Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'NRG ENERGY, INC. | ' |
Entity Central Index Key | '0001013871 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 338,108,633 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues | ' | ' | ' | ' |
Total operating revenues | $4,569 | $3,490 | $11,676 | $8,500 |
Operating Costs and Expenses | ' | ' | ' | ' |
Cost of operations | 3,278 | 2,373 | 8,828 | 6,177 |
Depreciation and amortization | 375 | 327 | 1,096 | 947 |
Impairment of Long-Lived Assets to be Disposed of | 70 | 0 | 70 | 0 |
Selling, general and administrative | 258 | 213 | 752 | 670 |
Acquisition-related transaction and integration costs | 17 | 26 | 69 | 95 |
Development activity expenses | 22 | 24 | 62 | 63 |
Total operating costs and expenses | 4,020 | 2,963 | 10,877 | 7,952 |
Gain on sale of assets | 0 | 0 | 19 | 0 |
Operating Income | 549 | 527 | 818 | 548 |
Other Income/(Expense) | ' | ' | ' | ' |
Equity in earnings/(loss) of unconsolidated affiliates | 18 | -5 | 39 | 6 |
Other (expense)/income, net | -3 | 5 | 13 | 9 |
Loss on debt extinguishment | -13 | -1 | -94 | -50 |
Interest expense | -280 | -228 | -809 | -630 |
Total other expense | -278 | -229 | -851 | -665 |
Income/(Loss) Before Income Taxes | 271 | 298 | -33 | -117 |
Income tax expense/(benefit) | 89 | 160 | -68 | -55 |
Net Income/(Loss) | 182 | 138 | 35 | -62 |
Less: Net income attributable to noncontrolling interest | 14 | 19 | 20 | 27 |
Net Income/(Loss) Attributable to NRG Energy, Inc. | 168 | 119 | 15 | -89 |
Dividends for preferred shares | 2 | 2 | 7 | 7 |
Income/(Loss) Available for Common Stockholders | $166 | $117 | $8 | ($96) |
Earnings/(Loss) Per Share Attributable to NRG Energy, Inc. Common Stockholders | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 338 | 323 | 333 | 323 |
Earnings/(Loss) per Weighted Average Common Share — Basic | $0.49 | $0.36 | $0.02 | ($0.30) |
Weighted average number of common shares outstanding — diluted | 343 | 327 | 338 | 323 |
Loss per Weighted Average Common Share — Diluted | $0.48 | $0.36 | $0.02 | ($0.30) |
Dividends Per Common Share | $0.14 | $0.12 | $0.40 | $0.33 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income/(Loss) | $182 | $138 | $35 | ($62) |
Other Comprehensive (Loss)/Income, net of tax | ' | ' | ' | ' |
Unrealized gain/(loss) on derivatives, net of income tax expense/(benefit) of $4, $(5), $(11), and $(2) | 4 | -16 | -24 | 8 |
Foreign currency translation adjustments, net of income tax (benefit)/expense of $(6), $(1), $(2), and $(13) | -6 | 5 | -3 | -14 |
Available-for-sale securities, net of income tax (benefit)/expense of $(1), $0, $0, and $1 | -2 | 0 | 2 | 2 |
Defined benefit plans, net of tax expense/(benefit) of $0, $0, $(7), and $4 | -3 | ' | 9 | 25 |
Other comprehensive (loss)/income | -7 | -11 | -16 | 21 |
Comprehensive Income/(Loss) | 175 | 127 | 19 | -41 |
Less: Comprehensive income attributable to noncontrolling interest | -17 | -18 | -14 | -26 |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 158 | 109 | 5 | -67 |
Dividends for preferred shares | 2 | 2 | 7 | 7 |
Comprehensive Income/(Loss) Available for Common Stockholders | $156 | $107 | ($2) | ($74) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Comprehensive Loss Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized gain/loss on derivatives, income tax benefit | ($4) | $5 | $11 | $2 |
Foreign currency translation adjustments, income tax benefit | 6 | 1 | 2 | 13 |
Available-for-sale securities, income tax expense | 1 | 0 | 0 | 1 |
Defined benefit plans, income tax expense | $0 | $0 | $7 | ($4) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $1,953 | $2,254 |
Funds deposited by counterparties | 3 | 63 |
Restricted cash | 339 | 268 |
Accounts receivable — trade, less allowance for doubtful accounts of $27 and $40 | 1,554 | 1,214 |
Inventory | 1,051 | 898 |
Derivative instruments | 1,397 | 1,328 |
Cash collateral paid in support of energy risk management activities | 375 | 276 |
Deferred income taxes | 79 | 258 |
Renewable energy grant receivable, net | 614 | 539 |
Current assets held-for-sale | 32 | 19 |
Prepayments and other current assets | 475 | 479 |
Total current assets | 7,872 | 7,596 |
Property, plant and equipment, net of accumulated depreciation of $7,572 and $6,573 | 22,181 | 19,851 |
Other Assets | ' | ' |
Equity investments in affiliates | 797 | 453 |
Notes receivable, less current portion | 80 | 73 |
Goodwill | 2,452 | 1,985 |
Intangible assets, net of accumulated amortization of $1,333 and $1,977 | 2,880 | 1,140 |
Nuclear decommissioning trust fund | 569 | 551 |
Derivative instruments | 427 | 311 |
Deferred income taxes | 1,476 | 1,202 |
Non-current assets held-for-sale | 54 | 0 |
Other non-current assets | 1,281 | 740 |
Total other assets | 10,016 | 6,455 |
Total Assets | 40,069 | 33,902 |
Current Liabilities | ' | ' |
Current portion of long-term debt and capital leases | 854 | 1,050 |
Accounts payable | 1,098 | 1,038 |
Derivative instruments | 1,365 | 1,055 |
Cash collateral received in support of energy risk management activities | 3 | 63 |
Current liabilities held-for-sale | 23 | 0 |
Accrued expenses and other current liabilities | 1,200 | 998 |
Total current liabilities | 4,543 | 4,204 |
Other Liabilities | ' | ' |
Long-term debt and capital leases | 19,919 | 15,767 |
Nuclear decommissioning reserve | 306 | 294 |
Nuclear decommissioning trust liability | 323 | 324 |
Deferred income taxes | 24 | 22 |
Derivative instruments | 326 | 195 |
Out-of-market contracts | 1,245 | 1,177 |
Non-current liabilites held-for-sale | 31 | 0 |
Other non-current liabilities | 1,385 | 1,201 |
Total non-current liabilities | 23,559 | 18,980 |
Total Liabilities | 28,102 | 23,184 |
3.625% convertible perpetual preferred stock (at liquidation value, net of issuance costs) | 249 | 249 |
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 28 | 2 |
Commitments and Contingencies | ' | ' |
Stockholders’ Equity | ' | ' |
Common stock | 4 | 4 |
Additional paid-in capital | 8,314 | 7,840 |
Retained earnings | 3,564 | 3,695 |
Less treasury stock, at cost — 77,219,145 and 77,347,528 shares, respectively | -1,939 | -1,942 |
Accumulated other comprehensive (loss)/income | -5 | 5 |
Noncontrolling interest | 1,752 | 865 |
Total Stockholders’ Equity | 11,690 | 10,467 |
Total Liabilities and Stockholders’ Equity | $40,069 | $33,902 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable - trade, allowance for doubtful accounts | $27 | $40 |
Property, plant and equipment, accumulated depreciation | 7,584 | 6,573 |
Intangible assets, accumulated amortization | $1,333 | $1,977 |
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% |
Treasury stock, shares (in shares) | 77,219,145 | 77,347,528 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net Income/(Loss) | $35 | ($62) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' |
Distributions and equity in earnings of unconsolidated affiliates | 32 | 23 |
Depreciation and amortization | 1,096 | 947 |
Provision for bad debts | 49 | 49 |
Amortization of nuclear fuel | 33 | 27 |
Amortization of financing costs and debt discount/premiums | -9 | -22 |
Adjustment for debt extinguishment | 24 | -15 |
Amortization of intangibles and out-of-market contracts | 52 | 75 |
Amortization of unearned equity compensation | 32 | 32 |
Changes in deferred income taxes and liability for uncertain tax benefits | -75 | 39 |
Changes in nuclear decommissioning trust liability | 12 | 25 |
Changes in derivative instruments | 248 | 189 |
Changes in collateral deposits supporting energy risk management activities | -100 | -59 |
Gain on sale of emission allowances | 2 | -8 |
Gain on sale of assets | -26 | 0 |
Impairment charge on emission allowances | 70 | 0 |
Cash used by changes in other working capital | -361 | -417 |
Net Cash Provided by Operating Activities | 1,114 | 823 |
Cash Flows from Investing Activities | ' | ' |
Acquisitions of businesses, net of cash acquired | -2,832 | -374 |
Capital expenditures | -675 | -1,581 |
Increase in restricted cash, net | -52 | -67 |
Decrease/(increase) in restricted cash to support equity requirements for U.S. DOE funded projects | 21 | -20 |
Decrease/(increase) in notes receivable | 21 | -22 |
Investments in nuclear decommissioning trust fund securities | -475 | -369 |
Proceeds from sales of nuclear decommissioning trust fund securities | 463 | 344 |
Proceeds from renewable energy grants | 431 | 52 |
Proceeds from sale of assets, net of cash disposed of | 153 | 13 |
Cash proceeds to fund cash grant bridge loan payment | 57 | 0 |
Other | -70 | -7 |
Net Cash Used by Investing Activities | -2,958 | -2,031 |
Cash Flows from Financing Activities | ' | ' |
Payment of dividends to common and preferred stockholders | -140 | -113 |
Payment for treasury stock | 0 | -25 |
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | -64 | 177 |
Proceeds from issuance of long-term debt | 4,456 | 1,605 |
Contributions and sale proceeds from noncontrolling interest in subsidiaries | 639 | 504 |
Proceeds from issuance of common stock | 15 | 14 |
Payment of debt issuance costs | -57 | -43 |
Payments for short and long-term debt | -3,308 | -868 |
Net Cash Provided by Financing Activities | 1,541 | 1,251 |
Effect of exchange rate changes on cash and cash equivalents | 2 | -1 |
Net (Decrease)/Increase in Cash and Cash Equivalents | -301 | 42 |
Cash and Cash Equivalents at Beginning of Period | 2,254 | 2,087 |
Cash and Cash Equivalents at End of Period | $1,953 | $2,129 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
Basis of Presentation | |
NRG Energy, Inc., or NRG or the Company, is a competitive power company that produces, sells and delivers energy and energy services in major competitive power markets in the U.S. while positioning itself as a leader in the way residential, industrial and commercial consumers think about and use energy products and services. As one of the largest power generators in the U.S., the Company owns and operates approximately 53,000 MWs of generation; engages in the trading of wholesale energy, capacity and related products around those generation assets; transacts in and trades fuel and transportation services; and directly sells energy, services, and innovative, sustainable products and services to retail customers under the name “NRG” and various other retail brand names owned by NRG. | |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2013 Form 10-K. Interim results are not necessarily indicative of results for a full year. | |
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2014, and the results of operations, comprehensive loss and cash flows for the three and nine months ended September 30, 2014, and 2013. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain prior year depreciation amounts have been recast to revise provisional purchase accounting estimates for the GenOn acquisition. | |
Reclassifications | |
Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations or cash flows. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Summary of Significant Accounting Policies | ||||
Other Cash Flow Information | ||||
NRG’s investing activities exclude capital expenditures of $148 million which were accrued and unpaid at September 30, 2014. | ||||
Noncontrolling Interest | ||||
The following table reflects the changes in NRG's noncontrolling interest balance: | ||||
(In millions) | ||||
Balance as of December 31, 2013 | $ | 865 | ||
Acquisition of EME | 353 | |||
Sale of assets to NRG Yield, Inc. | (41 | ) | ||
Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes | 23 | |||
Non-cash adjustments to noncontrolling interest | (75 | ) | ||
Contributions from NRG Yield, Inc. public offering | 630 | |||
Contributions from noncontrolling interest | 20 | |||
Distributions to noncontrolling interest | (37 | ) | ||
Comprehensive income attributable to noncontrolling interest | 14 | |||
Balance as of September 30, 2014 | $ | 1,752 | ||
As described in Note 3, Business Acquisitions and Dispositions, in order to fund the purchase price of the Alta Wind Assets acquisition, NRG Yield, Inc. issued 12,075,000 shares of its Class A common stock on July 29, 2014 for net proceeds of $630 million. NRG Yield, Inc. utilized the proceeds of the offering to acquire additional units of NRG Yield LLC. Following the offering, the Company owned 55.3% of NRG Yield LLC and as a result continues to consolidate NRG Yield, Inc. through its controlling interest. The contributions are reflected as an increase to the Company's noncontrolling interest balance. | ||||
Cash Proceeds from Wind Tax Equity Arrangement | ||||
On November 3, 2014, the Company sold an economic interest in a portfolio of wind assets for gross proceeds of approximately $195 million, in order to monetize cash and tax benefits associated with the projects. The Company will continue to manage the portfolio of wind assets, which were primarily acquired in connection with the acquisition of EME, and will continue to consolidate the assets, with the contributions presented as noncontrolling interests in the Company’s consolidated balance sheet. | ||||
Impairment Losses | ||||
During the three months ended September 30, 2014, the Company determined that it will pursue mothballing the 463 MW natural gas-fired Osceola facility, in Saint Cloud, Florida. The Company considered this to be an indicator of impairment and performed an impairment test for these assets under ASC 360, Property, Plant and Equipment. The carrying amount of the assets was lower than the future net cash flows expected to be generated by the assets and as a result, the assets are considered to be impaired. The Company measured the impairment loss as the difference between the carrying amount and the fair value of the assets. Due to the location of the facility, it was determined that the best indicator of fair value is the market value of the combustion turbines. The Company recorded an impairment loss of approximately $60 million, which represents the excess of the carrying value over the fair market value. In addition, during the three months ended September 30, 2014, the Company recorded an impairment loss of $10 million to reduce the carrying value of certain solar panels to their approximate fair value. | ||||
Assets and Liabilities Held for Sale | ||||
During the three months ended September 30, 2014, the Company entered into separate agreements to sell its 50% interest in Sabine Cogen, L.P. and its 50% interest in the American Bituminous Power Partners, L.P. waste coal facility. These transactions are expected to close in the fourth quarter of 2014. As a result, the Company has classified the related assets and liabilities as "held-for-sale" in the consolidated balance sheet as of September 30, 2014. | ||||
Redeemable Noncontrolling Interest in Subsidiaries | ||||
Redeemable noncontrolling interest in subsidiaries represent third-party interests in the net assets under certain arrangements that the Company has entered into to finance the cost of solar energy systems under operating leases. To the extent that the third-party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. | ||||
Recent Accounting Developments | ||||
ASU 2014-09 - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. The guidance of ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early adoption is not permitted. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. | ||||
ASU 2013-11 - In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, or ASU No. 2013-11. The amendments of ASU No. 2013-11, which were adopted on January 1, 2014, require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction of a deferred tax asset for a net operating loss, or NOL, a similar tax loss or tax credit carryforward rather than a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. The adoption of this standard did not impact the Company's results of operations or cash flows as the unrecognized tax benefits relate to state issues and the Company either has no NOLs or the NOLs are limited for that particular jurisdiction. |
Business_Acquisitions_and_Disp
Business Acquisitions and Dispositions | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||||||
Business Acquisitions and Dispositions | |||||||||||||
The Company has completed the following business acquisitions and dispositions that are material to the Company's financial statements: | |||||||||||||
Acquisition of Alta Wind | |||||||||||||
On August 12, 2014, NRG Yield, Inc., through its subsidiary Yield Operating, completed the acquisition of 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC, and Alta Wind XI Holding Company, LLC, which collectively own seven wind facilities that total 947 MWs located in Tehachapi, California and a portfolio of land leases, or the Alta Wind Assets. Power generated by the Alta Wind facility is sold to Southern California Edison under long-term power purchase agreements with 21 years of remaining contract life for Alta I-V and 22 years, beginning in 2016, for Alta X and XI. | |||||||||||||
The purchase price of the Alta Wind Assets was $923 million, which was comprised of purchase price of $870 million and $53 million paid for working capital balances. In order to fund the purchase price of the acquisition, NRG Yield, Inc. issued 12,075,000 shares of its Class A common stock on July 29, 2014 for net proceeds of $630 million. In addition, on August 5, 2014, Yield Operating issued $500 million in aggregate principal amount at par of 5.375% senior notes due August 2024. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2015. The notes are senior unsecured obligations of Yield Operating and are guaranteed by NRG Yield LLC, Yield Operating’s parent company, and by certain of Yield Operating’s wholly owned subsidiaries. | |||||||||||||
The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The initial accounting for the business combination is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified up to one year from the date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. The purchase price of $923 million was provisionally allocated as follows: | |||||||||||||
(In millions) | |||||||||||||
Assets | |||||||||||||
Cash | $ | 22 | |||||||||||
Current and non-current assets | 49 | ||||||||||||
Property, plant and equipment | 1,057 | ||||||||||||
Intangible assets | 1,420 | ||||||||||||
Total assets acquired | 2,548 | ||||||||||||
Liabilities | |||||||||||||
Debt | 1,591 | ||||||||||||
Current and non-current liabilities | 34 | ||||||||||||
Total liabilities assumed | 1,625 | ||||||||||||
Net assets acquired | $ | 923 | |||||||||||
Fair value measurements | |||||||||||||
The provisional fair values of the property, plant and equipment and intangible assets at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820. Significant inputs were as follows: | |||||||||||||
Property, plant and equipment — The estimated fair values were determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic obsolescence. The income approach was applied by determining the enterprise value for each acquired entity and subtracting the fair value of the intangible assets and working capital to determine the implied value of the tangible fixed assets. This methodology was primarily relied upon as the forecasted cash flows incorporate the specific attributes of each asset including age, useful life, equipment condition and technology. The income approach also allows for an accurate reflection of current and expected market dynamics such as supply and demand and regulatory environment as of the acquisition date. | |||||||||||||
Intangible assets — The fair values of the PPAs acquired were determined utilizing a variation of the income approach where the incremental future cash flows resulting from the acquired PPAs compared to the cash flows based on current market prices were discounted to present value at the weighted average cost of debt of the utility off-taker, as the PPA was determined to be a debt-like instrument for the off-taker. The values were corroborated with available market data. The PPA values will be amortized over an average period of 22 years. | |||||||||||||
Disposition of 50% Interest in Petra Nova Parish Holdings LLC | |||||||||||||
On July 3, 2014, the Company, through its wholly owned subsidiary Petra Nova Holdings LLC, sold 50% of its interest in Petra Nova Parish Holdings LLC to JX Nippon Oil Exploration (EOR) Limited, JX Nippon, a wholly owned subsidiary of JX Nippon Oil & Gas Exploration Corporation. As a result of the sale, the Company no longer has a controlling interest in and has deconsolidated Petra Nova Parish Holdings LLC as of the date of the sale. On July 7, 2014, the Company made its initial capital contribution into the partnership of $35 million, which was funded with the sale proceeds of $76 million. On March 3, 2014, Petra Nova CCS I LLC, a wholly owned subsidiary of Petra Nova Parish Holdings LLC, entered into a fixed-price agreement to build and operate a CCF at the W.A. Parish facility with a consortium of Mitsubishi Heavy Industries America, Inc. and TIC - The Industrial Company. Notice to proceed for the construction on the CCF was issued on July 15, 2014, and commercial operation is expected in late 2016. | |||||||||||||
Petra Nova Parish Holdings LLC also owns a 75 MW peaking unit at W.A. Parish, which achieved commercial operations on June 26, 2013. The peaking unit will be converted into a cogeneration facility to provide power and steam to the CCF. The CCF is being financed by: (i) up to $167 million from a U.S. DOE CCPI grant of which $7 million has already been received from the grant in the initial design and engineering phase and $26 million has already been received from the grant under the construction phase, (ii) $250 million in loans provided by the Japan Bank for International Cooperation and Mizuho Bank, Ltd., and (iii) approximately $300 million in equity contributions from each of the Company and JX Nippon. The Company’s contribution will include investments already made during the development of the project. | |||||||||||||
On July 14, 2014, Petra Nova Parish Holdings LLC entered into two credit facilities, or the Petra Nova Parish Credit Agreements, to fund the cost of construction of the CCF at the W.A. Parish facility. The Petra Nova Parish Credit Agreements are comprised of a $75 million Nippon Export and Investment Insurance, or NEXI, covered loan and a $175 million Japan Bank for International Cooperation, or JBIC, facility. The NEXI covered loan has an interest rate of LIBOR plus an applicable margin of 1.75% and the JBIC facility has an interest rate of LIBOR plus an applicable margin of 0.50% during the construction phase which escalates to an applicable margin of 1.50% upon completion of the CCF. Both credit facilities mature in April 2026. NRG has guaranteed its 50% share of the obligations under the Petra Nova Parish Credit Agreements through mechanical completion as defined by the credit agreements. | |||||||||||||
Sales of Assets to NRG Yield, Inc. | |||||||||||||
On June 30, 2014, the Company sold the following facilities to NRG Yield, Inc.: High Desert, Kansas South, and El Segundo Energy Center. NRG Yield, Inc. paid total cash consideration of $357 million, which represents a base purchase price of $349 million and $8 million of working capital adjustments, plus assumed project level debt of approximately $612 million. The sale was recorded as a transfer of entities under common control and the related assets were transferred at carrying value. | |||||||||||||
Acquisition of Dominion's Competitive Electric Retail Business | |||||||||||||
On March 31, 2014, the Company acquired the competitive retail electricity business of Dominion Resources, Inc., or Dominion. The acquisition of Dominion's competitive retail electricity business is expected to increase NRG’s retail portfolio by approximately 540,000 customers in the aggregate by the end of 2014. The acquisition supports NRG's ongoing efforts to expand the Company's retail footprint in the Northeast and to grow its retail position in Texas. The Company paid approximately $192 million as cash consideration for the acquisition, including $165 million of purchase price and $27 million paid for working capital balances, which was funded by cash on hand. The purchase price was provisionally allocated to the following: $40 million to accounts receivable-trade, $62 million to customer relationships, $9 million to trade names, $14 million to current assets, $21 million to derivative assets, $45 million to current and non-current liabilities, and goodwill of $91 million of which $8 million is deductible for U.S. income tax purposes in future periods. The factors that resulted in goodwill arising from the acquisition include the revenues associated with new customers in new regions and through the synergies associated with combining a new retail business with the Company's generation assets. The acquired assets and liabilities are included within the Retail segment. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Any changes to the fair value assessments will affect the value of goodwill. The allocation of the purchase price may be modified up to one year from the date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. | |||||||||||||
EME Acquisition | |||||||||||||
On April 1, 2014, the Company acquired substantially all of the assets of EME. EME, through its subsidiaries and affiliates, owned or leased and operated a portfolio of approximately 8,000 MW consisting of wind energy facilities and coal- and gas-fired generating facilities. The Company paid an aggregate purchase price of $3.5 billion, which was comprised of the following: | |||||||||||||
Original Purchase Price | Purchase Price on Acquisition Date | ||||||||||||
Cash and equivalents (a) | $ | 2,285 | $ | 3,016 | |||||||||
Common shares (b) | 350 | 401 | |||||||||||
Liabilities acquired | — | 57 | |||||||||||
Total purchase price | 2,635 | 3,474 | |||||||||||
Less: cash acquired | 1,422 | ||||||||||||
Net purchase price | $ | 2,052 | |||||||||||
(a) The increase in cash paid relates to an increase in acquired cash on hand as well as changes in cash collateral, restricted cash and cash related to unconsolidated subsidiaries. It also reflects lease and debt payments in 2014. | |||||||||||||
(b) The increase in the value of the common shares reflects an increase in trading price of NRG common shares between October 18, 2013 and April 1, 2014. The shares of NRG common stock were given a value of $350 million in determining the cash purchase price, which was based upon the volume-weighted average trading price over the 20 trading days prior to October 18, 2013. | |||||||||||||
The purchase price was funded through the issuance of 12,671,977 shares of NRG common stock on April 1, 2014, the issuance of $700 million in newly-issued corporate debt, as described in Note 7, Debt and Capital Leases, and cash on hand. The Company also assumed non-recourse debt of approximately $1.2 billion. | |||||||||||||
In connection with the transaction, NRG agreed to certain conditions with the parties to the Powerton and Joliet, or POJO, sale-leaseback transaction subject to which an NRG subsidiary assumed the POJO leveraged leases and NRG guaranteed the remaining payments under each lease, which total $485 million through 2034. In connection with this agreement, NRG has committed to fund up to $350 million in capital expenditures for plant modifications at Powerton and Joliet to comply with environmental regulations, as discussed further in Note 15, Environmental Matters. In addition, NRG assumed certain long-term contractual arrangements for fuel and transportation. Commitments under these arrangements totaled approximately $490 million. | |||||||||||||
On April 30, 2014, subsequent to the acquisition, the Company acquired the remaining 50% ownership of Mission Del Sol LLC, which owns the Sunrise facility, a 586 MW natural gas facility in Fellows, California, from Chevron Power Holdings Inc. increasing the Company's ownership interest to 100% in exchange for the Company's 50% interest in six cogeneration facilities, previously co-owned with Chevron Power Holdings Inc. | |||||||||||||
The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The initial accounting for the business combination is not complete because the evaluation necessary to assess the fair values of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. The allocation of the purchase price may be modified up to one year from the date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. The purchase price of $3.5 billion was provisionally allocated as follows: | |||||||||||||
Acquisition Date | Measurement period adjustments | Revised Acquisition Date | |||||||||||
(In millions) | |||||||||||||
Assets | |||||||||||||
Cash | 1,422 | — | $ | 1,422 | |||||||||
Current assets | 676 | (8 | ) | 668 | |||||||||
Property, plant and equipment | 2,475 | (144 | ) | 2,331 | |||||||||
Intangible assets | 312 | 11 | 323 | ||||||||||
Goodwill | — | 200 | 200 | ||||||||||
Non-current assets | 813 | 18 | 831 | ||||||||||
Total assets acquired | 5,698 | 77 | 5,775 | ||||||||||
Liabilities | |||||||||||||
Current and non-current liabilities | 533 | 25 | 558 | ||||||||||
Out-of-market contracts and leases | 43 | 98 | 141 | ||||||||||
Long-term debt | 1,249 | — | 1,249 | ||||||||||
Total liabilities assumed | 1,825 | 123 | 1,948 | ||||||||||
Less: noncontrolling interest | 380 | (27 | ) | 353 | |||||||||
Net assets acquired | $ | 3,493 | $ | (19 | ) | $ | 3,474 | ||||||
The Company incurred and expensed acquisition-related transaction costs related to the acquisition of EME of $17 million for the nine months ended September 30, 2014. There were no acquisition-related transaction costs incurred during the three months ended September 30, 2014. | |||||||||||||
Fair value measurements | |||||||||||||
The provisional fair values of the property, plant and equipment, intangible assets and out-of-market contracts at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820. Significant inputs were as follows: | |||||||||||||
Property, plant and equipment — The estimated fair values were determined primarily based on an income method using discounted cash flows and validated using a market approach based on recent transactions of comparable assets. The income approach was primarily relied upon as the forecasted cash flows more appropriately incorporate differences in regional markets, plant types, age, useful life, equipment condition and environmental controls of each asset. The income approach also allows for a more accurate reflection of current and expected market dynamics such as supply and demand, commodity prices and regulatory environment as of the acquisition date. | |||||||||||||
Intangible assets — The fair values of the PPAs acquired were determined utilizing a variation of the income approach where the expected future cash flows resulting from the acquired PPAs were reduced by operating costs and charges for contributory assets and then discounted to present value at the weighted average cost of capital of an integrated utility peer group adjusted for project-specific financing attributes. The values were corroborated with available market data. The PPAs will be amortized over an average term of 12 years. | |||||||||||||
Out-of-market lease contracts — The estimated fair values of the acquired leases were determined utilizing a variation of the income approach under which the fair value of the lease was determined by discounting the future lease payments at an appropriate discount rate and comparing it to the fair value of the property, plant and equipment being leased. | |||||||||||||
Noncontrolling interest — The estimated fair value of the noncontrolling interests represent the fair value of the partners' contributions as of the acquisition date. | |||||||||||||
The Company recorded goodwill of approximately $200 million, all of which is deductible for U.S. income tax purposes in future periods. The goodwill primarily represents the Company's ability to further monetize certain of the assets in the portfolio through the sale of assets to NRG Yield, Inc. or to other partners with the ability to further utilize the related tax benefits. The goodwill will be recorded in the Renewables segment. | |||||||||||||
Supplemental Pro Forma Information | |||||||||||||
Since the acquisition date, EME contributed $703 million in operating revenues and $58 million in net income attributable to NRG. The following supplemental pro forma information represents the results of operations as if NRG had acquired EME on January 1, 2013: | |||||||||||||
For the nine months ended | For the year ended | ||||||||||||
(in millions except per share amounts) | September 30, 2014 | September 30, 2013 | 31-Dec-13 | ||||||||||
Operating revenues | $ | 12,234 | $ | 9,486 | $ | 12,598 | |||||||
Net income/(loss) attributable to NRG Energy, Inc. | 47 | (702 | ) | (1,004 | ) | ||||||||
Earnings/(loss) per share attributable to NRG common stockholders: | |||||||||||||
Basic | 0.14 | (2.09 | ) | (2.99 | ) | ||||||||
Diluted | 0.14 | (2.09 | ) | (2.99 | ) | ||||||||
The supplemental pro forma information has been adjusted to include the pro-forma impact of depreciation of property, plant and equipment, amortization of lease obligations and out-of-market contracts, based on the preliminary purchase price allocations. The pro forma data has also been adjusted to eliminate non-recurring transaction costs incurred by NRG, as well as the related tax impact. There were no transactions during the periods between NRG and EME. The pro forma results are presented for illustrative purposes only and do not reflect the realization of potential cost savings or any related integration costs. The Company expects to achieve certain cost savings from the acquisition; however, there can be no assurance that these cost savings will be achieved. | |||||||||||||
2013 Acquisitions | |||||||||||||
Energy Systems Acquisition | |||||||||||||
On December 31, 2013, NRG Energy Center Omaha Holdings, LLC, an indirect wholly owned subsidiary of NRG Yield LLC, acquired 100% of Energy Systems Company, or Energy Systems, for approximately $120 million. The acquisition was financed from cash on hand. Energy Systems is an operator of steam and chilled thermal facilities that provides heating and cooling services to nonresidential customers in Omaha, Nebraska. The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The purchase price was primarily allocated to property, plant and equipment of $60 million, customer relationships of $59 million, and working capital of $1 million. The accounting for Energy Systems was completed as of September 30, 2014, at which point the provisional fair values became final with no material changes. | |||||||||||||
Gregory Acquisition | |||||||||||||
On August 7, 2013, NRG Texas Gregory, LLC, a wholly owned subsidiary of NRG, acquired Gregory Power Partners, L.P. for approximately $245 million in cash, net of $32 million cash acquired. Gregory is a cogeneration plant located in Corpus Christi, Texas, which has generation capacity of 388 MW and steam capacity of 160 MWt. The Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant. The majority of the plant's generation is available for sale in the ERCOT market. The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The purchase price was provisionally allocated primarily to property, plant, and equipment of $248 million, current assets of $13 million, and other liabilities of $16 million. The accounting for the Gregory acquisition was completed as of June 30, 2014, at which point the provisional fair values became final with no material changes. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||
This footnote should be read in conjunction with the complete description under Note 4, Fair Value of Financial Instruments, to the Company's 2013 Form 10-K. | ||||||||||||||||||||||||||||||||||||||||
For cash and cash equivalents, funds deposited by counterparties, accounts and other receivables, accounts payable, restricted cash, and cash collateral paid and received in support of energy risk management activities, the carrying amount approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Notes receivable (a) | $ | 95 | $ | 95 | $ | 99 | $ | 99 | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | 20,764 | 20,843 | 16,804 | 17,222 | ||||||||||||||||||||||||||||||||||||
(a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||
The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of non publicly-traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||
Debt securities, equity securities, and trust fund investments, which are comprised of various U.S. debt and equity securities, and derivative assets and liabilities, are carried at fair market value. | ||||||||||||||||||||||||||||||||||||||||
The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 18 | $ | 18 | ||||||||||||||||||||||||||||||||
Available-for-sale securities | 42 | — | — | 42 | ||||||||||||||||||||||||||||||||||||
Other (a) | 21 | — | 11 | 32 | ||||||||||||||||||||||||||||||||||||
Nuclear trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 39 | 3 | — | 42 | ||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | 68 | — | 68 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 25 | — | 25 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 85 | — | 85 | ||||||||||||||||||||||||||||||||||||
Equity securities | 291 | — | 54 | 345 | ||||||||||||||||||||||||||||||||||||
Foreign government fixed income securities | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 357 | 1,170 | 285 | 1,812 | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||
Equity contracts | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 753 | $ | 1,363 | $ | 370 | $ | 2,486 | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 240 | $ | 1,061 | $ | 258 | $ | 1,559 | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | 132 | — | 132 | ||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 240 | $ | 1,193 | $ | 258 | $ | 1,691 | ||||||||||||||||||||||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 16 | $ | 16 | ||||||||||||||||||||||||||||||||
Available-for-sale securities | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||
Other (a) | 37 | — | 10 | 47 | ||||||||||||||||||||||||||||||||||||
Nuclear trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 26 | — | — | 26 | ||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 40 | 5 | — | 45 | ||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 70 | — | 70 | ||||||||||||||||||||||||||||||||||||
Equity securities | 276 | — | 56 | 332 | ||||||||||||||||||||||||||||||||||||
Foreign government fixed income securities | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 346 | 1,126 | 147 | 1,619 | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 20 | — | 20 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 728 | $ | 1,299 | $ | 229 | $ | 2,256 | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 216 | $ | 831 | $ | 134 | $ | 1,181 | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | 69 | — | 69 | ||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 216 | $ | 900 | $ | 134 | $ | 1,250 | ||||||||||||||||||||||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||||||||||||||||||||||
There were no transfers during the three and nine months ended September 30, 2014 and 2013 between Levels 1 and 2. The following tables reconcile, for the three and nine months ended September 30, 2014 and 2013, the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements, at least annually, using significant unobservable inputs: | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||
(In millions) | Debt Securities | Other | Trust Fund Investments | Derivatives(a) | Total | Debt Securities | Other | Trust Fund Investments | Derivatives(a) | Total | ||||||||||||||||||||||||||||||
Beginning balance | $ | 18 | $ | 11 | $ | 58 | $ | (12 | ) | $ | 75 | $ | 16 | $ | 10 | $ | 56 | $ | 13 | $ | 95 | |||||||||||||||||||
Total gains/(losses) — realized/unrealized: | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | — | — | (22 | ) | (22 | ) | — | 1 | — | (18 | ) | (17 | ) | ||||||||||||||||||||||||||
Included in OCI | — | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||
Included in nuclear | — | — | (4 | ) | — | (4 | ) | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||
decom- | ||||||||||||||||||||||||||||||||||||||||
missioning | ||||||||||||||||||||||||||||||||||||||||
obligation | ||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | 63 | 63 | — | — | 1 | (21 | ) | (20 | ) | ||||||||||||||||||||||||||||
Contracts acquired in Dominion and EME acquisition | — | — | — | — | — | — | — | — | 39 | 39 | ||||||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | (1 | ) | (1 | ) | — | — | — | 17 | 17 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | 1 | 1 | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||
Ending balance as of September 30, 2014 | $ | 18 | $ | 11 | $ | 54 | $ | 29 | $ | 112 | $ | 18 | $ | 11 | $ | 54 | $ | 29 | $ | 112 | ||||||||||||||||||||
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 September 30, 2014 | $ | — | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | $ | 26 | $ | 26 | ||||||||||||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||||||||||||||||||||||
(b) | Transfers in/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 15 | $ | 50 | $ | (12 | ) | $ | 53 | $ | 12 | $ | 47 | $ | (12 | ) | $ | 47 | ||||||||||||||||||||||
Total (losses)/gains — realized/unrealized: | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | — | 14 | 14 | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||
Included in OCI | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||
Included in nuclear decom- | — | 5 | — | 5 | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||
missioning obligations | ||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | 4 | 4 | — | 1 | (3 | ) | (2 | ) | ||||||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | (36 | ) | (36 | ) | — | — | (9 | ) | (9 | ) | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | 23 | 23 | — | — | 21 | 21 | ||||||||||||||||||||||||||||||||
Ending balance as of September 30, 2013 | $ | 15 | $ | 55 | $ | (7 | ) | $ | 63 | $ | 15 | $ | 55 | $ | (7 | ) | $ | 63 | ||||||||||||||||||||||
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, 2013 | — | — | (7 | ) | (7 | ) | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||||||||||||||||||||||
(b) | Transfers in/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | |||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains and losses included in earnings that are related to energy derivatives are recorded in operating revenues and cost of operations. | ||||||||||||||||||||||||||||||||||||||||
Derivative Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||
A portion of NRG's contracts are exchange-traded contracts with readily available quoted market prices. A majority of NRG's contracts are non-exchange-traded contracts valued using prices provided by external sources, primarily price quotations available through brokers or over-the-counter and on-line exchanges. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available for the whole term or for certain delivery months or the contracts are retail and load following power contracts. These contracts are valued using various valuation techniques including but not limited to internal models that apply fundamental analysis of the market and corroboration with similar markets. As of September 30, 2014, contracts valued with prices provided by models and other valuation techniques make up 16% of the total derivative assets and 15% of the total derivative liabilities. | ||||||||||||||||||||||||||||||||||||||||
The fair value of each contract is discounted using a risk free interest rate. In addition, the Company applies a credit reserve to reflect credit risk which is calculated based on published default probabilities. As of September 30, 2014, the credit reserve resulted in a $1 million increase in fair value which is a gain in OCI. As of September 30, 2013, the credit reserve resulted in a $1 million decrease in fair value which is composed of a $1 million gain in OCI and a $2 million loss in operating revenue and cost of operations. | ||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||||||||||||||
In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company's 2013 Form 10-K, the following is a discussion of the concentration of credit risk for the Company's contractual obligations. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. NRG is exposed to counterparty credit risk through various activities including wholesale sales, fuel purchases and retail supply arrangements, and retail customer credit risk through its retail load activities. | ||||||||||||||||||||||||||||||||||||||||
Counterparty Credit Risk | ||||||||||||||||||||||||||||||||||||||||
The Company's counterparty credit risk policies are disclosed in its 2013 Form 10-K. As of September 30, 2014, counterparty credit exposure, excluding credit risk exposure under certain long term agreements, was $677 million and NRG held collateral (cash and letters of credit) against those positions of $1 million, resulting in a net exposure of $676 million. Approximately 78% of the Company's exposure before collateral is expected to roll off by the end of 2015. Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held, and includes amounts net of receivables or payables. | ||||||||||||||||||||||||||||||||||||||||
Net Exposure (a) | ||||||||||||||||||||||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||||||||||||||||||||||
Financial institutions | 38 | % | ||||||||||||||||||||||||||||||||||||||
Utilities, energy merchants, marketers and other | 38 | |||||||||||||||||||||||||||||||||||||||
ISOs | 24 | |||||||||||||||||||||||||||||||||||||||
Total as of September 30, 2014 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Net Exposure (a) | ||||||||||||||||||||||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||||||||||||||||||||||
Investment grade | 89 | % | ||||||||||||||||||||||||||||||||||||||
Non-rated (b) | 11 | |||||||||||||||||||||||||||||||||||||||
Total as of September 30, 2014 | 100 | % | ||||||||||||||||||||||||||||||||||||||
(a) | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | |||||||||||||||||||||||||||||||||||||||
(b) | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. | |||||||||||||||||||||||||||||||||||||||
NRG has counterparty credit risk exposure to certain counterparties, each of which represent more than 10% of total net exposure discussed above. The aggregate of such counterparties' exposure was $181 million as of September 30, 2014. Changes in hedge positions and market prices will affect credit exposure and counterparty concentration. Given the credit quality, diversification and term of the exposure in the portfolio, NRG does not anticipate a material impact on the Company's financial position or results of operations from nonperformance by any of NRG's counterparties. | ||||||||||||||||||||||||||||||||||||||||
Counterparty credit exposure described above excludes credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations, and solar PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates its credit exposure for these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of September 30, 2014, aggregate credit risk exposure managed by NRG to these counterparties was approximately $4.4 billion, including $1.8 billion related to assets of NRG Yield, Inc., for the next five years. The majority of these power contracts are with utilities or public power entities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations, which NRG is unable to predict. | ||||||||||||||||||||||||||||||||||||||||
Retail Customer Credit Risk | ||||||||||||||||||||||||||||||||||||||||
NRG is exposed to retail credit risk through the Company's retail electricity providers, which serve commercial, industrial and governmental/institutional customers and the Mass market. Retail credit risk results when a customer fails to pay for products or services rendered. The losses may result from both nonpayment of customer accounts receivable and the loss of in-the-money forward value. NRG manages retail credit risk through the use of established credit policies that include monitoring of the portfolio, and the use of credit mitigation measures such as deposits or prepayment arrangements. | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014, the Company believes its retail customer credit exposure was diversified across many customers and various industries, as well as government entities. |
Nuclear_Decommissioning_Trust_
Nuclear Decommissioning Trust Fund | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund | ' | |||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund | ||||||||||||||||||||||||||||||
This footnote should be read in conjunction with the complete description under Note 6, Nuclear Decommissioning Trust Fund, to the Company's 2013 Form 10-K. | ||||||||||||||||||||||||||||||
NRG's Nuclear Decommissioning Trust Fund assets are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations, because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to nuclear decommissioning trust liability and are not included in net income or accumulated other comprehensive income, consistent with regulatory treatment. | ||||||||||||||||||||||||||||||
The following table summarizes the aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the trust funds, as well as information about the contractual maturities of those securities. | ||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||
(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) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | — | $ | 26 | $ | — | $ | — | — | ||||||||||||||||
U.S. government and federal agency obligations | 42 | 2 | — | 9 | 45 | 1 | 1 | 9 | ||||||||||||||||||||||
Federal agency mortgage-backed securities | 68 | 1 | — | 25 | 62 | 1 | 1 | 24 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 25 | — | 1 | 30 | 14 | — | — | 29 | ||||||||||||||||||||||
Corporate debt securities | 85 | 2 | 1 | 10 | 70 | 1 | 1 | 9 | ||||||||||||||||||||||
Equity securities | 345 | 210 | — | — | 332 | 204 | — | — | ||||||||||||||||||||||
Foreign government fixed income securities | 2 | — | — | 16 | 2 | — | — | 9 | ||||||||||||||||||||||
Total | $ | 569 | $ | 215 | $ | 2 | $ | 551 | $ | 207 | $ | 3 | ||||||||||||||||||
The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. | ||||||||||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||
Realized gains | $ | 15 | $ | 10 | ||||||||||||||||||||||||||
Realized losses | 5 | 7 | ||||||||||||||||||||||||||||
Proceeds from sale of securities | 463 | 344 | ||||||||||||||||||||||||||||
Accounting_for_Derivative_Inst
Accounting for Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
This footnote should be read in conjunction with the complete description under Note 5, Accounting for Derivative Instruments and Hedging Activities, to the Company's 2013 Form 10-K. | ||||||||||||||||||||||||
Energy-Related Commodities | ||||||||||||||||||||||||
As of September 30, 2014, NRG had energy-related derivative instruments extending through 2024. The Company voluntarily de-designated all remaining commodity cash flow hedges as of January 1, 2014, and prospectively marked these derivatives to market through the income statement. | ||||||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||
NRG is exposed to changes in interest rates through the Company's issuance of variable and fixed rate debt. In order to manage the Company's interest rate risk, NRG enters into interest rate swap agreements. As of September 30, 2014, the Company had interest rate derivative instruments on non-recourse debt extending through 2032, some of which are designated as cash flow hedges. | ||||||||||||||||||||||||
Volumetric Underlying Derivative Transactions | ||||||||||||||||||||||||
The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception as of September 30, 2014 and December 31, 2013. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date. | ||||||||||||||||||||||||
Total Volume | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Category | Units | (In millions) | ||||||||||||||||||||||
Emissions | Short Ton | 1 | — | |||||||||||||||||||||
Coal | Short Ton | 60 | 51 | |||||||||||||||||||||
Natural Gas | MMBtu | (150 | ) | (166 | ) | |||||||||||||||||||
Oil | Barrel | — | 1 | |||||||||||||||||||||
Power | MWh | (52 | ) | (27 | ) | |||||||||||||||||||
Interest | Dollars | $ | 3,459 | $ | 1,444 | |||||||||||||||||||
Equity | Shares | 2 | — | |||||||||||||||||||||
The increase in the interest rate swap position was primarily the result of interest rate swaps acquired in connection with EME and Alta Wind. | ||||||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||||||
The following table summarizes the fair value within the derivative instrument valuation on the balance sheets: | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 53 | $ | 35 | ||||||||||||||||
Interest rate contracts long-term | 8 | 14 | 66 | 29 | ||||||||||||||||||||
Commodity contracts current | — | — | — | 1 | ||||||||||||||||||||
Commodity contracts long-term | — | — | — | 1 | ||||||||||||||||||||
Total derivatives designated as cash flow hedges | 8 | 14 | 119 | 66 | ||||||||||||||||||||
Derivatives not designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts current | — | — | 6 | 4 | ||||||||||||||||||||
Interest rate contracts long-term | 2 | 6 | 7 | 1 | ||||||||||||||||||||
Commodity contracts current | 1,397 | 1,328 | 1,306 | 1,015 | ||||||||||||||||||||
Commodity contracts long-term | 415 | 291 | 253 | 164 | ||||||||||||||||||||
Equity contracts long-term | 2 | — | — | — | ||||||||||||||||||||
Total derivatives not designated as cash flow hedges | 1,816 | 1,625 | 1,572 | 1,184 | ||||||||||||||||||||
Total derivatives | $ | 1,824 | $ | 1,639 | $ | 1,691 | $ | 1,250 | ||||||||||||||||
The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Company's derivative assets or liabilities are recorded on a separate line item on the balance sheet. The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | |||||||||||||||||||||
As of September 30, 2014 | (In millions) | |||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Derivative assets | $ | 1,812 | $ | (1,433 | ) | $ | (3 | ) | $ | 376 | ||||||||||||||
Derivative liabilities | (1,559 | ) | 1,433 | 15 | (111 | ) | ||||||||||||||||||
Total commodity contracts | 253 | — | 12 | 265 | ||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Derivative assets | 10 | (8 | ) | — | 2 | |||||||||||||||||||
Derivative liabilities | (132 | ) | 8 | — | (124 | ) | ||||||||||||||||||
Total interest rate contracts | (122 | ) | — | — | (122 | ) | ||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||
Derivative assets | 2 | — | — | 2 | ||||||||||||||||||||
Total derivative instruments | $ | 133 | $ | — | $ | 12 | $ | 145 | ||||||||||||||||
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, 2013 | (In millions) | |||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Derivative assets | $ | 1,619 | $ | (1,032 | ) | $ | (62 | ) | $ | 525 | ||||||||||||||
Derivative liabilities | (1,181 | ) | 1,032 | 18 | (131 | ) | ||||||||||||||||||
Total commodity contracts | 438 | — | (44 | ) | 394 | |||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Derivative assets | 20 | (12 | ) | — | 8 | |||||||||||||||||||
Derivative liabilities | (69 | ) | 12 | — | (57 | ) | ||||||||||||||||||
Total interest rate contracts | (49 | ) | — | — | (49 | ) | ||||||||||||||||||
Total derivative instruments | $ | 389 | $ | — | $ | (44 | ) | $ | 345 | |||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax: | ||||||||||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||||||||
Energy Commodities | Interest Rate | Total | Energy Commodities | Interest Rate | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Accumulated OCI beginning balance | $ | (1 | ) | $ | (50 | ) | $ | (51 | ) | $ | (1 | ) | $ | (22 | ) | $ | (23 | ) | ||||||
Reclassified from accumulated OCI to income: | ||||||||||||||||||||||||
Due to realization of previously deferred amounts | — | 11 | 11 | — | 3 | 3 | ||||||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | — | (7 | ) | (7 | ) | — | (27 | ) | (27 | ) | ||||||||||||||
Accumulated OCI ending balance, net of $25 tax | $ | (1 | ) | $ | (46 | ) | $ | (47 | ) | $ | (1 | ) | $ | (46 | ) | $ | (47 | ) | ||||||
Losses expected to be realized from OCI during the next 12 months, net of $6 tax | $ | (1 | ) | $ | (10 | ) | $ | (11 | ) | $ | (1 | ) | $ | (10 | ) | $ | (11 | ) | ||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
Energy Commodities | Interest Rate | Total | Energy Commodities | Interest Rate | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Accumulated OCI beginning balance | $ | 24 | $ | (31 | ) | $ | (7 | ) | $ | 41 | $ | (72 | ) | $ | (31 | ) | ||||||||
Reclassified from accumulated OCI to income: | ||||||||||||||||||||||||
Due to realization of previously deferred amounts | (15 | ) | 2 | (13 | ) | (38 | ) | 6 | (32 | ) | ||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | 1 | (4 | ) | (3 | ) | 7 | 33 | 40 | ||||||||||||||||
Accumulated OCI ending balance, net of $13 tax | $ | 10 | $ | (33 | ) | $ | (23 | ) | $ | 10 | $ | (33 | ) | $ | (23 | ) | ||||||||
Gains/(losses) expected to be realized from OCI during the next 12 months, net of $1 tax | $ | 11 | $ | (9 | ) | $ | 2 | $ | 11 | $ | (9 | ) | $ | 2 | ||||||||||
Gains recognized in income from the ineffective portion of cash flow hedges | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||
Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded to operating revenue for commodity contracts and interest expense for interest rate contracts. There was no ineffectiveness for the three or nine months ended September 30, 2014. | ||||||||||||||||||||||||
Impact of Derivative Instruments on the Statements of Operations | ||||||||||||||||||||||||
Unrealized gains and losses associated with changes in the fair value of derivative instruments not accounted for as cash flow hedges and ineffectiveness of hedge derivatives are reflected in current period earnings. | ||||||||||||||||||||||||
The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations. The effect of commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense. | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Unrealized mark-to-market results | (In millions) | |||||||||||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (1 | ) | $ | (48 | ) | $ | (3 | ) | $ | (80 | ) | ||||||||||||
Reversal of acquired gain positions related to economic hedges | (87 | ) | (82 | ) | (249 | ) | (269 | ) | ||||||||||||||||
Net unrealized gains/(losses) on open positions related to economic hedges | 162 | 76 | (61 | ) | 131 | |||||||||||||||||||
Gains on ineffectiveness associated with open positions treated as cash flow hedges | — | 1 | — | — | ||||||||||||||||||||
Total unrealized mark-to-market gains/(losses) for economic hedging activities | 74 | (53 | ) | (313 | ) | (218 | ) | |||||||||||||||||
Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity | (1 | ) | (13 | ) | 4 | (42 | ) | |||||||||||||||||
Reversal of acquired gain positions related to trading activity | (8 | ) | (2 | ) | (28 | ) | (2 | ) | ||||||||||||||||
Net unrealized gains on open positions related to trading activity | 15 | 26 | 45 | — | ||||||||||||||||||||
Total unrealized mark-to-market gains/(losses) for trading activity | 6 | 11 | 21 | (44 | ) | |||||||||||||||||||
Total unrealized gains/(losses) | $ | 80 | $ | (42 | ) | $ | (292 | ) | $ | (262 | ) | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Unrealized gains/(losses) included in operating revenues | $ | 159 | $ | (64 | ) | $ | (205 | ) | $ | (404 | ) | |||||||||||||
Unrealized (losses)/gains included in cost of operations | (79 | ) | 22 | (87 | ) | 142 | ||||||||||||||||||
Total impact to statement of operations — energy commodities | $ | 80 | $ | (42 | ) | $ | (292 | ) | $ | (262 | ) | |||||||||||||
Total impact to statement of operations — interest rate contracts | $ | 1 | $ | 4 | $ | (6 | ) | $ | 10 | |||||||||||||||
The reversals of acquired gain or loss positions were valued based upon the forward prices on the acquisition date. | ||||||||||||||||||||||||
For the nine months ended September 30, 2014, the unrealized loss from open economic hedge positions was primarily the result of a decrease in value of forward sales of electricity due to increases in power prices and ERCOT heat rates. | ||||||||||||||||||||||||
For the nine months ended September 30, 2013, the unrealized gain from open economic hedge positions was primarily the result of an increase in value of forward sales of natural gas and electricity due to a decrease in forward natural gas and power prices. | ||||||||||||||||||||||||
As of June 30, 2013, NRG had interest rate swaps designated as cash flow hedges on the CVSR solar project. The notional amount on the swaps exceeded the actual debt draws on the project. As such, NRG discontinued cash flow hedge accounting for these contracts and $5 million of loss previously deferred in OCI was recognized in earnings for the nine months ended September 30, 2013. | ||||||||||||||||||||||||
Credit Risk Related Contingent Features | ||||||||||||||||||||||||
Certain of the Company's hedging agreements contain provisions that require the Company to post additional collateral if the counterparty determines that there has been deterioration in credit quality, generally termed “adequate assurance” under the agreements, or requires the Company to post additional collateral if there were a one notch downgrade in the Company's credit rating. The collateral required for contracts with adequate assurance clauses that are in a net liability position as of September 30, 2014 was $70 million. The collateral required for contracts with credit rating contingent features as of September 30, 2014 was $40 million. The Company is also a party to certain marginable agreements where NRG has a net liability position, but the counterparty has not called for the collateral due, which was approximately $25 million as of September 30, 2014. | ||||||||||||||||||||||||
See Note 4, Fair Value of Financial Instruments, to this Form 10-Q for discussion regarding concentration of credit risk. |
Debt_and_Capital_Leases
Debt and Capital Leases | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Long Term Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Debt and Capital Leases | ' | ||||||||||||||||||||||||
Debt and Capital Leases | |||||||||||||||||||||||||
This footnote should be read in conjunction with the complete description under Note 12, Debt and Capital Leases, to the Company's 2013 Form 10-K. Long-term debt and capital leases consisted of the following: | |||||||||||||||||||||||||
(In millions, except rates) | September 30, 2014 | December 31, 2013 | Current interest rate % (a) | ||||||||||||||||||||||
Recourse debt: | |||||||||||||||||||||||||
Senior notes, due 2018 | $ | 1,130 | $ | 1,130 | 7.625 | ||||||||||||||||||||
Senior notes, due 2019 | — | 800 | 7.625 | ||||||||||||||||||||||
Senior notes, due 2019 | — | 602 | 8.5 | ||||||||||||||||||||||
Senior notes, due 2020 | 1,063 | 1,062 | 8.25 | ||||||||||||||||||||||
Senior notes, due 2021 | 1,128 | 1,128 | 7.875 | ||||||||||||||||||||||
Senior notes, due 2022 | 1,100 | — | 6.25 | ||||||||||||||||||||||
Senior notes, due 2023 | 990 | 990 | 6.625 | ||||||||||||||||||||||
Senior notes, due 2024 | 1,000 | — | 6.25 | ||||||||||||||||||||||
Term loan facility, due 2018 | 1,987 | 2,002 | L+2.00 | ||||||||||||||||||||||
Tax-exempt bonds | 373 | 373 | 4.750 - 6.00 | ||||||||||||||||||||||
Subtotal NRG recourse debt | 8,771 | 8,087 | |||||||||||||||||||||||
Non-recourse debt: | |||||||||||||||||||||||||
GenOn senior notes | 2,146 | 2,183 | 7.875 - 9.875 | ||||||||||||||||||||||
GenOn Americas Generation senior notes | 931 | 938 | 8.500 - 9.125 | ||||||||||||||||||||||
Subtotal GenOn debt (non-recourse to NRG) | 3,077 | 3,121 | |||||||||||||||||||||||
NRG Yield Operating LLC Senior Notes, due 2024 | 500 | — | 5.375 | ||||||||||||||||||||||
NRG Yield Inc. Convertible Senior Notes, due 2019 | 325 | — | 3.5 | ||||||||||||||||||||||
NRG West Holdings LLC, due 2023 | 506 | 512 | L+2.25 - 2.875 | ||||||||||||||||||||||
NRG Marsh Landing, due 2017 and 2023 | 477 | 473 | L+1.75 - 1.875 | ||||||||||||||||||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 1,046 | — | 5.70-7.01 | ||||||||||||||||||||||
Alta Wind X, due 2020 | 300 | — | L+2.00 | ||||||||||||||||||||||
Alta Wind XI, due 2020 | 191 | — | L+2.00 | ||||||||||||||||||||||
NRG Solar Alpine LLC, due 2022 | 166 | 221 | L+2.50/L+1.75 | ||||||||||||||||||||||
NRG Energy Center Minneapolis LLC, due 2017 and 2025 | 122 | 127 | 5.95 - 7.25 | ||||||||||||||||||||||
NRG Yield - other | 450 | 450 | various | ||||||||||||||||||||||
Subtotal NRG Yield debt (non-recourse to NRG) | 4,083 | 1,783 | |||||||||||||||||||||||
Ivanpah Financing, due 2014, 2015, 2033 and 2038 | 1,591 | 1,575 | 0.437 - 4.256 | ||||||||||||||||||||||
Agua Caliente Solar LLC, due 2037 | 898 | 878 | 2.395 - 3.633 | ||||||||||||||||||||||
CVSR High Plains Ranch II LLC, due 2037 | 815 | 1,104 | 2.339 - 3.775 | ||||||||||||||||||||||
Walnut Creek, term loans due 2023 | 391 | — | L+2.25 | ||||||||||||||||||||||
Viento Funding II, Inc., due 2023 | 198 | — | L+2.75 | ||||||||||||||||||||||
Tapestry Wind LLC, due 2021 | 195 | — | L+2.50 | ||||||||||||||||||||||
NRG Peaker Finance Co. LLC, bonds due 2019 | 129 | 154 | L+1.07 | ||||||||||||||||||||||
Cedro Hill Wind LLC, due 2025 | 112 | — | L+3.125 | ||||||||||||||||||||||
NRG - other | 504 | 102 | various | ||||||||||||||||||||||
Subtotal NRG non-recourse debt | 4,833 | 3,813 | |||||||||||||||||||||||
Subtotal non-recourse debt (including GenOn and NRG Yield) | 11,993 | 8,717 | |||||||||||||||||||||||
Subtotal long-term debt (including current maturities) | 20,764 | 16,804 | |||||||||||||||||||||||
Capital leases: | |||||||||||||||||||||||||
Chalk Point capital lease, due 2015 | 6 | 10 | 8.19 | ||||||||||||||||||||||
Other | 3 | 3 | various | ||||||||||||||||||||||
Subtotal long-term debt and capital leases (including current maturities) | 20,773 | 16,817 | |||||||||||||||||||||||
Less current maturities | 854 | 1,050 | |||||||||||||||||||||||
Total long-term debt and capital leases | $ | 19,919 | $ | 15,767 | |||||||||||||||||||||
(a) As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. | |||||||||||||||||||||||||
NRG Recourse Debt | |||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||
Issuance of 2024 Senior Notes | |||||||||||||||||||||||||
On April 21, 2014, NRG issued $1.0 billion in aggregate principal amount at par of 6.25% senior notes due 2024. The notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is payable semi-annually beginning on November 1, 2014, until the maturity date of May 1, 2024. A portion of the cash proceeds were used to redeem all remaining of its 7.625% 2019 Senior Notes, and the rest of the proceeds were used to redeem all remaining $225 million of its 8.5% 2019 Senior Notes in September 2014, as discussed below. | |||||||||||||||||||||||||
In connection with the 2024 Senior Notes, NRG entered into a registration payment arrangement. Failure to file a registration statement relating to the 2024 Senior Notes by January 29, 2015 will result in a registration default. For the first 90-day period immediately following a registration default, additional interest will be paid in an amount equal to 0.25% per annum of the principal amount of 2024 Senior Notes outstanding, as applicable. The amount of interest paid will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration defaults are cured, up to a maximum amount of interest of 1.0% per annum of the principal amount of the 2024 Senior Notes outstanding, as applicable. The additional interest is paid on the next scheduled interest payment date and following the cure of the registration default, the additional interest payment will cease. | |||||||||||||||||||||||||
Issuance of 2022 Senior Notes | |||||||||||||||||||||||||
On January 27, 2014, NRG issued $1.1 billion in aggregate principal amount at par of 6.25% senior notes due 2022. The notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is payable semi-annually beginning on July 15, 2014, until the maturity date of July 15, 2022. The proceeds were utilized to redeem the 8.5% and 7.625% 2019 Senior Notes, as described below, and to fund the acquisition of EME, as further described in Note 3, Business Acquisitions and Dispositions. | |||||||||||||||||||||||||
Redemptions of 8.5% and 7.625% 2019 Senior Notes | |||||||||||||||||||||||||
On February 10, 2014, the Company redeemed $308 million of its 8.5% 2019 Senior Notes and $91 million of its 7.625% 2019 Senior Notes through a tender offer, at an average early redemption percentage of 106.992% and 105.500%, respectively. A $33 million loss on debt extinguishment of the 8.5% and 7.625% 2019 Senior Notes was recorded during the three months ended March 31, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. | |||||||||||||||||||||||||
On April 21, 2014, the Company redeemed $74 million of its 8.5% 2019 Senior Notes and $337 million of its 7.625% 2019 Senior Notes through a tender offer and call, at an average early redemption percentage of 105.250% and 104.200%, respectively. A $22 million loss on debt extinguishment of the 8.5% and 7.625% 2019 Senior Notes was recorded during the three months ended June 30, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. | |||||||||||||||||||||||||
On May 21, 2014, the Company redeemed for cash all of its remaining 7.625% 2019 Senior Notes at an average early redemption percentage of 103.813%. A $18 million loss on debt extinguishment of the 7.625% 2019 Senior Notes was recorded during the three months ended June 30, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. | |||||||||||||||||||||||||
On September 3, 2014, the Company redeemed for cash all of its remaining 8.5% 2019 Senior Notes at an average early redemption percentage of 104.25%. A $13 million loss on debt extinguishment of the 8.5% 2019 Senior Notes was recorded during the three months ended September 30, 2014, primarily consisting of the premiums paid on the redemption and the write-off of previously deferred financing costs. | |||||||||||||||||||||||||
Senior Credit Facility | |||||||||||||||||||||||||
On June 4, 2013, NRG amended the Term Loan Facility to (i) obtain additional financing of $450 million, which was issued at a discount of 99.5%; and (ii) adjust the interest rate from LIBOR plus 2.50% to LIBOR plus 2.00%. In addition, the Company redeemed and re-issued $407 million of the Term Loan Facility to new lenders resulting in a $7 million loss on debt extinguishment, recorded during the three months ended June 30, 2013, which primarily consisted of the write-off of previously deferred financing costs and unamortized discount. The proceeds from the additional $450 million borrowed were used for general corporate purposes, including the redemption of the 2014 GenOn Senior Notes. Debt issuance costs of $23 million and a discount on debt issuance of $4 million will be amortized to interest expense through the maturity date of the Term Loan Facility. | |||||||||||||||||||||||||
The Company also amended the Revolving Credit Facility to (i) increase the capacity by $211 million to a total of $2.5 billion; (ii) adjust the interest rate to LIBOR plus 2.25%; and (iii) extend the maturity date to July 1, 2018 to coincide with the maturity date of the Term Loan Facility. As a result of the amended Revolving Credit Facility, the Company capitalized debt issuance costs of $4 million, which will be amortized to interest expense through the maturity date of the Revolving Credit Facility. A $3 million loss on debt extinguishment was recorded during the three months ended June 30, 2013 related to the write-off of previously deferred financing costs. | |||||||||||||||||||||||||
Senior Notes Repurchases | |||||||||||||||||||||||||
On December 17, 2012, NRG entered into an agreement with a financial institution to repurchase up to $200 million of the Senior Notes in the open market by February 27, 2013. In the first quarter of 2013, the Company paid $80 million, $104 million, and $42 million, at an average price of 114.179%, 111.700%, and 113.082% of face value, for repurchases of the Company's 2018 Senior Notes, 2019 Senior Notes and 2020 Senior Notes, respectively. A $28 million loss on the debt extinguishment of the 2018 Senior Notes, 2019 Senior Notes and 2020 Senior Notes was recorded during the three months ended March 31, 2013 which primarily consisted of the premiums paid on the repurchases and the write-off of previously deferred financing costs. | |||||||||||||||||||||||||
NRG Non-Recourse Debt | |||||||||||||||||||||||||
The Company has non-recourse debt that is secured by acquired or developed projects that are held in several of its subsidiaries. In the event of a bankruptcy, receivership, liquidation or similar event involving a subsidiary, the assets of such subsidiary would be used first to satisfy claims of creditors of the subsidiary, including liabilities under the non-recourse debt associated with such subsidiaries, rather than the creditors of NRG. | |||||||||||||||||||||||||
Ivanpah Financing — Cash Grant Bridge Loans | |||||||||||||||||||||||||
On June 24, 2014, Solar Partners I received an extension with respect to its borrowings under the Ivanpah Credit Agreement previously due on June 27, 2014, which are subsequently due December 27, 2014. On February 27, 2014, Solar Partners II received an extension with respect to its borrowings previously due in 2014, which are subsequently due February 27, 2015. On October 16, 2014, Solar Partners VIII received an extension with respect to its borrowings previously due on October 27, 2014, which are subsequently due April 27, 2015. Solar Partners I, Solar Partners II, and Solar Partners VIII submitted applications to the U.S. Department of Treasury for cash grants; any proceeds received will be utilized to repay the borrowings. | |||||||||||||||||||||||||
Redemption of GenOn Senior Notes | |||||||||||||||||||||||||
In June 2013, the Company redeemed all of the 2014 GenOn Senior Notes with an aggregate outstanding principal amount of $575 million at a redemption price of 106.778% of face value as well as any accrued and unpaid interest as of the redemption date. In connection with the redemption, an $11 million loss on the debt extinguishment of the 2014 GenOn Senior Notes was recorded during the three months ended June 30, 2013 which primarily consisted of a make whole premium payment offset by the write-off of unamortized premium. | |||||||||||||||||||||||||
Acquired EME and Alta Wind Project Financings | |||||||||||||||||||||||||
The following table summarizes the terms of the significant non-recourse project level debt assumed by the Company in the acquisitions of EME and the Alta Wind Assets: | |||||||||||||||||||||||||
Amount in millions, except rates | Term Loan Facility | Letter of Credit Facility | Bond/ Note Payable | ||||||||||||||||||||||
Non-Recourse Debt | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | ||||||||||||||||
EME project financings | |||||||||||||||||||||||||
Broken Bow Wind | $ | 49 | 3-Month LIBOR + 2.875% | 12/31/27 | $ | 10 | 2.88% | 12/21/22 | $ | — | — | — | |||||||||||||
Cedro Hill Wind | 112 | 3-Month LIBOR + 3.125% | 12/31/25 | 10 | 3.34% | 12/22/17 | — | — | — | ||||||||||||||||
Crofton Bluffs | 25 | 3-Month LIBOR + 2.875% | 12/31/27 | 3 | 2.88% | 12/14/22 | — | — | — | ||||||||||||||||
Laredo Ridge Wind | 67 | 3-Month LIBOR + 2.875% | 3/31/26 | 8 | 2.88% | 3/18/18 | — | — | — | ||||||||||||||||
Tapestry Wind | 195 | 3-Month LIBOR + 2.500% | 12/21/21 | 20 | 2.50% | 12/21/21 | — | — | — | ||||||||||||||||
Viento Funding II | 198 | 6-Month LIBOR + 2.750% | 7/11/23 | 27 | 2.75% | 7/11/20 | — | — | — | ||||||||||||||||
Walnut Creek Energy | 391 | 3-Month LIBOR + 2.250% | 5/31/23 | 48 | 2.00% | 5/17/23 | — | — | — | ||||||||||||||||
WCEP Holding LLC | 53 | 3-Month LIBOR + 4.000% | 5/31/23 | — | — | — | — | — | — | ||||||||||||||||
High Lonesome Mesa | — | — | — | 7 | 4.00% | 11/1/17 | 62 | 6.85% | 11/1/17 | ||||||||||||||||
Various | 11 | various | various | 14 | various | various | — | — | — | ||||||||||||||||
Subtotal EME | 1,101 | 147 | 62 | ||||||||||||||||||||||
Alta Wind project financings | |||||||||||||||||||||||||
Alta Realty | — | — | — | — | — | — | 34 | 7.00% | 1/31/31 | ||||||||||||||||
Alta Wind Asset Management | 20 | 3-Month LIBOR + 2.375% | 5/15/31 | — | — | — | — | — | — | ||||||||||||||||
Alta X | 300 | 3-Month LIBOR + 2.000% | 3/31/20 | 5 | 2.00% | 3/31/20 | — | — | — | ||||||||||||||||
Alta XI | 191 | 3-Month LIBOR + 2.000% | 3/31/20 | — | — | — | — | — | — | ||||||||||||||||
Subtotal Alta Wind | 511 | 5 | 34 | ||||||||||||||||||||||
Total | $ | 1,612 | $ | 152 | $ | 96 | |||||||||||||||||||
All of the assets of Alta X and Alta XI are pledged as collateral under their respective agreements. | |||||||||||||||||||||||||
Alta Wind Lease financing arrangements | |||||||||||||||||||||||||
Alta Wind Holdings (Alta Wind II - V) and Alta I have finance lease obligations issued under lease transactions whereby the respective operating entities sold and leased back undivided interests in specific assets of the projects. All of the assets of Alta I - V are pledged as collateral under these arrangements. The sale and related lease transactions are accounted for as financing arrangements as the operating entities have continued involvement with the property. | |||||||||||||||||||||||||
Amount in millions, except rates | Lease Financing Arrangement | Letter of Credit Facility | |||||||||||||||||||||||
Non-Recourse Debt | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | |||||||||||||||||||
Alta Wind I | $ | 263 | 7.02% | 12/30/34 | $ | 16 | 3.25% | 1/5/16 | |||||||||||||||||
Alta Wind II | 207 | 5.70% | 12/30/34 | 25 | 2.75% | 12/31/17 | |||||||||||||||||||
Alta Wind III | 215 | 6.07% | 12/30/34 | 25 | 2.75% | 4/13/18 | |||||||||||||||||||
Alta Wind IV | 139 | 5.94% | 12/30/34 | 18 | 2.75% | 5/20/18 | |||||||||||||||||||
Alta Wind V | 222 | 6.07% | 6/30/35 | 28 | 2.75% | 6/13/18 | |||||||||||||||||||
Total | $ | 1,046 | $ | 112 | |||||||||||||||||||||
Interest Rate Swaps — EME and Alta Wind Project Financings | |||||||||||||||||||||||||
Many of EME and Alta Wind's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly and the LIBOR is determined in advance of each interest period. The following table summarizes the swaps related to EME and Alta Wind project level debt as of September 30, 2014. | |||||||||||||||||||||||||
Non-Recourse Debt | % of Principal | Fixed Interest Rate | Floating Interest Rate | Notional Amount at September 30, 2014 | Effective Date | Maturity Date | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
EME Project Financings | |||||||||||||||||||||||||
Broken Bow | 90% | 2.96% | 3-Month LIBOR | $ | 44 | December 31, 2013 | December 31, 2027 | ||||||||||||||||||
Cedro Hill | 90% | 4.29% | 3-Month LIBOR | 101 | December 31, 2010 | December 31, 2025 | |||||||||||||||||||
Crofton Bluffs | 90% | 2.75% | 3-Month LIBOR | 23 | December 31, 2013 | December 31, 2027 | |||||||||||||||||||
Laredo Ridge | 90% | 3.46% | 3-Month LIBOR | 60 | March 31, 2011 | March 31, 2026 | |||||||||||||||||||
Tapestry | 90% | 2.21% | 3-Month LIBOR | 175 | December 30, 2011 | December 21, 2021 | |||||||||||||||||||
Tapestry | 50% | 3.57% | 3-Month LIBOR | 60 | December 21, 2021 | December 21, 2029 | |||||||||||||||||||
Viento Funding II | 90% | various | 6-Month LIBOR | 179 | various | various | |||||||||||||||||||
Viento Funding II | 90% | 4.98% | 6-Month LIBOR | 65 | July 11, 2023 | June 30, 2028 | |||||||||||||||||||
Walnut Creek Energy | 90% | 3.54% | 3-Month LIBOR | 352 | 28-Jun-13 | 31-May-23 | |||||||||||||||||||
WCEP Holdings | 90% | 4.00% | 3-Month LIBOR | 47 | 28-Jun-13 | 31-May-23 | |||||||||||||||||||
Subtotal EME | 1,106 | ||||||||||||||||||||||||
Alta Wind Project Financings | |||||||||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 216 | December 31, 2013 | December 31, 2015 | |||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 84 | December 31, 2013 | December 31, 2025 | |||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 162 | December 31, 2015 | December 31, 2020 | |||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 103 | December 31, 2020 | December 31, 2025 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 138 | December 31, 2013 | December 31, 2015 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 53 | December 31, 2013 | December 31, 2025 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 103 | December 31, 2015 | December 31, 2020 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 65 | December 31, 2020 | December 31, 2025 | |||||||||||||||||||
AWAM | 100% | 2.47% | 3-Month LIBOR | 20 | May 22, 2013 | May 15, 2031 | |||||||||||||||||||
Subtotal Alta Wind | 944 | ||||||||||||||||||||||||
Total | $ | 2,050 | |||||||||||||||||||||||
High Lonesome Mesa Facility | |||||||||||||||||||||||||
Prior to the Company's acquisition of EME, an intercompany tax credit agreement related to the High Lonesome Mesa facility was terminated. The termination resulted in an event of default under the project financing arrangement. As a result, the balance under the project financing arrangement is classified as current and the lender can request repayment at any time. The facility is secured by the assets of High Lonesome Mesa and is non-recourse to NRG. | |||||||||||||||||||||||||
NRG Yield Operating LLC Senior Notes | |||||||||||||||||||||||||
On August 5, 2014, Yield Operating issued $500 million of senior unsecured notes and utilized the proceeds to fund the acquisition of the Alta Wind Assets. The Yield Operating senior notes bear interest at 5.375% and mature in August 2024. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2015. The notes are senior unsecured obligations of Yield Operating and are guaranteed by NRG Yield LLC, Yield Operating’s parent company, and by certain of Yield Operating’s wholly owned current and future subsidiaries. | |||||||||||||||||||||||||
NRG Yield, Inc. Convertible Notes | |||||||||||||||||||||||||
During the first quarter of 2014, NRG Yield, Inc. closed on its offering of $345 million aggregate principal amount of 3.50% Convertible Senior Notes due 2019, or the NRG Yield Convertible Notes. The NRG Yield Convertible Notes are convertible, under certain circumstances, into NRG Yield, Inc. Class A common stock, cash or a combination thereof at an initial conversion price of $46.55 per Class A common share, which is equivalent to an initial conversion rate of approximately 21.4822 shares of Class A common stock per $1,000 principal amount of NRG Yield Convertible Notes. Interest on the NRG Yield Convertible Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. The NRG Yield Convertible Notes mature on February 1, 2019, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding August 1, 2018, the NRG Yield Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The notes are accounted for in accordance with ASC 470-20. Under ASC 470-20, issuers of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, are required to separately account for the liability (debt) and equity (conversion option) components. The equity component, the $23 million conversion option value, was recorded to NRG's noncontrolling interest for NRG Yield, Inc. with the offset to debt discount. The debt discount will be amortized to interest expense over the term of the notes. | |||||||||||||||||||||||||
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility | |||||||||||||||||||||||||
NRG Yield LLC and Yield Operating entered into a senior secured revolving credit facility, which provides a revolving line of credit of $60 million. On April 25, 2014, NRG Yield LLC and Yield Operating amended the revolving credit facility to increase the available line of credit to $450 million and extend its maturity to April 2019. The revolving credit facility can be used for cash or for the issuance of letters of credit. There was no cash drawn and $27 million of letters of credit issued under the revolving credit facility as of September 30, 2014. | |||||||||||||||||||||||||
Peakers | |||||||||||||||||||||||||
On February 21, 2014, NRG Peaker Finance Company LLC elected to redeem approximately $30 million of the outstanding bonds at a redemption price equal to the principal amount plus a redemption premium, accrued and unpaid interest, swap breakage, and other fees, totaling approximately $35 million in connection with the removal of Bayou Cove Peaking Power LLC from the peaker financing collateral package, which also involved limited commitments for certain repairs on other assets that were funded concurrently with the December 10, 2013 debt service payment. On March 3, 2014, Bayou Cove Peaking Power LLC sold Bayou Cove Unit 1, which the Company continues to manage and operate. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Variable Interest Entities Disclosure [Abstract] | ' | |||
Variable Interest Entity | ' | |||
Variable Interest Entities, or VIEs | ||||
Entities that are not Consolidated | ||||
NRG has interests in entities that are considered VIEs under ASC 810, Consolidation, but NRG is not considered the primary beneficiary. NRG accounts for its interests in these entities under the equity method of accounting. | ||||
GenConn Energy LLC — Through its consolidated subsidiary, Yield Operating, the Company owns a 50% interest in GenConn, which owns and operates two 190 MW peaking generation facilities in Connecticut at NRG's Devon and Middletown sites. NRG's maximum exposure to loss is limited to its equity investment, which was $114 million as of September 30, 2014. | ||||
Sherbino I Wind Farm LLC — NRG owns a 50% interest in Sherbino, a joint venture with BP Wind Energy North America Inc. NRG's maximum exposure to loss is limited to its equity investment, which was $81 million as of September 30, 2014. | ||||
Entities that are Consolidated | ||||
Capistrano Wind Partners — Through the acquisition of EME, the Company has a controlling financial interest in Capistrano Wind Partners, whose Class B preferred equity interest are held by outside investors. Capistrano Wind Partners holds 100% ownership in five projects generating 411 MW of wind capacity. The five wind projects include Cedro Hill located in Texas, Mountain Wind Power I, located in Wyoming, Mountain Wind Power II located in Wyoming, Crofton Bluffs located in Nebraska, and Broken Bow I located in Nebraska. | ||||
Under the terms of the Capistrano Wind Partners formation documents, preferred equity interests receive 100% of the cash available for distribution, up to a scheduled amount to target a certain return and thereafter cash distributions are shared. The Company retains indirect beneficial ownership of the wind projects and retains responsibilities for managing the operations of Capistrano Wind Partners. Accordingly, the Company consolidates these projects. The Company does not consolidate Capistrano Wind Partners for tax purposes. | ||||
The summarized financial information for Capistrano Wind Holdings consisted of the following: | ||||
(In millions) | September 30, 2014 | |||
Current assets | $ | 24 | ||
Net property, plant and equipment | 604 | |||
Other long-term assets | 146 | |||
Total assets | 774 | |||
Current liabilities | 32 | |||
Long-term debt | 186 | |||
Other long-term liabilities | 146 | |||
Total liabilities | 364 | |||
Noncontrolling interests | $ | 358 | ||
Changes_in_Capital_Structure
Changes in Capital Structure | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Changes in Capital Structure Disclosure [Abstract] | ' | |||||||||||
Changes in Capital Structure | ' | |||||||||||
Changes in Capital Structure | ||||||||||||
As of September 30, 2014 and December 31, 2013, the Company had 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's common stock issued and outstanding: | ||||||||||||
Issued | Treasury | Outstanding | ||||||||||
Balance as of December 31, 2013 | 401,126,780 | (77,347,528 | ) | 323,779,252 | ||||||||
Shares issued under LTIPs | 1,407,434 | — | 1,407,434 | |||||||||
Shares issued under ESPP | — | 128,383 | 128,383 | |||||||||
Shares issued in connection with the EME acquisition | 12,671,977 | — | 12,671,977 | |||||||||
Balance as of September 30, 2014 | 415,206,191 | (77,219,145 | ) | 337,987,046 | ||||||||
Employee Stock Purchase Plan | ||||||||||||
On May 8, 2014, NRG stockholders approved an increase of 800,000 shares available for issuance under the ESPP. As of September 30, 2014, 1,560,005 shares of treasury stock were available for issuance under the ESPP. | ||||||||||||
NRG Common Stock Dividends | ||||||||||||
The following table lists the dividends paid during the nine months ended September 30, 2014: | ||||||||||||
Third Quarter 2014 | Second Quarter 2014 | First Quarter 2014 | ||||||||||
Dividends per Common Share | $ | 0.14 | $ | 0.14 | $ | 0.12 | ||||||
On October 14, 2014, NRG declared a quarterly dividend on the Company's common stock of $0.14 per share, payable November 17, 2014, to stockholders of record as of November 3, 2014, representing $0.56 on an annualized basis. | ||||||||||||
The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings/(Loss) Per Share | ||||||||||||||||
Basic earnings/(loss) per common share is computed by dividing net income/(loss) less accumulated preferred stock dividends by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the year are weighted for the portion of the year that they were outstanding. Diluted earnings/(loss) per share is computed in a manner consistent with that of basic earnings/(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of NRG's basic and diluted earnings/(loss) per share is shown in the following table: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders | ||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 168 | $ | 119 | $ | 15 | $ | (89 | ) | |||||||
Dividends for preferred shares | 2 | 2 | 7 | 7 | ||||||||||||
Earnings/(loss) available for common stockholders | $ | 166 | $ | 117 | $ | 8 | $ | (96 | ) | |||||||
Weighted average number of common shares outstanding | 338 | 323 | 333 | 323 | ||||||||||||
Earnings/(loss) per weighted average common share — basic | $ | 0.49 | $ | 0.36 | $ | 0.02 | $ | (0.30 | ) | |||||||
Diluted earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders | ||||||||||||||||
Weighted average number of common shares outstanding | 338 | 323 | 333 | 323 | ||||||||||||
Incremental shares attributable to the issuance of equity compensation (treasury stock method) | 5 | 4 | 5 | — | ||||||||||||
Total dilutive shares | 343 | 327 | 338 | 323 | ||||||||||||
Earnings/(loss) per weighted average common share — diluted | $ | 0.48 | $ | 0.36 | $ | 0.02 | $ | (0.30 | ) | |||||||
The following table summarizes NRG’s outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted earnings/(loss) per share: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions of shares) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Equity compensation plans | 1 | 2 | 1 | 10 | ||||||||||||
Embedded derivative of 3.625% redeemable perpetual preferred stock | 16 | 16 | 16 | 16 | ||||||||||||
Total | 17 | 18 | 17 | 26 | ||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||||||||
Effective June 2014, the Company's segment structure and its allocation of corporate expenses were updated to reflect how management currently makes financial decisions and allocates resources. The Texas and South Central segments were combined to form the Gulf Coast segment. The Company has recast data from prior periods to reflect this change in reportable segments to conform to the current year presentation. The Company's businesses are primarily segregated based on the Retail Business, conventional power generation, renewable businesses, NRG Yield and corporate activities. Within NRG's conventional power generation, there are distinct components with separate operating results and management structures for the following geographical regions: Gulf Coast, East and West. The Company's renewables segment includes solar and wind assets, excluding those in the NRG Yield segment. NRG Yield includes certain of the Company's contracted generation assets. On June 30, 2014, NRG Yield, Inc. acquired three projects from the Company: El Segundo Energy Center, formerly in the West segment, Kansas South and High Desert, both formerly in the renewables segment. As the transaction was accounted for as a transfer of entities under common control, all historical periods have been recast to reflect this change. The Company's corporate segment includes international business, electric vehicle services, energy services, residential solar and the carbon capture business. Intersegment sales are accounted for at market. | ||||||||||||||||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Retail(a) | Gulf Coast(a) | East(a) | West(a) | Renewables(a) | NRG Yield | Corporate(a) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 2,329 | $ | 1,035 | $ | 1,255 | $ | 212 | $ | 154 | $ | 161 | $ | 96 | $ | (673 | ) | $ | 4,569 | |||||||||||||||||
Depreciation and amortization | 32 | 151 | 65 | 18 | 64 | 34 | 11 | — | 375 | |||||||||||||||||||||||||||
Impairment losses | — | — | 60 | — | 10 | — | — | — | 70 | |||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | — | — | 15 | (1 | ) | 11 | (3 | ) | (4 | ) | 18 | ||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (13 | ) | — | (13 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 88 | 147 | 223 | 76 | (22 | ) | 41 | (225 | ) | (57 | ) | 271 | ||||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | 88 | 147 | 223 | 76 | (34 | ) | 25 | (310 | ) | (47 | ) | 168 | ||||||||||||||||||||||||
Total assets as of September 30, 2014 | $ | 5,996 | $ | 14,658 | $ | 10,347 | $ | 2,306 | $ | 8,200 | $ | 5,899 | $ | 29,752 | $ | (37,089 | ) | $ | 40,069 | |||||||||||||||||
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 1 | $ | 626 | $ | (28 | ) | $ | 30 | $ | (5 | ) | $ | — | $ | 49 | ||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Retail(b) | Gulf Coast(b) | East(b) | West(b) | Renewables(b) | NRG Yield | Corporate(b) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 1,994 | $ | 1,125 | $ | 1,011 | $ | 109 | $ | 74 | $ | 126 | $ | 66 | $ | (1,015 | ) | $ | 3,490 | |||||||||||||||||
Depreciation and amortization | 37 | 141 | 87 | 12 | 24 | 18 | 8 | — | 327 | |||||||||||||||||||||||||||
Equity in earnings/(loss) of unconsolidated affiliates | — | 1 | — | (10 | ) | 2 | 12 | — | (10 | ) | (5 | ) | ||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
(Loss)/income before income taxes | (56 | ) | 282 | 241 | 22 | 9 | 54 | (202 | ) | (52 | ) | 298 | ||||||||||||||||||||||||
Net (loss)/income attributable to NRG Energy, Inc. | $ | (56 | ) | $ | 282 | $ | 241 | $ | 22 | $ | (7 | ) | $ | 40 | $ | (365 | ) | $ | (38 | ) | $ | 119 | ||||||||||||||
(b) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 2 | $ | 932 | $ | 29 | $ | 1 | $ | 16 | $ | — | $ | 35 | ||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Retail(c) | Gulf Coast(c) | East(c) | West(c) | Renewables(c) | NRG Yield | Corporate(c) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 5,734 | $ | 2,512 | $ | 3,536 | $ | 487 | $ | 368 | $ | 435 | $ | 194 | $ | (1,590 | ) | $ | 11,676 | |||||||||||||||||
Depreciation and amortization | 98 | 438 | 205 | 57 | 170 | 94 | 34 | — | 1,096 | |||||||||||||||||||||||||||
Impairment losses | — | — | 60 | — | 10 | — | — | — | 70 | |||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | 1 | — | 29 | (7 | ) | 26 | 1 | (11 | ) | 39 | |||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (94 | ) | — | (94 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 268 | (56 | ) | 448 | 117 | (86 | ) | 106 | (751 | ) | (79 | ) | (33 | ) | ||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 267 | $ | (56 | ) | $ | 448 | $ | 117 | $ | (101 | ) | $ | 75 | $ | (682 | ) | $ | (53 | ) | $ | 15 | ||||||||||||||
(c) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 5 | $ | 1,459 | $ | 2 | $ | 30 | $ | 5 | $ | — | $ | 89 | ||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | Retail(d) | Gulf Coast(d) | East(d) | West(d) | Renewables(d) | NRG Yield | Corporate(d) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 4,760 | $ | 2,368 | $ | 2,432 | $ | 322 | $ | 163 | $ | 261 | $ | 123 | $ | (1,929 | ) | $ | 8,500 | |||||||||||||||||
Depreciation and amortization | 105 | 414 | 260 | 37 | 72 | 38 | 21 | — | 947 | |||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | 3 | — | (8 | ) | 3 | 18 | — | (10 | ) | 6 | |||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (50 | ) | — | (50 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 231 | 31 | 216 | 54 | (19 | ) | 100 | (672 | ) | (58 | ) | (117 | ) | |||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 231 | $ | 31 | $ | 216 | $ | 54 | $ | (45 | ) | $ | 86 | $ | (620 | ) | $ | (42 | ) | $ | (89 | ) | ||||||||||||||
(d) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 4 | $ | 1,769 | $ | 87 | $ | 4 | $ | 16 | $ | — | $ | 49 | ||||||||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Effective Tax Rate | ||||||||||||||||
The income tax provision consisted of the following: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions except otherwise noted) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income/(loss) before income taxes | $ | 271 | $ | 298 | $ | (33 | ) | $ | (117 | ) | ||||||
Income tax expense/(benefit) | 89 | 160 | (68 | ) | (55 | ) | ||||||||||
Effective tax rate | 32.8 | % | 53.7 | % | 206.1 | % | 47 | % | ||||||||
For the three and nine months ended September 30, 2014, NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the impact of production tax credits generated from our wind assets and a benefit resulting from the recognition of previously uncertain tax benefits that were settled upon IRS audit during the second quarter of 2014. | ||||||||||||||||
For the three months ended September 30, 2013, NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to state and local income taxes. | ||||||||||||||||
For the nine months ended September 30, 2013, NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the recognition of ITCs from the Company's Agua Caliente solar project in Arizona and the impact of non-taxable equity earnings, partially offset by state and local income taxes. | ||||||||||||||||
Uncertain Tax Benefits | ||||||||||||||||
As of September 30, 2014, NRG has recorded a non-current tax liability of $56 million for uncertain tax benefits from positions taken on various state income tax returns, including accrued interest. NRG has accrued interest related to these uncertain tax benefits of $1 million for the nine months ended September 30, 2014. In addition, the Company has reversed $6 million of tax and $3 million of interest previously accrued for positions effectively settled upon state audit during the third quarter of 2014. NRG has accrued $11 million of interest and penalties since adoption. The Company recognizes interest and penalties related to uncertain tax benefits in income tax expense. | ||||||||||||||||
NRG is subject to examination by taxing authorities for income tax returns filed in the U.S. federal jurisdiction and various state and foreign jurisdictions including operations located in Australia. The Company is not subject to U.S. federal income tax examinations for years prior to 2010. With few exceptions, state and local income tax examinations are no longer open for years before 2007. The Company's primary foreign operations are also no longer subject to examination by local jurisdictions for years prior to 2010. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
This footnote should be read in conjunction with the complete description under Note 22, Commitments and Contingencies, to the Company's 2013 Form 10-K. | |
First Lien Structure | |
NRG has granted first liens to certain counterparties on a substantial portion of the Company's assets, excluding assets acquired in the GenOn and EME (Midwest Generation) acquisitions, assets held by NRG Yield, Inc. and NRG's assets that have project-level financing, to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedge agreements for forward sales of power or MWh equivalents. The Company's lien counterparties may have a claim on NRG's assets to the extent market prices exceed the hedged price. As of September 30, 2014, hedges under the first lien were out-of-the-money for NRG on a counterparty aggregate basis. | |
Contingencies | |
The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. NRG records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Company is unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. | |
In addition to the legal proceedings noted below, NRG and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. | |
Midwest Generation Asbestos Liabilities | |
The Company, through its subsidiary, Midwest Generation, may be subject to potential asbestos liabilities as a result of its acquisition of EME. The Company is currently analyzing the scope of potential liability as it may relate to Midwest Generation. | |
NRG Energy Center San Francisco LLC | |
In 2013, NRG Energy Center San Francisco LLC received a Notice of Violation from the San Francisco Department of Public Health alleging improper monitoring of three underground storage tanks. The tanks have not leaked. This matter was settled on July 21, 2014 for $123,270. | |
Louisiana Generating LLC | |
Big Cajun II Alleged Opacity Violations — On September 7, 2012, LaGen received a Consolidated Compliance Order & Notice of Potential Penalty, or CCO&NPP, from the LDEQ. The CCO&NPP alleges there were opacity exceedance events from the Big Cajun II Power Plant on certain dates during the years 2007-2012. In February 2014, LaGen and LDEQ settled this matter for approximately $47,000. | |
Actions Pursued by MC Asset Recovery | |
With Mirant Corporation's emergence from bankruptcy protection in 2006, certain actions filed by GenOn Energy Holdings and some of its subsidiaries against third parties were transferred to MC Asset Recovery, a wholly owned subsidiary of GenOn Energy Holdings. MC Asset Recovery is governed by a manager who is independent of NRG and GenOn. MC Asset Recovery is a disregarded entity for income tax purposes. Under the remaining action transferred to MC Asset Recovery, MC Asset Recovery seeks to recover damages from Commerzbank AG and various other banks, or the Commerzbank Defendants, for alleged fraudulent transfers that occurred prior to Mirant's bankruptcy proceedings. In December 2010, the U.S. District Court for the Northern District of Texas dismissed MC Asset Recovery's complaint against the Commerzbank Defendants. In January 2011, MC Asset Recovery appealed the District Court's dismissal of its complaint against the Commerzbank Defendants to the U.S. Court of Appeals for the Fifth Circuit. In March 2012, the Court of Appeals reversed the District Court's dismissal and reinstated MC Asset Recovery's amended complaint against the Commerzbank Defendants. If MC Asset Recovery succeeds in obtaining any recoveries from the Commerzbank Defendants, the Commerzbank Defendants have asserted that they will seek to file claims in Mirant's bankruptcy proceedings for the amount of those recoveries. GenOn Energy Holdings would vigorously contest the allowance of any such claims. If the Commerzbank Defendants were to receive an allowed claim as a result of a recovery by MC Asset Recovery on its claims against them, GenOn Energy Holdings would retain from the net amount recovered by MC Asset Recovery an amount equal to the dollar amount of the resulting allowed claim. | |
Pending Natural Gas Litigation | |
GenOn is party to several lawsuits, certain of which are class action lawsuits, in state and federal courts in Kansas, Missouri, Nevada and Wisconsin. These lawsuits were filed in the aftermath of the California energy crisis in 2000 and 2001 and the resulting FERC investigations and relate to alleged conduct to increase natural gas prices in violation of antitrust and similar laws. The lawsuits seek treble or punitive damages, restitution and/or expenses. The lawsuits also name as parties a number of energy companies unaffiliated with NRG. In July 2011, the U.S. District Court for the District of Nevada, which is handling four of the five cases, granted the defendants' motion for summary judgment and dismissed all claims against GenOn in those cases. The plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit. The Court of Appeals reversed the decision of the District Court. On August 26, 2013, GenOn along with the other defendants in the lawsuit filed a petition for a writ of certiorari to the U.S. Supreme Court challenging the Court of Appeal’s decision. On July 1, 2014, the U.S. Supreme Court granted the petition for a writ of certiorari. On September 18, 2014, GenOn along with its co-defendants filed their Opening Brief with the U.S. Supreme Court. | |
In September 2012, the State of Nevada Supreme Court, which is handling the remaining case, affirmed dismissal by the Eighth Judicial District Court for Clark County, Nevada of all plaintiffs' claims against GenOn. In February 2013, the plaintiffs in the Nevada case filed a petition for a writ of certiorari to the U.S. Supreme Court. In June 2013, the U.S. Supreme Court denied the petition for a writ of certiorari, thereby ending one of the five lawsuits. GenOn has agreed to indemnify CenterPoint against certain losses relating to these lawsuits. | |
Cheswick Class Action Complaint | |
In April 2012, a putative class action lawsuit was filed against GenOn in the Court of Common Pleas of Allegheny County, Pennsylvania alleging that emissions from the Cheswick generating facility have damaged the property of neighboring residents. The Company disputes these allegations. Plaintiffs have brought nuisance, negligence, trespass and strict liability claims seeking both damages and injunctive relief. Plaintiffs seek to certify a class that consists of people who own property or live within one mile of the Company's plant. In July 2012, the Company removed the lawsuit to the U.S. District Court for the Western District of Pennsylvania. In October 2012, the District Court granted the Company's motion to dismiss, which plaintiffs appealed to the U.S. Court of Appeals for the Third Circuit. On August 20, 2013, the Court of Appeals reversed the decision of the District Court. On September 3, 2013, the Company filed a petition for rehearing with the Court of Appeals which was subsequently denied. In February 2014, the Company filed a petition for a writ of certiorari to the U.S. Supreme Court seeking review and reversal of the Court of Appeals decision. On June 2, 2014, the U.S. Supreme Court denied the petition for a writ of certiorari. The case is proceeding in the U.S. District Court for the Western District of Pennsylvania. | |
Cheswick Monarch Mine NOV | |
In 2008, the PADEP issued an NOV related to the Monarch mine located near the Cheswick generating facility. It has not been mined for many years. The Company's subsidiary discharged approved wastewaters into the Monarch mine including low-volume wastewater from the Cheswick generating facility and leachate collected from ash disposal facilities. The NOV addresses a permit requirement to pump a minimum water volume from the mine. On September 2, 2014, the Company's subsidiary that owns the Cheswick generating facility, the Commonwealth of Pennsylvania and the PADEP entered into a Consent Order and Agreement resolving the NOV. Pursuant to that Consent Order and Agreement, the Company's subsidiary will, among other things, cease wastewater discharges to the mine, construct a waste treatment facility and contribute $200,000 to the Indianola Mine Trust. The Company's subsidiary is currently planning to incur capital expenditures in connection with wastewater from Cheswick and leachate from ash disposal facilities. | |
Energy Plus Holdings | |
In May 2014, Energy Plus Holdings executed a settlement agreement with the Connecticut Office of Attorney General and the Connecticut Office of Consumer Counsel related to its sales, marketing and business practices in Connecticut. The settlement was in accordance with the Company's established reserve for this matter. Energy Plus Holdings continues to cooperate and discuss a resolution of issues with respect to its sales, marketing and business practices in New York with the New York Office of Attorney General. | |
Maryland Department of the Environment v. GenOn Chalk Point and GenOn Mid-Atlantic | |
On January 25, 2013, Food & Water Watch, the Patuxent Riverkeeper and the Potomac Riverkeeper (together, the Citizens Group) sent GenOn Mid-Atlantic a letter alleging that the Chalk Point, Dickerson and Morgantown generating facilities were violating the terms of the three National Pollution Discharge Elimination System permits by discharging nitrogen and phosphorous in excess of the limits in each permit. On March 21, 2013, the MDE sent GenOn Mid-Atlantic a similar letter with respect to the Chalk Point and Dickerson facilities, threatening to sue within 60 days if the facilities were not brought into compliance. On June 11, 2013, the Maryland Attorney General on behalf of the MDE filed a complaint in the U.S. District Court for the District of Maryland alleging violations of the CWA and Maryland environmental laws related to water. The lawsuit is ongoing and seeks injunctive relief and civil penalties in excess of $100,000. The Company does not expect the resolution of this matter to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. | |
Midwest Generation New Source Review Litigation | |
In August 2009, the EPA and the Illinois Attorney General, or the Government Plaintiffs, filed a complaint, or the Governments’ Complaint, in the U.S. District Court for the Northern District of Illinois alleging violations of Clean Air Act, or CAA, Prevention of Significant Deterioration, or PSD, requirements by Midwest Generation arising from maintenance, repair or replacement projects at six Illinois coal-fired electric generating stations performed by Midwest Generation or Commonwealth Edison, or ComEd, a prior owner of the stations, including alleged failures to obtain PSD construction permits and to comply with best available control technology, or BACT, requirements. The Government Plaintiffs also alleged violations of opacity and particulate matter, or PM, standards at the Midwest Generation plants. Finally, the Government Plaintiffs alleged that Midwest Generation violated certain operating permit requirements under Title V of the CAA allegedly arising from such claimed PSD, opacity and PM emission violations. In addition to seeking penalties of up to $37,500 per violation, per day, the complaint seeks an injunction ordering Midwest Generation to install controls sufficient to meet BACT emission rates at the units subject to the complaint and other remedies, which could go well beyond the requirements of the Combined Pollutant Standard, or CPS. Several environmental groups intervened as plaintiffs in this litigation and filed a complaint, or the Intervenors’ Complaint, which alleged opacity, PM and related Title V violations. Midwest Generation filed a motion to dismiss nine of the ten PSD counts in the Governments’ Complaint, and to dismiss the tenth PSD count to the extent the Governments’ Complaint sought civil penalties for that count. The trial court granted the motion in March 2010. | |
In June 2010, the Government Plaintiffs and Intervenors each filed an amended complaint. The Governments’ Amended Complaint again alleged that Midwest Generation violated PSD (based upon the same projects as alleged in their original complaint, but adding allegations that the Company was liable as the “successor” to ComEd), Title V and opacity and PM standards. It named EME and ComEd as additional defendants and alleged PSD violations (again, premised on the same projects) against them. The Intervenors’ Amended Complaint named only Midwest Generation as a defendant and alleged Title V and opacity/PM violations, as well as one of the ten PSD violations alleged in the Governments’ Amended Complaint. Midwest Generation again moved to dismiss all but one of the Government Plaintiffs’ PSD claims and the related Title V claims. Midwest Generation also filed a motion to dismiss the PSD claim in the Intervenors’ Amended Complaint and the related Title V claims. In March 2011, the trial court granted Midwest Generation’s partial motion to dismiss the Government Plaintiffs’ PSD claims. The trial court denied Midwest Generation’s motion to dismiss the PSD claim asserted in the Intervenors’ Amended Complaint, but noted that the plaintiffs would be required to convince the court that the statute of limitations should be equitably tolled. The trial court did not address other counts in the amended complaints that allege violations of opacity and PM emission limitations under the Illinois State Implementation Plan, and related Title V claims. The trial court also granted the motions to dismiss the PSD claims asserted against EME and ComEd. | |
Following the trial court ruling, the Government Plaintiffs appealed the trial court’s dismissals of their PSD claims, including the dismissal of nine of the ten PSD claims against Midwest Generation and of the PSD claims against the other defendants. Those PSD claim dismissals were affirmed by the U.S. Court of Appeals for the Seventh Circuit in July 2013. In addition, in 2012, all but one of the environmental groups that had intervened in the case dismissed their claims without prejudice. As a result, only one environmental group remains a plaintiff intervenor in the case. The Company does not expect the resolution of this matter to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Regulatory_Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2014 | |
Regulatory Matters Disclosure [Abstract] | ' |
Regulatory Matters | ' |
Regulatory Matters | |
This footnote should be read in conjunction with the complete description under Note 23, Regulatory Matters, to the Company's 2013 Form 10-K. | |
NRG operates in a highly regulated industry and is subject to regulation by various federal and state agencies. As such, NRG is affected by regulatory developments at both the federal and state levels and in the regions in which NRG operates. In addition, NRG is subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which NRG participates. These power markets are subject to ongoing legislative and regulatory changes that may impact NRG's wholesale and retail businesses. | |
In addition to the regulatory proceedings noted below, NRG and its subsidiaries are a party to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. | |
National | |
Court Rejects FERC’s Jurisdiction Over Demand Response — On May 23, 2014, the U.S. Court of Appeals for the District of Columbia Circuit vacated FERC’s rules (known as Order No. 745) that allow demand response resources to participate in the FERC-jurisdictional energy markets. The Court of Appeals held that the Federal Power Act does not authorize FERC to exercise jurisdiction over demand response and that instead demand response is part of the retail market over which the states have jurisdiction. The specific order being challenged related solely to energy market participation, but this ruling also calls into question whether demand response will be permitted to participate in the capacity markets in the future. The U.S. Court of Appeals for the District of Columbia Circuit denied FERC's request to rehear en banc the decision. The decision could be appealed to the U.S. Supreme Court. The eventual outcome of this proceeding could result in refunds of payments made for non-jurisdictional services and resettlement of wholesale markets but it is not possible to estimate the impact on the Company at this time. On October 20, 2014, the U.S. Court of Appeals for the District of Columbia Circuit issued a stay of its decision until at least December 16, 2014, with the possibility of a longer stay if the government seeks U.S. Supreme Court review. | |
West Region | |
California Station Power — On December 18, 2012, in Calpine Corporation v. FERC, the U.S. Court of Appeals for the District of Columbia Circuit upheld a decision by FERC disclaiming jurisdiction over how the states impose retail station power charges. The CPUC may now establish retail charges for future station power consumption. Due to reservation-of-rights language in the California utilities' state-jurisdictional station power tariffs, the ruling of the Court of Appeals may require California generators to pay state-imposed retail charges back to the date of enrollment by the facilities in the CAISO's station period program (February 1, 2009, for the Company's Encina and El Segundo facilities; March 1, 2009, for the Company's Long Beach facility). | |
On November 18, 2011, Southern California Edison Company, or SCE, filed with the CPUC, seeking authorization to begin charging generators station power charges, and to assess such charges retroactively, which the Company and other generators have challenged. On August 14, 2014, the CPUC approved a resolution describing the method to be used by SCE and PG&E to determine station power charges. The resolution establishes a 15 minute netting period, to take effect August 30, 2010, which means that there would be no refund liability associated with station power consumption prior to August 30, 2010. The resolution is pending rehearing. The Company has accrued sufficient funds to pay the charges. | |
Gulf Coast Region | |
South Texas Project — On March 31, 2014, STP submitted the response to a request for information from the NRC regarding the re-evaluation of the seismic hazard at the site, conducted in response to recommendation 2.1 of the Near-Term Task Force that was convened in response to the accident at Fukushima. On March 12, 2012, after the initial industry-wide submittal was reviewed by the NRC, the agency questioned the varying standards applied to risk assessment for seismic hazards used for initial licensing at some stations. As a result, all stations were directed to re-evaluate the risk against present-day requirements and the current design basis. The seismic evaluation of the STP site, recently conducted when preparing the application for a combined construction and operating license for the STP Units 3 & 4 development project, provided some assurance of the adequacy of the walk-downs and analyses to be conducted. The station followed the guidance in the “Seismic Evaluation Guidance: Screening, Prioritization, and Implementation Details (SPID) for the Resolution of Fukushima Near-Term Task Force Recommendation 2.1: Seismic” report published by the Electric Power Research Institute. This re-evaluation confirmed that the updated ground motion response spectrum does not exceed the bounds of the operating license and as a result, no further evaluations need to be performed. |
Environmental_Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2014 | |
Environmental Matters Disclosure [Abstract] | ' |
Environmental Matters | ' |
Environmental Matters | |
This footnote should be read in conjunction with the complete description under Note 24, Environmental Matters, to the Company's 2013 Form 10-K. | |
NRG is subject to a wide range of environmental laws in the development, ownership, construction and operation of projects in the U.S. and certain international regions. These laws generally require that governmental permits and approvals be obtained before construction and during operation of power plants. Environmental laws have become increasingly stringent and NRG expects this trend to continue. The electric generation industry is likely to face new requirements to address various emissions, including GHG, as well as combustion byproducts, water discharge and use, and threatened and endangered species. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose certain restrictions on the operations of the Company's facilities, which could have a material effect on the Company's operations. | |
The EPA released CSAPR in 2011, which was scheduled to replace CAIR in January 2012. In December 2011, the U.S. Court of Appeals for the District of Columbia Circuit stayed the implementation of CSAPR and then issued an opinion in August 2012 vacating CSAPR and keeping CAIR in place until the EPA could replace it. On April 29, 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit's decision. In October 2014, the D.C. Circuit lifted the stay of CSAPR. Accordingly, the Company expects compliance to begin in January 2015. Further proceedings in the Court of Appeals are scheduled to occur over the next few months. While NRG is unable to predict the final outcome of the ongoing litigation, the Company believes its investment in pollution controls and cleaner technologies coupled with planned plant retirements should leave the fleet well positioned for compliance. | |
In January 2014, the EPA re-proposed the NSPS for CO2 emissions from new fossil-fuel-fired electric generating units that had been previously proposed in April 2012. The re-proposed standards are 1,000 pounds of CO2 per MWh for large gas units and 1,100 pounds of CO2 per MWh for coal units and small gas units. Proposed standards are in effect until a final rule is published or another rule is re-proposed. On June 18, 2014, the EPA proposed a rule that would require states to develop CO2 emission standards that would apply to existing fossil-fueled generating facilities. Specifically, the EPA proposed state-specific rate-based standards for CO2 emissions, as well as guidelines for states to follow in developing plans to achieve the state-specific standards. Comments on this proposal are due in December 2014. The EPA anticipates finalizing this rule in June 2015. | |
Water | |
In August 2014, the EPA finalized the regulation regarding once through cooling from existing facilities to address impingement and entrainment concerns. NRG anticipates that more stringent requirements will be incorporated into some of its water discharge permits over the next several years. | |
East Region | |
In October 2014, the MDE released a draft of a proposed regulation regarding NOx emissions from coal-fired electric generating units. MDE has stated that the draft will be proposed in the Maryland Register in December 2014 and finalized in 2015. If finalized in its current form, the regulation would require the Company to: (1) install and operate state-of-the-art controls (e.g., SCRs) by June 1, 2020 at the three Dickerson coal-fired units and one of the Chalk Point coal-fired units; (2) retire the units; or (3) convert the fuel source for the units from coal to natural gas. The implementation of the MDE regulations could negatively affect certain of the Company’s coal facilities in Maryland. | |
Environmental Capital Expenditures | |
Based on current rules, technology and preliminary plans based on some proposed rules, NRG estimates that environmental capital expenditures from 2014 through 2018 required to comply with environmental laws will be approximately $877 million which includes $109 million for GenOn and $567 million (of which $22 million is attributable to interest during construction) for plants acquired in the EME acquisition. | |
In connection with the acquisition of EME, as further described in Note 3, Business Acquisitions and Dispositions, NRG has committed to fund up to $350 million in capital expenditures for plant modifications at Powerton and Joliet to comply with environmental regulations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
As of September 30, 2014, the Company had outstanding $6.4 billion of Senior Notes due from 2018 - 2024, as shown in Note 7, Debt and Capital Leases. These Senior Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries. These guarantees are both joint and several. The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries, including GenOn and its subsidiaries and NRG Yield, Inc. and its subsidiaries. | ||||||||||||||||||||
Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of September 30, 2014: | ||||||||||||||||||||
Ace Energy, Inc. | Montville Power LLC | NRG Oswego Harbor Power Operations Inc. | ||||||||||||||||||
Allied Warranty LLC | NEO Corporation | NRG PacGen Inc. | ||||||||||||||||||
Arthur Kill Power LLC | NEO Freehold-Gen LLC | NRG Portable Power LLC | ||||||||||||||||||
Astoria Gas Turbine Power LLC | NEO Power Services Inc. | NRG Power Marketing LLC | ||||||||||||||||||
Bayou Cove Peaking Power, LLC | New Genco GP, LLC | NRG Reliability Solutions LLC | ||||||||||||||||||
BidURenergy, Inc. | Norwalk Power LLC | NRG Renter's Protection LLC | ||||||||||||||||||
Cabrillo Power I LLC | NRG Affiliate Services Inc. | NRG Retail LLC | ||||||||||||||||||
Cabrillo Power II LLC | NRG Artesian Energy LLC | NRG Retail Northeast LLC | ||||||||||||||||||
Carbon Management Solutions LLC | NRG Arthur Kill Operations Inc. | NRG Rockford Acquisition LLC | ||||||||||||||||||
Cirro Group, Inc. | NRG Astoria Gas Turbine Operations Inc. | NRG Saguaro Operations Inc. | ||||||||||||||||||
Cirro Energy Services, Inc. | NRG Bayou Cove LLC | NRG Security LLC | ||||||||||||||||||
Clean Edge Energy LLC | NRG Business Solutions LLC | NRG Services Corporation | ||||||||||||||||||
Conemaugh Power LLC | NRG Cabrillo Power Operations Inc. | NRG SimplySmart Solutions LLC | ||||||||||||||||||
Connecticut Jet Power LLC | NRG California Peaker Operations LLC | NRG South Central Affiliate Services Inc. | ||||||||||||||||||
Cottonwood Development LLC | NRG Cedar Bayou Development Company, LLC | NRG South Central Generating LLC | ||||||||||||||||||
Cottonwood Energy Company LP | NRG Connecticut Affiliate Services Inc. | NRG South Central Operations Inc. | ||||||||||||||||||
Cottonwood Generating Partners I LLC | NRG Construction LLC | NRG South Texas LP | ||||||||||||||||||
Cottonwood Generating Partners II LLC | NRG Curtailment Solutions LLC | NRG Texas C&I Supply LLC | ||||||||||||||||||
Cottonwood Generating Partners III LLC | NRG Development Company Inc. | NRG Texas Gregory LLC | ||||||||||||||||||
Cottonwood Technology Partners LP | NRG Devon Operations Inc. | NRG Texas Holding Inc. | ||||||||||||||||||
Devon Power LLC | NRG Dispatch Services LLC | NRG Texas LLC | ||||||||||||||||||
Dunkirk Power LLC | NRG Dunkirk Operations Inc. | NRG Texas Power LLC | ||||||||||||||||||
Eastern Sierra Energy Company LLC | NRG El Segundo Operations Inc. | NRG Warranty Services LLC | ||||||||||||||||||
El Segundo Power, LLC | NRG Energy Labor Services LLC | NRG West Coast LLC | ||||||||||||||||||
El Segundo Power II LLC | NRG Energy Services Group LLC | NRG Western Affiliate Services Inc. | ||||||||||||||||||
Elbow Creek Wind Project LLC | NRG Energy Services International Inc. | O'Brien Cogeneration, Inc. II | ||||||||||||||||||
Energy Alternatives Wholesale, LLC | NRG Energy Services LLC | ONSITE Energy, Inc. | ||||||||||||||||||
Energy Curtailment Specialists, Inc. | NRG Generation Holdings, Inc. | Oswego Harbor Power LLC | ||||||||||||||||||
Energy Plus Holdings LLC | NRG Home & Business Solutions LLC | RE Retail Receivables, LLC | ||||||||||||||||||
Energy Plus Natural Gas LLC | NRG Home Solutions LLC | Reliant Energy Northeast LLC | ||||||||||||||||||
Energy Protection Insurance Company | NRG Home Solutions Product LLC | Reliant Energy Power Supply, LLC | ||||||||||||||||||
Everything Energy LLC | NRG Homer City Services LLC | Reliant Energy Retail Holdings, LLC | ||||||||||||||||||
GCP Funding Company, LLC | NRG Huntley Operations Inc. | Reliant Energy Retail Services, LLC | ||||||||||||||||||
Green Mountain Energy Company | NRG Identity Protect LLC | RERH Holdings LLC | ||||||||||||||||||
Gregory Partners, LLC | NRG Ilion Limited Partnership | Saguaro Power LLC | ||||||||||||||||||
Gregory Power Partners LLC | NRG Ilion LP LLC | Somerset Operations Inc. | ||||||||||||||||||
Huntley Power LLC | NRG International LLC | Somerset Power LLC | ||||||||||||||||||
Independence Energy Alliance LLC | NRG Maintenance Services LLC | Texas Genco Financing Corp. | ||||||||||||||||||
Independence Energy Group LLC | NRG Mextrans Inc. | Texas Genco GP, LLC | ||||||||||||||||||
Independence Energy Natural Gas LLC | NRG MidAtlantic Affiliate Services Inc. | Texas Genco Holdings, Inc. | ||||||||||||||||||
Indian River Operations Inc. | NRG Middletown Operations Inc. | Texas Genco LP, LLC | ||||||||||||||||||
Indian River Power LLC | NRG Montville Operations Inc. | Texas Genco Operating Services, LLC | ||||||||||||||||||
Keystone Power LLC | NRG New Jersey Energy Sales LLC | Texas Genco Services, LP | ||||||||||||||||||
Langford Wind Power, LLC | NRG New Roads Holdings LLC | US Retailers LLC | ||||||||||||||||||
Lone Star A/C & Appliance Repair, LLC | NRG North Central Operations Inc. | Vienna Operations Inc. | ||||||||||||||||||
Louisiana Generating LLC | NRG Northeast Affiliate Services Inc. | Vienna Power LLC | ||||||||||||||||||
Meriden Gas Turbines LLC | NRG Norwalk Harbor Operations Inc. | WCP (Generation) Holdings LLC | ||||||||||||||||||
Middletown Power LLC | NRG Operating Services, Inc. | West Coast Power LLC | ||||||||||||||||||
NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. There are no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to NRG. However, there may be restrictions for certain non-guarantor subsidiaries. | ||||||||||||||||||||
The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 under the SEC Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities. | ||||||||||||||||||||
In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis. | ||||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 3,216 | $ | 1,375 | $ | — | $ | (22 | ) | $ | 4,569 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 2,506 | 761 | (5 | ) | 16 | 3,278 | ||||||||||||||
Depreciation and amortization | 216 | 154 | 5 | — | 375 | |||||||||||||||
Impairment losses | — | 70 | — | — | 70 | |||||||||||||||
Selling, general and administrative | 110 | 82 | 66 | — | 258 | |||||||||||||||
Acquisition-related transaction and integration costs | 1 | 4 | 12 | — | 17 | |||||||||||||||
Development activity expenses | — | 8 | 14 | — | 22 | |||||||||||||||
Total operating costs and expenses | 2,833 | 1,079 | 92 | 16 | 4,020 | |||||||||||||||
Operating Income/(Loss) | 383 | 296 | (92 | ) | (38 | ) | 549 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 186 | 15 | 319 | (520 | ) | — | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | 19 | — | (4 | ) | 18 | ||||||||||||||
Other income/(loss), net | 1 | 1 | (19 | ) | 14 | (3 | ) | |||||||||||||
Loss on debt extinguishment | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Interest expense | (4 | ) | (132 | ) | (143 | ) | (1 | ) | (280 | ) | ||||||||||
Total other income/(expense) | 186 | (97 | ) | 144 | (511 | ) | (278 | ) | ||||||||||||
Income Before Income Taxes | 569 | 199 | 52 | (549 | ) | 271 | ||||||||||||||
Income tax expense/(benefit) | 169 | 42 | (122 | ) | — | 89 | ||||||||||||||
Net Income | 400 | 157 | 174 | (549 | ) | 182 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 37 | 6 | (29 | ) | 14 | ||||||||||||||
Net Income attributable to | $ | 400 | $ | 120 | $ | 168 | $ | (520 | ) | $ | 168 | |||||||||
NRG Energy, Inc. | ||||||||||||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 8,009 | $ | 3,755 | $ | — | $ | (88 | ) | $ | 11,676 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 6,347 | 2,497 | 2 | (18 | ) | 8,828 | ||||||||||||||
Depreciation and amortization | 625 | 458 | 13 | — | 1,096 | |||||||||||||||
Impairment losses | — | 70 | — | — | 70 | |||||||||||||||
Selling, general and administrative | 321 | 221 | 210 | — | 752 | |||||||||||||||
Acquisition-related transaction and integration costs | 1 | 12 | 56 | — | 69 | |||||||||||||||
Development activity expenses | — | 25 | 37 | — | 62 | |||||||||||||||
Total operating costs and expenses | 7,294 | 3,283 | 318 | (18 | ) | 10,877 | ||||||||||||||
Gain on sale of assets | — | 19 | — | — | 19 | |||||||||||||||
Operating Income/(Loss) | 715 | 491 | (318 | ) | (70 | ) | 818 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 287 | 9 | 499 | (795 | ) | — | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 13 | 37 | — | (11 | ) | 39 | ||||||||||||||
Other income/(loss), net | 5 | 9 | (14 | ) | 13 | 13 | ||||||||||||||
Loss on debt extinguishment | — | (9 | ) | (85 | ) | — | (94 | ) | ||||||||||||
Interest expense | (15 | ) | (359 | ) | (435 | ) | (809 | ) | ||||||||||||
Total other income/(expense) | 290 | (313 | ) | (35 | ) | (793 | ) | (851 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 1,005 | 178 | (353 | ) | (863 | ) | (33 | ) | ||||||||||||
Income tax expense/(benefit) | 279 | 36 | (383 | ) | — | (68 | ) | |||||||||||||
Net Income | 726 | 142 | 30 | (863 | ) | 35 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 73 | 15 | (68 | ) | 20 | ||||||||||||||
Net Income attributable to | $ | 726 | $ | 69 | $ | 15 | $ | (795 | ) | $ | 15 | |||||||||
NRG Energy, Inc. | ||||||||||||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income | $ | 400 | $ | 157 | $ | 174 | $ | (549 | ) | $ | 182 | |||||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (7 | ) | 2 | 3 | 6 | 4 | ||||||||||||||
Foreign currency translation adjustments, net | — | (9 | ) | 3 | — | (6 | ) | |||||||||||||
Available-for-sale securities, net | — | (21 | ) | 19 | — | (2 | ) | |||||||||||||
Defined benefit plan, net | — | 55 | (58 | ) | — | (3 | ) | |||||||||||||
Other comprehensive (loss)/income | (7 | ) | 27 | (33 | ) | 6 | (7 | ) | ||||||||||||
Comprehensive income | 393 | 184 | 141 | (543 | ) | 175 | ||||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest | — | 17 | (17 | ) | 17 | 17 | ||||||||||||||
Comprehensive income attributable to NRG Energy, Inc. | 393 | 167 | 158 | (560 | ) | 158 | ||||||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive income available for common stockholders | $ | 393 | $ | 167 | $ | 156 | $ | (560 | ) | $ | 156 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income | $ | 726 | $ | 142 | $ | 30 | $ | (863 | ) | $ | 35 | |||||||||
Other comprehensive income/(loss), net of tax | ||||||||||||||||||||
Unrealized gain/(loss) on derivatives, net | 1 | (24 | ) | — | (1 | ) | (24 | ) | ||||||||||||
Foreign currency translation adjustments, net | — | (4 | ) | 1 | — | (3 | ) | |||||||||||||
Available-for-sale securities, net | — | 3 | (1 | ) | — | 2 | ||||||||||||||
Defined benefit plan, net | — | 42 | (33 | ) | — | 9 | ||||||||||||||
Other comprehensive income/(loss) | 1 | 17 | (33 | ) | (1 | ) | (16 | ) | ||||||||||||
Comprehensive income/(loss) | 727 | 159 | (3 | ) | (864 | ) | 19 | |||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest | — | 10 | (8 | ) | 12 | 14 | ||||||||||||||
Comprehensive income attributable to NRG Energy, Inc. | 727 | 149 | 5 | (876 | ) | 5 | ||||||||||||||
Dividends for preferred shares | — | — | 7 | — | 7 | |||||||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 727 | $ | 149 | $ | (2 | ) | $ | (876 | ) | $ | (2 | ) | |||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 18 | $ | 1,624 | $ | 311 | $ | — | $ | 1,953 | ||||||||||
Funds deposited by counterparties | — | 3 | — | — | 3 | |||||||||||||||
Restricted cash | 12 | 326 | 1 | — | 339 | |||||||||||||||
Accounts receivable, net | 1,257 | 297 | — | — | 1,554 | |||||||||||||||
Inventory | 463 | 588 | — | — | 1,051 | |||||||||||||||
Derivative instruments | 876 | 690 | — | (169 | ) | 1,397 | ||||||||||||||
Cash collateral paid in support of energy risk management activities | 173 | 202 | — | — | 375 | |||||||||||||||
Accounts receivable - affiliate | 6,808 | 960 | (5,313 | ) | (2,447 | ) | 8 | |||||||||||||
Deferred income taxes | — | 93 | (14 | ) | — | 79 | ||||||||||||||
Renewable energy grant receivable | — | 614 | — | — | 614 | |||||||||||||||
Current assets held-for-sale | — | 32 | — | — | 32 | |||||||||||||||
Prepayments and other current assets | 97 | 331 | 39 | — | 467 | |||||||||||||||
Total current assets | 9,704 | 5,760 | (4,976 | ) | (2,616 | ) | 7,872 | |||||||||||||
Net property, plant and equipment | 8,736 | 13,314 | 156 | (25 | ) | 22,181 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 478 | 431 | 22,399 | (23,308 | ) | — | ||||||||||||||
Equity investments in affiliates | (18 | ) | 919 | — | (104 | ) | 797 | |||||||||||||
Notes receivable, less current portion | — | 69 | 42 | (31 | ) | 80 | ||||||||||||||
Goodwill | 2,065 | 387 | — | — | 2,452 | |||||||||||||||
Intangible assets, net | 932 | 1,952 | 4 | (8 | ) | 2,880 | ||||||||||||||
Nuclear decommissioning trust fund | 569 | — | — | — | 569 | |||||||||||||||
Derivative instruments | 221 | 252 | 2 | (48 | ) | 427 | ||||||||||||||
Deferred income tax | — | 468 | 1,008 | — | 1,476 | |||||||||||||||
Non-current assets held-for-sale | — | 54 | — | — | 54 | |||||||||||||||
Other non-current assets | 102 | 610 | 569 | — | 1,281 | |||||||||||||||
Total other assets | 4,349 | 5,142 | 24,024 | (23,499 | ) | 10,016 | ||||||||||||||
Total Assets | $ | 22,789 | $ | 24,216 | $ | 19,204 | $ | (26,140 | ) | $ | 40,069 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 2 | $ | 833 | $ | 50 | $ | (31 | ) | $ | 854 | |||||||||
Accounts payable | 772 | 299 | 27 | — | 1,098 | |||||||||||||||
Accounts payable — affiliate | 1,105 | 1,789 | (447 | ) | (2,447 | ) | — | |||||||||||||
Derivative instruments | 847 | 687 | — | (169 | ) | 1,365 | ||||||||||||||
Cash collateral received in support of energy risk management activities | — | 3 | — | — | 3 | |||||||||||||||
Deferred income taxes | 6 | — | (6 | ) | — | — | ||||||||||||||
Current liabilities held-for-sale | — | 23 | — | — | 23 | |||||||||||||||
Accrued expenses and other current liabilities | 310 | 580 | 310 | — | 1,200 | |||||||||||||||
Total current liabilities | 3,042 | 4,214 | (66 | ) | (2,647 | ) | 4,543 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 316 | 11,189 | 8,414 | — | 19,919 | |||||||||||||||
Nuclear decommissioning reserve | 306 | — | — | — | 306 | |||||||||||||||
Nuclear decommissioning trust liability | 323 | — | — | — | 323 | |||||||||||||||
Deferred income taxes | 1,299 | (1,039 | ) | (236 | ) | — | 24 | |||||||||||||
Derivative instruments | 218 | 156 | — | (48 | ) | 326 | ||||||||||||||
Out-of-market contracts | 115 | 1,130 | — | — | 1,245 | |||||||||||||||
Non-current liabilities held-for-sale | — | 31 | — | — | 31 | |||||||||||||||
Other non-current liabilities | 419 | 659 | 307 | — | 1,385 | |||||||||||||||
Total non-current liabilities | 2,996 | 12,126 | 8,485 | (48 | ) | 23,559 | ||||||||||||||
Total liabilities | 6,038 | 16,340 | 8,419 | (2,695 | ) | 28,102 | ||||||||||||||
3.625% convertible perpetual preferred stock | — | — | 249 | — | 249 | |||||||||||||||
Redeemable noncontrolling interest in subsidiaries | — | 28 | — | — | 28 | |||||||||||||||
Stockholders’ Equity | 16,751 | 7,848 | 10,536 | (23,445 | ) | 11,690 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 22,789 | $ | 24,216 | $ | 19,204 | $ | (26,140 | ) | $ | 40,069 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | $ | 1,378 | $ | (77 | ) | $ | (2,019 | ) | $ | 1,832 | $ | 1,114 | ||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | (1,382 | ) | (450 | ) | 1,832 | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (25 | ) | (2,807 | ) | — | (2,832 | ) | ||||||||||||
Capital expenditures | (16 | ) | (180 | ) | (479 | ) | — | (675 | ) | |||||||||||
Increase in restricted cash, net | (52 | ) | — | (52 | ) | |||||||||||||||
Decrease/(increase) in restricted cash — U.S. DOE projects | — | 24 | (3 | ) | — | 21 | ||||||||||||||
Decrease in notes receivable | — | 21 | — | — | 21 | |||||||||||||||
Investments in nuclear decommissioning trust fund securities | (475 | ) | — | — | — | (475 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 463 | — | — | — | 463 | |||||||||||||||
Proceeds from renewable energy grants | — | 431 | — | — | 431 | |||||||||||||||
Proceeds from sale of assets, net of cash disposed of | — | — | 153 | — | 153 | |||||||||||||||
Cash proceeds to fund cash grant bridge loan payment | — | 57 | — | — | 57 | |||||||||||||||
Other | (6 | ) | (16 | ) | (48 | ) | — | (70 | ) | |||||||||||
Net Cash Used by Investing Activities | (1,416 | ) | (190 | ) | (1,352 | ) | — | (2,958 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from/(payments for) intercompany loans | — | — | 1,832 | (1,832 | ) | — | ||||||||||||||
Payment of dividends to common and preferred stockholders | — | — | (140 | ) | — | (140 | ) | |||||||||||||
Net payments for settlement of acquired derivatives that include financing elements | — | (64 | ) | — | — | (64 | ) | |||||||||||||
Contributions from noncontrolling interest in subsidiaries | — | 639 | — | — | 639 | |||||||||||||||
Proceeds from issuance of long-term debt | — | 1,121 | 3,335 | — | 4,456 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 15 | — | 15 | |||||||||||||||
Payment of debt issuance and hedging costs | — | (28 | ) | (29 | ) | — | (57 | ) | ||||||||||||
Payments for short and long-term debt | — | (649 | ) | (2,659 | ) | — | (3,308 | ) | ||||||||||||
Net Cash Provided by Financing Activities | — | 1,019 | 2,354 | (1,832 | ) | 1,541 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 2 | — | — | 2 | |||||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (38 | ) | 754 | (1,017 | ) | — | (301 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 56 | 870 | 1,328 | — | 2,254 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 18 | $ | 1,624 | $ | 311 | $ | — | $ | 1,953 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 2,463 | $ | 1,015 | $ | — | $ | 12 | $ | 3,490 | ||||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 1,769 | 579 | (6 | ) | 31 | 2,373 | ||||||||||||||
Depreciation and amortization | 214 | 110 | 3 | — | 327 | |||||||||||||||
Selling, general and administrative | 115 | 55 | 37 | 6 | 213 | |||||||||||||||
Acquisition-related transaction and integration costs | — | 14 | 12 | — | 26 | |||||||||||||||
Development activity expenses | — | 12 | 12 | — | 24 | |||||||||||||||
Total operating costs and expenses | 2,098 | 770 | 58 | 37 | 2,963 | |||||||||||||||
Operating Income/(Loss) | 365 | 245 | (58 | ) | (25 | ) | 527 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(losses) of consolidated subsidiaries | 29 | (10 | ) | 291 | (310 | ) | — | |||||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | (10 | ) | 10 | — | (5 | ) | (5 | ) | ||||||||||||
Other income, net | 3 | 5 | 1 | (4 | ) | 5 | ||||||||||||||
Loss on debt extinguishment | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Interest expense | (7 | ) | (87 | ) | (137 | ) | 3 | (228 | ) | |||||||||||
Total other income/(expense) | 15 | (83 | ) | 155 | (316 | ) | (229 | ) | ||||||||||||
Income Before Income Taxes | 380 | 162 | 97 | (341 | ) | 298 | ||||||||||||||
Income tax expense/(benefit) | 126 | 64 | (30 | ) | — | 160 | ||||||||||||||
Net Income | 254 | 98 | 127 | (341 | ) | 138 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 43 | 8 | (32 | ) | 19 | ||||||||||||||
Net Income attributable to NRG Energy, Inc. | $ | 254 | $ | 55 | $ | 119 | $ | (309 | ) | $ | 119 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 6,224 | $ | 2,390 | $ | — | $ | (114 | ) | $ | 8,500 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 4,674 | 1,586 | 1 | (84 | ) | 6,177 | ||||||||||||||
Depreciation and amortization | 625 | 313 | 9 | — | 947 | |||||||||||||||
Selling, general and administrative | 340 | 173 | 162 | (5 | ) | 670 | ||||||||||||||
Acquisition-related transaction and integration costs | — | 55 | 40 | — | 95 | |||||||||||||||
Development activity expenses | — | 25 | 38 | — | 63 | |||||||||||||||
Total operating costs and expenses | 5,639 | 2,152 | 250 | (89 | ) | 7,952 | ||||||||||||||
Operating Income/(Loss) | 585 | 238 | (250 | ) | (25 | ) | 548 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(losses) of consolidated subsidiaries | 50 | (14 | ) | 335 | (371 | ) | — | |||||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | (8 | ) | 16 | — | (2 | ) | 6 | |||||||||||||
Other income, net | 5 | 5 | 3 | (4 | ) | 9 | ||||||||||||||
Loss on debt extinguishment | — | (12 | ) | (38 | ) | — | (50 | ) | ||||||||||||
Interest expense | (17 | ) | (228 | ) | (388 | ) | 3 | (630 | ) | |||||||||||
Total other income/(expense) | 30 | (233 | ) | (88 | ) | (374 | ) | (665 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 615 | 5 | (338 | ) | (399 | ) | (117 | ) | ||||||||||||
Income tax expense/(benefit) | 212 | (10 | ) | (257 | ) | — | (55 | ) | ||||||||||||
Net Income/(Loss) | 403 | 15 | (81 | ) | (399 | ) | (62 | ) | ||||||||||||
Less: Net income attributable to noncontrolling interest | — | 48 | 8 | (29 | ) | 27 | ||||||||||||||
Net Income/(Loss) attributable to NRG Energy, Inc. | $ | 403 | $ | (33 | ) | $ | (89 | ) | $ | (370 | ) | $ | (89 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income | $ | 254 | $ | 98 | $ | 127 | $ | (341 | ) | $ | 138 | |||||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (13 | ) | (8 | ) | 17 | (12 | ) | (16 | ) | |||||||||||
Foreign currency translation adjustments, net | — | 4 | 1 | — | 5 | |||||||||||||||
Other comprehensive (loss)/income | (13 | ) | (4 | ) | 18 | (12 | ) | (11 | ) | |||||||||||
Comprehensive income | 241 | 94 | 145 | (353 | ) | 127 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | 29 | 9 | (20 | ) | 18 | ||||||||||||||
Comprehensive income attributable to NRG Energy, Inc. | 241 | 65 | 136 | (333 | ) | 109 | ||||||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive income available for common stockholders | $ | 241 | $ | 65 | $ | 134 | $ | (333 | ) | $ | 107 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income/(Loss) | $ | 403 | $ | 15 | $ | (81 | ) | $ | (399 | ) | $ | (62 | ) | |||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (54 | ) | 41 | 9 | 12 | 8 | ||||||||||||||
Foreign currency translation adjustments, net | — | (11 | ) | (3 | ) | — | (14 | ) | ||||||||||||
Available-for-sale securities, net | — | — | 2 | — | 2 | |||||||||||||||
Defined benefit plan | — | 25 | — | — | 25 | |||||||||||||||
Other comprehensive (loss)/income | (54 | ) | 55 | 8 | 12 | 21 | ||||||||||||||
Comprehensive income/(loss) | 349 | 70 | (73 | ) | (387 | ) | (41 | ) | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | 39 | 9 | (22 | ) | 26 | ||||||||||||||
Comprehensive income/(loss) attributable to NRG Energy, Inc. | 349 | 31 | (82 | ) | (365 | ) | (67 | ) | ||||||||||||
Dividends for preferred shares | — | — | 7 | — | 7 | |||||||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 349 | $ | 31 | $ | (89 | ) | $ | (365 | ) | $ | (74 | ) | |||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 56 | $ | 870 | $ | 1,328 | $ | — | $ | 2,254 | ||||||||||
Funds deposited by counterparties | 7 | 56 | — | — | 63 | |||||||||||||||
Restricted cash | 12 | 252 | 4 | — | 268 | |||||||||||||||
Accounts receivable, net | 965 | 249 | — | — | 1,214 | |||||||||||||||
Inventory | 436 | 462 | — | — | 898 | |||||||||||||||
Derivative instruments | 866 | 470 | — | (8 | ) | 1,328 | ||||||||||||||
Accounts receivable - affiliate | 4,584 | 132 | (3,834 | ) | (874 | ) | 8 | |||||||||||||
Deferred income taxes | — | 41 | 217 | — | 258 | |||||||||||||||
Cash collateral paid in support of energy risk management activities | 214 | 62 | — | — | 276 | |||||||||||||||
Renewable energy grant receivable | — | 539 | — | — | 539 | |||||||||||||||
Current assets held-for-sale | — | 19 | — | — | 19 | |||||||||||||||
Prepayments and other current assets | 194 | 228 | 32 | 17 | 471 | |||||||||||||||
Total current assets | 7,334 | 3,380 | (2,253 | ) | (865 | ) | 7,596 | |||||||||||||
Net Property, Plant and Equipment | 9,116 | 10,604 | 153 | (22 | ) | 19,851 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 32 | 422 | 18,266 | (18,720 | ) | — | ||||||||||||||
Equity investments in affiliates | (30 | ) | 583 | — | (100 | ) | 453 | |||||||||||||
Capital leases and notes receivable, less current portion | — | 62 | 105 | (94 | ) | 73 | ||||||||||||||
Goodwill | 1,973 | 12 | — | — | 1,985 | |||||||||||||||
Intangible assets, net | 925 | 232 | 4 | (21 | ) | 1,140 | ||||||||||||||
Nuclear decommissioning trust fund | 551 | — | — | — | 551 | |||||||||||||||
Deferred income taxes | 681 | 521 | — | 1,202 | ||||||||||||||||
Derivative instruments | 110 | 202 | — | (1 | ) | 311 | ||||||||||||||
Other non-current assets | 76 | 281 | 383 | — | 740 | |||||||||||||||
Total other assets | 3,637 | 2,475 | 19,279 | (18,936 | ) | 6,455 | ||||||||||||||
Total Assets | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 1 | $ | 1,029 | $ | 20 | $ | — | $ | 1,050 | ||||||||||
Accounts payable | 652 | 352 | 34 | — | 1,038 | |||||||||||||||
Accounts payable — affiliate | 1,350 | 760 | (1,253 | ) | (857 | ) | — | |||||||||||||
Derivative instruments | 859 | 204 | — | (8 | ) | 1,055 | ||||||||||||||
Cash collateral received in support of energy risk management activities | 6 | 57 | — | — | 63 | |||||||||||||||
Accrued expenses and other current liabilities | 297 | 410 | 291 | — | 998 | |||||||||||||||
Total current liabilities | 3,165 | 2,812 | (908 | ) | (865 | ) | 4,204 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 317 | 7,837 | 7,707 | (94 | ) | 15,767 | ||||||||||||||
Nuclear decommissioning reserve | 294 | — | — | — | 294 | |||||||||||||||
Nuclear decommissioning trust liability | 324 | — | — | — | 324 | |||||||||||||||
Deferred income taxes | 1,024 | (1,002 | ) | — | — | 22 | ||||||||||||||
Derivative instruments | 147 | 49 | — | (1 | ) | 195 | ||||||||||||||
Out-of-market contracts | 127 | 1,050 | — | — | 1,177 | |||||||||||||||
Other non-current liabilities | 412 | 615 | 174 | — | 1,201 | |||||||||||||||
Total non-current liabilities | 2,645 | 8,549 | 7,881 | (95 | ) | 18,980 | ||||||||||||||
Total liabilities | 5,810 | 11,361 | 6,973 | (960 | ) | 23,184 | ||||||||||||||
3.625% Preferred Stock | — | — | 249 | — | 249 | |||||||||||||||
Redeemable noncontrolling interest in subsidiaries | — | 2 | — | — | 2 | |||||||||||||||
Stockholders’ Equity | 14,277 | 5,096 | 9,957 | (18,863 | ) | 10,467 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated Balance | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | $ | 1,334 | $ | 135 | $ | (1,800 | ) | $ | 1,154 | $ | 823 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany loans to subsidiaries | (1,158 | ) | 4 | 1,154 | — | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (59 | ) | (315 | ) | — | (374 | ) | ||||||||||||
Capital expenditures | (154 | ) | (1,388 | ) | (39 | ) | — | (1,581 | ) | |||||||||||
(Increase)/decrease in restricted cash, net | (7 | ) | (61 | ) | 1 | — | (67 | ) | ||||||||||||
Increase in restricted cash — U.S. DOE projects | — | (18 | ) | (2 | ) | — | (20 | ) | ||||||||||||
Decrease/(increase) in notes receivable | 2 | (16 | ) | (8 | ) | — | (22 | ) | ||||||||||||
Investments in nuclear decommissioning trust fund securities | (369 | ) | — | — | — | (369 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 344 | — | — | — | 344 | |||||||||||||||
Proceeds from renewable energy grants | — | 52 | — | — | 52 | |||||||||||||||
Proceeds from sale of assets | 13 | — | — | — | 13 | |||||||||||||||
Other | 7 | (1 | ) | (13 | ) | — | (7 | ) | ||||||||||||
Net Cash (Used)/Provided by Investing Activities | (1,322 | ) | (1,487 | ) | 778 | — | (2,031 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from intercompany loans | — | — | 1,154 | (1,154 | ) | — | ||||||||||||||
Payment of dividends to preferred stockholders | — | — | (113 | ) | — | (113 | ) | |||||||||||||
Payment for treasury stock | — | — | (25 | ) | — | (25 | ) | |||||||||||||
Net (payment for)/receipts from settlement of acquired derivatives that include financing elements | (67 | ) | 244 | — | — | 177 | ||||||||||||||
Proceeds from issuance of long-term debt | — | 1,120 | 485 | — | 1,605 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 14 | — | 14 | |||||||||||||||
Sale proceeds and other contributions from noncontrolling interest in subsidiaries | — | 504 | — | — | 504 | |||||||||||||||
Payment of debt issuance costs | — | (9 | ) | (34 | ) | — | (43 | ) | ||||||||||||
Payments for short and long-term debt | — | (654 | ) | (214 | ) | — | (868 | ) | ||||||||||||
Net Cash (Used)/Provided by Financing Activities | (67 | ) | 1,205 | 1,267 | (1,154 | ) | 1,251 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (55 | ) | (148 | ) | 245 | — | 42 | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 78 | 1,258 | 751 | — | 2,087 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 23 | $ | 1,110 | $ | 996 | $ | — | $ | 2,129 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2013 Form 10-K. Interim results are not necessarily indicative of results for a full year. | |
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2014, and the results of operations, comprehensive loss and cash flows for the three and nine months ended September 30, 2014, and 2013. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations or cash flows. | |
Use of Estimates (Policy) | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain prior year depreciation amounts have been recast to revise provisional purchase accounting estimates for the GenOn acquisition. | |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Other Cash Flow Information | |
NRG’s investing activities exclude capital expenditures of $148 million which were accrued and unpaid at September 30, 2014 | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Developments | |
ASU 2014-09 - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. The guidance of ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early adoption is not permitted. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. | |
ASU 2013-11 - In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, or ASU No. 2013-11. The amendments of ASU No. 2013-11, which were adopted on January 1, 2014, require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction of a deferred tax asset for a net operating loss, or NOL, a similar tax loss or tax credit carryforward rather than a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. The adoption of this standard did not impact the Company's results of operations or cash flows as the unrecognized tax benefits relate to state issues and the Company either has no NOLs or the NOLs are limited for that particular jurisdiction. | |
Nuclear Decommissioning (Policy) | ' |
NRG's Nuclear Decommissioning Trust Fund assets are comprised of securities classified as available-for-sale and recorded at fair value based on actively quoted market prices. NRG accounts for the Nuclear Decommissioning Trust Fund in accordance with ASC 980, Regulated Operations, because the Company's nuclear decommissioning activities are subject to approval by the PUCT with regulated rates that are designed to recover all decommissioning costs and that can be charged to and collected from the ratepayers per PUCT mandate. Since the Company is in compliance with PUCT rules and regulations regarding decommissioning trusts and the cost of decommissioning is the responsibility of the Texas ratepayers, not NRG, all realized and unrealized gains or losses (including other-than-temporary impairments) related to the Nuclear Decommissioning Trust Fund are recorded to nuclear decommissioning trust liability and are not included in net income or accumulated other comprehensive income, consistent with regulatory treatment. | |
Segment Reporting (Policy) | ' |
Effective June 2014, the Company's segment structure and its allocation of corporate expenses were updated to reflect how management currently makes financial decisions and allocates resources. The Texas and South Central segments were combined to form the Gulf Coast segment. The Company has recast data from prior periods to reflect this change in reportable segments to conform to the current year presentation. The Company's businesses are primarily segregated based on the Retail Business, conventional power generation, renewable businesses, NRG Yield and corporate activities. Within NRG's conventional power generation, there are distinct components with separate operating results and management structures for the following geographical regions: Gulf Coast, East and West. The Company's renewables segment includes solar and wind assets, excluding those in the NRG Yield segment. NRG Yield includes certain of the Company's contracted generation assets. On June 30, 2014, NRG Yield, Inc. acquired three projects from the Company: El Segundo Energy Center, formerly in the West segment, Kansas South and High Desert, both formerly in the renewables segment. As the transaction was accounted for as a transfer of entities under common control, all historical periods have been recast to reflect this change. The Company's corporate segment includes international business, electric vehicle services, energy services, residential solar and the carbon capture business. Intersegment sales are accounted for at market. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Schedule of Change in Noncontrolling Interest | ' | |||
Noncontrolling Interest | ||||
The following table reflects the changes in NRG's noncontrolling interest balance: | ||||
(In millions) | ||||
Balance as of December 31, 2013 | $ | 865 | ||
Acquisition of EME | 353 | |||
Sale of assets to NRG Yield, Inc. | (41 | ) | ||
Non-cash adjustments for equity component of NRG Yield, Inc. convertible notes | 23 | |||
Non-cash adjustments to noncontrolling interest | (75 | ) | ||
Contributions from NRG Yield, Inc. public offering | 630 | |||
Contributions from noncontrolling interest | 20 | |||
Distributions to noncontrolling interest | (37 | ) | ||
Comprehensive income attributable to noncontrolling interest | 14 | |||
Balance as of September 30, 2014 | $ | 1,752 | ||
Business_Acquisitions_and_Disp1
Business Acquisitions and Dispositions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||
The purchase price of $3.5 billion was provisionally allocated as follows: | |||||||||||||
Acquisition Date | Measurement period adjustments | Revised Acquisition Date | |||||||||||
(In millions) | |||||||||||||
Assets | |||||||||||||
Cash | 1,422 | — | $ | 1,422 | |||||||||
Current assets | 676 | (8 | ) | 668 | |||||||||
Property, plant and equipment | 2,475 | (144 | ) | 2,331 | |||||||||
Intangible assets | 312 | 11 | 323 | ||||||||||
Goodwill | — | 200 | 200 | ||||||||||
Non-current assets | 813 | 18 | 831 | ||||||||||
Total assets acquired | 5,698 | 77 | 5,775 | ||||||||||
Liabilities | |||||||||||||
Current and non-current liabilities | 533 | 25 | 558 | ||||||||||
Out-of-market contracts and leases | 43 | 98 | 141 | ||||||||||
Long-term debt | 1,249 | — | 1,249 | ||||||||||
Total liabilities assumed | 1,825 | 123 | 1,948 | ||||||||||
Less: noncontrolling interest | 380 | (27 | ) | 353 | |||||||||
Net assets acquired | $ | 3,493 | $ | (19 | ) | $ | 3,474 | ||||||
The purchase price of $923 million was provisionally allocated as follows: | |||||||||||||
(In millions) | |||||||||||||
Assets | |||||||||||||
Cash | $ | 22 | |||||||||||
Current and non-current assets | 49 | ||||||||||||
Property, plant and equipment | 1,057 | ||||||||||||
Intangible assets | 1,420 | ||||||||||||
Total assets acquired | 2,548 | ||||||||||||
Liabilities | |||||||||||||
Debt | 1,591 | ||||||||||||
Current and non-current liabilities | 34 | ||||||||||||
Total liabilities assumed | 1,625 | ||||||||||||
Net assets acquired | $ | 923 | |||||||||||
Business Acquisition, Purchase Price [Table Text Block] | ' | ||||||||||||
The Company paid an aggregate purchase price of $3.5 billion, which was comprised of the following: | |||||||||||||
Original Purchase Price | Purchase Price on Acquisition Date | ||||||||||||
Cash and equivalents (a) | $ | 2,285 | $ | 3,016 | |||||||||
Common shares (b) | 350 | 401 | |||||||||||
Liabilities acquired | — | 57 | |||||||||||
Total purchase price | 2,635 | 3,474 | |||||||||||
Less: cash acquired | 1,422 | ||||||||||||
Net purchase price | $ | 2,052 | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||
The following supplemental pro forma information represents the results of operations as if NRG had acquired EME on January 1, 2013: | |||||||||||||
For the nine months ended | For the year ended | ||||||||||||
(in millions except per share amounts) | September 30, 2014 | September 30, 2013 | 31-Dec-13 | ||||||||||
Operating revenues | $ | 12,234 | $ | 9,486 | $ | 12,598 | |||||||
Net income/(loss) attributable to NRG Energy, Inc. | 47 | (702 | ) | (1,004 | ) | ||||||||
Earnings/(loss) per share attributable to NRG common stockholders: | |||||||||||||
Basic | 0.14 | (2.09 | ) | (2.99 | ) | ||||||||
Diluted | 0.14 | (2.09 | ) | (2.99 | ) | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value | ' | |||||||||||||||||||||||||||||||||||||||
The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Notes receivable (a) | $ | 95 | $ | 95 | $ | 99 | $ | 99 | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | 20,764 | 20,843 | 16,804 | 17,222 | ||||||||||||||||||||||||||||||||||||
(a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | ' | |||||||||||||||||||||||||||||||||||||||
The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 18 | $ | 18 | ||||||||||||||||||||||||||||||||
Available-for-sale securities | 42 | — | — | 42 | ||||||||||||||||||||||||||||||||||||
Other (a) | 21 | — | 11 | 32 | ||||||||||||||||||||||||||||||||||||
Nuclear trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 39 | 3 | — | 42 | ||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | 68 | — | 68 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 25 | — | 25 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 85 | — | 85 | ||||||||||||||||||||||||||||||||||||
Equity securities | 291 | — | 54 | 345 | ||||||||||||||||||||||||||||||||||||
Foreign government fixed income securities | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 357 | 1,170 | 285 | 1,812 | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||
Equity contracts | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 753 | $ | 1,363 | $ | 370 | $ | 2,486 | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 240 | $ | 1,061 | $ | 258 | $ | 1,559 | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | 132 | — | 132 | ||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 240 | $ | 1,193 | $ | 258 | $ | 1,691 | ||||||||||||||||||||||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 16 | $ | 16 | ||||||||||||||||||||||||||||||||
Available-for-sale securities | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||
Other (a) | 37 | — | 10 | 47 | ||||||||||||||||||||||||||||||||||||
Nuclear trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 26 | — | — | 26 | ||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 40 | 5 | — | 45 | ||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | 62 | — | 62 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 70 | — | 70 | ||||||||||||||||||||||||||||||||||||
Equity securities | 276 | — | 56 | 332 | ||||||||||||||||||||||||||||||||||||
Foreign government fixed income securities | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
Other trust fund investments: | ||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 346 | 1,126 | 147 | 1,619 | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 20 | — | 20 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 728 | $ | 1,299 | $ | 229 | $ | 2,256 | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 216 | $ | 831 | $ | 134 | $ | 1,181 | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | 69 | — | 69 | ||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 216 | $ | 900 | $ | 134 | $ | 1,250 | ||||||||||||||||||||||||||||||||
(a) Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs | ' | |||||||||||||||||||||||||||||||||||||||
The following tables reconcile, for the three and nine months ended September 30, 2014 and 2013, the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements, at least annually, using significant unobservable inputs: | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||
(In millions) | Debt Securities | Other | Trust Fund Investments | Derivatives(a) | Total | Debt Securities | Other | Trust Fund Investments | Derivatives(a) | Total | ||||||||||||||||||||||||||||||
Beginning balance | $ | 18 | $ | 11 | $ | 58 | $ | (12 | ) | $ | 75 | $ | 16 | $ | 10 | $ | 56 | $ | 13 | $ | 95 | |||||||||||||||||||
Total gains/(losses) — realized/unrealized: | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | — | — | (22 | ) | (22 | ) | — | 1 | — | (18 | ) | (17 | ) | ||||||||||||||||||||||||||
Included in OCI | — | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||
Included in nuclear | — | — | (4 | ) | — | (4 | ) | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||
decom- | ||||||||||||||||||||||||||||||||||||||||
missioning | ||||||||||||||||||||||||||||||||||||||||
obligation | ||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | — | 63 | 63 | — | — | 1 | (21 | ) | (20 | ) | ||||||||||||||||||||||||||||
Contracts acquired in Dominion and EME acquisition | — | — | — | — | — | — | — | — | 39 | 39 | ||||||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | (1 | ) | (1 | ) | — | — | — | 17 | 17 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | 1 | 1 | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||
Ending balance as of September 30, 2014 | $ | 18 | $ | 11 | $ | 54 | $ | 29 | $ | 112 | $ | 18 | $ | 11 | $ | 54 | $ | 29 | $ | 112 | ||||||||||||||||||||
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 September 30, 2014 | $ | — | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | $ | 26 | $ | 26 | ||||||||||||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||||||||||||||||||||||
(b) | Transfers in/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | Debt Securities | Trust Fund Investments | Derivatives(a) | Total | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 15 | $ | 50 | $ | (12 | ) | $ | 53 | $ | 12 | $ | 47 | $ | (12 | ) | $ | 47 | ||||||||||||||||||||||
Total (losses)/gains — realized/unrealized: | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | — | 14 | 14 | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||
Included in OCI | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||
Included in nuclear decom- | — | 5 | — | 5 | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||
missioning obligations | ||||||||||||||||||||||||||||||||||||||||
Purchases | — | — | 4 | 4 | — | 1 | (3 | ) | (2 | ) | ||||||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | (36 | ) | (36 | ) | — | — | (9 | ) | (9 | ) | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | 23 | 23 | — | — | 21 | 21 | ||||||||||||||||||||||||||||||||
Ending balance as of September 30, 2013 | $ | 15 | $ | 55 | $ | (7 | ) | $ | 63 | $ | 15 | $ | 55 | $ | (7 | ) | $ | 63 | ||||||||||||||||||||||
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, 2013 | — | — | (7 | ) | (7 | ) | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||
(a) | Consists of derivative assets and liabilities, net. | |||||||||||||||||||||||||||||||||||||||
(b) | Transfers in/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | |||||||||||||||||||||||||||||||||||||||
Net counterparty credit exposure by industry sector and by counterparty credit quality | ' | |||||||||||||||||||||||||||||||||||||||
The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held, and includes amounts net of receivables or payables. | ||||||||||||||||||||||||||||||||||||||||
Net Exposure (a) | ||||||||||||||||||||||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||||||||||||||||||||||
Financial institutions | 38 | % | ||||||||||||||||||||||||||||||||||||||
Utilities, energy merchants, marketers and other | 38 | |||||||||||||||||||||||||||||||||||||||
ISOs | 24 | |||||||||||||||||||||||||||||||||||||||
Total as of September 30, 2014 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Net Exposure (a) | ||||||||||||||||||||||||||||||||||||||||
Category | (% of Total) | |||||||||||||||||||||||||||||||||||||||
Investment grade | 89 | % | ||||||||||||||||||||||||||||||||||||||
Non-rated (b) | 11 | |||||||||||||||||||||||||||||||||||||||
Total as of September 30, 2014 | 100 | % | ||||||||||||||||||||||||||||||||||||||
(a) | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | |||||||||||||||||||||||||||||||||||||||
(b) | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. |
Nuclear_Decommissioning_Trust_1
Nuclear Decommissioning Trust Fund (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Summary of aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the nuclear decommissioning trust fund | ' | |||||||||||||||||||||||||||||
The following table summarizes the aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the trust funds, as well as information about the contractual maturities of those securities. | ||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||
(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) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | — | $ | 26 | $ | — | $ | — | — | ||||||||||||||||
U.S. government and federal agency obligations | 42 | 2 | — | 9 | 45 | 1 | 1 | 9 | ||||||||||||||||||||||
Federal agency mortgage-backed securities | 68 | 1 | — | 25 | 62 | 1 | 1 | 24 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 25 | — | 1 | 30 | 14 | — | — | 29 | ||||||||||||||||||||||
Corporate debt securities | 85 | 2 | 1 | 10 | 70 | 1 | 1 | 9 | ||||||||||||||||||||||
Equity securities | 345 | 210 | — | — | 332 | 204 | — | — | ||||||||||||||||||||||
Foreign government fixed income securities | 2 | — | — | 16 | 2 | — | — | 9 | ||||||||||||||||||||||
Total | $ | 569 | $ | 215 | $ | 2 | $ | 551 | $ | 207 | $ | 3 | ||||||||||||||||||
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses | ' | |||||||||||||||||||||||||||||
The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. | ||||||||||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||
Realized gains | $ | 15 | $ | 10 | ||||||||||||||||||||||||||
Realized losses | 5 | 7 | ||||||||||||||||||||||||||||
Proceeds from sale of securities | 463 | 344 | ||||||||||||||||||||||||||||
Accounting_for_Derivative_Inst1
Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Net notional volume buy/(sell) of NRG's open derivative transactions broken out by commodity | ' | |||||||||||||||||||||||
The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception as of September 30, 2014 and December 31, 2013. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date. | ||||||||||||||||||||||||
Total Volume | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Category | Units | (In millions) | ||||||||||||||||||||||
Emissions | Short Ton | 1 | — | |||||||||||||||||||||
Coal | Short Ton | 60 | 51 | |||||||||||||||||||||
Natural Gas | MMBtu | (150 | ) | (166 | ) | |||||||||||||||||||
Oil | Barrel | — | 1 | |||||||||||||||||||||
Power | MWh | (52 | ) | (27 | ) | |||||||||||||||||||
Interest | Dollars | $ | 3,459 | $ | 1,444 | |||||||||||||||||||
Equity | Shares | 2 | — | |||||||||||||||||||||
Fair value within the derivative instrument valuation on the balance sheets | ' | |||||||||||||||||||||||
The following table summarizes the fair value within the derivative instrument valuation on the balance sheets: | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 53 | $ | 35 | ||||||||||||||||
Interest rate contracts long-term | 8 | 14 | 66 | 29 | ||||||||||||||||||||
Commodity contracts current | — | — | — | 1 | ||||||||||||||||||||
Commodity contracts long-term | — | — | — | 1 | ||||||||||||||||||||
Total derivatives designated as cash flow hedges | 8 | 14 | 119 | 66 | ||||||||||||||||||||
Derivatives not designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts current | — | — | 6 | 4 | ||||||||||||||||||||
Interest rate contracts long-term | 2 | 6 | 7 | 1 | ||||||||||||||||||||
Commodity contracts current | 1,397 | 1,328 | 1,306 | 1,015 | ||||||||||||||||||||
Commodity contracts long-term | 415 | 291 | 253 | 164 | ||||||||||||||||||||
Equity contracts long-term | 2 | — | — | — | ||||||||||||||||||||
Total derivatives not designated as cash flow hedges | 1,816 | 1,625 | 1,572 | 1,184 | ||||||||||||||||||||
Total derivatives | $ | 1,824 | $ | 1,639 | $ | 1,691 | $ | 1,250 | ||||||||||||||||
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | ' | |||||||||||||||||||||||
The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities | Derivative Instruments | Cash Collateral (Held) / Posted | Net Amount | |||||||||||||||||||||
As of September 30, 2014 | (In millions) | |||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Derivative assets | $ | 1,812 | $ | (1,433 | ) | $ | (3 | ) | $ | 376 | ||||||||||||||
Derivative liabilities | (1,559 | ) | 1,433 | 15 | (111 | ) | ||||||||||||||||||
Total commodity contracts | 253 | — | 12 | 265 | ||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Derivative assets | 10 | (8 | ) | — | 2 | |||||||||||||||||||
Derivative liabilities | (132 | ) | 8 | — | (124 | ) | ||||||||||||||||||
Total interest rate contracts | (122 | ) | — | — | (122 | ) | ||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||
Derivative assets | 2 | — | — | 2 | ||||||||||||||||||||
Total derivative instruments | $ | 133 | $ | — | $ | 12 | $ | 145 | ||||||||||||||||
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, 2013 | (In millions) | |||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Derivative assets | $ | 1,619 | $ | (1,032 | ) | $ | (62 | ) | $ | 525 | ||||||||||||||
Derivative liabilities | (1,181 | ) | 1,032 | 18 | (131 | ) | ||||||||||||||||||
Total commodity contracts | 438 | — | (44 | ) | 394 | |||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Derivative assets | 20 | (12 | ) | — | 8 | |||||||||||||||||||
Derivative liabilities | (69 | ) | 12 | — | (57 | ) | ||||||||||||||||||
Total interest rate contracts | (49 | ) | — | — | (49 | ) | ||||||||||||||||||
Total derivative instruments | $ | 389 | $ | — | $ | (44 | ) | $ | 345 | |||||||||||||||
Effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax | ' | |||||||||||||||||||||||
The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax: | ||||||||||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||||||||
Energy Commodities | Interest Rate | Total | Energy Commodities | Interest Rate | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Accumulated OCI beginning balance | $ | (1 | ) | $ | (50 | ) | $ | (51 | ) | $ | (1 | ) | $ | (22 | ) | $ | (23 | ) | ||||||
Reclassified from accumulated OCI to income: | ||||||||||||||||||||||||
Due to realization of previously deferred amounts | — | 11 | 11 | — | 3 | 3 | ||||||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | — | (7 | ) | (7 | ) | — | (27 | ) | (27 | ) | ||||||||||||||
Accumulated OCI ending balance, net of $25 tax | $ | (1 | ) | $ | (46 | ) | $ | (47 | ) | $ | (1 | ) | $ | (46 | ) | $ | (47 | ) | ||||||
Losses expected to be realized from OCI during the next 12 months, net of $6 tax | $ | (1 | ) | $ | (10 | ) | $ | (11 | ) | $ | (1 | ) | $ | (10 | ) | $ | (11 | ) | ||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
Energy Commodities | Interest Rate | Total | Energy Commodities | Interest Rate | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Accumulated OCI beginning balance | $ | 24 | $ | (31 | ) | $ | (7 | ) | $ | 41 | $ | (72 | ) | $ | (31 | ) | ||||||||
Reclassified from accumulated OCI to income: | ||||||||||||||||||||||||
Due to realization of previously deferred amounts | (15 | ) | 2 | (13 | ) | (38 | ) | 6 | (32 | ) | ||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | 1 | (4 | ) | (3 | ) | 7 | 33 | 40 | ||||||||||||||||
Accumulated OCI ending balance, net of $13 tax | $ | 10 | $ | (33 | ) | $ | (23 | ) | $ | 10 | $ | (33 | ) | $ | (23 | ) | ||||||||
Gains/(losses) expected to be realized from OCI during the next 12 months, net of $1 tax | $ | 11 | $ | (9 | ) | $ | 2 | $ | 11 | $ | (9 | ) | $ | 2 | ||||||||||
Gains recognized in income from the ineffective portion of cash flow hedges | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||
Pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations | ' | |||||||||||||||||||||||
The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations. The effect of commodity hedges is included within operating revenues and cost of operations and the effect of interest rate hedges is included in interest expense. | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Unrealized mark-to-market results | (In millions) | |||||||||||||||||||||||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ | (1 | ) | $ | (48 | ) | $ | (3 | ) | $ | (80 | ) | ||||||||||||
Reversal of acquired gain positions related to economic hedges | (87 | ) | (82 | ) | (249 | ) | (269 | ) | ||||||||||||||||
Net unrealized gains/(losses) on open positions related to economic hedges | 162 | 76 | (61 | ) | 131 | |||||||||||||||||||
Gains on ineffectiveness associated with open positions treated as cash flow hedges | — | 1 | — | — | ||||||||||||||||||||
Total unrealized mark-to-market gains/(losses) for economic hedging activities | 74 | (53 | ) | (313 | ) | (218 | ) | |||||||||||||||||
Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity | (1 | ) | (13 | ) | 4 | (42 | ) | |||||||||||||||||
Reversal of acquired gain positions related to trading activity | (8 | ) | (2 | ) | (28 | ) | (2 | ) | ||||||||||||||||
Net unrealized gains on open positions related to trading activity | 15 | 26 | 45 | — | ||||||||||||||||||||
Total unrealized mark-to-market gains/(losses) for trading activity | 6 | 11 | 21 | (44 | ) | |||||||||||||||||||
Total unrealized gains/(losses) | $ | 80 | $ | (42 | ) | $ | (292 | ) | $ | (262 | ) | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Unrealized gains/(losses) included in operating revenues | $ | 159 | $ | (64 | ) | $ | (205 | ) | $ | (404 | ) | |||||||||||||
Unrealized (losses)/gains included in cost of operations | (79 | ) | 22 | (87 | ) | 142 | ||||||||||||||||||
Total impact to statement of operations — energy commodities | $ | 80 | $ | (42 | ) | $ | (292 | ) | $ | (262 | ) | |||||||||||||
Total impact to statement of operations — interest rate contracts | $ | 1 | $ | 4 | $ | (6 | ) | $ | 10 | |||||||||||||||
Debt_and_Capital_Leases_Debt_a
Debt and Capital Leases Debt and Capital Leases (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||||||
Long-term debt and capital leases | ' | ||||||||||||||||||||||||
Long-term debt and capital leases consisted of the following: | |||||||||||||||||||||||||
(In millions, except rates) | September 30, 2014 | December 31, 2013 | Current interest rate % (a) | ||||||||||||||||||||||
Recourse debt: | |||||||||||||||||||||||||
Senior notes, due 2018 | $ | 1,130 | $ | 1,130 | 7.625 | ||||||||||||||||||||
Senior notes, due 2019 | — | 800 | 7.625 | ||||||||||||||||||||||
Senior notes, due 2019 | — | 602 | 8.5 | ||||||||||||||||||||||
Senior notes, due 2020 | 1,063 | 1,062 | 8.25 | ||||||||||||||||||||||
Senior notes, due 2021 | 1,128 | 1,128 | 7.875 | ||||||||||||||||||||||
Senior notes, due 2022 | 1,100 | — | 6.25 | ||||||||||||||||||||||
Senior notes, due 2023 | 990 | 990 | 6.625 | ||||||||||||||||||||||
Senior notes, due 2024 | 1,000 | — | 6.25 | ||||||||||||||||||||||
Term loan facility, due 2018 | 1,987 | 2,002 | L+2.00 | ||||||||||||||||||||||
Tax-exempt bonds | 373 | 373 | 4.750 - 6.00 | ||||||||||||||||||||||
Subtotal NRG recourse debt | 8,771 | 8,087 | |||||||||||||||||||||||
Non-recourse debt: | |||||||||||||||||||||||||
GenOn senior notes | 2,146 | 2,183 | 7.875 - 9.875 | ||||||||||||||||||||||
GenOn Americas Generation senior notes | 931 | 938 | 8.500 - 9.125 | ||||||||||||||||||||||
Subtotal GenOn debt (non-recourse to NRG) | 3,077 | 3,121 | |||||||||||||||||||||||
NRG Yield Operating LLC Senior Notes, due 2024 | 500 | — | 5.375 | ||||||||||||||||||||||
NRG Yield Inc. Convertible Senior Notes, due 2019 | 325 | — | 3.5 | ||||||||||||||||||||||
NRG West Holdings LLC, due 2023 | 506 | 512 | L+2.25 - 2.875 | ||||||||||||||||||||||
NRG Marsh Landing, due 2017 and 2023 | 477 | 473 | L+1.75 - 1.875 | ||||||||||||||||||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 1,046 | — | 5.70-7.01 | ||||||||||||||||||||||
Alta Wind X, due 2020 | 300 | — | L+2.00 | ||||||||||||||||||||||
Alta Wind XI, due 2020 | 191 | — | L+2.00 | ||||||||||||||||||||||
NRG Solar Alpine LLC, due 2022 | 166 | 221 | L+2.50/L+1.75 | ||||||||||||||||||||||
NRG Energy Center Minneapolis LLC, due 2017 and 2025 | 122 | 127 | 5.95 - 7.25 | ||||||||||||||||||||||
NRG Yield - other | 450 | 450 | various | ||||||||||||||||||||||
Subtotal NRG Yield debt (non-recourse to NRG) | 4,083 | 1,783 | |||||||||||||||||||||||
Ivanpah Financing, due 2014, 2015, 2033 and 2038 | 1,591 | 1,575 | 0.437 - 4.256 | ||||||||||||||||||||||
Agua Caliente Solar LLC, due 2037 | 898 | 878 | 2.395 - 3.633 | ||||||||||||||||||||||
CVSR High Plains Ranch II LLC, due 2037 | 815 | 1,104 | 2.339 - 3.775 | ||||||||||||||||||||||
Walnut Creek, term loans due 2023 | 391 | — | L+2.25 | ||||||||||||||||||||||
Viento Funding II, Inc., due 2023 | 198 | — | L+2.75 | ||||||||||||||||||||||
Tapestry Wind LLC, due 2021 | 195 | — | L+2.50 | ||||||||||||||||||||||
NRG Peaker Finance Co. LLC, bonds due 2019 | 129 | 154 | L+1.07 | ||||||||||||||||||||||
Cedro Hill Wind LLC, due 2025 | 112 | — | L+3.125 | ||||||||||||||||||||||
NRG - other | 504 | 102 | various | ||||||||||||||||||||||
Subtotal NRG non-recourse debt | 4,833 | 3,813 | |||||||||||||||||||||||
Subtotal non-recourse debt (including GenOn and NRG Yield) | 11,993 | 8,717 | |||||||||||||||||||||||
Subtotal long-term debt (including current maturities) | 20,764 | 16,804 | |||||||||||||||||||||||
Capital leases: | |||||||||||||||||||||||||
Chalk Point capital lease, due 2015 | 6 | 10 | 8.19 | ||||||||||||||||||||||
Other | 3 | 3 | various | ||||||||||||||||||||||
Subtotal long-term debt and capital leases (including current maturities) | 20,773 | 16,817 | |||||||||||||||||||||||
Less current maturities | 854 | 1,050 | |||||||||||||||||||||||
Total long-term debt and capital leases | $ | 19,919 | $ | 15,767 | |||||||||||||||||||||
(a) As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. | |||||||||||||||||||||||||
Schedule of Project level debt assumed during acquisition [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the terms of the significant non-recourse project level debt assumed by the Company in the acquisitions of EME and the Alta Wind Assets: | |||||||||||||||||||||||||
Amount in millions, except rates | Term Loan Facility | Letter of Credit Facility | Bond/ Note Payable | ||||||||||||||||||||||
Non-Recourse Debt | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | ||||||||||||||||
EME project financings | |||||||||||||||||||||||||
Broken Bow Wind | $ | 49 | 3-Month LIBOR + 2.875% | 12/31/27 | $ | 10 | 2.88% | 12/21/22 | $ | — | — | — | |||||||||||||
Cedro Hill Wind | 112 | 3-Month LIBOR + 3.125% | 12/31/25 | 10 | 3.34% | 12/22/17 | — | — | — | ||||||||||||||||
Crofton Bluffs | 25 | 3-Month LIBOR + 2.875% | 12/31/27 | 3 | 2.88% | 12/14/22 | — | — | — | ||||||||||||||||
Laredo Ridge Wind | 67 | 3-Month LIBOR + 2.875% | 3/31/26 | 8 | 2.88% | 3/18/18 | — | — | — | ||||||||||||||||
Tapestry Wind | 195 | 3-Month LIBOR + 2.500% | 12/21/21 | 20 | 2.50% | 12/21/21 | — | — | — | ||||||||||||||||
Viento Funding II | 198 | 6-Month LIBOR + 2.750% | 7/11/23 | 27 | 2.75% | 7/11/20 | — | — | — | ||||||||||||||||
Walnut Creek Energy | 391 | 3-Month LIBOR + 2.250% | 5/31/23 | 48 | 2.00% | 5/17/23 | — | — | — | ||||||||||||||||
WCEP Holding LLC | 53 | 3-Month LIBOR + 4.000% | 5/31/23 | — | — | — | — | — | — | ||||||||||||||||
High Lonesome Mesa | — | — | — | 7 | 4.00% | 11/1/17 | 62 | 6.85% | 11/1/17 | ||||||||||||||||
Various | 11 | various | various | 14 | various | various | — | — | — | ||||||||||||||||
Subtotal EME | 1,101 | 147 | 62 | ||||||||||||||||||||||
Alta Wind project financings | |||||||||||||||||||||||||
Alta Realty | — | — | — | — | — | — | 34 | 7.00% | 1/31/31 | ||||||||||||||||
Alta Wind Asset Management | 20 | 3-Month LIBOR + 2.375% | 5/15/31 | — | — | — | — | — | — | ||||||||||||||||
Alta X | 300 | 3-Month LIBOR + 2.000% | 3/31/20 | 5 | 2.00% | 3/31/20 | — | — | — | ||||||||||||||||
Alta XI | 191 | 3-Month LIBOR + 2.000% | 3/31/20 | — | — | — | — | — | — | ||||||||||||||||
Subtotal Alta Wind | 511 | 5 | 34 | ||||||||||||||||||||||
Total | $ | 1,612 | $ | 152 | $ | 96 | |||||||||||||||||||
Schedule of Swaps Related to Project Level Debt [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the swaps related to EME and Alta Wind project level debt as of September 30, 2014. | |||||||||||||||||||||||||
Non-Recourse Debt | % of Principal | Fixed Interest Rate | Floating Interest Rate | Notional Amount at September 30, 2014 | Effective Date | Maturity Date | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
EME Project Financings | |||||||||||||||||||||||||
Broken Bow | 90% | 2.96% | 3-Month LIBOR | $ | 44 | December 31, 2013 | December 31, 2027 | ||||||||||||||||||
Cedro Hill | 90% | 4.29% | 3-Month LIBOR | 101 | December 31, 2010 | December 31, 2025 | |||||||||||||||||||
Crofton Bluffs | 90% | 2.75% | 3-Month LIBOR | 23 | December 31, 2013 | December 31, 2027 | |||||||||||||||||||
Laredo Ridge | 90% | 3.46% | 3-Month LIBOR | 60 | March 31, 2011 | March 31, 2026 | |||||||||||||||||||
Tapestry | 90% | 2.21% | 3-Month LIBOR | 175 | December 30, 2011 | December 21, 2021 | |||||||||||||||||||
Tapestry | 50% | 3.57% | 3-Month LIBOR | 60 | December 21, 2021 | December 21, 2029 | |||||||||||||||||||
Viento Funding II | 90% | various | 6-Month LIBOR | 179 | various | various | |||||||||||||||||||
Viento Funding II | 90% | 4.98% | 6-Month LIBOR | 65 | July 11, 2023 | June 30, 2028 | |||||||||||||||||||
Walnut Creek Energy | 90% | 3.54% | 3-Month LIBOR | 352 | 28-Jun-13 | 31-May-23 | |||||||||||||||||||
WCEP Holdings | 90% | 4.00% | 3-Month LIBOR | 47 | 28-Jun-13 | 31-May-23 | |||||||||||||||||||
Subtotal EME | 1,106 | ||||||||||||||||||||||||
Alta Wind Project Financings | |||||||||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 216 | December 31, 2013 | December 31, 2015 | |||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 84 | December 31, 2013 | December 31, 2025 | |||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 162 | December 31, 2015 | December 31, 2020 | |||||||||||||||||||
Alta X | 100% | various | 3-Month LIBOR | 103 | December 31, 2020 | December 31, 2025 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 138 | December 31, 2013 | December 31, 2015 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 53 | December 31, 2013 | December 31, 2025 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 103 | December 31, 2015 | December 31, 2020 | |||||||||||||||||||
Alta XI | 100% | various | 3-Month LIBOR | 65 | December 31, 2020 | December 31, 2025 | |||||||||||||||||||
AWAM | 100% | 2.47% | 3-Month LIBOR | 20 | May 22, 2013 | May 15, 2031 | |||||||||||||||||||
Subtotal Alta Wind | 944 | ||||||||||||||||||||||||
Total | $ | 2,050 | |||||||||||||||||||||||
Leasing Arrangement [Member] | ' | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Project level debt assumed during acquisition [Table Text Block] | ' | ||||||||||||||||||||||||
Amount in millions, except rates | Lease Financing Arrangement | Letter of Credit Facility | |||||||||||||||||||||||
Non-Recourse Debt | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | Amount Outstanding as of September 30, 2014 | Interest Rate | Maturity Date | |||||||||||||||||||
Alta Wind I | $ | 263 | 7.02% | 12/30/34 | $ | 16 | 3.25% | 1/5/16 | |||||||||||||||||
Alta Wind II | 207 | 5.70% | 12/30/34 | 25 | 2.75% | 12/31/17 | |||||||||||||||||||
Alta Wind III | 215 | 6.07% | 12/30/34 | 25 | 2.75% | 4/13/18 | |||||||||||||||||||
Alta Wind IV | 139 | 5.94% | 12/30/34 | 18 | 2.75% | 5/20/18 | |||||||||||||||||||
Alta Wind V | 222 | 6.07% | 6/30/35 | 28 | 2.75% | 6/13/18 | |||||||||||||||||||
Total | $ | 1,046 | $ | 112 | |||||||||||||||||||||
Variable_Interest_Entities_Sum
Variable Interest Entities Summarized Financial Information (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Condensed Financial Statements | ' | |||
Additional Financial Information Disclosure [Text Block] | ' | |||
The summarized financial information for Capistrano Wind Holdings consisted of the following: | ||||
(In millions) | September 30, 2014 | |||
Current assets | $ | 24 | ||
Net property, plant and equipment | 604 | |||
Other long-term assets | 146 | |||
Total assets | 774 | |||
Current liabilities | 32 | |||
Long-term debt | 186 | |||
Other long-term liabilities | 146 | |||
Total liabilities | 364 | |||
Noncontrolling interests | $ | 358 | ||
Changes_in_Capital_Structure_T
Changes in Capital Structure (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Changes in Capital Structure Disclosure [Abstract] | ' | |||||||||||
Changes in NRG's common shares issued and outstanding | ' | |||||||||||
The following table reflects the changes in NRG's common stock issued and outstanding: | ||||||||||||
Issued | Treasury | Outstanding | ||||||||||
Balance as of December 31, 2013 | 401,126,780 | (77,347,528 | ) | 323,779,252 | ||||||||
Shares issued under LTIPs | 1,407,434 | — | 1,407,434 | |||||||||
Shares issued under ESPP | — | 128,383 | 128,383 | |||||||||
Shares issued in connection with the EME acquisition | 12,671,977 | — | 12,671,977 | |||||||||
Balance as of September 30, 2014 | 415,206,191 | (77,219,145 | ) | 337,987,046 | ||||||||
Schedule of dividends paid | ' | |||||||||||
The following table lists the dividends paid during the nine months ended September 30, 2014: | ||||||||||||
Third Quarter 2014 | Second Quarter 2014 | First Quarter 2014 | ||||||||||
Dividends per Common Share | $ | 0.14 | $ | 0.14 | $ | 0.12 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of NRG's basic and diluted earnings per share | ' | |||||||||||||||
The reconciliation of NRG's basic and diluted earnings/(loss) per share is shown in the following table: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders | ||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 168 | $ | 119 | $ | 15 | $ | (89 | ) | |||||||
Dividends for preferred shares | 2 | 2 | 7 | 7 | ||||||||||||
Earnings/(loss) available for common stockholders | $ | 166 | $ | 117 | $ | 8 | $ | (96 | ) | |||||||
Weighted average number of common shares outstanding | 338 | 323 | 333 | 323 | ||||||||||||
Earnings/(loss) per weighted average common share — basic | $ | 0.49 | $ | 0.36 | $ | 0.02 | $ | (0.30 | ) | |||||||
Diluted earnings/(loss) per share attributable to NRG Energy, Inc. common stockholders | ||||||||||||||||
Weighted average number of common shares outstanding | 338 | 323 | 333 | 323 | ||||||||||||
Incremental shares attributable to the issuance of equity compensation (treasury stock method) | 5 | 4 | 5 | — | ||||||||||||
Total dilutive shares | 343 | 327 | 338 | 323 | ||||||||||||
Earnings/(loss) per weighted average common share — diluted | $ | 0.48 | $ | 0.36 | $ | 0.02 | $ | (0.30 | ) | |||||||
Summary of NRG's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share | ' | |||||||||||||||
The following table summarizes NRG’s outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted earnings/(loss) per share: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions of shares) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Equity compensation plans | 1 | 2 | 1 | 10 | ||||||||||||
Embedded derivative of 3.625% redeemable perpetual preferred stock | 16 | 16 | 16 | 16 | ||||||||||||
Total | 17 | 18 | 17 | 26 | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | ' | |||||||||||||||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Retail(a) | Gulf Coast(a) | East(a) | West(a) | Renewables(a) | NRG Yield | Corporate(a) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 2,329 | $ | 1,035 | $ | 1,255 | $ | 212 | $ | 154 | $ | 161 | $ | 96 | $ | (673 | ) | $ | 4,569 | |||||||||||||||||
Depreciation and amortization | 32 | 151 | 65 | 18 | 64 | 34 | 11 | — | 375 | |||||||||||||||||||||||||||
Impairment losses | — | — | 60 | — | 10 | — | — | — | 70 | |||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | — | — | 15 | (1 | ) | 11 | (3 | ) | (4 | ) | 18 | ||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (13 | ) | — | (13 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 88 | 147 | 223 | 76 | (22 | ) | 41 | (225 | ) | (57 | ) | 271 | ||||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | 88 | 147 | 223 | 76 | (34 | ) | 25 | (310 | ) | (47 | ) | 168 | ||||||||||||||||||||||||
Total assets as of September 30, 2014 | $ | 5,996 | $ | 14,658 | $ | 10,347 | $ | 2,306 | $ | 8,200 | $ | 5,899 | $ | 29,752 | $ | (37,089 | ) | $ | 40,069 | |||||||||||||||||
(a) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 1 | $ | 626 | $ | (28 | ) | $ | 30 | $ | (5 | ) | $ | — | $ | 49 | ||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Retail(b) | Gulf Coast(b) | East(b) | West(b) | Renewables(b) | NRG Yield | Corporate(b) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 1,994 | $ | 1,125 | $ | 1,011 | $ | 109 | $ | 74 | $ | 126 | $ | 66 | $ | (1,015 | ) | $ | 3,490 | |||||||||||||||||
Depreciation and amortization | 37 | 141 | 87 | 12 | 24 | 18 | 8 | — | 327 | |||||||||||||||||||||||||||
Equity in earnings/(loss) of unconsolidated affiliates | — | 1 | — | (10 | ) | 2 | 12 | — | (10 | ) | (5 | ) | ||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
(Loss)/income before income taxes | (56 | ) | 282 | 241 | 22 | 9 | 54 | (202 | ) | (52 | ) | 298 | ||||||||||||||||||||||||
Net (loss)/income attributable to NRG Energy, Inc. | $ | (56 | ) | $ | 282 | $ | 241 | $ | 22 | $ | (7 | ) | $ | 40 | $ | (365 | ) | $ | (38 | ) | $ | 119 | ||||||||||||||
(b) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 2 | $ | 932 | $ | 29 | $ | 1 | $ | 16 | $ | — | $ | 35 | ||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Retail(c) | Gulf Coast(c) | East(c) | West(c) | Renewables(c) | NRG Yield | Corporate(c) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 5,734 | $ | 2,512 | $ | 3,536 | $ | 487 | $ | 368 | $ | 435 | $ | 194 | $ | (1,590 | ) | $ | 11,676 | |||||||||||||||||
Depreciation and amortization | 98 | 438 | 205 | 57 | 170 | 94 | 34 | — | 1,096 | |||||||||||||||||||||||||||
Impairment losses | — | — | 60 | — | 10 | — | — | — | 70 | |||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | 1 | — | 29 | (7 | ) | 26 | 1 | (11 | ) | 39 | |||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (94 | ) | — | (94 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 268 | (56 | ) | 448 | 117 | (86 | ) | 106 | (751 | ) | (79 | ) | (33 | ) | ||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 267 | $ | (56 | ) | $ | 448 | $ | 117 | $ | (101 | ) | $ | 75 | $ | (682 | ) | $ | (53 | ) | $ | 15 | ||||||||||||||
(c) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 5 | $ | 1,459 | $ | 2 | $ | 30 | $ | 5 | $ | — | $ | 89 | ||||||||||||||||||||||
(In millions) | Conventional Power Generation | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | Retail(d) | Gulf Coast(d) | East(d) | West(d) | Renewables(d) | NRG Yield | Corporate(d) | Elimination | Total | |||||||||||||||||||||||||||
Operating revenues | $ | 4,760 | $ | 2,368 | $ | 2,432 | $ | 322 | $ | 163 | $ | 261 | $ | 123 | $ | (1,929 | ) | $ | 8,500 | |||||||||||||||||
Depreciation and amortization | 105 | 414 | 260 | 37 | 72 | 38 | 21 | — | 947 | |||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | — | 3 | — | (8 | ) | 3 | 18 | — | (10 | ) | 6 | |||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | (50 | ) | — | (50 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 231 | 31 | 216 | 54 | (19 | ) | 100 | (672 | ) | (58 | ) | (117 | ) | |||||||||||||||||||||||
Net income/(loss) attributable to NRG Energy, Inc. | $ | 231 | $ | 31 | $ | 216 | $ | 54 | $ | (45 | ) | $ | 86 | $ | (620 | ) | $ | (42 | ) | $ | (89 | ) | ||||||||||||||
(d) Operating revenues include inter-segment sales and net derivative gains and losses of: | $ | 4 | $ | 1,769 | $ | 87 | $ | 4 | $ | 16 | $ | — | $ | 49 | ||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||
The income tax provision consisted of the following: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions except otherwise noted) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income/(loss) before income taxes | $ | 271 | $ | 298 | $ | (33 | ) | $ | (117 | ) | ||||||
Income tax expense/(benefit) | 89 | 160 | (68 | ) | (55 | ) | ||||||||||
Effective tax rate | 32.8 | % | 53.7 | % | 206.1 | % | 47 | % |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 3,216 | $ | 1,375 | $ | — | $ | (22 | ) | $ | 4,569 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 2,506 | 761 | (5 | ) | 16 | 3,278 | ||||||||||||||
Depreciation and amortization | 216 | 154 | 5 | — | 375 | |||||||||||||||
Impairment losses | — | 70 | — | — | 70 | |||||||||||||||
Selling, general and administrative | 110 | 82 | 66 | — | 258 | |||||||||||||||
Acquisition-related transaction and integration costs | 1 | 4 | 12 | — | 17 | |||||||||||||||
Development activity expenses | — | 8 | 14 | — | 22 | |||||||||||||||
Total operating costs and expenses | 2,833 | 1,079 | 92 | 16 | 4,020 | |||||||||||||||
Operating Income/(Loss) | 383 | 296 | (92 | ) | (38 | ) | 549 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 186 | 15 | 319 | (520 | ) | — | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | 19 | — | (4 | ) | 18 | ||||||||||||||
Other income/(loss), net | 1 | 1 | (19 | ) | 14 | (3 | ) | |||||||||||||
Loss on debt extinguishment | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Interest expense | (4 | ) | (132 | ) | (143 | ) | (1 | ) | (280 | ) | ||||||||||
Total other income/(expense) | 186 | (97 | ) | 144 | (511 | ) | (278 | ) | ||||||||||||
Income Before Income Taxes | 569 | 199 | 52 | (549 | ) | 271 | ||||||||||||||
Income tax expense/(benefit) | 169 | 42 | (122 | ) | — | 89 | ||||||||||||||
Net Income | 400 | 157 | 174 | (549 | ) | 182 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 37 | 6 | (29 | ) | 14 | ||||||||||||||
Net Income attributable to | $ | 400 | $ | 120 | $ | 168 | $ | (520 | ) | $ | 168 | |||||||||
NRG Energy, Inc. | ||||||||||||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 8,009 | $ | 3,755 | $ | — | $ | (88 | ) | $ | 11,676 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 6,347 | 2,497 | 2 | (18 | ) | 8,828 | ||||||||||||||
Depreciation and amortization | 625 | 458 | 13 | — | 1,096 | |||||||||||||||
Impairment losses | — | 70 | — | — | 70 | |||||||||||||||
Selling, general and administrative | 321 | 221 | 210 | — | 752 | |||||||||||||||
Acquisition-related transaction and integration costs | 1 | 12 | 56 | — | 69 | |||||||||||||||
Development activity expenses | — | 25 | 37 | — | 62 | |||||||||||||||
Total operating costs and expenses | 7,294 | 3,283 | 318 | (18 | ) | 10,877 | ||||||||||||||
Gain on sale of assets | — | 19 | — | — | 19 | |||||||||||||||
Operating Income/(Loss) | 715 | 491 | (318 | ) | (70 | ) | 818 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 287 | 9 | 499 | (795 | ) | — | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 13 | 37 | — | (11 | ) | 39 | ||||||||||||||
Other income/(loss), net | 5 | 9 | (14 | ) | 13 | 13 | ||||||||||||||
Loss on debt extinguishment | — | (9 | ) | (85 | ) | — | (94 | ) | ||||||||||||
Interest expense | (15 | ) | (359 | ) | (435 | ) | (809 | ) | ||||||||||||
Total other income/(expense) | 290 | (313 | ) | (35 | ) | (793 | ) | (851 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 1,005 | 178 | (353 | ) | (863 | ) | (33 | ) | ||||||||||||
Income tax expense/(benefit) | 279 | 36 | (383 | ) | — | (68 | ) | |||||||||||||
Net Income | 726 | 142 | 30 | (863 | ) | 35 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 73 | 15 | (68 | ) | 20 | ||||||||||||||
Net Income attributable to | $ | 726 | $ | 69 | $ | 15 | $ | (795 | ) | $ | 15 | |||||||||
NRG Energy, Inc. | ||||||||||||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 2,463 | $ | 1,015 | $ | — | $ | 12 | $ | 3,490 | ||||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 1,769 | 579 | (6 | ) | 31 | 2,373 | ||||||||||||||
Depreciation and amortization | 214 | 110 | 3 | — | 327 | |||||||||||||||
Selling, general and administrative | 115 | 55 | 37 | 6 | 213 | |||||||||||||||
Acquisition-related transaction and integration costs | — | 14 | 12 | — | 26 | |||||||||||||||
Development activity expenses | — | 12 | 12 | — | 24 | |||||||||||||||
Total operating costs and expenses | 2,098 | 770 | 58 | 37 | 2,963 | |||||||||||||||
Operating Income/(Loss) | 365 | 245 | (58 | ) | (25 | ) | 527 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(losses) of consolidated subsidiaries | 29 | (10 | ) | 291 | (310 | ) | — | |||||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | (10 | ) | 10 | — | (5 | ) | (5 | ) | ||||||||||||
Other income, net | 3 | 5 | 1 | (4 | ) | 5 | ||||||||||||||
Loss on debt extinguishment | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Interest expense | (7 | ) | (87 | ) | (137 | ) | 3 | (228 | ) | |||||||||||
Total other income/(expense) | 15 | (83 | ) | 155 | (316 | ) | (229 | ) | ||||||||||||
Income Before Income Taxes | 380 | 162 | 97 | (341 | ) | 298 | ||||||||||||||
Income tax expense/(benefit) | 126 | 64 | (30 | ) | — | 160 | ||||||||||||||
Net Income | 254 | 98 | 127 | (341 | ) | 138 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 43 | 8 | (32 | ) | 19 | ||||||||||||||
Net Income attributable to NRG Energy, Inc. | $ | 254 | $ | 55 | $ | 119 | $ | (309 | ) | $ | 119 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ | 6,224 | $ | 2,390 | $ | — | $ | (114 | ) | $ | 8,500 | |||||||||
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 4,674 | 1,586 | 1 | (84 | ) | 6,177 | ||||||||||||||
Depreciation and amortization | 625 | 313 | 9 | — | 947 | |||||||||||||||
Selling, general and administrative | 340 | 173 | 162 | (5 | ) | 670 | ||||||||||||||
Acquisition-related transaction and integration costs | — | 55 | 40 | — | 95 | |||||||||||||||
Development activity expenses | — | 25 | 38 | — | 63 | |||||||||||||||
Total operating costs and expenses | 5,639 | 2,152 | 250 | (89 | ) | 7,952 | ||||||||||||||
Operating Income/(Loss) | 585 | 238 | (250 | ) | (25 | ) | 548 | |||||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Equity in earnings/(losses) of consolidated subsidiaries | 50 | (14 | ) | 335 | (371 | ) | — | |||||||||||||
Equity in (losses)/earnings of unconsolidated affiliates | (8 | ) | 16 | — | (2 | ) | 6 | |||||||||||||
Other income, net | 5 | 5 | 3 | (4 | ) | 9 | ||||||||||||||
Loss on debt extinguishment | — | (12 | ) | (38 | ) | — | (50 | ) | ||||||||||||
Interest expense | (17 | ) | (228 | ) | (388 | ) | 3 | (630 | ) | |||||||||||
Total other income/(expense) | 30 | (233 | ) | (88 | ) | (374 | ) | (665 | ) | |||||||||||
Income/(Loss) Before Income Taxes | 615 | 5 | (338 | ) | (399 | ) | (117 | ) | ||||||||||||
Income tax expense/(benefit) | 212 | (10 | ) | (257 | ) | — | (55 | ) | ||||||||||||
Net Income/(Loss) | 403 | 15 | (81 | ) | (399 | ) | (62 | ) | ||||||||||||
Less: Net income attributable to noncontrolling interest | — | 48 | 8 | (29 | ) | 27 | ||||||||||||||
Net Income/(Loss) attributable to NRG Energy, Inc. | $ | 403 | $ | (33 | ) | $ | (89 | ) | $ | (370 | ) | $ | (89 | ) | ||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income/(Loss) | ' | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income | $ | 400 | $ | 157 | $ | 174 | $ | (549 | ) | $ | 182 | |||||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (7 | ) | 2 | 3 | 6 | 4 | ||||||||||||||
Foreign currency translation adjustments, net | — | (9 | ) | 3 | — | (6 | ) | |||||||||||||
Available-for-sale securities, net | — | (21 | ) | 19 | — | (2 | ) | |||||||||||||
Defined benefit plan, net | — | 55 | (58 | ) | — | (3 | ) | |||||||||||||
Other comprehensive (loss)/income | (7 | ) | 27 | (33 | ) | 6 | (7 | ) | ||||||||||||
Comprehensive income | 393 | 184 | 141 | (543 | ) | 175 | ||||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest | — | 17 | (17 | ) | 17 | 17 | ||||||||||||||
Comprehensive income attributable to NRG Energy, Inc. | 393 | 167 | 158 | (560 | ) | 158 | ||||||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive income available for common stockholders | $ | 393 | $ | 167 | $ | 156 | $ | (560 | ) | $ | 156 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income | $ | 726 | $ | 142 | $ | 30 | $ | (863 | ) | $ | 35 | |||||||||
Other comprehensive income/(loss), net of tax | ||||||||||||||||||||
Unrealized gain/(loss) on derivatives, net | 1 | (24 | ) | — | (1 | ) | (24 | ) | ||||||||||||
Foreign currency translation adjustments, net | — | (4 | ) | 1 | — | (3 | ) | |||||||||||||
Available-for-sale securities, net | — | 3 | (1 | ) | — | 2 | ||||||||||||||
Defined benefit plan, net | — | 42 | (33 | ) | — | 9 | ||||||||||||||
Other comprehensive income/(loss) | 1 | 17 | (33 | ) | (1 | ) | (16 | ) | ||||||||||||
Comprehensive income/(loss) | 727 | 159 | (3 | ) | (864 | ) | 19 | |||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interest | — | 10 | (8 | ) | 12 | 14 | ||||||||||||||
Comprehensive income attributable to NRG Energy, Inc. | 727 | 149 | 5 | (876 | ) | 5 | ||||||||||||||
Dividends for preferred shares | — | — | 7 | — | 7 | |||||||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 727 | $ | 149 | $ | (2 | ) | $ | (876 | ) | $ | (2 | ) | |||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income | $ | 254 | $ | 98 | $ | 127 | $ | (341 | ) | $ | 138 | |||||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (13 | ) | (8 | ) | 17 | (12 | ) | (16 | ) | |||||||||||
Foreign currency translation adjustments, net | — | 4 | 1 | — | 5 | |||||||||||||||
Other comprehensive (loss)/income | (13 | ) | (4 | ) | 18 | (12 | ) | (11 | ) | |||||||||||
Comprehensive income | 241 | 94 | 145 | (353 | ) | 127 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | 29 | 9 | (20 | ) | 18 | ||||||||||||||
Comprehensive income attributable to NRG Energy, Inc. | 241 | 65 | 136 | (333 | ) | 109 | ||||||||||||||
Dividends for preferred shares | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive income available for common stockholders | $ | 241 | $ | 65 | $ | 134 | $ | (333 | ) | $ | 107 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Income/(Loss) | $ | 403 | $ | 15 | $ | (81 | ) | $ | (399 | ) | $ | (62 | ) | |||||||
Other comprehensive (loss)/income, net of tax | ||||||||||||||||||||
Unrealized (loss)/gain on derivatives, net | (54 | ) | 41 | 9 | 12 | 8 | ||||||||||||||
Foreign currency translation adjustments, net | — | (11 | ) | (3 | ) | — | (14 | ) | ||||||||||||
Available-for-sale securities, net | — | — | 2 | — | 2 | |||||||||||||||
Defined benefit plan | — | 25 | — | — | 25 | |||||||||||||||
Other comprehensive (loss)/income | (54 | ) | 55 | 8 | 12 | 21 | ||||||||||||||
Comprehensive income/(loss) | 349 | 70 | (73 | ) | (387 | ) | (41 | ) | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | 39 | 9 | (22 | ) | 26 | ||||||||||||||
Comprehensive income/(loss) attributable to NRG Energy, Inc. | 349 | 31 | (82 | ) | (365 | ) | (67 | ) | ||||||||||||
Dividends for preferred shares | — | — | 7 | — | 7 | |||||||||||||||
Comprehensive income/(loss) available for common stockholders | $ | 349 | $ | 31 | $ | (89 | ) | $ | (365 | ) | $ | (74 | ) | |||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 18 | $ | 1,624 | $ | 311 | $ | — | $ | 1,953 | ||||||||||
Funds deposited by counterparties | — | 3 | — | — | 3 | |||||||||||||||
Restricted cash | 12 | 326 | 1 | — | 339 | |||||||||||||||
Accounts receivable, net | 1,257 | 297 | — | — | 1,554 | |||||||||||||||
Inventory | 463 | 588 | — | — | 1,051 | |||||||||||||||
Derivative instruments | 876 | 690 | — | (169 | ) | 1,397 | ||||||||||||||
Cash collateral paid in support of energy risk management activities | 173 | 202 | — | — | 375 | |||||||||||||||
Accounts receivable - affiliate | 6,808 | 960 | (5,313 | ) | (2,447 | ) | 8 | |||||||||||||
Deferred income taxes | — | 93 | (14 | ) | — | 79 | ||||||||||||||
Renewable energy grant receivable | — | 614 | — | — | 614 | |||||||||||||||
Current assets held-for-sale | — | 32 | — | — | 32 | |||||||||||||||
Prepayments and other current assets | 97 | 331 | 39 | — | 467 | |||||||||||||||
Total current assets | 9,704 | 5,760 | (4,976 | ) | (2,616 | ) | 7,872 | |||||||||||||
Net property, plant and equipment | 8,736 | 13,314 | 156 | (25 | ) | 22,181 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 478 | 431 | 22,399 | (23,308 | ) | — | ||||||||||||||
Equity investments in affiliates | (18 | ) | 919 | — | (104 | ) | 797 | |||||||||||||
Notes receivable, less current portion | — | 69 | 42 | (31 | ) | 80 | ||||||||||||||
Goodwill | 2,065 | 387 | — | — | 2,452 | |||||||||||||||
Intangible assets, net | 932 | 1,952 | 4 | (8 | ) | 2,880 | ||||||||||||||
Nuclear decommissioning trust fund | 569 | — | — | — | 569 | |||||||||||||||
Derivative instruments | 221 | 252 | 2 | (48 | ) | 427 | ||||||||||||||
Deferred income tax | — | 468 | 1,008 | — | 1,476 | |||||||||||||||
Non-current assets held-for-sale | — | 54 | — | — | 54 | |||||||||||||||
Other non-current assets | 102 | 610 | 569 | — | 1,281 | |||||||||||||||
Total other assets | 4,349 | 5,142 | 24,024 | (23,499 | ) | 10,016 | ||||||||||||||
Total Assets | $ | 22,789 | $ | 24,216 | $ | 19,204 | $ | (26,140 | ) | $ | 40,069 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 2 | $ | 833 | $ | 50 | $ | (31 | ) | $ | 854 | |||||||||
Accounts payable | 772 | 299 | 27 | — | 1,098 | |||||||||||||||
Accounts payable — affiliate | 1,105 | 1,789 | (447 | ) | (2,447 | ) | — | |||||||||||||
Derivative instruments | 847 | 687 | — | (169 | ) | 1,365 | ||||||||||||||
Cash collateral received in support of energy risk management activities | — | 3 | — | — | 3 | |||||||||||||||
Deferred income taxes | 6 | — | (6 | ) | — | — | ||||||||||||||
Current liabilities held-for-sale | — | 23 | — | — | 23 | |||||||||||||||
Accrued expenses and other current liabilities | 310 | 580 | 310 | — | 1,200 | |||||||||||||||
Total current liabilities | 3,042 | 4,214 | (66 | ) | (2,647 | ) | 4,543 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 316 | 11,189 | 8,414 | — | 19,919 | |||||||||||||||
Nuclear decommissioning reserve | 306 | — | — | — | 306 | |||||||||||||||
Nuclear decommissioning trust liability | 323 | — | — | — | 323 | |||||||||||||||
Deferred income taxes | 1,299 | (1,039 | ) | (236 | ) | — | 24 | |||||||||||||
Derivative instruments | 218 | 156 | — | (48 | ) | 326 | ||||||||||||||
Out-of-market contracts | 115 | 1,130 | — | — | 1,245 | |||||||||||||||
Non-current liabilities held-for-sale | — | 31 | — | — | 31 | |||||||||||||||
Other non-current liabilities | 419 | 659 | 307 | — | 1,385 | |||||||||||||||
Total non-current liabilities | 2,996 | 12,126 | 8,485 | (48 | ) | 23,559 | ||||||||||||||
Total liabilities | 6,038 | 16,340 | 8,419 | (2,695 | ) | 28,102 | ||||||||||||||
3.625% convertible perpetual preferred stock | — | — | 249 | — | 249 | |||||||||||||||
Redeemable noncontrolling interest in subsidiaries | — | 28 | — | — | 28 | |||||||||||||||
Stockholders’ Equity | 16,751 | 7,848 | 10,536 | (23,445 | ) | 11,690 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 22,789 | $ | 24,216 | $ | 19,204 | $ | (26,140 | ) | $ | 40,069 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 56 | $ | 870 | $ | 1,328 | $ | — | $ | 2,254 | ||||||||||
Funds deposited by counterparties | 7 | 56 | — | — | 63 | |||||||||||||||
Restricted cash | 12 | 252 | 4 | — | 268 | |||||||||||||||
Accounts receivable, net | 965 | 249 | — | — | 1,214 | |||||||||||||||
Inventory | 436 | 462 | — | — | 898 | |||||||||||||||
Derivative instruments | 866 | 470 | — | (8 | ) | 1,328 | ||||||||||||||
Accounts receivable - affiliate | 4,584 | 132 | (3,834 | ) | (874 | ) | 8 | |||||||||||||
Deferred income taxes | — | 41 | 217 | — | 258 | |||||||||||||||
Cash collateral paid in support of energy risk management activities | 214 | 62 | — | — | 276 | |||||||||||||||
Renewable energy grant receivable | — | 539 | — | — | 539 | |||||||||||||||
Current assets held-for-sale | — | 19 | — | — | 19 | |||||||||||||||
Prepayments and other current assets | 194 | 228 | 32 | 17 | 471 | |||||||||||||||
Total current assets | 7,334 | 3,380 | (2,253 | ) | (865 | ) | 7,596 | |||||||||||||
Net Property, Plant and Equipment | 9,116 | 10,604 | 153 | (22 | ) | 19,851 | ||||||||||||||
Other Assets | ||||||||||||||||||||
Investment in subsidiaries | 32 | 422 | 18,266 | (18,720 | ) | — | ||||||||||||||
Equity investments in affiliates | (30 | ) | 583 | — | (100 | ) | 453 | |||||||||||||
Capital leases and notes receivable, less current portion | — | 62 | 105 | (94 | ) | 73 | ||||||||||||||
Goodwill | 1,973 | 12 | — | — | 1,985 | |||||||||||||||
Intangible assets, net | 925 | 232 | 4 | (21 | ) | 1,140 | ||||||||||||||
Nuclear decommissioning trust fund | 551 | — | — | — | 551 | |||||||||||||||
Deferred income taxes | 681 | 521 | — | 1,202 | ||||||||||||||||
Derivative instruments | 110 | 202 | — | (1 | ) | 311 | ||||||||||||||
Other non-current assets | 76 | 281 | 383 | — | 740 | |||||||||||||||
Total other assets | 3,637 | 2,475 | 19,279 | (18,936 | ) | 6,455 | ||||||||||||||
Total Assets | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt and capital leases | $ | 1 | $ | 1,029 | $ | 20 | $ | — | $ | 1,050 | ||||||||||
Accounts payable | 652 | 352 | 34 | — | 1,038 | |||||||||||||||
Accounts payable — affiliate | 1,350 | 760 | (1,253 | ) | (857 | ) | — | |||||||||||||
Derivative instruments | 859 | 204 | — | (8 | ) | 1,055 | ||||||||||||||
Cash collateral received in support of energy risk management activities | 6 | 57 | — | — | 63 | |||||||||||||||
Accrued expenses and other current liabilities | 297 | 410 | 291 | — | 998 | |||||||||||||||
Total current liabilities | 3,165 | 2,812 | (908 | ) | (865 | ) | 4,204 | |||||||||||||
Other Liabilities | ||||||||||||||||||||
Long-term debt and capital leases | 317 | 7,837 | 7,707 | (94 | ) | 15,767 | ||||||||||||||
Nuclear decommissioning reserve | 294 | — | — | — | 294 | |||||||||||||||
Nuclear decommissioning trust liability | 324 | — | — | — | 324 | |||||||||||||||
Deferred income taxes | 1,024 | (1,002 | ) | — | — | 22 | ||||||||||||||
Derivative instruments | 147 | 49 | — | (1 | ) | 195 | ||||||||||||||
Out-of-market contracts | 127 | 1,050 | — | — | 1,177 | |||||||||||||||
Other non-current liabilities | 412 | 615 | 174 | — | 1,201 | |||||||||||||||
Total non-current liabilities | 2,645 | 8,549 | 7,881 | (95 | ) | 18,980 | ||||||||||||||
Total liabilities | 5,810 | 11,361 | 6,973 | (960 | ) | 23,184 | ||||||||||||||
3.625% Preferred Stock | — | — | 249 | — | 249 | |||||||||||||||
Redeemable noncontrolling interest in subsidiaries | — | 2 | — | — | 2 | |||||||||||||||
Stockholders’ Equity | 14,277 | 5,096 | 9,957 | (18,863 | ) | 10,467 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 20,087 | $ | 16,459 | $ | 17,179 | $ | (19,823 | ) | $ | 33,902 | |||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | $ | 1,378 | $ | (77 | ) | $ | (2,019 | ) | $ | 1,832 | $ | 1,114 | ||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
(Payments for)/proceeds from intercompany loans to subsidiaries | (1,382 | ) | (450 | ) | 1,832 | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (25 | ) | (2,807 | ) | — | (2,832 | ) | ||||||||||||
Capital expenditures | (16 | ) | (180 | ) | (479 | ) | — | (675 | ) | |||||||||||
Increase in restricted cash, net | (52 | ) | — | (52 | ) | |||||||||||||||
Decrease/(increase) in restricted cash — U.S. DOE projects | — | 24 | (3 | ) | — | 21 | ||||||||||||||
Decrease in notes receivable | — | 21 | — | — | 21 | |||||||||||||||
Investments in nuclear decommissioning trust fund securities | (475 | ) | — | — | — | (475 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 463 | — | — | — | 463 | |||||||||||||||
Proceeds from renewable energy grants | — | 431 | — | — | 431 | |||||||||||||||
Proceeds from sale of assets, net of cash disposed of | — | — | 153 | — | 153 | |||||||||||||||
Cash proceeds to fund cash grant bridge loan payment | — | 57 | — | — | 57 | |||||||||||||||
Other | (6 | ) | (16 | ) | (48 | ) | — | (70 | ) | |||||||||||
Net Cash Used by Investing Activities | (1,416 | ) | (190 | ) | (1,352 | ) | — | (2,958 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from/(payments for) intercompany loans | — | — | 1,832 | (1,832 | ) | — | ||||||||||||||
Payment of dividends to common and preferred stockholders | — | — | (140 | ) | — | (140 | ) | |||||||||||||
Net payments for settlement of acquired derivatives that include financing elements | — | (64 | ) | — | — | (64 | ) | |||||||||||||
Contributions from noncontrolling interest in subsidiaries | — | 639 | — | — | 639 | |||||||||||||||
Proceeds from issuance of long-term debt | — | 1,121 | 3,335 | — | 4,456 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 15 | — | 15 | |||||||||||||||
Payment of debt issuance and hedging costs | — | (28 | ) | (29 | ) | — | (57 | ) | ||||||||||||
Payments for short and long-term debt | — | (649 | ) | (2,659 | ) | — | (3,308 | ) | ||||||||||||
Net Cash Provided by Financing Activities | — | 1,019 | 2,354 | (1,832 | ) | 1,541 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 2 | — | — | 2 | |||||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (38 | ) | 754 | (1,017 | ) | — | (301 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 56 | 870 | 1,328 | — | 2,254 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 18 | $ | 1,624 | $ | 311 | $ | — | $ | 1,953 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||||||||
NRG ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Energy, Inc. | Eliminations(a) | Consolidated Balance | ||||||||||||||||
(Note Issuer) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net Cash Provided/(Used) by Operating Activities | $ | 1,334 | $ | 135 | $ | (1,800 | ) | $ | 1,154 | $ | 823 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany loans to subsidiaries | (1,158 | ) | 4 | 1,154 | — | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | (59 | ) | (315 | ) | — | (374 | ) | ||||||||||||
Capital expenditures | (154 | ) | (1,388 | ) | (39 | ) | — | (1,581 | ) | |||||||||||
(Increase)/decrease in restricted cash, net | (7 | ) | (61 | ) | 1 | — | (67 | ) | ||||||||||||
Increase in restricted cash — U.S. DOE projects | — | (18 | ) | (2 | ) | — | (20 | ) | ||||||||||||
Decrease/(increase) in notes receivable | 2 | (16 | ) | (8 | ) | — | (22 | ) | ||||||||||||
Investments in nuclear decommissioning trust fund securities | (369 | ) | — | — | — | (369 | ) | |||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 344 | — | — | — | 344 | |||||||||||||||
Proceeds from renewable energy grants | — | 52 | — | — | 52 | |||||||||||||||
Proceeds from sale of assets | 13 | — | — | — | 13 | |||||||||||||||
Other | 7 | (1 | ) | (13 | ) | — | (7 | ) | ||||||||||||
Net Cash (Used)/Provided by Investing Activities | (1,322 | ) | (1,487 | ) | 778 | — | (2,031 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from intercompany loans | — | — | 1,154 | (1,154 | ) | — | ||||||||||||||
Payment of dividends to preferred stockholders | — | — | (113 | ) | — | (113 | ) | |||||||||||||
Payment for treasury stock | — | — | (25 | ) | — | (25 | ) | |||||||||||||
Net (payment for)/receipts from settlement of acquired derivatives that include financing elements | (67 | ) | 244 | — | — | 177 | ||||||||||||||
Proceeds from issuance of long-term debt | — | 1,120 | 485 | — | 1,605 | |||||||||||||||
Proceeds from issuance of common stock | — | — | 14 | — | 14 | |||||||||||||||
Sale proceeds and other contributions from noncontrolling interest in subsidiaries | — | 504 | — | — | 504 | |||||||||||||||
Payment of debt issuance costs | — | (9 | ) | (34 | ) | — | (43 | ) | ||||||||||||
Payments for short and long-term debt | — | (654 | ) | (214 | ) | — | (868 | ) | ||||||||||||
Net Cash (Used)/Provided by Financing Activities | (67 | ) | 1,205 | 1,267 | (1,154 | ) | 1,251 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (55 | ) | (148 | ) | 245 | — | 42 | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 78 | 1,258 | 751 | — | 2,087 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 23 | $ | 1,110 | $ | 996 | $ | — | $ | 2,129 | ||||||||||
(a) | All significant intercompany transactions have been eliminated in consolidation. |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) | Sep. 30, 2014 |
MW | |
Basis of Presentation | ' |
Power Generation Capacity, Megawatts | 53,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jul. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Capital expenditures accrued and unpaid | ' | ' | ' | $148 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | 1,752 | ' | 1,752 | ' | 865 |
Non-cash adjustment to non-controlling interest | ' | ' | ' | -75 | ' | ' |
Noncontrolling Interest Increase From Contributions From Noncontrolling Interest Holders | ' | ' | ' | 20 | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | ' | ' | ' | -37 | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | ' | 17 | 18 | 14 | 26 | ' |
Sale of Stock, Percentage of Ownership after Transaction | 55.30% | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | 70 | 0 | 70 | 0 | ' |
Edison Mission Energy [Member] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Business Combination | ' | ' | ' | 353 | ' | ' |
NRG Yield, Inc. | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Sale of Assets Under Common Control | ' | ' | ' | -41 | ' | ' |
Non-cash adjustment for issuance of convertible debt | ' | ' | ' | 23 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ' | ' | ' | 630 | ' | ' |
Sabine CoGen, LP [Member] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of Ownership | ' | 50.00% | ' | 50.00% | ' | ' |
American Bituminous [Member] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of Ownership | ' | 50.00% | ' | 50.00% | ' | ' |
Osceola facility [Member] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | 60 | ' | ' | ' | ' |
Other Property [Member] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | 10 | ' | ' | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest Increase From Contributions From Noncontrolling Interest Holders | ' | ' | ' | $195 | ' | ' |
Business_Acquisitions_and_Disp2
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 1 - Alta Wind) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 13, 2014 | Aug. 12, 2014 | Aug. 05, 2014 | Jul. 30, 2014 |
In Millions, except Share data, unless otherwise specified | MW | Alta Wind Portfolio [Member] | Alta Wind Portfolio [Member] | NRG Yield, Inc. | NRG Yield, Inc. | |
MW | Common Class A [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of Ownership | ' | ' | ' | 100.00% | ' | ' |
Power Generation Capacity, Megawatts | 53,000 | ' | ' | 947 | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | $923 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | ' | ' | ' | 870 | ' | ' |
Business Acquisition, Consideration Transferred, Working Capital | ' | ' | ' | 53 | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | 12,075,000 |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | 630 |
Long-term Debt | 20,764 | 16,804 | ' | ' | 500 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 5.38% | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | 22 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Assets | ' | ' | ' | 49 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | 1,057 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | 1,420 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | 2,548 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | 1,591 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | ' | ' | ' | 34 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | 1,625 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | $923 | ' | ' |
Business_Acquisitions_and_Disp3
Business Acquisitions and Dispositions (Details 2 - Petra Nova) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 07, 2014 | Sep. 30, 2014 | Jul. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | MW | Petra Nova Parish Holdings [Member] | Petra Nova Parish Holdings [Member] | Petra Nova Parish Holdings [Member] | Petra Nova Parish Holdings [Member] | Department of Energy [Member] | JBIC and Mizuho [Member] | NEXI Covered Loan [Member] | JBIC [Member] | Design and Engineering Phase [Member] | Construction Phase [Member] | |
MW | Department of Energy [Member] | Department of Energy [Member] | ||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Ownership Sold of Subsidiary | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Capital Contribution to Equity Method Investment | ' | ' | ' | $35 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' |
Generation Capacity (in MW) | 53,000 | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount guaranteed to borrow by US DOE | ' | ' | ' | ' | ' | ' | 167 | ' | ' | ' | ' | ' |
Long-term Debt | 20,764 | 16,804 | ' | ' | ' | ' | ' | 250 | 75 | 175 | 7 | 26 |
Capital Contributions From Partners in Equity Method Investment | ' | ' | ' | ' | $300 | ' | ' | ' | ' | ' | ' | ' |
Interest rate, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 0.50% | ' | ' |
Debt Instrument, Incremental Escalation On Basis Spread, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' |
Percentage of Ownership | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisitions_and_Disp4
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 3 - Yield) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ROFO Assets [Member] | Base Purchase Price [Member] | Working Capital Adjustment [Member] | ||
ROFO Assets [Member] | ROFO Assets [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Consideration Paid for Sale of Assets Under Common Control | ' | ' | $357 | $349 | $8 |
Long-term Debt | $20,764 | $16,804 | $612 | ' | ' |
Business_Acquisitions_and_Disp5
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 4 - Dominion) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Dominion [Member] | Customer Relationships [Member] | Trade Names [Member] | Scenario, Plan [Member] | ||
Dominion [Member] | Dominion [Member] | Dominion [Member] | ||||
customer | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business Acquisition, Customers Acquired | ' | ' | ' | ' | ' | 540,000 |
Business Combination, Consideration Transferred | ' | ' | $192 | ' | ' | ' |
Business Acquisitions, Consideration Transferred, Purchase Price | ' | ' | 165 | ' | ' | ' |
Business Acquisition, Consideration Transferred, Working Capital | ' | ' | 27 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | 40 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | 62 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | 9 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | 14 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Derivative Assets | ' | ' | 21 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | 45 | ' | ' | ' |
Goodwill | 2,452 | 1,985 | 91 | ' | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | $8 | ' | ' | ' |
Business_Acquisitions_and_Disp6
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 5 - EME 1) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 02, 2014 | Apr. 30, 2014 | Oct. 19, 2013 | Apr. 02, 2014 | Apr. 02, 2014 | Oct. 18, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | ||
MW | Edison Mission Energy [Member] | Sunrise Facility [Member] | Scenario, Plan [Member] | Scenario, Actual [Member] | Common Stock [Member] | Common Stock [Member] | Through 2034 [Member] | EME [Member] | Coal, Gas and Transportation Commitments [Member] | ||||
MW | MW | Edison Mission Energy [Member] | Edison Mission Energy [Member] | Edison Mission Energy [Member] | Edison Mission Energy [Member] | EME [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Power Generation Capacity, Megawatts | 53,000 | ' | 8,000 | 586 | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $2,285 | [1] | $3,016 | [1] | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | 350 | [2] | 401 | [2] | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | 57 | ' | ' | ' | ' | ' | ||
Business Combination, Consideration Transferred | ' | ' | 3,500 | ' | 2,635 | 3,474 | ' | ' | ' | ' | ' | ||
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | 1,422 | ' | ' | ' | ' | ' | ||
Payments to Acquire Businesses, Net of Cash Acquired | 2,832 | 374 | ' | ' | ' | 2,052 | ' | ' | ' | ' | ' | ||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | 12,671,977 | ' | ' | ' | ' | ||
Business Combination, Estimated Consideration Transferred, Estimated Liabilities Incurred | ' | ' | 700 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | 1,249 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of Long-term Capital Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | 485 | ' | ' | ||
Environmental Capital Expenditures, Estimated Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ||
Unrecorded Unconditional Purchase Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $490 | ||
[1] | The increase in cash paid relates to an increase in acquired cash on hand as well as changes in cash collateral, restricted cash and cash related to unconsolidated subsidiaries. It also reflects lease and debt payments in 2014. | ||||||||||||
[2] | The increase in the value of the common shares reflects an increase in trading price of NRG common shares between October 18, 2013 and April 1, 2014. The shares of NRG common stock were given a value of $350 million in determining the cash purchase price, which was based upon the volume-weighted average trading price over the 20 trading days prior to October 18, 2013. |
Business_Acquisitions_and_Disp7
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 6 - EME 2) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Edison Mission Energy [Member] | Edison Mission Energy [Member] | Edison Mission Energy [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | $3,500 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | 1,422 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | ' | ' | ' | 676 | ' | ' |
Business Acquisition, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | ' | ' | ' | ' | ' | ' | -8 | ' |
Business Acquisition, Purchase Price Allocation, Other Current Assets, Adjusted | ' | ' | ' | ' | ' | 668 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | 2,475 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | -144 | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment, Adjusted | ' | ' | ' | ' | ' | 2,331 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | 312 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | ' | ' | ' | ' | ' | ' | 11 | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets, Other than Goodwill, Adjusted | ' | ' | ' | ' | ' | 323 | ' | ' |
Goodwill | 2,452 | ' | 2,452 | ' | 1,985 | 0 | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | ' | ' | ' | ' | ' | 200 | ' |
Goodwill, Adjusted | ' | ' | ' | ' | ' | 200 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | ' | ' | ' | ' | ' | 813 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | ' | ' | ' | ' | ' | ' | 18 | ' |
Business Acquisition, Purchase Price Allocation, Other Assets, Adjusted | ' | ' | ' | ' | ' | 831 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | ' | 5,698 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | ' | ' | ' | ' | ' | ' | 77 | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired, Adjusted | ' | ' | ' | ' | ' | 5,775 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | ' | ' | ' | ' | ' | 533 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current and Noncurrent Liabilities | ' | ' | ' | ' | ' | ' | 25 | ' |
Business Acquisition, Purchase Price Allocation, Other Liabilities, Adjusted | ' | ' | ' | ' | ' | 558 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Out-of-market Contracts and Leases | ' | ' | ' | ' | ' | 43 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Out of Market Contracts and Leases | ' | ' | ' | ' | ' | ' | 98 | ' |
Business Acquisition, Purchase Price Allocation, Out of Market Contracts and Leases, Adjusted | ' | ' | ' | ' | ' | 141 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | 1,249 | ' | ' |
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt, Adjusted | ' | ' | ' | ' | ' | 1,249 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | 1,825 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | ' | ' | ' | ' | ' | ' | 123 | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed, Adjusted | ' | ' | ' | ' | ' | 1,948 | ' | ' |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | ' | 380 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests | ' | ' | ' | ' | ' | ' | -27 | ' |
Business Acquisition, Purchase Price Allocation, Noncontrolling Interest, Adjusted | ' | ' | ' | ' | ' | 353 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | 3,493 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets Acquired | ' | ' | ' | ' | ' | ' | -19 | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net Adjusted | ' | ' | ' | ' | ' | 3,474 | ' | ' |
Acquisition-related transaction and integration costs | $17 | $26 | $69 | $95 | ' | ' | ' | $17 |
Business_Acquisitions_and_Disp8
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 7 - EME 3) (Edison Mission Energy [Member], USD $) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 02, 2014 |
Edison Mission Energy [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Adjusted | ' | ' | ' | ' | $200 |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 703 | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 58 | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | 12,234 | 9,486 | 12,598 | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | $47 | ($702) | ($1,004) | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | $0 | ($2.09) | ($2.99) | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | $0 | ($2.09) | ($2.99) | ' |
Business_Acquisitions_and_Disp9
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 8 - 2013 Acquisitions) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Aug. 07, 2013 | Dec. 31, 2013 |
MW | Energy Systems Company [Member] | Energy Systems Company [Member] | Gregory Power Partners, L.P. [Member] | Customer Relationships [Member] | |||
MW | Energy Systems Company [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Ownership | ' | ' | ' | ' | 100.00% | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | $120 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | 60 | ' | 248 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | 59 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | ' | 1 | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 2,832 | 374 | ' | ' | ' | 245 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | 32 | ' |
Power Generation Capacity, Megawatts | 53,000 | ' | ' | ' | ' | 388 | ' |
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | ' | ' | ' | ' | ' | 160 | ' |
Assets, Current | 7,872 | ' | 7,596 | ' | ' | 13 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | $16 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Long-term debt, including current portion | $20,764 | $16,804 | ||
Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Notes receivable | 95 | [1] | 99 | [1] |
Long-term debt, including current portion | 20,764 | 16,804 | ||
Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ||
Notes receivable | 95 | [1] | 99 | [1] |
Long-term debt, including current portion | $20,843 | $17,222 | ||
[1] | Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2 - Recurring FV) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | $1,824 | $1,639 | ||
Derivative Liabilities | 1,691 | 1,250 | ||
Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 1,812 | 1,619 | ||
Derivative Liabilities | 1,559 | 1,181 | ||
Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 10 | 20 | ||
Derivative Liabilities | 132 | 69 | ||
Equity Contract [Member] | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 2 | ' | ||
Fair Value | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 18 | 16 | ||
Available-for-sale Securities | 42 | 2 | ||
Other | 32 | [1] | 47 | [1] |
Total assets | 2,486 | 2,256 | ||
Total liabilities | 1,691 | 1,250 | ||
Fair Value | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 1,812 | 1,619 | ||
Derivative Liabilities | 1,559 | 1,181 | ||
Fair Value | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 10 | 20 | ||
Derivative Liabilities | 132 | 69 | ||
Fair Value | Fair Value, Measurements, Recurring | Equity Contract [Member] | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 2 | ' | ||
Fair Value | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 2 | 26 | ||
Fair Value | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 42 | 45 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1 | 1 | ||
Fair Value | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 68 | 62 | ||
Fair Value | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 25 | 14 | ||
Fair Value | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 85 | 70 | ||
Fair Value | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 345 | 332 | ||
Fair Value | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 2 | 2 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 18 | 16 | ||
Available-for-sale Securities | 0 | 0 | ||
Other | 11 | [1] | 10 | [1] |
Total assets | 370 | 229 | ||
Total liabilities | 258 | 134 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 285 | 147 | ||
Derivative Liabilities | 258 | 134 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Equity Contract [Member] | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 2 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 54 | 56 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | ||
Other | 0 | [1] | 0 | [1] |
Total assets | 1,363 | 1,299 | ||
Total liabilities | 1,193 | 900 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 1,170 | 1,126 | ||
Derivative Liabilities | 1,061 | 831 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 10 | 20 | ||
Derivative Liabilities | 132 | 69 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Equity Contract [Member] | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 3 | 5 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 68 | 62 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 25 | 14 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 85 | 70 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 2 | 2 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Debt securities | 0 | 0 | ||
Available-for-sale Securities | 42 | 2 | ||
Other | 21 | [1] | 37 | [1] |
Total assets | 753 | 728 | ||
Total liabilities | 240 | 216 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 357 | 346 | ||
Derivative Liabilities | 240 | 216 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Equity Contract [Member] | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Derivative Assets | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 2 | 26 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 39 | 40 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1 | 1 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | 291 | 276 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Foreign government fixed income securities | ' | ' | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ' | ' | ||
Decommissioning Fund Investments | $0 | $0 | ||
[1] | Primarily consists of mutual funds held in rabbi trusts for non-qualified deferred compensation plans for certain former employees. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3 - Level 3 FV) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
No transfers during the three and six months ended June 30, 2013 and 2013 (Level 1 to Level 2) | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ||||||||
No transfers during the three and six months ended June 30, 2013 and 2013 (Level 2 to Level 1) | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 112,000,000 | 63,000,000 | 112,000,000 | 63,000,000 | 75,000,000 | 95,000,000 | 53,000,000 | 47,000,000 | ||||||||
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -22,000,000 | 14,000,000 | -17,000,000 | -4,000,000 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 2,000,000 | 3,000,000 | ' | ' | ' | ' | ||||||||
Included in nuclear decom- missioning obligation | -4,000,000 | 5,000,000 | -3,000,000 | 7,000,000 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 63,000,000 | 4,000,000 | -20,000,000 | -2,000,000 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | 39,000,000 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | -1,000,000 | [1] | -36,000,000 | [1] | 17,000,000 | [1] | -9,000,000 | [1] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 1,000,000 | [1] | 23,000,000 | [1] | -1,000,000 | [1] | 21,000,000 | [1] | ' | ' | ' | ' | ||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end | 5,000,000 | -7,000,000 | 26,000,000 | -4,000,000 | ' | ' | ' | ' | ||||||||
Fair Value, Inputs, Level 3 [Member] | Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 18,000,000 | 15,000,000 | 18,000,000 | 15,000,000 | 18,000,000 | 16,000,000 | 15,000,000 | 12,000,000 | ||||||||
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 2,000,000 | 3,000,000 | ' | ' | ' | ' | ||||||||
Included in nuclear decom- missioning obligation | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Inputs, Level 3 [Member] | Other Financial Instrument [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 11,000,000 | ' | 11,000,000 | ' | 11,000,000 | 10,000,000 | ' | ' | ||||||||
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ' | 1,000,000 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Included in nuclear decom- missioning obligation | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | [1] | ' | 0 | [1] | ' | ' | ' | ' | ' | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | [1] | ' | 0 | [1] | ' | ' | ' | ' | ' | ||||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Inputs, Level 3 [Member] | Trust Fund Investments | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 54,000,000 | 55,000,000 | 54,000,000 | 55,000,000 | 58,000,000 | 56,000,000 | 50,000,000 | 47,000,000 | ||||||||
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Included in nuclear decom- missioning obligation | -4,000,000 | 5,000,000 | -3,000,000 | 7,000,000 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 29,000,000 | [2] | -7,000,000 | [2] | 29,000,000 | [2] | -7,000,000 | [2] | -12,000,000 | [2] | 13,000,000 | [2] | -12,000,000 | [2] | -12,000,000 | [2] |
Total gains/(losses) - realized/unrealized: | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -22,000,000 | [2] | 14,000,000 | [2] | -18,000,000 | [2] | -4,000,000 | [2] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ||||
Included in nuclear decom- missioning obligation | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 63,000,000 | [2] | 4,000,000 | [2] | -21,000,000 | [2] | -3,000,000 | [2] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Contracts Acquired | 0 | [2] | ' | 39,000,000 | ' | ' | ' | ' | ' | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | -1,000,000 | [1],[2] | -36,000,000 | [1],[2] | 17,000,000 | [1],[2] | -9,000,000 | [1],[2] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 1,000,000 | [1],[2] | 23,000,000 | [1],[2] | -1,000,000 | [1],[2] | 21,000,000 | [1],[2] | ' | ' | ' | ' | ||||
Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end | $5,000,000 | [2] | ($7,000,000) | [2] | $26,000,000 | [2] | ($4,000,000) | [2] | ' | ' | ' | ' | ||||
[1] | Transfers in/out of Level 3 are related to the availability of external broker quotes and are valued as of the end of the reporting period. All transfers in/out are with Level 2. | |||||||||||||||
[2] | Consists of derivative assets and liabilities, net. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | ||
Concentration of Credit Risk | ' | ' | |
Total derivative assets valued with prices provied by models and other valuation techniques (as a percent) | 16.00% | ' | |
Total derivative liabilities valued with prices provied by models and other valuation techniques (as a percent) | 15.00% | ' | |
Valuation Allowances and Reserves, Balance | $1,000,000 | $1,000,000 | |
Increase in fair value as a result of the credit reserve, portion recorded in OCI | ' | -1,000,000 | |
Increase in fair value as a result of the credit reserve, portion recorded in operating revenue and cost of operations | ' | -2,000,000 | |
Counterparty credit exposure to a portion of the Company's counterparties | 677,000,000 | ' | |
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties | 1,000,000 | ' | |
Net counterparty credit exposure to a portion of the Company's counterparties | 676,000,000 | ' | |
Company's exposure before collateral is expected to roll off by the end of 2014 (as a percent) | 78.00% | ' | |
Net Exposure (as a percent) | 100.00% | [1] | ' |
Counterparty credit risk exposure to certain counterparties, threshold (as a percent) | 10.00% | ' | |
Aggregate counterparty credit risk exposure for counterparties representing exposure above threshold percentage | 181,000,000 | ' | |
Estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements for the next 5 years | 4,400,000,000 | ' | |
Period of estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements (in years) | '5 years | ' | |
Investment grade | ' | ' | |
Concentration of Credit Risk | ' | ' | |
Net Exposure (as a percent) | 89.00% | [1] | ' |
Non-rated | ' | ' | |
Concentration of Credit Risk | ' | ' | |
Net Exposure (as a percent) | 11.00% | [1],[2] | ' |
Financial institutions | ' | ' | |
Concentration of Credit Risk | ' | ' | |
Net Exposure (as a percent) | 38.00% | [1] | ' |
Utilities, energy merchants, marketers and other | ' | ' | |
Concentration of Credit Risk | ' | ' | |
Net Exposure (as a percent) | 38.00% | [1] | ' |
ISOs | ' | ' | |
Concentration of Credit Risk | ' | ' | |
Net Exposure (as a percent) | 24.00% | [1] | ' |
NRG Yield, Inc. | ' | ' | |
Concentration of Credit Risk | ' | ' | |
Estimated counterparty credit risk exposure under certain long term agreements, including California tolling agreements, South Central load obligations and solar power purchase agreements for the next 5 years | $1,800,000,000 | ' | |
[1] | Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. | ||
[2] | For non-rated counterparties, a significant portion are related to ISO and municipal public power entities, which are considered investment grade equivalent ratings based on NRG's internal credit ratings. |
Nuclear_Decommissioning_Trust_2
Nuclear Decommissioning Trust Fund (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | $569 | ' | $551 |
Unrealized Gains | 215 | ' | 207 |
Unrealized Losses | 2 | ' | 3 |
Realized gains | 15 | 10 | ' |
Available-for-sale Securities, Gross Realized Losses | 5 | 7 | ' |
Proceeds from Sale of Available-for-sale Securities | 463 | 344 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 2 | ' | 26 |
Unrealized Gains | 0 | ' | 0 |
Unrealized Losses | 0 | ' | 0 |
Weighted-average Maturities (In years) | '0 years | ' | '0 years |
U.S. government and federal agency obligations | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 42 | ' | 45 |
Unrealized Gains | 2 | ' | 1 |
Unrealized Losses | 0 | ' | 1 |
Weighted-average Maturities (In years) | '9 years | ' | '9 years |
Federal agency mortgage-backed securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 68 | ' | 62 |
Unrealized Gains | 1 | ' | 1 |
Unrealized Losses | 0 | ' | 1 |
Weighted-average Maturities (In years) | '25 years | ' | '24 years |
Commercial mortgage-backed securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 25 | ' | 14 |
Unrealized Gains | 0 | ' | 0 |
Unrealized Losses | 1 | ' | 0 |
Weighted-average Maturities (In years) | '30 years | ' | '29 years |
Corporate debt securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 85 | ' | 70 |
Unrealized Gains | 2 | ' | 1 |
Unrealized Losses | 1 | ' | 1 |
Weighted-average Maturities (In years) | '10 years | ' | '9 years |
Equity securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 345 | ' | 332 |
Unrealized Gains | 210 | ' | 204 |
Unrealized Losses | 0 | ' | 0 |
Weighted-average Maturities (In years) | '0 years | ' | '0 years |
Foreign government fixed income securities | ' | ' | ' |
Nuclear decommissioning trust fund disclosure | ' | ' | ' |
Fair Value | 2 | ' | 2 |
Unrealized Gains | 0 | ' | 0 |
Unrealized Losses | $0 | ' | $0 |
Weighted-average Maturities (In years) | '16 years | ' | '9 years |
Accounting_for_Derivative_Inst2
Accounting for Derivative Instruments and Hedging Activities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
T | T | |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 1,824 | 1,639 |
Derivative Liabilities | 1,691 | 1,250 |
Derivatives Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 8 | 14 |
Derivative Liabilities | 119 | 66 |
Derivatives Not Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 1,816 | 1,625 |
Derivative Liabilities | 1,572 | 1,184 |
Interest rate contracts current | Derivatives Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 53 | 35 |
Interest rate contracts current | Derivatives Not Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 6 | 4 |
Interest rate contracts long-term | Derivatives Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 8 | 14 |
Derivative Liabilities | 66 | 29 |
Interest rate contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 2 | 6 |
Derivative Liabilities | 7 | 1 |
Commodity contracts current | Derivatives Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 1 |
Commodity contracts current | Derivatives Not Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 1,397 | 1,328 |
Derivative Liabilities | 1,306 | 1,015 |
Commodity contracts long-term | Derivatives Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 1 |
Commodity contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 415 | 291 |
Derivative Liabilities | 253 | 164 |
Equity Contract [Member] | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 2 | ' |
Equity Contract [Member] | Derivatives Not Designated as Cash Flow Hedges | ' | ' |
Fair Value of Derivative Instrument | ' | ' |
Derivative Assets | 2 | 0 |
Derivative Liabilities | 0 | 0 |
Emissions [Member] | Short Ton [Member] | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Nonmonetary Notional Amount, Mass | 1,000,000 | 0 |
Coal [Member] | Short Ton [Member] | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Nonmonetary Notional Amount, Mass | 60,000,000 | 51,000,000 |
Natural Gas [Member] | MMbtu [Member] | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Nonmonetary Notional Amount, Energy Measure | -150,000,000 | -166,000,000 |
Oil [Member] | Barrel [Member] | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Nonmonetary Notional Amount, Volume | 0 | 1,000,000 |
Power [Member] | M Wh [Member] | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Nonmonetary Notional Amount, Energy Measure | -52,000,000 | -27,000,000 |
Interest [Member] | United States of America, Dollars | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Notional Amount | 3,459 | 1,444 |
Equity [Member] | Shares [Member] | ' | ' |
Volumetric Underlying Derivative Transactions | ' | ' |
Derivative, Notional Amount | 2 | 0 |
Accounting_for_Derivative_Inst3
Accounting for Derivative Instruments and Hedging Activities (Details 2 - Offsetting Derivatives) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' |
Derivative Assets | $1,824 | $1,639 |
Cash Collateral (Held) | -3 | -63 |
Gross Amounts of Recognized Derivative Liabilities | -1,691 | -1,250 |
Cash Collateral Posted | 375 | 276 |
Gross Amounts of Recognized Assets / Liabilities | 133 | 389 |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash Net Of Derivative, Collateral, Right to Reclaim Cash | 12 | -44 |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 145 | 345 |
Commodity contracts | ' | ' |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' |
Derivative Assets | 1,812 | 1,619 |
Derivative Instruments | -1,433 | -1,032 |
Cash Collateral (Held) | -3 | -62 |
Net Amount | 376 | 525 |
Gross Amounts of Recognized Derivative Liabilities | -1,559 | -1,181 |
Derivative Instruments | 1,433 | 1,032 |
Cash Collateral Posted | 15 | 18 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 111 | 131 |
Gross Amounts of Recognized Assets / Liabilities | 253 | 438 |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash Net Of Derivative, Collateral, Right to Reclaim Cash | 12 | -44 |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 265 | 394 |
Interest rate contracts | ' | ' |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' |
Derivative Assets | 10 | 20 |
Derivative Instruments | -8 | -12 |
Cash Collateral (Held) | 0 | 0 |
Net Amount | 2 | 8 |
Gross Amounts of Recognized Derivative Liabilities | -132 | -69 |
Derivative Instruments | 8 | 12 |
Cash Collateral Posted | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 124 | 57 |
Gross Amounts of Recognized Assets / Liabilities | -122 | -49 |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash Net Of Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | -122 | -49 |
Equity Contract [Member] | ' | ' |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ' | ' |
Derivative Assets | 2 | ' |
Derivative Instruments | 0 | ' |
Cash Collateral (Held) | 0 | ' |
Net Amount | $2 | ' |
Accounting_for_Derivative_Inst4
Accounting for Derivative Instruments and Hedging Activities (Details 3 - AOCI) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Derivative | ' | ' | ' | ' | ' |
Derivative, Net Liability Position, Collateral Required Contracts with Credit Rating Contingent Feature | $40 | ' | $40 | ' | ' |
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | ' | ' | ' | 5 | ' |
Derivative Asset, Fair Value, Gross Asset | 1,824 | ' | 1,824 | ' | 1,639 |
Derivative Liability, Fair Value, Gross Liability | 1,691 | ' | 1,691 | ' | 1,250 |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' | ' | ' |
Accumulated OCI beginning balance | -51 | -7 | -23 | -31 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 11 | -13 | 3 | -32 | ' |
Mark-to-market of cash flow hedge accounting contracts | -7 | -3 | -27 | 40 | ' |
Accumulated OCI ending balance, net of tax | -47 | -23 | -47 | -23 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | -11 | 2 | -11 | 2 | ' |
Gains/(losses) recognized in income from the ineffective portion of cash flow hedges | ' | 1 | ' | 0 | ' |
Accumulated OCI ending balance, tax | 25 | 13 | 25 | 13 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, tax | 6 | 1 | 6 | 1 | ' |
Commodity contracts | ' | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,812 | ' | 1,812 | ' | 1,619 |
Derivative Liability, Fair Value, Gross Liability | 1,559 | ' | 1,559 | ' | 1,181 |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' | ' | ' |
Accumulated OCI beginning balance | -1 | 24 | -1 | 41 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | -15 | 0 | -38 | ' |
Mark-to-market of cash flow hedge accounting contracts | 0 | 1 | 0 | 7 | ' |
Accumulated OCI ending balance, net of tax | -1 | 10 | -1 | 10 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | -1 | 11 | -1 | 11 | ' |
Gains/(losses) recognized in income from the ineffective portion of cash flow hedges | ' | 1 | ' | 0 | ' |
Interest rate contracts | ' | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 10 | ' | 10 | ' | 20 |
Derivative Liability, Fair Value, Gross Liability | 132 | ' | 132 | ' | 69 |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ' | ' | ' | ' | ' |
Accumulated OCI beginning balance | -50 | -31 | -22 | -72 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 11 | 2 | 3 | 6 | ' |
Mark-to-market of cash flow hedge accounting contracts | -7 | -4 | -27 | 33 | ' |
Accumulated OCI ending balance, net of tax | -46 | -33 | -46 | -33 | ' |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | -10 | -9 | -10 | -9 | ' |
Gains/(losses) recognized in income from the ineffective portion of cash flow hedges | ' | $0 | ' | $0 | ' |
Accounting_for_Derivative_Inst5
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities (Details 4 - mark to market) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Unrealized mark-to-market results | ' | ' | ' | ' |
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | ($1) | ($48) | ($3) | ($80) |
Reversal of loss positions acquired as part of the acquisition | -87 | -82 | -249 | -269 |
Net unrealized gains/(losses) on open positions related to economic hedges | 162 | 76 | -61 | 131 |
Losses on ineffectiveness associated with open positions treated as cash flow hedges | 0 | 1 | 0 | 0 |
Total unrealized mark-to-market gains/(losses) for economic hedging activities | 74 | -53 | -313 | -218 |
Reversal of previously recognized unrealized (gains) losses on settled positions related to trading activity | -1 | -13 | 4 | -42 |
Reversal of Previously Unrecognized Unrealized Gain Loss Acquired as Part of Acquisition Trading Activity | -8 | -2 | -28 | -2 |
Net unrealized gains on open positions related to trading activity | 15 | 26 | 45 | 0 |
Total unrealized mark-to-market gains for trading activity | 6 | 11 | 21 | -44 |
Impact of derivative instruments on statement of operations | ' | ' | ' | ' |
Total unrealized gains/(losses) | 80 | -42 | -292 | -262 |
Discontinuation of cash flow hedges | ' | ' | ' | ' |
Loss previously deferred in OCI recognized in earnings resulting from discontinued cash flow hedge accounting | ' | ' | ' | 5 |
Credit Risk Related Contingent Features | ' | ' | ' | ' |
Derivative Liability, Fair Value of Collateral | 70 | ' | 70 | ' |
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 25 | ' | 25 | ' |
Commodity contracts | ' | ' | ' | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' | ' |
Total unrealized gains/(losses) | 80 | -42 | -292 | -262 |
Commodity contracts | Sales [Member] | ' | ' | ' | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' | ' |
Total unrealized gains/(losses) | 159 | -64 | -205 | -404 |
Commodity contracts | Cost of Sales [Member] | ' | ' | ' | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' | ' |
Total unrealized gains/(losses) | -79 | 22 | -87 | 142 |
Interest rate contracts | ' | ' | ' | ' |
Impact of derivative instruments on statement of operations | ' | ' | ' | ' |
Total unrealized gains/(losses) | 1 | 4 | -6 | 10 |
CVSR | Interest rate contracts | ' | ' | ' | ' |
Discontinuation of cash flow hedges | ' | ' | ' | ' |
Loss previously deferred in OCI recognized in earnings resulting from discontinued cash flow hedge accounting | ' | ' | ' | ' |
Alpine | Interest rate contracts | ' | ' | ' | ' |
Discontinuation of cash flow hedges | ' | ' | ' | ' |
Loss previously deferred in OCI recognized in earnings resulting from discontinued cash flow hedge accounting | ' | ' | ' | ' |
Debt_and_Capital_Leases_Detail
Debt and Capital Leases (Details - Debt Table) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 27, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 21, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
Recourse Debt | Recourse Debt | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Senior notes, due 2018 | Senior notes, due 2018 | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior notes, due 2020 | Senior notes, due 2020 | Senior notes, due 2021 | Senior notes, due 2021 | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior notes, due 2023 | Senior notes, due 2023 | Senior Notes 2024 [Member] | Senior Notes 2024 [Member] | Senior Notes 2024 [Member] | Term loan facility, due 2018 | Term loan facility, due 2018 | Indian River Power LLC, tax-exempt bonds, due 2040 and 2045 | Indian River Power LLC, tax-exempt bonds, due 2040 and 2045 | Indian River Power LLC, tax-exempt bonds, due 2040 | Indian River Power LLC, tax-exempt bonds, due 2045 | Dunkirk Power LLC, tax-exempt bonds, due 2042 | Fort Bend County, tax-exempt bonds, due 2038 and 2042 | GenOn Senior Notes Due in 2017 [Member] | GenOn Senior Notes Due in 2017 [Member] | GenOn senior notes, due 2018 | GenOn senior notes, due 2020 | GenOn Americas Generation senior notes, due in 2021 | GenOn Americas Generation senior notes, due in 2021 | GenOn Americas Generation senior notes, due in 2031 | Genon [Member] | Genon [Member] | 5.375% Senior Notes due in 2024 [Member] | 5.375% Senior Notes due in 2024 [Member] | NRG West Holdings LLC, term loan, due 2023 | NRG West Holdings LLC, term loan, due 2023 | GenOn Marsh Landing term loans, due 2017 and 2023 | GenOn Marsh Landing term loans, due 2017 and 2023 | Alta Wind I - V Lease financing arrangement [Member] | Alta Wind I - V Lease financing arrangement [Member] | Alta Wind I [Member] | Alta Wind II [Member] | Alta Wind III [Member] | Alta Wind IV [Member] | Alta Wind V [Member] | Alta Wind X [Member] | Alta Wind X [Member] | Alta Wind XI [Member] | Alta Wind XI [Member] | NRG Solar Alpine LLC, due 2022 | NRG Solar Alpine LLC, due 2022 | NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025 | NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025 | NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2017 | NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2025 | NRG Yield - Other [Member] | NRG Yield - Other [Member] | NRG Yield, Inc. | NRG Yield, Inc. | Ivanpah Financing, due 2014 and 2038 | Ivanpah Financing, due 2014 and 2038 | Agua Caliente Solar LLC, due 2037 | Agua Caliente Solar LLC, due 2037 | CVSR - High Plains Ranch II LLC, due 2037 | CVSR - High Plains Ranch II LLC, due 2037 | Walnut Creek Energy, LLC, due in 2023 [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | Viento Funding II, Inc., due in 2023 [Member] | Viento Funding II, Inc., due in 2023 [Member] | Viento Funding II, Inc., due in 2023 [Member] | Tapestry Wind LLC due in 2021 [Member] | Tapestry Wind LLC due in 2021 [Member] | NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | Other (Non-recourse debt) | Other (Non-recourse debt) | NRG Energy [Member] | NRG Energy [Member] | Chalk Point capital lease, due 2015 | Chalk Point capital lease, due 2015 | Other (Capital leases) | Other (Capital leases) | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Term loan facility, due 2018 | NRG West Holdings LLC, term loan, due 2023 | Marsh Landing Term Loan Due 2017 [Member] | GenOn Marsh Landing term loan, due 2023 | Alta Wind X [Member] | Alta Wind XI [Member] | NRG Solar Alpine LLC, due 2022 | Walnut Creek Energy, LLC, due in 2023 [Member] | Viento Funding II, Inc., due in 2023 [Member] | Tapestry Wind LLC due in 2021 [Member] | NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recourse Debt | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | Non Recourse Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | $20,764 | $16,804 | $8,771 | $8,087 | $11,993 | $8,717 | $1,130 | $1,130 | $0 | $800 | $0 | $602 | $1,063 | $1,062 | $1,128 | $1,128 | $1,100 | $0 | ' | $990 | $990 | $1,000 | ' | $0 | $1,987 | $2,002 | $373 | $373 | ' | ' | ' | ' | $2,146 | $2,183 | ' | ' | $931 | $938 | ' | $3,077 | $3,121 | $500 | $0 | $506 | $512 | $477 | $473 | $1,046 | $0 | ' | ' | ' | ' | ' | $300 | $0 | $191 | $0 | $166 | $221 | $122 | $127 | ' | ' | $450 | $450 | $4,083 | $1,783 | $1,591 | $1,575 | $898 | $878 | $815 | $1,104 | $391 | $0 | ' | $198 | $0 | $195 | $0 | $129 | $154 | $112 | $0 | $504 | $102 | $4,833 | $3,813 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | 325 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Chalk Point capital lease, due 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 10 | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 20,773 | 16,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Less current maturities | 854 | 1,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt and capital leases | $19,919 | $15,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, stated rate | ' | ' | ' | ' | ' | ' | 7.63% | [1] | ' | 7.63% | [1] | 7.63% | 8.50% | [1] | 8.50% | 8.25% | [1] | ' | 7.88% | [1] | ' | 6.25% | [1] | ' | 6.25% | 6.63% | [1] | ' | 6.25% | [1] | 6.25% | ' | ' | ' | ' | ' | 6.00% | [1] | 5.38% | [1] | 5.88% | [1] | 4.75% | [1] | 7.88% | [1] | ' | 9.50% | [1] | 9.88% | [1] | 8.50% | [1] | ' | 9.13% | [1] | ' | ' | 5.38% | [1] | ' | ' | ' | ' | ' | ' | ' | 7.02% | [1] | 5.70% | [1] | 6.07% | [1] | 5.94% | [1] | 6.07% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | [1] | ' | ' | 3.50% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Interest rate, variable basis | '3 month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | '6 month LIBOR | 'LIBOR | [1] | ' | 'LIBOR | [1] | ' | 'LIBOR | [1] | ' | 'LIBOR | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | 'LIBOR | [1] | 'LIBOR | [1] | 'LIBOR | [1] | 'LIBOR | 'LIBOR | 'LIBOR | [1] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||
Interest rate, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | [1] | ' | 1.75% | [1] | 1.88% | [1] | 2.00% | [1] | 2.00% | [1] | ' | 2.25% | [1] | 2.75% | [1] | 2.50% | [1] | 1.07% | [1] | 3.13% | [1] | |||||||||||||||||||||||||||||||||||||
Interest rate, range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.12% | [1] | ' | ' | ' | ' | ' | 0.44% | [1] | ' | 2.40% | [1] | ' | 2.34% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | [1] | ' | ' | ' | ' | 1.75% | [1] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Interest rate, range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | [1] | ' | ' | ' | ' | ' | 4.26% | [1] | ' | 3.63% | [1] | ' | 3.78% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.88% | [1] | ' | ' | ' | ' | 2.50% | [1] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Interest rate, Chalk Point capital lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.19% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. |
Debt_and_Capital_Leases_Debt_a1
Debt and Capital Leases Debt and Capital Leases (Details 2 - Issuances) (Recourse Debt, USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Apr. 21, 2014 | Sep. 30, 2014 | Jan. 27, 2014 | Sep. 30, 2014 | Jan. 27, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 21, 2014 | Apr. 21, 2014 | ||||
Senior Notes 2024 [Member] | Senior Notes 2024 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2022 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | 90 days following registration default [Member] | Maximum [Member] | |||||
Senior Notes 2024 [Member] | 90 days following registration default [Member] | |||||||||||||||
Senior Notes 2024 [Member] | ||||||||||||||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from Issuance of Senior Long-term Debt | $1,000 | ' | $1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | [1] | ' | 6.25% | [1] | 6.25% | 7.63% | [1] | 7.63% | 8.50% | [1] | ' | 8.50% | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | $225 | ' | ' | ' | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 1.00% | ||||
[1] | As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. |
Debt_and_Capital_Leases_Debt_a2
Debt and Capital Leases Debt and Capital Leases (Details 3 - Redemptions) (USD $) | 3 Months Ended | 9 Months Ended | 2 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 27, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 03, 2014 | 21-May-14 | Apr. 21, 2014 | Feb. 10, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 21, 2014 | Feb. 10, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Senior Notes Due In 2019 850 [Member] | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | |||||||
Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 850 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 7625 [Member] | Senior Notes Due In 2019 7625 [Member] | ||||||||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of Senior Debt | ' | ' | ' | ' | $104 | ' | ' | ' | ' | $74 | $308 | ' | ' | $337 | $91 | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | [1] | 8.50% | ' | ' | ' | 7.63% | [1] | 7.63% |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | 111.70% | ' | ' | 104.25% | 103.81% | 105.25% | 106.99% | ' | ' | 104.20% | 105.50% | ' | ' | ' | ||
Gains (Losses) on Extinguishment of Debt | ($13) | ($1) | ($94) | ($50) | ' | ($22) | ($33) | ' | ' | ' | ' | ($13) | ' | ' | ' | ($18) | ' | ' | ||
[1] | As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. |
Debt_and_Capital_Leases_Debt_a3
Debt and Capital Leases Debt and Capital Leases (Details 4 - Sr Credit Facility) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 04, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 04, 2013 | ||||
Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Senior Credit Facility Due 2018 [Member] | Senior Credit Facility Due 2018 [Member] | Senior Credit Facility Due 2018 [Member] | Senior Credit Facility Due 2018 [Member] | Senior Credit Facility Due 2018 [Member] | Senior Credit Facility Due 2018 [Member] | ||||||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from Issuance of Debt | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | |||
Debt Instrument, Discount on Issuance | ' | ' | ' | ' | ' | ' | 0.995 | ' | ' | ' | |||
Debt Instrument, Description of Variable Rate Basis | ' | ' | '3 month LIBOR | ' | 'LIBOR | [1] | ' | ' | 'LIBOR | [1] | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | 2.50% | [1] | ' | ' | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | 2.00% | [1] | ' | ' | ' | ' | ' | ||
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | 407,000,000 | ' | ' | ' | |||
Gains (Losses) on Extinguishment of Debt | -13,000,000 | -1,000,000 | -94,000,000 | -50,000,000 | ' | 7,000,000 | ' | ' | 3,000,000 | ' | |||
Debt Issuance Cost | ' | ' | ' | ' | 23,000,000 | ' | ' | 4,000,000 | ' | ' | |||
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | |||
Credit Facility, Maximum Borrowing Capacity, Amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | [1] | ||
[1] | As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. |
Debt_and_Capital_Leases_Debt_a4
Debt and Capital Leases Debt and Capital Leases (Details 5 - Other) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 2 Months Ended | 1 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Feb. 27, 2013 | Feb. 27, 2013 | Feb. 27, 2013 | Feb. 27, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
NRG Senior Notes Repurchased in Q1 2013 [Member] | NRG Senior Notes Repurchased in Q1 2013 [Member] | Senior notes, due 2018 | Senior Notes Due In 2019 850 [Member] | Senior notes, due 2020 | GenOn Senior Notes Due in 2014 [Member] | GenOn Senior Notes Due in 2014 [Member] | |||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | $200 | ' | ' | ' | $575 | $575 |
Repayments of Senior Debt | ' | ' | ' | ' | ' | ' | 80 | 104 | 42 | ' | ' |
Gains (Losses) on Extinguishment of Debt | ($13) | ($1) | ($94) | ($50) | ($28) | ' | ' | ' | ' | ' | $11 |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | 114.18% | 111.70% | 113.08% | 106.78% | ' |
Debt_and_Capital_Leases_Debt_a5
Debt and Capital Leases Debt and Capital Leases (Details 6 - EME-Alta Project financings) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt and Capital Leases | ' | ' |
Long-term Debt | $20,764 | $16,804 |
Debt Instrument, Description of Variable Rate Basis | '3 month LIBOR | ' |
Viento Funding II, Inc., due in 2023 [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Description of Variable Rate Basis | '6 month LIBOR | ' |
Term Loan Facility [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 1,612 | ' |
Term Loan Facility [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 511 | ' |
Term Loan Facility [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 1,101 | ' |
Term Loan Facility [Member] | Broken Bow Wind [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 49 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-Dec-27 | ' |
Term Loan Facility [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 112 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-Dec-25 | ' |
Term Loan Facility [Member] | Crofton Bluffs [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 25 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-Dec-27 | ' |
Term Loan Facility [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 67 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-Mar-26 | ' |
Term Loan Facility [Member] | Tapestry Wind LLC due in 2021 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 195 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 21-Dec-21 | ' |
Term Loan Facility [Member] | Viento Funding II, Inc., due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 198 | ' |
Debt Instrument, Description of Variable Rate Basis | '6-Month LIBOR | ' |
Debt Instrument, Maturity Date | 11-Jul-23 | ' |
Term Loan Facility [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 391 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-May-23 | ' |
Term Loan Facility [Member] | WCEP Holdings, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 53 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-May-23 | ' |
Term Loan Facility [Member] | High Lonesome Mesa, LLC, due in 2017 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Term Loan Facility [Member] | Other Debt [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 11 | ' |
Term Loan Facility [Member] | Alta Wind Asset Management [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 20 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 15-May-31 | ' |
Term Loan Facility [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 300 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-Mar-20 | ' |
Term Loan Facility [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 191 | ' |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR | ' |
Debt Instrument, Maturity Date | 31-Mar-20 | ' |
Letter of Credit [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 152 | ' |
Letter of Credit [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 5 | ' |
Letter of Credit [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 147 | ' |
Letter of Credit [Member] | Broken Bow Wind [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 10 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.88% | ' |
Debt Instrument, Maturity Date | 21-Dec-22 | ' |
Letter of Credit [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 10 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.34% | ' |
Debt Instrument, Maturity Date | 22-Dec-17 | ' |
Letter of Credit [Member] | Crofton Bluffs [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 3 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.88% | ' |
Debt Instrument, Maturity Date | 14-Dec-22 | ' |
Letter of Credit [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 8 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.88% | ' |
Debt Instrument, Maturity Date | 18-Mar-18 | ' |
Letter of Credit [Member] | Tapestry Wind LLC due in 2021 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 20 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ' |
Debt Instrument, Maturity Date | 21-Dec-21 | ' |
Letter of Credit [Member] | Viento Funding II, Inc., due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 27 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ' |
Debt Instrument, Maturity Date | 11-Jul-20 | ' |
Letter of Credit [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 48 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ' |
Debt Instrument, Maturity Date | 17-May-23 | ' |
Letter of Credit [Member] | WCEP Holdings, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Letter of Credit [Member] | High Lonesome Mesa, LLC, due in 2017 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 7 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ' |
Debt Instrument, Maturity Date | 1-Nov-17 | ' |
Letter of Credit [Member] | Other Debt [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 14 | ' |
Letter of Credit [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 5 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ' |
Debt Instrument, Maturity Date | 31-Mar-20 | ' |
Letter of Credit [Member] | Alta Wind I [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 16 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ' |
Debt Instrument, Maturity Date | 5-Jan-16 | ' |
Letter of Credit [Member] | Alta Wind II [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 25 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ' |
Debt Instrument, Maturity Date | 31-Dec-17 | ' |
Letter of Credit [Member] | Alta Wind III [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 25 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ' |
Debt Instrument, Maturity Date | 13-Apr-18 | ' |
Letter of Credit [Member] | Alta Wind IV [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 18 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ' |
Debt Instrument, Maturity Date | 20-May-18 | ' |
Letter of Credit [Member] | Alta Wind V [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 28 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ' |
Debt Instrument, Maturity Date | 13-Jun-18 | ' |
Letter of Credit [Member] | Alta Wind I - V Lease financing arrangement [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 112 | ' |
Leasing Arrangement [Member] | Alta Wind I [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 263 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.02% | ' |
Debt Instrument, Maturity Date | 30-Dec-34 | ' |
Leasing Arrangement [Member] | Alta Wind II [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 207 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ' |
Debt Instrument, Maturity Date | 30-Dec-34 | ' |
Leasing Arrangement [Member] | Alta Wind III [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 215 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.07% | ' |
Debt Instrument, Maturity Date | 30-Dec-34 | ' |
Leasing Arrangement [Member] | Alta Wind IV [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 139 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.94% | ' |
Debt Instrument, Maturity Date | 30-Dec-34 | ' |
Leasing Arrangement [Member] | Alta Wind V [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 222 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.07% | ' |
Debt Instrument, Maturity Date | 30-Jun-35 | ' |
Leasing Arrangement [Member] | Alta Wind I - V Lease financing arrangement [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 1,046 | ' |
Bonds [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 96 | ' |
Bonds [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 34 | ' |
Bonds [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 62 | ' |
Bonds [Member] | Broken Bow Wind [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Crofton Bluffs [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Tapestry Wind LLC due in 2021 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Viento Funding II, Inc., due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | WCEP Holdings, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | High Lonesome Mesa, LLC, due in 2017 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 62 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.85% | ' |
Debt Instrument, Maturity Date | 1-Nov-17 | ' |
Bonds [Member] | Other Debt [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | 0 | ' |
Bonds [Member] | Alta Realty Investments, LLC [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Long-term Debt | $34 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Debt Instrument, Maturity Date | 31-Jan-31 | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Broken Bow Wind [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.13% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Crofton Bluffs [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Tapestry Wind LLC due in 2021 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Viento Funding II, Inc., due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | WCEP Holdings, LLC, due in 2023 [Member] | EME [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Alta Wind Asset Management [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.38% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' | ' |
Debt and Capital Leases | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ' |
Debt_and_Capital_Leases_Debt_a6
Debt and Capital Leases Debt and Capital Leases (Details 7 - EME-Alta Interest Rate Swaps) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Debt and Capital Leases | ' |
Debt Instrument, Description of Variable Rate Basis | '3 month LIBOR |
Viento Funding II, Inc., due in 2023 [Member] | ' |
Debt and Capital Leases | ' |
Debt Instrument, Description of Variable Rate Basis | '6 month LIBOR |
Interest Rate Swap [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 2,050 |
Interest Rate Swap [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 1,106 |
Interest Rate Swap [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 944 |
Interest Rate Swap [Member] | Broken Bow Wind [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 2.96% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 44 |
Interest Rate Swap [Member] | Cedro Hill Wind LLC, due in 2025 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 4.29% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 101 |
Interest Rate Swap [Member] | Crofton Bluffs [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 2.75% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 23 |
Interest Rate Swap [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 3.46% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 60 |
Interest Rate Swap [Member] | Tapestry Wind LLC due in 2021 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 2.21% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 175 |
Interest Rate Swap [Member] | Tapestry Wind LLC due in 2029 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 50.00% |
Derivative, Fixed Interest Rate | 3.57% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 60 |
Interest Rate Swap [Member] | Viento Funding II, Inc., due in 2023 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Debt Instrument, Description of Variable Rate Basis | '6-Month LIBOR |
Derivative, Notional Amount | 179 |
Interest Rate Swap [Member] | Viento Funding II, Inc., due in 2028 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 4.99% |
Debt Instrument, Description of Variable Rate Basis | '6-Month LIBOR |
Derivative, Notional Amount | 65 |
Interest Rate Swap [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 3.54% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 352 |
Interest Rate Swap [Member] | WCEP Holdings, LLC, due in 2023 [Member] | EME [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% |
Derivative, Fixed Interest Rate | 4.00% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 47 |
Interest Rate Swap [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 100.00% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Interest Rate Swap [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 100.00% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Interest Rate Swap [Member] | Alta Wind Asset Management [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Percentage of Debt Hedged by Interest Rate Derivatives | 100.00% |
Derivative, Fixed Interest Rate | 2.47% |
Debt Instrument, Description of Variable Rate Basis | '3-Month LIBOR |
Derivative, Notional Amount | 20 |
Due December 31, 2015 [Member] | Current Interest Rate Swap [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 216 |
Due December 31, 2015 [Member] | Current Interest Rate Swap [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 138 |
Due December 31, 2025 [Member] | Forward Interest Rate Swap [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 103 |
Due December 31, 2025 [Member] | Forward Interest Rate Swap [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 65 |
Due December 31, 2025 [Member] | Current Interest Rate Swap [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 84 |
Due December 31, 2025 [Member] | Current Interest Rate Swap [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 53 |
Due December 31, 2020 [Member] | Forward Interest Rate Swap [Member] | Alta Wind X [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 162 |
Due December 31, 2020 [Member] | Forward Interest Rate Swap [Member] | Alta Wind XI [Member] | Alta Wind Holdings [Member] | ' |
Debt and Capital Leases | ' |
Derivative, Notional Amount | 103 |
Debt_and_Capital_Leases_Debt_a7
Debt and Capital Leases Debt and Capital Leases (Details 8 - Yield and Peakers) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Apr. 25, 2014 | Feb. 21, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | ||
5.375% Senior Notes due in 2024 [Member] | Convertible Debt [Member] | NRG Yield Revolving Credit Facility [Member] | NRG Yield Revolving Credit Facility [Member] | NRG Yield Revolving Credit Facility [Member] | NRG Peaker Finance Co. LLC Bonds Due 2019 [Member] | NRG Yield, Inc. | NRG Yield, Inc. | NRG Yield, Inc. | |||
Non Recourse Debt [Member] | 5.375% Senior Notes due in 2024 [Member] | 5.375% Senior Notes due in 2024 [Member] | |||||||||
Non Recourse Debt [Member] | Non Recourse Debt [Member] | ||||||||||
Debt and Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | 5.38% | [1] | 3.50% | ' | ' | ' | ' | 5.38% | ' | 5.38% |
Convertible Debt | 345,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Convertible, Conversion Price | ' | ' | $46.55 | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | 21.4822 | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Face Amount | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | |
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | 60,000,000 | 450,000,000 | ' | ' | ' | ' | |
Line of Credit Facility, Cash drawn | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | |
Letters of Credit, Issued Amount | ' | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | |
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | |
[1] | As of September 30, 2014, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan which is 6 month LIBOR plus x%. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
MW | ||
Investments Accounted for by the Equity Method | ' | ' |
Generation Capacity (in MW) | 53,000 | ' |
Equity investments in affiliates | $797,000,000 | $453,000,000 |
GenConn Energy LLC | ' | ' |
Investments Accounted for by the Equity Method | ' | ' |
Economic interest in equity method investments (as a percent) | 50.00% | ' |
Power generation units | 2 | ' |
Generation Capacity (in MW) | 190 | ' |
Equity investments in affiliates | 114,000,000 | ' |
Sherbino I Wind Farm LLC | ' | ' |
Investments Accounted for by the Equity Method | ' | ' |
Economic interest in equity method investments (as a percent) | 50.00% | ' |
Equity investments in affiliates | 81,000,000 | ' |
Capistrano Wind [Member] | ' | ' |
Investments Accounted for by the Equity Method | ' | ' |
Generation Capacity (in MW) | 411 | ' |
Percentage of Ownership | 100.00% | ' |
Power Generation Plants, Number | 5 | ' |
Cash Available for Distributions | 1 | ' |
Current assets | 24,000,000 | ' |
Net property, plant and equipment | 604,000,000 | ' |
Other long-term assets | 146,000,000 | ' |
Total assets | 774,000,000 | ' |
Current liabilities | 32,000,000 | ' |
Equity Method Investments, Summarized Financial Information, Long Term Debt | 186,000,000 | ' |
Other long-term liabilities | 146,000,000 | ' |
Total liabilities | 364,000,000 | ' |
Noncontrolling interests | $358,000,000 | ' |
Changes_in_Capital_Structure_D
Changes in Capital Structure (Details) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Long Term Incentive Plan [Member] | Employee Stock [Member] | Common Stock [Member] | ||||
Edison Mission Energy [Member] | ||||||
Common stock authorized (in shares) | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 500,000,000 | ' | 500,000,000 | ' | ' | ' |
Shares issued, balance at the beginning of the year | 415,206,191 | ' | 401,126,780 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 1,407,434 | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | 12,671,977 |
Shares issued, balance at the end of the year | 415,206,191 | ' | 401,126,780 | ' | ' | ' |
Treasury shares, balance at the beginning of the year | -77,219,145 | ' | -77,347,528 | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | 0 | 128,383 | 0 |
Treasury shares, balance at the beginning of the year | -77,219,145 | ' | -77,347,528 | ' | ' | ' |
Shares outstanding, balance at the end of the year | 337,987,046 | ' | 323,779,252 | 1,407,434 | 128,383 | 12,671,977 |
Common Stock, Increase in Shares Available for Issuance under Employee Stock Purchase Plan | ' | 800,000 | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Employee Stock Purchase Plan | 1,560,005 | ' | ' | ' | ' | ' |
Changes_in_Capital_Structure_D1
Changes in Capital Structure (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | |
Subsequent Event [Member] | Scenario, Plan [Member] | |||||||
Subsequent Event [Member] | ||||||||
Employee Stock Purchase Plan and 2013 Capital Allocation Plan | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | $0.14 | $0.14 | $0.12 | $0.12 | $0.40 | $0.33 | ' | ' |
Dividends Payable, Date Declared | ' | ' | ' | ' | ' | ' | 14-Oct-14 | ' |
Dividend declared | ' | ' | ' | ' | ' | ' | $0.14 | ' |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | ' | ' | 17-Nov-14 | ' |
NRG's annual common stock dividend, proposed amount for 2013 | ' | ' | ' | ' | ' | ' | ' | $0.56 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Numerator: | ' | ' | ' | ' | ' |
Net Loss Attributable to NRG Energy, Inc. | $168 | $119 | $15 | ($89) | ' |
Dividends for preferred shares | 2 | 2 | 7 | 7 | ' |
Earnings/(loss) available for common stockholders | $166 | $117 | $8 | ($96) | ' |
Denominator: | ' | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 338 | 323 | 333 | 323 | ' |
Basic earnings per share: | ' | ' | ' | ' | ' |
Earnings/(loss) per weighted average common share — basic | $0.49 | $0.36 | $0.02 | ($0.30) | ' |
Denominator (diluted earnings per share): | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5 | 4 | 5 | 0 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 343 | 327 | 338 | 323 | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted | $0.48 | $0.36 | $0.02 | ($0.30) | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share, amount | 17 | 18 | 17 | 26 | ' |
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% | 3.63% | 3.63% | 3.63% |
Equity compensation plans | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share, amount | 1 | 2 | 1 | 10 | ' |
Embedded derivative of 3.625% redeemable perpetual preferred stock | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share, amount | 16 | 16 | 16 | 16 | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | $4,569 | $3,490 | $11,676 | $8,500 | ' | ||||
Depreciation and amortization | 375 | 327 | 1,096 | 947 | ' | ||||
Impairment of Long-Lived Assets to be Disposed of | 70 | 0 | 70 | 0 | ' | ||||
Equity in earnings/(losses) of unconsolidated affiliates | 18 | -5 | 39 | 6 | ' | ||||
Loss on debt extinguishment | -13 | -1 | -94 | -50 | ' | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 271 | 298 | -33 | -117 | ' | ||||
Net Loss Attributable to NRG Energy, Inc. | 168 | 119 | 15 | -89 | ' | ||||
Total Assets | 40,069 | ' | 40,069 | ' | 33,902 | ||||
Retail | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 2,329 | [1] | 1,994 | [2] | 5,734 | [3] | 4,760 | [4] | ' |
Depreciation and amortization | 32 | [1] | 37 | [2] | 98 | [3] | 105 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 0 | [1] | ' | 0 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Loss on debt extinguishment | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 88 | [1] | -56 | [2] | 268 | [3] | 231 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | 88 | [1] | -56 | [2] | 267 | [3] | 231 | [4] | ' |
Total Assets | 5,996 | [1] | ' | 5,996 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | 1 | 2 | 5 | 4 | ' | ||||
Conventional Power Generation | East | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 1,255 | [1] | 1,011 | [2] | 3,536 | [3] | 2,432 | [4] | ' |
Depreciation and amortization | 65 | [1] | 87 | [2] | 205 | [3] | 260 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 60 | [1] | ' | 60 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Loss on debt extinguishment | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 223 | [1] | 241 | [2] | 448 | [3] | 216 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | 223 | [1] | 241 | [2] | 448 | [3] | 216 | [4] | ' |
Total Assets | 10,347 | [1] | ' | 10,347 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | -28 | 29 | 2 | 87 | ' | ||||
Conventional Power Generation | West | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 212 | [1] | 109 | [2] | 487 | [3] | 322 | [4] | ' |
Depreciation and amortization | 18 | [1] | 12 | [2] | 57 | [3] | 37 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 0 | [1] | ' | 0 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 15 | [1] | -10 | [2] | 29 | [3] | -8 | [4] | ' |
Loss on debt extinguishment | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 76 | [1] | 22 | [2] | 117 | [3] | 54 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | 76 | [1] | 22 | [2] | 117 | [3] | 54 | [4] | ' |
Total Assets | 2,306 | [1] | ' | 2,306 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | 30 | 1 | 30 | 4 | ' | ||||
Conventional Power Generation | Texas [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 1,035 | [1] | 1,125 | [2] | 2,512 | [3] | 2,368 | [4] | ' |
Depreciation and amortization | 151 | [1] | 141 | [2] | 438 | [3] | 414 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 0 | [1] | ' | 0 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | [1] | 1 | [2] | 1 | [3] | 3 | [4] | ' |
Loss on debt extinguishment | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 147 | [1] | 282 | [2] | -56 | [3] | 31 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | 147 | [1] | 282 | [2] | -56 | [3] | 31 | [4] | ' |
Total Assets | 14,658 | [1] | ' | 14,658 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | 626 | 932 | 1,459 | 1,769 | ' | ||||
Alternative Energy | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 154 | [1] | 74 | [2] | 368 | [3] | 163 | [4] | ' |
Depreciation and amortization | 64 | [1] | 24 | [2] | 170 | [3] | 72 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 10 | [1] | ' | 10 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | -1 | [1] | 2 | [2] | -7 | [3] | 3 | [4] | ' |
Loss on debt extinguishment | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -22 | [1] | 9 | [2] | -86 | [3] | -19 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | -34 | [1] | -7 | [2] | -101 | [3] | -45 | [4] | ' |
Total Assets | 8,200 | [1] | ' | 8,200 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | -5 | 16 | 5 | 16 | ' | ||||
NRG Yield | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 161 | [1] | 126 | [2] | 435 | [3] | 261 | [4] | ' |
Depreciation and amortization | 34 | [1] | 18 | [2] | 94 | [3] | 38 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 0 | [1] | ' | 0 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | 11 | [1] | 12 | [2] | 26 | [3] | 18 | [4] | ' |
Loss on debt extinguishment | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 41 | [1] | 54 | [2] | 106 | [3] | 100 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | 25 | [1] | 40 | [2] | 75 | [3] | 86 | [4] | ' |
Total Assets | 5,899 | [1] | ' | 5,899 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | 0 | 0 | 0 | 0 | ' | ||||
Corporate | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | 96 | [1] | 66 | [2] | 194 | [3] | 123 | [4] | ' |
Depreciation and amortization | 11 | [1] | 8 | [2] | 34 | [3] | 21 | [4] | ' |
Impairment of Long-Lived Assets to be Disposed of | 0 | [1] | ' | 0 | [3] | ' | ' | ||
Equity in earnings/(losses) of unconsolidated affiliates | -3 | [1] | 0 | [2] | 1 | [3] | 0 | [4] | ' |
Loss on debt extinguishment | -13 | [1] | -1 | [2] | -94 | [3] | -50 | [4] | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -225 | [1] | -202 | [2] | -751 | [3] | -672 | [4] | ' |
Net Loss Attributable to NRG Energy, Inc. | -310 | [1] | -365 | [2] | -682 | [3] | -620 | [4] | ' |
Total Assets | 29,752 | [1] | ' | 29,752 | [1] | ' | ' | ||
Includes intersegment sales and derivative gains and losses of | 49 | 35 | 89 | 49 | ' | ||||
Elimination | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Operating revenues | -673 | -1,015 | -1,590 | -1,929 | ' | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ' | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ' | 0 | ' | ' | ||||
Equity in earnings/(losses) of unconsolidated affiliates | -4 | -10 | -11 | -10 | ' | ||||
Loss on debt extinguishment | 0 | 0 | 0 | 0 | ' | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -57 | -52 | -79 | -58 | ' | ||||
Net Loss Attributable to NRG Energy, Inc. | -47 | -38 | -53 | -42 | ' | ||||
Total Assets | ($37,089) | ' | ($37,089) | ' | ' | ||||
[1] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$1 $626 $(28) $30 $(5) $— $49 | ||||||||
[2] | (b) Operating revenues include inter-segment sales and net derivative gains and losses of:$2 $932 $29 $1 $16 $— $35 | ||||||||
[3] | (c) Operating revenues include inter-segment sales and net derivative gains and losses of:$5 $1,459 $2 $30 $5 $— $89 | ||||||||
[4] | (d) Operating revenues include inter-segment sales and net derivative gains and losses of:$4 $1,769 $87 $4 $16 $— $49 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Non-current tax liability for uncertain tax benefits | $56 | ' | $56 | ' |
Effective Tax Rate | ' | ' | ' | ' |
Income/(loss) before income taxes | 271 | 298 | -33 | -117 |
Income tax expense/(benefit) | 89 | 160 | -68 | -55 |
Effective tax rate (as a percent) | 32.80% | 53.70% | 206.10% | 47.00% |
Statutory tax rate (as a percent) | ' | 35.00% | 35.00% | 35.00% |
Uncertain Tax Benefits | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | ' | 1 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11 | ' | 11 | ' |
tax accrual, amount reversed [Member] | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Non-current tax liability for uncertain tax benefits | 6 | ' | 6 | ' |
interest accrual, amount reversed [Member] | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Non-current tax liability for uncertain tax benefits | $3 | ' | $3 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2014 | |
Big Cajun II Alleged Opacity Violations [Member] | Notice of Intent to File Citizens Suit | Midwest Generation New Source Review [Member] | NRG Energy Center San Francisco LLC [Member] | ||
Loss Contingencies | ' | ' | ' | ' | ' |
Litigation Settlement, Amount | ' | $47,000 | ' | ' | $123,270 |
Minimum Civil Penalties which May Be Assumed | 200,000 | ' | ' | ' | ' |
Civil Penalties | ' | ' | $100,000 | $37,500 | ' |
Environmental_Matters_Details
Environmental Matters (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Midwest Generation [Member] | EME [Member] | Interest Expense [Member] | |
Midwest Generation [Member] | ||||
Environmental capital expenditures [Line Items] | ' | ' | ' | ' |
Environmental Capital Expenditures, Estimated | $877 | $567 | ' | $22 |
Estimated environmental capital expenditures from 2013 through 2017, attributable to GenOn | 109 | ' | ' | ' |
Environmental Capital Expenditures, Estimated Total | ' | ' | $350 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument | ' | ' |
Long-term Debt | $20,764 | $16,804 |
Recourse Debt | ' | ' |
Debt Instrument | ' | ' |
Long-term Debt | 8,771 | 8,087 |
Senior Notes [Member] | Recourse Debt | ' | ' |
Debt Instrument | ' | ' |
Long-term Debt | $6,400 | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Operating Revenues | ' | ' | ' | ' | ||||
Total operating revenues | $4,569 | $3,490 | $11,676 | $8,500 | ||||
Operating Costs and Expenses | ' | ' | ' | ' | ||||
Cost of operations | 3,278 | 2,373 | 8,828 | 6,177 | ||||
Depreciation and amortization | 375 | 327 | 1,096 | 947 | ||||
Impairment of Long-Lived Assets to be Disposed of | 70 | 0 | 70 | 0 | ||||
Selling, general and administrative | 258 | 213 | 752 | 670 | ||||
Acquisition-related transaction and integration costs | 17 | 26 | 69 | 95 | ||||
Development activity expenses | 22 | 24 | 62 | 63 | ||||
Total operating costs and expenses | 4,020 | 2,963 | 10,877 | 7,952 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | 26 | 0 | ||||
Gain on sale of assets | 0 | 0 | 19 | 0 | ||||
Operating Income (Loss) | 549 | 527 | 818 | 548 | ||||
Other Income/(Expense) | ' | ' | ' | ' | ||||
Equity in earnings/(losses) of consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||
Equity in earnings/(loss) of unconsolidated affiliates | 18 | -5 | 39 | 6 | ||||
Other (expense)/income, net | -3 | 5 | 13 | 9 | ||||
Loss on debt extinguishment | -13 | -1 | -94 | -50 | ||||
Interest expense | -280 | -228 | -809 | -630 | ||||
Total other expense | -278 | -229 | -851 | -665 | ||||
Income/(Loss) Before Income Taxes | 271 | 298 | -33 | -117 | ||||
Income tax expense/(benefit) | 89 | 160 | -68 | -55 | ||||
Net Income/(Loss) | 182 | 138 | 35 | -62 | ||||
Less: Net income attributable to noncontrolling interest | 14 | 19 | 20 | 27 | ||||
Net (Loss)/Income Attributable to NRG Energy, Inc. | 168 | 119 | 15 | -89 | ||||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ' | ' | ||||
Unrealized (loss)/gain on derivatives, net | 4 | -16 | -24 | 8 | ||||
Foreign currency translation adjustments, net | -6 | 5 | -3 | -14 | ||||
Available-for-sale securities, net | -2 | 0 | 2 | 2 | ||||
Defined benefit plan, net | -3 | ' | 9 | 25 | ||||
Other comprehensive (loss)/income | -7 | -11 | -16 | 21 | ||||
Comprehensive Income/(Loss) | 175 | 127 | 19 | -41 | ||||
Comprehensive loss attributable to noncontrolling interest | 17 | 18 | 14 | 26 | ||||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 158 | 109 | 5 | -67 | ||||
Dividends for preferred shares | -2 | -2 | -7 | -7 | ||||
Comprehensive (Loss)/Income Available for Common Stockholders | 156 | 107 | -2 | -74 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Operating Revenues | ' | ' | ' | ' | ||||
Total operating revenues | 3,216 | 2,463 | 8,009 | 6,224 | ||||
Operating Costs and Expenses | ' | ' | ' | ' | ||||
Cost of operations | 2,506 | 1,769 | 6,347 | 4,674 | ||||
Depreciation and amortization | 216 | 214 | 625 | 625 | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ' | 0 | ' | ||||
Selling, general and administrative | 110 | 115 | 321 | 340 | ||||
Acquisition-related transaction and integration costs | 1 | 0 | 1 | 0 | ||||
Development activity expenses | 0 | 0 | 0 | 0 | ||||
Total operating costs and expenses | 2,833 | 2,098 | 7,294 | 5,639 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | 0 | ' | ||||
Operating Income (Loss) | 383 | 365 | 715 | 585 | ||||
Other Income/(Expense) | ' | ' | ' | ' | ||||
Equity in earnings/(losses) of consolidated subsidiaries | 186 | 29 | 287 | 50 | ||||
Equity in earnings/(loss) of unconsolidated affiliates | 3 | -10 | 13 | -8 | ||||
Other (expense)/income, net | 1 | 3 | 5 | 5 | ||||
Loss on debt extinguishment | 0 | 0 | 0 | 0 | ||||
Interest expense | -4 | -7 | -15 | -17 | ||||
Total other expense | 186 | 15 | 290 | 30 | ||||
Income/(Loss) Before Income Taxes | 569 | 380 | 1,005 | 615 | ||||
Income tax expense/(benefit) | 169 | 126 | 279 | 212 | ||||
Net Income/(Loss) | 400 | 254 | 726 | 403 | ||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||
Net (Loss)/Income Attributable to NRG Energy, Inc. | 400 | 254 | 726 | 403 | ||||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ' | ' | ||||
Unrealized (loss)/gain on derivatives, net | -7 | -13 | 1 | -54 | ||||
Foreign currency translation adjustments, net | 0 | 0 | 0 | 0 | ||||
Available-for-sale securities, net | 0 | ' | 0 | 0 | ||||
Defined benefit plan, net | 0 | ' | 0 | 0 | ||||
Other comprehensive (loss)/income | -7 | -13 | 1 | -54 | ||||
Comprehensive Income/(Loss) | 393 | 241 | 727 | 349 | ||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 393 | 241 | 727 | 349 | ||||
Dividends for preferred shares | 0 | 0 | 0 | 0 | ||||
Comprehensive (Loss)/Income Available for Common Stockholders | 393 | 241 | 727 | 349 | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Operating Revenues | ' | ' | ' | ' | ||||
Total operating revenues | 1,375 | 1,015 | 3,755 | 2,390 | ||||
Operating Costs and Expenses | ' | ' | ' | ' | ||||
Cost of operations | 761 | 579 | 2,497 | 1,586 | ||||
Depreciation and amortization | 154 | 110 | 458 | 313 | ||||
Impairment of Long-Lived Assets to be Disposed of | 70 | ' | 70 | ' | ||||
Selling, general and administrative | 82 | 55 | 221 | 173 | ||||
Acquisition-related transaction and integration costs | 4 | 14 | 12 | 55 | ||||
Development activity expenses | 8 | 12 | 25 | 25 | ||||
Total operating costs and expenses | 1,079 | 770 | 3,283 | 2,152 | ||||
Gain on sale of assets | ' | ' | 19 | ' | ||||
Operating Income (Loss) | 296 | 245 | 491 | 238 | ||||
Other Income/(Expense) | ' | ' | ' | ' | ||||
Equity in earnings/(losses) of consolidated subsidiaries | 15 | -10 | 9 | -14 | ||||
Equity in earnings/(loss) of unconsolidated affiliates | 19 | 10 | 37 | 16 | ||||
Other (expense)/income, net | 1 | 5 | 9 | 5 | ||||
Loss on debt extinguishment | 0 | -1 | -9 | -12 | ||||
Interest expense | -132 | -87 | -359 | -228 | ||||
Total other expense | -97 | -83 | -313 | -233 | ||||
Income/(Loss) Before Income Taxes | 199 | 162 | 178 | 5 | ||||
Income tax expense/(benefit) | 42 | 64 | 36 | -10 | ||||
Net Income/(Loss) | 157 | 98 | 142 | 15 | ||||
Less: Net income attributable to noncontrolling interest | 37 | 43 | 73 | 48 | ||||
Net (Loss)/Income Attributable to NRG Energy, Inc. | 120 | 55 | 69 | -33 | ||||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ' | ' | ||||
Unrealized (loss)/gain on derivatives, net | 2 | -8 | -24 | 41 | ||||
Foreign currency translation adjustments, net | -9 | 4 | -4 | -11 | ||||
Available-for-sale securities, net | -21 | ' | 3 | 0 | ||||
Defined benefit plan, net | -55 | ' | -42 | 25 | ||||
Other comprehensive (loss)/income | 27 | -4 | 17 | 55 | ||||
Comprehensive Income/(Loss) | 184 | 94 | 159 | 70 | ||||
Comprehensive loss attributable to noncontrolling interest | 17 | 29 | 10 | 39 | ||||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 167 | 65 | 149 | 31 | ||||
Dividends for preferred shares | 0 | 0 | 0 | 0 | ||||
Comprehensive (Loss)/Income Available for Common Stockholders | 167 | 65 | 149 | 31 | ||||
NRG Energy, Inc. | ' | ' | ' | ' | ||||
Operating Revenues | ' | ' | ' | ' | ||||
Total operating revenues | 0 | 0 | 0 | 0 | ||||
Operating Costs and Expenses | ' | ' | ' | ' | ||||
Cost of operations | -5 | -6 | 2 | 1 | ||||
Depreciation and amortization | 5 | 3 | 13 | 9 | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | ' | 0 | ' | ||||
Selling, general and administrative | 66 | 37 | 210 | 162 | ||||
Acquisition-related transaction and integration costs | 12 | 12 | 56 | 40 | ||||
Development activity expenses | 14 | 12 | 37 | 38 | ||||
Total operating costs and expenses | 92 | 58 | 318 | 250 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | 0 | ' | ||||
Operating Income (Loss) | -92 | -58 | -318 | -250 | ||||
Other Income/(Expense) | ' | ' | ' | ' | ||||
Equity in earnings/(losses) of consolidated subsidiaries | 319 | 291 | 499 | 335 | ||||
Equity in earnings/(loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Other (expense)/income, net | -19 | 1 | -14 | 3 | ||||
Loss on debt extinguishment | -13 | 0 | -85 | -38 | ||||
Interest expense | -143 | -137 | -435 | -388 | ||||
Total other expense | 144 | 155 | -35 | -88 | ||||
Income/(Loss) Before Income Taxes | 52 | 97 | -353 | -338 | ||||
Income tax expense/(benefit) | -122 | -30 | -383 | -257 | ||||
Net Income/(Loss) | 174 | 127 | 30 | -81 | ||||
Less: Net income attributable to noncontrolling interest | 6 | 8 | 15 | 8 | ||||
Net (Loss)/Income Attributable to NRG Energy, Inc. | 168 | 119 | 15 | -89 | ||||
Other Comprehensive Income/(Loss), net of tax | ' | ' | ' | ' | ||||
Unrealized (loss)/gain on derivatives, net | 3 | 17 | 0 | 9 | ||||
Foreign currency translation adjustments, net | 3 | 1 | 1 | -3 | ||||
Available-for-sale securities, net | 19 | ' | -1 | 2 | ||||
Defined benefit plan, net | 58 | ' | 33 | 0 | ||||
Other comprehensive (loss)/income | -33 | 18 | -33 | 8 | ||||
Comprehensive Income/(Loss) | 141 | 145 | -3 | -73 | ||||
Comprehensive loss attributable to noncontrolling interest | -17 | 9 | -8 | 9 | ||||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 158 | 136 | 5 | -82 | ||||
Dividends for preferred shares | -2 | -2 | -7 | -7 | ||||
Comprehensive (Loss)/Income Available for Common Stockholders | 156 | 134 | -2 | -89 | ||||
Eliminations | ' | ' | ' | ' | ||||
Operating Revenues | ' | ' | ' | ' | ||||
Total operating revenues | -22 | [1] | 12 | [1] | -88 | [2] | -114 | [1] |
Operating Costs and Expenses | ' | ' | ' | ' | ||||
Cost of operations | 16 | [1] | 31 | [1] | -18 | [2] | -84 | [1] |
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Impairment of Long-Lived Assets to be Disposed of | 0 | [1] | ' | 0 | [2] | ' | ||
Selling, general and administrative | 0 | [1] | 6 | [1] | 0 | [2] | -5 | [1] |
Acquisition-related transaction and integration costs | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Development activity expenses | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Total operating costs and expenses | 16 | [1] | 37 | [1] | -18 | [2] | -89 | [1] |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | 0 | [2] | ' | |||
Operating Income (Loss) | -38 | [1] | -25 | [1] | -70 | [2] | -25 | [1] |
Other Income/(Expense) | ' | ' | ' | ' | ||||
Equity in earnings/(losses) of consolidated subsidiaries | -520 | [1] | -310 | [1] | -795 | [2] | -371 | [1] |
Equity in earnings/(loss) of unconsolidated affiliates | -4 | [1] | -5 | [1] | -11 | [2] | -2 | [1] |
Other (expense)/income, net | 14 | [1] | -4 | [1] | 13 | [2] | -4 | [1] |
Loss on debt extinguishment | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Interest expense | -1 | [1] | 3 | [1] | ' | [2] | 3 | [1] |
Total other expense | -511 | [1] | -316 | [1] | -793 | [2] | -374 | [1] |
Income/(Loss) Before Income Taxes | -549 | [1] | -341 | [1] | -863 | [2] | -399 | [1] |
Income tax expense/(benefit) | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net Income/(Loss) | -549 | [1] | -341 | [1],[3] | -863 | [1],[2] | -399 | [1] |
Less: Net income attributable to noncontrolling interest | -29 | [1] | -32 | [1] | -68 | [2] | -29 | [1] |
Net (Loss)/Income Attributable to NRG Energy, Inc. | -520 | [1] | -309 | [1] | -795 | [2] | -370 | [1] |
Other Comprehensive Income/(Loss), net of tax | ' | ' | ' | ' | ||||
Unrealized (loss)/gain on derivatives, net | 6 | [1] | -12 | [3] | -1 | [1] | 12 | [1] |
Foreign currency translation adjustments, net | 0 | [1] | 0 | [3] | 0 | [1] | 0 | [1] |
Available-for-sale securities, net | 0 | [1] | ' | 0 | [1] | 0 | [1] | |
Defined benefit plan, net | 0 | [1] | ' | 0 | [1] | 0 | [1] | |
Other comprehensive (loss)/income | 6 | [1] | -12 | [3] | -1 | [1] | 12 | [1] |
Comprehensive Income/(Loss) | -543 | [1] | -353 | [3] | -864 | [1] | -387 | [1] |
Comprehensive loss attributable to noncontrolling interest | 17 | [1] | -20 | [3] | 12 | [1] | -22 | [1] |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | -560 | [1] | -333 | [3] | -876 | [1] | -365 | [1] |
Dividends for preferred shares | 0 | [1] | 0 | [3] | 0 | [1] | 0 | [1] |
Comprehensive (Loss)/Income Available for Common Stockholders | ($560) | [1] | ($333) | [3] | ($876) | [1] | ($365) | [1] |
[1] | (a)All significant intercompany transactions have been eliminated in consolidation. | |||||||
[2] | (a)All significant intercompany transactions have been eliminated in consolidation.NRG ENERGY, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATING STATEMENTS OF OPERATIONSFor the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations(a) Consolidated (In millions)Operating Revenues Total operating revenues$8,009 $3,755 $— $(88) $11,676Operating Costs and Expenses Cost of operations6,347 2,497 2 (18) 8,828Depreciation and amortization625 458 13 — 1,096Impairment losses— 70 — — 70Selling, general and administrative321 221 210 — 752Acquisition-related transaction and integration costs1 12 56 — 69Development activity expenses— 25 37 — 62Total operating costs and expenses7,294 3,283 318 (18) 10,877Gain on sale of assets— 19 — — 19Operating Income/(Loss)715 491 (318) (70) 818Other Income/(Expense) Equity in earnings of consolidated subsidiaries287 9 499 (795) —Equity in earnings of unconsolidated affiliates13 37 — (11) 39Other income/(loss), net5 9 (14) 13 13Loss on debt extinguishment— (9) (85) — (94)Interest expense(15) (359) (435) (809)Total other income/(expense)290 (313) (35) (793) (851)Income/(Loss) Before Income Taxes1,005 178 (353) (863) (33)Income tax expense/(benefit)279 36 (383) — (68)Net Income726 142 30 (863) 35Less: Net income attributable to noncontrolling interest— 73 15 (68) 20Net Income attributable to NRG Energy, Inc.$726 $69 $15 $(795) $15(a)All significant intercompany transactions have been eliminated in consolidation. | |||||||
[3] | All significant intercompany transactions have been eliminated in consolidation. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||||
In Millions, unless otherwise specified | ||||||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | $1,953 | $2,254 | $2,129 | $2,087 | ||||
Funds deposited by counterparties | 3 | 63 | ' | ' | ||||
Restricted cash | 339 | 268 | ' | ' | ||||
Accounts receivable-trade, net | 1,554 | 1,214 | ' | ' | ||||
Inventory | 1,051 | 898 | ' | ' | ||||
Derivative instruments | 1,397 | 1,328 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 375 | 276 | ' | ' | ||||
Due from Affiliate, Current | 8 | 8 | ' | ' | ||||
Deferred income taxes | 79 | 258 | ' | ' | ||||
Renewable energy grant receivable, net | 614 | 539 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 32 | 19 | ' | ' | ||||
Prepayments and other current assets | 467 | 471 | ' | ' | ||||
Total current assets | 7,872 | 7,596 | ' | ' | ||||
Net property, plant and equipment | 22,181 | 19,851 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 0 | 0 | ' | ' | ||||
Equity investments in affiliates | 797 | 453 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 80 | 73 | ' | ' | ||||
Goodwill | 2,452 | 1,985 | ' | ' | ||||
Intangible assets, net | 2,880 | 1,140 | ' | ' | ||||
Nuclear decommissioning trust fund | 569 | 551 | ' | ' | ||||
Derivative instruments | 427 | 311 | ' | ' | ||||
Deferred income taxes | 1,476 | 1,202 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 54 | 0 | ' | ' | ||||
Other non-current assets | 1,281 | 740 | ' | ' | ||||
Total other assets | 10,016 | 6,455 | ' | ' | ||||
Total Assets | 40,069 | 33,902 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 854 | 1,050 | ' | ' | ||||
Accounts payable | 1,098 | 1,038 | ' | ' | ||||
Accounts payable — affiliate | 0 | 0 | ' | ' | ||||
Derivative instruments | 1,365 | 1,055 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 3 | 63 | ' | ' | ||||
Deferred Tax Liabilities, Net, Current | 0 | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 23 | 0 | ' | ' | ||||
Accrued expenses and other current liabilities | 1,200 | 998 | ' | ' | ||||
Total current liabilities | 4,543 | 4,204 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 19,919 | 15,767 | ' | ' | ||||
Nuclear decommissioning reserve | 306 | 294 | ' | ' | ||||
Nuclear decommissioning reserve | 323 | 324 | ' | ' | ||||
Deferred income taxes | 24 | 22 | ' | ' | ||||
Derivative instruments | 326 | 195 | ' | ' | ||||
Out-of-market contracts | 1,245 | 1,177 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 31 | 0 | ' | ' | ||||
Other non-current liabilities | 1,385 | 1,201 | ' | ' | ||||
Total non-current liabilities | 23,559 | 18,980 | ' | ' | ||||
Total Liabilities | 28,102 | 23,184 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 249 | 249 | ' | ' | ||||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 28 | 2 | ' | ' | ||||
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% | 3.63% | ' | ||||
Total Stockholders' Equity | 11,690 | 10,467 | ' | ' | ||||
Total Liabilities and Stockholders’ Equity | 40,069 | 33,902 | ' | ' | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 18 | 56 | 23 | 78 | ||||
Funds deposited by counterparties | 0 | 7 | ' | ' | ||||
Restricted cash | 12 | 12 | ' | ' | ||||
Accounts receivable-trade, net | 1,257 | 965 | ' | ' | ||||
Inventory | 463 | 436 | ' | ' | ||||
Derivative instruments | 876 | 866 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 173 | 214 | ' | ' | ||||
Due from Affiliate, Current | 6,808 | 4,584 | ' | ' | ||||
Deferred income taxes | 0 | 0 | ' | ' | ||||
Renewable energy grant receivable, net | 0 | 0 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | ' | ' | ||||
Prepayments and other current assets | 97 | 194 | ' | ' | ||||
Total current assets | 9,704 | 7,334 | ' | ' | ||||
Net property, plant and equipment | 8,736 | 9,116 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 478 | 32 | ' | ' | ||||
Equity investments in affiliates | -18 | -30 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 0 | 0 | ' | ' | ||||
Goodwill | 2,065 | 1,973 | ' | ' | ||||
Intangible assets, net | 932 | 925 | ' | ' | ||||
Nuclear decommissioning trust fund | 569 | 551 | ' | ' | ||||
Derivative instruments | 221 | 110 | ' | ' | ||||
Deferred income taxes | 0 | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | ' | ' | ' | ||||
Other non-current assets | 102 | 76 | ' | ' | ||||
Total other assets | 4,349 | 3,637 | ' | ' | ||||
Total Assets | 22,789 | 20,087 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 2 | 1 | ' | ' | ||||
Accounts payable | 772 | 652 | ' | ' | ||||
Accounts payable — affiliate | 1,105 | 1,350 | ' | ' | ||||
Derivative instruments | 847 | 859 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 0 | 6 | ' | ' | ||||
Deferred Tax Liabilities, Net, Current | 6 | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ' | ' | ' | ||||
Accrued expenses and other current liabilities | 310 | 297 | ' | ' | ||||
Total current liabilities | 3,042 | 3,165 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 316 | 317 | ' | ' | ||||
Nuclear decommissioning reserve | 306 | 294 | ' | ' | ||||
Nuclear decommissioning reserve | 323 | 324 | ' | ' | ||||
Deferred income taxes | 1,299 | 1,024 | ' | ' | ||||
Derivative instruments | 218 | 147 | ' | ' | ||||
Out-of-market contracts | 115 | 127 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | ' | ' | ' | ||||
Other non-current liabilities | 419 | 412 | ' | ' | ||||
Total non-current liabilities | 2,996 | 2,645 | ' | ' | ||||
Total Liabilities | 6,038 | 5,810 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 0 | 0 | ' | ' | ||||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 0 | 0 | ' | ' | ||||
Total Stockholders' Equity | 16,751 | 14,277 | ' | ' | ||||
Total Liabilities and Stockholders’ Equity | 22,789 | 20,087 | ' | ' | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 1,624 | 870 | 1,110 | 1,258 | ||||
Funds deposited by counterparties | 3 | 56 | ' | ' | ||||
Restricted cash | 326 | 252 | ' | ' | ||||
Accounts receivable-trade, net | 297 | 249 | ' | ' | ||||
Inventory | 588 | 462 | ' | ' | ||||
Derivative instruments | 690 | 470 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 202 | 62 | ' | ' | ||||
Due from Affiliate, Current | 960 | 132 | ' | ' | ||||
Deferred income taxes | 93 | 41 | ' | ' | ||||
Renewable energy grant receivable, net | 614 | 539 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 32 | 19 | ' | ' | ||||
Prepayments and other current assets | 331 | 228 | ' | ' | ||||
Total current assets | 5,760 | 3,380 | ' | ' | ||||
Net property, plant and equipment | 13,314 | 10,604 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 431 | 422 | ' | ' | ||||
Equity investments in affiliates | 919 | 583 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 69 | 62 | ' | ' | ||||
Goodwill | 387 | 12 | ' | ' | ||||
Intangible assets, net | 1,952 | 232 | ' | ' | ||||
Nuclear decommissioning trust fund | 0 | 0 | ' | ' | ||||
Derivative instruments | 252 | 202 | ' | ' | ||||
Deferred income taxes | 468 | 681 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 54 | ' | ' | ' | ||||
Other non-current assets | 610 | 281 | ' | ' | ||||
Total other assets | 5,142 | 2,475 | ' | ' | ||||
Total Assets | 24,216 | 16,459 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 833 | 1,029 | ' | ' | ||||
Accounts payable | 299 | 352 | ' | ' | ||||
Accounts payable — affiliate | 1,789 | 760 | ' | ' | ||||
Derivative instruments | 687 | 204 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 3 | 57 | ' | ' | ||||
Deferred Tax Liabilities, Net, Current | 0 | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 23 | ' | ' | ' | ||||
Accrued expenses and other current liabilities | 580 | 410 | ' | ' | ||||
Total current liabilities | 4,214 | 2,812 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 11,189 | 7,837 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Deferred income taxes | -1,039 | -1,002 | ' | ' | ||||
Derivative instruments | 156 | 49 | ' | ' | ||||
Out-of-market contracts | 1,130 | 1,050 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 31 | ' | ' | ' | ||||
Other non-current liabilities | 659 | 615 | ' | ' | ||||
Total non-current liabilities | 12,126 | 8,549 | ' | ' | ||||
Total Liabilities | 16,340 | 11,361 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 0 | 0 | ' | ' | ||||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 28 | 2 | ' | ' | ||||
Total Stockholders' Equity | 7,848 | 5,096 | ' | ' | ||||
Total Liabilities and Stockholders’ Equity | 24,216 | 16,459 | ' | ' | ||||
NRG Energy, Inc. | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 311 | 1,328 | 996 | 751 | ||||
Funds deposited by counterparties | 0 | 0 | ' | ' | ||||
Restricted cash | 1 | 4 | ' | ' | ||||
Accounts receivable-trade, net | 0 | 0 | ' | ' | ||||
Inventory | 0 | 0 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Cash collateral paid in support of energy risk management activities | 0 | 0 | ' | ' | ||||
Due from Affiliate, Current | -5,313 | -3,834 | ' | ' | ||||
Deferred income taxes | -14 | 217 | ' | ' | ||||
Renewable energy grant receivable, net | 0 | 0 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | ' | ' | ||||
Prepayments and other current assets | 39 | 32 | ' | ' | ||||
Total current assets | -4,976 | -2,253 | ' | ' | ||||
Net property, plant and equipment | 156 | 153 | ' | ' | ||||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | 22,399 | 18,266 | ' | ' | ||||
Equity investments in affiliates | 0 | 0 | ' | ' | ||||
Capital leases and notes receivable, less current portion | 42 | 105 | ' | ' | ||||
Goodwill | 0 | 0 | ' | ' | ||||
Intangible assets, net | 4 | 4 | ' | ' | ||||
Nuclear decommissioning trust fund | 0 | 0 | ' | ' | ||||
Derivative instruments | 2 | 0 | ' | ' | ||||
Deferred income taxes | 1,008 | 521 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | ' | ' | ' | ||||
Other non-current assets | 569 | 383 | ' | ' | ||||
Total other assets | 24,024 | 19,279 | ' | ' | ||||
Total Assets | 19,204 | 17,179 | ' | ' | ||||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | 50 | 20 | ' | ' | ||||
Accounts payable | 27 | 34 | ' | ' | ||||
Accounts payable — affiliate | -447 | -1,253 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Cash collateral received in support of energy risk management activities | 0 | 0 | ' | ' | ||||
Deferred Tax Liabilities, Net, Current | -6 | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ' | ' | ' | ||||
Accrued expenses and other current liabilities | 310 | 291 | ' | ' | ||||
Total current liabilities | -66 | -908 | ' | ' | ||||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 8,414 | 7,707 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Nuclear decommissioning reserve | 0 | 0 | ' | ' | ||||
Deferred income taxes | -236 | 0 | ' | ' | ||||
Derivative instruments | 0 | 0 | ' | ' | ||||
Out-of-market contracts | 0 | 0 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | ' | ' | ' | ||||
Other non-current liabilities | 307 | 174 | ' | ' | ||||
Total non-current liabilities | 8,485 | 7,881 | ' | ' | ||||
Total Liabilities | 8,419 | 6,973 | ' | ' | ||||
3.625% convertible perpetual preferred stock | 249 | 249 | ' | ' | ||||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 0 | 0 | ' | ' | ||||
3.625% convertible perpetual preferred stock, interest rate (as a percentage) | 3.63% | 3.63% | ' | ' | ||||
Total Stockholders' Equity | 10,536 | 9,957 | ' | ' | ||||
Total Liabilities and Stockholders’ Equity | 19,204 | 17,179 | ' | ' | ||||
Eliminations | ' | ' | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Funds deposited by counterparties | 0 | [1] | 0 | [1] | ' | ' | ||
Restricted cash | 0 | [1] | 0 | [1] | ' | ' | ||
Accounts receivable-trade, net | 0 | [1] | 0 | [1] | ' | ' | ||
Inventory | 0 | [1] | 0 | [1] | ' | ' | ||
Derivative instruments | -169 | [1] | -8 | [1] | ' | ' | ||
Cash collateral paid in support of energy risk management activities | 0 | [1] | 0 | [1] | ' | ' | ||
Due from Affiliate, Current | -2,447 | [1] | -874 | [1] | ' | ' | ||
Deferred income taxes | 0 | [1] | 0 | [1] | ' | ' | ||
Renewable energy grant receivable, net | 0 | [1] | 0 | [1] | ' | ' | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | [1] | 0 | [1] | ' | ' | ||
Prepayments and other current assets | 0 | [1] | 17 | [1] | ' | ' | ||
Total current assets | -2,616 | [1] | -865 | [1] | ' | ' | ||
Net property, plant and equipment | -25 | [1] | -22 | [1] | ' | ' | ||
Other Assets | ' | ' | ' | ' | ||||
Investment in subsidiaries | -23,308 | [1] | -18,720 | [1] | ' | ' | ||
Equity investments in affiliates | -104 | [1] | -100 | [1] | ' | ' | ||
Capital leases and notes receivable, less current portion | -31 | [1] | -94 | [1] | ' | ' | ||
Goodwill | 0 | [1] | 0 | [1] | ' | ' | ||
Intangible assets, net | -8 | [1] | -21 | [1] | ' | ' | ||
Nuclear decommissioning trust fund | 0 | [1] | 0 | [1] | ' | ' | ||
Derivative instruments | -48 | [1] | -1 | [1] | ' | ' | ||
Deferred income taxes | 0 | [1] | 0 | [1] | ' | ' | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | [1] | ' | ' | ' | |||
Other non-current assets | 0 | [1] | 0 | [1] | ' | ' | ||
Total other assets | -23,499 | [1] | -18,936 | [1] | ' | ' | ||
Total Assets | -26,140 | [1] | -19,823 | [1] | ' | ' | ||
Current Liabilities | ' | ' | ' | ' | ||||
Current portion of long-term debt and capital leases | -31 | [1] | 0 | [1] | ' | ' | ||
Accounts payable | 0 | [1] | 0 | [1] | ' | ' | ||
Accounts payable — affiliate | -2,447 | [1] | -857 | [1] | ' | ' | ||
Derivative instruments | -169 | [1] | -8 | [1] | ' | ' | ||
Cash collateral received in support of energy risk management activities | 0 | [1] | 0 | [1] | ' | ' | ||
Deferred Tax Liabilities, Net, Current | 0 | [1] | ' | ' | ' | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | [1] | ' | ' | ' | |||
Accrued expenses and other current liabilities | 0 | [1] | 0 | [1] | ' | ' | ||
Total current liabilities | -2,647 | [1] | -865 | [1] | ' | ' | ||
Other Liabilities | ' | ' | ' | ' | ||||
Long-term debt and capital leases | 0 | [1] | -94 | [1] | ' | ' | ||
Nuclear decommissioning reserve | 0 | [1] | 0 | [1] | ' | ' | ||
Nuclear decommissioning reserve | 0 | [1] | 0 | [1] | ' | ' | ||
Deferred income taxes | 0 | [1] | 0 | [1] | ' | ' | ||
Derivative instruments | -48 | [1] | -1 | [1] | ' | ' | ||
Out-of-market contracts | 0 | [1] | 0 | [1] | ' | ' | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | [1] | ' | ' | ' | |||
Other non-current liabilities | 0 | [1] | 0 | [1] | ' | ' | ||
Total non-current liabilities | -48 | [1] | -95 | [1] | ' | ' | ||
Total Liabilities | -2,695 | [1] | -960 | [1] | ' | ' | ||
3.625% convertible perpetual preferred stock | 0 | [1] | 0 | [1] | ' | ' | ||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 0 | [1] | 0 | [1] | ' | ' | ||
Total Stockholders' Equity | -23,445 | [1] | -18,863 | [1] | ' | ' | ||
Total Liabilities and Stockholders’ Equity | ($26,140) | [1] | ($19,823) | [1] | ' | ' | ||
[1] | All significant intercompany transactions have been eliminated in consolidation. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Cash Flows from Operating Activities | ' | ' | ' | ' | ||||
Net Income/(Loss) | $182 | $138 | $35 | ($62) | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | ' | ' | 32 | 23 | ||||
Depreciation and amortization | 375 | 327 | 1,096 | 947 | ||||
Provision for bad debts | ' | ' | 49 | 49 | ||||
Amortization of nuclear fuel | ' | ' | 33 | 27 | ||||
Amortization of financing costs and debt discount/premiums | ' | ' | -9 | -22 | ||||
Amortization of intangibles and out-of-market contracts | ' | ' | 52 | 75 | ||||
Amortization of unearned equity compensation | ' | ' | 32 | 32 | ||||
Changes in deferred income taxes and liability for uncertain tax benefits | ' | ' | -75 | 39 | ||||
Changes in nuclear decommissioning trust liability | ' | ' | 12 | 25 | ||||
Changes in derivative instruments | ' | ' | 248 | 189 | ||||
Changes in collateral deposits supporting energy risk management activities | ' | ' | -100 | -59 | ||||
Cash used by changes in other working capital | ' | ' | -361 | -417 | ||||
Net Cash (Used)/Provided by Operating Activities | ' | ' | 1,114 | 823 | ||||
Cash Flows from Investing Activities | ' | ' | ' | ' | ||||
Intercompany loans to subsidiaries | ' | ' | 0 | 0 | ||||
Acquisitions of businesses, net of cash acquired | ' | ' | -2,832 | -374 | ||||
Capital expenditures | ' | ' | -675 | -1,581 | ||||
Increase in restricted cash, net | ' | ' | -52 | -67 | ||||
Increase in restricted cash - U.S. DOE projects | ' | ' | 21 | -20 | ||||
Decrease/(increase) in notes receivable | ' | ' | -21 | 22 | ||||
Investments in nuclear decommissioning trust fund securities | ' | ' | -475 | -369 | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | ' | ' | 463 | 344 | ||||
Proceeds from renewable energy grants | ' | ' | 431 | 52 | ||||
Proceeds from sale of assets, net of cash disposed of | ' | ' | 153 | 13 | ||||
Cash proceeds to fund cash grant bridge loan payment | ' | ' | 57 | 0 | ||||
Other | ' | ' | -70 | -7 | ||||
Net Cash Provided/(Used) by Investing Activities | ' | ' | -2,958 | -2,031 | ||||
Cash Flows from Financing Activities | ' | ' | ' | ' | ||||
Proceeds from intercompany loans | ' | ' | 0 | 0 | ||||
Payment of dividends to common and preferred stockholders | ' | ' | -140 | -113 | ||||
Payment of intercompany dividends | ' | ' | ' | -113 | ||||
Payment for treasury stock | ' | ' | 0 | -25 | ||||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | ' | ' | -64 | 177 | ||||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | ' | ' | -639 | -504 | ||||
Proceeds from issuance of long-term debt | ' | ' | 4,456 | 1,605 | ||||
Proceeds from issuance of common stock | ' | ' | 15 | 14 | ||||
Payment of debt issuance costs | ' | ' | -57 | -43 | ||||
Payments for short and long-term debt | ' | ' | -3,308 | -868 | ||||
Net Cash (Used)/Provided by Financing Activities | ' | ' | 1,541 | 1,251 | ||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 2 | -1 | ||||
Net Increase/(Decrease) in Cash and Cash Equivalents | ' | ' | -301 | 42 | ||||
Cash and Cash Equivalents at Beginning of Period | ' | ' | 2,254 | 2,087 | ||||
Cash and Cash Equivalents at End of Period | 1,953 | 2,129 | 1,953 | 2,129 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Cash Flows from Operating Activities | ' | ' | ' | ' | ||||
Net Income/(Loss) | 400 | 254 | 726 | 403 | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Depreciation and amortization | 216 | 214 | 625 | 625 | ||||
Net Cash (Used)/Provided by Operating Activities | ' | ' | 1,378 | 1,334 | ||||
Cash Flows from Investing Activities | ' | ' | ' | ' | ||||
Intercompany loans to subsidiaries | ' | ' | -1,382 | -1,158 | ||||
Acquisitions of businesses, net of cash acquired | ' | ' | 0 | 0 | ||||
Capital expenditures | ' | ' | -16 | -154 | ||||
Increase in restricted cash, net | ' | ' | ' | -7 | ||||
Increase in restricted cash - U.S. DOE projects | ' | ' | 0 | 0 | ||||
Decrease/(increase) in notes receivable | ' | ' | 0 | -2 | ||||
Investments in nuclear decommissioning trust fund securities | ' | ' | -475 | -369 | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | ' | ' | 463 | 344 | ||||
Proceeds from renewable energy grants | ' | ' | 0 | 0 | ||||
Proceeds from sale of assets, net of cash disposed of | ' | ' | 0 | 13 | ||||
Cash proceeds to fund cash grant bridge loan payment | ' | ' | 0 | ' | ||||
Other | ' | ' | -6 | 7 | ||||
Net Cash Provided/(Used) by Investing Activities | ' | ' | -1,416 | -1,322 | ||||
Cash Flows from Financing Activities | ' | ' | ' | ' | ||||
Proceeds from intercompany loans | ' | ' | 0 | 0 | ||||
Payment of dividends to common and preferred stockholders | ' | ' | 0 | ' | ||||
Payment of intercompany dividends | ' | ' | ' | 0 | ||||
Payment for treasury stock | ' | ' | ' | 0 | ||||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | ' | ' | 0 | -67 | ||||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | ' | ' | 0 | 0 | ||||
Proceeds from issuance of long-term debt | ' | ' | 0 | 0 | ||||
Proceeds from issuance of common stock | ' | ' | 0 | 0 | ||||
Payment of debt issuance costs | ' | ' | 0 | 0 | ||||
Payments for short and long-term debt | ' | ' | 0 | 0 | ||||
Net Cash (Used)/Provided by Financing Activities | ' | ' | 0 | -67 | ||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 | ||||
Net Increase/(Decrease) in Cash and Cash Equivalents | ' | ' | -38 | -55 | ||||
Cash and Cash Equivalents at Beginning of Period | ' | ' | 56 | 78 | ||||
Cash and Cash Equivalents at End of Period | 18 | 23 | 18 | 23 | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Cash Flows from Operating Activities | ' | ' | ' | ' | ||||
Net Income/(Loss) | 157 | 98 | 142 | 15 | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Depreciation and amortization | 154 | 110 | 458 | 313 | ||||
Net Cash (Used)/Provided by Operating Activities | ' | ' | -77 | 135 | ||||
Cash Flows from Investing Activities | ' | ' | ' | ' | ||||
Intercompany loans to subsidiaries | ' | ' | -450 | 4 | ||||
Acquisitions of businesses, net of cash acquired | ' | ' | -25 | -59 | ||||
Capital expenditures | ' | ' | -180 | -1,388 | ||||
Increase in restricted cash, net | ' | ' | -52 | -61 | ||||
Increase in restricted cash - U.S. DOE projects | ' | ' | 24 | -18 | ||||
Decrease/(increase) in notes receivable | ' | ' | -21 | 16 | ||||
Investments in nuclear decommissioning trust fund securities | ' | ' | 0 | 0 | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | ' | ' | 0 | 0 | ||||
Proceeds from renewable energy grants | ' | ' | 431 | 52 | ||||
Proceeds from sale of assets, net of cash disposed of | ' | ' | 0 | 0 | ||||
Cash proceeds to fund cash grant bridge loan payment | ' | ' | 57 | ' | ||||
Other | ' | ' | -16 | -1 | ||||
Net Cash Provided/(Used) by Investing Activities | ' | ' | -190 | -1,487 | ||||
Cash Flows from Financing Activities | ' | ' | ' | ' | ||||
Proceeds from intercompany loans | ' | ' | 0 | 0 | ||||
Payment of dividends to common and preferred stockholders | ' | ' | 0 | ' | ||||
Payment of intercompany dividends | ' | ' | ' | 0 | ||||
Payment for treasury stock | ' | ' | ' | 0 | ||||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | ' | ' | -64 | 244 | ||||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | ' | ' | -639 | -504 | ||||
Proceeds from issuance of long-term debt | ' | ' | 1,121 | 1,120 | ||||
Proceeds from issuance of common stock | ' | ' | 0 | 0 | ||||
Payment of debt issuance costs | ' | ' | -28 | -9 | ||||
Payments for short and long-term debt | ' | ' | -649 | -654 | ||||
Net Cash (Used)/Provided by Financing Activities | ' | ' | 1,019 | 1,205 | ||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 2 | -1 | ||||
Net Increase/(Decrease) in Cash and Cash Equivalents | ' | ' | 754 | -148 | ||||
Cash and Cash Equivalents at Beginning of Period | ' | ' | 870 | 1,258 | ||||
Cash and Cash Equivalents at End of Period | 1,624 | 1,110 | 1,624 | 1,110 | ||||
NRG Energy, Inc. | ' | ' | ' | ' | ||||
Cash Flows from Operating Activities | ' | ' | ' | ' | ||||
Net Income/(Loss) | 174 | 127 | 30 | -81 | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Depreciation and amortization | 5 | 3 | 13 | 9 | ||||
Net Cash (Used)/Provided by Operating Activities | ' | ' | -2,019 | -1,800 | ||||
Cash Flows from Investing Activities | ' | ' | ' | ' | ||||
Intercompany loans to subsidiaries | ' | ' | 1,832 | 1,154 | ||||
Acquisitions of businesses, net of cash acquired | ' | ' | -2,807 | -315 | ||||
Capital expenditures | ' | ' | -479 | -39 | ||||
Increase in restricted cash, net | ' | ' | ' | 1 | ||||
Increase in restricted cash - U.S. DOE projects | ' | ' | -3 | -2 | ||||
Decrease/(increase) in notes receivable | ' | ' | 0 | 8 | ||||
Investments in nuclear decommissioning trust fund securities | ' | ' | 0 | 0 | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | ' | ' | 0 | 0 | ||||
Proceeds from renewable energy grants | ' | ' | 0 | 0 | ||||
Proceeds from sale of assets, net of cash disposed of | ' | ' | 153 | 0 | ||||
Cash proceeds to fund cash grant bridge loan payment | ' | ' | 0 | ' | ||||
Other | ' | ' | -48 | -13 | ||||
Net Cash Provided/(Used) by Investing Activities | ' | ' | -1,352 | 778 | ||||
Cash Flows from Financing Activities | ' | ' | ' | ' | ||||
Proceeds from intercompany loans | ' | ' | 1,832 | 1,154 | ||||
Payment of dividends to common and preferred stockholders | ' | ' | -140 | ' | ||||
Payment of intercompany dividends | ' | ' | ' | -113 | ||||
Payment for treasury stock | ' | ' | ' | -25 | ||||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | ' | ' | 0 | 0 | ||||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | ' | ' | 0 | 0 | ||||
Proceeds from issuance of long-term debt | ' | ' | 3,335 | 485 | ||||
Proceeds from issuance of common stock | ' | ' | 15 | 14 | ||||
Payment of debt issuance costs | ' | ' | -29 | -34 | ||||
Payments for short and long-term debt | ' | ' | -2,659 | -214 | ||||
Net Cash (Used)/Provided by Financing Activities | ' | ' | 2,354 | 1,267 | ||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 | ||||
Net Increase/(Decrease) in Cash and Cash Equivalents | ' | ' | -1,017 | 245 | ||||
Cash and Cash Equivalents at Beginning of Period | ' | ' | 1,328 | 751 | ||||
Cash and Cash Equivalents at End of Period | 311 | 996 | 311 | 996 | ||||
Eliminations | ' | ' | ' | ' | ||||
Cash Flows from Operating Activities | ' | ' | ' | ' | ||||
Net Income/(Loss) | -549 | [1] | -341 | [1],[2] | -863 | [1],[3] | -399 | [1] |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [3] | 0 | [1] |
Net Cash (Used)/Provided by Operating Activities | ' | ' | 1,832 | [2] | 1,154 | [2] | ||
Cash Flows from Investing Activities | ' | ' | ' | ' | ||||
Intercompany loans to subsidiaries | ' | ' | ' | [2] | 0 | [2] | ||
Acquisitions of businesses, net of cash acquired | ' | ' | 0 | [2] | 0 | [2] | ||
Capital expenditures | ' | ' | 0 | [2] | 0 | [2] | ||
Increase in restricted cash, net | ' | ' | 0 | [2] | 0 | [2] | ||
Increase in restricted cash - U.S. DOE projects | ' | ' | 0 | [2] | 0 | [2] | ||
Decrease/(increase) in notes receivable | ' | ' | 0 | [2] | 0 | [2] | ||
Investments in nuclear decommissioning trust fund securities | ' | ' | 0 | [2] | 0 | [2] | ||
Proceeds from sales of nuclear decommissioning trust fund securities | ' | ' | 0 | [2] | 0 | [2] | ||
Proceeds from renewable energy grants | ' | ' | 0 | [2] | 0 | [2] | ||
Proceeds from sale of assets, net of cash disposed of | ' | ' | 0 | [2] | 0 | [2] | ||
Cash proceeds to fund cash grant bridge loan payment | ' | ' | 0 | [2] | ' | |||
Other | ' | ' | 0 | [2] | 0 | [2] | ||
Net Cash Provided/(Used) by Investing Activities | ' | ' | 0 | [2] | 0 | [2] | ||
Cash Flows from Financing Activities | ' | ' | ' | ' | ||||
Proceeds from intercompany loans | ' | ' | -1,832 | [2] | -1,154 | [2] | ||
Payment of dividends to common and preferred stockholders | ' | ' | 0 | [2] | ' | |||
Payment of intercompany dividends | ' | ' | ' | 0 | [2] | |||
Payment for treasury stock | ' | ' | ' | 0 | [2] | |||
Net (payments for)/receipts from settlement of acquired derivatives that include financing elements | ' | ' | 0 | [2] | 0 | [2] | ||
Contributions and sale proceeds from noncontrolling interest in subsidiaries | ' | ' | 0 | [2] | 0 | [2] | ||
Proceeds from issuance of long-term debt | ' | ' | 0 | [2] | 0 | [2] | ||
Proceeds from issuance of common stock | ' | ' | 0 | [2] | 0 | [2] | ||
Payment of debt issuance costs | ' | ' | 0 | [2] | 0 | [2] | ||
Payments for short and long-term debt | ' | ' | 0 | [2] | 0 | [2] | ||
Net Cash (Used)/Provided by Financing Activities | ' | ' | -1,832 | [2] | -1,154 | [2] | ||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | [2] | 0 | [2] | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | ' | ' | 0 | [2] | 0 | [2] | ||
Cash and Cash Equivalents at Beginning of Period | ' | ' | 0 | [2] | 0 | [2] | ||
Cash and Cash Equivalents at End of Period | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] |
[1] | (a)All significant intercompany transactions have been eliminated in consolidation. | |||||||
[2] | All significant intercompany transactions have been eliminated in consolidation. | |||||||
[3] | (a)All significant intercompany transactions have been eliminated in consolidation.NRG ENERGY, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATING STATEMENTS OF OPERATIONSFor the Nine Months Ended September 30, 2014 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations(a) Consolidated (In millions)Operating Revenues Total operating revenues$8,009 $3,755 $— $(88) $11,676Operating Costs and Expenses Cost of operations6,347 2,497 2 (18) 8,828Depreciation and amortization625 458 13 — 1,096Impairment losses— 70 — — 70Selling, general and administrative321 221 210 — 752Acquisition-related transaction and integration costs1 12 56 — 69Development activity expenses— 25 37 — 62Total operating costs and expenses7,294 3,283 318 (18) 10,877Gain on sale of assets— 19 — — 19Operating Income/(Loss)715 491 (318) (70) 818Other Income/(Expense) Equity in earnings of consolidated subsidiaries287 9 499 (795) —Equity in earnings of unconsolidated affiliates13 37 — (11) 39Other income/(loss), net5 9 (14) 13 13Loss on debt extinguishment— (9) (85) — (94)Interest expense(15) (359) (435) (809)Total other income/(expense)290 (313) (35) (793) (851)Income/(Loss) Before Income Taxes1,005 178 (353) (863) (33)Income tax expense/(benefit)279 36 (383) — (68)Net Income726 142 30 (863) 35Less: Net income attributable to noncontrolling interest— 73 15 (68) 20Net Income attributable to NRG Energy, Inc.$726 $69 $15 $(795) $15(a)All significant intercompany transactions have been eliminated in consolidation. |