Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||||||||
For the Quarterly Period Ended: | March 31, 2023 | |||||||||||||
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 41-1724239 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
910 Louisiana Street | Houston | Texas | 77002 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | ||||||
Common Stock, par value $0.01 | NRG | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | |||||||||||||||||||||||||||||
NRG’s Annual Report on Form 10-K for the year ended December 31, | ||||||||
Asset Retirement Obligation | ||||||||
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP | |||||||
ASU | Accounting Standards Updates | |||||||
British Thermal Unit | ||||||||
NRG Business, which serves business customers | ||||||||
CAA | Clean Air Act | |||||||
California Independent System Operator | ||||||||
CDD | Cooling Degree Day | |||||||
U.S. Commodity Futures Trading Commission | ||||||||
CO2 | ||||||||
NRG Energy, Inc. | ||||||||
As of March 31, 2023, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048 | ||||||||
Cottonwood | Cottonwood Generating Station, a natural gas-fueled plant located in Deweyville, Texas in which NRG is leasing back through May 2025 | |||||||
CPP | Clean Power Plan | |||||||
CPUC | California Public Utilities Commission | |||||||
D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit | |||||||
Economic gross margin | Sum of retail revenue, energy revenue, capacity | |||||||
U.S. Environmental Protection Agency |
ERCOT | ||||||||
Electric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas | ||||||||
NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan | ||||||||
Exchange Act | The Securities Exchange Act of 1934, as amended | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FGD | Flue gas desulfurization | |||||||
FTRs | Financial Transmission Rights | |||||||
GAAP | ||||||||
Heating Degree Day | ||||||||
Heat Rate | A measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat rates can be expressed as either gross or net heat rates, depending upon whether the electricity output measured is gross or net | |||||||
ISO | Independent System Operator, also referred to as RTOs | |||||||
ISO-NE | ISO New England Inc. | |||||||
Kilowatt-hour | ||||||||
LaGen | Louisiana Generating, | |||||||
LIBOR | London Inter-Bank Offered Rate | |||||||
Load Serving Entities | ||||||||
LTIPs | Collectively, the NRG | |||||||
Midwest Generation | Midwest Generation, LLC | |||||||
MISO | Midcontinent Independent System Operator, Inc. |
MMBtu | ||||||||
Million British Thermal Units | ||||||||
MW | Megawatts | |||||||
MWh | Saleable megawatt hour net of internal/parasitic load megawatt-hour | |||||||
National Ambient Air Quality Standards | ||||||||
NEPOOL | New England Power Pool | |||||||
NERC | North American Electric Reliability Corporation | |||||||
Net Exposure | Counterparty credit exposure to NRG, net of collateral | |||||||
Net | ||||||||
Nodal Exchange is a derivatives exchange | ||||||||
NOL | Net Operating Loss | |||||||
Nitrogen Oxides | ||||||||
Normal Purchase Normal Sale | ||||||||
NRC | U.S. Nuclear Regulatory Commission | |||||||
NRG | NRG Energy, Inc. | |||||||
Nuclear Decommissioning Trust Fund | NRG's nuclear decommissioning trust fund assets, which are for the Company's portion of the decommissioning of the STP, | |||||||
NYISO | New York Independent System Operator | |||||||
New York | ||||||||
OCI/OCL | Other Comprehensive Income/(Loss) | |||||||
Pacific Gas and Electric Company | ||||||||
PJM | PJM Interconnection, LLC | |||||||
Particulate Matter that has a diameter of less than 2.5 micrometers | ||||||||
PPA | Power Purchase Agreement | |||||||
Public Utility Commission of Texas | ||||||||
Resource Conservation and Recovery Act of 1976 | ||||||||
Receivables Securitization Facilities | Collectively, the Receivables Facility and the Repurchase Facility | |||||||
Renewable PPA | A third-party PPA entered into directly with a renewable generation facility for the offtake of the Renewable Energy Certificates or other similar environmental attributes generated by such facility, couple with the associated power generated by that facility | |||||||
REP | Retail electric provider | |||||||
Repurchase Facility | NRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2023, which was last amended on July 26, 2022 |
Revolving Credit Facility | The | |||||||||
RGGI | Regional Greenhouse Gas Initiative | |||||||||
Regional Transmission Organization, also referred to as ISOs | ||||||||||
U.S. Securities and Exchange Commission | ||||||||||
Securities Act | The Securities Act of 1933, as amended | |||||||||
Senior Notes | As of | |||||||||
Senior Secured First Lien Notes | As of March 31, 2023, NRG’s $3.4 billion outstanding Senior Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien Notes due 2024, $500 million of the 2.0% Senior Secured First Lien Notes due 2025, $900 million of the 2.45% Senior Secured First Lien Notes due 2027, $500 million of the 4.45% Senior Secured First Lien Notes due 2029 and $740 million of the 7.000% Senior Secured First Lien Notes due 2033 | |||||||||
Services | NRG Services, | |||||||||
SO2 | Sulfur Dioxide | |||||||||
NRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG is leasing back the Cottonwood facility through May 2025 | ||||||||||
STP | South Texas Project — nuclear generating facility located near Bay City, Texas in which NRG owns a 44% interest | |||||||||
South Texas | ||||||||||
Project Nuclear Operating Company | ||||||||
U.S. | United States of America | |||||||
U.S. DOE | U.S. Department of Energy | |||||||
VaR | Value at Risk | |||||||
VIE | Variable Interest Entity | |||||||
Vivint | Vivint Smart Home, Inc. | |||||||
Winter Storm Elliott | A major winter storm that had impacts across the majority of the United States and parts of Canada occurring in December 2022 | |||||||
Winter Storm Uri | A major winter and ice storm that had widespread impacts across North America occurring in February 2021 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions, except for per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | |||||||||||||||
Total operating revenues | $ | 3,049 | $ | 3,421 | $ | 8,132 | $ | 8,328 | |||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 2,156 | 2,440 | 5,852 | 5,711 | |||||||||||
Depreciation and amortization | 272 | 298 | 789 | 826 | |||||||||||
Impairment losses | 14 | 9 | 77 | 65 | |||||||||||
Selling, general and administrative | 213 | 277 | 697 | 801 | |||||||||||
Reorganization | 18 | — | 18 | — | |||||||||||
Development activity expenses | 14 | 21 | 49 | 65 | |||||||||||
Total operating costs and expenses | 2,687 | 3,045 | 7,482 | 7,468 | |||||||||||
Other income - affiliate | 14 | 48 | 104 | 144 | |||||||||||
Gain/(loss) on sale of assets | — | 4 | 4 | (79 | ) | ||||||||||
Operating Income | 376 | 428 | 758 | 925 | |||||||||||
Other Income/(Expense) | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 27 | 16 | 29 | 13 | |||||||||||
Impairment loss on investment | — | (8 | ) | — | (147 | ) | |||||||||
Other income, net | 15 | 7 | 33 | 29 | |||||||||||
Loss on debt extinguishment, net | (1 | ) | (50 | ) | (3 | ) | (119 | ) | |||||||
Interest expense | (221 | ) | (237 | ) | (692 | ) | (718 | ) | |||||||
Total other expense | (180 | ) | (272 | ) | (633 | ) | (942 | ) | |||||||
Income/(Loss) from Continuing Operations Before Income Taxes | 196 | 156 | 125 | (17 | ) | ||||||||||
Income tax expense | 6 | 28 | 5 | 75 | |||||||||||
Income/(Loss) from Continuing Operations | 190 | 128 | 120 | (92 | ) | ||||||||||
(Loss)/Income from discontinued operations, net of income tax | (27 | ) | 265 | (802 | ) | 256 | |||||||||
Net Income/(Loss) | 163 | 393 | (682 | ) | 164 | ||||||||||
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interests | (8 | ) | (9 | ) | (63 | ) | (49 | ) | |||||||
Net Income/(Loss) Attributable to NRG Energy, Inc. | 171 | 402 | (619 | ) | 213 | ||||||||||
Dividends for preferred shares | — | — | — | 5 | |||||||||||
Gain on redemption of preferred shares | — | — | — | (78 | ) | ||||||||||
Net Income/(Loss) Available for Common Stockholders | $ | 171 | $ | 402 | $ | (619 | ) | $ | 286 | ||||||
Income/(Loss) per Share Attributable to NRG Energy, Inc. Common Stockholders | |||||||||||||||
Weighted average number of common shares outstanding — basic | 317 | 316 | 317 | 315 | |||||||||||
Income from continuing operations per weighted average common share — basic | $ | 0.63 | $ | 0.43 | $ | 0.58 | $ | 0.10 | |||||||
(Loss)/Income from discontinued operations per weighted average common share — basic | $ | (0.09 | ) | $ | 0.84 | $ | (2.53 | ) | $ | 0.81 | |||||
Income/(Loss) per Weighted Average Common Share — Basic | $ | 0.54 | $ | 1.27 | $ | (1.95 | ) | $ | 0.91 | ||||||
Weighted average number of common shares outstanding — diluted | 322 | 317 | 317 | 316 | |||||||||||
Income from continuing operations per weighted average common share — diluted | $ | 0.61 | $ | 0.43 | $ | 0.58 | $ | 0.10 | |||||||
(Loss)/Income from discontinued operations per weighted average common share — diluted | $ | (0.08 | ) | $ | 0.84 | $ | (2.53 | ) | $ | 0.81 | |||||
Income/(Loss) per Weighted Average Common Share — Diluted | $ | 0.53 | $ | 1.27 | $ | (1.95 | ) | $ | 0.91 | ||||||
Dividends Per Common Share | $ | 0.03 | $ | 0.03 | $ | 0.09 | $ | 0.21 |
Three months ended March 31, | |||||||||||||||||||||||
(In millions, except for per share amounts) | 2023 | 2022 | |||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Revenue | $ | 7,722 | $ | 7,896 | |||||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations (excluding depreciation and amortization shown below) | 8,778 | 4,930 | |||||||||||||||||||||
Depreciation and amortization | 190 | 183 | |||||||||||||||||||||
Selling, general and administrative costs | 426 | 347 | |||||||||||||||||||||
Acquisition-related transaction and integration costs | 71 | 8 | |||||||||||||||||||||
Total operating costs and expenses | 9,465 | 5,468 | |||||||||||||||||||||
Gain/(loss) on sale of assets | 199 | (3) | |||||||||||||||||||||
Operating (Loss)/Income | (1,544) | 2,425 | |||||||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | (15) | |||||||||||||||||||||
Other income, net | 16 | — | |||||||||||||||||||||
Interest expense | (148) | (103) | |||||||||||||||||||||
Total other expense | (127) | (118) | |||||||||||||||||||||
(Loss)/Income Before Income Taxes | (1,671) | 2,307 | |||||||||||||||||||||
Income tax (benefit)/expense | (336) | 571 | |||||||||||||||||||||
Net (Loss)/Income | $ | (1,335) | $ | 1,736 | |||||||||||||||||||
Less: Cumulative dividends attributable to Series A Preferred Stock | 4 | — | |||||||||||||||||||||
Net (Loss)/Income Available for Common Stockholders | $ | (1,339) | $ | 1,736 | |||||||||||||||||||
(Loss)/Income per Share | |||||||||||||||||||||||
Weighted average number of common shares outstanding — basic and diluted | 230 | 242 | |||||||||||||||||||||
(Loss)/Income per Weighted Average Common Share —Basic and Diluted | $ | (5.82) | $ | 7.17 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In millions) | |||||||||||||||
Net income/(loss) | $ | 163 | $ | 393 | $ | (682 | ) | $ | 164 | ||||||
Other comprehensive income/(loss), net of tax | |||||||||||||||
Unrealized gain/(loss) on derivatives, net of income tax (benefit)/expense of $0, $(1), $1, and $1 | 7 | 27 | 6 | (8 | ) | ||||||||||
Foreign currency translation adjustments, net of income tax expense of $0, $0, $0, and $0 | 2 | 3 | 10 | 6 | |||||||||||
Available-for-sale securities, net of income tax expense of $0, $0, $0, and $0 | 1 | — | 2 | 1 | |||||||||||
Defined benefit plans, net of income tax expense of $0, $0, $0, and $0 | (1 | ) | 31 | 26 | 32 | ||||||||||
Other comprehensive income | 9 | 61 | 44 | 31 | |||||||||||
Comprehensive income/(loss) | 172 | 454 | (638 | ) | 195 | ||||||||||
Less: Comprehensive loss attributable to noncontrolling interest and redeemable noncontrolling interests | (5 | ) | (2 | ) | (61 | ) | (70 | ) | |||||||
Comprehensive income/(loss) attributable to NRG Energy, Inc. | 177 | 456 | (577 | ) | 265 | ||||||||||
Dividends for preferred shares | — | — | — | 5 | |||||||||||
Gain on redemption of preferred shares | — | — | — | (78 | ) | ||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 177 | $ | 456 | $ | (577 | ) | $ | 338 |
Three months ended March 31, | |||||||||||||||||||||||
(In millions) | 2023 | 2022 | |||||||||||||||||||||
Net (Loss)/Income | $ | (1,335) | $ | 1,736 | |||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Foreign currency translation adjustments | 1 | 9 | |||||||||||||||||||||
Defined benefit plans | — | (1) | |||||||||||||||||||||
Other comprehensive income | 1 | 8 | |||||||||||||||||||||
Comprehensive (Loss)/Income | $ | (1,334) | $ | 1,744 | |||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions, except share data and liquidation preference on preferred stock) | (Unaudited) | (Audited) | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 407 | $ | 430 | |||||||
Funds deposited by counterparties | 330 | 1,708 | |||||||||
Restricted cash | 32 | 40 | |||||||||
Accounts receivable, net | 3,519 | 4,773 | |||||||||
Inventory | 722 | 751 | |||||||||
Derivative instruments | 4,400 | 7,886 | |||||||||
Cash collateral paid in support of energy risk management activities | 293 | 260 | |||||||||
Prepayments and other current assets | 505 | 383 | |||||||||
Total current assets | 10,208 | 16,231 | |||||||||
Property, plant and equipment, net | 1,835 | 1,692 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 136 | 133 | |||||||||
Operating lease right-of-use assets, net | 247 | 225 | |||||||||
Goodwill | 5,343 | 1,650 | |||||||||
Intangible assets, net | 4,419 | 2,132 | |||||||||
Nuclear decommissioning trust fund | 879 | 838 | |||||||||
Derivative instruments | 3,350 | 4,108 | |||||||||
Deferred income taxes | 2,925 | 1,881 | |||||||||
Other non-current assets | 354 | 256 | |||||||||
Total other assets | 17,653 | 11,223 | |||||||||
Total Assets | $ | 29,696 | $ | 29,146 | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(In millions, except shares) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 1,223 | $ | 938 | |||
Funds deposited by counterparties | 31 | 2 | |||||
Restricted cash | 537 | 446 | |||||
Accounts receivable, net | 1,274 | 1,058 | |||||
Inventory | 630 | 721 | |||||
Derivative instruments | 475 | 1,067 | |||||
Cash collateral posted in support of energy risk management activities | 203 | 150 | |||||
Current assets - held for sale | 33 | 9 | |||||
Prepayments and other current assets | 354 | 404 | |||||
Current assets - discontinued operations | — | 1,919 | |||||
Total current assets | 4,760 | 6,714 | |||||
Property, plant and equipment, net | 15,332 | 15,369 | |||||
Other Assets | |||||||
Equity investments in affiliates | 1,138 | 1,120 | |||||
Notes receivable, less current portion | 5 | 16 | |||||
Goodwill | 662 | 662 | |||||
Intangible assets, net | 1,838 | 1,973 | |||||
Nuclear decommissioning trust fund | 670 | 610 | |||||
Derivative instruments | 206 | 181 | |||||
Deferred income taxes | 205 | 225 | |||||
Non-current assets held-for-sale | 10 | 10 | |||||
Other non-current assets | 644 | 841 | |||||
Non-current assets - discontinued operations | — | 2,961 | |||||
Total other assets | 5,378 | 8,599 | |||||
Total Assets | $ | 25,470 | $ | 30,682 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt and capital leases | $ | 1,247 | $ | 516 | |||
Accounts payable | 911 | 813 | |||||
Derivative instruments | 522 | 1,092 | |||||
Cash collateral received in support of energy risk management activities | 31 | 81 | |||||
Accrued expenses and other current liabilities | 830 | 990 | |||||
Accrued expenses and other current liabilities - affiliate | 164 | — | |||||
Current liabilities - discontinued operations | — | 1,210 | |||||
Total current liabilities | 3,705 | 4,702 | |||||
Other Liabilities | |||||||
Long-term debt and capital leases | 15,658 | 15,957 | |||||
Nuclear decommissioning reserve | 265 | 287 | |||||
Nuclear decommissioning trust liability | 397 | 339 | |||||
Deferred income taxes | 21 | 20 | |||||
Derivative instruments | 307 | 284 | |||||
Out-of-market contracts, net | 213 | 230 | |||||
Non-current liabilities held-for-sale | 13 | 11 | |||||
Other non-current liabilities | 1,116 | 1,176 | |||||
Non-current liabilities - discontinued operations | — | 3,184 | |||||
Total non-current liabilities | 17,990 | 21,488 | |||||
Total Liabilities | 21,695 | 26,190 | |||||
Redeemable noncontrolling interest in subsidiaries | 85 | 46 | |||||
Commitments and Contingencies | |||||||
Stockholders’ Equity | |||||||
Common stock | 4 | 4 | |||||
Additional paid-in capital | 8,369 | 8,358 | |||||
Retained deficit | (4,713 | ) | (3,787 | ) | |||
Less treasury stock, at cost — 101,580,045 and 102,140,814 shares, respectively | (2,386 | ) | (2,399 | ) | |||
Accumulated other comprehensive loss | (91 | ) | (135 | ) | |||
Noncontrolling interest | 2,507 | 2,405 | |||||
Total Stockholders’ Equity | 3,690 | 4,446 | |||||
Total Liabilities and Stockholders’ Equity | $ | 25,470 | $ | 30,682 |
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions, except share data and liquidation preference on preferred stock) | (Unaudited) | (Audited) | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt and finance leases | $ | 971 | $ | 63 | |||||||
Current portion of operating lease liabilities | 94 | 83 | |||||||||
Accounts payable | 2,330 | 3,643 | |||||||||
Derivative instruments | 4,350 | 6,195 | |||||||||
Cash collateral received in support of energy risk management activities | 330 | 1,708 | |||||||||
Deferred revenue current | 688 | 176 | |||||||||
Accrued expenses and other current liabilities | 1,563 | 1,114 | |||||||||
Total current liabilities | 10,326 | 12,982 | |||||||||
Other Liabilities | |||||||||||
Long-term debt and finance leases | 11,332 | 7,976 | |||||||||
Non-current operating lease liabilities | 196 | 180 | |||||||||
Nuclear decommissioning reserve | 344 | 340 | |||||||||
Nuclear decommissioning trust liability | 514 | 477 | |||||||||
Derivative instruments | 1,893 | 2,246 | |||||||||
Deferred income taxes | 133 | 134 | |||||||||
Deferred revenue non-current | 848 | 10 | |||||||||
Other non-current liabilities | 1,030 | 973 | |||||||||
Total other liabilities | 16,290 | 12,336 | |||||||||
Total Liabilities | 26,616 | 25,318 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at March 31, 2023 (liquidation preference $1,000); 0 shares issued and outstanding at December 31, 2022 | 650 | — | |||||||||
Common stock; $0.01 par value; 500,000,000 shares authorized; 424,292,409 and 423,897,001 shares issued and 229,956,438 and 229,561,030 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 4 | 4 | |||||||||
Additional paid-in-capital | 8,481 | 8,457 | |||||||||
(Accumulated deficit)/Retained earnings | (15) | 1,408 | |||||||||
Treasury stock, at cost 194,335,971 shares at March 31, 2023 and December 31, 2022 | (5,864) | (5,864) | |||||||||
Accumulated other comprehensive loss | (176) | (177) | |||||||||
Total Stockholders' Equity | 3,080 | 3,828 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 29,696 | $ | 29,146 |
Nine months ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash Flows from Operating Activities | |||||||
Net (loss)/income | $ | (682 | ) | $ | 164 | ||
(Loss)/Income from discontinued operations, net of income tax | (802 | ) | 256 | ||||
Income/(loss) from continuing operations | 120 | (92 | ) | ||||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||||
Distributions and equity in earnings of unconsolidated affiliates | 24 | 44 | |||||
Depreciation and amortization | 789 | 826 | |||||
Provision for bad debts | 57 | 36 | |||||
Amortization of nuclear fuel | 37 | 39 | |||||
Amortization of financing costs and debt discount/premiums | 44 | 42 | |||||
Adjustment for debt extinguishment | 3 | 119 | |||||
Amortization of intangibles and out-of-market contracts | 79 | 131 | |||||
Amortization of unearned equity compensation | 27 | 23 | |||||
Impairment losses | 77 | 211 | |||||
Changes in deferred income taxes and liability for uncertain tax benefits | 26 | 29 | |||||
Changes in nuclear decommissioning trust liability | 20 | 24 | |||||
Changes in derivative instruments | 25 | 30 | |||||
Changes in collateral posted in support of risk management activities | (103 | ) | 261 | ||||
Proceeds from sale of emission allowances | 21 | 11 | |||||
(Gain)/loss on sale of assets | (22 | ) | 70 | ||||
Changes in other working capital | (380 | ) | (130 | ) | |||
Cash provided by continuing operations | 844 | 1,674 | |||||
Cash (used)/provided by discontinued operations | (38 | ) | 67 | ||||
Net Cash Provided by Operating Activities | 806 | 1,741 | |||||
Cash Flows from Investing Activities | |||||||
Acquisitions of businesses, net of cash acquired | (36 | ) | (18 | ) | |||
Capital expenditures | (760 | ) | (659 | ) | |||
Decrease in notes receivable | 11 | 2 | |||||
Purchases of emission allowances | (47 | ) | (32 | ) | |||
Proceeds from sale of emission allowances | 105 | 47 | |||||
Investments in nuclear decommissioning trust fund securities | (402 | ) | (378 | ) | |||
Proceeds from the sale of nuclear decommissioning trust fund securities | 382 | 354 | |||||
Proceeds from renewable energy grants and state rebates | 8 | 11 | |||||
Proceeds from sale of assets, net of cash disposed of | 36 | 84 | |||||
Investments in unconsolidated affiliates | (31 | ) | (23 | ) | |||
Other | 22 | 31 | |||||
Cash used by continuing operations | (712 | ) | (581 | ) | |||
Cash (used)/provided by discontinued operations | (53 | ) | 326 | ||||
Net Cash Used by Investing Activities | (765 | ) | (255 | ) | |||
Cash Flows from Financing Activities | |||||||
Payment of dividends to common and preferred stockholders | (28 | ) | (66 | ) | |||
Payment for preferred shares | — | (226 | ) | ||||
Net receipts from settlement of acquired derivatives that include financing elements | 2 | 6 | |||||
Proceeds from issuance of long-term debt | 1,134 | 5,237 | |||||
Payments for short and long-term debt | (712 | ) | (5,353 | ) | |||
Receivable from affiliate | (125 | ) | — | ||||
Payments for debt extinguishment costs | — | (98 | ) | ||||
Contributions from, net of distributions to, noncontrolling interest in subsidiaries | 65 | (127 | ) | ||||
Proceeds from issuance of stock | — | 1 | |||||
Payment of debt issuance costs | (43 | ) | (70 | ) | |||
Other - contingent consideration | (10 | ) | (10 | ) | |||
Cash provided/(used) by continuing operations | 283 | (706 | ) | ||||
Cash (used)/provided by discontinued operations | (224 | ) | 119 | ||||
Net Cash provided/(used) by Financing Activities | 59 | (587 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (10 | ) | (6 | ) | |||
Change in Cash from discontinued operations | (315 | ) | 512 | ||||
Net Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | 405 | 381 | |||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 1,386 | 1,322 | |||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 1,791 | $ | 1,703 |
Three months ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net (Loss)/Income | $ | (1,335) | $ | 1,736 | |||||||
Adjustments to reconcile net (loss)/income to cash (used)/provided by operating activities: | |||||||||||
Distributions from and equity in (earnings)/losses of unconsolidated affiliates | (5) | 18 | |||||||||
Depreciation and amortization | 190 | 183 | |||||||||
Accretion of asset retirement obligations | 6 | 7 | |||||||||
Provision for credit losses | 35 | 25 | |||||||||
Amortization of nuclear fuel | 13 | 14 | |||||||||
Amortization of financing costs and debt discounts | 20 | 6 | |||||||||
Amortization of in-the-money contracts and emissions allowances | 119 | 147 | |||||||||
Amortization of unearned equity compensation | 30 | 6 | |||||||||
Net gain on sale of assets and disposal of assets | (187) | (6) | |||||||||
Changes in derivative instruments | 1,599 | (2,816) | |||||||||
Changes in current and deferred income taxes and liability for uncertain tax benefits | (338) | 575 | |||||||||
Changes in collateral deposits in support of risk management activities | (1,412) | 2,007 | |||||||||
Changes in nuclear decommissioning trust liability | (16) | (7) | |||||||||
Changes in other working capital | (317) | (219) | |||||||||
Cash (used)/provided by operating activities | (1,598) | 1,676 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Payments for acquisitions of businesses and assets, net of cash acquired | (2,492) | (26) | |||||||||
Capital expenditures | (142) | (60) | |||||||||
Net purchases of emission allowances | (18) | (18) | |||||||||
Investments in nuclear decommissioning trust fund securities | (87) | (151) | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 99 | 161 | |||||||||
Proceeds from sales of assets, net of cash disposed | 219 | 14 | |||||||||
Proceeds from insurance recoveries for property, plant and equipment, net | 71 | — | |||||||||
Cash used by investing activities | (2,350) | (80) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of preferred stock, net of fees | 636 | — | |||||||||
Payments of dividends to common stockholders | (87) | (85) | |||||||||
Payments for share repurchase activity | (8) | (188) | |||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 336 | 561 | |||||||||
Net proceeds of Revolving Credit Facility and Receivables Securitization Facilities | 950 | — | |||||||||
Proceeds from issuance of long-term debt | 731 | — | |||||||||
Payments of debt issuance costs | (18) | — | |||||||||
Repayments of long-term debt and finance leases | (4) | (1) | |||||||||
Cash provided by financing activities | 2,536 | 287 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | |||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (1,409) | 1,886 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 2,178 | 1,110 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 769 | $ | 2,996 |
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings/(Accumulated deficit) | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stock-holders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | — | $ | 4 | $ | 8,457 | $ | 1,408 | $ | (5,864) | $ | (177) | $ | 3,828 | |||||||||||||||||||||||||||||||||||||||
Net loss | (1,335) | (1,335) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series A Preferred Stock | 650 | (14) | 636 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based awards activity, net(a) | 38 | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends and dividend equivalents declared(b) | (88) | (88) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 650 | $ | 4 | $ | 8,481 | $ | (15) | $ | (5,864) | $ | (176) | $ | 3,080 | |||||||||||||||||||||||||||||||||||||||
(In millions) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stock-holders' Equity | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 4 | $ | 8,531 | $ | 464 | $ | (5,273) | $ | (126) | $ | 3,600 | |||||||||||||||||||||||||||||||||||
Net income | 1,736 | 1,736 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | (187) | (187) | |||||||||||||||||||||||||||||||||||||||||||||
Equity-based awards activity, net(a) | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends and dividend equivalents declared(b) | (86) | (86) | |||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2020-06 | (100) | 57 | (43) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 4 | $ | 8,433 | $ | 2,171 | $ | (5,460) | $ | (118) | $ | 5,030 | |||||||||||||||||||||||||||||||||||
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
Property, plant and equipment accumulated depreciation | $ | 1,518 | $ | 1,478 | |||||||
Intangible assets accumulated amortization | 2,290 | 2,112 |
September 30, 2017 | December 31, 2016 | ||||||
(In millions) | |||||||
Accounts receivable allowance for doubtful accounts | $ | 61 | $ | 29 | |||
Property, plant and equipment accumulated depreciation | 6,437 | 5,711 | |||||
Intangible assets accumulated amortization | 1,750 | 1,687 | |||||
Out-of-market contracts accumulated amortization | 352 | 457 |
Three months ended March 31, | |||||||||||||||||||||||
(In millions) | 2023 | 2022 | |||||||||||||||||||||
Beginning balance | $ | 133 | $ | 683 | |||||||||||||||||||
Acquired balance from Vivint | 16 | — | |||||||||||||||||||||
Provision for credit losses | 35 | 25 | |||||||||||||||||||||
Write-offs | (78) | (50) | |||||||||||||||||||||
Recoveries collected | 9 | 8 | |||||||||||||||||||||
Ending balance | $ | 115 | $ | 666 |
September 30, 2017 | December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
(In millions) | (In millions) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,223 | $ | 938 | $ | 1,217 | $ | 853 | Cash and cash equivalents | $ | 407 | $ | 430 | |||||||||||||
Funds deposited by counterparties | 31 | 2 | 6 | 55 | Funds deposited by counterparties | 330 | 1,708 | |||||||||||||||||||
Restricted cash | 537 | 446 | 480 | 414 | Restricted cash | 32 | 40 | |||||||||||||||||||
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows | $ | 1,791 | $ | 1,386 | $ | 1,703 | $ | 1,322 | Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows | $ | 769 | $ | 2,178 |
(In millions) | |||
Balance as of December 31, 2016 | $ | 2,405 | |
Contributions from noncontrolling interest | 116 | ||
Non-cash adjustments to noncontrolling interest | 98 | ||
Sale of assets to NRG Yield, Inc. | 24 | ||
Comprehensive loss attributable to noncontrolling interest | (8 | ) | |
Dividends paid to NRG Yield, Inc. public shareholders | (80 | ) | |
Distributions to noncontrolling interest | (48 | ) | |
Balance as of September 30, 2017 | $ | 2,507 |
(In millions) | |||
Balance as of December 31, 2016 | $ | 46 | |
Contributions from redeemable noncontrolling interest | 73 | ||
Non-cash adjustments to noncontrolling interest | 21 | ||
Comprehensive loss attributable to redeemable noncontrolling interest | (53 | ) | |
Distributions to redeemable noncontrolling interest | (2 | ) | |
Balance as of September 30, 2017 | $ | 85 |
(In millions) | Texas | East | West/Services/Other | Vivint | Total | ||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 710 | $ | 723 | $ | 217 | $ | — | $ | 1,650 | |||||||||||||||||||
Goodwill resulting from the acquisition of Vivint | — | — | — | 3,692 | 3,692 | ||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | 1 | — | 1 | ||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | 710 | $ | 723 | $ | 218 | $ | 3,692 | $ | 5,343 |
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
(In millions) | Texas | East | West/Services/Other | Vivint(a) | Corporate/Eliminations | Total | |||||||||||||||||||||||||||||
Retail revenue: | |||||||||||||||||||||||||||||||||||
Home(b) | $ | 1,236 | $ | 651 | $ | 625 | $ | 148 | $ | — | $ | 2,660 | |||||||||||||||||||||||
Business | 722 | 3,365 | 616 | — | — | 4,703 | |||||||||||||||||||||||||||||
Total retail revenue(c) | 1,958 | 4,016 | 1,241 | 148 | — | 7,363 | |||||||||||||||||||||||||||||
Energy revenue(c) | 4 | 74 | 48 | — | 2 | 128 | |||||||||||||||||||||||||||||
Capacity revenue(c) | — | 41 | 1 | — | — | 42 | |||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities(d) | — | 35 | 67 | — | (11) | 91 | |||||||||||||||||||||||||||||
Contract amortization | — | (11) | — | — | — | (11) | |||||||||||||||||||||||||||||
Other revenue(c) | 72 | 21 | 17 | — | (1) | 109 | |||||||||||||||||||||||||||||
Total revenue | 2,034 | 4,176 | 1,374 | 148 | (10) | 7,722 | |||||||||||||||||||||||||||||
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — | (1) | 9 | — | — | 8 | |||||||||||||||||||||||||||||
Less: Realized and unrealized ASC 815 revenue | (2) | 113 | 97 | — | (9) | 199 | |||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 2,036 | $ | 4,064 | $ | 1,268 | $ | 148 | $ | (1) | $ | 7,515 | |||||||||||||||||||||||
(a) Vivint includes results of operations following the acquisition date of March 10, 2023 | |||||||||||||||||||||||||||||||||||
(b) Home includes Services and Vivint | |||||||||||||||||||||||||||||||||||
(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 | Corporate/Eliminations | Total | |||||||||||||||||||||||||||||
Retail revenue | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 27 | |||||||||||||||||||||||
Energy revenue | — | 47 | 17 | — | 2 | 66 | |||||||||||||||||||||||||||||
Capacity revenue | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||
Other revenue | (2) | (2) | 13 | — | — | 9 | |||||||||||||||||||||||||||||
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |
Three months ended September 30, 2017 (a) | Three months ended September 30, 2016 | Nine months ended September 30, 2017 (a) | Nine months ended September 30, 2016 | ||||||||||||
(In millions) | |||||||||||||||
Operating revenues | $ | — | $ | 532 | $ | 646 | $ | 1,509 | |||||||
Operating costs and expenses | — | (468 | ) | (700 | ) | (1,409 | ) | ||||||||
Gain on sale of assets | — | 262 | — | 294 | |||||||||||
Other expenses | — | (43 | ) | (98 | ) | (127 | ) | ||||||||
(Loss)/Income from operations of discontinued components, before tax | — | 283 | (152 | ) | 267 | ||||||||||
Income tax expense | — | 21 | 9 | 20 | |||||||||||
(Loss)/Incomes from operations of discontinued components | — | 262 | (161 | ) | 247 | ||||||||||
Interest income - affiliate | — | 3 | 6 | 9 | |||||||||||
(Loss)/Income from operations of discontinued components, net of tax | — | 265 | (155 | ) | 256 | ||||||||||
Pre-tax loss on deconsolidation | — | — | (208 | ) | — | ||||||||||
Settlement consideration and services credit | — | — | (289 | ) | — | ||||||||||
Pension and post-retirement liability assumption(b) | (25 | ) | — | (144 | ) | — | |||||||||
Other | (2 | ) | — | (6 | ) | — | |||||||||
Loss on disposal of discontinued components, net of tax | (27 | ) | — | (647 | ) | — | |||||||||
(Loss)/Income from discontinued operations, net of tax | $ | (27 | ) | $ | 265 | $ | (802 | ) | $ | 256 |
Three months ended March 31, 2022 | |||||||||||||||||||||||||||||
(In millions) | Texas | East | West/Services/Other | Corporate/Eliminations | Total | ||||||||||||||||||||||||
Retail revenue: | |||||||||||||||||||||||||||||
Home(a) | $ | 1,283 | $ | 579 | $ | 703 | $ | — | $ | 2,565 | |||||||||||||||||||
Business | 663 | 3,942 | 400 | — | 5,005 | ||||||||||||||||||||||||
Total retail revenue | 1,946 | 4,521 | 1,103 | — | 7,570 | ||||||||||||||||||||||||
Energy revenue(b) | 15 | 204 | 54 | 5 | 278 | ||||||||||||||||||||||||
Capacity revenue(b) | — | 115 | 1 | — | 116 | ||||||||||||||||||||||||
Mark-to-market for economic hedging activities(c) | (2) | (130) | (18) | 17 | (133) | ||||||||||||||||||||||||
Contract amortization | — | (9) | — | — | (9) | ||||||||||||||||||||||||
Other revenue(b) | 61 | 14 | 4 | (5) | 74 | ||||||||||||||||||||||||
Total revenue | 2,020 | 4,715 | 1,144 | 17 | 7,896 | ||||||||||||||||||||||||
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — | (9) | 11 | — | 2 | ||||||||||||||||||||||||
Less: Realized and unrealized ASC 815 revenue | (7) | (66) | (42) | 20 | (95) | ||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 2,027 | $ | 4,790 | $ | 1,175 | $ | (3) | $ | 7,989 | |||||||||||||||||||
(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 | Corporate/Eliminations | Total | ||||||||||||||||||||||||
Energy revenue | $ | — | $ | 45 | $ | (20) | $ | 4 | $ | 29 | |||||||||||||||||||
Capacity revenue | — | 13 | — | — | 13 | ||||||||||||||||||||||||
Other revenue | (5) | 6 | (4) | (1) | (4) | ||||||||||||||||||||||||
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
Deferred customer acquisition costs | $ | 188 | $ | 126 | |||||||
Accounts receivable, net - Contracts with customers | 3,416 | 4,704 | |||||||||
Accounts receivable, net - Accounted for under topics other than ASC 606 | 87 | 64 | |||||||||
Accounts receivable, net - Affiliate | 16 | 5 | |||||||||
Total accounts receivable, net | $ | 3,519 | $ | 4,773 | |||||||
Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | $ | 1,290 | $ | 1,952 | |||||||
Deferred revenues(a) | 1,536 | 186 |
(In millions) | December 31, 2016 | |||
Cash and cash equivalents | $ | 1,034 | ||
Other current assets | 885 | |||
Current assets - discontinued operations | 1,919 | |||
Property, plant and equipment, net | 2,543 | |||
Other non-current assets | 418 | |||
Non-current assets - discontinued operations | 2,961 | |||
Current portion of long term debt and capital leases | 704 | |||
Other current liabilities | 506 | |||
Current liabilities - discontinued operations | 1,210 | |||
Long-term debt and capital leases | 2,050 | |||
Out-of-market contracts | 811 | |||
Other non-current liabilities | 323 | |||
Non-current liabilities - discontinued operations | $ | 3,184 |
(In millions) | ||||||||
Vivint common shares outstanding as of March 10, 2023 of 216,901,639 at $12.00 per share | $ | 2,603 | ||||||
Other Vivint equity instruments (Cash out RSUs and PSUs, Stock Appreciation Rights, Private Placement Warrants) | 6 | |||||||
Total Cash Consideration | $ | 2,609 | ||||||
Fair value of acquired Vivint equity awards attributable to pre-combination service | 14 | |||||||
Total Consideration | $ | 2,623 |
(In millions) | |||||
Current Assets | |||||
Cash and cash equivalents | $ | 120 | |||
Accounts receivable, net | 60 | ||||
Inventory | 113 | ||||
Prepayments and other current assets | 37 | ||||
Total current assets | 330 | ||||
Property, plant and equipment, net | 49 | ||||
Other Assets | |||||
Operating lease right-of-use assets, net | 35 | ||||
Goodwill(a) | 3,692 | ||||
Deferred income taxes | 451 | ||||
Other non-current assets | 14 | ||||
Total other assets | 6,692 | ||||
Total Assets | $ | 7,071 | |||
Current portion of | $ | 14 | |||
Current portion of | 13 |
Accounts payable | 109 | ||||
Derivatives instruments | 80 | ||||
Deferred revenue current | 517 | ||||
Accrued expenses and other current liabilities | 207 | ||||
Total current liabilities | 940 | ||||
Other Liabilities | |||||
Long-term debt and finance leases | 2,572 | ||||
Non-current operating lease liabilities | 28 | ||||
Derivatives instruments | 32 | ||||
Deferred income taxes | 18 | ||||
Deferred revenue non-current | 835 | ||||
Other non-current liabilities | 23 | ||||
Total other liabilities | 3,508 | ||||
Total Liabilities | $ | 4,448 | |||
2,623 | |
(In millions) | Three months ended March 31, 2023 | Three months ended March 31, 2022 | |||||||||
Total operating revenues | $ | 8,008 | $ | 8,288 | |||||||
Net (loss)/ income | (1,329) | 1,558 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Convertible Senior Notes | $ | 575 | $ | 595 | $ | 575 | $ | 576 | |||||||||||||||
Other long-term debt, including current portion | 11,784 | 11,012 | 7,523 | 6,432 | |||||||||||||||||||
Total long-term debt, including current portion(a) | $ | 12,359 | $ | 11,607 | $ | 8,098 | $ | 7,008 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Assets: | |||||||||||||||
Notes receivable (a) | $ | 22 | $ | 21 | $ | 34 | $ | 34 | |||||||
Liabilities: | |||||||||||||||
Long-term debt, including current portion (b) | 17,097 | 17,423 | 16,655 | 16,620 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 9,571 | $ | 7,852 | $ | 9,205 | $ | 7,415 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(In millions) | Level 2 | Level 3 | Level 2 | Level 3 | |||||||||||||||||||
Convertible Senior Notes | $ | 595 | $ | — | $ | 576 | $ | — | |||||||||||||||
Other long-term debt, including current portion | 10,062 | 950 | 6,432 | — | |||||||||||||||||||
Total long-term debt, including current portion | $ | 10,657 | $ | 950 | $ | 7,008 | $ | — |
March 31, 2023 | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Investments in securities (classified within other current and non-current assets) | $ | 19 | $ | — | $ | 19 | $ | — | |||||||||||||||
Nuclear trust fund investments: | |||||||||||||||||||||||
Cash and cash equivalents | 13 | 13 | — | — | |||||||||||||||||||
U.S. government and federal agency obligations | 98 | 96 | 2 | — | |||||||||||||||||||
Federal agency mortgage-backed securities | 101 | — | 101 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 34 | — | 34 | — | |||||||||||||||||||
Corporate debt securities | 113 | — | 113 | — | |||||||||||||||||||
Equity securities | 430 | 430 | — | — | |||||||||||||||||||
Foreign government fixed income securities | 1 | 1 | — | — | |||||||||||||||||||
Other trust fund investments (classified within other non-current assets): | |||||||||||||||||||||||
U.S. government and federal agency obligations | 1 | 1 | — | — | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Foreign exchange contracts | 15 | — | 15 | — | |||||||||||||||||||
Commodity contracts | 7,725 | 1,331 | 5,360 | 1,034 | |||||||||||||||||||
Interest rate contracts | 10 | — | 10 | — | |||||||||||||||||||
Measured using net asset value practical expedient: | |||||||||||||||||||||||
Equity securities — nuclear trust fund investments | 89 | ||||||||||||||||||||||
Equity securities (classified within other non-current assets) | 6 | ||||||||||||||||||||||
Total assets | $ | 8,655 | $ | 1,872 | $ | 5,654 | $ | 1,034 | |||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||
Foreign exchange contracts | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||
Commodity contracts | 6,116 | 1,422 | 4,131 | 563 | |||||||||||||||||||
Interest rate contracts | 15 | — | 15 | — | |||||||||||||||||||
Consumer Financing Program | 111 | — | — | 111 | |||||||||||||||||||
Total liabilities | $ | 6,243 | $ | 1,422 | $ | 4,147 | $ | 674 |
As of September 30, 2017 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | (In millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Investment in available-for-sale securities (classified within other non-current assets): | ||||||||||||||||||||||||||||||||||||||
Debt securities | $ | — | $ | — | $ | 19 | $ | 19 | ||||||||||||||||||||||||||||||
Available-for-sale securities | 5 | — | — | 5 | ||||||||||||||||||||||||||||||||||
Investments in securities (classified within other current and non-current assets) | Investments in securities (classified within other current and non-current assets) | $ | 19 | $ | — | $ | 19 | $ | — | |||||||||||||||||||||||||||||
Nuclear trust fund investments: | Nuclear trust fund investments: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 31 | — | — | 31 | Cash and cash equivalents | 15 | 15 | — | — | |||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 43 | 1 | — | 44 | U.S. government and federal agency obligations | 86 | 84 | 2 | — | |||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | 74 | — | 74 | Federal agency mortgage-backed securities | 101 | — | 101 | — | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 11 | — | 11 | Commercial mortgage-backed securities | 35 | — | 35 | — | |||||||||||||||||||||||||||||
Corporate debt securities | — | 108 | — | 108 | Corporate debt securities | 114 | — | 114 | — | |||||||||||||||||||||||||||||
Equity securities | 333 | — | 65 | 398 | Equity securities | 403 | 403 | — | — | |||||||||||||||||||||||||||||
Foreign government fixed income securities | — | 4 | — | 4 | Foreign government fixed income securities | 1 | — | 1 | — | |||||||||||||||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||||||||||||||||||||
Other trust fund investments (classified within other non-current assets): | Other trust fund investments (classified within other non-current assets): | |||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | U.S. government and federal agency obligations | 1 | 1 | — | — | |||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 18 | — | 18 | — | |||||||||||||||||||||||||||||||||
Commodity contracts | 132 | 409 | 98 | 639 | Commodity contracts | 11,976 | 1,929 | 8,796 | 1,251 | |||||||||||||||||||||||||||||
Interest rate contracts | — | 42 | — | 42 | ||||||||||||||||||||||||||||||||||
Measured using net asset value practical expedient: | Measured using net asset value practical expedient: | |||||||||||||||||||||||||||||||||||||
Equity securities — nuclear trust fund investments | Equity securities — nuclear trust fund investments | 83 | ||||||||||||||||||||||||||||||||||||
Equity securities (classified within other non-current assets) | Equity securities (classified within other non-current assets) | 6 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 545 | $ | 649 | $ | 182 | $ | 1,376 | Total assets | $ | 12,858 | $ | 2,432 | $ | 9,086 | $ | 1,251 | |||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | $ | 2 | $ | — | $ | 2 | $ | — | |||||||||||||||||||||||||||||
Commodity contracts | 201 | 404 | 146 | 751 | Commodity contracts | 8,439 | 1,244 | 6,449 | 746 | |||||||||||||||||||||||||||||
Interest rate contracts | — | 78 | — | 78 | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | 201 | $ | 482 | $ | 146 | $ | 829 | Total liabilities | $ | 8,441 | $ | 1,244 | $ | 6,451 | $ | 746 |
As of December 31, 2016 | |||||||||||||||
Fair Value | |||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Investment in available-for-sale securities (classified within other non-current assets): | |||||||||||||||
Debt securities | $ | — | $ | — | $ | 17 | $ | 17 | |||||||
Available-for-sale securities | 10 | — | — | 10 | |||||||||||
Nuclear trust fund investments: | |||||||||||||||
Cash and cash equivalents | 25 | — | — | 25 | |||||||||||
U.S. government and federal agency obligations | 72 | 1 | — | 73 | |||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | |||||||||||
Commercial mortgage-backed securities | — | 17 | — | 17 | |||||||||||
Corporate debt securities | — | 84 | — | 84 | |||||||||||
Equity securities | 292 | — | 54 | 346 | |||||||||||
Foreign government fixed income securities | — | 3 | — | 3 | |||||||||||
Other trust fund investments: | |||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | |||||||||||
Derivative assets: | |||||||||||||||
Commodity contracts | 560 | 549 | 90 | 1,199 | |||||||||||
Interest rate contracts | — | 49 | — | 49 | |||||||||||
Total assets | $ | 960 | $ | 765 | $ | 161 | $ | 1,886 | |||||||
Derivative liabilities: | |||||||||||||||
Commodity contracts | 494 | 636 | 158 | 1,288 | |||||||||||
Interest rate contracts | — | 88 | — | 88 | |||||||||||
Total liabilities | $ | 494 | $ | 724 | $ | 158 | $ | 1,376 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Commodity Derivatives(a) | |||||||||||||||||||||||
(In millions) | Three months ended March 31, 2023 | Three months ended March 31, 2022 | |||||||||||||||||||||
Beginning balance | $ | 505 | $ | 293 | |||||||||||||||||||
Total (losses)/gains realized/unrealized included in earnings | (91) | 166 | |||||||||||||||||||||
Purchases | 41 | 23 | |||||||||||||||||||||
Transfers into Level 3(b) | 24 | 53 | |||||||||||||||||||||
Transfers out of Level 3(b) | (8) | (7) | |||||||||||||||||||||
Ending balance | $ | 471 | $ | 528 | |||||||||||||||||||
(Losses)/Gains 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 | $ | (55) | $ | 237 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||
(In millions) | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | |||||||||||||||||||||||
Beginning balance | $ | 18 | $ | 61 | $ | (11 | ) | $ | 68 | $ | 17 | $ | 54 | $ | (68 | ) | $ | 3 | |||||||||||||
Total gains/(losses) — realized/unrealized: | |||||||||||||||||||||||||||||||
Included in earnings | 1 | — | (28 | ) | (27 | ) | 2 | — | 18 | 20 | |||||||||||||||||||||
Included in nuclear decommissioning obligation | — | 3 | — | 3 | — | 10 | — | 10 | |||||||||||||||||||||||
Purchases | — | 1 | (9 | ) | (8 | ) | — | 1 | — | 1 | |||||||||||||||||||||
Transfers into Level 3 (b) | — | — | (6 | ) | (6 | ) | — | — | (11 | ) | (11 | ) | |||||||||||||||||||
Transfers out of Level 3 (b) | — | — | 6 | 6 | — | — | 13 | 13 | |||||||||||||||||||||||
Ending balance as of September 30, 2017 | $ | 19 | $ | 65 | $ | (48 | ) | $ | 36 | $ | 19 | $ | 65 | $ | (48 | ) | $ | 36 | |||||||||||||
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 September 30, 2017 | $ | — | $ | ��� | $ | (13 | ) | $ | (13 | ) | $ | — | $ | — | $ | (6 | ) | $ | (6 | ) |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||
(In millions) | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | |||||||||||||||||||||||
Beginning balance | $ | 16 | $ | 51 | $ | 18 | $ | 85 | $ | 17 | $ | 54 | $ | (22 | ) | $ | 49 | ||||||||||||||
Total (losses)/gains — realized/unrealized: | |||||||||||||||||||||||||||||||
Included in earnings | — | — | (5 | ) | (5 | ) | — | — | 4 | 4 | |||||||||||||||||||||
Included in OCI | 1 | — | — | 1 | — | — | — | — | |||||||||||||||||||||||
Included in nuclear decommissioning obligations | — | 3 | — | 3 | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||
Purchases | — | — | (25 | ) | (25 | ) | — | 1 | 2 | 3 | |||||||||||||||||||||
Transfers into Level 3 (b) | — | — | (13 | ) | (13 | ) | — | — | (6 | ) | (6 | ) | |||||||||||||||||||
Transfers out of Level 3 (b) | — | — | 3 | 3 | — | — | — | — | |||||||||||||||||||||||
Ending balance as of September 30, 2016 | $ | 17 | $ | 54 | $ | (22 | ) | $ | 49 | $ | 17 | $ | 54 | $ | (22 | ) | $ | 49 | |||||||||||||
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 September 30, 2016 | $ | — | $ | — | $ | (4 | ) | $ | (4 | ) | $ | — | $ | — | $ | (11 | ) | $ | (11 | ) |
Beginning balance | $ | — | |||||||||||||||||||||
Contractual obligations added from the acquisition of | 112 | ||||||||||||||||||||||
New contractual obligations | 2 | ||||||||||||||||||||||
Settlements | (3) | ||||||||||||||||||||||
Ending balance | $ | 111 | |||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | ||||||||||||||||||||||||||||||||||
Natural Gas Contracts | $ | 152 | $ | 196 | Discounted Cash Flow | Forward Market Price (per MMBtu) | $ | 1 | $ | 17 | $ | 4 | |||||||||||||||||||||||||||||
Power Contracts | 827 | 292 | Discounted Cash Flow | Forward Market Price (per MWh) | 2 | 326 | 45 | ||||||||||||||||||||||||||||||||||
FTRs | 55 | 75 | Discounted Cash Flow | Auction Prices (per MWh) | (30) | 145 | 0 | ||||||||||||||||||||||||||||||||||
Consumer Financing Program | — | 111 | Discounted Cash Flow | Collateral Default Rate | 1.80 | % | 52.50 | % | 6.16 | % | |||||||||||||||||||||||||||||||
Discounted Cash Flow | Collateral Prepayment Rate | 2.00 | % | 3.00 | % | 2.87 | % | ||||||||||||||||||||||||||||||||||
Discounted Cash Flow | Loss Severity Rates | 6.00 | % | 36.00 | % | 10.88 | % | ||||||||||||||||||||||||||||||||||
$ | 1,034 | $ | 674 |
Significant Unobservable Inputs | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | Fair Value | Input/Range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Input/Range | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas Contracts | Natural Gas Contracts | $ | 340 | $ | 448 | Discounted Cash Flow | Forward Market Price (per MMBtu) | $ | 2 | $ | 48 | $ | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Power Contracts | $ | 47 | $ | 101 | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 10 | $ | 88 | $ | 24 | Power Contracts | 843 | 216 | Discounted Cash Flow | Forward Market Price (per MWh) | 3 | 431 | 48 | ||||||||||||||||||||||||||||||||||||||||||||
FTRs | 51 | 45 | Discounted Cash Flow | Auction Prices (per MWh) | (31 | ) | 36 | — | FTRs | 68 | 82 | Discounted Cash Flow | Auction Prices (per MWh) | (32) | 610 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 98 | $ | 146 | $ | 1,251 | $ | 746 |
Significant Unobservable Inputs | |||||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 39 | $ | 108 | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 11 | $ | 104 | $ | 31 | |||||||||||
FTRs | 51 | 50 | Discounted Cash Flow | Auction Prices (per MWh) | (22 | ) | 17 | — | |||||||||||||||
$ | 90 | $ | 158 |
Significant Unobservable Input | Position | Change In Input | Impact on Fair Value Measurement | |||||||||||||||||
Forward Market Price Natural Gas/Power | Buy | Increase/(Decrease) | Higher/(Lower) | |||||||||||||||||
Forward Market Price Natural Gas/Power | 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) | |||||||||||||||||
Loss Severity Rates | n/a | Increase/(Decrease) | Higher/(Lower) |
Net Exposure(a)(b) | |||||
Category by Industry Sector | (% of Total) | ||||
Utilities, energy merchants, marketers and other | % | ||||
Financial institutions | |||||
Total as of | 100 | % |
Net Exposure (a)(b) | |||||
Category by Counterparty Credit Quality | (% of Total) | ||||
Investment grade | % | ||||
Total as of | 100 | % |
(a)Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices (b)The figures in the tables above exclude potential |
As of March 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | As of December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except otherwise noted) | Fair Value | Unrealized Gains | Unrealized Losses | Weighted-average Maturities (In years) | Fair Value | Unrealized Gains | Unrealized Losses | Weighted-average Maturities (In years) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except maturities) | (In millions, except maturities) | Fair Value | Unrealized Gains | Unrealized Losses | Weighted-average Maturities (In years) | Fair Value | Unrealized Gains | Unrealized Losses | Weighted-average Maturities (In years) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 31 | $ | — | $ | — | — | $ | 25 | $ | — | $ | — | — | Cash and cash equivalents | $ | 13 | $ | — | $ | — | — | $ | 15 | $ | — | $ | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 44 | 2 | — | 10 | 73 | 1 | — | 11 | U.S. government and federal agency obligations | 98 | 1 | 4 | 11 | 86 | — | 5 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 74 | 1 | 1 | 24 | 62 | 1 | 1 | 25 | Federal agency mortgage-backed securities | 101 | — | 8 | 26 | 101 | — | 11 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 11 | — | — | 23 | 17 | — | 1 | 26 | Commercial mortgage-backed securities | 34 | — | 3 | 29 | 35 | — | 4 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 108 | 2 | 1 | 11 | 84 | 1 | 2 | 11 | Corporate debt securities | 113 | 1 | 9 | 11 | 114 | — | 13 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 398 | 260 | — | — | 346 | 214 | — | — | Equity securities | 519 | 374 | — | — | 486 | 346 | 3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government fixed income securities | 4 | — | — | 9 | 3 | — | — | 9 | Foreign government fixed income securities | 1 | — | — | 20 | 1 | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 670 | $ | 265 | $ | 2 | $ | 610 | $ | 217 | $ | 4 | Total | $ | 879 | $ | 376 | $ | 24 | $ | 838 | $ | 346 | $ | 36 |
Three months ended March 31, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Realized gains | $ | 2 | $ | 1 | |||||||
Realized losses | (5) | (4) | |||||||||
Proceeds from sale of securities | 99 | 161 |
Nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Realized gains | $ | 8 | $ | 7 | |||
Realized losses | 6 | 3 | |||||
Proceeds from sale of securities | 382 | 354 |
Total Volume (In millions) | ||||||||||||||
Category | Units | March 31, 2023 | December 31, 2022 | |||||||||||
Emissions | Short Ton | — | 1 | |||||||||||
Renewable Energy Certificates | Certificates | 13 | 15 | |||||||||||
Coal | Short Ton | 14 | 11 | |||||||||||
Natural Gas | MMBtu | 667 | 422 | |||||||||||
Oil | Barrels | — | 1 | |||||||||||
Power | MWh | 198 | 192 | |||||||||||
Consumer Financing Program | Dollars | 863 | — | |||||||||||
Foreign Exchange | Dollars | 594 | 569 | |||||||||||
Interest | Dollars | 1,720 | — |
Total Volume | ||||||||
September 30, 2017 | December 31, 2016 | |||||||
Category | Units | (In millions) | ||||||
Emissions | Short Ton | (1 | ) | — | ||||
Coal | Short Ton | 15 | 35 | |||||
Natural Gas | MMBtu | (62 | ) | (53 | ) | |||
Oil | Barrel | — | 1 | |||||
Power | MWh | 19 | 7 | |||||
Capacity | MW/Day | (1 | ) | (1 | ) | |||
Interest | Dollars | $ | 3,806 | $ | 3,429 | |||
Equity | Shares | 1 | 1 |
Fair Value | |||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 8 | $ | 28 | |||||||
Interest rate contracts long-term | 10 | 12 | 15 | 41 | |||||||||||
Total derivatives designated as cash flow hedges | 10 | 12 | 23 | 69 | |||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||
Interest rate contracts current | 5 | — | 19 | 7 | |||||||||||
Interest rate contracts long-term | 27 | 37 | 36 | 12 | |||||||||||
Commodity contracts current | 470 | 1,067 | 495 | 1,057 | |||||||||||
Commodity contracts long-term | 169 | 132 | 256 | 231 | |||||||||||
Total derivatives not designated as cash flow hedges | 671 | 1,236 | 806 | 1,307 | |||||||||||
Total derivatives | $ | 681 | $ | 1,248 | $ | 829 | $ | 1,376 |
Fair Value | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
(In millions) | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Derivatives Not Designated as Cash Flow or Fair Value Hedges: | |||||||||||||||||||||||
Interest rate contracts - current | $ | 10 | $ | — | $ | — | $ | — | |||||||||||||||
Interest rate contracts - long-term | — | — | 15 | — | |||||||||||||||||||
Foreign exchange contracts - current | 9 | 11 | — | 1 | |||||||||||||||||||
Foreign exchange contracts - long-term | 6 | 7 | 1 | 1 | |||||||||||||||||||
Consumer Financing Program - short-term | — | — | 80 | — | |||||||||||||||||||
Consumer Financing Program - long-term | — | — | 31 | — | |||||||||||||||||||
Commodity contracts - current | 4,381 | 7,875 | 4,270 | 6,194 | |||||||||||||||||||
Commodity contracts - long-term | 3,344 | 4,101 | 1,846 | 2,245 | |||||||||||||||||||
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges | $ | 7,750 | $ | 11,994 | $ | 6,243 | $ | 8,441 | |||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||||||||||||
(In millions) | Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) /Posted | Net Amount | ||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||
Derivative assets | $ | 15 | $ | (1) | $ | — | $ | 14 | ||||||||||||||||||
Derivative liabilities | (1) | 1 | — | — | ||||||||||||||||||||||
Total foreign exchange contracts | $ | 14 | $ | — | $ | — | $ | 14 | ||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||
Derivative assets | $ | 7,725 | $ | (5,750) | $ | (307) | $ | 1,668 | ||||||||||||||||||
Derivative liabilities | (6,116) | 5,750 | 8 | (358) | ||||||||||||||||||||||
Total commodity contracts | $ | 1,609 | $ | — | $ | (299) | $ | 1,310 | ||||||||||||||||||
Consumer Financing Program: | ||||||||||||||||||||||||||
Derivative liabilities | $ | (111) | $ | — | $ | — | $ | (111) | ||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Derivative assets | $ | 10 | $ | (8) | $ | — | $ | 2 | ||||||||||||||||||
Derivative liabilities | (15) | 8 | — | (7) | ||||||||||||||||||||||
Total interest rate contracts | (5) | — | — | (5) | ||||||||||||||||||||||
Total derivative instruments | $ | 1,507 | $ | — | $ | (299) | $ | 1,208 |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | |||||||||||||
As of September 30, 2017 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 639 | $ | (546 | ) | $ | (5 | ) | $ | 88 | ||||||
Derivative liabilities | (751 | ) | 546 | 83 | (122 | ) | ||||||||||
Total commodity contracts | (112 | ) | — | 78 | (34 | ) | ||||||||||
Interest rate contracts: | ||||||||||||||||
Derivative assets | 42 | (2 | ) | — | 40 | |||||||||||
Derivative liabilities | (78 | ) | 2 | — | (76 | ) | ||||||||||
Total interest rate contracts | (36 | ) | — | — | (36 | ) | ||||||||||
Total derivative instruments | $ | (148 | ) | $ | — | $ | 78 | $ | (70 | ) |
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | |||||||||||||
As of December 31, 2016 | (In millions) | |||||||||||||||
Commodity contracts: | ||||||||||||||||
Derivative assets | $ | 1,199 | $ | (1,021 | ) | $ | (13 | ) | $ | 165 | ||||||
Derivative liabilities | (1,288 | ) | 1,021 | 13 | (254 | ) | ||||||||||
Total commodity contracts | (89 | ) | — | — | (89 | ) | ||||||||||
Interest rate contracts: | ||||||||||||||||
Derivative assets | 49 | (4 | ) | — | 45 | |||||||||||
Derivative liabilities | (88 | ) | 4 | — | (84 | ) | ||||||||||
Total interest rate contracts | (39 | ) | — | — | (39 | ) | ||||||||||
Total derivative instruments | $ | (128 | ) | $ | — | $ | — | $ | (128 | ) |
Interest Rate Contracts | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In millions) | |||||||||||||||
Accumulated OCI beginning balance | $ | (67 | ) | $ | (165 | ) | $ | (66 | ) | $ | (101 | ) | |||
Reclassified from accumulated OCI to income: | |||||||||||||||
Due to realization of previously deferred amounts | 4 | 2 | 10 | 12 | |||||||||||
Mark-to-market of cash flow hedge accounting contracts | 4 | 32 | (3 | ) | (42 | ) | |||||||||
Accumulated OCI ending balance, net of $15, and $28 tax | $ | (59 | ) | $ | (131 | ) | $ | (59 | ) | $ | (131 | ) | |||
Losses expected to be realized from OCI during the next 12 months, net of $4 tax | $ | 14 | $ | 14 |
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, 2022 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||
Derivative assets | $ | 18 | $ | (2) | $ | — | $ | 16 | ||||||||||||||||||||||||
Derivative liabilities | (2) | 2 | — | — | ||||||||||||||||||||||||||||
Total foreign exchange contracts | $ | 16 | $ | — | $ | — | $ | 16 | ||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||
Derivative assets | $ | 11,976 | $ | (7,897) | $ | (1,659) | $ | 2,420 | ||||||||||||||||||||||||
Derivative liabilities | (8,439) | 7,897 | 20 | (522) | ||||||||||||||||||||||||||||
Total commodity contracts | $ | 3,537 | $ | — | $ | (1,639) | $ | 1,898 | ||||||||||||||||||||||||
Total derivative instruments | $ | 3,553 | $ | — | $ | (1,639) | $ | 1,914 |
(In millions) | Three months ended March 31, | ||||||||||||||||||||||
Unrealized mark-to-market results | 2023 | 2022 | |||||||||||||||||||||
Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges | $ | (846) | $ | (408) | |||||||||||||||||||
Reversal of acquired (gain) positions related to economic hedges | (25) | (60) | |||||||||||||||||||||
Net unrealized (losses)/gains on open positions related to economic hedges | (1,073) | 2,745 | |||||||||||||||||||||
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (1,944) | 2,277 | |||||||||||||||||||||
Reversal of previously recognized unrealized losses on settled positions related to trading activity | 1 | 1 | |||||||||||||||||||||
Net unrealized gains/(losses) on open positions related to trading activity | 11 | (15) | |||||||||||||||||||||
Total unrealized mark-to-market gains/(losses) for trading activity | 12 | (14) | |||||||||||||||||||||
Total unrealized (losses)/gains - commodities and foreign exchange | $ | (1,932) | $ | 2,263 |
Three months ended March 31, | |||||||||||||||||||||||
(In millions) | 2023 | 2022 | |||||||||||||||||||||
Unrealized gains/(losses) included in revenues - commodities | $ | 103 | $ | (147) | |||||||||||||||||||
Unrealized (losses)/gains included in cost of operations - commodities | (2,037) | 2,414 | |||||||||||||||||||||
Unrealized gains/(losses) included in cost of operations - foreign exchange | 2 | (4) | |||||||||||||||||||||
Total impact to statement of operations - commodities and foreign exchange | $ | (1,932) | $ | 2,263 | |||||||||||||||||||
Total impact to statement of operations - interest rate contracts | $ | (5) | $ | — | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Unrealized mark-to-market results | (In millions) | ||||||||||||||
Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges | $ | (6 | ) | $ | (30 | ) | $ | 19 | $ | (75 | ) | ||||
Reversal of acquired gain positions related to economic hedges | (2 | ) | (7 | ) | (1 | ) | (11 | ) | |||||||
Net unrealized (losses)/gains on open positions related to economic hedges | (16 | ) | (50 | ) | (1 | ) | 27 | ||||||||
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (24 | ) | (87 | ) | 17 | (59 | ) | ||||||||
Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity | (5 | ) | 3 | (24 | ) | 13 | |||||||||
Net unrealized (losses)/gains on open positions related to trading activity | — | (8 | ) | 17 | 14 | ||||||||||
Total unrealized mark-to-market (losses)/gains for trading activity | (5 | ) | (5 | ) | (7 | ) | 27 | ||||||||
Total unrealized (losses)/gains | $ | (29 | ) | $ | (92 | ) | $ | 10 | $ | (32 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In millions) | |||||||||||||||
Unrealized gains/(losses) included in operating revenues | $ | 21 | $ | 57 | $ | 178 | $ | (333 | ) | ||||||
Unrealized (losses)/gains included in cost of operations | (50 | ) | (149 | ) | (168 | ) | 301 | ||||||||
Total impact to statement of operations — energy commodities | $ | (29 | ) | $ | (92 | ) | $ | 10 | $ | (32 | ) | ||||
Total impact to statement of operations — interest rate contracts | $ | 11 | $ | 9 | $ | (8 | ) | $ | (9 | ) |
(In millions, except rates) | March 31, 2023 | December 31, 2022 | 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 | 1,100 | 1,100 | 3.875 | ||||||||||||||
Convertible Senior Notes, due 2048(a) | 575 | 575 | 2.750 | ||||||||||||||
Senior Secured First Lien Notes, due 2024 | 600 | 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 | — | 7.000 | ||||||||||||||
Revolving Credit Facility | 725 | — | SOFR + 1.720 | ||||||||||||||
Receivables Facility | 150 | — | various | ||||||||||||||
Repurchase Facility | 75 | — | SOFR + 1.300 | ||||||||||||||
Tax-exempt bonds | 466 | 466 | 1.250 - 4.750 | ||||||||||||||
Subtotal recourse debt | 9,790 | 8,100 | |||||||||||||||
Non-recourse debt: | |||||||||||||||||
Vivint Senior Secured Notes, due 2027 | 600 | — | 6.750 | ||||||||||||||
Vivint Senior Notes, due 2029 | 800 | — | 5.750 | ||||||||||||||
Vivint Senior Secured Term Loan, due 2028 | 1,330 | — | various | ||||||||||||||
Subtotal all Vivint non-recourse debt | 2,730 | — | |||||||||||||||
Subtotal long-term debt (including current maturities) | 12,520 | 8,100 | |||||||||||||||
Finance leases | 19 | 11 | various | ||||||||||||||
Subtotal long-term debt and finance leases (including current maturities) | 12,539 | 8,111 | |||||||||||||||
Less current maturities | (971) | (63) | |||||||||||||||
Less debt issuance costs | (75) | (70) | |||||||||||||||
Discounts | (161) | (2) | |||||||||||||||
Total long-term debt and finance leases | $ | 11,332 | $ | 7,976 |
(In millions, except rates) | September 30, 2017 | December 31, 2016 | September 30, 2017 interest rate % (a) | ||||||
Recourse debt: | |||||||||
Senior notes, due 2018 | $ | 398 | $ | 398 | 7.625 | ||||
Senior notes, due 2021 | 207 | 207 | 7.875 | ||||||
Senior notes, due 2022 | 992 | 992 | 6.250 | ||||||
Senior notes, due 2023 | 869 | 869 | 6.625 | ||||||
Senior notes, due 2024 | 733 | 733 | 6.250 | ||||||
Senior notes, due 2026 | 1,000 | 1,000 | 7.250 | ||||||
Senior notes, due 2027 | 1,250 | 1,250 | 6.625 | ||||||
Term loan facility, due 2023 | 1,876 | 1,891 | L+2.25 | ||||||
Tax-exempt bonds | 465 | 455 | 4.125 - 6.00 | ||||||
Subtotal NRG recourse debt | 7,790 | 7,795 | |||||||
Non-recourse debt: | |||||||||
NRG Yield Operating LLC Senior Notes, due 2024 | 500 | 500 | 5.375 | ||||||
NRG Yield Operating LLC Senior Notes, due 2026 | 350 | 350 | 5.000 | ||||||
NRG Yield, Inc. Convertible Senior Notes, due 2019 | 345 | 345 | 3.500 | ||||||
NRG Yield, Inc. Convertible Senior Notes, due 2020 | 288 | 288 | 3.250 | ||||||
El Segundo Energy Center, due 2023 | 400 | 443 | L+1.75 - L+2.375 | ||||||
Marsh Landing, due 2017 and 2023 | 334 | 370 | L+1.750 - L+1.875 | ||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 940 | 965 | 5.696 - 7.015 | ||||||
Walnut Creek, term loans due 2023 | 279 | 310 | L+1.625 | ||||||
Utah Portfolio, due 2022 | 284 | 287 | L+2.625 | ||||||
Tapestry, due 2021 | 165 | 172 | L+1.625 | ||||||
CVSR, due 2037 | 746 | 771 | 2.339 - 3.775 | ||||||
CVSR HoldCo, due 2037 | 194 | 199 | 4.680 | ||||||
Alpine, due 2022 | 138 | 145 | L+1.750 | ||||||
Energy Center Minneapolis, due 2017 and 2025 | 82 | 96 | 5.95 - 7.25 | ||||||
Energy Center Minneapolis, due 2031 | 125 | 125 | 3.55 | ||||||
Viento, due 2023 | 169 | 178 | L+3.00 | ||||||
NRG Yield - other | 562 | 540 | various | ||||||
Subtotal NRG Yield debt (non-recourse to NRG) | 5,901 | 6,084 | |||||||
Ivanpah, due 2033 and 2038 | 1,097 | 1,113 | 2.285 - 4.256 | ||||||
Carlsbad Energy Project | 407 | — | 4.120 | ||||||
Agua Caliente, due 2037 | 833 | 849 | 2.395 - 3.633 | ||||||
Agua Caliente Borrower 1, due 2038 | 89 | — | 5.430 | ||||||
Cedro Hill, due 2025 | 153 | 163 | L+1.75 | ||||||
Midwest Generation, due 2019 | 173 | 231 | 4.390 | ||||||
NRG Other | 689 | 468 | various | ||||||
Subtotal other NRG non-recourse debt | 3,441 | 2,824 | |||||||
Subtotal all non-recourse debt | 9,342 | 8,908 | |||||||
Subtotal long-term debt (including current maturities) | 17,132 | 16,703 | |||||||
Capital leases | 6 | 6 | various | ||||||
Subtotal long-term debt and capital leases (including current maturities) | 17,138 | 16,709 | |||||||
Less current maturities | (1,247 | ) | (516 | ) | |||||
Less debt issuance costs | (198 | ) | (188 | ) | |||||
Discounts | (35 | ) | (48 | ) | |||||
Total long-term debt and capital leases | $ | 15,658 | $ | 15,957 |
Three months ended March 31, | |||||||||||||||||||||||
($ In millions) | 2023 | 2022 | |||||||||||||||||||||
Contractual interest expense | $ | 4 | $ | 4 | |||||||||||||||||||
Amortization of discount and deferred finance costs | 1 | — | |||||||||||||||||||||
Total | $ | 5 | $ | 4 | |||||||||||||||||||
Effective Interest Rate | 0.77 | % | 0.76 | % |
(In millions) | March 31, 2023 | December 31, 2022 | |||||||||
Accounts receivable and Other current assets | $ | 730 | $ | 2,108 | |||||||
Current liabilities | 303 | 152 | |||||||||
Net assets | $ | 427 | $ | 1,956 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
Current assets | $ | 74 | $ | 87 | |||
Net property, plant and equipment | 1,466 | 1,534 | |||||
Other long-term assets | 1,026 | 954 | |||||
Total assets | 2,566 | 2,575 | |||||
Current liabilities | 69 | 59 | |||||
Long-term debt | 420 | 442 | |||||
Other long-term liabilities | 187 | 183 | |||||
Total liabilities | 676 | 684 | |||||
Noncontrolling interests | 578 | 529 | |||||
Net assets less noncontrolling interests | $ | 1,312 | $ | 1,362 |
Preferred | Common | ||||||||||||||||||||||
Issued and Outstanding | Issued | Treasury | Outstanding | ||||||||||||||||||||
Balance as of December 31, 2022 | — | 423,897,001 | (194,335,971) | 229,561,030 | |||||||||||||||||||
Shares issued under LTIPs | — | 395,408 | — | 395,408 | |||||||||||||||||||
Issuance of Series A Preferred Stock | 650,000 | — | — | — | |||||||||||||||||||
Balance as of March 31, 2023 | 650,000 | 424,292,409 | (194,335,971) | 229,956,438 | |||||||||||||||||||
Issued | Treasury | Outstanding | ||||||
Balance as of December 31, 2016 | 417,583,825 | (102,140,814 | ) | 315,443,011 | ||||
Shares issued under LTIPs | 634,738 | — | 634,738 | |||||
Shares issued under ESPP | — | 560,769 | 560,769 | |||||
Balance as of September 30, 2017 | 418,218,563 | (101,580,045 | ) | 316,638,518 |
Third Quarter 2017 | Second Quarter 2017 | First Quarter 2017 | |||||||||
Dividends per Common Share | $ | 0.03 | $ | 0.03 | $ | 0.03 |
Three months ended March 31, | |||||||||||||||||||||||
(In millions, except per share data) | 2023 | 2022 | |||||||||||||||||||||
Basic and diluted (loss)/income per share: | |||||||||||||||||||||||
Net (loss)/income | $ | (1,335) | $ | 1,736 | |||||||||||||||||||
Less: Cumulative dividends attributable to Series A Preferred Stock | 4 | — | |||||||||||||||||||||
Net (loss)/income available for common stockholders | (1,339) | 1,736 | |||||||||||||||||||||
Weighted average number of common shares outstanding - basic and diluted | 230 | 242 | |||||||||||||||||||||
(Loss)/Income per weighted average common share — basic and diluted | $ | (5.82) | $ | 7.17 | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Basic and diluted income/(loss) per share attributable to NRG Energy, Inc. common stockholders | |||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 171 | $ | 402 | $ | (619 | ) | $ | 213 | ||||||
Dividends for preferred shares | — | — | — | 5 | |||||||||||
Gain on redemption of 2.822% redeemable perpetual preferred stock | — | — | — | (78 | ) | ||||||||||
Income/(loss) available for common stockholders | $ | 171 | $ | 402 | $ | (619 | ) | $ | 286 | ||||||
Weighted average number of common shares outstanding - basic | 317 | 316 | 317 | 315 | |||||||||||
Income/(loss) per weighted average common share — basic | $ | 0.54 | $ | 1.27 | $ | (1.95 | ) | $ | 0.91 | ||||||
Diluted income/(loss) per share attributable to NRG Energy, Inc. common stockholders | |||||||||||||||
Weighted average number of common shares outstanding - diluted | 317 | 316 | 317 | 315 | |||||||||||
Incremental shares attributable to the issuance of equity compensation (treasury stock method) | 5 | 1 | — | 1 | |||||||||||
Total dilutive shares | 322 | 317 | 317 | 316 | |||||||||||
Income/(loss) per weighted average common share — diluted | $ | 0.53 | $ | 1.27 | $ | (1.95 | ) | $ | 0.91 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(In millions of shares) | 2017 | 2016 | 2017 | 2016 | |||||||
Equity compensation plans | 1 | 2 | 6 | 3 | |||||||
Total | 1 | 2 | 6 | 3 |
Generation(a) | Retail (a) | Renewables(a) | NRG Yield | Corporate(a) | Eliminations | Total | ||||||||||||||||||||||
Three months ended September 30, 2017 | (In millions) | |||||||||||||||||||||||||||
Operating revenues(a) | $ | 1,224 | $ | 1,937 | $ | 144 | $ | 265 | $ | 2 | $ | (523 | ) | $ | 3,049 | |||||||||||||
Depreciation and amortization | 96 | 29 | 51 | 88 | 8 | — | 272 | |||||||||||||||||||||
Impairment losses | 1 | — | 13 | — | — | — | 14 | |||||||||||||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | 12 | — | (3 | ) | 28 | — | (10 | ) | 27 | |||||||||||||||||||
Loss on debt extinguishment, net | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||
Income/(loss) from continuing operations before income taxes | 258 | 69 | (7 | ) | 49 | (161 | ) | (12 | ) | 196 | ||||||||||||||||||
Income/(loss) from continuing operations | 258 | 69 | (4 | ) | 41 | (162 | ) | (12 | ) | 190 | ||||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | (27 | ) | — | (27 | ) | |||||||||||||||||||
Net Income/(loss) | 258 | 69 | (4 | ) | 41 | (189 | ) | (12 | ) | 163 | ||||||||||||||||||
Net Income/(loss) attributable to NRG Energy, Inc. | $ | 258 | — | $ | 69 | $ | 9 | $ | 35 | $ | (220 | ) | $ | 20 | $ | 171 | ||||||||||||
Total assets as of September 30, 2017 | $ | 8,585 | $ | 2,445 | $ | 5,357 | $ | 8,442 | $ | 11,090 | $ | (10,449 | ) | $ | 25,470 |
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 491 | $ | (8 | ) | $ | 19 | $ | — | $ | 21 | $ | — | $ | 523 |
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Texas | East | West/Services/Other | Vivint(a) | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,034 | $ | 4,176 | $ | 1,374 | $ | 148 | $ | — | $ | (10) | $ | 7,722 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 75 | 30 | 24 | 52 | 9 | — | 190 | |||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | 199 | — | — | — | — | 199 | |||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 5 | — | — | — | 5 | |||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 284 | (1,402) | (351) | (39) | (163) | — | (1,671) | |||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 284 | $ | (1,402) | $ | (304) | $ | (39) | $ | 126 | $ | — | $ | (1,335) | ||||||||||||||||||||||||||||||
Generation(a) | Retail(a) | Renewables(a) | NRG Yield | Corporate(a) | Eliminations | Total | |||||||||||||||||||||
Three months ended September 30, 2016 | (In millions) | ||||||||||||||||||||||||||
Operating revenues(a) | $ | 1,536 | $ | 2,012 | $ | 139 | $ | 272 | $ | 24 | $ | (562 | ) | $ | 3,421 | ||||||||||||
Depreciation and amortization | 134 | 26 | 48 | 75 | 15 | — | 298 | ||||||||||||||||||||
Impairment losses | 9 | — | — | — | — | — | 9 | ||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 6 | — | (10 | ) | 16 | 5 | (1 | ) | 16 | ||||||||||||||||||
Gain on sale of assets | — | — | — | 4 | — | 4 | |||||||||||||||||||||
Loss on debt extinguishment, net | — | — | — | — | (50 | ) | — | (50 | ) | ||||||||||||||||||
Income/(loss) from continuing operations before income taxes | 370 | (78 | ) | (1 | ) | 63 | (202 | ) | 4 | 156 | |||||||||||||||||
Income/(loss) from continuing operations | 372 | (78 | ) | 2 | 50 | (222 | ) | 4 | 128 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | 265 | — | 265 | ||||||||||||||||||||
Net Income/(Loss) | 372 | (78 | ) | 2 | 50 | 43 | 4 | 393 | |||||||||||||||||||
Net Income/(Loss) attributable to NRG Energy, Inc. | $ | 372 | $ | (78 | ) | $ | (9 | ) | $ | 55 | $ | 19 | $ | 43 | $ | 402 |
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 506 | $ | (2 | ) | $ | 8 | $ | — | $ | 50 | $ | 52 | $ | — | $ | 562 |
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(In millions) | Texas | East | West/Services/Other | Corporate | Eliminations | Total | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,020 | $ | 4,715 | $ | 1,144 | $ | — | $ | 17 | $ | 7,896 | ||||||||||||||||||||||||||
Depreciation and amortization | 77 | 77 | 21 | 8 | — | 183 | ||||||||||||||||||||||||||||||||
(Loss) on sale of assets | — | — | (1) | (2) | — | (3) | ||||||||||||||||||||||||||||||||
Equity in (losses) of unconsolidated affiliates | (1) | — | (14) | — | — | (15) | ||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 771 | 1,538 | 129 | (131) | — | 2,307 | ||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 771 | $ | 1,538 | $ | 130 | $ | (703) | $ | — | $ | 1,736 |
Generation(a) | Retail (a) | Renewables(a) | NRG Yield | Corporate(a) | Eliminations | Total | |||||||||||||||||||||
Nine months ended September 30, 2017 | (In millions) | ||||||||||||||||||||||||||
Operating revenues(a) | $ | 3,072 | $ | 4,875 | $ | 364 | $ | 767 | $ | 13 | $ | (959 | ) | $ | 8,132 | ||||||||||||
Depreciation and amortization | 287 | 87 | 150 | 241 | 24 | — | 789 | ||||||||||||||||||||
Impairment losses | 42 | — | 35 | — | — | — | 77 | ||||||||||||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | (16 | ) | — | (6 | ) | 63 | 7 | (19 | ) | 29 | |||||||||||||||||
Gain on sale of assets | 4 | — | — | — | — | — | 4 | ||||||||||||||||||||
Loss on debt extinguishment, net | — | — | (3 | ) | — | — | — | (3 | ) | ||||||||||||||||||
Income/(loss) from continuing operations before income taxes | 202 | 371 | (97 | ) | 100 | (430 | ) | (21 | ) | 125 | |||||||||||||||||
Income/(loss) from continuing operations | 200 | 380 | (84 | ) | 85 | (440 | ) | (21 | ) | 120 | |||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | (802 | ) | — | (802 | ) | ||||||||||||||||||
Net Income/(Loss) | 200 | 380 | (84 | ) | 85 | (1,242 | ) | (21 | ) | (682 | ) | ||||||||||||||||
Net Income/(Loss) attributable to NRG Energy, Inc. | $ | 200 | $ | 380 | $ | (18 | ) | $ | 87 | $ | (1,306 | ) | $ | 38 | $ | (619 | ) |
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 897 | $ | 3 | $ | 23 | $ | — | $ | 36 | $ | — | $ | 959 |
Generation(a) | Retail(a) | Renewables(a) | NRG Yield(a) | Corporate(a) | Eliminations | Total | |||||||||||||||||||||
Nine months ended September 30, 2016 | (In millions) | ||||||||||||||||||||||||||
Operating revenues(a) | $ | 3,173 | $ | 4,918 | $ | 336 | $ | 789 | $ | 54 | $ | (942 | ) | $ | 8,328 | ||||||||||||
Depreciation and amortization | 331 | 83 | 143 | 224 | 45 | — | 826 | ||||||||||||||||||||
Impairment losses | 26 | — | 27 | — | 12 | — | 65 | ||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 1 | — | (16 | ) | 34 | 11 | (17 | ) | 13 | ||||||||||||||||||
Loss on sale of assets | — | — | — | — | (79 | ) | — | (79 | ) | ||||||||||||||||||
Impairment loss on investment | (142 | ) | — | 1 | — | (6 | ) | — | (147 | ) | |||||||||||||||||
Loss on debt extinguishment, net | — | — | — | — | (119 | ) | — | (119 | ) | ||||||||||||||||||
(Loss)/income from continuing operations before income taxes | (51 | ) | 735 | (121 | ) | 141 | (706 | ) | (15 | ) | (17 | ) | |||||||||||||||
(Loss)/income from continuing operations | (49 | ) | 734 | (107 | ) | 116 | (771 | ) | (15 | ) | (92 | ) | |||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | 256 | — | 256 | ||||||||||||||||||||
Net (Loss)/Income | (49 | ) | 734 | (107 | ) | 116 | (515 | ) | (15 | ) | 164 | ||||||||||||||||
Net (Loss)/Income attributable to NRG Energy, Inc. | $ | (49 | ) | $ | 734 | $ | (103 | ) | $ | 113 | $ | (547 | ) | $ | 65 | $ | 213 |
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 836 | $ | 3 | $ | 16 | $ | 6 | $ | 81 | $ | — | $ | 942 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions except otherwise noted) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Income/(Loss) before income taxes | $ | 196 | $ | 156 | $ | 125 | $ | (17 | ) | ||||||
Income tax expense from continuing operations | 6 | 28 | 5 | 75 | |||||||||||
Effective tax rate | 3.1 | % | 17.9 | % | 4.0 | % | (441.2 | )% |
Three months ended March 31, | |||||||||||||||||||||||
(In millions, except rates) | 2023 | 2022 | |||||||||||||||||||||
(Loss)/Income before income taxes | $ | (1,671) | $ | 2,307 | |||||||||||||||||||
Income tax (benefit)/expense | (336) | 571 | |||||||||||||||||||||
Effective income tax rate | 20.1 | % | 24.8 | % |
Three months ended March 31, | |||||||||||||||||||||||
(In millions) | 2023 | 2022 | |||||||||||||||||||||
Revenues from Related Parties Included in Revenue | |||||||||||||||||||||||
Gladstone | $ | 1 | $ | 1 | |||||||||||||||||||
Ivanpah(a) | 34 | 13 | |||||||||||||||||||||
Midway-Sunset | 1 | 2 | |||||||||||||||||||||
Total | $ | 36 | $ | 16 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||
Total operating revenues | $ | 2,160 | $ | 1,021 | $ | — | $ | (132 | ) | $ | 3,049 | ||||||||
Operating Costs and Expenses | |||||||||||||||||||
Cost of operations | 1,588 | 682 | 15 | (129 | ) | 2,156 | |||||||||||||
Depreciation and amortization | 104 | 160 | 8 | — | 272 | ||||||||||||||
Impairment losses | — | 14 | — | — | 14 | ||||||||||||||
Selling, general and administrative | 97 | 29 | 88 | (1 | ) | 213 | |||||||||||||
Reorganization | — | — | 18 | — | 18 | ||||||||||||||
Development activity expenses | — | 9 | 5 | 14 | |||||||||||||||
Total operating costs and expenses | 1,789 | 894 | 134 | (130 | ) | 2,687 | |||||||||||||
Other income - affiliate | — | — | 14 | — | 14 | ||||||||||||||
Operating Income/(Loss) | 371 | 127 | (120 | ) | (2 | ) | 376 | ||||||||||||
Other Income/(Expense) | |||||||||||||||||||
Equity in losses of consolidated subsidiaries | (41 | ) | (9 | ) | (134 | ) | 184 | — | |||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | — | (606 | ) | 666 | (33 | ) | 27 | ||||||||||||
Other income | 7 | 3 | 5 | — | 15 | ||||||||||||||
Loss on debt extinguishment | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Interest expense | (4 | ) | (103 | ) | (114 | ) | — | (221 | ) | ||||||||||
Total other (expense)/income | (38 | ) | (716 | ) | 423 | 151 | (180 | ) | |||||||||||
Income/(Loss) from Continuing Operations Before Income Taxes | 333 | (589 | ) | 303 | 149 | 196 | |||||||||||||
Income tax expense/(benefit) | 113 | (209 | ) | 102 | — | 6 | |||||||||||||
Income/(Loss) from Continuing Operations | 220 | (380 | ) | 201 | 149 | 190 | |||||||||||||
Loss from Discontinued Operations, net of income tax | — | (27 | ) | — | — | (27 | ) | ||||||||||||
Net Income/(Loss) | 220 | (407 | ) | 201 | 149 | 163 | |||||||||||||
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | — | (3 | ) | 30 | (35 | ) | (8 | ) | |||||||||||
Net Income/(Loss) Attributable to NRG Energy, Inc. | $ | 220 | $ | (404 | ) | $ | 171 | $ | 184 | $ | 171 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||
Total operating revenues | $ | 5,517 | $ | 2,872 | $ | — | $ | (257 | ) | $ | 8,132 | ||||||||
Operating Costs and Expenses | |||||||||||||||||||
Cost of operations | 4,156 | 1,904 | 46 | (254 | ) | 5,852 | |||||||||||||
Depreciation and amortization | 307 | 458 | 24 | — | 789 | ||||||||||||||
Impairment losses | 42 | 35 | — | — | 77 | ||||||||||||||
Selling, general and administrative | 281 | 115 | 304 | (3 | ) | 697 | |||||||||||||
Reorganization | — | — | 18 | — | 18 | ||||||||||||||
Development activity expenses | — | 34 | 15 | — | 49 | ||||||||||||||
Total operating costs and expenses | 4,786 | 2,546 | 407 | (257 | ) | 7,482 | |||||||||||||
Other income - affiliate | — | — | 104 | — | 104 | ||||||||||||||
Gain on sale of assets | 4 | — | — | — | 4 | ||||||||||||||
Operating Income/(Loss) | 735 | 326 | (303 | ) | — | 758 | |||||||||||||
Other Income/(Expense) | |||||||||||||||||||
Equity in losses of consolidated subsidiaries | (61 | ) | (66 | ) | (182 | ) | 309 | — | |||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | 101 | (3 | ) | (69 | ) | 29 | ||||||||||||
Other income | 8 | 15 | 10 | — | 33 | ||||||||||||||
Loss on debt extinguishment | — | (3 | ) | — | — | (3 | ) | ||||||||||||
Interest expense | (11 | ) | (328 | ) | (353 | ) | — | (692 | ) | ||||||||||
Total other expense | (64 | ) | (281 | ) | (528 | ) | 240 | (633 | ) | ||||||||||
Income/(Loss) from Continuing Operations Before Income Taxes | 671 | 45 | (831 | ) | 240 | 125 | |||||||||||||
Income tax expense/(benefit) | 244 | 28 | (267 | ) | — | 5 | |||||||||||||
Income/(Loss) from Continuing Operations | 427 | 17 | (564 | ) | 240 | 120 | |||||||||||||
Loss from Discontinued Operations, net of income tax | — | (802 | ) | — | — | (802 | ) | ||||||||||||
Net Income/(Loss) | 427 | (785 | ) | (564 | ) | 240 | (682 | ) | |||||||||||
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | — | (49 | ) | 55 | (69 | ) | (63 | ) | |||||||||||
Net Income/(Loss) Attributable to NRG Energy, Inc. | $ | 427 | $ | (736 | ) | $ | (619 | ) | $ | 309 | $ | (619 | ) |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net Income/(Loss) | $ | 220 | $ | (407 | ) | $ | 201 | $ | 149 | $ | 163 | ||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||||||||
Unrealized gain on derivatives, net | — | 7 | 7 | (7 | ) | 7 | |||||||||||||
Foreign currency translation adjustments, net | 2 | 2 | 2 | (4 | ) | 2 | |||||||||||||
Available-for-sale securities, net | — | — | 1 | — | 1 | ||||||||||||||
Defined benefit plans, net | — | — | (2 | ) | 1 | (1 | ) | ||||||||||||
Other comprehensive income | 2 | 9 | 8 | (10 | ) | 9 | |||||||||||||
Comprehensive Income/(Loss) | 222 | (398 | ) | 209 | 139 | 172 | |||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest | — | — | 30 | (35 | ) | (5 | ) | ||||||||||||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | $ | 222 | $ | (398 | ) | $ | 179 | $ | 174 | $ | 177 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net Income/(Loss) | $ | 427 | $ | (785 | ) | $ | (564 | ) | $ | 240 | $ | (682 | ) | ||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||||||||
Unrealized gain on derivatives, net | — | 6 | 7 | (7 | ) | 6 | |||||||||||||
Foreign currency translation adjustments, net | 7 | 7 | 9 | (13 | ) | 10 | |||||||||||||
Available-for-sale securities, net | — | — | 2 | — | 2 | ||||||||||||||
Defined benefit plans, net | — | 29 | 25 | (28 | ) | 26 | |||||||||||||
Other comprehensive income | 7 | 42 | 43 | (48 | ) | 44 | |||||||||||||
Comprehensive Income/(Loss) | 434 | (743 | ) | (521 | ) | 192 | (638 | ) | |||||||||||
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | — | (47 | ) | 55 | (69 | ) | (61 | ) | |||||||||||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | $ | 434 | $ | (696 | ) | $ | (576 | ) | $ | 261 | $ | (577 | ) |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
ASSETS | (In millions) | ||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | (20 | ) | $ | 350 | $ | 893 | $ | — | $ | 1,223 | ||||||||
Funds deposited by counterparties | 29 | 2 | — | — | 31 | ||||||||||||||
Restricted cash | 14 | 523 | — | — | 537 | ||||||||||||||
Accounts receivable - trade, net | 876 | 395 | 3 | — | 1,274 | ||||||||||||||
Accounts receivable - affiliate | 222 | 191 | (22 | ) | (337 | ) | 54 | ||||||||||||
Inventory | 406 | 224 | — | — | 630 | ||||||||||||||
Derivative instruments | 438 | 106 | 5 | (74 | ) | 475 | |||||||||||||
Cash collateral posted in support of energy risk management activities | 190 | 13 | — | — | 203 | ||||||||||||||
Prepayments and other current assets | 108 | 147 | 45 | — | 300 | ||||||||||||||
Current assets - held for sale | — | 33 | — | — | 33 | ||||||||||||||
Total current assets | 2,263 | 1,984 | 924 | (411 | ) | 4,760 | |||||||||||||
Net property, plant and equipment | 3,980 | 11,142 | 236 | (26 | ) | 15,332 | |||||||||||||
Other Assets | |||||||||||||||||||
Investment in subsidiaries | 1,098 | 1,004 | 9,409 | (11,511 | ) | — | |||||||||||||
Equity investments in affiliates | — | 1,135 | 3 | — | 1,138 | ||||||||||||||
Notes receivable, less current portion | — | 5 | — | — | 5 | ||||||||||||||
Goodwill | 359 | 303 | — | — | 662 | ||||||||||||||
Intangible assets, net | 520 | 1,321 | — | (3 | ) | 1,838 | |||||||||||||
Nuclear decommissioning trust fund | 670 | — | — | — | 670 | ||||||||||||||
Derivative instruments | 187 | 38 | 27 | (46 | ) | 206 | |||||||||||||
Deferred income tax | (5 | ) | (148 | ) | 358 | — | 205 | ||||||||||||
Non-current assets held-for-sale | — | 10 | — | — | 10 | ||||||||||||||
Other non-current assets | 63 | 520 | 61 | — | 644 | ||||||||||||||
Total other assets | 2,892 | 4,188 | 9,858 | (11,560 | ) | 5,378 | |||||||||||||
Total Assets | $ | 9,135 | $ | 17,314 | $ | 11,018 | $ | (11,997 | ) | $ | 25,470 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Current portion of long-term debt and capital leases | $ | — | $ | 623 | $ | 624 | $ | — | $ | 1,247 | |||||||||
Accounts payable | 599 | 285 | 31 | — | 915 | ||||||||||||||
Accounts payable — affiliate | 528 | (340 | ) | 146 | (338 | ) | (4 | ) | |||||||||||
Derivative instruments | 418 | 178 | — | (74 | ) | 522 | |||||||||||||
Cash collateral received in support of energy risk management activities | 29 | 2 | — | — | 31 | ||||||||||||||
Accrued expenses and other current liabilities | 301 | 57 | 472 | — | 830 | ||||||||||||||
Accrued expenses and other current liabilities-affiliate | — | 164 | — | — | 164 | ||||||||||||||
Total current liabilities | 1,875 | 969 | 1,273 | (412 | ) | 3,705 | |||||||||||||
Other Liabilities | |||||||||||||||||||
Long-term debt and capital leases | 244 | 8,644 | 6,770 | — | 15,658 | ||||||||||||||
Nuclear decommissioning reserve | 265 | — | — | — | 265 | ||||||||||||||
Nuclear decommissioning trust liability | 397 | — | — | — | 397 | ||||||||||||||
Deferred income taxes | 428 | — | (407 | ) | — | 21 | |||||||||||||
Derivative instruments | 194 | 159 | — | (46 | ) | 307 | |||||||||||||
Out-of-market contracts, net | 69 | 144 | — | — | 213 | ||||||||||||||
Non-current liabilities held-for-sale | — | 13 | — | — | 13 | ||||||||||||||
Other non-current liabilities | 377 | 315 | 424 | — | 1,116 | ||||||||||||||
Total non-current liabilities | 1,974 | 9,275 | 6,787 | (46 | ) | 17,990 | |||||||||||||
Total liabilities | 3,849 | 10,244 | 8,060 | (458 | ) | 21,695 | |||||||||||||
Redeemable noncontrolling interest in subsidiaries | — | 85 | — | — | 85 | ||||||||||||||
Stockholders’ Equity | 5,286 | 6,985 | 2,958 | (11,539 | ) | 3,690 | |||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 9,135 | $ | 17,314 | $ | 11,018 | $ | (11,997 | ) | $ | 25,470 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||
Net income/(loss) | $ | 427 | $ | (785 | ) | $ | (564 | ) | $ | 240 | $ | (682 | ) | ||||||
Loss from discontinued operations | — | (802 | ) | — | — | (802 | ) | ||||||||||||
Net income/(loss) from continuing operations | 427 | 17 | (564 | ) | 240 | 120 | |||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||||||||||||||||
Distributions from unconsolidated affiliates | — | 60 | — | (7 | ) | 53 | |||||||||||||
Equity in losses/(earnings) of unconsolidated affiliates | — | (101 | ) | 3 | 69 | (29 | ) | ||||||||||||
Depreciation and amortization | 307 | 458 | 24 | — | 789 | ||||||||||||||
Provision for bad debts | 40 | 2 | 15 | — | 57 | ||||||||||||||
Amortization of nuclear fuel | 37 | — | — | — | 37 | ||||||||||||||
Amortization of financing costs and debt discount/premiums | — | 31 | 13 | — | 44 | ||||||||||||||
Adjustment for debt extinguishment | — | 3 | — | — | 3 | ||||||||||||||
Amortization of intangibles and out-of-market contracts | 20 | 59 | — | — | 79 | ||||||||||||||
Amortization of unearned equity compensation | — | — | 27 | — | 27 | ||||||||||||||
Impairment losses | 42 | 35 | — | — | 77 | ||||||||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | 244 | 28 | (246 | ) | — | 26 | |||||||||||||
Changes in nuclear decommissioning trust liability | 20 | — | — | — | 20 | ||||||||||||||
Changes in derivative instruments | (11 | ) | 32 | 12 | (8 | ) | 25 | ||||||||||||
Changes in collateral deposits supporting energy risk management activities | (126 | ) | 23 | — | — | (103 | ) | ||||||||||||
Proceeds from sale of emission allowances | 21 | — | — | — | 21 | ||||||||||||||
Gain on sale of assets | (22 | ) | — | — | — | (22 | ) | ||||||||||||
Cash (used)/provided by changes in other working capital | (958 | ) | (523 | ) | 1,395 | (294 | ) | (380 | ) | ||||||||||
Cash provided by continuing operations | 41 | 124 | 679 | — | 844 | ||||||||||||||
Cash used by discontinued operations | — | (38 | ) | — | — | (38 | ) | ||||||||||||
Net Cash Provided by Operating Activities | 41 | 86 | 679 | — | 806 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Dividends from NRG Yield, Inc. | — | — | 69 | (69 | ) | — | |||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | — | (176 | ) | — | 176 | — | |||||||||||||
Intercompany dividends | — | — | 129 | (129 | ) | — | |||||||||||||
Acquisition of business, net of cash acquired | — | (36 | ) | — | — | (36 | ) | ||||||||||||
Capital expenditures | (135 | ) | (606 | ) | (19 | ) | — | (760 | ) | ||||||||||
Decrease in notes receivable | — | 11 | — | — | 11 | ||||||||||||||
Purchases of emission allowances | (47 | ) | — | — | — | (47 | ) | ||||||||||||
Proceeds from sale of emission allowances | 105 | — | — | — | 105 | ||||||||||||||
Investments in nuclear decommissioning trust fund securities | (402 | ) | — | — | — | (402 | ) | ||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 382 | — | — | — | 382 | ||||||||||||||
Proceeds from renewable energy grants and state rebates | 8 | — | — | — | 8 | ||||||||||||||
Proceeds from sale of assets, net of cash disposed of | 36 | — | — | — | 36 | ||||||||||||||
Investments in unconsolidated affiliates | — | (31 | ) | — | — | (31 | ) | ||||||||||||
Other | 22 | — | — | — | 22 | ||||||||||||||
Cash (used)/provided by continuing operations | (31 | ) | (838 | ) | 179 | (22 | ) | (712 | ) | ||||||||||
Cash used by discontinued operations | — | (53 | ) | — | — | (53 | ) | ||||||||||||
Net Cash (Used)/Provided by Investing Activities | (31 | ) | (891 | ) | 179 | (22 | ) | (765 | ) | ||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Dividends from NRG Yield, Inc. | — | (69 | ) | — | 69 | — | |||||||||||||
Payments from/(for) intercompany loans | 9 | 417 | (426 | ) | — | — | |||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | — | — | 176 | (176 | ) | — | |||||||||||||
Intercompany dividends | — | (129 | ) | — | 129 | — | |||||||||||||
Payment of dividends to common and preferred stockholders | — | — | (28 | ) | — | (28 | ) | ||||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | — | 2 | — | — | 2 | ||||||||||||||
Proceeds from issuance of long-term debt | — | 920 | 214 | — | 1,134 | ||||||||||||||
Payments for short and long-term debt | — | (493 | ) | (219 | ) | — | (712 | ) | |||||||||||
Receivable from affiliate | — | (125 | ) | — | — | (125 | ) | ||||||||||||
Contributions from, net of distributions to, noncontrolling interest in subsidiaries | — | 65 | — | — | 65 | ||||||||||||||
Payment of debt issuance costs | — | (38 | ) | (5 | ) | — | (43 | ) | |||||||||||
Other - contingent consideration | — | (10 | ) | — | — | (10 | ) | ||||||||||||
Cash provided/(used) by continuing operations | 9 | 540 | (288 | ) | 22 | 283 | |||||||||||||
Cash used by discontinued operations | — | (224 | ) | — | — | (224 | ) | ||||||||||||
Net Cash Provided/(Used) by Financing Activities | 9 | 316 | (288 | ) | 22 | 59 | |||||||||||||
Change in cash from discontinued operations | — | (315 | ) | — | — | (315 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (10 | ) | — | — | (10 | ) | ||||||||||||
Net Increase/(Decrease) in Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties | 19 | (184 | ) | 570 | — | 405 | |||||||||||||
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at Beginning of Period | 4 | 1,059 | 323 | — | 1,386 | ||||||||||||||
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at End of Period | $ | 23 | $ | 875 | $ | 893 | $ | — | $ | 1,791 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||
Total operating revenues | $ | 2,424 | $ | 1,090 | $ | — | $ | (93 | ) | $ | 3,421 | ||||||||
Operating Costs and Expenses | |||||||||||||||||||
Cost of operations | 1,719 | 804 | 10 | (93 | ) | 2,440 | |||||||||||||
Depreciation and amortization | 147 | 144 | 7 | — | 298 | ||||||||||||||
Impairment losses | 8 | 1 | — | — | 9 | ||||||||||||||
Selling, general and administrative | 115 | 50 | 112 | — | 277 | ||||||||||||||
Development activity expenses | — | 10 | 11 | — | 21 | ||||||||||||||
Total operating costs and expenses | 1,989 | 1,009 | 140 | (93 | ) | 3,045 | |||||||||||||
Other income - affiliate | — | — | 48 | — | 48 | ||||||||||||||
Gain on sale of assets | — | — | 4 | — | 4 | ||||||||||||||
Operating Income/(Loss) | 435 | 81 | (88 | ) | — | 428 | |||||||||||||
Other Income/(Expense) | |||||||||||||||||||
Equity in (losses)/earnings of consolidated subsidiaries | (114 | ) | (10 | ) | 562 | (438 | ) | — | |||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 2 | 75 | (12 | ) | (49 | ) | 16 | ||||||||||||
Loss on investment | — | (8 | ) | — | — | (8 | ) | ||||||||||||
Other income/(loss), net | 1 | 6 | �� | — | 7 | ||||||||||||||
Loss on debt extinguishment | — | — | (50 | ) | — | (50 | ) | ||||||||||||
Interest expense | (4 | ) | (104 | ) | (129 | ) | — | (237 | ) | ||||||||||
Total other expense | (115 | ) | (41 | ) | 371 | (487 | ) | (272 | ) | ||||||||||
Income from Continuing Operations Before Income Taxes | 320 | 40 | 283 | (487 | ) | 156 | |||||||||||||
Income tax expense/(benefit) | 134 | 45 | (151 | ) | — | 28 | |||||||||||||
Income from Continuing Operations | 186 | (5 | ) | 434 | (487 | ) | 128 | ||||||||||||
Income from Discontinued Operations, net of income tax | — | 263 | 2 | — | 265 | ||||||||||||||
Net Income | 186 | 258 | 436 | (487 | ) | 393 | |||||||||||||
Less: Net income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest | — | 6 | 34 | (49 | ) | (9 | ) | ||||||||||||
Net Income Attributable to NRG Energy, Inc. | $ | 186 | $ | 252 | $ | 402 | $ | (438 | ) | $ | 402 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||
Total operating revenues | $ | 6,079 | $ | 2,400 | $ | — | $ | (151 | ) | $ | 8,328 | ||||||||
Operating Costs and Expenses | |||||||||||||||||||
Cost of operations | 4,278 | 1,558 | 29 | (154 | ) | 5,711 | |||||||||||||
Depreciation and amortization | 372 | 435 | 19 | — | 826 | ||||||||||||||
Impairment losses | 8 | 57 | — | — | 65 | ||||||||||||||
Selling, general and administrative | 306 | 144 | 351 | — | 801 | ||||||||||||||
Development activity expenses | — | 42 | 23 | — | 65 | ||||||||||||||
Total operating costs and expenses | 4,964 | 2,236 | 422 | (154 | ) | 7,468 | |||||||||||||
Other income - affiliate | — | — | 144 | — | 144 | ||||||||||||||
Loss on sale of assets | — | — | (79 | ) | — | (79 | ) | ||||||||||||
Operating Income/(Loss) | 1,115 | 164 | (357 | ) | 3 | 925 | |||||||||||||
Other Income/(Expense) | |||||||||||||||||||
Equity in (losses)/earnings of consolidated subsidiaries | (195 | ) | (80 | ) | 904 | (629 | ) | — | |||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | 114 | (2 | ) | (104 | ) | 13 | ||||||||||||
Impairment loss on investment | — | (147 | ) | — | — | (147 | ) | ||||||||||||
Other income, net | 3 | 25 | 2 | (1 | ) | 29 | |||||||||||||
Loss on debt extinguishment | — | (4 | ) | (115 | ) | — | (119 | ) | |||||||||||
Interest expense | (11 | ) | (312 | ) | (395 | ) | (718 | ) | |||||||||||
Total other (expense)/income | (198 | ) | (404 | ) | 394 | (734 | ) | (942 | ) | ||||||||||
Income/(Loss) Before Income Taxes | 917 | (240 | ) | 37 | (731 | ) | (17 | ) | |||||||||||
Income tax expense/(benefit) | 362 | (49 | ) | (238 | ) | — | 75 | ||||||||||||
Income/(Loss) from Continuing Operations | 555 | (191 | ) | 275 | (731 | ) | (92 | ) | |||||||||||
Income from Discontinued Operations, net of income tax | — | 248 | 8 | — | 256 | ||||||||||||||
Net Income | 555 | 57 | 283 | (731 | ) | 164 | |||||||||||||
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | — | (17 | ) | 70 | (102 | ) | (49 | ) | |||||||||||
Net Income Attributable to NRG Energy, Inc. | $ | 555 | $ | 74 | $ | 213 | $ | (629 | ) | $ | 213 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net Income | $ | 186 | $ | 258 | $ | 436 | $ | (487 | ) | $ | 393 | ||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||||||||
Unrealized income on derivatives, net | — | 40 | 26 | (39 | ) | 27 | |||||||||||||
Foreign currency translation adjustments, net | 2 | 2 | 4 | (5 | ) | 3 | |||||||||||||
Defined benefit plans, net | 54 | — | (43 | ) | 20 | 31 | |||||||||||||
Other comprehensive loss | 56 | 42 | (13 | ) | (24 | ) | 61 | ||||||||||||
Comprehensive Income | 242 | 300 | 423 | (511 | ) | 454 | |||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interest | — | 13 | 34 | (49 | ) | (2 | ) | ||||||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | $ | 242 | $ | 287 | $ | 389 | $ | (462 | ) | $ | 456 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net Income | $ | 555 | $ | 57 | $ | 283 | $ | (731 | ) | $ | 164 | ||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | — | (15 | ) | 46 | (39 | ) | (8 | ) | |||||||||||
Foreign currency translation adjustments, net | 4 | 4 | 6 | (8 | ) | 6 | |||||||||||||
Available-for-sale securities, net | — | — | 1 | — | 1 | ||||||||||||||
Defined benefit plans, net | 55 | — | (43 | ) | 20 | 32 | |||||||||||||
Other comprehensive income/(loss) | 59 | (11 | ) | 10 | (27 | ) | 31 | ||||||||||||
Comprehensive Income | 614 | 46 | 293 | (758 | ) | 195 | |||||||||||||
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | — | (38 | ) | 70 | (102 | ) | (70 | ) | |||||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | 614 | 84 | 223 | (656 | ) | 265 | |||||||||||||
Dividends for preferred shares | — | — | 5 | — | 5 | ||||||||||||||
Gain on redemption of preferred shares | — | — | (78 | ) | — | (78 | ) | ||||||||||||
Comprehensive Income Available for Common Stockholders | $ | 614 | $ | 84 | $ | 296 | $ | (656 | ) | $ | 338 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations (a) | Consolidated | |||||||||||||||
ASSETS | (In millions) | ||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | (9 | ) | $ | 624 | $ | 323 | $ | — | $ | 938 | ||||||||
Funds deposited by counterparties | 2 | — | — | — | 2 | ||||||||||||||
Restricted cash | 11 | 435 | — | — | 446 | ||||||||||||||
Accounts receivable - trade, net | 734 | 321 | 3 | — | 1,058 | ||||||||||||||
Accounts receivable - affiliate | 307 | (254 | ) | 200 | (139 | ) | 114 | ||||||||||||
Inventory | 482 | 239 | — | — | 721 | ||||||||||||||
Derivative instruments | 962 | 196 | 1 | (92 | ) | 1,067 | |||||||||||||
Cash collateral posted in support of energy risk management activities | 116 | 34 | — | — | 150 | ||||||||||||||
Current assets held-for-sale | — | 9 | — | — | 9 | ||||||||||||||
Prepayments and other current assets | 76 | 152 | 62 | — | 290 | ||||||||||||||
Current assets - discontinued operations | — | 1,919 | — | — | 1,919 | ||||||||||||||
Total current assets | 2,681 | 3,675 | 589 | (231 | ) | 6,714 | |||||||||||||
Net Property, Plant and Equipment | 4,219 | 10,926 | 251 | (27 | ) | 15,369 | |||||||||||||
Other Assets | |||||||||||||||||||
Investment in subsidiaries | 1,090 | 1,054 | 10,128 | (12,272 | ) | — | |||||||||||||
Equity investments in affiliates | (13 | ) | 1,128 | 5 | — | 1,120 | |||||||||||||
Notes receivable, less current portion | — | 16 | — | — | 16 | ||||||||||||||
Goodwill | 359 | 303 | — | — | 662 | ||||||||||||||
Intangible assets, net | 592 | 1,384 | — | (3 | ) | 1,973 | |||||||||||||
Nuclear decommissioning trust fund | 610 | — | — | — | 610 | ||||||||||||||
Derivative instruments | 144 | 44 | 36 | (43 | ) | 181 | |||||||||||||
Deferred income taxes | 3 | — | 222 | — | 225 | ||||||||||||||
Non-current assets held for sale | — | 10 | — | — | 10 | ||||||||||||||
Other non-current assets | 67 | 446 | 328 | — | 841 | ||||||||||||||
Non-current assets - discontinued operations | — | 2,961 | — | — | 2,961 | ||||||||||||||
Total other assets | 2,852 | 7,346 | 10,719 | (12,318 | ) | 8,599 | |||||||||||||
Total Assets | $ | 9,752 | $ | 21,947 | $ | 11,559 | $ | (12,576 | ) | $ | 30,682 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Current portion of long-term debt and capital leases | $ | — | $ | 498 | $ | 18 | $ | — | $ | 516 | |||||||||
Accounts payable | 501 | 247 | 34 | — | 782 | ||||||||||||||
Accounts payable — affiliate | 744 | (452 | ) | (122 | ) | (139 | ) | 31 | |||||||||||
Derivative instruments | 947 | 237 | — | (92 | ) | 1,092 | |||||||||||||
Cash collateral received in support of energy risk management activities | 81 | — | — | — | 81 | ||||||||||||||
Accrued expenses and other current liabilities | 316 | 209 | 465 | — | 990 | ||||||||||||||
Current liabilities - discontinued operations | — | 1,210 | — | — | 1,210 | ||||||||||||||
Total current liabilities | 2,589 | 1,949 | 395 | (231 | ) | 4,702 | |||||||||||||
Other Liabilities | |||||||||||||||||||
Long-term debt and capital leases | 244 | 8,252 | 7,461 | — | 15,957 | ||||||||||||||
Nuclear decommissioning reserve | 287 | — | — | — | 287 | ||||||||||||||
Nuclear decommissioning trust liability | 339 | — | — | — | 339 | ||||||||||||||
Deferred income taxes | 186 | 125 | (291 | ) | — | 20 | |||||||||||||
Derivative instruments | 157 | 170 | — | (43 | ) | 284 | |||||||||||||
Out-of-market contracts, net | 80 | 150 | — | — | 230 | ||||||||||||||
Non-current liabilities held-for-sale | — | 11 | — | — | 11 | ||||||||||||||
Other non-current liabilities | 396 | 456 | 324 | — | 1,176 | ||||||||||||||
Non-current liabilities - discontinued operations | — | 3,184 | — | — | 3,184 | ||||||||||||||
Total non-current liabilities | 1,689 | 12,348 | 7,494 | (43 | ) | 21,488 | |||||||||||||
Total Liabilities | 4,278 | 14,297 | 7,889 | (274 | ) | 26,190 | |||||||||||||
Redeemable noncontrolling interest in subsidiaries | — | 46 | — | — | 46 | ||||||||||||||
Stockholders’ Equity | 5,474 | 7,604 | 3,670 | (12,302 | ) | 4,446 | |||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 9,752 | $ | 21,947 | $ | 11,559 | $ | (12,576 | ) | $ | 30,682 |
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||
Net Income | $ | 555 | $ | 57 | $ | 283 | $ | (731 | ) | $ | 164 | ||||||||
Less: Income from discontinued operations | — | 248 | 8 | — | 256 | ||||||||||||||
Net income/(loss) from continuing operations | 555 | (191 | ) | 275 | (731 | ) | (92 | ) | |||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||||||||||||||||
Distributions from unconsolidated affiliates | — | 65 | — | (8 | ) | 57 | |||||||||||||
Equity in (earnings)/losses of unconsolidated affiliates | (5 | ) | (20 | ) | 2 | 10 | (13 | ) | |||||||||||
Depreciation and amortization | 372 | 435 | 19 | — | 826 | ||||||||||||||
Provision for bad debts | 31 | 5 | — | — | 36 | ||||||||||||||
Amortization of nuclear fuel | 39 | — | — | — | 39 | ||||||||||||||
Amortization of financing costs and debt discount/premiums | — | 25 | 17 | — | 42 | ||||||||||||||
Adjustment for debt extinguishment | — | 102 | 17 | — | 119 | ||||||||||||||
Amortization of intangibles and out-of-market contracts | 32 | 99 | — | — | 131 | ||||||||||||||
Amortization of unearned equity compensation | — | — | 23 | — | 23 | ||||||||||||||
Impairment losses | 8 | 203 | — | — | 211 | ||||||||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | (134 | ) | (90 | ) | 253 | — | 29 | ||||||||||||
Changes in nuclear decommissioning trust liability | 24 | — | — | — | 24 | ||||||||||||||
Changes in derivative instruments | (173 | ) | 206 | (3 | ) | — | 30 | ||||||||||||
Changes in collateral posted supporting energy risk management activities | 268 | (7 | ) | — | — | 261 | |||||||||||||
Proceeds from sale of emission allowances | 11 | — | — | — | 11 | ||||||||||||||
Loss on sale of assets | — | — | 70 | — | 70 | ||||||||||||||
Cash (used)/provided by changes in other working capital | (827 | ) | 168 | (200 | ) | 729 | (130 | ) | |||||||||||
Net cash provided by continuing operations | 201 | 1,000 | 473 | — | 1,674 | ||||||||||||||
Cash provided by discontinued operations | — | 67 | — | — | 67 | ||||||||||||||
Net Cash Provided by Operating Activities | 201 | 1,067 | 473 | — | 1,741 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Dividends from NRG Yield, Inc. | — | — | 59 | (59 | ) | — | |||||||||||||
Acquisition of September 2016 Drop Down assets, net of cash acquired | — | (77 | ) | — | 77 | — | |||||||||||||
Intercompany dividends | — | — | 12 | (12 | ) | — | |||||||||||||
Acquisition of businesses, net of cash acquired | — | (18 | ) | — | — | (18 | ) | ||||||||||||
Capital expenditures | (145 | ) | (474 | ) | (40 | ) | — | (659 | ) | ||||||||||
Increase in notes receivable | — | 2 | — | — | 2 | ||||||||||||||
Purchases of emission allowances | (32 | ) | — | — | — | (32 | ) | ||||||||||||
Proceeds from sale of emission allowances | 47 | — | — | — | 47 | ||||||||||||||
Investments in nuclear decommissioning trust fund securities | (378 | ) | — | — | — | (378 | ) | ||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 354 | — | — | — | 354 | ||||||||||||||
Proceeds from renewable energy grants and state rebates | — | 11 | — | — | 11 | ||||||||||||||
Proceeds from sale of assets, net of cash disposed of | — | 67 | 17 | — | 84 | ||||||||||||||
Investments in unconsolidated affiliates | 2 | (25 | ) | — | — | (23 | ) | ||||||||||||
Other | 27 | (4 | ) | 8 | — | 31 | |||||||||||||
Net cash (used)/provided by continuing operations | (125 | ) | (518 | ) | 56 | 6 | (581 | ) | |||||||||||
Cash provided by discontinued operations | — | 326 | — | — | 326 | ||||||||||||||
Net Cash (Used)/Provided by Investing Activities | (125 | ) | (192 | ) | 56 | 6 | (255 | ) | |||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Dividends from NRG Yield, Inc. | — | (59 | ) | — | 59 | — | |||||||||||||
Payments (for)/from intercompany loans | (2 | ) | (134 | ) | 136 | — | — | ||||||||||||
Acquisition of September 2016 Drop Down assets, net of cash acquired | — | — | 77 | (77 | ) | — | |||||||||||||
Intercompany dividends | (52 | ) | 40 | — | 12 | — | |||||||||||||
Payment of dividends to common and preferred stockholders | — | — | (66 | ) | — | (66 | ) | ||||||||||||
Payment for preferred shares | — | — | (226 | ) | — | (226 | ) | ||||||||||||
Net receipts for settlement of acquired derivatives that include financing elements | — | 6 | — | — | 6 | ||||||||||||||
Proceeds from issuance of long-term debt | — | 1,097 | 4,140 | — | 5,237 | ||||||||||||||
Payments for short and long-term debt | (2 | ) | (811 | ) | (4,540 | ) | — | (5,353 | ) | ||||||||||
Payments for debt extinguishment costs | — | (98 | ) | — | — | (98 | ) | ||||||||||||
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | — | (127 | ) | — | — | (127 | ) | ||||||||||||
Proceeds from issuance of common stock | — | — | 1 | — | 1 | ||||||||||||||
Payment of debt issuance costs | — | (17 | ) | (53 | ) | — | (70 | ) | |||||||||||
Other | (3 | ) | (7 | ) | — | — | (10 | ) | |||||||||||
Net cash used by continuing operations | (59 | ) | (110 | ) | (531 | ) | (6 | ) | (706 | ) | |||||||||
Cash provided by discontinued operations | — | 119 | — | — | 119 | ||||||||||||||
Net Cash (Used)/Provided by Financing Activities | (59 | ) | 9 | (531 | ) | (6 | ) | (587 | ) | ||||||||||
Change in cash from discontinued operations | — | 512 | — | — | 512 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (6 | ) | — | — | (6 | ) | ||||||||||||
Net Increase/(Decrease) in Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties | 17 | 366 | (2 | ) | — | 381 | |||||||||||||
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at Beginning of Period | — | 629 | 693 | — | 1,322 | ||||||||||||||
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at End of Period | $ | 17 | $ | 995 | $ | 691 | $ | — | $ | 1,703 |
Global Generation Portfolio(a)(b) | ||||||||||||||||||
(In MW) | ||||||||||||||||||
Generation | ||||||||||||||||||
Generation Type | Gulf Coast | East/West (c) | Renewables(d) | NRG Yield(e) | Other(f) | Total Global | ||||||||||||
Natural gas(g) | 7,464 | 4,939 | — | 1,878 | — | 14,281 | ||||||||||||
Coal | 5,114 | 3,869 | — | — | — | 8,983 | ||||||||||||
Oil | — | 3,642 | — | 190 | — | 3,832 | ||||||||||||
Nuclear | 1,136 | — | — | — | — | 1,136 | ||||||||||||
Wind | — | — | 743 | 2,206 | — | 2,949 | ||||||||||||
Utility Scale Solar | — | — | 742 | 921 | — | 1,663 | ||||||||||||
Distributed Solar | — | — | 175 | 14 | 114 | 303 | ||||||||||||
Total generation capacity(g) | 13,714 | 12,450 | 1,660 | 5,209 | 114 | 33,147 | ||||||||||||
Capacity attributable to noncontrolling interest(h) | — | — | (684 | ) | (2,342 | ) | — | (3,026 | ) | |||||||||
Total net generation capacity | 13,714 | 12,450 | 976 | 2,867 | 114 | 30,121 |
Capacity Performance Product | |||
Zone | Cleared Capacity (MW)(a) | Price ($/MW-day) | |
COMED | 3,315 | $188.12 | |
EMAAC | 519 | $187.87 | |
MAAC | 158 | $86.04 | |
Total | 3,992 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
(In millions, except as otherwise noted) | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Retail revenue | $ | 7,363 | $ | 7,570 | $ | (207) | |||||||||||||||||||||||||||||
Energy revenue(a) | 128 | 278 | (150) | ||||||||||||||||||||||||||||||||
Capacity revenue(a) | 42 | 116 | (74) | ||||||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities | 91 | (133) | 224 | ||||||||||||||||||||||||||||||||
Contract amortization | (11) | (9) | (2) | ||||||||||||||||||||||||||||||||
Other revenues(a)(b) | 109 | 74 | 35 | ||||||||||||||||||||||||||||||||
Total revenue | 7,722 | 7,896 | (174) | ||||||||||||||||||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||
Cost of fuel | 163 | 329 | 166 | ||||||||||||||||||||||||||||||||
Purchased energy and other cost of sales(c) | 6,002 | 6,452 | 450 | ||||||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities | 2,035 | (2,410) | (4,445) | ||||||||||||||||||||||||||||||||
Contract and emissions credit amortization(c) | 108 | 138 | 30 | ||||||||||||||||||||||||||||||||
Operations and maintenance | 385 | 336 | (49) | ||||||||||||||||||||||||||||||||
Other cost of operations | 85 | 85 | — | ||||||||||||||||||||||||||||||||
Cost of operations (excluding depreciation and amortization shown below) | 8,778 | 4,930 | (3,848) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 190 | 183 | (7) | ||||||||||||||||||||||||||||||||
Selling, general and administrative costs | 426 | 347 | (79) | ||||||||||||||||||||||||||||||||
Acquisition-related transaction and integration costs | 71 | 8 | (63) | ||||||||||||||||||||||||||||||||
Total operating costs and expenses | 9,465 | 5,468 | (3,997) | ||||||||||||||||||||||||||||||||
Gain/(loss) on sale of assets | 199 | (3) | 202 | ||||||||||||||||||||||||||||||||
Operating (Loss)/Income | (1,544) | 2,425 | (3,969) | ||||||||||||||||||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | (15) | 20 | ||||||||||||||||||||||||||||||||
Other income, net | 16 | — | 16 | ||||||||||||||||||||||||||||||||
Interest expense | (148) | (103) | (45) | ||||||||||||||||||||||||||||||||
Total other expense | (127) | (118) | (9) | ||||||||||||||||||||||||||||||||
(Loss)/Income Before Income Taxes | (1,671) | 2,307 | (3,978) | ||||||||||||||||||||||||||||||||
Income tax (benefit)/expense | (336) | 571 | 907 | ||||||||||||||||||||||||||||||||
Net (Loss)/Income | $ | (1,335) | $ | 1,736 | $ | (3,071) | |||||||||||||||||||||||||||||
Business Metrics | |||||||||||||||||||||||||||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.42 | $ | 4.95 | (31) | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions except otherwise noted) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Energy revenue (a) | $ | 665 | $ | 933 | $ | (268 | ) | $ | 1,908 | $ | 2,478 | $ | (570 | ) | |||||||||
Capacity revenue (a) | 335 | 303 | 32 | 894 | 937 | (43 | ) | ||||||||||||||||
Retail revenue | 1,934 | 2,015 | (81 | ) | 4,880 | 4,931 | (51 | ) | |||||||||||||||
Mark-to-market for economic hedging activities | 26 | 62 | (36 | ) | 185 | (360 | ) | 545 | |||||||||||||||
Contract amortization | (12 | ) | (12 | ) | — | (41 | ) | (41 | ) | — | |||||||||||||
Other revenues (b) | 101 | 120 | (19 | ) | 306 | 383 | (77 | ) | |||||||||||||||
Total operating revenues | 3,049 | 3,421 | (372 | ) | 8,132 | 8,328 | (196 | ) | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of sales (c) | 1,679 | 1,847 | 168 | 4,362 | 4,526 | 164 | |||||||||||||||||
Mark-to-market for economic hedging activities | 50 | 149 | 99 | 168 | (301 | ) | (469 | ) | |||||||||||||||
Contract and emissions credit amortization (c) | 8 | 11 | 3 | 24 | 34 | 10 | |||||||||||||||||
Operations and maintenance | 326 | 354 | 28 | 1,038 | 1,196 | 158 | |||||||||||||||||
Other cost of operations | 93 | 79 | (14 | ) | 260 | 256 | (4 | ) | |||||||||||||||
Total cost of operations | 2,156 | 2,440 | 284 | 5,852 | 5,711 | 141 | |||||||||||||||||
Depreciation and amortization | 272 | 298 | 26 | 789 | 826 | 37 | |||||||||||||||||
Impairment losses | 14 | 9 | (5 | ) | 77 | 65 | (12 | ) | |||||||||||||||
Selling, general and administrative | 213 | 277 | 64 | 697 | 801 | 104 | |||||||||||||||||
Reorganization | 18 | — | (18 | ) | 18 | — | (18 | ) | |||||||||||||||
Development costs | 14 | 21 | 7 | 49 | 65 | 16 | |||||||||||||||||
Total operating costs and expenses | 2,687 | 3,045 | 358 | 7,482 | 7,468 | (14 | ) | ||||||||||||||||
Other income - affiliate | 14 | 48 | (34 | ) | 104 | 144 | (40 | ) | |||||||||||||||
Gain/(loss) on sale of assets | — | 4 | (4 | ) | 4 | (79 | ) | 83 | |||||||||||||||
Operating Income | 376 | 428 | (52 | ) | 758 | 925 | (167 | ) | |||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 27 | 16 | 11 | 29 | 13 | 16 | |||||||||||||||||
Impairment loss on investment | — | (8 | ) | 8 | — | (147 | ) | 147 | |||||||||||||||
Other income, net | 15 | 7 | 8 | 33 | 29 | 4 | |||||||||||||||||
Loss on debt extinguishment, net | (1 | ) | (50 | ) | 49 | (3 | ) | (119 | ) | 116 | |||||||||||||
Interest expense | (221 | ) | (237 | ) | 16 | (692 | ) | (718 | ) | 26 | |||||||||||||
Total other expense | (180 | ) | (272 | ) | 92 | (633 | ) | (942 | ) | 309 | |||||||||||||
Income/(Loss) from Continuing Operations before Income Taxes | 196 | 156 | 40 | 125 | (17 | ) | 142 | ||||||||||||||||
Income tax expense | 6 | 28 | (22 | ) | 5 | 75 | (70 | ) | |||||||||||||||
Income/(Loss) from Continuing Operations | 190 | 128 | 62 | 120 | (92 | ) | 212 | ||||||||||||||||
(Loss)/Income from discontinued operations, net of income tax | (27 | ) | 265 | (292 | ) | (802 | ) | 256 | (1,058 | ) | |||||||||||||
Net Income/(Loss) | 163 | 393 | (230 | ) | (682 | ) | 164 | (846 | ) | ||||||||||||||
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest | (8 | ) | (9 | ) | 1 | (63 | ) | (49 | ) | (14 | ) | ||||||||||||
Net Income/(Loss) Attributable to NRG Energy, Inc. | $ | 171 | $ | 402 | $ | (231 | ) | $ | (619 | ) | $ | 213 | $ | (832 | ) | ||||||||
Business Metrics | |||||||||||||||||||||||
Average natural gas price — Henry Hub ($/MMBtu) | $ | 3.00 | $ | 2.81 | 7 | % | $ | 3.17 | $ | 2.29 | 38 | % |
Average on Peak Power Price ($/MWh) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
Region | 2023 | 2022 | Change % | ||||||||||||||
Texas | |||||||||||||||||
ERCOT - Houston(a) | $ | 26.98 | $ | 48.69 | (45) | % | |||||||||||
ERCOT - North(a) | 26.72 | 46.27 | (42) | % | |||||||||||||
East | |||||||||||||||||
NY J/NYC(b) | $ | 45.40 | $ | 104.26 | (56) | % | |||||||||||
NEPOOL(b) | 52.63 | 116.48 | (55) | % | |||||||||||||
COMED (PJM)(b) | 29.78 | 44.69 | (33) | % | |||||||||||||
PJM West Hub(b) | 36.49 | 58.33 | (37) | % | |||||||||||||
West | |||||||||||||||||
MISO - Louisiana Hub(b) | $ | 29.78 | $ | 43.49 | (32) | % | |||||||||||
CAISO - SP15(b) | 92.54 | 45.20 | 105 | % |
Average on Peak Power Price ($/MWh) | ||||||||||
Three months ended September 30, | ||||||||||
Region | 2017 | 2016 | Change % | |||||||
Gulf Coast (a) | ||||||||||
ERCOT - Houston (b) | $ | 33.09 | $ | 33.12 | — | % | ||||
ERCOT - North(b) | 29.35 | 30.47 | (4 | )% | ||||||
MISO - Louisiana Hub(c) | 39.56 | 39.83 | (1 | )% | ||||||
East/West | ||||||||||
NY J/NYC(c) | 37.42 | 42.50 | (12 | )% | ||||||
NEPOOL(c) | 31.94 | 42.33 | (25 | )% | ||||||
PEPCO (PJM)(c) | 38.81 | 42.57 | (9 | )% | ||||||
PJM West Hub(c) | 35.10 | 38.84 | (10 | )% | ||||||
CAISO - NP15(c) | 46.69 | 38.13 | 22 | % | ||||||
CAISO - SP15(c) | 46.54 | 40.24 | 16 | % |
Average Realized Power Price ($/MWh) | ||||||||||
Three months ended September 30, | ||||||||||
Region | 2017 | 2016 | Change % | |||||||
Gulf Coast | $ | 34.69 | $ | 39.68 | (13 | )% | ||||
East/West | 38.19 | 40.44 | (6 | )% |
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
($ In millions) | Texas | East | West/Services/Other | Vivint(a) | Corporate/Eliminations | Total | ||||||||||||||||||||||||||||||||
Retail revenue | $ | 1,958 | $ | 4,016 | $ | 1,241 | $ | 148 | $ | — | $ | 7,363 | ||||||||||||||||||||||||||
Energy revenue | 4 | 74 | 48 | — | 2 | 128 | ||||||||||||||||||||||||||||||||
Capacity revenue | — | 41 | 1 | — | — | 42 | ||||||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities | — | 35 | 67 | — | (11) | 91 | ||||||||||||||||||||||||||||||||
Contract amortization | — | (11) | — | — | — | (11) | ||||||||||||||||||||||||||||||||
Other revenue(b) | 72 | 21 | 17 | — | (1) | 109 | ||||||||||||||||||||||||||||||||
Total revenue | 2,034 | 4,176 | 1,374 | 148 | (10) | 7,722 | ||||||||||||||||||||||||||||||||
Cost of fuel | (112) | (23) | (28) | — | — | (163) | ||||||||||||||||||||||||||||||||
Purchased energy and other cost of sales(c)(d)(e) | (1,255) | (3,577) | (1,157) | (11) | (2) | (6,002) | ||||||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities | 129 | (1,790) | (385) | — | 11 | (2,035) | ||||||||||||||||||||||||||||||||
Contract and emission credit amortization | (1) | (104) | (3) | — | — | (108) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (75) | (30) | (24) | (52) | (9) | (190) | ||||||||||||||||||||||||||||||||
Gross margin | $ | 720 | $ | (1,348) | $ | (223) | $ | 85 | $ | (10) | $ | (776) | ||||||||||||||||||||||||||
Less: Mark-to-market for economic hedging activities, net | 129 | (1,755) | (318) | — | — | (1,944) | ||||||||||||||||||||||||||||||||
Less: Contract and emission credit amortization, net | (1) | (115) | (3) | — | — | (119) | ||||||||||||||||||||||||||||||||
Less: Depreciation and amortization | (75) | (30) | (24) | (52) | (9) | (190) | ||||||||||||||||||||||||||||||||
Economic gross margin | $ | 667 | $ | 552 | $ | 122 | $ | 137 | $ | (1) | $ | 1,477 | ||||||||||||||||||||||||||
(a) Vivint includes results of operations following the acquisition date of March 10, 2023 | ||||||||||||||||||||||||||||||||||||||
(b) Includes trading gains and losses and ancillary revenues | ||||||||||||||||||||||||||||||||||||||
(c) Includes capacity and emissions credits | ||||||||||||||||||||||||||||||||||||||
(d) Includes $647 million, $49 million and $357 million of TDSP expense in Texas, East and West/Services/Other, respectively. | ||||||||||||||||||||||||||||||||||||||
(e) Excludes depreciation and amortization shown separately | ||||||||||||||||||||||||||||||||||||||
Business Metrics | Texas | East | West/Services/Other | Vivint | Corporate/Eliminations | Total | ||||||||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||||||||||||||
Home power sales volume (GWh) | 7,614 | 3,079 | 636 | — | — | 11,329 | ||||||||||||||||||||||||||||||||
Business power sales volume (GWh) | 8,568 | 10,451 | 2,393 | — | — | 21,412 | ||||||||||||||||||||||||||||||||
Home natural gas sales volume (MDth) | — | 22,395 | 36,733 | — | — | 59,128 | ||||||||||||||||||||||||||||||||
Business natural gas sales volume (MDth) | — | 471,121 | 50,879 | — | — | 522,000 | ||||||||||||||||||||||||||||||||
Average retail Home customer count (in thousands)(a) | 2,871 | 1,770 | 778 | — | — | 5,419 | ||||||||||||||||||||||||||||||||
Ending retail Home customer count (in thousands)(a) | 2,869 | 1,801 | 784 | — | — | 5,454 | ||||||||||||||||||||||||||||||||
Ending Vivint smart home customer count(b) | — | — | — | 1,938 | — | 1,938 | ||||||||||||||||||||||||||||||||
Power generation | ||||||||||||||||||||||||||||||||||||||
GWh sold | 5,186 | 1,258 | 1,303 | — | — | 7,747 | ||||||||||||||||||||||||||||||||
GWh generated(c) | ||||||||||||||||||||||||||||||||||||||
Coal | 2,081 | 218 | — | — | — | 2,299 | ||||||||||||||||||||||||||||||||
Gas | 785 | 39 | 1,302 | — | — | 2,126 | ||||||||||||||||||||||||||||||||
Nuclear | 2,320 | — | — | — | — | 2,320 | ||||||||||||||||||||||||||||||||
Renewables | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||
Total | 5,186 | 257 | 1,303 | — | — | 6,746 | ||||||||||||||||||||||||||||||||
(a) Home customer count includes recurring residential customers, services customers and municipal aggregations | ||||||||||||||||||||||||||||||||||||||
(b) Vivint customer count includes customers that also purchase other NRG products | ||||||||||||||||||||||||||||||||||||||
(c) Includes owned and leased generation, excludes tolled generation and equity investments |
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Gulf Coast | East/West(a) | Subtotal | Retail | Renewables | NRG Yield | Corporate/Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ In millions) | ($ In millions) | Texas | East | West/Services/Other | Corporate/Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail revenue | Retail revenue | $ | 1,946 | $ | 4,521 | $ | 1,103 | $ | — | $ | 7,570 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy revenue | $ | 540 | $ | 243 | $ | 783 | $ | — | $ | 119 | $ | 146 | $ | (383 | ) | $ | 665 | Energy revenue | 15 | 204 | 54 | 5 | 278 | |||||||||||||||||||||||||||||||||||||||||||
Capacity revenue | 74 | 172 | 246 | — | 1 | 92 | (4 | ) | 335 | Capacity revenue | — | 115 | 1 | — | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retail revenue | — | — | — | 1,936 | — | — | (2 | ) | 1,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities | 133 | — | 133 | — | 5 | — | (112 | ) | 26 | Mark-to-market for economic hedging activities | (2) | (130) | (18) | 17 | (133) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contract amortization | 5 | — | 5 | 1 | (1 | ) | (18 | ) | 1 | (12 | ) | Contract amortization | — | (9) | — | — | (9) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other revenue (b) | 41 | 16 | 57 | — | 20 | 44 | (20 | ) | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | 793 | 431 | 1,224 | 1,937 | 144 | 264 | (520 | ) | 3,049 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenue(a) | Other revenue(a) | 61 | 14 | 4 | (5) | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 2,020 | 4,715 | 1,144 | 17 | 7,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of fuel | (292 | ) | (123 | ) | (415 | ) | (1 | ) | (1 | ) | (6 | ) | 17 | (406 | ) | Cost of fuel | (175) | (103) | (51) | — | (329) | |||||||||||||||||||||||||||||||||||||||||||||
Other cost of sales(c) | (102 | ) | (79 | ) | (181 | ) | (1,457 | ) | (3 | ) | (9 | ) | 377 | (1,273 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased energy and other cost of sales(b)(c)(d) | Purchased energy and other cost of sales(b)(c)(d) | (1,282) | (4,164) | (1,005) | (1) | (6,452) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market for economic hedging activities | 2 | 10 | 12 | (174 | ) | — | — | 112 | (50 | ) | Mark-to-market for economic hedging activities | 655 | 1,576 | 196 | (17) | 2,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract and emission credit amortization | (7 | ) | (1 | ) | (8 | ) | — | — | — | — | (8 | ) | Contract and emission credit amortization | 2 | (138) | (2) | — | (138) | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (77) | (77) | (21) | (8) | (183) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | $ | 394 | $ | 238 | $ | 632 | $ | 305 | $ | 140 | $ | 249 | $ | (14 | ) | $ | 1,312 | Gross margin | $ | 1,143 | $ | 1,809 | $ | 261 | $ | (9) | $ | 3,204 | ||||||||||||||||||||||||||||||||||||||
Less: Mark-to-market for economic hedging activities, net | 135 | 10 | 145 | (174 | ) | 5 | — | — | (24 | ) | Less: Mark-to-market for economic hedging activities, net | 653 | 1,446 | 178 | — | 2,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Contract and emission credit amortization, net | (2 | ) | (1 | ) | (3 | ) | 1 | (1 | ) | (18 | ) | 1 | (20 | ) | Less: Contract and emission credit amortization, net | 2 | (147) | (2) | — | (147) | ||||||||||||||||||||||||||||||||||||||||||||||
Less: Depreciation and amortization | Less: Depreciation and amortization | (77) | (77) | (21) | (8) | (183) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic gross margin | $ | 261 | $ | 229 | $ | 490 | $ | 478 | $ | 136 | $ | 267 | $ | (15 | ) | $ | 1,356 | Economic gross margin | $ | 565 | $ | 587 | $ | 106 | $ | (1) | $ | 1,257 | ||||||||||||||||||||||||||||||||||||||
(a) Includes trading gains and losses and ancillary revenues | (a) Includes trading gains and losses and ancillary revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) Includes $672 million, $61 million and $389 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $672 million, $61 million and $389 million of TDSP expense in Texas, East, and West/Services/Other, respectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) Excludes depreciation and amortization shown separately | (d) Excludes depreciation and amortization shown separately | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Metrics | Business Metrics | Texas | East | West/Services/Other | Corporate/Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MWh sold (thousands)(d)(e) | 15,568 | 6,363 | 928 | 1,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MWh generated (thousands) (f) | 14,185 | 4,106 | 928 | 2,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) Includes International, BETM and Generation eliminations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Renewables other revenue includes $7 million of intercompany revenue to NRG Yield. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) Includes purchased energy, capacity and emissions credits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) MWh sold excludes generation at facilities in East/West and NRG Yield that generate revenue under capacity agreements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(e) Does not include thermal MWh of 9 thousand or MWt of 463 thousand for thermal sold by NRG Yield. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(f) Does not include thermal MWh of 44 thousand or MWt of 463 thousand for thermal generated by NRG Yield. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail sales | Retail sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home power sales volume (GWh) | Home power sales volume (GWh) | 9,239 | 3,438 | 609 | — | 13,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business power sales volume (GWh) | Business power sales volume (GWh) | 8,691 | 12,148 | 2,117 | — | 22,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home natural gas sales volume (MDth) | Home natural gas sales volume (MDth) | — | 24,115 | 39,285 | — | 63,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business natural gas sales volume (MDth) | Business natural gas sales volume (MDth) | — | 545,940 | 41,965 | — | 587,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average retail Home customer count (in thousands)(a) | Average retail Home customer count (in thousands)(a) | 2,996 | 1,773 | 807 | — | 5,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending retail Home customer count (in thousands)(a) | Ending retail Home customer count (in thousands)(a) | 2,972 | 1,773 | 802 | — | 5,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power generation | Power generation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GWh sold | GWh sold | 8,021 | 3,881 | 1,498 | — | 13,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GWh generated(b) | GWh generated(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal | Coal | 4,465 | 2,466 | — | — | 6,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas | Gas | 1,008 | 114 | 1,500 | — | 2,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear | Nuclear | 2,548 | — | — | — | 2,548 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil | Oil | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 8,021 | 2,580 | 1,501 | — | 12,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) Home customer count includes recurring residential customers, services customers and municipal aggregations | (a) Home customer count includes recurring residential customers, services customers and municipal aggregations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Includes owned and leased generation, excludes tolled generation and equity investments | (b) Includes owned and leased generation, excludes tolled generation and equity investments |
Three months ended September 30, 2016 | |||||||||||||||||||||||||||||||
Generation | |||||||||||||||||||||||||||||||
(In millions) | Gulf Coast | East/West(a) | Subtotal | Retail | Renewables | NRG Yield | Corporate/Eliminations | Total | |||||||||||||||||||||||
Energy revenue | $ | 650 | $ | 362 | $ | 1,012 | $ | — | $ | 127 | $ | 158 | $ | (364 | ) | $ | 933 | ||||||||||||||
Capacity revenue | 72 | 148 | 220 | — | — | 86 | (3 | ) | 303 | ||||||||||||||||||||||
Retail revenue | — | — | — | 2,009 | — | — | 6 | 2,015 | |||||||||||||||||||||||
Mark-to-market for economic hedging activities | 179 | 57 | 236 | 2 | 1 | — | (177 | ) | 62 | ||||||||||||||||||||||
Contract amortization | 4 | — | 4 | 1 | (1 | ) | (17 | ) | 1 | (12 | ) | ||||||||||||||||||||
Other revenue (b) | 51 | 13 | 64 | — | 12 | 45 | (1 | ) | 120 | ||||||||||||||||||||||
Operating revenue | 956 | 580 | 1,536 | 2,012 | 139 | 272 | (538 | ) | 3,421 | ||||||||||||||||||||||
Cost of fuel | (317 | ) | (190 | ) | (507 | ) | (1 | ) | (2 | ) | (7 | ) | 18 | (499 | ) | ||||||||||||||||
Other cost of sales(c) | (114 | ) | (83 | ) | (197 | ) | (1,484 | ) | (1 | ) | (11 | ) | 345 | (1,348 | ) | ||||||||||||||||
Mark-to-market for economic hedging activities | 27 | 7 | 34 | (360 | ) | — | — | 177 | (149 | ) | |||||||||||||||||||||
Contract and emission credit amortization | (9 | ) | — | (9 | ) | (2 | ) | — | — | — | (11 | ) | |||||||||||||||||||
Gross margin | $ | 543 | $ | 314 | $ | 857 | $ | 165 | $ | 136 | $ | 254 | $ | 2 | $ | 1,414 | |||||||||||||||
Less: Mark-to-market for economic hedging activities, net | 206 | 64 | 270 | (358 | ) | 1 | — | — | (87 | ) | |||||||||||||||||||||
Less: Contract and emission credit amortization, net | (5 | ) | — | (5 | ) | (1 | ) | (1 | ) | (17 | ) | 1 | (23 | ) | |||||||||||||||||
Economic gross margin | $ | 342 | $ | 250 | $ | 592 | $ | 524 | $ | 136 | $ | 271 | $ | 1 | $ | 1,524 | |||||||||||||||
Business Metrics | |||||||||||||||||||||||||||||||
MWh sold (thousands)(d)(e) | 16,380 | 8,951 | 977 | 1,744 | |||||||||||||||||||||||||||
MWh generated (thousands) (f) | 14,927 | 6,426 | 977 | 2,372 | |||||||||||||||||||||||||||
(a) Includes International, BETM and Generation eliminations. | |||||||||||||||||||||||||||||||
(b) Renewables other revenue includes $5 million of intercompany revenue to NRG Yield. | |||||||||||||||||||||||||||||||
(c) Includes purchased energy, capacity and emissions credits | |||||||||||||||||||||||||||||||
(d) MWh sold excludes generation at facilities in the East, West and NRG Yield that generate revenue under capacity agreements. | |||||||||||||||||||||||||||||||
(e) Does not include thermal MWh of 12 thousand or MWt of 496 thousand for thermal sold by NRG Yield. | |||||||||||||||||||||||||||||||
(f) Does not include thermal MWh of 125 thousand or MWt of 496 thousand for thermal generated by NRG Yield. |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||
Weather Metrics | Texas | East | West/Services/Other (b) | ||||||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||||||||
CDDs (a) | 166 | 54 | 73 | ||||||||||||||||||||||||||||||||||||||
HDDs (a) | 799 | 2,092 | 1,159 | ||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
CDDs | 68 | 42 | 31 | ||||||||||||||||||||||||||||||||||||||
HDDs | 1,177 | 2,404 | 1,151 | ||||||||||||||||||||||||||||||||||||||
10-year average | |||||||||||||||||||||||||||||||||||||||||
CDDs | 102 | 40 | 46 | ||||||||||||||||||||||||||||||||||||||
HDDs | 978 | 2,525 | 1,093 |
Three months ended September 30, | |||||||||||||
Weather Metrics | Gulf Coast | East/West | |||||||||||
2017 | |||||||||||||
CDDs (a) | 1,528 | 770 | |||||||||||
HDDs (a) | 1 | 34 | |||||||||||
2016 | |||||||||||||
CDDs | 1,655 | 806 | |||||||||||
HDDs | — | 23 | |||||||||||
10 year average | |||||||||||||
CDDs | 1,617 | 705 | |||||||||||
HDDs | 6 | 40 |
(In millions) | |||
Lower gross margin due to a 12% decrease in average realized prices primarily in Texas due to lower hedged power prices | $ | (76 | ) |
Lower energy margin due to increased supply cost on load contracts | (13 | ) | |
Lower capacity margin on contract expirations and lower demand | (9 | ) | |
Higher gross margin due to increased generation primarily due to lower unplanned outages | 16 | ||
Other | 1 | ||
Decrease in economic gross margin | $ | (81 | ) |
Decrease in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | (71 | ) | |
Increase in contract and emission credit amortization | 3 | ||
Decrease in gross margin | $ | (149 | ) |
(In millions) | |||
Lower gross margin due to a 37% decrease in generation driven by lower economic generation due to milder weather conditions and the Will County outage | $ | (28 | ) |
Lower gross margin from commercial optimization activities | (8 | ) | |
Higher gross margin due to a 38% increase in PJM capacity volumes coupled with a 140% increase in NY/NE realized capacity prices | 21 | ||
Higher gross margin due to a 12% increase in average realized energy prices due to extreme heat in California and increased pricing during high demand periods in the East | 10 | ||
Lower gross margin by BETM due to higher gains in 2016 on over the counter strategies, offset in small part by higher gains in 2017 on congestion strategies | (16 | ) | |
Decrease in economic gross margin | $ | (21 | ) |
Decrease in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | (54 | ) | |
Decrease in contract and emission credit amortization | (1 | ) | |
Decrease in gross margin | $ | (76 | ) |
Three months ended September 30, | |||||||
(In millions except otherwise noted) | 2017 | 2016 | |||||
Retail revenue | $ | 1,845 | $ | 1,911 | |||
Supply management revenue | 63 | 53 | |||||
Capacity revenue | 28 | 45 | |||||
Customer mark-to-market | — | 2 | |||||
Contract amortization | 1 | 1 | |||||
Operating revenue (a) | 1,937 | 2,012 | |||||
Cost of sales (b) | (1,458 | ) | (1,485 | ) | |||
Mark-to-market for economic hedging activities | (174 | ) | (360 | ) | |||
Contract amortization | — | (2 | ) | ||||
Gross Margin | $ | 305 | $ | 165 | |||
Less: Mark-to-market for economic hedging activities, net | (174 | ) | (358 | ) | |||
Less: Contract and emission credit amortization, net | 1 | (1 | ) | ||||
Economic Gross Margin | $ | 478 | $ | 524 | |||
Business Metrics | |||||||
Mass electricity sales volume - GWh - Gulf Coast | 11,935 | 11,996 | |||||
Mass electricity sales volume - GWh - All other regions | 1,724 | 1,986 | |||||
C&I electricity sales volume — GWh - All regions | 5,087 | 5,146 | |||||
Natural gas sales volumes (MDth) | 241 | 172 | |||||
Average Retail Mass customer count (in thousands) | 2,884 | 2,786 | |||||
Ending Retail Mass customer count (in thousands) | 2,880 | 2,797 |