treasury Stock \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares repurchased (in shares)	(1,127,232)
Partial settlement of Capped Call Options (in shares)	(1,067)
Retirement of treasury stock (in shares)	955,232
Treasury, Balance as of end of period (in shares)	(59,227,025)
Treasury Stock \| Shares issued under LTIPs \| Subsequent Event
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under LTIPs (in shares)	0
Treasury Stock \| Shares issued under ESPP
Schedule of Stock by Class, Equity [Roll Forward]
Shares issued under ESPP (in shares)		145,562

Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
	Jan. 06, 2023	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale			$ 5	$ 3	$ 1	$ 202
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| East
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of land and related assets	$ 212
Transaction fees	3
Gain on sale	$ 199
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsequent Event \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business unit		$ 500

Fair Value of Financial Instruments - Derivative Fair Value Measurements (Details) $ in Millions	Jun. 30, 2024 USD ($) $ / MMBTU $ / MWh $ / MWd certificate	Dec. 31, 2023 USD ($) $ / MWh $ / MWd certificate
Liabilities
Derivative liabilities	$ 4,099	$ 5,507
Commodity contracts
Assets
Derivative assets	6,110	6,138
Liabilities
Derivative liabilities	3,944	5,356
Interest rate contracts
Assets
Derivative assets	26	12
Liabilities
Derivative liabilities	4	8
Level 3
Assets
Derivative assets	295	334
Liabilities
Derivative liabilities	325	349
Level 3 \| RECs \| Fair Value, Recurring
Assets
Derivative assets	56	58
Liabilities
Derivative liabilities	$ 15	$ 14
Level 3 \| RECs \| Low \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh) \| Fair Value, Recurring
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| certificate	2,000,000	2
Level 3 \| RECs \| High \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh) \| Fair Value, Recurring
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| certificate	248,000,000	320
Level 3 \| RECs \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh) \| Fair Value, Recurring
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| certificate	16,000,000	15
Level 3 \| Commodity contracts
Assets
Derivative assets	$ 295	$ 334
Liabilities
Derivative liabilities	174	215
Level 3 \| Commodity contracts \| Natural Gas Contracts
Assets
Derivative assets	39	39
Liabilities
Derivative liabilities	$ 14	$ 65
Level 3 \| Commodity contracts \| Natural Gas Contracts \| Low \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input	0	1
Level 3 \| Commodity contracts \| Natural Gas Contracts \| High \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input	14,000,000	15
Level 3 \| Commodity contracts \| Natural Gas Contracts \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input	4,000,000	3
Level 3 \| Commodity contracts \| Power Contracts
Assets
Derivative assets	$ 168	$ 197
Liabilities
Derivative liabilities	$ 102	$ 66
Level 3 \| Commodity contracts \| Power Contracts \| Low \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| $ / MWh	0	1
Level 3 \| Commodity contracts \| Power Contracts \| High \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| $ / MWh	188,000,000	210
Level 3 \| Commodity contracts \| Power Contracts \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| $ / MWh	45,000,000	47
Level 3 \| Commodity contracts \| FTRs
Assets
Derivative assets	$ 17	$ 19
Liabilities
Derivative liabilities	$ 31	$ 37
Level 3 \| Commodity contracts \| FTRs \| Low \| Valuation Technique, Discounted Cash Flow \| Auction Prices ($ per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input	(34,000,000)	(58)
Level 3 \| Commodity contracts \| FTRs \| High \| Valuation Technique, Discounted Cash Flow \| Auction Prices ($ per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input	17,974,000,000	252
Level 3 \| Commodity contracts \| FTRs \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Auction Prices ($ per MWh)
Fair Value Inputs / Range
Derivative asset/liability, measurement input	0	0
Level 3 \| Interest rate contracts
Assets
Derivative assets	$ 0	$ 0
Liabilities
Derivative liabilities	$ 0	$ 0
Level 3 \| Interest rate contracts \| Low \| Valuation Technique, Discounted Cash Flow \| Collateral Prepayment Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.0200	0.0200
Level 3 \| Interest rate contracts \| Low \| Valuation Technique, Discounted Cash Flow \| Credit Loss Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.0475	0.0600
Level 3 \| Interest rate contracts \| High \| Valuation Technique, Discounted Cash Flow \| Collateral Prepayment Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.0300	0.0300
Level 3 \| Interest rate contracts \| High \| Valuation Technique, Discounted Cash Flow \| Credit Loss Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.6000	0.6000
Level 3 \| Interest rate contracts \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Collateral Prepayment Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.0292	0.0295
Level 3 \| Interest rate contracts \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Credit Loss Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.1332	0.1257
Level 3 \| Interest rate contracts \| Consumer financing program
Assets
Derivative assets	$ 0	$ 0
Liabilities
Derivative liabilities	$ 151	$ 134
Level 3 \| Interest rate contracts \| Consumer financing program \| Low \| Valuation Technique, Discounted Cash Flow \| Collateral Default Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.0104	0.0043
Level 3 \| Interest rate contracts \| Consumer financing program \| High \| Valuation Technique, Discounted Cash Flow \| Collateral Default Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.6620	0.9330
Level 3 \| Interest rate contracts \| Consumer financing program \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Collateral Default Rates
Fair Value Inputs / Range
Derivative liability, measurement input	0.0972	0.0812
Level 3 \| Capacity Contracts \| Capacity Contracts \| Fair Value, Recurring
Assets
Derivative assets	$ 15	$ 21
Liabilities
Derivative liabilities	$ 12	$ 33
Level 3 \| Capacity Contracts \| Capacity Contracts \| Low \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh) \| Fair Value, Recurring
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| $ / MWd	21,000,000	49
Level 3 \| Capacity Contracts \| Capacity Contracts \| High \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh) \| Fair Value, Recurring
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| $ / MWd	641,000,000	658
Level 3 \| Capacity Contracts \| Capacity Contracts \| Weighted Average \| Valuation Technique, Discounted Cash Flow \| Forward Market Price (perMMBtu) or (per MWh) \| Fair Value, Recurring
Fair Value Inputs / Range
Derivative asset/liability, measurement input \| $ / MWd	215,000,000	285

Income/(Loss) Per Share - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic income/(loss) per share:
Net income/(loss)	$ 738	$ 511	$ 308	$ (1,335)	$ 1,249	$ (1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		34	21
Net Income/(Loss) Available to Common Stockholders, basic	$ 721		$ 291		$ 1,215	$ (1,048)
Weighted average number of common shares outstanding — basic (in shares)	208,000		231,000		209,000	230,000
Income/(loss) per weighted average common share — basic (in usd per share)	$ 3.47		$ 1.26		$ 5.81	$ (4.56)
Diluted income/(loss) per share:
Net income/(loss)	$ 738	$ 511	$ 308	$ (1,335)	$ 1,249	$ (1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		34	21
Net Income/(Loss) Available to Common Stockholders, diluted	$ 721		$ 291		$ 1,215	$ (1,048)
Weighted average number of common shares outstanding — basic (in shares)	208,000		231,000		209,000	230,000
Incremental shares attributable to the issuance of equity compensation (treasury stock method) (in shares)	3,000		1,000		2,000	0
Incremental shares attributable to the potential share settlements of the Convertible Senior Notes (if converted method) (in shares)	3,000		0		3,000	0
Weighted average number of common shares outstanding — diluted (in shares)	214,000		232,000		214,000	230,000
Income/(loss) per weighted average common share — diluted (in usd per share)	$ 3.37		$ 1.25		$ 5.68	$ (4.56)

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 6,480	$ 6,216	$ 13,860	$ 13,731
Mark-to-market for economic hedging activities	875	64	1,347	(1,880)
Revenue	6,659	6,348	14,088	14,070
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	31	13	47	21
Derivative revenue	884	77	1,352	(1,855)
Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(13)	(5)	(16)	(6)
Revenue	(13)	(6)	(19)	(16)
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	0	0	0	0
Retail revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,344	6,027	13,573	13,390
Derivative revenue	9	16	19	43
Retail revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(8)	0	(8)	0
Derivative revenue	0	0	0	0
Energy revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	110	83	262	211
Derivative revenue	29	5	91	71
Energy revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(3)	(1)	(6)	1
Derivative revenue	(2)	(1)	(5)	1
Capacity revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	44	49	86	91
Derivative revenue	19	17	41	23
Capacity revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	0	(2)	0
Derivative revenue	0	0	0	0
Derivative revenue
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	84	75	24	166
Less: Realized and unrealized ASC 815 revenue	148	119	181	318
Derivative revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	2	0	2	(11)
Less: Realized and unrealized ASC 815 revenue	0	(1)	(3)	(10)
Other revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	84	122	160	231
Contract amortization	(7)	(8)	(17)	(19)
Other revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(3)	(5)	(5)	(6)
Contract amortization	0	0	0	0
Total operating revenue
Disaggregation of Revenue [Line Items]
Revenue	6,659	6,348	14,088	14,070
Total operating revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(13)	(6)	(19)	(16)
Other revenue, derivative
Disaggregation of Revenue [Line Items]
Derivative revenue	7	6	6	15
Other revenue, derivative \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Derivative revenue	0	0	0	0
Home \| Retail revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,176	2,859	6,305	5,519
Home \| Retail revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(8)	0	(8)	0
Business \| Retail revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,168	3,168	7,268	7,871
Business \| Retail revenue \| Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Texas \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,755	2,501	4,986	4,537
Revenue	2,763	2,515	4,996	4,549
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	0	0	0	0
Texas \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,692	2,395	4,870	4,353
Derivative revenue	0	0	0	0
Texas \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	16	16	23	20
Derivative revenue	0	0	0	0
Texas \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Derivative revenue	0	0	0	0
Texas \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	0	0	0	0
Less: Realized and unrealized ASC 815 revenue	8	14	10	12
Texas \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	55	104	103	176
Contract amortization	0	0	0	0
Texas \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,763	2,515	4,996	4,549
Texas \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	8	14	10	12
Texas \| Home \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,766	1,563	3,126	2,799
Texas \| Business \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	926	832	1,744	1,554
East \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,412	2,398	5,893	6,462
Revenue	2,532	2,503	6,047	6,679
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	12	6	22	5
East \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,361	2,358	5,789	6,374
Derivative revenue	9	16	19	43
East \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	46	28	127	102
Derivative revenue	15	13	58	60
East \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39	49	80	90
Derivative revenue	19	17	41	23
East \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	65	52	14	87
Less: Realized and unrealized ASC 815 revenue	108	99	132	212
East \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	27	23	53	44
Contract amortization	(6)	(7)	(16)	(18)
East \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,532	2,503	6,047	6,679
East \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	0	1	0	(1)
East \| Home \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	537	446	1,239	1,097
East \| Business \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,824	1,912	4,550	5,277
West/Services/Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	859	878	2,062	2,146
Revenue	910	892	2,129	2,266
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	19	7	25	16
West/Services/Other \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	832	830	1,987	2,071
Derivative revenue	0	0	0	0
West/Services/Other \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	51	40	118	88
Derivative revenue	16	(7)	38	10
West/Services/Other \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6	0	8	1
Derivative revenue	0	0	0	0
West/Services/Other \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	17	23	8	90
Less: Realized and unrealized ASC 815 revenue	32	7	42	104
West/Services/Other \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5	0	9	17
Contract amortization	(1)	(1)	(1)	(1)
West/Services/Other \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	910	892	2,129	2,266
West/Services/Other \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	(1)	(9)	(4)	4
West/Services/Other \| Home \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	414	406	1,013	1,031
West/Services/Other \| Business \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	418	424	974	1,040
Vivint Smart Home \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	467	444	935	592
Revenue	467	444	935	592
Less: Revenues accounted for under topics other than ASC 606 and ASC 815	0	0	0	0
Vivint Smart Home \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	467	444	935	592
Derivative revenue	0	0	0	0
Vivint Smart Home \| Energy revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Derivative revenue	0	0	0	0
Vivint Smart Home \| Capacity revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Derivative revenue	0	0	0	0
Vivint Smart Home \| Derivative revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Mark-to-market for economic hedging activities	0	0	0	0
Less: Realized and unrealized ASC 815 revenue	0	0	0	0
Vivint Smart Home \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Contract amortization	0	0	0	0
Vivint Smart Home \| Total operating revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	467	444	935	592
Vivint Smart Home \| Other revenue, derivative \| Operating Segments
Disaggregation of Revenue [Line Items]
Derivative revenue	0	0	0	0
Vivint Smart Home \| Home \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	467	444	935	592
Vivint Smart Home \| Business \| Retail revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0

Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions and Dispositions

Acquisitions

Acquisition of Vivint Smart Home

On March 10, 2023, the Company completed the acquisition of Vivint Smart Home, Inc., pursuant to the Agreement and Plan of Merger, dated as of December 6, 2022, by and among the Company, Vivint Smart Home, Inc. and Jetson Merger Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”) pursuant to which Merger Sub merged with and into Vivint Smart Home, Inc., with Vivint Smart Home, Inc. surviving the merger as a wholly-owned subsidiary of the Company. Dedicated to redefining the home experience with intelligent products and services, Vivint Smart Home brought approximately two million subscribers to NRG. Vivint Smart Home's single, expandable platform incorporates artificial intelligence and machine learning into its operating system and its vertically integrated business model includes hardware, software, sales, installation, customer service and technical support and professional monitoring, enabling superior subscriber experiences and a complete end-to-end smart home experience. The acquisition accelerated the realization of NRG's consumer-focused growth strategy and created a leading essential home services platform fueled by market-leading brands, unparalleled insights, proprietary technologies and complementary sales channels.

NRG paid $12 per share, or approximately $2.6 billion in cash. The Company funded the acquisition using:

•proceeds of $724 million from newly issued $740 million 7.000% Senior Secured First Lien Notes due 2033, net of issuance costs and discount;

•proceeds of $635 million from newly issued $650 million 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, net of issuance costs;

•proceeds of approximately $900 million drawn from its Revolving Credit Facility and Receivables Securitization Facilities; and

•cash on hand.

The acquisition has been recorded as a business combination under ASC 805, with identifiable assets and liabilities acquired recorded at their estimated Acquisition Closing Date fair value. The total consideration of $2.623 billion includes:


	(In millions)
Vivint Smart Home, Inc. common shares outstanding as of March 10, 2023 of 216,901,639 at $12.00 per share	$	2,603
Other Vivint Smart Home, Inc. equity instruments (Cash out RSUs and PSUs, Stock Appreciation Rights, Private Placement Warrants)	6
Total Cash Consideration	$	2,609
Fair value of acquired Vivint Smart Home, Inc. equity awards attributable to pre-combination service	14
Total Consideration	$	2,623

Acquisition costs of $2 million and $38 million for the three and six months ended June 30, 2023, respectively, are included in acquisition-related transaction and integration costs in the Company's consolidated statement of operations.

For additional information, refer to Note 4, Acquisitions and Dispositions, to the Company's 2023 Form 10-K.

Dispositions

Planned sale of Airtron

On August 3, 2024, the Company entered into a definitive agreement to sell its Airtron business unit for total proceeds of $500 million, subject to standard purchase price adjustments. Airton is a leading provider of HVAC systems for residential new construction homes and was acquired as part of the Direct Energy acquisition in 2021. The transaction is subject to regulatory approval under the Hart Scott Rodino act and is expected to close by the end of 2024.

Sale of Astoria

On January 6, 2023, the Company closed on the sale of land and related generation assets from the Astoria site, within the East region of operations, for proceeds of $212 million, subject to transaction fees of $3 million and certain indemnifications, resulting in a $199 million gain.

Nature of Business and Basis of Presentation	6 Months Ended
Nature of Business and Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation General NRG Energy, Inc., or NRG or the Company, sits at the intersection of energy and home services. NRG is a leading energy and home services company fueled by market-leading brands, proprietary technologies, and complementary sales channels. Across the United States and Canada, NRG delivers innovative, sustainable solutions, predominately under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy and Vivint, while also advocating for competitive energy markets and customer choice. The Company has a customer base that includes approximately 8 million residential consumers in addition to commercial, industrial, and wholesale customers, supported by approximately 13 GW of generation as of June 30, 2024. The Company's business is segmented as follows: •Texas, which includes all activity related to customer, plant and market operations in Texas, other than Cottonwood; •East, which includes all activity related to customer, plant and market operations in the East; •West/Services/Other, which includes the following assets and activities: (i) all activity related to customer, plant and market operations in the West and Canada, (ii) the Services businesses and (iii) activity related to the Cottonwood facility and other investments; •Vivint Smart Home; and •Corporate activities. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2023 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of June 30, 2024, and the results of operations, comprehensive income/(loss), cash flows and stockholders' equity for the three and six months ended June 30, 2024 and 2023. The Company identified an error in the previously issued condensed consolidated financial statements for the period ended June 30, 2023 related to the presentation of cash flows associated with certain borrowings and repayments related to certain credit facilities. The statement of cash flows for the period ended June 30, 2023 has been adjusted to present on a gross basis the certain borrowings from credit facilities of $1.9 billion and the related repayments of $1.7 billion. The change had no impact to the total cash used by financing activities for the period ended June 30, 2023. The Company evaluated the materiality of this error both qualitatively and quantitatively and has concluded it is immaterial to the impacted period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain prior period amounts have been reclassified for comparative purposes. The reclassifications did not affect consolidated results of operations, net assets or consolidated cash flows.

Changes in Capital Structure - Preferred Stock (Details)
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2024

USD ($)

$ / shares

Class of Stock [Line Items]

Dividends per Series A Preferred Stock (in usd per share) | $ / shares

$ 51.25

Series A Preferred Stock dividends | $

$ 33

^[1]

Series A Preferred Stock

Class of Stock [Line Items]

Dividends per Series A Preferred Stock (in usd per share) | $ / shares

$ 51.25

Series A Preferred Stock dividends | $

$ 33

Series A Preferred Stock | Preferred Stock

Class of Stock [Line Items]

Preferred stock, dividend rate, percentage

10.25%

[1]	Dividend per share of Series A Preferred Stock was $51.25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

NRG provides services to some of its related parties, which are accounted for as equity method investments, under operations and maintenance agreements. Fees for the services under these agreements include recovery of NRG's costs of operating the plants. Certain agreements also include fees for administrative services, a base monthly fee, profit margin and/or annual incentive bonus.

The following table summarizes NRG's material related party transactions with third-party affiliates:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Revenues from Related Parties Included in Revenue
Gladstone	$	—	$	—	$	1	$	1

Ivanpah(a)	12		21		25		55
Midway-Sunset	1		1		2		2


Total	$	13	$	22	$	28	$	58

(a)Also includes fees under project management agreements with each project company

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Summary of Significant Accounting Policies - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance beginning of period	$ 5,079
Impairment	(15)
Foreign currency translation adjustments	(4)
Balance end of period	5,060
Texas
Goodwill [Roll Forward]
Balance beginning of period	643
Impairment	0
Foreign currency translation adjustments	0
Balance end of period	643
East
Goodwill [Roll Forward]
Balance beginning of period	721
Impairment	0
Foreign currency translation adjustments	0
Balance end of period	721
West/Services/Other
Goodwill [Roll Forward]
Balance beginning of period	221
Impairment	(15)
Foreign currency translation adjustments	(4)
Balance end of period	202
Vivint Smart Home
Goodwill [Roll Forward]
Balance beginning of period	3,494
Impairment	0
Foreign currency translation adjustments	0
Balance end of period	$ 3,494

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Contract Assets and Liabilities [Line Items]
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)	$ 1,005		$ 1,005		$ 706
Total accounts receivable, net	3,402		3,402		3,542
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)	1,512		1,512		1,493
Deferred revenues	1,685		1,685		1,634
Deferred revenues from contracts with customers					1,600
Revenue recognized	266	$ 310	395	$ 168
Accounts receivable, net - Contracts with customers
Schedule of Contract Assets and Liabilities [Line Items]
Total accounts receivable, net	3,346		3,346		3,395
Accounts receivable, net - Accounted for under topics other than ASC 606
Schedule of Contract Assets and Liabilities [Line Items]
Total accounts receivable, net	44		44		136
Accounts receivable, net - Affiliate
Schedule of Contract Assets and Liabilities [Line Items]
Total accounts receivable, net	$ 12		$ 12		$ 11

Changes in Capital Structure - Schedule of Repurchases Under Share Repurchase Programs (Details) - USD ($)

1 Months Ended

3 Months Ended

5 Months Ended

6 Months Ended

12 Months Ended

Jul. 31, 2024

Jun. 30, 2024

Dec. 31, 2023

Mar. 31, 2024

Jun. 30, 2024

Dec. 31, 2023

Jun. 22, 2023

Schedule of Capitalization, Equity [Line Items]

Amounts paid for shares purchased

^[1]

$ 91,000,000

Subsequent Event

Schedule of Capitalization, Equity [Line Items]

Average price paid per share (in usd per share)

$ 50.73

Capital Allocation Plan, Open Market Repurchases

Schedule of Capitalization, Equity [Line Items]

Total number of shares purchased (in shares)

1,114,400

5,054,798

Average price paid per share (in usd per share)

$ 80.76

$ 39.56

Amounts paid for shares purchased

$ 90,000,000

$ 200,000,000

Capital Allocation Plan, Open Market Repurchases | Subsequent Event

Schedule of Capitalization, Equity [Line Items]

Total number of shares purchased (in shares)

1,127,232

Average price paid per share (in usd per share)

$ 76.27

Amounts paid for shares purchased

$ 86,000,000

Capital Allocation Plan, Accelerated Repurchase Agreements

Schedule of Capitalization, Equity [Line Items]

Total number of shares purchased (in shares)

1,163,230

17,676,142

Amounts paid for shares purchased

$ 0

$ 950,000,000

Capital Allocation Plan, 2023

Schedule of Capitalization, Equity [Line Items]

Total number of shares purchased (in shares)

2,277,630

22,730,940

Amounts paid for shares purchased

$ 90,000,000

$ 1,150,000,000

Stock repurchase program, authorized amount

$ 2,700,000,000

Excise tax

$ 1,000,000

$ 10,000,000

Capital Allocation Plan, 2023 | Subsequent Event

Schedule of Capitalization, Equity [Line Items]

Total number of shares purchased (in shares)

26,135,802

Amounts paid for shares purchased

$ 1,326,000,000

November 2023 Accelerated Share Repurchase Agreements

Schedule of Capitalization, Equity [Line Items]

Total number of shares purchased (in shares)

1,163,230

18,839,372

Average price paid per share (in usd per share)

$ 50.43

[1]	Includes excise tax accrued of $1 million for the three months ended June 30, 2024

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Preferred Stock

Common Stock

Additional Paid-In Capital

Retained Earnings

Treasury Stock

Accumulated Other Comprehensive Loss

Beginning balance at Dec. 31, 2022

$ 3,828

$ 4

$ 8,457

$ 1,408

$ (5,864)

$ (177)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

(1,335)

Issuance of Series A Preferred Stock

636

$ 650

(14)

Other comprehensive (loss)/income

Equity-based awards activity, net

^[1]

Common stock dividends and dividend equivalents declared

^[2]

(88)

Ending balance at Mar. 31, 2023

3,080

650

8,481

(15)

(5,864)

(176)

Beginning balance at Dec. 31, 2022

3,828

8,457

1,408

(5,864)

(177)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

(1,027)

Other comprehensive (loss)/income

Ending balance at Jun. 30, 2023

3,332

650

8,504

205

(5,861)

(170)

Beginning balance at Dec. 31, 2022

3,828

8,457

1,408

(5,864)

(177)

Ending balance at Dec. 31, 2023

2,906

650

3,416

820

(1,892)

(91)

Beginning balance at Mar. 31, 2023

3,080

650

8,481

(15)

(5,864)

(176)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

308

Issuance of Series A Preferred Stock

(1)

Other comprehensive (loss)/income

Shares reissuance for ESPP

Equity-based awards activity, net

^[1]

Common stock dividends and dividend equivalents declared

^[2]

(88)

Ending balance at Jun. 30, 2023

3,332

650

8,504

205

(5,861)

(170)

Beginning balance at Dec. 31, 2023

2,906

650

3,416

820

(1,892)

(91)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

511

Other comprehensive (loss)/income

(9)

Share repurchases

^[3]

117

(117)

Retirement of treasury stock

^[4]

(38)

Equity-based awards activity, net

^[1]

Common stock dividends and dividend equivalents declared

^[2]

(86)

Series A Preferred Stock semi-annual dividends

^[5]

(33)

Ending balance at Mar. 31, 2024

3,297

650

3,503

1,212

(1,971)

(100)

Beginning balance at Dec. 31, 2023

2,906

650

3,416

820

(1,892)

(91)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

1,249

Other comprehensive (loss)/income

(12)

Ending balance at Jun. 30, 2024

3,623

650

3,229

1,863

(2,019)

(103)

Beginning balance at Mar. 31, 2024

3,297

650

3,503

1,212

(1,971)

(100)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

738

Other comprehensive (loss)/income

(3)

Shares reissuance for ESPP

Share repurchases

^[6]

(91)

Retirement of treasury stock

^[4]

(38)

Equity-based awards activity, net

^[1]

Common stock dividends and dividend equivalents declared

^[4]

(87)

Capped Call Options

^[7]

(253)

Ending balance at Jun. 30, 2024

$ 3,623

$ 650

$ 3

$ 3,229

$ 1,863

$ (2,019)

$ (103)

[1]	Includes $(12) million and $(23) million for the quarters ended June 30, and March 31, 2024, respectively, and $(8) million and $(8) million for the quarters ended June 30, and March 31, 2023, respectively, of equivalent shares purchased in lieu of tax withholding on equity compensation issuances
[2]	Dividends per common share were $0.4075 for each of the quarters ended June 30 and March 31, 2024 and $0.3775 for each of the quarters ended June 30, and March 31, 2023
[3]	Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information
[4]	For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[5]	Dividend per share of Series A Preferred Stock was $51.25
[6]	Includes excise tax accrued of $1 million for the three months ended June 30, 2024
[7]	For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value

The estimated carrying value and fair value of the Company's long-term debt, including current portion, is as follows:


	June 30, 2024				December 31, 2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value




Convertible Senior Notes	$	232	$	445	$	575	$	739

Other long-term debt, including current portion	10,496		10,142		10,219		9,835
Total long-term debt, including current portion(a)	$	10,728	$	10,587	$	10,794	$	10,574

(a)Excludes deferred financing costs, which are recorded as a reduction to long-term debt in the Company's consolidated balance sheets

Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis


	June 30, 2024
	Fair Value
(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	25	$	—	$	25	$	—



Derivative assets:
Interest rate contracts	26		—		26		—
Foreign exchange contracts	9		—		9		—
Commodity contracts	6,110		764		5,051		295


Equity securities measured using net asset value practical expedient (classified within other non-current assets)	6
Total assets	$	6,176	$	764	$	5,111	$	295
Derivative liabilities:
Interest rate contracts	$	4	$	—	$	4	$	—

Commodity contracts	3,944		729		3,041		174
Consumer Financing Program	151		—		—		151
Total liabilities	$	4,099	$	729	$	3,045	$	325


	December 31, 2023
	Fair Value
(In millions)	Total		Level 1		Level 2		Level 3
Investments in securities (classified within other current and non-current assets)	$	21	$	—	$	21	$	—


Derivative assets:
Interest rate contracts	12		—		12		—
Foreign exchange contracts	5		—		5		—
Commodity contracts	6,138		1,334		4,470		334



Equity securities measured using net asset value practical expedient (classified within other non-current assets)	6
Total assets	$	6,182	$	1,334	$	4,508	$	334
Derivative liabilities:
Interest rate contracts	$	8	$	—	$	8	$	—
Foreign exchange contracts	9		—		9		—
Commodity contracts	5,356		1,413		3,728		215
Consumer Financing Program	134		—		—		134
Total liabilities	$	5,507	$	1,413	$	3,745	$	349

Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Commodity Derivatives(a)
(In millions)	Three months ended June 30, 2024		Three months ended June 30, 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
Beginning balance	$	91	$	471	$	119	$	505

Total gains/(losses) realized/unrealized included in earnings	4		(86)		(37)		(177)
Purchases	31		99		31		140
Transfers into Level 3(b)	2		414		17		438
Transfers out of Level 3(b)	(7)		7		(9)		(1)
Ending balance	$	121	$	905	$	121	$	905
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	$	8	$	(76)	$	(29)	$	(131)

(a)Consists of derivative assets and liabilities, net, excluding derivatives liabilities from the Consumer Financing Program, which are presented in a separate table below

Reconciliation of contractual obligations of Consumer Financing Program recognized at fair value


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Consumer Financing Program
(In millions)	Three months ended June 30, 2024		Three months ended June 30, 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
Beginning balance	$	(124)	$	(111)	$	(134)	$	—
Contractual obligations added from the acquisition of Vivint Smart Home	—		—		—		(112)
New contractual obligations	(43)		(20)		(58)		(22)
Settlements	22		19		43		22
Total losses included in earnings	(6)		(3)		(2)		(3)
Ending balance	$	(151)	$	(115)	$	(151)	$	(115)

Significant unobservable inputs used developing fair values, Quantitative Information

The following tables quantify the significant, unobservable inputs used in developing the fair value of the Company's Level 3 positions as of June 30, 2024 and December 31, 2023:



	June 30, 2024
	Fair Value						Input/Range
(In millions, except as noted)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low			High			Weighted Average
Natural Gas Contracts	$	39	$	14	Discounted Cash Flow	Forward Market Price ($ per MMBtu)	$	0		$	14		$	4
Power Contracts	168		102		Discounted Cash Flow	Forward Market Price ($ per MWh)	0			188			45
Capacity Contracts	15		12		Discounted Cash Flow	Forward Market Price ($ per MW/Day)	21			641			215
RECs	56		15		Discounted Cash Flow	Forward Market Price ($ per Certificate)	2			248			16
FTRs	17		31		Discounted Cash Flow	Auction Prices ($ per MWh)	(34)			17,974			0
Consumer Financing Program	—		151		Discounted Cash Flow	Collateral Default Rates	1.04		%	66.20		%	9.72		%
					Discounted Cash Flow	Collateral Prepayment Rates	2.00		%	3.00		%	2.92		%
					Discounted Cash Flow	Credit Loss Rates	4.75		%	60.00		%	13.32		%
	$	295	$	325



	December 31, 2023
	Fair Value						Input/Range
(In millions, except as noted)	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low			High			Weighted Average
Natural Gas Contracts	$	39	$	65	Discounted Cash Flow	Forward Market Price ($ per MMBtu)	$	1		$	15		$	3
Power Contracts	197		66		Discounted Cash Flow	Forward Market Price ($ per MWh)	1			210			47
Capacity Contracts	21		33		Discounted Cash Flow	Forward Market Price ($ per MW/Day)	49			658			285
RECs	58		14		Discounted Cash Flow	Forward Market Price ($ per Certificate)	2			320			15
FTRs	19		37		Discounted Cash Flow	Auction Prices ($ per MWh)	(58)			252			0
Consumer Financing Program	—		134		Discounted Cash Flow	Collateral Default Rates	0.43		%	93.30		%	8.12		%
					Discounted Cash Flow	Collateral Prepayment Rates	2.00		%	3.00		%	2.95		%
					Discounted Cash Flow	Credit Loss Rates	6.00		%	60.00		%	12.57		%
	$	334	$	349

Fair value inputs, sensitivity analysis

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant, unobservable inputs as of June 30, 2024 and December 31, 2023:

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Forward Market Price Natural Gas/Power/Capacity/RECs

Buy

Increase/(Decrease)

Higher/(Lower)

Forward Market Price Natural Gas/Power/Capacity/RECs

Sell

Increase/(Decrease)

Lower/(Higher)

FTR Prices

Buy

Increase/(Decrease)

Higher/(Lower)

FTR Prices

Sell

Increase/(Decrease)

Lower/(Higher)

Collateral Default Rates

n/a

Increase/(Decrease)

Higher/(Lower)

Collateral Prepayment Rates

n/a

Increase/(Decrease)

Lower/(Higher)

Credit Loss Rates

n/a

Increase/(Decrease)

Higher/(Lower)

Net counterparty credit exposure by industry sector and by counterparty credit quality

The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.


	Net Exposure(a)(b)
Category by Industry Sector	(% of Total)

Utilities, energy merchants, marketers and other	79	%
Financial institutions	21

Total as of June 30, 2024	100	%


	Net Exposure (a)(b)
Category by Counterparty Credit Quality	(% of Total)
Investment grade	54	%
Non-investment grade/Non-Rated	46
Total as of June 30, 2024	100	%

(a)Counterparty credit exposure excludes coal transportation contracts because of the unavailability of market prices

(b)The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Accounting for Derivative Instruments and Hedging Activities - Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Cash collateral received in support of energy risk management activities	$ (688)	$ (84)
Derivative liabilities	(4,099)	(5,507)
Cash Collateral Posted	384	441
Total Derivative Contracts
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Gross Amounts of Recognized Assets / Liabilities	2,046	648
Derivative Instruments	0	0
Cash Collateral (Held) / Posted	(646)	71
Net Amount	1,400	719
Interest rate contracts
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Derivative assets	26	12
Derivative Instruments	(4)	(8)
Cash collateral received in support of energy risk management activities	0	0
Net Amount	22	4
Derivative liabilities	(4)	(8)
Derivative Instruments	4	8
Cash Collateral Posted	0	0
Net Amount	0	0
Gross Amounts of Recognized Assets / Liabilities	22	4
Derivative Instruments	0	0
Cash Collateral (Held) / Posted	0	0
Net Amount	22	4
Foreign exchange
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Derivative assets	9	5
Derivative Instruments	0	(5)
Cash collateral received in support of energy risk management activities	0	0
Net Amount	9	0
Derivative liabilities		(9)
Derivative Instruments		5
Cash Collateral Posted		0
Net Amount		(4)
Gross Amounts of Recognized Assets / Liabilities		(4)
Derivative Instruments		0
Cash Collateral (Held) / Posted		0
Net Amount		(4)
Commodity contracts
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Derivative assets	6,110	6,138
Derivative Instruments	(3,726)	(4,926)
Cash collateral received in support of energy risk management activities	(693)	(74)
Net Amount	1,691	1,138
Derivative liabilities	(3,944)	(5,356)
Derivative Instruments	3,726	4,926
Cash Collateral Posted	47	145
Net Amount	(171)	(285)
Gross Amounts of Recognized Assets / Liabilities	2,166	782
Derivative Instruments	0	0
Cash Collateral (Held) / Posted	(646)	71
Net Amount	1,520	853
Consumer Financing Program
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid
Derivative liabilities	(151)	(134)
Derivative Instruments	0	0
Cash Collateral Posted	0	0
Net Amount	$ (151)	$ (134)

Accounting for Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Net unrealized losses on open positions related to economic hedges	$ (649)	$ (180)	$ (889)	$ 893
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	700		700
Interest Rate Swap \| Term Loan
Derivative [Line Items]
Derivative, notional amount	$ 1,000		$ 1,000

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Effective Income Tax Rate

The income tax provision consisted of the following:


	Three months ended June 30,						Six months ended June 30,
(In millions, except rates)	2024			2023			2024			2023
Income/(Loss) before income taxes	$	1,052		$	397		$	1,747		$	(1,274)
Income tax expense/(benefit)	314			89			498			(247)

Effective income tax rate	29.8		%	22.4		%	28.5		%	19.4		%

For the three and six months ended June 30, 2024, the effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax expense and permanent differences.

For the three months ended June 30, 2023, the effective tax rate was higher than the statutory rate of 21% primarily due to the state tax expense. For the six months ended June 30, 2023, the effective tax rate was lower than the statutory rate of 21%, primarily due to current state tax expense which has an inverted effect and reduces the effective tax rate when applied to year-to-date financial statement losses.

As of June 30, 2024, NRG as an applicable corporation is subject to the CAMT, and has reflected the impact in its current and deferred taxes. There is no CAMT impact to NRG's effective income tax rate. The Company's CAMT liability is significantly impacted by unrealized gains and losses on derivative instruments. NRG will continue to evaluate the impact of the CAMT if further guidance is provided by the U.S. Treasury or the IRS.

Uncertain Tax Benefits

As of June 30, 2024, NRG had a non-current tax liability of $67 million for uncertain tax benefits from positions taken on various federal and state income tax returns inclusive of accrued interest. For the six months ended June 30, 2024, NRG accrued an immaterial amount of interest relating to the uncertain tax benefits. As of June 30, 2024, NRG had cumulative interest and penalties related to these uncertain tax benefits of $3 million. The Company recognizes interest and penalties related to uncertain tax benefits in income tax expense.

NRG is subject to examination by taxing authorities for income tax returns filed in the U.S. federal jurisdiction and various state and foreign jurisdictions including operations located in Australia and Canada. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2020. With few exceptions, state and Canadian income tax examinations are no longer open for years prior to 2015.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value of Financial Instruments - Counterparty Credit Risk (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Concentration of Credit Risk
Counterparty credit exposure to a portion of the Company's counterparties	$ 2,600
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties	1,300
Net counterparty credit exposure to a portion of the Company's counterparties	$ 1,400
Company's exposure before collateral expected to roll off (as a percent)	61.00%
Net exposure (as a percent)	100.00%
Counterparty credit risk exposure to certain counterparties, threshold (as a percent)	10.00%
Estimated counterparty credit risk exposure under certain long term agreements for the next 5 years	$ 962
Period of estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements (in years)	5 years
Investment grade
Concentration of Credit Risk
Net exposure (as a percent)	54.00%
Non-Investment grade/Non-Rated
Concentration of Credit Risk
Net exposure (as a percent)	46.00%
Utilities, energy merchants, marketers and other
Concentration of Credit Risk
Net exposure (as a percent)	79.00%
Financial Institutions
Concentration of Credit Risk
Net exposure (as a percent)	21.00%

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The income tax provision consisted of the following:


	Three months ended June 30,						Six months ended June 30,
(In millions, except rates)	2024			2023			2024			2023
Income/(Loss) before income taxes	$	1,052		$	397		$	1,747		$	(1,274)
Income tax expense/(benefit)	314			89			498			(247)

Effective income tax rate	29.8		%	22.4		%	28.5		%	19.4		%

Accounting for Derivative Instruments and Hedging Activities - Pre-tax Effects of Economic Hedges Not Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unrealized mark-to-market results
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges	$ 209	$ (151)	$ 453	$ (997)
Reversal of acquired loss positions related to economic hedges	17	35	5	10
Net unrealized gains/(losses) on open positions related to economic hedges	649	180	889	(893)
Total unrealized mark-to-market gains/(losses) for economic hedging activities	875	64	1,347	(1,880)
Reversal of previously recognized unrealized losses on settled positions related to trading activity	4	10	0	11
Net unrealized gains on open positions related to trading activity	5	3	5	14
Total unrealized mark-to-market gains for trading activity	9	13	5	25
Total unrealized gains/(losses) - commodities and foreign exchange	884	77	1,352	(1,855)
Net unrealized gains (losses) on open positions related to economic hedges	649	180	889	(893)
Credit Risk Related Contingent Features
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty	50		50
Additional collateral required	7		7
Adequate Assurance Clauses
Credit Risk Related Contingent Features
Derivative net liability position, collateral required for contracts with credit rating contingent feature	488		488
Commodities \| Operating revenues
Unrealized mark-to-market results
Total unrealized gains/(losses) - commodities and foreign exchange	93	88	29	191
Commodities \| Cost of operations
Unrealized mark-to-market results
Total unrealized gains/(losses) - commodities and foreign exchange	789	5	1,312	(2,032)
Foreign exchange \| Cost of operations
Unrealized mark-to-market results
Total unrealized gains/(losses) - commodities and foreign exchange	2	(16)	11	(14)
Commodities and foreign exchange
Unrealized mark-to-market results
Total unrealized gains/(losses) - commodities and foreign exchange	884	77	1,352	(1,855)
Consumer financing program
Unrealized mark-to-market results
Total unrealized gains/(losses) - commodities and foreign exchange	(6)	(3)	(2)	(3)
Interest rate contracts
Unrealized mark-to-market results
Total unrealized gains/(losses) - commodities and foreign exchange	$ 6	$ 29	$ 18	$ 24

Long-term Debt and Finance Leases - Senior Note Repurchases (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Loss on debt extinguishment		$ (202)		$ 0	$ (260)	$ 0
Accrued interest	$ 2	1			1
Recourse Debt
Debt Instrument [Line Items]
Principal Repurchased		$ 343			343
Cash paid					603
Recourse Debt \| Convertible Senior Notes, due 2048
Debt Instrument [Line Items]
Loss on debt extinguishment					$ 260
Principal Repurchased	251		$ 92
Cash paid	$ 452		$ 151
Average Repurchase Percentage	179.454%		162.356%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income/(Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

NRG's basic and diluted income/(loss per share

NRG's basic and diluted income/(loss) per share is shown in the following table:


	Three months ended June 30,				Six months ended June 30,
(In millions, except per share data)	2024		2023		2024		2023
Basic income/(loss) per share:
Net income/(loss)	$	738	$	308	$	1,249	$	(1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		34		21
Net income/(loss) available for common stockholders	$	721	$	291	$	1,215	$	(1,048)
Weighted average number of common shares outstanding - basic	208		231		209		230
Income/(loss) per weighted average common share — basic	$	3.47	$	1.26	$	5.81	$	(4.56)

Diluted income/(loss) per share:
Net income/(loss)	$	738	$	308	$	1,249	$	(1,027)
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		34		21
Net income/(loss) available for common stockholders	$	721	$	291	$	1,215	$	(1,048)
Weighted average number of common shares outstanding - basic	208		231		209		230
Incremental shares attributable to the issuance of equity compensation (treasury stock method)	3		1		2		—
Incremental shares attributable to the potential share settlements of the Convertible Senior Notes (if converted method)	3		—		3		—
Weighted average number of common shares outstanding - dilutive	214		232		214		230
Income/(loss) per weighted average common share — diluted	$	3.37	$	1.25	$	5.68	$	(4.56)

Summary of outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted income/(loss) per share

The following table summarizes the Company's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted income/(loss) per share:


	Three months ended June 30,		Six months ended June 30,
(In millions of shares)	2024	2023	2024	2023
Equity compensation plans	—	1	—	7

Changes in Capital Structure - Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

5 Months Ended

6 Months Ended

12 Months Ended

Jul. 31, 2024

Jun. 30, 2023

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2024

Jun. 30, 2024

Dec. 31, 2023

Nov. 06, 2023

Jun. 22, 2023

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

10,000,000

Common stock, shares authorized (in shares)

500,000,000

Share repurchases

^[1]

$ 91,000,000

ESPP, minimum percentage of eligible compensation to purchase shares

1.00%

ESPP, maximum percentage of eligible compensation

10.00%

ESPP, exercise price as percentage of fair value

90.00%

Treasury Stock

Class of Stock [Line Items]

Share repurchases

$ 91,000,000

^[1]

$ 117,000,000

^[2]

$ 117,000,000

Additional Paid-In Capital

Class of Stock [Line Items]

Share repurchases

^[2]

$ (117,000,000)

November 2023 Accelerated Share Repurchase Agreements

Class of Stock [Line Items]

Accelerated share repurchases, agreement amount

$ 950,000,000

Shares repurchased (in shares)

1,163,230

18,839,372

November 2023 Accelerated Share Repurchase Agreements | Treasury Stock

Class of Stock [Line Items]

Share repurchases

$ 833,000,000

November 2023 Accelerated Share Repurchase Agreements | Additional Paid-In Capital

Class of Stock [Line Items]

Share repurchases

$ 117,000,000

Capital Allocation Plan, 2023

Class of Stock [Line Items]

Shares repurchased (in shares)

17,676,142

Capital Allocation Plan, 2023

Class of Stock [Line Items]

Capital allocation policy, target allocation, percentage of cash available for allocation after debt reduction to be returned to shareholders

80.00%

Stock repurchase program, authorized amount

$ 2,700,000,000

Share repurchases

$ 90,000,000

$ 1,150,000,000

Shares repurchased (in shares)

2,277,630

22,730,940

Capital Allocation Plan, 2023 | Subsequent Event

Class of Stock [Line Items]

Remaining amount recorded in additional paid in capital

$ 1,400,000,000

Share repurchases

$ 1,326,000,000

Shares repurchased (in shares)

26,135,802

Capital Allocation Plan, Open Market Repurchases

Class of Stock [Line Items]

Share repurchases

$ 90,000,000

$ 200,000,000

Shares repurchased (in shares)

1,114,400

5,054,798

Capital Allocation Plan, Open Market Repurchases | Subsequent Event

Class of Stock [Line Items]

Share repurchases

$ 86,000,000

Shares repurchased (in shares)

1,127,232

[1]	Includes excise tax accrued of $1 million for the three months ended June 30, 2024
[2]	Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information

Changes in Capital Structure - Capped Call Options (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Option Indexed to Issuer's Equity [Line Items]

Borrowings outstanding

$ 10,863

$ 10,940

Capped call options

^[1]

(253)

Other income, net

$ 13

$ 29

Convertible Senior Notes, due 2048 | Senior Notes

Option Indexed to Issuer's Equity [Line Items]

Capped call, convertible debt, conversion, premium

257

Borrowings outstanding

$ 232

Convertible Senior Notes Capped Calls | Senior Notes

Option Indexed to Issuer's Equity [Line Items]

Capped calls, strike price (in usd per share)

$ 41.32

Capped call cap price (in usd per share)

$ 249.00

Capped calls option price

$ 257

Other income, net

Additional Paid-In Capital

Option Indexed to Issuer's Equity [Line Items]

Capped call options

^[1]

(253)

Additional Paid-In Capital | Convertible Senior Notes Capped Calls | Senior Notes

Option Indexed to Issuer's Equity [Line Items]

Capped call options

$ 253

[1]	For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure

Fair Value of Financial Instruments - Reconciliation of Level 3 Financial Instruments (Details) - Level 3 - Derivatives - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 91	$ 471	$ 119	$ 505
Total gains/(losses) realized/unrealized included in earnings	4	(86)	(37)	(177)
Purchases	31	99	31	140
Transfers into Level 3	2	414	17	438
Transfers out of Level 3	(7)	7	(9)	(1)
Ending balance	121	905	121	905
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end	$ 8	$ (76)	$ (29)	$ (131)

Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs (Tables)

6 Months Ended

Jun. 30, 2024

Variable Interest Entities Disclosure [Abstract]

Financial Information for Consolidated VIEs

The summarized financial information for the Company's consolidated VIE consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
Accounts receivable and Other current assets	$	2,527	$	1,541




Current liabilities	153		153







Net assets	$	2,374	$	1,388

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Revenue Recognition - Performance Obligations Expected Timing of Satisfaction (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 762
Revenue remaining performance obligation period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 1,300
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 940
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 588
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 308
Revenue remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated future fixed fee performance obligations	$ 38
Revenue remaining performance obligation period	1 year