Mirant (MIRKQ) 10-K 26 Feb 10 2009 FY Annual report Financial data

Statement Of Income

Statement Of Income (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating revenues (including unrealized gains (losses) of $(2) million, $840 million and $(564) million, respectively)	$2,309	$3,188	$2,019
Cost of fuel, electricity and other products (including unrealized (gains) losses of $(49) million, $54 million and $(28) million, respectively)	710	1,059	912
Gross Margin (excluding depreciation and amortization)	1,599	2,129	1,107
Operating Expenses:
Operations and maintenance	610	683	707
Depreciation and amortization	149	144	129
Impairment losses	221	0	175
Gain on sales of assets, net	(22)	(39)	(45)
Total operating expenses	958	788	966
Operating Income	641	1,341	141
Other Expense (Income), net:
Interest expense	138	189	247
Interest income	(3)	(70)	(202)
Other, net	0	5	(344)
Total other expense (income), net	135	124	(299)
Income From Continuing Operations Before Reorganization Items, Net and Income Taxes	506	1,217	440
Reorganization items, net	0	0	(2)
Provision for income taxes	12	2	9
Income From Continuing Operations	494	1,215	433
Income From Discontinued Operations, net	0	50	1,562
Net Income	$494	$1,265	$1,995
Basic EPS:
Basic EPS from continuing operations	3.41	6.53	1.72
Basic EPS from discontinued operations	$0	0.27	6.2
Basic EPS	3.41	6.8	7.92
Diluted EPS:
Diluted EPS from continuing operations	3.41	6.11	1.56
Diluted EPS from discontinued operations	$0	0.25	5.64
Diluted EPS	3.41	6.36	7.2
Weighted average shares outstanding	145	186	252
Effect of dilutive securities	0	13	25
Weighted average shares outstanding assuming dilution	145	199	277

Statement Of Income (Parentheti

Statement Of Income (Parenthetical) (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating revenues, unrealized gains (losses)	($2)	$840	($564)
Cost of fuel, electricity and other products, unrealized (gains) losses	($49)	$54	($28)

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current Assets:
Cash and cash equivalents	$1,953	$1,831
Funds on deposit	220	204
Receivables, net	412	761
Derivative contract assets	1,416	2,582
Inventories	241	238
Prepaid expenses	144	132
Total current assets	4,386	5,748
Property, Plant and Equipment, net	3,633	3,215
Noncurrent Assets:
Intangible assets, net	171	196
Derivative contract assets	599	585
Deferred income taxes	376	565
Prepaid rent	304	258
Other	98	121
Total noncurrent assets	1,548	1,725
Total Assets	9,567	10,688
Current Liabilities:
Current portion of long-term debt	75	46
Accounts payable and accrued liabilities	757	894
Derivative contract liabilities	1,150	2,268
Deferred income taxes	376	565
Other	4	11
Total current liabilities	2,362	3,784
Noncurrent Liabilities:
Long-term debt, net of current portion	2,556	2,630
Derivative contract liabilities	163	244
Pension and postretirement obligations	113	148
Other	58	120
Total noncurrent liabilities	2,890	3,142
Stockholders' Equity:
Preferred stock, par value $.01 per share, authorized 100,000,000 shares, no shares issued at December 31, 2009 and 2008	0	0
Common stock, par value $.01 per share, authorized 1.5 billion shares, issued 311,230,486 shares and 310,666,240 shares at December 31, 2009 and 2008, respectively, and outstanding 144,946,815 shares and 144,629,446 shares at December 31, 2009 and 2008, respectively	3	3
Treasury stock, at cost, 166,283,671 shares and 166,036,794 shares at December 31, 2009 and 2008, respectively	(5,334)	(5,330)
Additional paid-in capital	11,427	11,401
Accumulated deficit	(1,728)	(2,222)
Accumulated other comprehensive loss	(53)	(90)
Total stockholders' equity	4,315	3,762
Total Liabilities and Stockholders' Equity	$9,567	$10,688

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
	Dec. 31, 2009	Dec. 31, 2008
Preferred stock, par value	0.01	0.01
Preferred stock, authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value	0.01	0.01
Common stock, authorized	1,500,000,000	1,500,000,000
Common stock, issued	311,230,486	310,666,240
Common stock, outstanding	144,946,815	144,629,446
Treasury stock, shares	166,283,671	166,036,794

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2006	$3	($1,261)	$11,317	($5,598)	($18)	$4,443
Share repurchases		(1,325)				(1,325)
Stock-based compensation			29			29
Exercises of stock options and warrants			11			11
Adoption of accounting guidance related to accounting for uncertainty in income taxes				117		117
Net income				1,995		1,995
Cumulative translation adjustment					4	4
Pension and other postretirement benefits					36	36
Ending Balance at Dec. 31, 2007	3	(2,586)	11,357	(3,486)	22	5,310
Share repurchases		(2,744)				(2,744)
Stock-based compensation			26			26
Exercises of stock options and warrants			18			18
Adoption of accounting guidance related to fair value measurement				1		1
Adoption of accounting guidance related to pension and other postretirement benefits measurement date transition				(2)	(1)	(3)
Net income				1,265		1,265
Pension and other postretirement benefits					(111)	(111)
Ending Balance at Dec. 31, 2008	3	(5,330)	11,401	(2,222)	(90)	3,762
Share repurchases		(4)				(4)
Stock-based compensation			26			26
Net income				494		494
Pension and other postretirement benefits					37	37
Ending Balance at Dec. 31, 2009	$3	($5,334)	$11,427	($1,728)	($53)	$4,315

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows from Operating Activities:
Net income	$494	$1,265	$1,995
Income From Discontinued Operations, net	0	50	1,562
Income From Continuing Operations	494	1,215	433
Adjustments to reconcile income from continuing operations and changes in other operating assets and liabilities to net cash provided by operating activities:
Depreciation and amortization	156	148	139
Impairment losses	221	0	175
Gain on sales of assets, net	(22)	(39)	(45)
Unrealized losses (gains) on derivative contracts, net	(47)	(786)	536
Stock-based compensation expense	24	25	25
Postretirement benefits curtailment gain	0	(5)	(32)
Settlement of the Back-to-Back Agreement with Pepco	0	0	(341)
Lower of cost or market inventory adjustments	32	65	7
Other, net	0	4	1
Changes in operating assets and liabilities:
Receivables, net	344	(213)	184
Funds on deposit	(18)	104	(69)
Inventories	(35)	47	(77)
Other assets	(47)	(29)	57
Accounts payable and accrued liabilities	(283)	220	(128)
Settlement of claims payable	(12)	(16)	(53)
Other liabilities	1	(63)	(26)
Total adjustments	314	(538)	353
Net cash provided by operating activities of continuing operations	808	677	786
Net cash provided by operating activities of discontinued operations	9	50	178
Net cash provided by operating activities	817	727	964
Cash Flows from Investing Activities:
Capital expenditures	(676)	(731)	(588)
Proceeds from the sales of assets	26	42	57
Restricted deposit payments and other	4	(30)	7
Net cash used in investing activities of continuing operations	(646)	(719)	(524)
Net cash provided by investing activities of discontinued operations	0	25	5,281
Net cash provided by (used in) investing activities	(646)	(694)	4,757
Cash Flows from Financing Activities:
Share repurchases	(4)	(2,761)	(1,308)
Repayments and purchases of long-term debt	(45)	(420)	(180)
Proceeds from exercises of stock options and warrants	0	18	11
Net cash used in financing activities of continuing operations	(49)	(3,163)	(1,477)
Net cash used in financing activities of discontinued operations	0	0	(669)
Net cash used in financing activities	(49)	(3,163)	(2,146)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0	0	1
Net Increase (Decrease) in Cash and Cash Equivalents	122	(3,130)	3,576
Cash and Cash Equivalents, beginning of year	1,831	4,961	1,139
Plus: Cash and Cash Equivalents in Assets Held for Sale, beginning of year	0	0	246
Less: Cash and Cash Equivalents in Assets Held for Sale, end of year	0	0	0
Cash and Cash Equivalents, end of year	1,953	1,831	4,961
Supplemental Cash Flow Disclosures:
Cash paid for interest, net of amounts capitalized	124	175	346
Cash paid for income taxes, net of refunds received	9	0	33
Cash paid for claims and professional fees from bankruptcy	$1	$17	$63

Description of Business and Acc

Description of Business and Accounting and Reporting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Description of Business and Accounting and Reporting Policies	1. Description of Business and Accounting and Reporting Policies Mirant is a competitive energy company that produces and sells electricity in the United States. The Company owns or leases 10,076 MW of net electric generating capacity in the Mid-Atlantic and Northeast regions and in California. Mirant also operates an integrated asset management and energy marketing organization based in Atlanta, Georgia. Mirant Corporation was incorporated in Delaware on September23, 2005. Pursuant to the Plan for Mirant and certain of its subsidiaries, on January3, 2006, New Mirant emerged from bankruptcy and acquired substantially all of the assets of Old Mirant, a corporation that was formed in Delaware on April3, 1993, and that had been named Mirant Corporation prior to January3, 2006. The Plan provides that New Mirant has no successor liability for any unassumed obligations of Old Mirant. Old Mirant was then renamed and transferred to a trust, which is not affiliated with New Mirant. In the third quarter of 2006, the Company commenced separate auction processes to sell its Philippine (2,203 MW) and Caribbean (1,050 MW) businesses and six U.S. natural gas-fired generating facilities totaling 3,619 MW, consisting of the Zeeland, West Georgia, Shady Hills, Sugar Creek, Bosque and Apex facilities. On May1, 2007, the Company completed the sale of the six U.S. natural gas-fired generating facilities. On June22, 2007, the Company completed the sale of its Philippine business. On August8, 2007, the Company completed the sale of its Caribbean business. In addition, on May7, 2007, the Company completed the sale of Mirant NY-Gen (121MW). After transaction costs and repayment of debt, the net proceeds to Mirant from dispositions completed in the year ended December31, 2007, were approximately $5.071 billion. See Note8 for additional information regarding the accounting for these businesses and facilities as discontinued operations. Between November 2007 and December 2008, Mirant returned approximately $4.056 billion of cash to its stockholders through purchases of 122million shares of its common stock, including 86million shares that were purchased through open market purchases in 2008 for approximately $2.74 billion. See Note 11 for further discussion of the share repurchases. Basis of Presentation The accompanying consolidated financial statements of Mirant and its wholly-owned subsidiaries have been prepared in accordance with GAAP. The accompanying consolidated financial statements include the accounts of Mirant and its wholly-owned and controlled majority-owned subsidiaries as well as a VIE in which Mirant has an interest and is the primary beneficiary. The consolidated financial statements have been prepared from records maintained by Mirant and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. As of December31, 2009, substantially all of Mirants subsidiaries are wholly-owned and located in the United States. The Companys potential tax obligations related to MC Asset Recovery result in its continued treatment as a VIE in which Mirant is the primary beneficiary as defined

Financial Instruments

Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Financial Instruments	2. Financial Instruments Derivative Financial Instruments In connection with the business of generating electricity, the Company is exposed to energy commodity price risk associated with the acquisition of fuel and emissions allowances needed to generate electricity, the price of electricity produced and sold, and the fair value of fuel inventories. In addition, the open positions in the Companys trading activities, comprised of proprietary trading and fuel oil management activities, expose it to risks associated with changes in energy commodity prices. The Company, through its asset management activities, enters into a variety of exchange-traded and OTC energy and energy-related derivative financial instruments, such as forward contracts, futures contracts, option contracts and financial swap agreements to manage exposure to commodity price risks. These contracts have varying terms and durations, which range from a few days to years, depending on the instrument. The Companys proprietary trading activities also utilize similar derivative contracts in markets where the Company has a physical presence to attempt to generate incremental gross margin. The Companys fuel oil management activities use derivative financial instruments to hedge economically the fair value of the Companys physical fuel oil inventories and to optimize the approximately three million barrels of storage capacity that the Company owns or leases. Changes in the fair value and settlements of derivative financial instruments used to hedge electricity economically are reflected in operating revenue, and changes in the fair value and settlements of derivative financial instruments used to hedge fuel economically are reflected in cost of fuel, electricity and other products in the accompanying consolidated statements of operations. Most of the Companys long-term coal agreements are not required to be recorded at fair value because of the Companys election of normal purchases treatment under the accounting guidance for derivative financial instruments. As such, these contracts are not included in derivative contract assets and liabilities in the accompanying consolidated balance sheets and are not included in the tables below. Changes in the fair value and settlements of derivative contracts for trading activities, comprised of proprietary trading and fuel oil management, are recorded on a net basis as operating revenue in the accompanying consolidated statements of operations. As of December31, 2009, the Company does not have any derivative financial instruments for which hedge accounting has been elected. The Company also considers risks associated with interest rates, counterparty credit and Mirants own non-performance risk when valuing its derivative financial instruments. The nominal value of the derivative contract assets and liabilities is discounted to account for time value using a LIBOR forward interest rate curve based on the tenor of the Companys transactions being valued. The following table presents the fair value of derivative financial instruments related to commodity price risk (in millions): Commodity Derivative Contra

Long-Lived Assets

Long-Lived Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Long-Lived Assets	3. Long-Lived Assets Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following (dollars inmillions): AtDecember31, Depreciable Lives(years) 2009 2008 Production $ 2,689 $ 2,412 13to54 Leasehold improvements on leased generating facilities 1,329 405 5 to 34 Construction work in progress 223 997 Other 249 236 2 to 12 Less: accumulated depreciation, amortization and provision for impairment (857 ) (835 ) Total property, plant and equipment, net $ 3,633 $ 3,215 Depreciation of the recorded cost of property, plant and equipment is recognized on a straight-line basis over the estimated useful lives of the assets. Acquired emissions allowances related to owned facilities are included in production assets above, and are depreciated on a straight-line basis over the average life of the related generating facilities. Depreciation expense was approximately $141 million, $135 million and $121 million for the years ended December31, 2009, 2008 and 2007, respectively. Intangible Assets, net Following is a summary of intangible assets (dollars in millions): AtDecember31,2009 AtDecember31,2008 WeightedAverage Amortization Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Trading rights 26years $ 15 $ (4 ) $ 27 $ (6 ) Development rights 39 years 54 (12 ) 62 (12 ) Emissions allowances 31 years 149 (39 ) 150 (34 ) Other intangibles 27 years 14 (6 ) 14 (5 ) Total intangible assets $ 232 $ (61 ) $ 253 $ (57 ) Trading rights are intangible assets recognized in connection with asset purchases that represent the Companys ability to generate additional cash flows by incorporating Mirants trading activities with the acquired generating facilities. See below for information on the impairment of the trading rights related to the Potrero and Contra Costa generating facilities. Development rights represent the right to expand capacity at certain acquired generating facilities. The existing infrastructure, including storage facilities, transmission interconnections and fuel delivery systems and contractual rights acquired by Mirant, provide the opportunity to expand or repower certain generating facilities. See below for information on the impairment of the development rights related to the Potrero generating facility. Emissions allowances represent allowances granted for the leasehold baseload units at the Dickerson and Morgantown generating facilities. Amortization expense was approximately $8 million, $9 million and $8 million for the years ended December31, 2009, 2008 and 2007, respectively. Assuming no future acquisitions, dispositions or impairments of intangible assets, amortization expense is estimated to be approximately $8 million for each

Long-Term Debt

Long-Term Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Long-Term Debt	4. Long-Term Debt Long-term debt was as follows (dollars inmillions): At December31, InterestRate Secured/ Unsecured 2009 2008 Long-term debt: Mirant Americas Generation: Senior notes: Due May 2011 $ 535 $ 535 8.30% Unsecured Due October 2021 450 450 8.50% Unsecured Due May 2031 400 400 9.125% Unsecured Unamortized debt premiums (discounts), net (3 ) (3 ) Mirant North America: Senior secured term loan, due 2010 to 2013 373 415 LIBOR+1.75%(1) Secured Senior notes, due December 2013 850 850 7.375% Unsecured Capital leases, due 2010 to 2015 26 29 7.375%- 8.19% Total 2,631 2,676 Less: current portion of long-term debt (75 ) (46 ) Total long-term debt, net of currentportion $ 2,556 $ 2,630 (1) The weighted average interest rate at December31, 2009 and 2008 was 2.130% and 4.763%, respectively. Mirant Americas Generation Senior Notes The senior notes are senior unsecured obligations of Mirant Americas Generation having no recourse to any subsidiary or affiliate of Mirant Americas Generation. For the year ended December31, 2008, the Company purchased and retired $276 million of Mirant Americas Generation senior notes due in 2011. Mirant North America Senior Secured Credit Facilities Mirant North America, a wholly-owned subsidiary of Mirant Americas Generation, entered into senior secured credit facilities in January2006, which are comprised of a senior secured term loan due January 2013 and a senior secured revolving credit facility due January 2012. The senior secured term loan had an initial principal balance of $700 million, which has amortized to $373 million as of December31, 2009. At the closing, $200million drawn under the senior secured term loan was deposited into a cash collateral account to support the issuance of up to $200million of letters of credit. During 2008, Mirant North America transferred to the senior secured revolving credit facility approximately $78 million of letters of credit previously supported by the cash collateral account and withdrew approximately $78 million from the cash collateral account, thereby reducing the cash collateral account to approximately $122 million. At December31, 2009, the cash collateral balance was approximately $124 million as a result of interest earned on the invested cash balances. At December31, 2009, there were approximately $76million of letters of credit outstanding under the senior secured revolving credit facility and $123 million of letters of credit outstanding under the senior secured term loan cash collateral account. At December31, 2009, $679 million was available under the senior secured revolving credit facility and $0.6 million was available under the senior secured term loan for cash draws or for the issuance of letters of credit. Although the senior secured revol

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes	5. Income Taxes Income from continuing operations before income taxes for the years ended December31, 2009, 2008 and 2007 was $506 million, $1.217 billion and $442 million, respectively. The income tax provision from continuing operations consisted of the following (inmillions): YearsEndedDecember31, 2009 2008 2007 Current income tax provision $ 12 $ 2 $ 9 Deferred income tax provision Provision for income taxes $ 12 $ 2 $ 9 A reconciliation of the Companys federal statutory income tax provision to the effective income tax provision adjusted for permanent and other items for the years ended December31, 2009, 2008 and 2007, is as follows (inmillions): YearsEndedDecember 31, 2009 2008 2007 Provision for income taxes based on United States federal statutory income tax rate $ 177 $ 426 $ 154 State and local income tax provision (benefit), net of federal income taxes 29 119 (95 ) Discontinued operations 18 21 Return to provision adjustments (86 ) Effect of Internal Revenue Code Section 382(1)(6) and 382(1)(5) (321 ) Effect of implementing accounting guidance related to tax uncertainties 44 Effect of other comprehensive income transactions 13 (35 ) Reorganization adjustments (21 ) (170 ) Excess tax deductions related to bankruptcy transactions (17 ) (212 ) Change in deferred tax asset valuation allowance (170 ) (528 ) 671 Other differences, net 1 2 3 Tax provision $ 12 $ 2 $ 9 The tax effects of temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax bases which give rise to deferred tax assets and liabilities for continuing operations are as follows (inmillions): December31, 2009 2008 Deferred Tax Assets: Employee benefits $ 82 $ 96 Reserves 14 17 Loss carry forwards 1,167 1,355 Property and intangible assets 74 17 Other 56 77 Subtotal 1,393 1,562 Valuation allowance (1,088 ) (1,258 ) Net deferred tax assets 305 304 Deferred Tax Liabilities: Derivative contracts (281 ) (267 ) Other (24 ) (37 ) Net deferred tax liabilities (305 ) (304 ) Net deferred taxes $ $ NOLs As required by applicable accounting principles, an enterprise that anticipates the realization of a pre-tax gain must recognize the benefit or detriment of the deferred tax assets and liabilities associated with the transaction in the year in which it becomes more-likely-than-not that the gain will be realized. In 2007, the Com

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans	6. Employee Benefit Plans Pension and Other Postretirement Benefit Plans Mirant provides pension benefits to its non-union and union employees through various defined benefit and defined contribution pension plans. These benefits are based on pay, service history and age at retirement. Defined benefit pensions are not provided for non-union employees hired after April1, 2000, who participate in the Companys profit sharing arrangement. Most pension benefits are provided through tax-qualified plans that are funded in accordance with ERISA and Internal Revenue Service requirements. Certain executive pension benefits that cannot be provided by the tax-qualified plans are provided through unfunded non-tax-qualified plans. The measurement dates for the defined benefit plans were December31 for 2009 and 2008 and September30 for 2007. Mirant also provides certain medical care and life insurance benefits for eligible retired employees which are accounted for on an accrual basis using an actuarial method that recognizes the net periodic costs as employees render service to earn the postretirement benefits. The measurement dates for these postretirement benefit plans were December31 for 2009 and 2008 and September30 for 2007. During the fourth quarter of 2006, Mirant amended the postretirement benefit plan covering non-union employees to eliminate all employer provided subsidies through a gradual phase-out by 2011. As a result, Mirant recognized a reduction in other postretirement liabilities of $32 million. Since the amendment occurred after the 2006 measurement date, the plan curtailment was recognized during the first quarter of 2007 as a reduction in operations and maintenance expense for the year ended December31, 2007. During the second quarter of 2008, Mirant severed certain employees as a result of the shutdown of the Lovett generating facility. As a result, the Company recognized a curtailment gain of approximately $5 million for its pension and postretirement benefits plans which was reflected as a reduction of operations and maintenance expense for the year ended December31, 2008. The accounting guidance related to the accounting for defined benefit pension and other postretirement plans requires an employer to recognize the overfunded or underfunded status of pension, retiree medical and other postretirement benefit plans on its balance sheets rather than only disclosing the funded status in the financial statement footnotes. Effective December31, 2008, the accounting guidance related to the accounting for defined benefit pension and other postretirement plans also requires that companies measure the funded status of plans as of the year-end balance sheet date. Mirant historically used September30 as the date to measure the funded status of its plans. The accounting guidance offered two transition methods for companies that did not use a year-end measurement date to transition to a December31, 2008, measurement date. Mirant elected to use the alternative transition method under the accounting guidance for changing its measurement date, which resulted in an increase to the accumulated deficit of $2 million and accumula

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies	7. Commitments and Contingencies Mirant has made firm commitments to buy materials and services in connection with its ongoing operations and has provided cash collateral or financial guarantees relative to some of its investments. Commitments In addition to debt and other obligations in the consolidated balance sheets, Mirant has the following annual commitments under various agreements at December31, 2009, related to its operations (inmillions): Off-Balance Sheet Arrangements and Contractual Obligations by Year Total 2010 2011 2012 2013 2014 >5Years Mirant Mid-Atlantic operating leases $ 1,870 $ 140 $ 134 $ 132 $ 138 $ 131 $ 1,195 Other operating leases 124 16 14 14 14 11 55 Fuel commitments 939 348 336 206 49 Maryland Healthy Air Act 269 269 Mirant Marsh Landing development project 208 40 87 75 6 Other 270 124 35 25 18 12 56 Total payments $ 3,680 $ 937 $ 606 $ 452 $ 225 $ 154 $ 1,306 The Companys contractual obligations table does not include the derivative obligations reported at fair value, which are discussed in Note 2 and the asset retirement obligations which are discussed in Note 3. Operating Leases Mirant Mid-Atlantic leases the Dickerson and Morgantown baseload units and associated property through 2029 and 2034, respectively. Mirant Mid-Atlantic has an option to extend the leases. Any extensions of the respective leases would be for less than 75% of the economic useful life of the facility, as measured from the beginning of the original lease term through the end of the proposed remaining lease term. The Company is accounting for these leases as operating leases and recognizes rent expense on a straight-line basis. Rent expense totaled $96 million for the years ended December31, 2009, 2008 and 2007, and is included in operations and maintenance expense in the accompanying consolidated statements of operations. As of December31, 2009 and 2008, the Company has paid approximately $400 million and $354 million, respectively, of lease payments in excess of rent expense recognized, which is recorded in prepaid rent and prepaid expenses on the consolidated balance sheets. Of these amounts, $96 million is included in prepaid expenses on the Companys consolidated balance sheets as of December31, 2009 and 2008. As of December31, 2009, the total notional minimum lease payments for the remaining terms of the leases aggregated approximately $1.9billion and the aggregate termination value for the leases was approximately $1.4billion, which generally decreases over time. Mirant Mid-Atlantic leases the Dickerson and the Morgantown baseload units from third party owner lessors. These owner lessors each own the undivided interests in these baseload generating facilities. The subsidiaries of the institutional investors who hold the membership interests in the owner lessors are

Dispositions

Dispositions
	12 Months Ended Dec. 31, 2009 USD / shares
Dispositions	8. Dispositions Overview The Company disposed of certain discontinued operations and other assets in 2007. In the third quarter of 2006, Mirant commenced separate auction processes to sell its Philippine (2,203MW)and Caribbean (1,050MW)businesses and six U.S. natural gas-fired generating facilities totaling 3,619MW, consisting of the Zeeland (903MW), West Georgia (613MW), Shady Hills (469MW), Sugar Creek (561MW), Bosque (546MW)and Apex (527MW)facilities. The sale of the six U.S. natural gas-fired generating facilities was completed on May1, 2007 and the Company recognized a cumulative loss of $345 million related to the sale of the six facilities. The net proceeds to Mirant after transaction costs and retiring $83million of project-related debt were $1.306billion. The Company completed the sale of Mirant NY-Gen on May7, 2007. The Company recognized a gain of $8million related to the sale. The proceeds related to the sale were immaterial as a result of the transfer of the net liabilities of Mirant NY-Gen. The sale of the Philippine business was completed on June22, 2007. The Company recognized a gain of $2.003 billion related to the sale. The net proceeds to Mirant after transaction costs and the repayment of $642million of debt were $3.21 billion. The sale of the Caribbean business was completed on August8, 2007. The Company recognized a gain of approximately $63million in the third quarter of 2007 related to the sale. The net proceeds to Mirant after transaction costs and final working capital adjustments were $555million. During the second quarter of 2007, the Company recognized $9million of other comprehensive income, net of tax, related to the sale of the Philippine business. Of this amount, $5million was related to a pension liability that was settled as part of the sale and $4million was related to a cumulative translation adjustment. During the third quarter of 2007, the Company recognized $11million of other comprehensive loss, net of tax, related to pension and other postretirement benefits as part of the sale of the Caribbean business. Discontinued Operations The Company has reclassified amounts for prior periods in the consolidated financial statements to report separately, as discontinued operations, the revenues and expenses of components of the Company that have been disposed of as of December31, 2009 and 2008. The Company sold its Wrightsville power generating facility in 2005, but retained transmission credits that arose from transmission system upgrades associated with the construction of the Wrightsville generating facility. During the third quarter of 2007, Mirant entered into an agreement that established the amount of the outstanding transmission credits. As a result of the agreement, Mirant recognized a gain of $24million in income from discontinued operations in the third quarter of 2007. For the year ended December31, 2007, income from discontinued operations included the results of operations of the Caribbean business, the Philippine business, the six U.S. natural gas-fired generating facilities and Mirant NY-Gen through their respective dates of sale, and the gain related to Wri

Bankruptcy Related Disclosures

Bankruptcy Related Disclosures
	12 Months Ended Dec. 31, 2009 USD / shares
Bankruptcy Related Disclosures	9. Bankruptcy Related Disclosures Mirants Plan was confirmed by the Bankruptcy Court on December9, 2005, and the Company emerged from bankruptcy on January3, 2006. For financial statement presentation purposes, Mirant recorded the effects of the Plan at December31, 2005. The Company had no reorganization items, net for the years ended December31, 2009 and 2008. For the year ended December31, 2007, reorganization items, net represents gains that were recorded in the financial statements as a result of the bankruptcy proceedings. At December31, 2009 and 2008, amounts related to allowed claims, estimated unresolved claims and professional fees associated with the bankruptcy that are to be settled in cash were $3 million and $14 million, respectively, and these amounts were recorded in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. These amounts do not include unresolved claims that will be settled in common stock or the stock portion of claims that are expected to be settled with cash and stock. For the years ended December31, 2009, 2008 and 2007, the Company paid approximately $1 million, $17 million and $63 million, respectively, in cash related to claims and professional fees from bankruptcy. As of December31, 2009, approximately 837,000 of the shares of Mirant common stock to be distributed under the Plan have not yet been distributed and have been reserved for distribution with respect to claims that are disputed by the Mirant Debtors and have yet to be resolved. See Note 14 for further discussion of the Chapter 11 proceedings.

Earnings Per Share

Earnings Per Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Share	10. Earnings Per Share Mirant calculates basic EPS by dividing income available to stockholders by the weighted average number of common shares outstanding. Diluted EPS gives effect to dilutive potential common shares, including unvested restricted shares and restricted stock units, stock options and warrants. The following table shows the computation of basic and diluted EPS for the years ended December31, 2009, 2008 and 2007 (in millions except per share data): 2009 2008 2007 Net income from continuing operations $ 494 $ 1,215 $ 433 Net income from discontinued operations 50 1,562 Net income as reported $ 494 $ 1,265 $ 1,995 Basic and diluted: Weighted average shares outstandingbasic 145 186 252 Shares from assumed exercise of warrants and options 13 25 Shares from assumed vesting of restricted stock and restricted stock units Weighted average shares outstandingdiluted 145 199 277 Basic EPS EPS from continuing operations $ 3.41 $ 6.53 $ 1.72 EPS from discontinued operations 0.27 6.20 Basic EPS $ 3.41 $ 6.80 $ 7.92 Diluted EPS EPS from continuing operations $ 3.41 $ 6.11 $ 1.56 EPS from discontinued operations 0.25 5.64 Diluted EPS $ 3.41 $ 6.36 $ 7.20 For the year ended December31, 2009, the number of securities that are considered antidilutive increased significantly compared to the same period in 2008 and 2007, as a result of the decrease in the Companys average stock price. The weighted average number of securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive were as follows: YearsEndedDecember31, 2009 2008 2007 (shares in millions) Series A Warrants 27 7 Series B Warrants 7 2 Stock options 4 1 1 Total number of antidilutive shares 38 10 1

Stockholders' Equity

Stockholders' Equity
	1/1/2009 - 12/31/2009 USD / shares
Stockholders' Equity	11. Stockholders Equity On January3, 2006, all shares of Mirants old common stock were cancelled and 300million shares of Mirants new common stock were issued. At December31, 2009, approximately 837,000 shares of common stock are, pursuant to the Plan, reserved for unresolved claims. Mirant also issued two series of warrants that will expire on January3, 2011. The SeriesA Warrants and SeriesB Warrants entitled the holders as of the date of issuance to purchase an aggregate of approximately 35million and 18million shares of New Mirant common stock, respectively. The exercise price and number of common shares issuable are subject to adjustments based on the occurrence of certain events, including (1)dividends or distributions, (2)rights offerings or (3)other distributions. Mirants common stock is currently traded on the NYSE under the ticker symbol MIR. For the year ended December31, 2008, there were approximately 8.2million of Series A Warrants and 10.1million of Series B Warrants that were exercised. Substantially all of these exercises were made by net share settlement, resulting in the issuance of approximately 8.2million net shares of common stock for the year ended December31, 2008. For the year ended December31, 2009, the warrant exercises were immaterial. At December31, 2009, there were approximately 26.9million Series A Warrants and 7.1million Series B Warrants outstanding. The warrants are recorded as a component of additional paid-in capital in the accompanying consolidated balance sheets. On January3, 2006, the Omnibus Incentive Plan for certain employees and directors of Mirant became effective. Under the Omnibus Incentive Plan, 18,575,851 shares of Mirant common stock are available for issuance to participants. See Note 6 for further discussion of the Omnibus Incentive Plan. Share Repurchases On September28, 2006, the Company announced that its Board of Directors had authorized a $100 million share repurchase program which expired in September 2007. As of September30, 2007, the Company had repurchased 1.18million shares under this program for an aggregate purchase price of approximately $32million. In January2007, the Company began a program of repurchasing shares at market prices from stockholders holding less than 100 shares of Mirant stock. For the year ended December31, 2007, the Company repurchased approximately 245,000 shares for approximately $9 million. The Company did not make any purchases under this program in 2008 or 2009. On November9, 2007, Mirant announced that it planned to return a total of $4.6billion of excess cash to its stockholders based on four factors: (1)the outlook for the business, (2)preserving the Companys credit profile, (3)maintaining adequate liquidity, including for capital expenditures and (4)maintaining sufficient working capital. In the fourth quarter of 2007, the Company repurchased 26.66million shares of common stock for $1billion through an accelerated share repurchase program. On September22, 2008, Mirant announced that it had returned $3.856 billion of cash to its stockholders and suspended its program to return excess cash to its stockholders based on its evaluat

Segment Reporting

Segment Reporting
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Reporting	12. Segment Reporting The Company has four operating segments: Mid-Atlantic, Northeast, California and Other Operations. The Mid-Atlantic segment consists of four generating facilities located in Maryland and Virginia with total net generating capacity of 5,194 MW. The Northeast segment consists of three generating facilities located in Massachusetts and one generating facility located in New York with total net generating capacity of 2,535 MW. For the years ended December31, 2008 and 2007, the Northeast segment also included the Lovett generating facility, which was shut down on April19, 2008. The California segment consists of three generating facilities located in or near the City of San Francisco, with total net generating capacity of 2,347 MW. The California segment also includes business development efforts for new generation, including Mirant Marsh Landing. Other Operations includes proprietary trading and fuel oil management activities. For the year ended December31, 2007, Other Operations also included gains and losses related to the Back-to-Back Agreement which was terminated pursuant to a settlement that became effective in the third quarter of 2007. See Note 15 for further discussion of the Back-to-Back Agreement. Other Operations also includes unallocated corporate overhead, interest expense on debt at Mirant Americas Generation and Mirant North America and interest income on Mirants invested cash balances. In the following tables, eliminations are primarily related to intercompany sales of emissions allowances and interest on intercompany notes receivable and notes payable. Operating Segments Mid- Atlantic Northeast California Other Operations Eliminations Total (inmillions) 2009: Operating revenues(1) $ 1,778 $ 318 $ 154 $ 62 $ (3 ) $ 2,309 Cost of fuel, electricity and otherproducts(2) 527 143 32 8 710 Gross margin 1,251 175 122 54 (3 ) 1,599 Operating Expenses: Operations and maintenance 434 126 78 (28 ) 610 Depreciation and amortization 98 18 22 11 149 Impairment losses(3) 385 14 5 (183 ) 221 Gain on sales of assets, net (14 ) (4 ) (4 ) (22 ) Total operating expenses (income), net 903 140 114 (12 ) (187 ) 958 Operating income 348 35 8 66 184 641 Total other expense, net 4 2 129 135 Income (loss) from continuing operations before income taxes 344 35 6 (63 ) 184 506 Provision for income taxes 12 12 Income (loss) from continuing

Quarterly Financial Data

Quarterly Financial Data (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Data (Unaudited)	13. Quarterly Financial Data (Unaudited) Summarized quarterly financial data for 2009 and 2008, is as follows (inmillions except per share data): Quarters Ended March31, 2009 June30, 2009 September30, 2009 December31, 2009 Operating revenue $ 878 (1) $ 496 (2) $ 454 (3) $ 481 (4) Cost of fuel, electricity and other products 271 (1) 150 (2) 162 (3) 127 (4) Operating income (loss) 424 197 (5) 90 (70 )(6) Income (loss) from continuing operations 380 163 55 (104 ) Consolidated net income (loss) 380 163 55 (104 ) Weighted average shares outstandingbasic 145 145 145 145 Income (loss) from continuing operations per weighted average shares outstandingbasic 2.62 1.12 0.38 (0.71 ) Net income (loss) per weighted average shares outstandingbasic 2.62 1.12 0.38 (0.71 ) Weighted average shares outstandingdiluted 145 145 146 146 Income (loss) from continuing operations per weighted average shares outstandingdiluted 2.62 1.12 0.38 (0.71 ) Net income (loss) per weighted average shares outstandingdiluted $ 2.62 $ 1.12 $ 0.38 $ (0.71 ) Quarters Ended March31, 2008 June30, 2008 September30, 2008 December31, 2008 Operating revenue $ 302 (7) $ (393 )(8) $ 2,172 (9) $ 1,107 (10) Cost of fuel, electricity and other products 240 (7) 166 (8) 360 (9) 293 (10) Operating income (loss) (133 ) (790 ) 1,638 626 Income (loss) from continuing operations (154 ) (832 ) 1,607 594 Income (loss) from discontinued operations 2 49 (1 ) Consolidated net income (loss) (152 ) (783 ) 1,607 593 Weighted average shares outstandingbasic 216 201 175 151 Income (loss) from continuing operations per weighted average shares outstandingbasic (0.71 ) (4.14 ) 9.18 3.94 Net income (loss) per weighted average shares outstandingbasic (0.70 ) (3.90 ) 9.18 3.93 Weighted average shares outstandingdiluted 216 201 185 151 Income (loss) from continuing operations per weighted average shares outstandingdiluted (0.71 ) (4.14 ) 8.69 3.94 Net income (loss) per weighted average shares outstandingdiluted $ (0.70 ) $ (3.90 ) $ 8.69 $ 3.93 (1) Includes unrealized gains of $255 million in operating revenues and $1 million of unrealized losses in cost of fuel, electricity and other products primarily as a result of decreases in energy prices in the quarter. (2) Includes unrealized losses of $44 million in operating revenues and $30 million of unrealized gains in cost of fuel, electricity and other products primarily as a result of increases in energy prices in the quarter. (3) Includes unrealized losses of $193 million in operating revenues and $19 million of unr

Litigation and Other Contingenc

Litigation and Other Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Litigation and Other Contingencies	14. Litigation and Other Contingencies The Company is involved in a number of significant legal proceedings. In certain cases, plaintiffs seek to recover large and sometimes unspecified damages, and some matters may be unresolved for several years. The Company cannot currently determine the outcome of the proceedings described below or the ultimate amount of potential losses and therefore has not made any provision for such matters unless specifically noted below. Pursuant to guidance related to accounting for contingencies, management provides for estimated losses to the extent information becomes available indicating that losses are probable and that the amounts are reasonably estimable. Additional losses could have a material adverse effect on the Companys results of operations, financial position or cash flows. Environmental Matters Brandywine Fly Ash Facility.By letter dated November19, 2009, the Defenders of Wildlife, Sierra Club, Patuxent Riverkeeper and Chesapeake Climate Action Network (the Brandywine Noticing Parties) notified Mirant, Mirant Mid-Atlantic and Mirant MD Ash Management, LLC of their intent to file suit for violations of the Clean Water Act and Marylands Water Pollution Control Law alleged to have occurred at the Brandywine Fly Ash Facility owned by Mirant MD Ash Management in Prince Georges County, Maryland. They contend that the operation of the Brandywine facility has resulted in unpermitted discharges of certain pollutants, including aluminum, arsenic, cadmium, copper, lead, mercury, selenium and zinc, through three outfalls and through seepage to the ground water from the disposal cells at the facility. They also assert that the discharges cause violations of certain of Marylands water quality criteria. Finally, the Brandywine Noticing Parties contend that Mirant MD Ash Management failed to perform certain monitoring and sampling or to file certain reports required under its existing National Pollutant Discharge Elimination System (NPDES) permit for the Brandywine Fly Ash Facility. The notice states that the Brandywine Noticing Parties will request the court to enjoin further violations, to impose civil penalties under the Clean Water Act of up to $37,500 per day per violation for the period after January4, 2006, and to award them attorneys fees. By letter dated January15, 2010, the MDE advised Mirant Mid-Atlantic and Mirant MD Ash Management of its intent to file suit for violations of the Clean Water Act and Marylands Water Pollution Control Law based upon factual allegations similar to those asserted by the Brandywine Noticing Parties. Mirant disputes the allegations of violations of the Clean Water Act and Marylands Water Pollution Control Law made by the Brandywine Noticing Parties in the November19, 2009, letter and by MDE in its letter of January15, 2010. EPA Information Request.In January 2001, the EPA issued a request for information to Mirant concerning the implications under the EPAs NSR regulations promulgated under the Clean Air Act of past repair and maintenance activities at the Potomac River generating facility in Virginia and the Chalk Point, Dickerson and Morgantown generating fa

Settlements and Other Charges

Settlements and Other Charges
	12 Months Ended Dec. 31, 2009 USD / shares
Settlements and Other Charges	15. Settlements and Other Charges Pepco Litigation In 2000, Mirant purchased power generating facilities and other assets from Pepco, including certain PPAs between Pepco and third parties. Under the terms of the APSA, Mirant and Pepco entered into the Back-to-Back Agreement with respect to certain PPAs, including Pepcos long-term PPA with Panda-Brandywine, LP, under which (1)Pepco agreed to resell to Mirant all capacity, energy, ancillary services and other benefits to which it was entitled under those agreements and (2)Mirant agreed to pay Pepco each month all amounts due from Pepco to the sellers under those agreements for the immediately preceding month associated with such capacity, energy, ancillary services and other benefits. The Back-to-Back Agreement, which did not expire until 2021, obligated Mirant to purchase power from Pepco at prices that typically were higher than the market prices for power. In the bankruptcy proceedings, the Mirant Debtors sought to reject the Back-to-Back Agreement or to recharacterize it as pre-petition debt, which efforts, if successful, would have resulted in the Mirant Debtors having no further obligation to perform and in Pepco receiving a claim in the bankruptcy proceedings for its resulting damages. Pending a final determination of the Mirant Debtors ability to reject or recharacterize the Back-to-Back Agreement and certain other agreements with Pepco, the Plan provided that the Mirant Debtors obligations under the APSA and the Back-to-Back Agreement were interim obligations of Mirant Power Purchase and were unconditionally guaranteed by Mirant. On May30, 2006, Mirant and various of its subsidiaries (collectively the Mirant Settling Parties) entered into the Settlement Agreement (the Pepco Settlement Agreement) with Pepco and various of its affiliates (collectively the Pepco Settling Parties). The Pepco Settlement Agreement could not become effective until it had been approved by the Bankruptcy Court and that approval order had become a final order no longer subject to appeal. The Bankruptcy Court entered an order approving the Pepco Settlement Agreement on August9, 2006. That order was appealed, but the appeal was dismissed by agreement of the parties in August 2007, and the Pepco Settlement Agreement became effective August10, 2007. The Pepco Settlement Agreement fully resolved the contract rejection motions that remained pending in the bankruptcy proceedings, as well as other matters disputed between Pepco and Mirant and its subsidiaries. Under the Pepco Settlement Agreement, Mirant Power Purchase assumed the remaining obligations under the APSA, and Mirant has guaranteed its performance. The Back-to-Back Agreement was rejected and terminated effective as of May31, 2006. The Pepco Settlement Agreement granted Pepco a claim against Old Mirant in Old Mirants bankruptcy proceedings that was to result in Pepco receiving common stock of Mirant and cash having a value, after liquidation of the stock by Pepco, equal to $520 million. Shortly after the Pepco Settlement Agreement became effective, Mirant distributed approximately 14million shares of Mirant common stock from the shares r

CONDENSED FINANCIAL INFORMATION

CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	12 Months Ended Dec. 31, 2009 USD / shares
CONDENSED FINANCIAL INFORMATION OF REGISTRANT	Schedule I MIRANT CORPORATION (PARENT) CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS FortheYearsEndedDecember31, 2009 2008 2007 (inmillions) Operating income (loss) $ 63 $ 18 $ (3 ) Other Expense (Income), net: Equity earnings of subsidiaries (437 ) (1,161 ) (2,636 ) Interest expense-affiliate 24 Interest income-nonaffiliate (2 ) (53 ) (142 ) Interest income-affiliate (1 ) (4 ) Other, net (1 ) (1 ) Total other income, net (440 ) (1,215 ) (2,759 ) Income from continuing operations before incometaxes 503 1,233 2,756 Provision for income taxes 9 3 5 Income from continuing operations 494 1,230 2,751 Income (loss) from discontinued operations, net 35 (756 ) Net income $ 494 $ 1,265 $ 1,995 CONDENSED BALANCE SHEETS AtDecember31, 2009 2008 (inmillions) ASSETS Current Assets: Cash and cash equivalents $ 1,523 $ 1,461 Notes receivables-affiliate 16 81 Other 12 Total current assets 1,539 1,554 Noncurrent Assets: Investments in affiliates 2,747 2,199 Other 36 24 Total noncurrent assets 2,783 2,223 Total Assets $ 4,322 $ 3,777 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 1 $ 13 Payable to affiliates 6 2 Total current liabilities 7 15 Commitments and Contingencies Stockholders Equity: Preferred stock, par value $.01 per share, authorized 100,000,000 shares, no sharesissued at December31, 2009 and 2008 Common stock, par value $.01 per share, authorized 1.5 billion shares, issued 311,230,486 shares and 310,666,240 shares at December31, 2009 and 2008, respectively, and outstanding 144,946,815 shares and 144,629,446 shares at December31, 2009 and 2008, respectively 3 3 Treasury stock, at cost, 166,283,671 shares and 166,036,794 shares at December31, 2009 and 2008, respectively (5,334 ) (5,330 ) Additional paid-in capital 11,427 11,401 Accumulated deficit (1,728 ) (2,222 ) Accumulated other comprehensive loss (53 ) (90 ) Total stockholders equity 4,315 3,762 Total Liabilities and Stockholders Equity $ 4,322 $ 3,777 CONDENSED STATEMENTS OF CASH FLOWS FortheYearsEnded December31, 2009 2008 2007 (inmillions) Cash Flows from Operating

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS
	12 Months Ended Dec. 31, 2009 USD / shares
VALUATION AND QUALIFYING ACCOUNTS	Schedule II MIRANT CORPORATION AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS AtDecember31,2009,2008and2007 Additions Description Balanceat Beginning ofPeriod Charged to Income Chargedto Other Accounts Deductions(1) Balanceat Endof Period (in millions) Provision for uncollectible accounts (current) 2009 $ 13 $ 9 $ $ (18 ) $ 4 2008 12 3 2 (4 ) 13 2007 75 11 3 (77 ) 12 Provision for uncollectible accounts (noncurrent) 2009 $ 42 $ 13 $ $ (44 ) $ 11 2008 6 41 (2 ) (3 ) 42 2007 24 (3 ) (15 ) 6 (1) Deductions in 2009 consist primarily of reversals of credit reserves for derivative contract assets. Deductions in 2008 and 2007 consist primarily of reductions in or write-offs of allowances for uncollectible accounts and notes receivable.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 19, 2010	Jun. 30, 2009
Trading Symbol	MIR
Entity Registrant Name	MIRANT CORP
Entity Central Index Key	0001010775
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		144,968,899
Entity Public Float			$2,283,856,245