Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | ||
Entity Registrant Name | GenOn Energy, Inc. | |
Entity Central Index Key | 1,126,294 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Common Stock, Shares Outstanding | 1 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | Yes | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 0 | |
GenOn Americas Generation, LLC [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | GENON AMERICAS GENERATION LLC | |
Entity Central Index Key | 1,140,761 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | 0 | |
GenOn Mid-Atlantic, LLC [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | GENON MID-ATLANTIC, LLC | |
Entity Central Index Key | 1,138,258 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | $ 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenues | |||
Total operating revenues | $ 2,371 | $ 3,090 | $ 2,604 |
Operating Costs and Expenses | |||
Depreciation and amortization | 215 | 245 | 249 |
Impairment losses | 170 | 82 | 0 |
Acquisition-related transaction and integration costs | 0 | 4 | 70 |
Total operating costs and expenses | 2,358 | 2,708 | 2,441 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (6) | 0 |
Operating Income/(Loss) | 13 | 376 | 163 |
Other Income/(Expense) | |||
Income (Loss) from Equity Method Investments | 0 | 1 | 4 |
Other income/(expense), net | 6 | 1 | 1 |
Gain on sale of equity-method investment | 0 | 18 | 0 |
Gains (Losses) on Extinguishment of Debt | 65 | 0 | (11) |
Total other income (expense), net | (131) | (178) | (211) |
Income/(Loss) Before Income Taxes | (118) | 198 | (48) |
Income tax expense/(benefit) | (3) | 6 | (6) |
Net Income/(Loss) | (115) | 192 | (42) |
GenOn Americas Generation, LLC [Member] | |||
Operating Revenues | |||
Total operating revenues | 2,265 | 2,929 | 2,561 |
Operating Costs and Expenses | |||
Depreciation and amortization | 74 | 72 | 95 |
Impairment losses | 8 | 0 | 0 |
Total operating costs and expenses | 2,123 | 2,545 | 2,430 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (6) | 0 |
Operating Income/(Loss) | 142 | 378 | 131 |
Other Income/(Expense) | |||
Other income/(expense), net | 2 | 1 | 1 |
Gains (Losses) on Extinguishment of Debt | 42 | 0 | 0 |
Total other income (expense), net | (26) | (73) | (72) |
Income/(Loss) Before Income Taxes | 116 | 305 | 59 |
Income tax expense/(benefit) | 0 | 0 | 0 |
Net Income/(Loss) | 116 | 305 | 59 |
GenOn Mid-Atlantic, LLC [Member] | |||
Operating Revenues | |||
Total operating revenues | 856 | 1,083 | 879 |
Operating Costs and Expenses | |||
Depreciation and amortization | 65 | 50 | 77 |
Total operating costs and expenses | 748 | 842 | 747 |
Operating Income/(Loss) | 108 | 241 | 132 |
Other Income/(Expense) | |||
Total other income (expense), net | (4) | (5) | (4) |
Income/(Loss) Before Income Taxes | 104 | 236 | 128 |
Income tax expense/(benefit) | 0 | 0 | 0 |
Net Income/(Loss) | 104 | 236 | 128 |
Non-affiliated Entity [Member] | |||
Operating Revenues | |||
Total operating revenues | 2,365 | 3,087 | 2,556 |
Operating Costs and Expenses | |||
Cost of operations | 1,537 | 1,759 | 1,715 |
Selling, general and administrative | 10 | 72 | 126 |
Other Income/(Expense) | |||
Interest expense | (191) | (186) | (193) |
Non-affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | |||
Operating Revenues | |||
Total operating revenues | 2,176 | 2,869 | 2,428 |
Operating Costs and Expenses | |||
Cost of operations | 840 | 944 | 890 |
Selling, general and administrative | 0 | 9 | 15 |
Other Income/(Expense) | |||
Interest expense | (64) | (66) | (66) |
Non-affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Operating Revenues | |||
Total operating revenues | 11 | (62) | 7 |
Operating Costs and Expenses | |||
Cost of operations | 506 | 678 | 583 |
Selling, general and administrative | 0 | 0 | 2 |
Other Income/(Expense) | |||
Interest expense | (1) | (2) | (1) |
Affiliated Entity [Member] | |||
Operating Revenues | |||
Total operating revenues | 6 | 3 | 48 |
Operating Costs and Expenses | |||
Cost of operations | 242 | 418 | 193 |
Selling, general and administrative | 184 | 128 | 88 |
Other Income/(Expense) | |||
Interest expense | (11) | (12) | (12) |
Affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | |||
Operating Revenues | |||
Total operating revenues | 89 | 60 | 133 |
Operating Costs and Expenses | |||
Cost of operations | 1,120 | 1,441 | 1,356 |
Selling, general and administrative | 81 | 79 | 74 |
Other Income/(Expense) | |||
Interest expense | (6) | (8) | (7) |
Affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Operating Revenues | |||
Total operating revenues | 845 | 1,145 | 872 |
Operating Costs and Expenses | |||
Cost of operations | 119 | 50 | 21 |
Selling, general and administrative | 58 | 64 | 64 |
Other Income/(Expense) | |||
Interest expense | $ (3) | $ (3) | $ (3) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income/(Loss) | $ (115) | $ 192 | $ (42) |
Other Comprehensive Income/(Loss), net of tax [Abstract] | |||
Unrealized (loss)/gain on derivatives | 0 | 0 | (1) |
Defined benefit plans | (14) | (104) | 101 |
Other Comprehensive Income/(Loss) | (14) | (104) | 100 |
Comprehensive Loss | $ (129) | $ 88 | $ 58 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income/(Loss), Tax | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 665 | $ 920 |
Funds deposited by counterparties | 51 | 54 |
Current assets held-for-sale | 4 | 0 |
Accounts receivable — trade, less allowance for doubtful accounts | 97 | 120 |
Inventory | 448 | 507 |
Derivative, Collateral, Right to Reclaim Cash | 48 | 38 |
Prepayments and other current assets | 139 | 150 |
Total current assets | 2,028 | 2,391 |
Property, Plant and Equipment [Abstract] | ||
In service | 3,281 | 3,341 |
Construction in Progress, Gross | 164 | 140 |
Total property, plant and equipment | 3,445 | 3,481 |
Less accumulated depreciation | (614) | (436) |
Net property, plant and equipment | 2,831 | 3,045 |
Other Assets | ||
Intangible assets, net of accumulated amortization | 74 | 72 |
Other non-current assets | 253 | 201 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 105 | 0 |
Assets, Noncurrent | 587 | 478 |
Total Assets | 5,446 | 5,914 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 4 | 10 |
Cash collateral received in support of energy risk management activities | 51 | 54 |
Employee-related Liabilities, Current | 48 | 79 |
Taxes Payable, Current | 58 | 48 |
Interest Payable, Other Accrued Liabilities and Other Liabilities, Current | 39 | 44 |
Other Accrued Liabilities, Current | 56 | 67 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 2 | 0 |
Total current liabilities | 916 | 868 |
Other Liabilities | ||
Long-term debt and capital leases | 2,762 | 3,120 |
Postretirement and other benefit obligations | 199 | 207 |
Out of Market Contracts | 892 | 969 |
Other non-current liabilities | 285 | 277 |
Total non-current liabilities | 4,258 | 4,645 |
Total Liabilities | 5,174 | 5,513 |
Stockholders' Equity | ||
Common stock; $0.001 par value; 2.0 billion shares authorized; 771,692,734 shares issued at December 31, 2011 | 0 | 0 |
Additional paid-in capital | 325 | 325 |
Accumulated deficit | (37) | 78 |
Accumulated other comprehensive income | (16) | (2) |
Total Stockholders' Equity | 272 | 401 |
Total Liabilities and Stockholders' Equity | 5,446 | 5,914 |
GenOn Americas Generation, LLC [Member] | ||
Current Assets | ||
Cash and cash equivalents | 246 | 103 |
Funds deposited by counterparties | 51 | 54 |
Inventory | 289 | 318 |
Derivative, Collateral, Right to Reclaim Cash | 39 | 29 |
Prepayments and other current assets | 84 | 90 |
Total current assets | 1,987 | 1,883 |
Property, Plant and Equipment [Abstract] | ||
In service | 1,331 | 1,250 |
Construction in Progress, Gross | 29 | 30 |
Total property, plant and equipment | 1,360 | 1,280 |
Less accumulated depreciation | (244) | (170) |
Net property, plant and equipment | 1,116 | 1,110 |
Other Assets | ||
Intangible assets, net of accumulated amortization | 73 | 72 |
Other non-current assets | 131 | 111 |
Assets, Noncurrent | 439 | 439 |
Total Assets | 3,542 | 3,432 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 0 | 5 |
Cash collateral received in support of energy risk management activities | 51 | 54 |
Taxes Payable, Current | 0 | |
Other Accrued Liabilities, Current | 104 | 93 |
Total current liabilities | 1,049 | 899 |
Other Liabilities | ||
Long-term debt and capital leases | 752 | 929 |
Out of Market Contracts | 520 | 547 |
Other non-current liabilities | 107 | 106 |
Total non-current liabilities | 1,561 | 1,717 |
Total Liabilities | 2,610 | 2,616 |
Member's Equity | ||
Members' interest | 932 | 816 |
Total member's equity | 932 | 816 |
Total Liabilities and Member's Equity | 3,542 | 3,432 |
Stockholders' Equity | ||
Total Stockholders' Equity | 932 | 816 |
GenOn Mid-Atlantic, LLC [Member] | ||
Current Assets | ||
Cash and cash equivalents | 299 | 157 |
Inventory | 172 | 166 |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Prepayments and other current assets | 79 | 80 |
Total current assets | 821 | 654 |
Property, Plant and Equipment [Abstract] | ||
In service | 1,099 | 1,075 |
Construction in Progress, Gross | 26 | 18 |
Total property, plant and equipment | 1,125 | 1,093 |
Less accumulated depreciation | (200) | (135) |
Net property, plant and equipment | 925 | 958 |
Other Assets | ||
Intangible assets, net of accumulated amortization | 13 | 10 |
Other non-current assets | 125 | 87 |
Assets, Noncurrent | 221 | 238 |
Total Assets | 1,967 | 1,850 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 0 | 5 |
Cash collateral received in support of energy risk management activities | 0 | |
Taxes Payable, Current | 44 | 29 |
Accrued Environmental Loss Contingencies, Current | 27 | 21 |
Other Accrued Liabilities, Current | 4 | 3 |
Total current liabilities | 267 | 227 |
Other Liabilities | ||
Out of Market Contracts | 520 | 547 |
Other non-current liabilities | 50 | 60 |
Total non-current liabilities | 602 | 629 |
Total Liabilities | 869 | 856 |
Member's Equity | ||
Members' interest | 1,098 | 994 |
Total member's equity | 1,098 | 994 |
Total Liabilities and Member's Equity | 1,967 | 1,850 |
Stockholders' Equity | ||
Total Stockholders' Equity | 1,098 | 994 |
Non-affiliated Entity [Member] | ||
Current Assets | ||
Derivative Instruments | 544 | 591 |
Other Assets | ||
Derivative instruments | 154 | 195 |
Current Liabilities | ||
Accounts payable | 112 | 135 |
Derivative instruments | 465 | 382 |
Other Liabilities | ||
Derivative instruments | 102 | 69 |
Non-affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | ||
Current Assets | ||
Accounts receivable — trade, less allowance for doubtful accounts | 86 | 106 |
Derivative Instruments | 545 | 591 |
Other Assets | ||
Derivative instruments | 154 | 196 |
Current Liabilities | ||
Accounts payable | 48 | 50 |
Derivative instruments | 465 | 382 |
Other Liabilities | ||
Derivative instruments | 102 | 69 |
Non-affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | ||
Current Assets | ||
Accounts receivable — trade, less allowance for doubtful accounts | 2 | 10 |
Derivative Instruments | 0 | 100 |
Current Liabilities | ||
Accounts payable | 21 | 27 |
Derivative instruments | 0 | 1 |
Affiliated Entity [Member] | ||
Current Assets | ||
Derivative Instruments | 30 | 11 |
Other Assets | ||
Derivative instruments | 1 | 10 |
Current Liabilities | ||
Accounts payable | 71 | 14 |
Derivative instruments | 10 | 35 |
Other Liabilities | ||
Derivative instruments | 14 | 3 |
Affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | ||
Current Assets | ||
Note receivable — affiliate | 331 | 331 |
Derivative Instruments | 316 | 261 |
Other Assets | ||
Derivative instruments | 81 | 60 |
Current Liabilities | ||
Accounts payable | 109 | 23 |
Derivative instruments | 272 | 292 |
Other Liabilities | ||
Derivative instruments | 80 | 66 |
Affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | ||
Current Assets | ||
Derivative Instruments | 269 | 141 |
Other Assets | ||
Derivative instruments | 83 | 141 |
Current Liabilities | ||
Accounts payable | 8 | 14 |
Derivative instruments | 163 | 127 |
Other Liabilities | ||
Derivative instruments | $ 32 | $ 22 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated amortization on intangible assets | $ 40 | $ 66 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1 | 1 |
Common stock, shares issued (in shares) | 1 | 1 |
GenOn Americas Generation, LLC [Member] | ||
Accumulated amortization on intangible assets | $ 40 | $ 66 |
GenOn Mid-Atlantic, LLC [Member] | ||
Accumulated amortization on intangible assets | $ 0 | $ 0 |
GenOn Energy, Inc. Parent Company [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1 | 2,000,000,000 |
Common stock, shares issued (in shares) | 1 | 771,692,734 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net Income/(Loss) | $ (115) | $ 192 | $ (42) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 215 | 245 | 249 |
Amortization of financing costs and debt discount/premiums | 58 | 58 | 72 |
Gains (Losses) on Extinguishment of Debt | (65) | 0 | 11 |
Gains Losses on Extinguishment of Debt, Non Cash Portion | (65) | 0 | (28) |
Amortization of Intangibles and Out of Market Contracts | 70 | 38 | 45 |
Share-based Compensation | 2 | 6 | 9 |
Gain on disposals and sales of assets | 0 | 6 | 0 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | (18) | 0 |
Other Asset Impairment Charges | (170) | (82) | 0 |
Changes in Derivatives | 180 | 152 | 310 |
Inventory Write-down | 19 | 12 | 0 |
Other, net | (10) | 24 | 86 |
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Accounts receivable - trade | 23 | 52 | (59) |
Inventory | 33 | (76) | (25) |
Prepayments and other current assets | 29 | 27 | 61 |
Accounts payable | (38) | (127) | 118 |
Increase (Decrease) in Other Operating Liabilities | 20 | (33) | (71) |
Other assets and liabilities | (94) | (211) | 41 |
Net Cash Provided by Operating Activities | 241 | 237 | 532 |
Cash Flows from Investing Activities: | |||
Acquisition of businesses, net of cash acquired | 0 | 0 | 175 |
Capital expenditures | (254) | (171) | (301) |
Proceeds from sale of assets, net | 0 | 50 | 0 |
Proceeds from Sale of Equity Method Investments | 0 | 35 | 0 |
(Increase)/decrease in restricted cash, net | 0 | 0 | 18 |
Other | (5) | 10 | (21) |
Net cash provided by (used in) investing activities | (259) | (76) | (129) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 0 | 0 | 110 |
Payments for short and long-term debt | (237) | (1) | (578) |
Net cash provided by (used in) financing activities | (237) | (1) | (468) |
Net Increase (Decrease) in Cash and Cash Equivalents | (255) | 160 | (65) |
Cash and Cash Equivalents at Beginning of Period | 920 | 760 | 825 |
Cash and Cash Equivalents at End of Period | 665 | 920 | 760 |
Supplemental Disclosures: | |||
Interest paid, net of amount capitalized | 248 | 240 | 259 |
Income taxes paid, net of refunds received | 4 | 3 | (75) |
GenOn Americas Generation, LLC [Member] | |||
Cash Flows from Operating Activities | |||
Net Income/(Loss) | 116 | 305 | 59 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 74 | 72 | 95 |
Amortization of financing costs and debt discount/premiums | 9 | 9 | 8 |
Gains (Losses) on Extinguishment of Debt | (42) | 0 | 0 |
Amortization of Intangibles and Out of Market Contracts | 27 | 16 | 9 |
Gain on disposals and sales of assets | 0 | (6) | 0 |
Other Asset Impairment Charges | (8) | 0 | 0 |
Changes in Derivatives | 122 | 128 | 270 |
Inventory Write-down | 17 | 9 | 0 |
Other, net | (10) | (35) | (36) |
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Inventory | (12) | 57 | 47 |
Prepayments and other current assets | (6) | (15) | 6 |
Increase (Decrease) in Other Operating Liabilities | 11 | 1 | 6 |
Other assets and liabilities | 36 | 115 | 4 |
Net Cash Provided by Operating Activities | 348 | 300 | 310 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (74) | (32) | (55) |
Proceeds from sale of assets, net | 0 | (50) | 0 |
Other | 0 | 0 | 21 |
Net cash provided by (used in) investing activities | (74) | (14) | (177) |
Cash Flows from Financing Activities | |||
Payments for short and long-term debt | (131) | 0 | (3) |
Net cash provided by (used in) financing activities | (131) | (246) | (218) |
Net Increase (Decrease) in Cash and Cash Equivalents | 143 | 40 | (85) |
Cash and Cash Equivalents at Beginning of Period | 103 | 63 | 148 |
Cash and Cash Equivalents at End of Period | 246 | 103 | 63 |
Supplemental Disclosures: | |||
Interest paid, net of amount capitalized | 76 | 75 | 73 |
GenOn Mid-Atlantic, LLC [Member] | |||
Cash Flows from Operating Activities | |||
Net Income/(Loss) | 104 | 236 | 128 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 65 | 50 | 77 |
Amortization of Intangibles and Out of Market Contracts | 27 | (1) | 11 |
Gain on disposals and sales of assets | 0 | 0 | (7) |
Changes in Derivatives | 75 | 202 | 260 |
Inventory Write-down | 6 | 0 | 0 |
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Inventory | 12 | 8 | 21 |
Prepayments and other current assets | (2) | (34) | 69 |
Increase (Decrease) in Other Operating Liabilities | 22 | 4 | (8) |
Other assets and liabilities | 51 | 106 | 102 |
Net Cash Provided by Operating Activities | 186 | 429 | 261 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (39) | (16) | (44) |
Net cash provided by (used in) investing activities | (39) | (16) | (44) |
Cash Flows from Financing Activities | |||
Payments for short and long-term debt | (5) | 0 | (3) |
Net cash provided by (used in) financing activities | (5) | (320) | (288) |
Net Increase (Decrease) in Cash and Cash Equivalents | 142 | 93 | (71) |
Cash and Cash Equivalents at Beginning of Period | 157 | 64 | 135 |
Cash and Cash Equivalents at End of Period | 299 | 157 | 64 |
Non-affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | |||
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Accounts receivable - trade | (20) | (39) | 26 |
Accounts payable | 0 | (45) | 1 |
Non-affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Accounts receivable - trade | (8) | 6 | 0 |
Accounts payable | 0 | 8 | 0 |
Affiliated Entity [Member] | GenOn Americas Generation, LLC [Member] | |||
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Accounts payable | 86 | 2 | 15 |
Cash Flows from Investing Activities: | |||
Decrease/(increase) in notes receivable - affiliate | 0 | 32 | 101 |
Cash Flows from Financing Activities | |||
Proceeds from Contributions from Affiliates | 74 | 70 | |
Distributions to members | (320) | (279) | |
Affiliated Entity [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Cash provided/(used) by changes in other working capital, net of acquisition and disposition effects: | |||
Accounts payable | $ (6) | 14 | 0 |
Cash Flows from Financing Activities | |||
Distributions to members | $ (320) | (285) | |
GenOn Mid-Atlantic, LLC [Member] | GenOn Americas Generation, LLC [Member] | |||
Cash Flows from Financing Activities | |||
Distributions to members | $ (285) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY / MEMBER'S EQUITY - USD ($) $ in Millions | Total | GenOn Americas Generation, LLC [Member] | GenOn Mid-Atlantic, LLC [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Affiliated Entity [Member]GenOn Americas Generation, LLC [Member] | Affiliated Entity [Member]GenOn Mid-Atlantic, LLC [Member] | Affiliated Entity [Member]Member's Interest [Member]GenOn Americas Generation, LLC [Member] | Affiliated Entity [Member]Member's Interest [Member]GenOn Mid-Atlantic, LLC [Member] |
Balance at Dec. 31, 2012 | $ 207 | $ 841 | $ 1,235 | $ 0 | $ 277 | $ (72) | $ 2 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income/(Loss) | (42) | 59 | 128 | ||||||||
Distributions to members | $ (279) | $ (285) | $ 285 | ||||||||
Proceeds from Contributions from Affiliates | 70 | $ 70 | |||||||||
Other comprehensive income | 100 | ||||||||||
Adjustments to Additional Paid in Capital, Other | (48) | (48) | |||||||||
Balance at Dec. 31, 2013 | 313 | 691 | 1,078 | 0 | 325 | (114) | 102 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income/(Loss) | 192 | 305 | 236 | ||||||||
Distributions to members | (320) | $ (320) | 320 | 320 | |||||||
Proceeds from Contributions from Affiliates | 74 | 74 | |||||||||
Capital Contributions Non-Cash | $ 66 | ||||||||||
Other comprehensive income | (104) | ||||||||||
Balance at Dec. 31, 2014 | 401 | 816 | 994 | 0 | 325 | 78 | (2) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income/(Loss) | (115) | 116 | 104 | ||||||||
Distributions to members | 0 | $ 0 | |||||||||
Proceeds from Contributions from Affiliates | $ 0 | ||||||||||
Other comprehensive income | (14) | ||||||||||
Balance at Dec. 31, 2015 | $ 272 | $ 932 | $ 1,098 | $ 0 | $ 325 | $ (37) | $ (16) |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Business Disclosure [Abstract] | |
Nature of Business | Nature of Business (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) General GenOn Energy, Inc., a wholly owned subsidiary of NRG, is a wholesale generator engaged in the ownership and operation of power generation facilities, with approximately 17,753 MW of net electric generating capacity located in the U.S. GenOn Americas Generation is a wholesale power generator with approximately 7,985 MW of net electric generating capacity located, in many cases, near major metropolitan areas. GenOn Americas Generation's electric generating capacity is part of the 17,753 MW of net electric generating capacity of GenOn. GenOn Mid-Atlantic operates and owns or leases 4,683 MW of net electric generating capacity in Maryland, near Washington, D.C. GenOn Mid-Atlantic’s electric generating capacity is part of the 7,985 MW of net electric generating capacity of GenOn Americas Generation. GenOn Mid-Atlantic’s generating facilities serve the Eastern PJM markets. GenOn Americas Generation and GenOn Mid-Atlantic are Delaware limited liability companies and indirect wholly owned subsidiaries of GenOn. GenOn Mid-Atlantic is a wholly owned subsidiary of NRG North America and an indirect wholly owned subsidiary of GenOn Americas Generation. The following illustrates the ownership structure of the Registrants as of December 31, 2015: GenOn's generation facilities consist of baseload, intermediate and peaking power generation facilities. The following table summarizes the generation portfolio by Registrant: (In MW) Generation Type GenOn GenOn Americas Generation GenOn Mid-Atlantic Natural gas 10,763 4,118 1,942 Coal 5,143 2,433 2,433 Oil 1,847 1,434 308 Total generation capacity 17,753 7,985 4,683 The Registrants sell power from their generation portfolio and offer capacity or similar products to retail electric providers and others, and provide ancillary services to support system reliability. NRG Merger On December 14, 2012, NRG completed the acquisition of GenOn with GenOn continuing as a wholly owned subsidiary of NRG. The NRG Merger was accounted for under the acquisition method of accounting. Fair value adjustments related to the NRG Merger have been pushed down to GenOn, GenOn Americas Generation and GenOn Mid-Atlantic, resulting in certain assets and liabilities of the Registrants being recorded at fair value at December 15, 2012. The Registrants’ consolidated statements of operations subsequent to the NRG Merger include amortization expense relating to fair value adjustments and depreciation expense based on the fair value of the Registrants’ property, plant and equipment. In addition, effective with the NRG Merger, the Registrants adopted accounting policies of NRG. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments ASU 2016-01 - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. ASU 2015-17 — In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , or ASU No. 2015-17. The amendments of ASU No. 2015-17 require that deferred tax liabilities and assets, as well as any related valuation allowance, be presented as noncurrent in a classified statement of financial position. The guidance in ASU No. 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption is permitted. The Registrants' adopted ASU No. 2015-17 for the year ended December 31, 2015 and elected to apply the amendments retrospectively. The adoption did not have any impact on the Registrants' results of operations, cash flows, or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Registrants adopted the standard effective January 1, 2015, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Registrants adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. 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. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Basis of Presentation and Principles of Consolidation This is a combined annual report of the Registrants. The notes to the consolidated financial statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. The Registrants' consolidated financial statements have been prepared in accordance with U.S. GAAP. The ASC, established by the FASB, is the source of authoritative U.S. GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The consolidated financial statements include the Registrants' accounts and operations and those of their subsidiaries in which the Registrants have a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Registrants apply the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a VIE, should be consolidated. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Funds Deposited by Counterparties (GenOn and GenOn Americas Generation) Funds deposited by counterparties consist of cash held by GenOn as a result of collateral posting obligations from GenOn's counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on GenOn's intentions, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, GenOn will refund this collateral to the hedge counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and GenOn cannot predict if any collateral will be held for more than twelve months , the funds deposited by counterparties are classified as a current asset on GenOn's balance sheets, with an offsetting liability for this cash collateral received within current liabilities. Changes in funds deposited by counterparties are closely associated with GenOn's operating activities and are classified as an operating activity in GenOn's consolidated statements of cash flows. Inventory Inventory is valued at the lower of weighted average cost or market, and consists principally of fuel oil, coal and raw materials used to generate electricity or steam. The Registrants remove these inventories as they are used in the production of electricity or steam. Spare parts inventory is valued at a weighted average cost, since the Registrants expect to recover these costs in the ordinary course of business. The Registrants remove these inventories when they are used for repairs, maintenance or capital projects. Sales of inventory are classified as an operating activity in the consolidated statements of cash flows. During the year ended December 31, 2015 , the Registrants recorded a lower of weighted average cost or market adjustment related to fuel oil of $19 million related to GenOn, of which $17 million relates to GenOn Americas Generation and $6 million relates to GenOn Mid-Atlantic. Property, Plant and Equipment Property, plant and equipment are stated at cost; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment . An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value with the difference recorded in operating costs and expenses in the statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of these matters, refer to Note 9 , Impairments . Capitalized Interest (GenOn and GenOn Americas Generation) Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. The amounts of interest capitalized were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 5 $ 11 $ 21 GenOn Americas Generation 2 1 2 When a project is available for operations, capitalized interest and project development costs are reclassified to property, plant and equipment and depreciated on a straight-line basis over the estimated useful life of the project's related assets. Capitalized costs are charged to expense if a project is abandoned or management otherwise determines the costs to be unrecoverable. Intangible Assets Intangible assets represent contractual rights held by the Registrants. The Registrants recognize specifically identifiable intangible assets when specific rights and contracts are acquired. As of December 31, 2015 , and 2014 , the Registrants' intangible assets are comprised of SO 2 emission allowances and CO 2 emission credits held for compliance with RGGI that are held-for-use and are amortized to cost of operations based on straight line or units of production basis. The following table presents the Registrants’ amortization of intangible assets for each of the past three years: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 39 $ 38 $ 25 GenOn Americas Generation 32 33 21 GenOn Mid-Atlantic 27 29 18 The following table presents estimated amortization of the Registrants’ intangible assets for each of the next five years: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 45 $ 42 $ 3 2017 2 — — 2018 1 — — 2019 1 — — 2020 1 — — Out of Market Contracts In connection with the NRG Merger, acquired out-of-market contracts were pushed down to the Registrants, as applicable, and primarily relate to GenOn Mid-Atlantic and REMA leases and long-term natural gas transportation and storage contracts. These out-of-market contracts are amortized to operating revenues and cost of operations, as applicable, based on the nature of the contracts and over their contractual lives. The following table presents the Registrants' amortization of out-of-market contracts for each of the past three years: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 79 $ 78 $ 75 GenOn Americas Generation 28 28 28 GenOn Mid-Atlantic 28 28 28 The following table summarizes the estimated amortization related to the Registrants’ out-of-market contracts: GenOn GenOn Americas Generation GenOn Mid-Atlantic ( In millions) 2016 $ 81 $ 28 $ 28 2017 76 28 28 2018 71 28 28 2019 68 28 28 2020 68 28 28 Income Taxes GenOn GenOn is a wholly owned subsidiary of NRG that exists as a corporate regarded entity for income tax purposes. As a result, GenOn, NRG Americas and NRG have direct liability for the majority of the federal and state income taxes resulting from GenOn's operations. GenOn has allocated income taxes as if it were a single consolidated taxpayer using the liability method in accordance with ASC 740, which requires that GenOn use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. GenOn has two categories of income tax expense or benefit - current and deferred, as follows: • Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and • Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income. GenOn reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between its financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in GenOn's consolidated balance sheets. GenOn measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce GenOn's net deferred tax assets to an amount that is more-likely-than-not to be realized. The determination of a valuation allowance requires significant judgment as to the generation of taxable income during future periods in which those temporary differences are deductible. In making this determination, management considers all available positive and negative evidence affecting specific deferred tax assets, including GenOn's past and projected pre-tax book earnings, the reversal of deferred tax liabilities and the implementation of tax planning strategies. GenOn accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. GenOn recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. GenOn Americas Generation GenOn Americas Generation and most of its subsidiaries are limited liability companies that are treated as branches of GenOn Americas for income tax purposes. As a result, NRG Americas, GenOn and NRG have direct liability for the majority of the federal and state income taxes relating to GenOn Americas Generation's operations. Several of GenOn Americas Generation's subsidiaries exist as regarded corporate entities for income tax purposes. For the subsidiaries that continue to exist as corporate regarded entities, GenOn Americas Generation allocates current and deferred income taxes to each corporate regarded entity as if such entity were a single taxpayer utilizing the asset and liability method to account for income taxes. GenOn Americas Generation reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between its financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in GenOn Americas Generation's consolidated balance sheets. GenOn Americas Generation measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce GenOn Americas Generation's net deferred tax assets to an amount that is more-likely-than-not to be realized. The determination of a valuation allowance requires significant judgment as to the generation of taxable income during future periods in which those temporary differences are deductible. In making this determination, management considers all available positive and negative evidence affecting specific deferred tax assets, including GenOn Americas Generation's past and projected pre-tax book earnings, the reversal of deferred tax liabilities and the implementation of tax planning strategies. GenOn Americas Generation accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. GenOn Americas Generation recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. GenOn Mid-Atlantic GenOn Mid-Atlantic and GenOn Mid-Atlantic's subsidiaries are limited liability companies that are treated as branches of NRG Americas for income tax purposes. As such, GenOn, NRG Americas and NRG have direct liability for the majority of the federal and state income taxes relating to GenOn Mid-Atlantic's operations. Revenue Recognition Energy — Both physical and financial transactions are entered into to optimize the financial performance of the Registrants' generating facilities. Electric energy revenue is recognized upon transmission to the customer. Physical transactions, or the sale of generated electricity to meet supply and demand, are recorded on a gross basis in the Registrants’ consolidated statements of operations. Financial transactions, or the buying and selling of energy for trading purposes, are recorded net within operating revenues in the consolidated statements of operations in accordance with ASC 815. Capacity — Capacity revenues are recognized when contractually earned, and consist of revenues billed to a third party at either the market or a negotiated contract price for making installed generation capacity available in order to satisfy system integrity and reliability requirements. Natural Gas Sales (GenOn and GenOn Americas Generation) — GenOn and GenOn Americas Generation record revenues from the sales of natural gas under the accrual method. These sales are sold at market-based prices. Sales that have been delivered but not billed by period end are estimated. Derivative Financial Instruments The Registrants account for derivative financial instruments under ASC 815, which requires the Registrants to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of derivatives are immediately recognized in earnings. The Registrants’ primary derivative instruments are financial power and natural gas contracts, fuels purchase contracts, and other energy related commodities used to mitigate variability in earnings due to fluctuations in market prices. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. The Registrants’ trading activities are subject to limits in accordance with the Risk Management Policy. These contracts are recognized on the balance sheet at fair value and changes in the fair value of these derivative financial instruments are recognized in earnings. Concentrations of Credit Risk Financial instruments which potentially subject the Registrants to concentrations of credit risk consist primarily of accounts receivable and derivatives. Certain accounts receivable and derivative instruments are concentrated within entities engaged in the energy industry. These industry concentrations may impact the Registrants’ overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. Receivables and other contractual arrangements are subject to collateral requirements under the terms of enabling agreements. However, the Registrants believe that the credit risk posed by industry concentration is offset by the diversification and creditworthiness of the Registrants’ customer base. See Note 4 , Fair Value of Financial Instruments , for a further discussion of derivative concentrations. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, funds deposited by counterparties, receivables, accounts payable, and accrued liabilities approximate fair value because of the short-term maturity of these instruments. See Note 4 , Fair Value of Financial Instruments , for a further discussion of fair value of financial instruments. Asset Retirement Obligations The Registrants account for their AROs in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, the Registrants capitalize the asset retirement cost by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. See Note 11 , Asset Retirement Obligations , for a further discussion of AROs. Pensions (GenOn) GenOn offers pension benefits through defined benefit pension plans. In addition, GenOn provides postretirement health and welfare benefits for certain groups of employees. GenOn accounts for pension and other postretirement benefits in accordance with ASC 715, Compensation — Retirement Benefits. GenOn recognizes the funded status of its defined benefit plans in the statement of financial position and records an offset for gains and losses as well as all prior service costs that have not been included as part of GenOn's net periodic benefit cost to other comprehensive income. The determination of GenOn's obligation and expenses for pension benefits is dependent on the selection of certain assumptions. These assumptions determined by management include the discount rate, the expected rate of return on plan assets and the rate of future compensation increases. GenOn's actuarial consultants determine assumptions for such items as retirement age. The assumptions used may differ materially from actual results, which may result in a significant impact to the amount of pension obligation or expense recorded by GenOn. GenOn measures the fair value of its pension assets in accordance with ASC 820, Fair Value Measurements and Disclosures, or ASC 820. On December 31, 2014, NRG merged 8 qualified pension plans into 2 separate qualified pension plans, the NRG Pension Plan for Bargained Employees and the NRG Pension Plan. The GenOn Mirant Bargaining Unit Pension Plan, GenOn First Energy Pension Plan, GenOn Duquesne Pension Plan, and GenOn REMA Pension Plan were merged into the NRG Pension Plan for Bargained Employees. The GenOn Mirant Pension Plan was merged into the NRG Pension Plan for Non-Bargained Employees and renamed the NRG Pension Plans. These actions were conducted to simplify internal administration of the plans, reduce regulatory filings, and lower fees paid to outside vendors as part of the management services agreement. The benefits provided to current participants in the Plans were not impacted and GenOn remains obligated for its respective pension liabilities. 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. In recording transactions and balances resulting from business operations, the Registrants use estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, actuarially determined benefit costs, the valuation of energy commodity contracts, environmental liabilities, legal costs incurred in connection with recorded loss contingencies, and assets acquired and liabilities assumed in business combinations, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. Reclassifications Certain prior-year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. Recent Accounting Developments ASU 2016-01 - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. ASU 2015-17 — In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , or ASU No. 2015-17. The amendments of ASU No. 2015-17 require that deferred tax liabilities and assets, as well as any related valuation allowance, be presented as noncurrent in a classified statement of financial position. The guidance in ASU No. 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption is permitted. The Registrants' adopted ASU No. 2015-17 for the year ended December 31, 2015 and elected to apply the amendments retrospectively. The adoption did not have any impact on the Registrants' results of operations, cash flows, or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Registrants adopted the standard effective January 1, 2015, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Registrants adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. 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. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Business Combination Disclosure | Dispositions (GenOn and GenOn Americas Generation) Seward Disposition (GenOn) On November 24, 2015, GenOn entered into an agreement with Robindale Energy Services, Inc. to sell 100% of its interest in Seward Generation, LLC, or Seward, for cash consideration of $75 million . Seward owns a 525 MW coal-fired facility in Pennsylvania. The transaction triggered an impairment indicator as the sale price was less than the carrying amount of the assets and, as a result, the assets were considered to be impaired. GenOn measured the impairment loss as the difference between the carrying amount of the assets and the agreed-upon sale price. GenOn recorded an impairment loss of $134 million in its consolidated results of operations for the year ended December 31, 2015, to reduce the carrying amount of the assets held for sale to the fair market value. At December 31, 2015, GenOn had $5 million of current assets, $83 million of non-current assets, $1 million of current liabilities and $4 million of non-current liabilities classified as held for sale for Seward on its balance sheet. On February 2, 2016, GenOn completed the sale of Seward. For further discussion on this impairment, refer to Note 9 — Impairments . Shelby Disposition (GenOn) On November 9, 2015, GenOn entered into an agreement with Rockland Power Partners II, LP to sell 100% of its interest in the Shelby County Energy Center, LLC, or Shelby for cash consideration of $46 million . Shelby owns a 352 MW natural gas-fired facility located in Illinois. At December 31, 2015, GenOn had $1 million of current assets, $22 million of non-current assets, and $1 million of current liabilities classified as held for sale for Shelby on its balance sheet. The sale is expected to be completed in March of 2016 and the transaction is expected to result in a gain recognized in GenOn's consolidated results of operations during the first quarter of 2016. Sabine Disposition (GenOn) On December 2, 2014, GenOn, through its subsidiaries GenOn Sabine (Delaware), Inc. and GenOn Sabine (Texas), Inc., completed the sale of its 50% interest in Sabine Cogen, L.P., or Sabine, to Bayou Power, LLC, an affiliate of Rockland Capital, LLC. Sabine owns a 105 MW natural gas-fired cogeneration facility located in Texas. GenOn received cash consideration of $35 million at closing. A gain of $18 million was recognized as a result of the transaction and recorded within GenOn's consolidated statements of operations. Kendall Disposition (GenOn and GenOn Americas Generation) On January, 31, 2014, NRG North America LLC, a wholly owned subsidiary of GenOn Americas Generations, completed the sale of NRG Kendall LLC to Veolia Energy North America Holdings, Inc. for cash consideration of $50 million . There was a $6 million loss recorded in the consolidated results of operations of GenOn and GenOn Americas Generation during the first quarter of 2014. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) For cash and cash equivalents, funds deposited by counterparties, accounts receivable, accounts payable, accrued liabilities, 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 values and fair values of GenOn and GenOn Americas Generation’s debt are as follows: GenOn As of December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities Long and short-term debt $ 2,764 $ 2,043 $ 3,122 $ 2,706 The fair value of long and short-term debt that is estimated using reported market prices for instruments that are publicly traded is classified as Level 2 within the fair value hierarchy. The fair value of non-publicly traded debt is based on the income approach valuation technique using current interest rates for similar instruments with equivalent credit quality and is classified as Level 3 within the fair value hierarchy. GenOn Americas Generation As of December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities Long and short-term debt $ 752 $ 500 $ 929 $ 720 The fair value of long and short-term debt is estimated using reported market prices for instruments that are publicly traded and is classified as Level 2 within the fair value hierarchy. Fair Value Accounting under ASC 820 ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to access as of the measurement date. The Registrants’ financial assets and liabilities utilizing Level 1 inputs include active exchange-traded securities, energy derivatives and interest-bearing funds. • Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. The Registrants’ financial assets and liabilities utilizing Level 2 inputs include exchange-based derivatives, and over the counter derivatives such as swaps, options and forward contracts. • Level 3 — unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. The Registrants’ financial assets and liabilities utilizing Level 3 inputs include infrequently-traded and non-exchange-based derivatives which are measured using present value pricing models. In accordance with ASC 820, the Registrants determine the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement in its entirety. Recurring Fair Value Measurements Derivative assets and liabilities are carried at fair market value. GenOn The following tables present assets and liabilities measured and recorded at fair value on GenOn’s consolidated balance sheet on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 192 $ 535 $ 2 $ 729 Derivative liabilities: Commodity contracts $ 157 $ 420 $ 14 $ 591 Other assets (b) $ 14 $ — $ — $ 14 (a) There were no transfers during the year ended December 31, 2015 , between Levels 1 and 2. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for some key and highly compensated employees. As of December 31, 2014 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 179 $ 582 $ 46 $ 807 Derivative liabilities: Commodity contracts $ 105 $ 371 $ 13 $ 489 Other assets (b) $ 21 $ — $ — $ 21 (a) There were no transfers during the year ended December 31, 2014 , between Levels 1 and 2. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for some key and highly compensated employees. The following tables reconcile the beginning and ending balances for derivatives that are recognized at fair value in GenOn’s consolidated financial statements at least annually using significant unobservable inputs for the years ended December 31, 2015 , and 2014 : For the Year Ended December 31, 2015 2014 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ 33 $ (4 ) Total gains and losses (realized/unrealized) included in earnings (40 ) 2 Purchases (5 ) 35 Balance as of end of period $ (12 ) $ 33 The amount of the total losses for the period included in earnings attributable to the change in unrealized derivatives relating to assets still held at end of period $ (8 ) $ (1 ) (a) Consists of derivatives assets and liabilities, net. GenOn Americas Generation The following tables present assets and liabilities (including amounts with affiliates) measured and recorded at fair value on GenOn Americas Generation's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 285 $ 796 $ 15 $ 1,096 Derivative liabilities: Commodity contracts $ 170 $ 735 $ 14 $ 919 (a) There were no transfers during the year ended December 31, 2015 , between Levels 1 and 2. As of December 31, 2014 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 208 $ 848 $ 52 $ 1,108 Derivative liabilities: Commodity contracts $ 137 $ 640 $ 32 $ 809 (a) There were no transfers during the year ended December 31, 2014 , between Levels 1 and 2. The following tables reconcile the beginning and ending balances for GenOn Americas Generation's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs for the years ended December 31, 2015 , and 2014 : For the Year Ended December 31, 2015 2014 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ 20 $ (1 ) Total gains and losses (realized/unrealized) included in earnings (20 ) 1 Purchases 1 20 Balance as of end of period $ 1 $ 20 (a) Consists of derivatives assets and liabilities, net. There were no gains or losses for the years ended December 31, 2015 and 2014 included in earnings attributable to the change in unrealized derivatives relating to assets still held at the end of the period. GenOn Mid-Atlantic The following tables present assets and liabilities (including amounts with affiliates) measured and recorded at fair value on GenOn Mid-Atlantic's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 175 $ 175 $ 2 $ 352 Derivative liabilities: Commodity contracts $ 58 $ 137 $ — $ 195 (a) There were no transfers during the year ended December 31, 2015 , between Levels 1 and 2. As of December 31, 2014 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 145 $ 211 $ 26 $ 382 Derivative liabilities: Commodity contracts $ 71 $ 73 $ 6 $ 150 (a) There were no transfers during the year ended December 31, 2014 , between Levels 1 and 2. The following tables reconcile the beginning and ending balances for GenOn Mid-Atlantic's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs for the years ended December 31, 2015 , and 2014 : For the Year Ended December 31, 2015 2014 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ 20 $ — Total gains and losses (realized/unrealized) included in earnings (20 ) — Purchases 2 20 Balance as of end of period $ 2 $ 20 (a) Consists of derivatives assets and liabilities, net. There were no gains or losses for the years ended December 31, 2015 and 2014 included in earnings attributable to the change in unrealized derivatives relating to assets still held at the end of the period. 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 the Registrants’ contracts are exchange-traded contracts with readily available quoted market prices. A majority of the Registrants’ 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. For the majority of the Registrants’ markets, quotes are from multiple sources. To the extent that the Registrants receive multiple quotes, prices reflect the average of the bid-ask mid-point prices obtained from all sources that the Registrants believe provide the most liquid market for the commodity. If the Registrants receive one quote, then the mid-point of the bid-ask spread for that quote is used. The terms for which such price information is available vary by commodity, region and product. A significant portion of the fair value of the Registrants’ derivative portfolio is based on price quotes from brokers in active markets who regularly facilitate those transactions and the Registrants believe such price quotes are executable. The Registrants do not use third party sources that derive price based on proprietary models or market surveys. The remainder of the assets and liabilities represents contracts for which external sources or observable market quotes are not available. These contracts are valued based on various valuation techniques including but not limited to internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Contracts valued with prices provided by models and other valuation techniques make up 0% of GenOn's derivative assets and 2% of GenOn's derivative liabilities, 1% of GenOn Americas Generation’s derivative assets and 2% of GenOn Americas Generation's derivative liabilities and 1% of GenOn Mid-Atlantic’s derivative assets and 0% of GenOn Mid-Atlantic's derivative liabilities. The Registrants' significant positions classified as Level 3 include physical and financial power and physical coal executed in illiquid markets as well as financial transmission rights, or FTRs. The significant unobservable inputs used in developing fair value include illiquid power and coal location pricing, which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. For FTRs, the Registrants use the most recent auction prices to derive the fair value. The following tables quantify the significant unobservable inputs used in developing the fair value of the Registrants' Level 3 positions as of December 31, 2015 , and December 31, 2014 : GenOn Significant Unobservable Inputs December 31, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 22 $ 67 $ 42 Coal Contracts — 12 Discounted Cash Flow Forward Market Price (per ton) 28 45 35 FTRs 1 2 Discounted Cash Flow Auction Prices (per MWh) — 3 1 $ 2 $ 14 Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 39 $ 5 Discounted Cash Flow Forward Market Price (per MWh) $ 18 $ 68 $ 46 Coal Contracts 3 1 Discounted Cash Flow Forward Market Price (per ton) 53 56 54 FTRs 4 7 Discounted Cash Flow Auction Prices (per MWh) (10 ) 3 (1 ) $ 46 $ 13 GenOn Americas Generation Significant Unobservable Inputs December 31, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 22 $ 67 $ 42 Coal Contracts 12 12 Discounted Cash Flow Forward Market Price (per ton) 28 45 35 FTRs 2 2 Discounted Cash Flow Auction Prices (per MWh) — 3 1 $ 15 $ 14 Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 39 $ 18 Discounted Cash Flow Forward Market Price (per MWh) $ 18 $ 68 $ 46 Coal Contracts 3 3 Discounted Cash Flow Forward Market Price (per ton) 53 56 54 FTRs 10 11 Discounted Cash Flow Auction Prices (per MWh) (1 ) 1 — $ 52 $ 32 GenOn Mid-Atlantic Significant Unobservable Inputs December 31, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 2 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 22 $ 67 $ 42 $ 2 $ — Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 26 $ 5 Discounted Cash Flow Forward Market Price (per MWh) $ 24 $ 68 $ 47 FTRs — 1 Discounted Cash Flow Auction Prices (per MWh) (1 ) 1 — $ 26 $ 6 The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2015 , and December 31, 2014 : Significant Unobservable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power/Coal Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power/Coal Sell Increase/(Decrease) Lower/(Higher) FTR Prices Buy Increase/(Decrease) Higher/(Lower) FTR Prices Sell Increase/(Decrease) Lower/(Higher) The fair value of each contract is discounted using a risk free interest rate. In addition, the Registrants apply a non-performance/credit reserve to reflect credit risk which is calculated based on published default probabilities. To the extent that the Registrants’ net exposure under a specific master agreement is an asset, the Registrants use the counterparty's default swap rate. If the exposure under a specific master agreement is a liability, the Registrants use their default swap rate. The credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the Registrants’ liabilities or that a market participant would be willing to pay for the Registrants’ assets. The Registrants' (non-performance)/credit reserves were as follows: As of December 31, 2015 2014 (In millions) GenOn $ (1 ) $ — GenOn Americas Generation — — GenOn Mid-Atlantic 4 2 The fair values in each category reflect the level of forward prices and volatility factors as of December 31, 2015 , and may change as a result of changes in these factors. Management uses its best estimates to determine the fair value of commodity and derivative contracts the Registrants hold and sell. These estimates consider various factors including closing exchange and over-the-counter price quotations, time value, volatility factors and credit exposure. It is possible however, that future market prices could vary from those used in recording assets and liabilities from energy marketing and trading activities and such variations could be material. Under the guidance of ASC 815, entities may choose to offset cash collateral paid or received against the fair value of derivative positions executed with the same counterparties under the same master netting agreements. The Registrants have chosen not to offset positions as defined in ASC 815. As of December 31, 2015 , GenOn recorded $48 million of cash collateral paid, which includes $36 million of collateral paid to NRG, and $51 million of cash collateral received on its balance sheet. As of December 31, 2015 , GenOn Americas Generation recorded $39 million of cash collateral paid, which includes $36 million of collateral paid to NRG, and $51 million of cash collateral received on its balance sheet. As of December 31, 2015 , GenOn Mid-Atlantic had no outstanding cash collateral paid or received on its balance sheet. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2 , Summary of Significant Accounting Policies , the following item is a discussion of the concentration of credit risk for the Registrants’ financial instruments. 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. The Registrants monitor and manage credit risk through credit policies that include: (i) an established credit approval process; (ii) a daily monitoring of counterparties' credit limits; (iii) the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Registrants seek to mitigate counterparty risk by having a diversified portfolio of counterparties. The Registrants also have credit protection within various agreements to call on additional collateral support if and when necessary. Cash margin is collected and held at the Registrants to cover the credit risk of the counterparty until positions settle. As of December 31, 2015 , counterparty credit exposure to a significant portion of GenOn’s counterparties was $351 million and GenOn held $33 million of collateral against those positions, resulting in a net exposure of $321 million . Approximately 97% of GenOn's exposure before collateral is expected to roll off by the end of 2017 . GenOn Americas Generation’s counterparty credit exposure to a significant portion of counterparties was $347 million and GenOn Americas Generation held $33 million of collateral against those positions, resulting in a net exposure of $316 million . Approximately 97% of GenOn Americas Generation’s exposure before collateral is expected to roll off by the end of 2017 . GenOn Mid-Atlantic’s counterparty credit exposure to a significant portion of counterparties was $12 million and GenOn Mid-Atlantic held no collateral (cash or letters of credit) against those positions, resulting in a net exposure of $12 million . 100% of GenOn Mid-Atlantic’s exposure before collateral is expected to roll off by the end of 2016. The following tables highlight the counterparty credit quality and the net counterparty credit exposure by industry sector. Net counterparty credit exposure is defined as the aggregate net asset position for the Registrants with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. As of December 31, 2015 , the exposure is shown net of collateral held and includes amounts net of receivables or payables. Net Exposure (a) (% of Total) Category GenOn GenOn Americas Generation GenOn Mid-Atlantic Financial institutions 68 % 69 % — % Utilities, energy merchants, marketers and other 18 % 17 % — % ISOs 14 % 14 % 100 % Total 100 % 100 % 100 % Category Net Exposure (a) (% of Total) GenOn GenOn Americas Generation GenOn Mid-Atlantic Investment grade 99 % 99 % 100 % Non-Investment grade 1 % 1 % — % Total 100 % 100 % 100 % (a) Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. The Registrants have counterparty credit risk exposure to certain counterparties representing more than 10% of total net exposure discussed above. The aggregate of such counterparties was $257 million , $257 million , and $12 million for GenOn, GenOn Americas Generation and GenOn Mid-Atlantic, respectively. 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, the Registrants do not anticipate a material impact on their financial position or results of operations from nonperformance by any of their counterparties. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) ASC 815 requires the Registrants to recognize all derivative instruments on the balance sheet as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a NPNS exception. Certain derivative instruments may qualify for the NPNS exception and are therefore exempt from fair value accounting treatment. ASC 815 applies to the Registrants’ energy related commodity contracts. Energy-Related Commodities To manage the commodity price risk associated with the Registrants’ competitive supply activities and the price risk associated with wholesale power sales from the Registrants’ electric generation facilities, the Registrants enter into a variety of derivative and non-derivative hedging instruments, utilizing the following: • Forward contracts, which commit the Registrants to purchase or sell energy commodities or purchase fuels in the future. • Futures contracts, which are exchange-traded standardized commitments to purchase or sell a commodity or financial instrument. • Swap agreements, which require payments to or from counterparties based upon the differential between two prices for a predetermined contractual, or notional, quantity. • Financial and non-financial option contracts, which convey to the option holder the right but not the obligation to purchase or sell a commodity. The objectives for entering into derivative contracts used for economic hedging include: • Fixing the price for a portion of anticipated future electricity sales that provides an acceptable return on the Registrants’ electric generation operations. • Fixing the price of a portion of anticipated fuel purchases for the operation of the Registrants’ power plants. GenOn, GenOn Americas Generation and GenOn Mid-Atlantic’s trading and hedging activities are subject to limits within the risk management policy. These contracts are recognized on the balance sheet at fair value and changes in the fair value of these derivative financial instruments are recognized in earnings. GenOn As of December 31, 2015 , GenOn’s derivative assets and liabilities consisted primarily of the following: • Forward and financial contracts for the purchase/sale of electricity and related products economically hedging GenOn’s generation assets' forecasted output through 2019. • Forward and financial contracts for the purchase of fuel commodities relating to the forecasted usage of GenOn’s generation assets through 2018. Also, as of December 31, 2015 , GenOn had other energy-related contracts that did not meet the definition of a derivative instrument as follows: • Power transmission contracts through 2019; • Natural gas transportation contracts and storage agreements through 2027; and • Coal transportation contracts through 2018. GenOn Americas Generation As of December 31, 2015 , GenOn Americas Generation’s derivative assets and liabilities consisted primarily of the following: • Forward and financial contracts for the purchase/sale of electricity and related products economically hedging GenOn Americas Generation’s generation assets' forecasted output through 2019. • Forward and financial contracts for the purchase of fuel commodities relating to the forecasted usage of GenOn Americas Generation’s generation assets through 2018. Also, as of December 31, 2015 , GenOn Americas Generation had other energy-related contracts that did not meet the definition of a derivative instrument as follows: • Power transmission contracts through 2019; • Natural gas transportation contracts and storage agreements through 2023; and • Coal transportation contracts through 2018. GenOn Mid-Atlantic As of December 31, 2015 , GenOn Mid-Atlantic’s derivative assets and liabilities consisted primarily of the following: • Forward and financial contracts for the purchase/sale of electricity and related products economically hedging GenOn Mid-Atlantic’s generation assets' forecasted output through 2018. • Forward and financial contracts for the purchase of fuel commodities relating to the forecasted usage of GenOn Mid-Atlantic’s generation assets through 2016. Also, as of December 31, 2015 , GenOn Mid-Atlantic had other energy-related contracts that did not meet the definition of a derivative instrument as follows: • Natural gas transportation contracts and storage agreements through 2023; and • Coal transportation contracts through 2018. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of the Registrants’ open derivative transactions broken out by commodity, excluding those derivatives that qualified for the NPNS exception as of December 31, 2015 , and December 31, 2014 . 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. GenOn GenOn Americas Generation GenOn Mid-Atlantic Total Volume Total Volume Total Volume As of December 31, As of December 31, As of December 31, 2015 2014 2015 2014 2015 2014 Commodity Units (In millions) (In millions) (In millions) (In millions) (In millions) (In millions) Coal Short Ton 7 8 3 5 3 5 Natural Gas MMBtu 191 (21) 2 (74) (10) (79) Power MWh (49) (36) (20) (16) (18) (15) The change in the natural gas position was the result of buying natural gas to convert fixed price natural gas hedges into fixed price power hedges, as well as the settlement of positions during the period. Fair Value of Derivative Instruments The following tables summarize the fair value within the derivative instrument valuation on the balance sheet: GenOn Fair Value Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges: Commodity contracts current $ 574 $ 602 $ 475 $ 417 Commodity contracts long-term 155 205 116 72 Total Derivatives Not Designated as Cash Flow Hedges $ 729 $ 807 $ 591 $ 489 GenOn Americas Generation Fair Value Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 861 $ 852 $ 737 $ 674 Commodity contracts long-term 235 256 182 135 Total Derivatives Not Designated as Cash Flow Hedges $ 1,096 $ 1,108 $ 919 $ 809 GenOn Mid-Atlantic Fair Value Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 269 $ 241 $ 163 $ 128 Commodity contracts long-term 83 141 32 22 Total Derivatives Not Designated as Cash Flow Hedges $ 352 $ 382 $ 195 $ 150 The Registrants have elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and do not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Registrants' derivative assets or liabilities are recorded on a separate line item on the balance sheet. The following tables summarize the offsetting of derivatives by counterparty master agreement level and collateral received or paid: GenOn Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2015 (in millions) Commodity Contracts: Derivative assets $ 698 $ (485 ) $ (51 ) $ 162 Derivative assets- affiliate 31 (24 ) — 7 Derivative liabilities (567 ) 485 — (82 ) Derivative liabilities- affiliate (24 ) 24 — — Total derivative instruments $ 138 $ — $ (51 ) $ 87 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2014 (in millions) Commodity Contracts: Derivative assets $ 786 $ (425 ) $ (54 ) $ 307 Derivative assets- affiliate 21 (21 ) — — Derivative liabilities (451 ) 425 — (26 ) Derivative liabilities- affiliate (38 ) 21 17 — Total derivative instruments $ 318 $ — $ (37 ) $ 281 GenOn Americas Generation Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2015 (in millions) Commodity Contracts: Derivative assets $ 699 $ (485 ) $ (51 ) $ 163 Derivative assets- affiliate 397 (352 ) — 45 Derivative liabilities (567 ) 485 — (82 ) Derivative liabilities- affiliate (352 ) 352 — — Total derivative instruments $ 177 $ — $ (51 ) $ 126 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2014 (in millions) Commodity Contracts: Derivative assets $ 787 $ (425 ) $ (54 ) $ 308 Derivative assets- affiliate 321 (321 ) — — Derivative liabilities (451 ) 425 — (26 ) Derivative liabilities- affiliate (358 ) 321 17 (20 ) Total derivative instruments $ 299 $ — $ (37 ) $ 262 GenOn Mid-Atlantic Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2015 (in millions) Commodity Contracts: Derivative assets- affiliate 352 (195 ) — 157 Derivative liabilities- affiliate (195 ) 195 — — Total derivative instruments $ 157 $ — $ — $ 157 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2014 (in millions) Commodity Contracts: Derivative assets $ 100 $ — $ — $ 100 Derivative assets- affiliate 282 (149 ) — 133 Derivative liabilities (1 ) — — (1 ) Derivative liabilities- affiliate (149 ) 149 — — Total derivative instruments $ 232 $ — $ — $ 232 Accumulated Other Comprehensive Loss (GenOn) The following table summarizes the effects on GenOn's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax of zero dollars: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Accumulated OCI balance, beginning of period $ — $ — $ 1 Recognized in OCI on interest rate derivatives — — 19 Reclassified from accumulated OCI into earnings (a)(b) — — (2 ) Reversal as part of sale to NRG Yield LLC (c) — — (18 ) Accumulated OCI balance, end of period $ — $ — $ — (a) Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded in interest expense. (b) All of the forecasted transactions (future interest payments) were deemed probable of occurring; therefore, no cash flow hedges were discontinued and no amount was recognized in GenOn’s results of operations as a result of discontinued cash flow hedges. (c) The reversal of accumulated OCI as part of the sale of NRG Marsh Landing to NRG Yield LLC resulted in the recognition of additional paid in capital. Impact of Derivative Instruments on the Statement of Operations Unrealized gains and losses associated with changes in the fair value of derivative instruments are reflected in current period earnings. The following tables summarize the pre-tax effects of economic hedges and trading activity on the Registrants’ statements of operations. These amounts are included within operating revenues and cost of operations. GenOn Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (198 ) $ (314 ) $ (367 ) Net unrealized gains on open positions related to economic hedges 18 167 40 Total unrealized mark-to-market losses for economic hedging activities (180 ) (147 ) (327 ) Reversal of previously recognized unrealized gains on settled positions related to trading activity — (1 ) (1 ) Net unrealized gains on open positions related to trading activity — — 1 Total unrealized mark-to-market losses for trading activity — (1 ) — Total unrealized losses $ (180 ) $ (148 ) $ (327 ) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Revenue from operations — energy commodities $ (112 ) $ (151 ) $ (356 ) Cost of operations (68 ) 3 29 Total impact to statement of operations $ (180 ) $ (148 ) $ (327 ) GenOn Americas Generation Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (193 ) $ (288 ) $ (296 ) Net unrealized gains on open positions related to economic hedges 70 164 25 Total unrealized mark-to-market losses for economic hedging activities (123 ) (124 ) (271 ) Reversal of previously recognized unrealized gains on settled positions related to trading activity — (1 ) (1 ) Net unrealized gains on open positions related to trading activity — — 1 Total unrealized mark-to-market losses for trading activity — (1 ) — Total unrealized losses $ (123 ) $ (125 ) $ (271 ) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Revenue from operations — energy commodities $ (66 ) $ (119 ) $ (302 ) Cost of operations (57 ) (6 ) 31 Total impact to statement of operations $ (123 ) $ (125 ) $ (271 ) GenOn Mid-Atlantic Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (116 ) $ (288 ) $ (296 ) Net unrealized gains on open positions related to economic hedges 39 90 35 Total unrealized losses $ (77 ) $ (198 ) $ (261 ) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Revenue from operations — energy commodities $ (27 ) $ (192 ) $ (292 ) Cost of operations (50 ) (6 ) 31 Total impact to statement of operations $ (77 ) $ (198 ) $ (261 ) Credit Risk Related Contingent Features (GenOn and GenOn Americas Generation) Certain of GenOn and GenOn Americas Generation’s hedging agreements contain provisions that require the Registrants to post additional collateral if the counterparty determines that there has been deterioration in credit quality, generally termed "adequate assurance" under the agreements, or require the Registrants to post additional collateral if there were a one notch downgrade in the Registrants’ credit rating. The collateral required for contracts that have adequate assurance clauses that are in net liability positions as of December 31, 2015 , was $66 million for GenOn and GenOn Americas Generation. As of December 31, 2015, no collateral was required for contracts with credit rating contingent features that are in a net liability position for GenOn and GenOn Americas Generation. GenOn and GenOn Americas Generation are also party to certain marginable agreements under which no collateral was due as of December 31, 2015. At December 31, 2015 , GenOn Mid-Atlantic did not have any financial instruments with credit-risk-related contingent features. See Note 4 , Fair Value of Financial Instruments , for discussion regarding concentration of credit risk. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Inventory consisted of: GenOn As of December 31, 2015 2014 (In millions) Fuel oil $ 161 $ 211 Coal 154 162 Spare parts 127 129 Other 6 5 Total Inventory $ 448 $ 507 During the year ended December 31, 2015 , GenOn recorded a lower of weighted average cost or market adjustment related to fuel oil of $19 million . Additionally, GenOn wrote down certain equipment to its fair value resulting in an impairment of $8 million during the year ended December 31, 2015. GenOn Americas Generation As of December 31, 2015 2014 (In millions) Fuel oil $ 134 $ 181 Coal 97 82 Spare parts 57 54 Other 1 1 Total Inventory $ 289 $ 318 During the year ended December 31, 2015 , GenOn Americas Generation recorded a lower of weighted average cost or market adjustment related to fuel oil of $17 million . GenOn Mid-Atlantic As of December 31, 2015 2014 (In millions) Fuel oil $ 33 $ 45 Coal 97 82 Spare parts 41 38 Other 1 1 Total Inventory $ 172 $ 166 During the year ended December 31, 2015 , GenOn Mid-Atlantic recorded a lower of weighted average cost or market adjustment related to fuel oil of $6 million . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant and Equipment (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Major classes of property, plant, and equipment were as follows: GenOn As of December 31, 2015 2014 Depreciable (In millions) Facilities and equipment $ 2,989 $ 3,048 2 - 34 Years Land and improvements 292 293 Construction in progress 164 140 Total property, plant and equipment 3,445 3,481 Accumulated depreciation (614 ) (436 ) Net property, plant and equipment $ 2,831 $ 3,045 GenOn Americas Generation As of December 31, 2015 2014 Depreciable (In millions) Facilities and equipment $ 1,192 $ 1,123 2 - 34 Years Land and improvements 139 127 Construction in progress 29 30 Total property, plant and equipment 1,360 1,280 Accumulated depreciation (244 ) (170 ) Net property, plant and equipment $ 1,116 $ 1,110 GenOn Mid-Atlantic As of December 31, 2015 2014 Depreciable (In millions) Facilities and equipment $ 1,037 $ 1,014 2 - 34 Years Land and improvements 62 61 Construction in progress 26 18 Total property, plant and equipment 1,125 1,093 Accumulated depreciation (200 ) (135 ) Net property, plant and equipment $ 925 $ 958 The Registrants recorded long-lived asset impairments during 2015, as further described in Note 9, Impairments. |
Retirements, Mothballing or Lon
Retirements, Mothballing or Long-Term Protective Layup of Generating Facilities | 12 Months Ended |
Dec. 31, 2015 | |
Retirements Mothballing or Long Term Protective Layup of Generating Facilities | |
Retirements, Mothballing or Long-Term Protective Layup of Generating Facilities | Retirements or Mothballing of Generating Facilities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Facilities Announced for Deactivation Due to Returns on Investment (GenOn) The Registrants are subject to extensive environmental regulation by federal, state and local authorities under a variety of statutes, regulations and permits that address discharges into the air, water and soil, and the proper handling of solid, hazardous and toxic materials and waste. Complying with increasingly stringent environmental requirements involves significant capital and operating expenses. To the extent forecasted returns on investments necessary to comply with environmental regulations are insufficient for a particular facility, the Registrants plan to deactivate that facility. In determining the forecasted returns on investments, the Registrants factor in forecasted energy and capacity prices, expected capital expenditures, operating costs, property taxes and other factors. GenOn deactivated the following coal and natural gas units at the referenced times: Facility or Unit Fuel-type Net Generation Capacity (MW) Deactivation Date Shawville Units 1, 2, 3 and 4 (a) Coal 597 May 2015 Gilbert CT Units 1, 2, 3 and 4 Natural Gas 98 May 2015 Glen Gardner Facility Natural Gas 160 May 2015 Werner Facility Oil 212 May 2015 Osceola Facility Natural Gas 463 January 2015 Coolwater Facility Natural Gas 636 January 2015 Portland Units 1 and 2 Coal 401 June 2014 Titus Coal Units Coal 245 September 2013 (a) GenOn expects to return these units to service no later than the fall of 2016 using natural gas. GenOn plans on deactivating the following coal units at the referenced times: Facility or Unit Fuel-type Net Generation Capacity (MW) Expected Deactivation Date Avon Lake Unit 7 Coal 94 April 2016 |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2015 | |
Long Lived Assets Impairments | |
Long-Lived Assets Impairments | Impairments (GenOn and GenOn Americas Generation) Long-Lived Assets Impairments (GenOn and GenOn Americas Generation) 2015 Impairments Seward (GenOn) — As described in Note 3 , Dispositions , on November 24, 2015, GenOn entered into an agreement with Robindale Energy Services, Inc. to sell 100% of its interest in Seward for cash consideration of $75 million . The transaction triggered an impairment indicator as the sale price was less than the carrying amount of the assets, and, as a result, the assets were considered to be impaired. GenOn measured the impairment loss as the difference between the carrying amount of the assets and the agreed-upon sale price. GenOn recorded an impairment loss of $134 million in the consolidated results of operations of GenOn for the year ended December 31, 2015 to reduce the carrying amount of the assets held for sale to the fair market value. Portland (GenOn) — During the fourth quarter of 2015, the oil conversion project at the Portland facility was suspended indefinitely. In connection with the project suspension, GenOn wrote off the balance of fixed assets associated with the project and recorded expected losses on related contracts totaling $20 million . Spare Parts (GenOn) — During the fourth quarter of 2015, GenOn wrote down certain equipment to its fair value resulting in an impairment of $8 million during the year ended December 31, 2015. Pittsburg (GenOn and GenOn Americas Generation) — GenOn owns oil tanks and associated land located near its Pittsburg facility that were subject to a purchase option. The option was terminated during the fourth quarter of 2015 and, accordingly, the oil tanks were considered to be impaired. GenOn recorded an impairment of $8 million to reduce the carrying amount of the oil tanks to reflect the fair market value. 2014 Impairments Coolwater (GenOn) — During the fourth quarter of 2014, GenOn determined that it would pursue retiring the 636 MW natural-gas fired Coolwater facility, in Dagget, California. The facility faced critical repairs on the cooling towers for Units 3 and 4 and, during the fourth quarter of 2014, did not receive any awards in a near-term capacity auction and no interest in a bilateral capacity deal. GenOn 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 higher than the future net cash flows expected to be generated by the assets and as a result, the assets were considered to be impaired. GenOn measured the impairment loss as the difference between the carrying amount and the fair value of the assets. GenOn retired the Coolwater facility effective January 1, 2015. All remaining fixed assets of the station were written off resulting in an impairment loss of $22 million recognized during the year ended December 31, 2014. Osceola (GenOn) — During the third quarter of 2014, GenOn determined that it would mothball the 463 MW natural gas-fired Osceola facility, in Saint Cloud, Florida. GenOn considered this to be an indicator of impairment and performed an impairment test for these assets under ASC 360. The carrying amount of the assets was higher than the future net cash flows expected to be generated by the assets and as a result, the assets were considered to be impaired. GenOn 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. GenOn recorded an impairment loss of approximately $60 million during the year ended December 31, 2014, which represents the excess of the carrying value over the fair market value. |
Debt and Capital Leases
Debt and Capital Leases | 12 Months Ended |
Dec. 31, 2015 | |
Debt and Capital Lease Obligations [Abstract] | |
Debt and Capital Leases | Debt and Capital Leases (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Long-term debt and capital leases consisted of the following: As of December 31, 2015 2014 Interest Rate % (In millions, except rates) GenOn Mid-Atlantic: Chalk Point capital lease, due 2015 $ — $ 5 8.190 Subtotal GenOn Mid-Atlantic — 5 GenOn Americas Generation: Senior unsecured notes, due 2021 398 496 8.500 Senior unsecured notes, due 2031 354 433 9.125 Subtotal GenOn Americas Generation (a) 752 929 GenOn Energy: Senior unsecured notes, due 2017 714 766 7.875 Senior unsecured notes, due 2018 708 757 9.500 Senior unsecured notes, due 2020 534 610 9.875 Other (b) 56 60 GenOn capital lease 2 3 Subtotal GenOn Energy 2,014 2,196 Subtotal 2,766 3,130 Less current maturities 4 10 Total long-term debt and capital leases $ 2,762 $ 3,120 (a) This amount excludes GenOn Mid-Atlantic. (b) The Long Term Service Agreement for the Hunterstown facility is accounted for as a debt financing liability in accordance with U.S. GAAP. Long-term debt includes the following premiums: As of December 31, 2015 2014 (In millions) GenOn Americas Generation: Senior unsecured notes, due 2021 $ 32 $ 46 Senior unsecured notes, due 2031 25 33 GenOn Energy: Senior unsecured notes, due 2017 23 41 Senior unsecured notes, due 2018 59 83 Senior unsecured notes, due 2020 44 60 Total premium $ 183 $ 263 GenOn Energy (GenOn) Under the senior notes and the related indentures, the senior notes are the sole obligation of GenOn and are not guaranteed by any subsidiary or affiliate of GenOn. The senior notes are senior unsecured obligations of GenOn having no recourse to any subsidiary or affiliate of GenOn. The senior notes restrict the ability of GenOn and its subsidiaries to encumber their assets. Repurchase of 2017 GenOn Senior Notes. In the fourth quarter of 2015, GenOn repurchased $33 million of the 2017 Senior Notes at an average price of $95.17 , plus any accrued and unpaid interest as of the repurchase date. In connection with the repurchase, a $3 million gain on debt extinguishment of the 2017 Senior Notes was recorded during the year ended December 31, 2015, which primarily consisted of the discount on repurchase of $2 million and write-off of unamortized premium of $1 million . Repurchase of 2018 GenOn Senior Notes. In the fourth quarter of 2015, GenOn repurchased $25 million of the 2018 Senior Notes at an average price of $90.95 , plus any accrued and unpaid interest as of the repurchase date. In connection with the repurchase, a $5 million gain on debt extinguishment of the 2018 Senior Notes was recorded during the year ended December 31, 2015, which primarily consisted of the discount on repurchase of $2 million and write-off of unamortized premium of $3 million . Repurchase of 2020 GenOn Senior Notes. In the fourth quarter of 2015, GenOn repurchased $61 million of the 2020 Senior Notes at an average price of $83.85 , plus any accrued and unpaid interest as of the repurchase date. In connection with the repurchase, a $15 million gain on debt extinguishment of the 2020 Senior Notes was recorded during the year ended December 31, 2015, which primarily consisted of the discount on repurchase of $10 million and write-off of unamortized premium of $5 million . Redemption of 2014 GenOn Senior Notes. In June 2013, GenOn redeemed all of the 2014 Senior Notes with an aggregate outstanding principal amount of $575 million at a redemption percentage 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 Senior Notes was recorded during the year ended December 31, 2013, which primarily consisted of a make whole premium payment offset by the write-off of unamortized premium. Senior Unsecured Notes, Due 2018 and 2020 . The senior notes and the related indentures restrict the ability of GenOn to incur additional liens and make certain restricted payments, including dividends and purchases of capital stock. At December 31, 2015 , GenOn did not meet the consolidated debt ratio component of the restricted payments test and, therefore, the ability of GenOn to make restricted payments is limited to specified exclusions from the covenant, including up to $250 million of such restricted payments. The senior notes are subject to acceleration of GenOn’s obligations thereunder upon the occurrence of certain events of default, including: (a) default in interest payment for 30 days, (b) default in the payment of principal or premium, if any, (c) failure after 90 days of specified notice to comply with any other agreements in the indenture, (d) certain cross-acceleration events, (e) failure by GenOn or its significant subsidiaries to pay certain final and non-appealable judgments after 90 days and (f) certain events of bankruptcy and insolvency. Prior to October 15, 2018, GenOn may redeem the senior notes due 2018, in whole or in part, at a redemption price equal to 100% of the principal amount plus a premium and accrued and unpaid interest. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the following: the present value of 100% of the note, plus interest payments due on the note through maturity, discounted at a Treasury rate plus 0.50% over the principal amount of the note. GenOn may redeem some or all of the senior notes due 2020 at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption rate: Redemption Period Redemption Percentage October 15, 2015 to October 14, 2016 104.938 % October 15, 2016 to October 14, 2017 103.292 % October 15, 2017 to October 14, 2018 101.646 % October 15, 2018 and thereafter 100.000 % Senior Unsecured Notes, Due 2017. Prior to maturity, GenOn may redeem all or a part of the senior notes due 2017 at a redemption price equal to 100% of the notes plus a premium and accrued and unpaid interest. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the following: the present value of 100% of the note, plus interest payments due on the note through maturity, discounted at a Treasury rate plus 0.50% over the principal amount of the note. Credit Agreement with NRG (GenOn). As described in Note 14, Related Party Transactions , GenOn is party to a secured intercompany revolving credit agreement with NRG. This credit agreement provides for a $500 million revolving credit facility, available for revolving loans and letters of credit. At December 31, 2015 , $278 million of letters of credit and no borrowings were outstanding under the NRG credit agreement. GenOn Americas Generation (GenOn and GenOn Americas Generation) Repurchase of 2021 GenOn Americas Generation Senior Unsecured Notes. In the fourth quarter of 2015, GenOn repurchased $84 million of the 2021 Senior Notes at an average price of $84.91 , plus any accrued and unpaid interest as of the repurchase date. In connection with the repurchase, a $20 million gain on debt extinguishment of the 2021 Senior Notes was recorded during the year ended December 31, 2015, which primarily consisted of the discount on repurchase of $13 million and write-off of unamortized premium of $7 million . Repurchase of 2031 GenOn Americas Generation Senior Unsecured Notes. In November 2015, GenOn repurchased $71 million of the 2031 Senior Notes at an average price of $77.02 , plus any accrued and unpaid interest as of the repurchase date. In connection with the repurchase, a $22 million gain on debt extinguishment of the 2031 Senior Notes was recorded during the year ended December 31, 2015, which primarily consisted of the discount on repurchase of $16 million and write-off of unamortized premium of $6 million . Senior Unsecured Notes. The senior notes due 2021 and 2031 are senior unsecured obligations of GenOn Americas Generation having no recourse to any subsidiary or affiliate of GenOn Americas Generation. Prior to maturity, GenOn Americas Generation may redeem all or a part of the senior notes due 2021 and 2031 at a redemption price equal to 100% of the notes plus a premium and accrued and unpaid interest. The premium is the greater of: (i) the discounted present value of the then-remaining scheduled payments of principal and interest on the outstanding notes, discounted at a Treasury rate plus 0.375% , less the unpaid principal amount; and (ii) zero. Restricted Net Assets (GenOn and GenOn Americas Generation) GenOn and GenOn Americas Generation and certain of their subsidiaries are holding companies and, as a result, GenOn and GenOn Americas Generation and such subsidiaries are dependent upon dividends, distributions and other payments from their respective subsidiaries to generate the funds necessary to meet their obligations. In particular, a substantial portion of the cash from GenOn’s and GenOn Americas Generation’s operations is generated by GenOn Mid-Atlantic. The ability of certain of GenOn’s and GenOn Americas Generation’s subsidiaries to pay dividends and make distributions is restricted under the terms of their debt or other agreements, including the operating leases of GenOn Mid-Atlantic for GenOn and GenOn Americas Generation and REMA for GenOn. Under their respective operating leases, GenOn Mid-Atlantic and REMA are not permitted to make any distributions and other restricted payments unless: (a) they satisfy the fixed charge coverage ratio for the most recently ended period of four fiscal quarters; (b) they are projected to satisfy the fixed charge coverage ratio for each of the two following periods of four fiscal quarters, commencing with the fiscal quarter in which such payment is proposed to be made; and (c) no significant lease default or event of default has occurred and is continuing. In the event of a default under the respective operating leases or if the respective restricted payment tests are not satisfied, GenOn Mid-Atlantic and REMA would not be able to distribute cash. At December 31, 2015 , GenOn Mid-Atlantic and REMA did not satisfy the restricted payments test. Pursuant to the terms of their respective lease agreements, GenOn Mid-Atlantic and REMA are restricted from, among other actions, (a) encumbering assets, (b) entering into business combinations or divesting assets, (c) incurring additional debt, (d) entering into transactions with affiliates on other than an arm’s length basis or (e) materially changing their business. Therefore, at December 31, 2015 , all of GenOn Mid-Atlantic’s and REMA’s net assets (excluding cash) were deemed restricted for purposes of Rule 4-08(e)(3)(ii) of Regulation S-X. As of December 31, 2015 , GenOn Mid-Atlantic and REMA had restricted net assets of $1,100 million and $(1,112) million , respectively. Consolidated Annual Maturities (GenOn and GenOn Americas Generation) Annual payments based on the maturities of GenOn's debt and capital leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 4 2017 696 2018 653 2019 4 2020 494 Thereafter 732 Total $ 2,583 Annual payments based on the maturities of GenOn Americas Generation's debt for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ — 2017 — 2018 — 2019 — 2020 — Thereafter 695 Total $ 695 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) The Registrants' AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to ash disposal, site closures and fuel storage facilities. In addition, the Registrants have also identified conditional AROs for asbestos removal and disposal, which are specific to certain power generation operations. The following table represents the balance of ARO obligations as of December 31, 2014 , along with the additions, reductions and accretion related to the Registrants’ ARO obligations for the year ended December 31, 2015 : GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) Balance as of December 31, 2014 $ 172 $ 78 $ 26 Additions 7 1 — Revisions in estimates for current obligations (4 ) (2 ) (1 ) Spending for current obligations and other settlements (2 ) — — Accretion — expense 14 5 2 Balance as of December 31, 2015 $ 187 $ 82 $ 27 |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans and Other Postretirement Benefits Disclosure [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits (GenOn) Defined Benefit Plans GenOn provides pension benefits to eligible non-union and union employees through various defined benefit pension plans. These benefits are based on pay, service history and age at retirement. Most pension benefits are provided through tax-qualified plans that are funded in accordance with the Employee Retirement Income Security Act of 1974 and Internal Revenue Service requirements. Certain executive pension benefits that cannot be provided by the tax-qualified plans are provided through unfunded non-tax-qualified plans. The measurement date for the defined benefit plans was December 31 for all periods presented unless otherwise noted. GenOn also provides certain medical care and life insurance benefits for eligible retired employees. The measurement date for these postretirement benefit plans was December 31 for all periods presented unless otherwise noted. On December 31, 2014, NRG merged 8 qualified pension plans into 2 separate qualified pension plans, the NRG Pension Plan for Bargained Employees and the NRG Pension Plan. The GenOn Mirant Bargaining Unit Pension Plan, GenOn First Energy Pension Plan, GenOn Duquesne Pension Plan, and GenOn REMA Pension Plan were merged into the NRG Pension Plan for Bargained Employees. The GenOn Mirant Pension Plan was merged into the NRG Pension Plan for Non-Bargained Employees and renamed the NRG Pension Plans. These actions were conducted to simplify internal administration of the plans, reduce regulatory filings, and lower fees paid to outside vendors as part of the management services agreement. The benefits provided to current participants in the Plans were not impacted and GenOn remains obligated for its respective pension liabilities. As part of the change in control associated with the NRG Merger, NRG decided to terminate/settle the nonqualified legacy GenOn Benefit Restoration Plan and Supplemental Executive Retirement Plan. Final settlement payments totaling $12 million were paid to remaining participants during 2014. The net periodic pension (credit)/cost related to GenOn’s pension and other postretirement benefit plans include the following components: Pension Benefits Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Service cost benefits earned $ 10 $ 10 $ 13 Interest cost on benefit obligation 27 27 25 Expected return on plan assets (35 ) (34 ) (31 ) Amortization of unrecognized net loss/(gain) 1 (6 ) — Net periodic benefit cost/(credit) $ 3 $ (3 ) $ 7 Other Postretirement Benefits Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Service cost benefits earned $ 1 $ 1 $ 1 Interest cost on benefit obligation 3 3 3 Amortization of unrecognized prior service credit (4 ) (17 ) (1 ) Net periodic benefit (credit)/cost $ — $ (13 ) $ 3 A comparison of the pension benefit obligation, other postretirement benefit obligations and related plan assets for GenOn plans on a combined basis is as follows: Tax-Qualified Pension Benefits Non-Tax-Qualified Pension Benefits Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 (In millions) (In millions) Benefit obligation at beginning of period $ 660 $ 546 $ — $ 12 Service cost 10 10 — — Interest cost 27 27 — — Actuarial (gain)/loss (33 ) 103 — — Benefit payments (39 ) (26 ) — (12 ) Benefit obligation at end of period 625 660 — — Fair value of plan assets at beginning of period 548 469 — — Actual return on plan assets (17 ) 49 — — Employer contributions 14 56 — 12 Benefit payments (39 ) (26 ) — (12 ) Fair value of plan assets at end of period 506 548 — — Funded status at end of period — excess of obligation over assets $ (119 ) $ (112 ) $ — $ — Other Postretirement Benefits Year Ended December 31, 2015 2014 (In millions) Benefit obligation at beginning of period $ 65 $ 73 Service cost 1 1 Interest cost 3 3 Participant contributions 1 2 Actuarial (gain)/loss (8 ) 12 Benefit payments (7 ) (8 ) Plan amendments (1 ) (18 ) Benefit obligation at end of period 54 65 Fair value of plan assets at beginning of period — — Employer contributions 6 6 Participant contributions 1 2 Benefit payments (7 ) (8 ) Fair value of plan assets at end of period — — Funded status at end of period — excess of obligation over assets $ (54 ) $ (65 ) The accumulated benefit obligation exceeded the fair value of plan assets at December 31, 2015 , and 2014 for the tax-qualified defined benefit pension plans. The total accumulated benefit obligation for the tax-qualified plans at December 31, 2015 , and 2014 was $608 million and $631 million , respectively. Amounts recognized in GenOn’s balance sheets were as follows: Tax-Qualified Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) (In millions) Current liabilities $ — $ — $ (5 ) $ (5 ) Non-current liabilities (119 ) (112 ) (49 ) (60 ) Amounts recognized in GenOn’s OCI and accumulated other comprehensive income/loss for the pension and other postretirement benefit plans were as follows: Tax-Qualified Pension Benefits Other Postretirement Benefits Net Actuarial (Loss) Gain Prior Service Cost Net Actuarial (Loss) Gain Prior Service Cost (In millions) Balance as of December 31, 2013 $ 92 $ (1 ) $ 7 $ 4 Unrealized (loss)/gain (87 ) — (12 ) 18 Amortization of net actuarial loss (6 ) — — — Amortization of prior service cost — — — (17 ) Total recognized in OCI for the period (93 ) — (12 ) 1 Balance as of December 31, 2014 $ (1 ) $ (1 ) $ (5 ) $ 5 Unrealized (loss)/gain $ (20 ) $ — $ 8 $ 1 Amortization of net actuarial gain 1 — — — Amortization of prior service cost — — — (4 ) Total recognized in OCI for the period (19 ) — 8 (3 ) Balance as of December 31, 2015 $ (20 ) $ (1 ) $ 3 $ 2 The total net (gain)/loss recognized in net periodic benefit cost and OCI for the pension plans for the years ended December 31, 2015 , 2014 , and 2013 were $22 million , $90 million , and $(84) million , respectively. The total net (gain)/loss recognized in net periodic benefit credit and OCI for the other postretirement benefit plans for the years ended December 31, 2015 , 2014 , and 2013 were $(6) million , $(2) million , and $(7) million , respectively. The estimated unrecognized loss for the pension and other postretirement benefit plans that will be amortized from accumulated other comprehensive income/loss to net period benefit cost during 2016 is approximately $1 million . The estimated unrecognized prior service credit for the pension and other postretirement benefit plans that will be amortized from accumulated other comprehensive income/loss to net period benefit cost during 2016 is approximately $(1) million . Fair Value Hierarchy of Plan Assets GenOn's market-related value of its plan assets is the fair value of the assets. The fair values of GenOn's pension plan assets by asset category and their level within the fair value hierarchy are as follows: Fair Value Measurements as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total (In millions) Common/collective trust investment — U.S. equity $ — $ 142 $ 142 Common/collective trust investment — non-U.S. equity — 82 82 Common/collective trust investment — global equity — 49 49 Common/collective trust investment — fixed income — 220 220 Partnerships/Joint Ventures — 10 10 Short-term investment fund 3 — 3 Total $ 3 $ 503 $ 506 Fair Value Measurements as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total (In millions) Common/collective trust investment — U.S. equity $ — $ 156 $ 156 Common/collective trust investment — non-U.S. equity — 80 80 Common/collective trust investment — global equity — 52 52 Common/collective trust investment — fixed income — 246 246 Partnerships/Joint Ventures — 12 12 Short-term investment fund 2 — 2 Total $ 2 $ 546 $ 548 In accordance with ASC 820, GenOn determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of the common/collective trusts is valued at fair value which is equal to the sum of the market value of all of the fund's underlying investments, and is categorized as Level 2. Partnerships/joint ventures Level 2 investments consist primarily of a partnership which invests in emerging market equity securities. There are no investments categorized as Level 3. Assumptions GenOn sets the discount rate assumptions on an annual basis for each of its defined benefit retirement plans as of December 31. The discount rate assumptions represent the current rate at which the associated liabilities could be effectively settled at December 31. GenOn utilizes the Aon Hewitt AA Above Median, or AA-AM, yield curve to select the appropriate discount rate assumption for each retirement plan. The AA-M yield curve is a hypothetical AA yield curve represented by a series of annualized individual spot discount rates from 6 months to 99 years. Each bond issue used to build this yield curve must be non-callable, and have an average rating of AA when averaging all available Moody's Investor Services, Standard & Poor's and Fitch ratings. The following table presents the significant assumptions used to calculate GenOn's benefit obligations: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, 2015 2014 2015 2014 Weighted–Average Assumptions Discount rate 4.54 % 4.18 % 4.16 % 3.86 % Rate of compensation increase 3.00 % 2.97 % N/A N/A GenOn’s assumed healthcare cost trend rates used for other postretirement benefit obligations are: Other Postretirement Benefit Plans As of December 31, 2015 2014 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 7.25 % 8.60 % Age 65 and after 9.00 % 8.10 % Assumed ultimate medical inflation rate 5.00 % 5.00 % Year in which ultimate rate is reached 2025 2023 An annual increase of 1% in the assumed healthcare cost trend rates would correspondingly increase the postretirement benefit obligation at December 31, 2015 , by $5 million . An annual decrease of 1% in the assumed healthcare cost trend rates would correspondingly decrease the postretirement benefit obligation at December 31, 2015 , by $4 million The following tables present the significant assumptions used to calculate GenOn's benefit expense/credit: Pension Plans Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Weighted–Average Assumptions Discount rate 4.18 % 5.02 % 4.22 % Rate of compensation increase 2.97 % 2.91 % 2.82 % Expected return on plan assets 6.41 % 7.00 % 7.50 % Other Postretirement Benefit Plans Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Weighted–Average Assumptions Discount rate 3.86 % 4.53 % 3.99 % GenOn’s assumed healthcare cost trend rates used for other postretirement benefit net periodic benefit expense/credit are: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 8.60 % 8.50 % 8.50 % Age 65 and after 8.10 % 8.69 % 8.67 % Assumed ultimate medical inflation rate 5.00 % 5.50 % 5.50 % Year in which ultimate rate is reached 2023 2019 2018 An annual increase or decrease of 1% in the assumed healthcare cost trend rates would correspondingly increase or decrease the total annual service and interest cost components of net period benefit credit during 2015 by less than $1 million . In 2016, GenOn will change the approach utilized to estimate the service cost and interest cost components of net periodic benefit cost for pension and postretirement benefit plans. Historically, GenOn estimated these components by using a single weighted average discount rate derived from the yield curve used to measure the benefit obligation. GenOn will elect to use a spot rate approach in the estimation of the components of benefit cost by applying specific spot rates along the yield curve to the relevant projected cash flows, as this provides a better estimate of service and interest costs. This is considered a change in estimate and, accordingly, will account for it prospectively starting in 2016. This change does not affect the measurement of GenOn's total benefit obligation. Pension Plan Assets Pension plans’ assets are managed solely in the interest of the plans’ participants and their beneficiaries and are invested with the objective of earning the necessary returns to meet the time horizons of the accumulated and projected retirement benefit obligations. GenOn uses a mix of equities and fixed income investments intended to manage risk to a reasonable and prudent level. GenOn’s risk tolerance is established through consideration of the plans’ liabilities and funded status as well as corporate financial condition. Equity investments are diversified across U.S. and non-U.S. stocks. For U.S. stocks, GenOn employs both a passive and active approach by investing in index funds and actively managed funds. For non-U.S. stocks, GenOn is invested in both developed and emerging market equity funds. Fixed income investments are comprised of long-term U.S. government and corporate securities. Derivative securities can be used for diversification, risk-control and return enhancement purposes but may not be used for the purpose of leverage. The assets for the NRG Pension Plan for Bargained Employees and the NRG Pension Plan are in a single qualified trust. At the time of the plan mergers, the fair value of the assets from the prior plans were allocated on a pro-rata basis based on the benefit obligations on January 1, 2015 and will continue to be allocated on this basis at each reporting date. GenOn's pension asset allocation methodology is based on the results of a study completed by a third-party investment consulting firm. The methodology divides the pension plan assets into two primary portfolios: (i) return seeking assets, those assets intended to generate returns in excess of pension liability growth (U.S. equity, non-U.S. equity, global equity, and emerging market equity) and (ii) liability-hedging assets, those assets intended to have characteristics similar to pension liabilities (fixed income securities). As GenOn’s pension plans’ funded status improves, the methodology actively moves the plan assets from return seeking assets toward liability-hedging assets. GenOn employs a building block approach to determining the long-term rate of return for plan assets, with proper consideration given to diversification and rebalancing. Historical markets are studied and long-term historical relationships between equities and fixed income are preserved, consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current factors such as inflation and interest rates are evaluated before long-term capital assumptions are determined. Peer data and historical returns are reviewed to check for reasonableness and appropriateness. The target allocations for GenOn’s pension plan assets were as follows for the year ended December 31, 2015 : U.S. equities 27 % Non-U.S. equities 15 % Global equities 10 % Emerging market equities 3 % Fixed income securities 45 % Investment risk and performance are monitored on an ongoing basis through quarterly portfolio reviews of each asset fund class to a related performance benchmark, if applicable, and annual pension liability measurements. Performance benchmarks are composed of the following indices: Asset Class Index U.S. equities Dow Jones U.S. Total Stock Market Index Non-U.S. equities MSCI All Country World Ex-U.S. IMI Index Global equities MSCI World Index Emerging market equities MSCI Emerging Markets Index Fixed income securities Barclays Capital Long Term Government/Credit Index & Barclays US Aggregate Bond Index Expected Contributions and Benefit Payments GenOn expects to contribute approximately $16 million to the tax-qualified pension plans during 2016 . GenOn's expected future benefit payments for each of the next five years, and in the aggregate for the five years thereafter, are as follows: Tax-Qualified Pension Benefit Payments Other Postretirement Benefit Payments (In millions) 2016 $ 29 $ 5 2017 31 5 2018 32 6 2019 34 5 2020 35 5 2021 through 2025 194 18 Employee Savings and Profit Sharing Plan GenOn has employee savings plans under Sections 401(a) and 401(k) of the IRC whereby employees may contribute a portion of their eligible compensation to the employee savings plan, subject to limits under the IRC. GenOn also historically provided for a profit sharing arrangement for non-bargaining employees and some bargaining employees not accruing a benefit under the defined benefit pension plans, whereby GenOn contributed a fixed contribution of 2% of eligible pay per pay period and could make an annual discretionary contribution up to 3% of eligible pay based on GenOn’s performance. Upon completion of the NRG Merger, NRG assumed GenOn’s defined contribution 401(k) plans and amended the plan for the non-bargaining employees with NRG 401(k) plan features, effective January 1, 2013. On July 5, 2013, the GenOn defined contribution 401(k) plans were merged into the NRG 401(k) plan. GenOn also sponsors non-qualified deferred compensation plans for key and highly compensated employees. GenOn’s obligations and the related rabbi trust investments under these plans were $15 million and $20 million at December 31, 2015 , and 2014 , respectively. Upon completion of the NRG Merger, NRG assumed GenOn’s non-qualified plans and their respective obligations. Expense recognized for the matching, fixed profit sharing and discretionary profit sharing contributions were $0 million for the years ended December 31, 2015 , and 2014 , and $4 million for the year ended December 31, 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Income Taxes GenOn GenOn’s income tax (benefit)/expense consisted of the following: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Current U.S. Federal $ — $ — $ (6 ) State (3 ) 6 — Total — current (3 ) 6 (6 ) Deferred U.S. Federal — — — State — — — Total — deferred — — — Total income tax (benefit)/expense (3 ) 6 (6 ) Effective tax rate 2.5 % 3 % 12.5 % A reconciliation of GenOn's federal statutory income tax provision to the effective income tax (benefit)/expense adjusted for permanent and other items during 2015 , 2014 and 2013 , is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions, except percentages) (Loss)/Income before income taxes $ (118 ) $ 198 $ (48 ) Provision for income taxes based on U.S. federal statutory income tax rate (42 ) 70 (17 ) State and local income tax provision, net of federal income taxes (3 ) 14 (24 ) Change in deferred tax asset valuation allowance 16 (100 ) — State rate change 26 21 35 Other, net — 1 — Income tax (benefit)/expense $ (3 ) $ 6 $ (6 ) The tax effects of temporary differences between the carrying amounts of assets and liabilities in GenOn's financial statements and their respective tax bases which give rise to deferred tax assets and liabilities are as follows: As of December 31, 2015 2014 (In millions) Deferred Tax Assets: Employee benefits $ 76 $ 100 Pension and other postretirement benefits — 113 Federal loss carryforwards 664 727 State loss carryforwards 214 125 Property and intangible assets 931 1,080 Derivative contracts 470 90 Out-of-market contracts fair value adjustment 378 381 Debt premium, net 92 123 Other 20 40 Subtotal 2,845 2,779 Valuation allowance (2,464 ) (2,779 ) Net deferred tax assets 381 — Deferred Tax Liabilities: Pension and other postretirement benefits 381 — Net deferred tax liabilities 381 — Net deferred taxes $ — $ — Deferred tax assets and valuation allowance Net deferred tax balance — As of December 31, 2015 , and 2014 , GenOn recorded a net deferred tax asset of $2.5 billion and $2.8 billion , respectively. Based on its assessment of positive and negative evidence, including available tax planning strategies, GenOn believes that it is more likely than not that a benefit will not be realized on $2.5 billion and $2.8 billion of tax assets as of December 31, 2015 , and 2014 , respectively, thus a valuation allowance has been recorded. In connection with the accounting for the NRG Merger, GenOn recorded the realizable deferred tax assets and liabilities acquired, primarily consisting of net operating losses and other temporary differences. In addition, the excess of GenOn's historical tax basis of assets and liabilities over the amount assigned to the fair value of the assets acquired and liabilities assumed generated deferred tax assets and liabilities that were recorded on the acquisition date. NOL carryforwards — At December 31, 2015 , GenOn had tax effected cumulative domestic NOLs consisting of carryforwards for federal income tax purposes of $664 million and state of $214 million . GenOn's pre-merger federal NOLs are limited to $62 million annually. GenOn estimates it will need to generate future taxable income to fully realize the net federal deferred tax asset before expiration commencing in 2032. Valuation allowance — As of December 31, 2015 , GenOn's tax effected valuation allowance was $2.5 billion , relating primarily to federal and state loss carryforwards as well as differences between book and tax basis of PP&E. Uncertain tax benefits GenOn does not have any uncertain tax benefits. GenOn recognizes interest and penalties related to uncertain tax benefits in income tax expense. During the year ended December 31, 2015 , GenOn did not accrue interest. For the year ended December 31, 2014 , GenOn accrued interest of $1 million . As of December 31, 2015 GenOn has no cumulative interest and penalties. Tax jurisdictions — GenOn is no longer 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 2009. The following table reconciles the total amounts of uncertain tax benefits: As of December 31, 2015 2014 (In millions) Balance as of January 1 $ 2 $ 1 Increase due to prior year positions — 1 Decrease due to prior year positions (2 ) — Uncertain tax benefits as of December 31 $ — $ 2 GenOn Americas Generation GenOn America's Generation is a wholly owned limited liability company, a disregarded entity, for federal and state income tax purposes. Therefore federal and state taxes are assessed at the parent level. Accordingly, no provision has been made for federal or state income taxes in the accompanying financial statements. A reconciliation of GenOn Americas Generation's expected federal statutory income tax provision to the effective income tax provision adjusted for permanent and other items during 2015 , 2014 and 2013 , is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Income before income taxes $ 116 $ 305 $ 59 Provision for income taxes based on U.S. federal statutory income tax rate 41 107 21 State and local income tax provision, net of federal income taxes 10 18 6 LLC income not subject to taxation (51 ) (115 ) (48 ) State rate change — (2 ) 21 Other — (8 ) — Income tax provision $ — $ — $ — Uncertain tax benefits GenOn Americas Generation does not have any uncertain tax benefits. Pro Forma Income Tax Disclosures GenOn Americas Generation GenOn Americas Generation is not subject to income taxes except for those subsidiaries of GenOn Americas Generation that are separate taxpayers. NRG Americas, GenOn and NRG are otherwise directly responsible for income taxes related to GenOn Americas Generation's operations. GenOn Americas Generation was not allocated income taxes attributable to its operations on a pro forma income tax provision basis for the years ended December 31, 2015 , 2014 , and 2013 . The following table presents the pro forma reconciliation of GenOn Americas Generation's federal statutory income tax provision for continuing operations adjusted for reorganization items to the pro forma effective tax provision: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Income before income taxes $ 116 $ 305 $ 59 Provision for income taxes based on U.S. federal statutory income tax rate 41 107 22 State and local income tax provision (benefit), net of federal income taxes 10 18 6 Change in deferred tax asset valuation allowance (51 ) (115 ) (49 ) State rate change — (2 ) 21 Other — (8 ) — Income tax provision $ — $ — $ — The tax effects of temporary differences between the carrying amounts of assets and liabilities in the consolidated balance sheets and their respective tax bases which give rise to the pro forma deferred tax assets and liabilities would be as follows: As of December 31, 2015 2014 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 85 $ 85 Reserves 119 121 Loss carryforwards 3 14 Property and intangible assets 1,495 1,652 Out-of-market contracts fair value adjustment 47 34 Derivative contract assets and liabilities 166 — Debt premium 28 38 Other, net 20 36 Subtotal 1,963 1,980 Valuation allowance (1,963 ) (1,824 ) Net deferred tax assets — 156 Deferred Tax Liabilities: Investment in Projects — 144 Derivative contract assets and liabilities — 12 Net deferred tax liabilities — 156 Net deferred taxes $ — $ — Deferred tax assets and valuation allowance Net deferred tax balance — As of December 31, 2015 , and 2014 , GenOn Americas Generation recorded a net deferred tax asset of $2.0 billion and $1.8 billion , respectively. Based on its assessment of positive and negative evidence, including available tax planning strategies, GenOn Americas believes that it is more likely than not that a benefit will not be realized on $2.0 billion and $1.8 billion of tax assets as of December 31, 2015 , and 2014 , respectively, thus a valuation allowance has been recorded. In connection with the accounting for the GenOn acquisition, GenOn Americas Generation recorded the realizable deferred tax assets and liabilities acquired, primarily consisting of historical tax basis of assets and liabilities over the amount assigned to the fair value of the assets acquired and liabilities assumed. NOL carryforwards — At December 31, 2015 , GenOn Americas Generation had tax effected cumulative domestic NOLs consisting of carryforwards for federal income tax purposes of $3 million and state of $3 million . GenOn's pre-merger federal NOLs are limited to $62 million annually. GenOn Americas Generation estimates it will need to generate future taxable income to fully realize the net federal deferred tax asset before expiration commencing in 2032. Valuation allowance — As of December 31, 2015 , GenOn Americas Generation's tax effected valuation allowance was $2.0 billion , relating primarily to differences between book and tax basis of PP&E. Taxes Receivable and Payable As of December 31, 2015 , GenOn Americas Generation does not have a current tax receivable or payable. Uncertain tax benefits GenOn Americas Generation does not have any uncertain tax benefits. GenOn Mid-Atlantic The following reflects a pro forma disclosure of the income tax provision that would be reported if GenOn Mid-Atlantic was to be allocated income taxes attributable to its operations. Pro forma income tax provision attributable to income before tax would consist of the following: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Current provision (benefit): Federal $ 36 $ 82 $ 45 State 6 11 12 Deferred provision: Federal — (5 ) — State — (1 ) — Total provision for income taxes $ 42 $ 87 $ 57 The following table presents the pro forma reconciliation of GenOn Mid-Atlantic's federal statutory income tax provision for continuing operations adjusted for reorganization items to the pro forma effective tax provision: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions, except percentages) Income before income taxes $ 104 $ 236 $ 128 Provision for income taxes based on U.S. federal statutory income tax rate 36 82 45 State and local income taxes 6 11 12 State rate change — (1 ) — Other, net — (5 ) — Income tax provision $ 42 $ 87 $ 57 The tax effects of temporary differences between the carrying amounts of assets and liabilities in the consolidated balance sheets and their respective tax bases which give rise to the pro forma deferred tax assets and liabilities would be as follows: As of December 31, 2015 2014 (In millions) Deferred Tax Assets: Reserves $ 22 $ 24 Loss carryforwards on derivative contracts 218 218 Property and intangible assets 31 45 Out-of-market contracts fair value adjustment 77 88 Inventory reserves 38 37 Net deferred tax assets 386 412 Deferred Tax Liabilities: Derivative contracts 305 336 Investment in projects 25 25 Net deferred tax liabilities 330 361 Net deferred taxes $ 56 $ 51 Pro Forma Tax Uncertainties GenOn Mid-Atlantic does not have any uncertain tax benefits. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Services Agreement with NRG (GenOn) NRG provides GenOn with various management, personnel and other services, which include human resources, regulatory and public affairs, accounting, tax, legal, information systems, treasury, risk management, commercial operations, and asset management, as set forth in the Services Agreement. The initial term of the Services Agreement was through December 31, 2013, with an automatic renewal absent a request for termination. The fee charged is determined based on a fixed amount as described in the Services Agreement and was calculated based on historical GenOn expenses prior to the NRG Merger. The annual fees under the Services Agreement are approximately $193 million . NRG charges these fees on a monthly basis, less amounts incurred directly by GenOn. Management has concluded that this method of charging overhead costs is reasonable. For the years ended December 31, 2015 , and 2014 , GenOn recorded costs related to these services of $184 million and $128 million , respectively, as general and administrative - affiliate. Administrative Services Provided by NRG (GenOn Americas Generation and GenOn Mid-Atlantic) NRG provides GenOn Americas Generation and GenOn Mid-Atlantic with various management, personnel and other services consistent with those set forth in the Services Agreement discussed above between NRG and GenOn. GenOn's costs incurred under the Services Agreement with NRG are allocated to its subsidiaries based on each operating subsidiary's planned operating expenses relative to all operating subsidiaries of GenOn. These allocations and charges are not necessarily indicative of what would have been incurred had GenOn Americas Generation and GenOn Mid-Atlantic been unaffiliated entities. Management has concluded that this method of charging overhead costs is reasonable. The following costs were incurred under these arrangements: GenOn Americas Generation Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Allocated costs: Cost of operations — affiliate $ 3 $ 7 $ 9 Selling, general and administrative — affiliate 81 79 74 Total $ 84 $ 86 $ 83 GenOn Mid-Atlantic Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Allocated costs: Cost of operations — affiliate $ 1 $ 4 $ 6 Selling, general and administrative — affiliate 58 64 64 Total $ 59 $ 68 $ 70 Credit Agreement with NRG (GenOn) GenOn and NRG Americas are party to a secured intercompany revolving credit agreement with NRG. This credit agreement provides for a $500 million revolving credit facility, all of which is available for revolving loans and letters of credit. At December 31, 2015 , $278 million of letters of credit were outstanding under the NRG credit agreement for GenOn. Of this amount, $227 million were issued on behalf of GenOn Americas Generation, which includes $131 million issued on behalf of GenOn Mid-Atlantic. At December 31, 2015 , no loans were outstanding under this credit agreement. Certain of GenOn's subsidiaries, as guarantors, are subject to a guarantee agreement pursuant to which these guarantors guaranteed amounts borrowed and obligations incurred under the credit agreement. The guarantors are restricted from incurring additional liens on certain of their assets. The credit agreement is payable at maturity, subject to certain exceptions primarily related to asset sales not in the ordinary course of business and borrowings of debt. The initial maturity of the credit agreement was December 2015. The agreement was amended in December 2015 to extend the maturity through December of 2018. At GenOn's election, the interest rate per year applicable to the loans under the credit agreement will be determined by reference to either (i) the base rate plus 2.50% per year or (ii) the LIBOR rate plus 3.50% per year. In addition, the credit agreement contains customary covenants and events of default. Intercompany Cash Management Program (GenOn Americas Generation) GenOn Americas Generation and certain of its subsidiaries participate in separate intercompany cash management programs whereby cash balances at GenOn Americas Generation and the respective participating subsidiaries are transferred to central concentration accounts to fund working capital and other needs of the respective participants. The balances under this program are reflected as notes receivable — affiliate and accounts receivable — affiliate or notes payable — affiliate and accounts payable — affiliate, as appropriate. The notes are due on demand and notes receivable — affiliate and notes payable — affiliate accrue interest on the net position, which is payable quarterly, at a rate determined by GenOn Energy Holdings. At December 31, 2015 and 2014 , GenOn Americas Generation had a net current notes receivable — affiliate from GenOn Energy Holdings of $331 million related to its intercompany cash management program. For the years ended December 31, 2015 , 2014 , and 2013 , GenOn Americas Generation earned an insignificant amount of net interest income related to these notes. Additionally, at December 31, 2015 , and 2014 , GenOn Americas Generation had an accounts payable — affiliate of $41 million and an accounts receivable — affiliate of $118 million , respectively, with GenOn Energy Holdings. GenOn Mid-Atlantic Distributions (GenOn Americas Generation and GenOn Mid-Atlantic) For the year ended December 31, 2014 , GenOn Mid-Atlantic made a distribution of $320 million to its parent, NRG North America LLC, who in turn made a distribution of $320 million to its parent, GenOn Americas Generation. GenOn Americas Generation subsequently made a distribution in the same amount, through its parent company, NRG Americas, Inc. to GenOn Energy Holdings, Inc., a subsidiary of GenOn. Purchased Emission Allowances (GenOn Mid-Atlantic) GenOn Energy Management maintains an inventory of certain purchased emission allowances related to the Regional Greenhouse Gas Initiative on behalf of GenOn Mid-Atlantic. The emission allowances are sold by GenOn Energy Management to GenOn Mid-Atlantic as they are needed for operations. GenOn Mid-Atlantic purchases emission allowances from GenOn Energy Management at GenOn Energy Management's original cost to purchase the allowances. For allowances that have been purchased by GenOn Energy Management from a GenOn Energy affiliate, the price paid by GenOn Energy Management is determined by market indices. Emission allowances purchased from GenOn Energy Management that were utilized during the years ended December 31, 2015 , 2014 , and 2013 were $27 million , $19 million , and $17 million , respectively, and are recorded in cost of operations — affiliate in GenOn Mid-Atlantic's consolidated statements of operations. Operator of Leased Facilities (GenOn) See Note 15 , Commitments and Contingencies , for a discussion of the GenOn leased facilities (Conemaugh and Keystone) that GenOn also operates. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments GenOn Mid-Atlantic Operating Leases GenOn Mid-Atlantic leases a 100% interest in the Dickerson and Morgantown coal generation units and associated property through 2029 and 2034, respectively. GenOn Mid-Atlantic has an option to extend the leases. Any extensions of the respective leases would be for less than 75% of the economic useful life of the facility, as measured from the beginning of the original lease term through the end of the proposed remaining lease term. GenOn Mid-Atlantic accounts for these leases as operating leases and recognizes rent expense on a straight-line basis over the lease term. Rent expense totaled $43 million , $43 million , and $41 million for the years ended December 31, 2015 , 2014 , and 2013 respectively, net of annual amortization of the out-of-market liability of $28 million . Rent expense is included in cost of operations. As of December 31, 2015 and 2014 , GenOn Mid-Atlantic has paid $196 million and $157 million , respectively, of lease payments in excess of rent expense recognized, which is included in prepaid rent and other current assets and other non-current assets on the consolidated balance sheets. Of these amounts, $71 million is included, for both 2015 and 2014 , in prepaid rent and other current assets. For restrictions under these leases, see Note 10 , Debt and Capital Leases . As a result of pushdown accounting, GenOn Mid-Atlantic recorded the acquisition date fair value of the leasehold improvements of $382 million , classified in property, plant and equipment. In addition, GenOn Mid-Atlantic recorded the acquisition date fair value of the leasehold interests, net of the present value of the lease obligation, equal to an out-of-market liability of $604 million , classified in out-of-market contracts. This liability is amortized to rent expense on a straight-line basis over the term of the lease. Future minimum lease commitments under the GenOn Mid-Atlantic operating leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 150 2017 144 2018 105 2019 139 2020 105 Thereafter 442 Total $ 1,085 REMA Operating Leases (GenOn) GenOn, through its subsidiary, REMA, leases a 100% interest in the Shawville generation facility through 2026, and expects to make payments under the Shawville lease through that date, and leases 16.45% and 16.67% interests in the Keystone and Conemaugh coal generation facilities, respectively, through 2034, and expects to make payments under the Keystone and Conemaugh leases through 2029 in accordance with the terms of the leases. At the expiration of these leases, there are several renewal options related to fair value. GenOn accounts for these leases as operating leases and records lease expense on a straight-line basis over the lease term. Rent expense totaled $29 million , $29 million , and $28 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, net of annual amortization of out-of-market liability of $11 million . Rent expense is included in cost of operations. GenOn has paid $61 million and $41 million of lease payments in excess of rent expense recognized, which is included in prepaid rent and other current assets and other non-current assets on the consolidated balance sheets as of December 31, 2015 and 2014 , respectively. Of these amounts, $41 million is included, for both 2015 and 2014 , in prepaid rent and other current assets (prepayments for GenOn). GenOn operates the Conemaugh and Keystone generating facilities under 5 ‑year agreements that initially expired in December 2015 and were renewed through December 2020. Under certain provisions and notifications, the agreements could be terminated annually with 1 year’s notice. GenOn is reimbursed by the other owners for the cost of direct services provided to the Conemaugh and Keystone facilities. Additionally, GenOn received fees of $11 million for each of the years ended December 31, 2015 , 2014 , and 2013 . For restrictions under these leases, see Note 10 , Debt and Capital Leases . As a result of pushdown accounting, GenOn recorded the acquisition date fair value of the leasehold improvements of $66 million , classified in property, plant and equipment. In addition, GenOn recorded the acquisition date fair value of the leasehold interests, net of the present value of the lease obligation, equal to an out-of-market liability of $186 million , classified in out-of-market contracts. This liability is amortized to rent expense on a straight-line basis over the term of the lease. Future minimum lease commitments under the REMA operating leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 61 2017 63 2018 55 2019 65 2020 56 Thereafter 278 Total $ 578 In May 2015, GenOn mothballed Units 1, 2, 3, and 4 at Shawville generating facility ( 597 MW) with plans to return those units to service no later than the summer of 2016 using natural gas. Under the lease agreement for Shawville, GenOn's obligations generally are to pay the required rent and to maintain the leased assets in accordance with the lease documentation, including in compliance with prudent competitive electric generating industry practice and applicable laws. Other Operating Leases The Registrants have commitments under other operating leases with various terms and expiration dates. Included in other operating leases is GenOn’s long-term lease for offices in Houston, Texas which expires in 2018. GenOn Mid-Atlantic has other operating leases which primarily relate to the Chalk Point generating facility. Rent expense for other operating leases is recorded to cost of operations or general and administrative, as applicable, based on the nature of the lease. The Registrants’ rent expense associated with other operating leases was as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 15 $ 12 $ 17 GenOn Americas Generation $ 1 — — GenOn Mid-Atlantic $ 1 — — Future minimum lease commitments under the Registrants’ other operating leases for the years ending after December 31, 2015 , are as follows: GenOn (a) GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 16 $ 3 $ 2 2017 14 2 2 2018 11 2 2 2019 3 2 2 2020 1 1 — Thereafter 14 — — Total $ 59 $ 10 $ 8 (a) Amounts in the table exclude future sublease income of $13 million associated with GenOn’s long-term lease for its corporate headquarters in Houston, Texas. Fuel and Commodity Transportation Commitments The Registrants have commitments under coal agreements and commodity transportation contracts, primarily related to natural gas and coal, of various quantities and durations. At December 31, 2015 , the maximum remaining term under any individual fuel supply contract is three years and any transportation contract is eight years . As of December 31, 2015 , the Registrants’ commitments under such outstanding agreements are estimated as follows: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 139 $ 55 $ 55 2017 88 13 13 2018 73 13 13 2019 1 — — 2020 1 — — Thereafter 3 — — Total $ 305 $ 81 $ 81 LTSA Commitments (GenOn) LTSA commitments primarily relate to long-term service agreements that cover some periodic maintenance, including parts, on power generation turbines. The long-term maintenance agreements terminate from 2037 to 2039 based on turbine usage. As of December 31, 2015 , GenOn's commitments under such outstanding agreements are estimated as follows: GenOn (In millions) 2016 $ 30 2017 13 2018 12 2019 26 2020 14 Thereafter 209 Total $ 304 Other Commitments The Registrants have other commitments under contractual arrangements with various terms and expiration dates. The Registrants' other commitments primarily include the operation and maintenance agreement and the fly ash sales agreement entered into by GenOn Mid-Atlantic in connection with its ash beneficiation facility. The ash beneficiation facility agreements will expire in 2031. GenOn Mid-Atlantic has other similar agreements for gypsum. In addition to the GenOn Mid-Atlantic agreements, GenOn has other commitments which primarily relate to its southern California generating facilities. As of December 31, 2015 , the Registrants’ other commitments are estimated as follows GenOn GenOn Americas Generation GenOn (In millions) 2016 $ 2 $ 2 $ 2 2017 3 3 3 2018 3 3 3 2019 3 3 3 2020 3 3 3 Thereafter 50 50 50 Total $ 64 $ 64 $ 64 Contingencies The Registrants’ material legal proceedings are described below. The Registrants believe that they have valid defenses to these legal proceedings and intend to defend them vigorously. The Registrants record 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 Registrants are 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 Registrants’ liabilities and contingencies could be at amounts that are different from their currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Registrants are parties 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 the Registrants’ respective consolidated financial position, results of operations, or cash flows. Actions Pursued by MC Asset Recovery (GenOn) — 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. On December 10, 2015, the District Court granted the Commerzbank Defendants' motion for summary judgment. On December 29, 2015, MC Asset Recovery filed a notice to appeal this ruling. 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. Natural Gas Litigation (GenOn) — 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 state antitrust law 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 was 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 which reversed the decision of the District Court. 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 Appeals' decision and the Supreme Court granted the petition. On April 21, 2015, the Supreme Court affirmed the Ninth Circuit’s holding that plaintiffs’ state antitrust law claims are not field-preempted by the federal Natural Gas Act and the Supremacy Clause of the U.S. Constitution. The Supreme Court left open whether the claims were preempted on the basis of conflict preemption. The U.S. Supreme Court directed that the case be remanded to the U.S. District Court for the District of Nevada. The case is proceeding in that court. GenOn has agreed to indemnify CenterPoint against certain losses relating to these lawsuits. In September 2012, the State of Nevada Supreme Court, which was 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 Supreme Court denied the petition for a writ of certiorari, thereby ending one of the five lawsuits. 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 generating facilities, threatening to sue within 60 days if the generating 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 Registrants do not expect the resolution of this matter to have a material impact on the Registrants' consolidated financial position, results of operations, or cash flows. Chapter 11 Proceedings (GenOn and GenOn Americas Generation) — In July 2003, and various dates thereafter, the Mirant Debtors filed voluntary petitions in the Bankruptcy Court for relief under Chapter 11 of the U.S. Bankruptcy Code. GenOn Energy Holdings and most of the other Mirant Debtors emerged from bankruptcy on January 3, 2006, when the Plan became effective. The remaining Mirant Debtors emerged from bankruptcy on various dates in 2007. Approximately 461,000 of the shares of GenOn Energy Holdings common stock to be distributed under the Plan have not yet been distributed and have been reserved for distribution with respect to claims disputed by the Mirant Debtors that have not been resolved. Upon the Mirant/RRI Merger, those reserved shares converted into a reserve for approximately 1.3 million shares of GenOn common stock. Upon the NRG Merger, those reserved shares converted into a reserve for approximately 159,000 shares of NRG common stock. Under the terms of the Plan, upon the resolution of such a disputed claim, the claimant will receive the same pro rata distributions of common stock, cash, or both as previously allowed claims, regardless of the price at which the common stock is trading at the time the claim is resolved. If the aggregate amount of any such payouts results in the number of reserved shares being insufficient, additional shares of common stock may be issued to address the shortfall. Potomac River Environmental Investigation — In March 2013, NRG Potomac River LLC received notice that the District of Columbia Department of Environment (now renamed the Department of Energy and Environment, or DOEE) was investigating potential discharges to the Potomac River originating from the Potomac River Generating facility site, a site where the generation facility is no longer in operation. In connection with that investigation, DOEE served a civil subpoena on NRG Potomac River LLC requesting information related to the site and potential discharges occurring from the site. NRG Potomac River LLC provided various responsive materials. In January 2016, DOEE advised NRG Potomac River that DOEE believed various environmental violations had occurred as a result of discharges DOEE believes occurred to the Potomac River from the Potomac River Generating facility site and as a result of associated failures to accurately or sufficiently report such discharges. DOEE has indicated it believes that penalties are appropriate in light of the violations. The Registrants are currently reviewing the information provided by DOEE. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) The Registrants operate in a highly regulated industry and are subject to regulation by various federal and state agencies. As such, the Registrants are affected by regulatory developments at both the federal and state levels and in the regions in which they operate. In addition, the Registrants are subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which they participate. These power markets are subject to ongoing legislative and regulatory changes that may impact the Registrants' wholesale business. In addition to the regulatory proceedings noted below, the Registrants are parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Registrants’ respective consolidated financial position, results of operations, or cash flows. National U.S. Supreme Court Agrees to Consider the Constitutionality of Maryland's Generator Contracting Programs — On October 19, 2015, the U.S. Supreme Court agreed to hear a case challenging the constitutionality of certain state-directed procurements of new electric generating facilities. The case involves the authority of the Maryland Public Service Commission to direct load-serving utilities in the state to enter into long-term power purchase contracts with a generation developer to encourage the construction of new generation capacity in Maryland. The constitutionality of the long-term contracts was challenged in the U.S. District Court for the District of Maryland, which, in an October 24, 2013, decision, found that the contracts violated the Supremacy Clause of the U.S. Constitution because they were both conflict preempted and field preempted by the FPA and the authority that the FPA granted to FERC. On June 30, 2014, the U.S. Court of Appeals for the Fourth Circuit affirmed the District Court's decision. A case arising out of New Jersey and raising similar issues was decided by the U.S. Court of Appeals for the Third Circuit, which also determined that the state-mandated contracts were preempted. After the Supreme Court granted certiorari in the Maryland case, NRG filed a friend-of-the-court brief urging the Court to uphold the right of states to incentivize new generation by directing utilities in the state to enter into long-term contracts — but noted that FERC has both the authority and the statutory obligation to protect wholesale markets by requiring that bids in the wholesale markets reflect costs and by ensuring that uneconomic entry does not distort auction outcomes. The Supreme Court heard oral argument on February 24, 2016. The outcome of this litigation could have broad impacts on whether and how states require utilities to contract with new generation resources, as well as how such contracted resources interact with the FERC-jurisdictional wholesale markets. U.S. Supreme Court Allows FERC to Retain Jurisdiction Over Demand Response — On January 25, 2016, the U.S. Supreme Court issued a 6-2 decision affirming FERC’s ability to exercise jurisdiction over demand response resources seeking to voluntarily participate in the wholesale markets. Additionally, the Supreme Court upheld FERC’s preferred scheme for pricing demand response in the energy market. This case arose out of a May 23, 2014, decision by the D.C. Circuit which vacated FERC’s rules (known as Order No. 745) that set the compensation level for demand response resources participating in the FERC-jurisdictional energy markets. The Court of Appeals had held that the FPA 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. With the Supreme Court’s decision, FERC will resume exercising jurisdiction over demand response, which the Registrants view as a positive for their wholesale business. East Montgomery County Station Power Tax — On December 20, 2013, NRG received a letter from Montgomery County, Maryland requesting payment of an energy tax for the consumption of station power at the Dickerson Facility over the previous three years. Montgomery County seeks payment in the amount of $22 million , which includes tax, interest and penalties. NRG disputed the applicability of the tax. On December 11, 2015, the Maryland Tax Court reversed Montgomery County's assessment. Montgomery County has filed an appeal. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) The Registrants are subject to a wide range of environmental laws in the development, construction, ownership and operation of projects. 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 the Registrants expect this trend to continue. The electric generation industry is facing new requirements regarding GHGs, 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 Registrants' facilities, which could have a material effect on the Registrants' operations. The EPA finalized CSAPR in 2011, which was intended to replace CAIR in January 2012, to address certain states' obligations to reduce emissions so that downwind states can achieve federal air quality standards. In December 2011, the D.C. Circuit stayed the implementation of CSAPR and then vacated CSAPR in August 2012 but kept CAIR in place until the EPA could replace it. In April 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. In response, the EPA in November 2014 amended the CSAPR compliance dates. Accordingly, CSAPR replaced CAIR on January 1, 2015. On July 28, 2015, the D.C. Circuit held that the EPA had exceeded its authority by requiring certain reductions that were not necessary for downwind states to achieve federal standards. Although the D.C. Circuit kept the rule in place, the court ordered the EPA to revise the Phase 2 (or 2017) (i) SO 2 budgets for four states and (ii) ozone-season NO x budgets for 11 states including Maryland, New Jersey, New York, Ohio and Pennsylvania. The EPA is currently reviewing the decision. In December 2015, the EPA proposed the CSAPR Update Rule using the 2008 Ozone NAAQS, which would reduce the total amount of ozone season NO x as compared with the previously utilized 1997 Ozone NAAQS. If finalized, this proposal would reduce future NO x allocations and/or current banked allowances. While the Registrants cannot predict the final outcome of this rulemaking, the Registrants believe their investment in pollution controls and cleaner technologies leave the fleet well positioned for compliance. In February 2012, the EPA promulgated standards (the MATS rule) to control emissions of HAPs from coal and oil-fired electric generating units. The rule established limits for mercury, non-mercury metals, certain organics and acid gases, which limits had to be met beginning in April 2015 (with some units getting a 1-year extension). In June 2015, the U.S. Supreme Court issued a decision in the case of Michigan v. EPA , and held that the EPA unreasonably refused to consider costs when it determined that it was "appropriate and necessary" to regulate HAPs emitted by electric generating units. The U.S. Supreme Court did not vacate the MATS rule but rather remanded it to the D.C. Circuit for further proceedings. In November 2015, the EPA proposed a supplemental finding that including a consideration of cost does not alter the EPA's previous determination that it is appropriate and necessary to regulate air toxics, including mercury from power plants. In December 2015, the D.C. Circuit remanded the rule to the EPA without vacatur. While the Registrants cannot predict the final outcome of this rulemaking, the Registrants believe that because they have already invested in pollution controls and cleaner technologies, their fleet is well positioned to comply with the MATS rule. Water In August 2014, the EPA finalized the regulation regarding the use of water for once through cooling at existing facilities to address impingement and entrainment concerns. The Registrants anticipate that more stringent requirements will be incorporated into some of their water discharge permits over the next several years as NPDES permits are renewed. Byproducts, Wastes, Hazardous Materials and Contamination In April 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. The Registrants have evaluated the impact of the new rule on their results of operations, financial condition and cash flows and have accrued their environmental and asset retirement obligations under the rule based on current estimates as of December 31, 2015. East Maryland Environmental Regulations — In December 2014, MDE proposed a regulation regarding NO x emissions from coal-fired electric generating units, which had it been finalized would have required by 2020 the Registrants (at each of the three Dickerson coal-fired units and the Chalk Point coal-fired unit that does not have an SCR) to either (1) install and operate an SCR; (2) retire the unit; or (3) convert the fuel source from coal to natural gas. In early 2015, the State of Maryland decided not to finalize the regulation as proposed. In November 2015, MDE finalized revised regulations to address future NO x reductions, which although more stringent than previous regulations, will not cause the Registrants to spend capital to comply. As a result of the new regulations, on February 29, 2016, the Registrants notified PJM that they were withdrawing the standing deactivation notices for Dickerson Units 1, 2 and 3 and Chalk Point Units 1 and 2. For further discussion of these matters, refer to Note 15 , Commitments and Contingencies – Contingencies. Environmental Capital Expenditures GenOn estimates that environmental capital expenditures from 2016 through 2020 required to comply with environmental laws will be approximately $68 million for GenOn, which includes $12 million for GenOn Americas Generation. The amount for GenOn Americas Generation includes $9 million for GenOn Mid-Atlantic. The majority of these costs will be expended by the end of 2016. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees | Guarantees (GenOn and GenOn Americas Generation ) GenOn and GenOn Americas Generation and their respective subsidiaries enter into various contracts that include indemnification and guarantee provisions as a routine part of their business activities. Examples of these contracts include asset purchases and sale agreements, commodity sale and purchase agreements, retail contracts, EPC agreements, operation and maintenance agreements, service agreements, settlement agreements, and other types of contractual agreements with vendors and other third parties, as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters, as well as breaches of representations, warranties and covenants set forth in these agreements. In some cases, GenOn’s and GenOn Americas Generation’s maximum potential liability cannot be estimated, since the underlying agreements contain no limits on potential liability. The following table summarizes the maximum potential exposures that can be estimated for guarantees, indemnities, and other contingent liabilities by maturity: GenOn By Remaining Maturity at December 31, December 31, 2015 2014 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 350 $ — $ — $ — $ 350 $ 319 Other guarantees — — — 46 46 57 Total guarantees $ 350 $ — $ — $ 46 $ 396 $ 376 GenOn Americas Generation By Remaining Maturity at December 31, December 31, 2015 2014 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 229 $ — $ — $ — $ 229 $ 180 Total guarantees $ 229 $ — $ — $ — $ 229 $ 180 Letters of credit and surety bonds — As of December 31, 2015 , GenOn and GenOn Americas Generation and their respective subsidiaries were contingently obligated for a total of $72 million and $2 million under surety bonds, respectively. In addition, GenOn had $278 million of letters of credit that were issued under the NRG credit agreement. See Note 14, Related Party Transactions. Of those letters of credit, $227 million were issued on behalf of GenOn Americas Generation's subsidiaries and $131 million were issued on behalf of GenOn Mid-Atlantic. Most of these letters of credit and surety bonds are issued in support of their obligations to perform under commodity agreements and obligations associated with future closure and maintenance of ash sites, as well as for financing or other arrangements. A majority of these letters of credit and surety bonds expire within one year of issuance, and it is typical for the Registrants to renew them on similar terms. Other guarantees — GenOn and GenOn Americas Generation have issued guarantees of obligations that their subsidiaries may incur as a provision for environmental site remediation, payment of debt obligations, rail car leases, performance under purchase, EPC and operating and maintenance agreements. GenOn and GenOn Americas Generation do not believe that they will be required to make any material payments under these guarantees. Other indemnities — Other indemnifications GenOn and GenOn Americas Generation have provided cover operational, tax, litigation and breaches of representations, warranties and covenants. GenOn and GenOn Americas Generation have also indemnified, on a routine basis in the ordinary course of business, financing parties, consultants or other vendors who have provided services to them. GenOn’s and GenOn Americas Generation’s maximum potential exposure under these indemnifications can range from a specified dollar amount to an indeterminate amount, depending on the nature of the transaction. Total maximum potential exposure under these indemnifications is not estimable due to uncertainty as to whether claims will be made or how they will be resolved. GenOn and GenOn Americas Generation do not believe that they will be required to make any material payments under these indemnity provisions. Because many of the guarantees and indemnities GenOn and GenOn Americas Generation issue to third parties and affiliates do not limit the amount or duration of their obligations to perform under them, there exists a risk that GenOn or GenOn Americas Generation may have obligations in excess of the amounts described above. For those guarantees and indemnities that do not limit the liability exposure, it may not be possible to estimate what GenOn’s or GenOn Americas Generation’s liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts. |
Schedule I Condensed Financial
Schedule I Condensed Financial Information of Parent Company Only Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
GenOn Americas Generation, LLC Parent Company [Member] | |
Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2013 (In millions) Operating (Loss)/Income $ — $ — $ — Other Income/(Expense) Equity in earnings of consolidated subsidiaries 138 371 123 Gain on debt extinguishment 42 — — Interest expense (64 ) (66 ) (64 ) Total other income/(expense) 116 305 59 Income Before Income Taxes 116 305 59 Income tax expense — — — Net Income $ 116 $ 305 $ 59 See notes to condensed financial statements. GENON AMERICAS GENERATION, LLC (PARENT) CONDENSED BALANCE SHEETS As of December 31, 2015 2014 (In millions) ASSETS Current Assets Accounts receivable $ — $ 2 Total current assets — 2 Other Assets Investment in subsidiaries 1,907 1,770 Total other assets 1,907 1,770 Total Assets $ 1,907 $ 1,772 LIABILITIES AND MEMBER’S EQUITY Current Liabilities Accounts payable — affiliate $ 199 $ — Note payable — affiliate 11 11 Accrued expenses and other current liabilities 13 16 Total current liabilities 223 27 Other Liabilities Long-term debt 752 929 Total non-current liabilities 752 929 Total Liabilities 975 956 Commitments and Contingencies Member's Equity Member's interest 932 816 Total member's equity 932 816 Total Liabilities and Member's Equity $ 1,907 $ 1,772 See notes to condensed financial statements. GENON AMERICAS GENERATION, LLC (PARENT) CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2013 (In millions) Cash Flows from Operating Activities Net cash provided by operating activities $ 128 $ 197 $ 217 Cash Flows from Investing Activities Capitalized interest (2 ) (1 ) (2 ) Proceeds from sale of assets — 50 — Net cash used by investing activities (2 ) 49 (2 ) Cash Flows from Financing Activities Capital contributions — 74 70 Distributions to member — (320 ) (285 ) Payments of short and long-term debt (126 ) — — Net cash used by financing activities (126 ) (246 ) (215 ) Net Increase/(Decrease) in Cash and Cash Equivalents — — — Cash and Cash Equivalents at Beginning of Period — — — Cash and Cash Equivalents at End of Period $ — $ — $ — Supplemental Disclosures Cash paid for interest, net of amounts capitalized 76 74 $ 73 See notes to condensed financial statements. GENON AMERICAS GENERATION, LLC (PARENT) 1. Background and Basis of Presentation Background The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S‑X, as the restricted net assets of GenOn Americas Generation, LLC’s subsidiaries exceed 25% of the consolidated net assets of GenOn Americas Generation, LLC. These statements should be read in conjunction with the consolidated statements and notes thereto of the Registrants. GenOn Americas Generation, LLC is a Delaware limited liability company and indirect wholly-owned subsidiary of GenOn Energy, Inc. RRI Energy (a Delaware corporation) changed its name from Reliant Energy, Inc. effective May 2009 in connection with the sale of its retail business. GenOn changed its name from RRI Energy effective December 3, 2010 in connection with the merger with Mirant. “GenOn” refers to GenOn Energy, Inc. and, except where the context indicates otherwise, its subsidiaries, after giving effect to the Mirant/RRI Merger. Basis of Presentation The condensed financial statements presented herein are the condensed financial statements and other financial information of GenOn Americas Generation, LLC. Equity in income/loss of affiliates consists of earnings of direct subsidiaries of GenOn Americas Generation, LLC (parent). Cash Dividends and Distributions For the years ended December 31, 2015 , 2014 , and 2013 , GenOn Americas Generation, LLC, received cash dividends from its subsidiaries of $0 million , $320 million and $285 million . GenOn Americas Generation, subsequently made distributions in the same amount, through its parent company NRG Americas, Inc. to GenOn Energy Holdings, Inc., a subsidiary of GenOn. Long-Term Debt For a discussion of GenOn Americas Generation, LLC’s long-term debt, see Note 10 , Debt and Capital Leases , to the Registrants’ consolidated financial statements. Debt maturities of GenOn Americas Generation, LLC as of December 31, 2015 are: (In millions) 2021 and thereafter 695 Total $ 695 Commitments, Contingencies and Guarantees See Note 15 , Commitments and Contingencies , to the Registrants’ consolidated financial statements for a detailed discussion of GenOn Americas Generation, LLC’s contingencies. At December 31, 2015 , GenOn Americas Generation, LLC did not have any guarantees. |
GenOn Energy, Inc. Parent Company [Member] | |
Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CONDENSED STATEMENTS OF OPERATIONS For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2013 (In millions) Operating Income/(Loss) $ — $ — $ — Other Income/(Expense) Equity in losses of consolidated subsidiaries (98 ) 242 17 Other income/(expense), net 85 84 74 Gain on debt extinguishment 23 — — Interest expense (128 ) (129 ) (140 ) Total other income/(expense) (118 ) 197 (49 ) (Loss)/Income Before Income Taxes (118 ) 197 (49 ) Income tax expense/(benefit) (3 ) — (6 ) Net (Loss)/Income $ (115 ) $ 197 $ (43 ) See notes to condensed financial statements. GENON ENERGY, INC. (PARENT) CONDENSED BALANCE SHEETS As of December 31, 2015 2014 (In millions) ASSETS Current Assets Cash and cash equivalents $ 226 $ 490 Notes receivable — affiliate 300 386 Taxes receivable and other current assets 254 214 Total current assets 780 1,090 Other Assets Investment in subsidiaries 456 476 Notes receivable — affiliate 1,025 1,025 Total other assets 1,481 1,501 Total Assets $ 2,261 $ 2,591 LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Accrued taxes $ 1 $ 1 Accrued expenses and other current liabilities 31 39 Total current liabilities 32 40 Other Liabilities Long-term debt 1,956 2,148 Other non-current liabilities 1 2 Total non-current liabilities 1,957 2,150 Total Liabilities 1,989 2,190 Commitments and Contingencies Stockholder's Equity Common stock: $0.001 par value, 1 share authorized and issued at December 31, 2015 and 2014 — — Additional paid-in capital 325 325 (Accumulated deficit) / retained earnings (37 ) 78 Accumulated other comprehensive loss (16 ) (2 ) Total Stockholder's Equity 272 401 Total Liabilities and Stockholder's Equity $ 2,261 $ 2,591 See notes to condensed financial statements. GENON ENERGY, INC. (PARENT) CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2013 (In millions) Cash Flows from Operating Activities Net cash used by operating activities $ (159 ) $ (165 ) $ 491 Cash Flows from Investing Activities Net cash from sale of Marsh Landing — — 175 Proceeds from sale of equity method investments — 35 — Net cash provided by investing activities — 35 175 Cash Flows from Financing Activities Payments of short and long-term debt (105 ) (1 ) (575 ) Net cash used by financing activities (105 ) (1 ) (575 ) Net (Decrease)/Increase in Cash and Cash Equivalents (264 ) (131 ) 91 Cash and Cash Equivalents at Beginning of Period 490 621 530 Cash and Cash Equivalents at End of Period $ 226 $ 490 $ 621 Supplemental Disclosures Cash paid for interest, net of amounts capitalized $ 176 $ 240 $ 138 Cash paid for income taxes (net of refunds received) $ — $ — $ — See notes to condensed financial statements. GENON ENERGY, INC. (PARENT) 1. Background and Basis of Presentation Background The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of GenOn Energy Inc.’s subsidiaries exceed 25% of the consolidated net assets of GenOn Energy, Inc. These statements should be read in conjunction with the consolidated statements and notes thereto of the Registrants. RRI Energy (a Delaware corporation) changed its name from Reliant Energy, Inc. effective May 2009 in connection with the sale of its retail business. GenOn changed its name from RRI Energy effective December 3, 2010 in connection with the merger with Mirant. “GenOn” refers to GenOn Energy, Inc. and, except where the context indicates otherwise, its subsidiaries, after giving effect to the Mirant/RRI Merger. Basis of Presentation The condensed financial statements herein are the condensed financial statements and other financial information of GenOn Energy, Inc. Equity in income/loss of affiliates consists of earnings of direct subsidiaries of GenOn Energy, Inc. (parent). Cash Dividends Received For the year ended December 31, 2015, 2014 and 2013, GenOn Energy, Inc. did not receive any cash dividends from its subsidiaries. Long-Term Debt For a discussion of GenOn Energy, Inc.’s long-term debt, see Note 10 , Debt and Capital Leases , to the Registrants’ consolidated financial statements. Debt maturities of GenOn Energy, Inc. as of December 31, 2015 are: (In millions) 2016 $ — 2017 692 2018 649 2019 — 2020 489 Total $ 1,830 Commitments, Contingencies and Guarantees See Note 13 , Income Taxes and Note 15 , Commitments and Contingencies to the Registrants’ consolidated financial statements for a detailed discussion of GenOn Energy, Inc.’s contingencies. As of December 31, 2015 , GenOn Energy, Inc. had $46 million of guarantees, which are included in Note 18 , Guarantees , to the Registrants’ consolidated financial statements. |
SCHEDULE II. VALUATION AND QUAL
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS GENON ENERGY, INC. AND SUBSIDIARIES For the Years Ended December 31, 2015 , 2014 , and 2013 Balance at Charged to Charged to Deductions Balance at (In millions) Provision for uncollectible accounts (a) Year Ended December 31, 2015 $ — $ — $ — $ (1 ) (1 ) Year Ended December 31, 2014 1 — — (1 ) — Year Ended December 31, 2013 4 — — (3 ) 1 Income tax valuation allowance, deducted from deferred tax assets Year Ended December 31, 2015 $ 2,779 $ 16 $ — $ (331 ) $ 2,464 Year Ended December 31, 2014 2,672 — 107 — 2,779 Year Ended December 31, 2013 2,324 — 348 — 2,672 (a) Provision for uncollectible accounts represents credit reserves for derivative contract assets. |
GenOn Americas Generation, LLC [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2015 , 2014 , and 2013 Balance at Charged to Charged to Deductions Balance at (In millions) Provision for uncollectible accounts (a) Year Ended December 31, 2015 $ — $ — $ — $ — $ — Year Ended December 31, 2014 1 — — (1 ) — Year Ended December 31, 2013 4 — — (3 ) 1 (a) Provision for uncollectible accounts represents credit reserves for derivative contract assets. |
GenOn Mid-Atlantic, LLC [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts | GENON MID-ATLANTIC, LLC AND SUBSIDIARIES For the Years Ended December 31, 2015 , 2014 , and 2013 Balance at Charged to Charged to Deductions Balance at (In millions) Provision for uncollectible accounts (a) Year Ended December 31, 2015 $ 2 $ — $ — $ 2 $ 4 Year Ended December 31, 2014 3 — — (1 ) 2 Year Ended December 31, 2013 4 — — (1 ) 3 (a) Provision for uncollectible accounts represents credit reserves for derivative contract assets. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |
Principles of Consolidation and Basis of Presentation | Basis of Presentation and Principles of Consolidation This is a combined annual report of the Registrants. The notes to the consolidated financial statements apply to the Registrants as indicated parenthetically next to each corresponding disclosure. The Registrants' consolidated financial statements have been prepared in accordance with U.S. GAAP. The ASC, established by the FASB, is the source of authoritative U.S. GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The consolidated financial statements include the Registrants' accounts and operations and those of their subsidiaries in which the Registrants have a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Registrants apply the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a VIE, should be consolidated. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. |
Inventory | Inventory Inventory is valued at the lower of weighted average cost or market, and consists principally of fuel oil, coal and raw materials used to generate electricity or steam. The Registrants remove these inventories as they are used in the production of electricity or steam. Spare parts inventory is valued at a weighted average cost, since the Registrants expect to recover these costs in the ordinary course of business. The Registrants remove these inventories when they are used for repairs, maintenance or capital projects. Sales of inventory are classified as an operating activity in the consolidated statements of cash flows. During the year ended December 31, 2015 , the Registrants recorded a lower of weighted average cost or market adjustment related to fuel oil of $19 million related to GenOn, of which $17 million relates to GenOn Americas Generation and $6 million relates to GenOn Mid-Atlantic. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. |
Asset Impairments | Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment . An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value with the difference recorded in operating costs and expenses in the statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. |
Intangible Assets | Intangible Assets Intangible assets represent contractual rights held by the Registrants. The Registrants recognize specifically identifiable intangible assets when specific rights and contracts are acquired. As of December 31, 2015 , and 2014 , the Registrants' intangible assets are comprised of SO 2 emission allowances and CO 2 emission credits held for compliance with RGGI that are held-for-use and are amortized to cost of operations based on straight line or units of production basis. The following table presents the Registrants’ amortization of intangible assets for each of the past three years: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 39 $ 38 $ 25 GenOn Americas Generation 32 33 21 GenOn Mid-Atlantic 27 29 18 The following table presents estimated amortization of the Registrants’ intangible assets for each of the next five years: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 45 $ 42 $ 3 2017 2 — — 2018 1 — — 2019 1 — — 2020 1 — — |
Out of Market Contracts [Policy Text Block] | Out of Market Contracts In connection with the NRG Merger, acquired out-of-market contracts were pushed down to the Registrants, as applicable, and primarily relate to GenOn Mid-Atlantic and REMA leases and long-term natural gas transportation and storage contracts. These out-of-market contracts are amortized to operating revenues and cost of operations, as applicable, based on the nature of the contracts and over their contractual lives. The following table presents the Registrants' amortization of out-of-market contracts for each of the past three years: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 79 $ 78 $ 75 GenOn Americas Generation 28 28 28 GenOn Mid-Atlantic 28 28 28 The following table summarizes the estimated amortization related to the Registrants’ out-of-market contracts: GenOn GenOn Americas Generation GenOn Mid-Atlantic ( In millions) 2016 $ 81 $ 28 $ 28 2017 76 28 28 2018 71 28 28 2019 68 28 28 2020 68 28 28 |
Income Taxes | Income Taxes GenOn GenOn is a wholly owned subsidiary of NRG that exists as a corporate regarded entity for income tax purposes. As a result, GenOn, NRG Americas and NRG have direct liability for the majority of the federal and state income taxes resulting from GenOn's operations. GenOn has allocated income taxes as if it were a single consolidated taxpayer using the liability method in accordance with ASC 740, which requires that GenOn use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. GenOn has two categories of income tax expense or benefit - current and deferred, as follows: • Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and • Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income. GenOn reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between its financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in GenOn's consolidated balance sheets. GenOn measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce GenOn's net deferred tax assets to an amount that is more-likely-than-not to be realized. The determination of a valuation allowance requires significant judgment as to the generation of taxable income during future periods in which those temporary differences are deductible. In making this determination, management considers all available positive and negative evidence affecting specific deferred tax assets, including GenOn's past and projected pre-tax book earnings, the reversal of deferred tax liabilities and the implementation of tax planning strategies. GenOn accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. GenOn recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. GenOn Americas Generation GenOn Americas Generation and most of its subsidiaries are limited liability companies that are treated as branches of GenOn Americas for income tax purposes. As a result, NRG Americas, GenOn and NRG have direct liability for the majority of the federal and state income taxes relating to GenOn Americas Generation's operations. Several of GenOn Americas Generation's subsidiaries exist as regarded corporate entities for income tax purposes. For the subsidiaries that continue to exist as corporate regarded entities, GenOn Americas Generation allocates current and deferred income taxes to each corporate regarded entity as if such entity were a single taxpayer utilizing the asset and liability method to account for income taxes. GenOn Americas Generation reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between its financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in GenOn Americas Generation's consolidated balance sheets. GenOn Americas Generation measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce GenOn Americas Generation's net deferred tax assets to an amount that is more-likely-than-not to be realized. The determination of a valuation allowance requires significant judgment as to the generation of taxable income during future periods in which those temporary differences are deductible. In making this determination, management considers all available positive and negative evidence affecting specific deferred tax assets, including GenOn Americas Generation's past and projected pre-tax book earnings, the reversal of deferred tax liabilities and the implementation of tax planning strategies. GenOn Americas Generation accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. GenOn Americas Generation recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. GenOn Mid-Atlantic GenOn Mid-Atlantic and GenOn Mid-Atlantic's subsidiaries are limited liability companies that are treated as branches of NRG Americas for income tax purposes. As such, GenOn, NRG Americas and NRG have direct liability for the majority of the federal and state income taxes relating to GenOn Mid-Atlantic's operations. |
Revenue Recognition | Revenue Recognition Energy — Both physical and financial transactions are entered into to optimize the financial performance of the Registrants' generating facilities. Electric energy revenue is recognized upon transmission to the customer. Physical transactions, or the sale of generated electricity to meet supply and demand, are recorded on a gross basis in the Registrants’ consolidated statements of operations. Financial transactions, or the buying and selling of energy for trading purposes, are recorded net within operating revenues in the consolidated statements of operations in accordance with ASC 815. Capacity — Capacity revenues are recognized when contractually earned, and consist of revenues billed to a third party at either the market or a negotiated contract price for making installed generation capacity available in order to satisfy system integrity and reliability requirements. Natural Gas Sales (GenOn and GenOn Americas Generation) — GenOn and GenOn Americas Generation record revenues from the sales of natural gas under the accrual method. These sales are sold at market-based prices. Sales that have been delivered but not billed by period end are estimated. |
Derivative Financial Instruments | Derivative Financial Instruments The Registrants account for derivative financial instruments under ASC 815, which requires the Registrants to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of derivatives are immediately recognized in earnings. The Registrants’ primary derivative instruments are financial power and natural gas contracts, fuels purchase contracts, and other energy related commodities used to mitigate variability in earnings due to fluctuations in market prices. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. The Registrants’ trading activities are subject to limits in accordance with the Risk Management Policy. These contracts are recognized on the balance sheet at fair value and changes in the fair value of these derivative financial instruments are recognized in earnings. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which potentially subject the Registrants to concentrations of credit risk consist primarily of accounts receivable and derivatives. Certain accounts receivable and derivative instruments are concentrated within entities engaged in the energy industry. These industry concentrations may impact the Registrants’ overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. Receivables and other contractual arrangements are subject to collateral requirements under the terms of enabling agreements. However, the Registrants believe that the credit risk posed by industry concentration is offset by the diversification and creditworthiness of the Registrants’ customer base. See Note 4 , Fair Value of Financial Instruments , for a further discussion of derivative concentrations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, funds deposited by counterparties, receivables, accounts payable, and accrued liabilities approximate fair value because of the short-term maturity of these instruments. See Note 4 , Fair Value of Financial Instruments , for a further discussion of fair value of financial instruments. |
Asset Retirement Obligations | Asset Retirement Obligations The Registrants account for their AROs in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, the Registrants capitalize the asset retirement cost by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. See Note 11 , Asset Retirement Obligations , for a further discussion of AROs. |
Pensions | Pensions (GenOn) GenOn offers pension benefits through defined benefit pension plans. In addition, GenOn provides postretirement health and welfare benefits for certain groups of employees. GenOn accounts for pension and other postretirement benefits in accordance with ASC 715, Compensation — Retirement Benefits. GenOn recognizes the funded status of its defined benefit plans in the statement of financial position and records an offset for gains and losses as well as all prior service costs that have not been included as part of GenOn's net periodic benefit cost to other comprehensive income. The determination of GenOn's obligation and expenses for pension benefits is dependent on the selection of certain assumptions. These assumptions determined by management include the discount rate, the expected rate of return on plan assets and the rate of future compensation increases. GenOn's actuarial consultants determine assumptions for such items as retirement age. The assumptions used may differ materially from actual results, which may result in a significant impact to the amount of pension obligation or expense recorded by GenOn. GenOn measures the fair value of its pension assets in accordance with ASC 820, Fair Value Measurements and Disclosures, or ASC 820. On December 31, 2014, NRG merged 8 qualified pension plans into 2 separate qualified pension plans, the NRG Pension Plan for Bargained Employees and the NRG Pension Plan. The GenOn Mirant Bargaining Unit Pension Plan, GenOn First Energy Pension Plan, GenOn Duquesne Pension Plan, and GenOn REMA Pension Plan were merged into the NRG Pension Plan for Bargained Employees. The GenOn Mirant Pension Plan was merged into the NRG Pension Plan for Non-Bargained Employees and renamed the NRG Pension Plans. |
Use of Estimates | 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. In recording transactions and balances resulting from business operations, the Registrants use estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, actuarially determined benefit costs, the valuation of energy commodity contracts, environmental liabilities, legal costs incurred in connection with recorded loss contingencies, and assets acquired and liabilities assumed in business combinations, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. |
Reclassifications | Reclassifications Certain prior-year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments ASU 2016-01 - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require that financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. ASU 2015-17 — In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , or ASU No. 2015-17. The amendments of ASU No. 2015-17 require that deferred tax liabilities and assets, as well as any related valuation allowance, be presented as noncurrent in a classified statement of financial position. The guidance in ASU No. 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption is permitted. The Registrants' adopted ASU No. 2015-17 for the year ended December 31, 2015 and elected to apply the amendments retrospectively. The adoption did not have any impact on the Registrants' results of operations, cash flows, or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Registrants adopted the standard effective January 1, 2015, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Registrants adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. 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. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Registrants are currently evaluating the impact of the standard on the Registrants' results of operations, cash flows and financial position. |
GenOn and GenOn Americas Generation [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Funds Deposited by Counterparties | Funds Deposited by Counterparties (GenOn and GenOn Americas Generation) Funds deposited by counterparties consist of cash held by GenOn as a result of collateral posting obligations from GenOn's counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on GenOn's intentions, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, GenOn will refund this collateral to the hedge counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and GenOn cannot predict if any collateral will be held for more than twelve months , the funds deposited by counterparties are classified as a current asset on GenOn's balance sheets, with an offsetting liability for this cash collateral received within current liabilities. Changes in funds deposited by counterparties are closely associated with GenOn's operating activities and are classified as an operating activity in GenOn's consolidated statements of cash flows. |
Project Development Costs and Capitalized Interest | Capitalized Interest (GenOn and GenOn Americas Generation) Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. The amounts of interest capitalized were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 5 $ 11 $ 21 GenOn Americas Generation 2 1 2 When a project is available for operations, capitalized interest and project development costs are reclassified to property, plant and equipment and depreciated on a straight-line basis over the estimated useful life of the project's related assets. Capitalized costs are charged to expense if a project is abandoned or management otherwise determines the costs to be unrecoverable. |
GenOn Americas Generation [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Income Taxes | GenOn Americas Generation GenOn Americas Generation and most of its subsidiaries are limited liability companies that are treated as branches of GenOn Americas for income tax purposes. As a result, NRG Americas, GenOn and NRG have direct liability for the majority of the federal and state income taxes relating to GenOn Americas Generation's operations. Several of GenOn Americas Generation's subsidiaries exist as regarded corporate entities for income tax purposes. For the subsidiaries that continue to exist as corporate regarded entities, GenOn Americas Generation allocates current and deferred income taxes to each corporate regarded entity as if such entity were a single taxpayer utilizing the asset and liability method to account for income taxes. GenOn Americas Generation reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between its financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in GenOn Americas Generation's consolidated balance sheets. GenOn Americas Generation measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce GenOn Americas Generation's net deferred tax assets to an amount that is more-likely-than-not to be realized. The determination of a valuation allowance requires significant judgment as to the generation of taxable income during future periods in which those temporary differences are deductible. In making this determination, management considers all available positive and negative evidence affecting specific deferred tax assets, including GenOn Americas Generation's past and projected pre-tax book earnings, the reversal of deferred tax liabilities and the implementation of tax planning strategies. GenOn Americas Generation accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. GenOn Americas Generation recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. |
GenOn Mid-Atlantic, LLC [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Income Taxes | GenOn Mid-Atlantic GenOn Mid-Atlantic and GenOn Mid-Atlantic's subsidiaries are limited liability companies that are treated as branches of NRG Americas for income tax purposes. As such, GenOn, NRG Americas and NRG have direct liability for the majority of the federal and state income taxes relating to GenOn Mid-Atlantic's operations. |
Nature of Business (Tables)
Nature of Business (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Business [Line Items] | |
Schedule of Global Generation Portfolio by Operating Segment | The following table summarizes the generation portfolio by Registrant: (In MW) Generation Type GenOn GenOn Americas Generation GenOn Mid-Atlantic Natural gas 10,763 4,118 1,942 Coal 5,143 2,433 2,433 Oil 1,847 1,434 308 Total generation capacity 17,753 7,985 4,683 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Capitalized Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following table presents the Registrants’ amortization of intangible assets for each of the past three years: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 39 $ 38 $ 25 GenOn Americas Generation 32 33 21 GenOn Mid-Atlantic 27 29 18 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents estimated amortization of the Registrants’ intangible assets for each of the next five years: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 45 $ 42 $ 3 2017 2 — — 2018 1 — — 2019 1 — — 2020 1 — — |
Amortization of Out of Market Contracts [Table Text Block] | The following table presents the Registrants' amortization of out-of-market contracts for each of the past three years: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 79 $ 78 $ 75 GenOn Americas Generation 28 28 28 GenOn Mid-Atlantic 28 28 28 |
Schedule of Out of Market Contracts, Future Amortization [Table Text Block] | The following table summarizes the estimated amortization related to the Registrants’ out-of-market contracts: GenOn GenOn Americas Generation GenOn Mid-Atlantic ( In millions) 2016 $ 81 $ 28 $ 28 2017 76 28 28 2018 71 28 28 2019 68 28 28 2020 68 28 28 |
GenOn and GenOn Americas Generation [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Schedule of Interest Cost Incurred [Table Text Block] | The amounts of interest capitalized were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 5 $ 11 $ 21 GenOn Americas Generation 2 1 2 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated carrying values and fair values of GenOn and GenOn Americas Generation’s debt are as follows: GenOn As of December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities Long and short-term debt $ 2,764 $ 2,043 $ 3,122 $ 2,706 |
Assets and liabilities measured and recorded at fair value on the consolidated balance sheet on a recurring basis | GenOn The following tables present assets and liabilities measured and recorded at fair value on GenOn’s consolidated balance sheet on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 192 $ 535 $ 2 $ 729 Derivative liabilities: Commodity contracts $ 157 $ 420 $ 14 $ 591 Other assets (b) $ 14 $ — $ — $ 14 (a) There were no transfers during the year ended December 31, 2015 , between Levels 1 and 2. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for some key and highly compensated employees. As of December 31, 2014 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 179 $ 582 $ 46 $ 807 Derivative liabilities: Commodity contracts $ 105 $ 371 $ 13 $ 489 Other assets (b) $ 21 $ — $ — $ 21 (a) There were no transfers during the year ended December 31, 2014 , between Levels 1 and 2. (b) Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for some key and highly compensated employees. |
Derivatives and Fair Value [Text Block] | The following tables reconcile the beginning and ending balances for derivatives that are recognized at fair value in GenOn’s consolidated financial statements at least annually using significant unobservable inputs for the years ended December 31, 2015 , and 2014 : For the Year Ended December 31, 2015 2014 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ 33 $ (4 ) Total gains and losses (realized/unrealized) included in earnings (40 ) 2 Purchases (5 ) 35 Balance as of end of period $ (12 ) $ 33 The amount of the total losses for the period included in earnings attributable to the change in unrealized derivatives relating to assets still held at end of period $ (8 ) $ (1 ) (a) Consists of derivatives assets and liabilities, net. |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following tables quantify the significant unobservable inputs used in developing the fair value of the Registrants' Level 3 positions as of December 31, 2015 , and December 31, 2014 : GenOn Significant Unobservable Inputs December 31, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 22 $ 67 $ 42 Coal Contracts — 12 Discounted Cash Flow Forward Market Price (per ton) 28 45 35 FTRs 1 2 Discounted Cash Flow Auction Prices (per MWh) — 3 1 $ 2 $ 14 Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 39 $ 5 Discounted Cash Flow Forward Market Price (per MWh) $ 18 $ 68 $ 46 Coal Contracts 3 1 Discounted Cash Flow Forward Market Price (per ton) 53 56 54 FTRs 4 7 Discounted Cash Flow Auction Prices (per MWh) (10 ) 3 (1 ) $ 46 $ 13 |
Fair Value Inputs, Sensitivity Analysis [Table Text Block] | The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2015 , and December 31, 2014 : Significant Unobservable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power/Coal Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power/Coal Sell Increase/(Decrease) Lower/(Higher) FTR Prices Buy Increase/(Decrease) Higher/(Lower) FTR Prices Sell Increase/(Decrease) Lower/(Higher) |
Schedule of credit reserve for derivative contract assets [Table Text Block] | The Registrants' (non-performance)/credit reserves were as follows: As of December 31, 2015 2014 (In millions) GenOn $ (1 ) $ — GenOn Americas Generation — — GenOn Mid-Atlantic 4 2 |
Schedule of credit risk | The following tables highlight the counterparty credit quality and the net counterparty credit exposure by industry sector. Net counterparty credit exposure is defined as the aggregate net asset position for the Registrants with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. As of December 31, 2015 , the exposure is shown net of collateral held and includes amounts net of receivables or payables. Net Exposure (a) (% of Total) Category GenOn GenOn Americas Generation GenOn Mid-Atlantic Financial institutions 68 % 69 % — % Utilities, energy merchants, marketers and other 18 % 17 % — % ISOs 14 % 14 % 100 % Total 100 % 100 % 100 % Category Net Exposure (a) (% of Total) GenOn GenOn Americas Generation GenOn Mid-Atlantic Investment grade 99 % 99 % 100 % Non-Investment grade 1 % 1 % — % Total 100 % 100 % 100 % (a) Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. |
GenOn Americas Generation, LLC [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | GenOn Americas Generation As of December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities Long and short-term debt $ 752 $ 500 $ 929 $ 720 |
Assets and liabilities measured and recorded at fair value on the consolidated balance sheet on a recurring basis | The following tables present assets and liabilities (including amounts with affiliates) measured and recorded at fair value on GenOn Americas Generation's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 285 $ 796 $ 15 $ 1,096 Derivative liabilities: Commodity contracts $ 170 $ 735 $ 14 $ 919 (a) There were no transfers during the year ended December 31, 2015 , between Levels 1 and 2. As of December 31, 2014 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 208 $ 848 $ 52 $ 1,108 Derivative liabilities: Commodity contracts $ 137 $ 640 $ 32 $ 809 (a) There were no transfers during the year ended December 31, 2014 , between Levels 1 and 2. |
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 the beginning and ending balances for GenOn Americas Generation's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs for the years ended December 31, 2015 , and 2014 : For the Year Ended December 31, 2015 2014 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ 20 $ (1 ) Total gains and losses (realized/unrealized) included in earnings (20 ) 1 Purchases 1 20 Balance as of end of period $ 1 $ 20 (a) Consists of derivatives assets and liabilities, net. |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn Americas Generation Significant Unobservable Inputs December 31, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 22 $ 67 $ 42 Coal Contracts 12 12 Discounted Cash Flow Forward Market Price (per ton) 28 45 35 FTRs 2 2 Discounted Cash Flow Auction Prices (per MWh) — 3 1 $ 15 $ 14 Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 39 $ 18 Discounted Cash Flow Forward Market Price (per MWh) $ 18 $ 68 $ 46 Coal Contracts 3 3 Discounted Cash Flow Forward Market Price (per ton) 53 56 54 FTRs 10 11 Discounted Cash Flow Auction Prices (per MWh) (1 ) 1 — $ 52 $ 32 |
GenOn Mid-Atlantic, LLC [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Assets and liabilities measured and recorded at fair value on the consolidated balance sheet on a recurring basis | GenOn Mid-Atlantic The following tables present assets and liabilities (including amounts with affiliates) measured and recorded at fair value on GenOn Mid-Atlantic's consolidated balance sheet on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 175 $ 175 $ 2 $ 352 Derivative liabilities: Commodity contracts $ 58 $ 137 $ — $ 195 (a) There were no transfers during the year ended December 31, 2015 , between Levels 1 and 2. As of December 31, 2014 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ 145 $ 211 $ 26 $ 382 Derivative liabilities: Commodity contracts $ 71 $ 73 $ 6 $ 150 (a) There were no transfers during the year ended December 31, 2014 , between Levels 1 and 2. |
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 the beginning and ending balances for GenOn Mid-Atlantic's derivatives that are recognized at fair value in the consolidated financial statements at least annually using significant unobservable inputs for the years ended December 31, 2015 , and 2014 : For the Year Ended December 31, 2015 2014 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ 20 $ — Total gains and losses (realized/unrealized) included in earnings (20 ) — Purchases 2 20 Balance as of end of period $ 2 $ 20 (a) Consists of derivatives assets and liabilities, net. |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | GenOn Mid-Atlantic Significant Unobservable Inputs December 31, 2015 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 2 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 22 $ 67 $ 42 $ 2 $ — Significant Unobservable Inputs December 31, 2014 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 26 $ 5 Discounted Cash Flow Forward Market Price (per MWh) $ 24 $ 68 $ 47 FTRs — 1 Discounted Cash Flow Auction Prices (per MWh) (1 ) 1 — $ 26 $ 6 |
Accounting for Derivative Ins33
Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |
Disclosure of net notional volume buy/(sell) of entity derivative transactions | The following table summarizes the net notional volume buy/(sell) of the Registrants’ open derivative transactions broken out by commodity, excluding those derivatives that qualified for the NPNS exception as of December 31, 2015 , and December 31, 2014 . 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. GenOn GenOn Americas Generation GenOn Mid-Atlantic Total Volume Total Volume Total Volume As of December 31, As of December 31, As of December 31, 2015 2014 2015 2014 2015 2014 Commodity Units (In millions) (In millions) (In millions) (In millions) (In millions) (In millions) Coal Short Ton 7 8 3 5 3 5 Natural Gas MMBtu 191 (21) 2 (74) (10) (79) Power MWh (49) (36) (20) (16) (18) (15) |
Schedule of derivative instruments in Statement of Financial Position, fair value | The following tables summarize the fair value within the derivative instrument valuation on the balance sheet: GenOn Fair Value Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges: Commodity contracts current $ 574 $ 602 $ 475 $ 417 Commodity contracts long-term 155 205 116 72 Total Derivatives Not Designated as Cash Flow Hedges $ 729 $ 807 $ 591 $ 489 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables summarize the offsetting of derivatives by counterparty master agreement level and collateral received or paid: GenOn Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2015 (in millions) Commodity Contracts: Derivative assets $ 698 $ (485 ) $ (51 ) $ 162 Derivative assets- affiliate 31 (24 ) — 7 Derivative liabilities (567 ) 485 — (82 ) Derivative liabilities- affiliate (24 ) 24 — — Total derivative instruments $ 138 $ — $ (51 ) $ 87 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2014 (in millions) Commodity Contracts: Derivative assets $ 786 $ (425 ) $ (54 ) $ 307 Derivative assets- affiliate 21 (21 ) — — Derivative liabilities (451 ) 425 — (26 ) Derivative liabilities- affiliate (38 ) 21 17 — Total derivative instruments $ 318 $ — $ (37 ) $ 281 GenOn Americas Generation Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2015 (in millions) Commodity Contracts: Derivative assets $ 699 $ (485 ) $ (51 ) $ 163 Derivative assets- affiliate 397 (352 ) — 45 Derivative liabilities (567 ) 485 — (82 ) Derivative liabilities- affiliate (352 ) 352 — — Total derivative instruments $ 177 $ — $ (51 ) $ 126 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2014 (in millions) Commodity Contracts: Derivative assets $ 787 $ (425 ) $ (54 ) $ 308 Derivative assets- affiliate 321 (321 ) — — Derivative liabilities (451 ) 425 — (26 ) Derivative liabilities- affiliate (358 ) 321 17 (20 ) Total derivative instruments $ 299 $ — $ (37 ) $ 262 GenOn Mid-Atlantic Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2015 (in millions) Commodity Contracts: Derivative assets- affiliate 352 (195 ) — 157 Derivative liabilities- affiliate (195 ) 195 — — Total derivative instruments $ 157 $ — $ — $ 157 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Cash Collateral (Held)/Posted Net Amount December 31, 2014 (in millions) Commodity Contracts: Derivative assets $ 100 $ — $ — $ 100 Derivative assets- affiliate 282 (149 ) — 133 Derivative liabilities (1 ) — — (1 ) Derivative liabilities- affiliate (149 ) 149 — — Total derivative instruments $ 232 $ — $ — $ 232 |
Schedule of cash flow hedge OCI activity | The following table summarizes the effects on GenOn's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax of zero dollars: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Accumulated OCI balance, beginning of period $ — $ — $ 1 Recognized in OCI on interest rate derivatives — — 19 Reclassified from accumulated OCI into earnings (a)(b) — — (2 ) Reversal as part of sale to NRG Yield LLC (c) — — (18 ) Accumulated OCI balance, end of period $ — $ — $ — (a) Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded in interest expense. (b) All of the forecasted transactions (future interest payments) were deemed probable of occurring; therefore, no cash flow hedges were discontinued and no amount was recognized in GenOn’s results of operations as a result of discontinued cash flow hedges. (c) The reversal of accumulated OCI as part of the sale of NRG Marsh Landing to NRG Yield LLC resulted in the recognition of additional paid in capital. |
Disclosure of pre-tax effects of economic hedges included in operating revenues and cost of operations | The following tables summarize the pre-tax effects of economic hedges and trading activity on the Registrants’ statements of operations. These amounts are included within operating revenues and cost of operations. GenOn Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (198 ) $ (314 ) $ (367 ) Net unrealized gains on open positions related to economic hedges 18 167 40 Total unrealized mark-to-market losses for economic hedging activities (180 ) (147 ) (327 ) Reversal of previously recognized unrealized gains on settled positions related to trading activity — (1 ) (1 ) Net unrealized gains on open positions related to trading activity — — 1 Total unrealized mark-to-market losses for trading activity — (1 ) — Total unrealized losses $ (180 ) $ (148 ) $ (327 ) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Revenue from operations — energy commodities $ (112 ) $ (151 ) $ (356 ) Cost of operations (68 ) 3 29 Total impact to statement of operations $ (180 ) $ (148 ) $ (327 ) |
GenOn Americas Generation, LLC [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of derivative instruments in Statement of Financial Position, fair value | GenOn Americas Generation Fair Value Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 861 $ 852 $ 737 $ 674 Commodity contracts long-term 235 256 182 135 Total Derivatives Not Designated as Cash Flow Hedges $ 1,096 $ 1,108 $ 919 $ 809 |
Disclosure of pre-tax effects of economic hedges included in operating revenues and cost of operations | GenOn Americas Generation Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (193 ) $ (288 ) $ (296 ) Net unrealized gains on open positions related to economic hedges 70 164 25 Total unrealized mark-to-market losses for economic hedging activities (123 ) (124 ) (271 ) Reversal of previously recognized unrealized gains on settled positions related to trading activity — (1 ) (1 ) Net unrealized gains on open positions related to trading activity — — 1 Total unrealized mark-to-market losses for trading activity — (1 ) — Total unrealized losses $ (123 ) $ (125 ) $ (271 ) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Revenue from operations — energy commodities $ (66 ) $ (119 ) $ (302 ) Cost of operations (57 ) (6 ) 31 Total impact to statement of operations $ (123 ) $ (125 ) $ (271 ) |
GenOn Mid-Atlantic, LLC [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of derivative instruments in Statement of Financial Position, fair value | GenOn Mid-Atlantic Fair Value Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 269 $ 241 $ 163 $ 128 Commodity contracts long-term 83 141 32 22 Total Derivatives Not Designated as Cash Flow Hedges $ 352 $ 382 $ 195 $ 150 |
Disclosure of pre-tax effects of economic hedges included in operating revenues and cost of operations | GenOn Mid-Atlantic Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (116 ) $ (288 ) $ (296 ) Net unrealized gains on open positions related to economic hedges 39 90 35 Total unrealized losses $ (77 ) $ (198 ) $ (261 ) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Revenue from operations — energy commodities $ (27 ) $ (192 ) $ (292 ) Cost of operations (50 ) (6 ) 31 Total impact to statement of operations $ (77 ) $ (198 ) $ (261 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Genon [Member] | |
Inventory [Line Items] | |
Schedule of inventory | Inventory consisted of: GenOn As of December 31, 2015 2014 (In millions) Fuel oil $ 161 $ 211 Coal 154 162 Spare parts 127 129 Other 6 5 Total Inventory $ 448 $ 507 |
GenOn Americas Generation, LLC [Member] | |
Inventory [Line Items] | |
Schedule of inventory | GenOn Americas Generation As of December 31, 2015 2014 (In millions) Fuel oil $ 134 $ 181 Coal 97 82 Spare parts 57 54 Other 1 1 Total Inventory $ 289 $ 318 During the year ended December 31, 2015 , GenOn Americas Generation recorded a lower of weighted average cost or market adjustment related to fuel oil of $17 million . |
GenOn Mid-Atlantic, LLC [Member] | |
Inventory [Line Items] | |
Schedule of inventory | GenOn Mid-Atlantic As of December 31, 2015 2014 (In millions) Fuel oil $ 33 $ 45 Coal 97 82 Spare parts 41 38 Other 1 1 Total Inventory $ 172 $ 166 During the year ended December 31, 2015 , GenOn Mid-Atlantic recorded a lower of weighted average cost or market adjustment related to fuel oil of $6 million . |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Genon [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of major classes of property, plant, and equipment | Major classes of property, plant, and equipment were as follows: GenOn As of December 31, 2015 2014 Depreciable (In millions) Facilities and equipment $ 2,989 $ 3,048 2 - 34 Years Land and improvements 292 293 Construction in progress 164 140 Total property, plant and equipment 3,445 3,481 Accumulated depreciation (614 ) (436 ) Net property, plant and equipment $ 2,831 $ 3,045 |
GenOn Americas Generation, LLC [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of major classes of property, plant, and equipment | GenOn Americas Generation As of December 31, 2015 2014 Depreciable (In millions) Facilities and equipment $ 1,192 $ 1,123 2 - 34 Years Land and improvements 139 127 Construction in progress 29 30 Total property, plant and equipment 1,360 1,280 Accumulated depreciation (244 ) (170 ) Net property, plant and equipment $ 1,116 $ 1,110 |
GenOn Mid-Atlantic, LLC [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of major classes of property, plant, and equipment | GenOn Mid-Atlantic As of December 31, 2015 2014 Depreciable (In millions) Facilities and equipment $ 1,037 $ 1,014 2 - 34 Years Land and improvements 62 61 Construction in progress 26 18 Total property, plant and equipment 1,125 1,093 Accumulated depreciation (200 ) (135 ) Net property, plant and equipment $ 925 $ 958 The Registrants recorded long-lived asset impairments during 2015, as further described in Note 9, Impairments. |
Retirements, Mothballing or L36
Retirements, Mothballing or Long-Term Protective Layup of Generating Facilities Plants Deactivated (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Deactivated Plants [Table Text Block] | GenOn deactivated the following coal and natural gas units at the referenced times: Facility or Unit Fuel-type Net Generation Capacity (MW) Deactivation Date Shawville Units 1, 2, 3 and 4 (a) Coal 597 May 2015 Gilbert CT Units 1, 2, 3 and 4 Natural Gas 98 May 2015 Glen Gardner Facility Natural Gas 160 May 2015 Werner Facility Oil 212 May 2015 Osceola Facility Natural Gas 463 January 2015 Coolwater Facility Natural Gas 636 January 2015 Portland Units 1 and 2 Coal 401 June 2014 Titus Coal Units Coal 245 September 2013 |
Schedule of Plants to be Deactivated [Table Text Block] | GenOn plans on deactivating the following coal units at the referenced times: Facility or Unit Fuel-type Net Generation Capacity (MW) Expected Deactivation Date Avon Lake Unit 7 Coal 94 April 2016 |
Debt and Capital Leases (Tables
Debt and Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt and Capital Leases [Line Items] | |
Long-term debt and capital leases | Long-term debt and capital leases consisted of the following: As of December 31, 2015 2014 Interest Rate % (In millions, except rates) GenOn Mid-Atlantic: Chalk Point capital lease, due 2015 $ — $ 5 8.190 Subtotal GenOn Mid-Atlantic — 5 GenOn Americas Generation: Senior unsecured notes, due 2021 398 496 8.500 Senior unsecured notes, due 2031 354 433 9.125 Subtotal GenOn Americas Generation (a) 752 929 GenOn Energy: Senior unsecured notes, due 2017 714 766 7.875 Senior unsecured notes, due 2018 708 757 9.500 Senior unsecured notes, due 2020 534 610 9.875 Other (b) 56 60 GenOn capital lease 2 3 Subtotal GenOn Energy 2,014 2,196 Subtotal 2,766 3,130 Less current maturities 4 10 Total long-term debt and capital leases $ 2,762 $ 3,120 (a) This amount excludes GenOn Mid-Atlantic. (b) The Long Term Service Agreement for the Hunterstown facility is accounted for as a debt financing liability in accordance with U.S. GAAP. Long-term debt includes the following premiums: As of December 31, 2015 2014 (In millions) GenOn Americas Generation: Senior unsecured notes, due 2021 $ 32 $ 46 Senior unsecured notes, due 2031 25 33 GenOn Energy: Senior unsecured notes, due 2017 23 41 Senior unsecured notes, due 2018 59 83 Senior unsecured notes, due 2020 44 60 Total premium $ 183 $ 263 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Annual payments based on the maturities of GenOn's debt and capital leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 4 2017 696 2018 653 2019 4 2020 494 Thereafter 732 Total $ 2,583 |
Senior Unsecured Notes 2020 [Member] | |
Debt and Capital Leases [Line Items] | |
Notes redemption period and redemption prices as percentage of principal amount | GenOn may redeem some or all of the senior notes due 2020 at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption rate: Redemption Period Redemption Percentage October 15, 2015 to October 14, 2016 104.938 % October 15, 2016 to October 14, 2017 103.292 % October 15, 2017 to October 14, 2018 101.646 % October 15, 2018 and thereafter 100.000 % |
GenOn Americas Generation, LLC Parent Company [Member] | |
Debt and Capital Leases [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt maturities of GenOn Americas Generation, LLC as of December 31, 2015 are: (In millions) 2021 and thereafter 695 Total $ 695 |
GenOn Energy, Inc. Parent Company [Member] | |
Debt and Capital Leases [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt maturities of GenOn Energy, Inc. as of December 31, 2015 are: (In millions) 2016 $ — 2017 692 2018 649 2019 — 2020 489 Total $ 1,830 |
GenOn Americas Generation, LLC [Member] | |
Debt and Capital Leases [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Annual payments based on the maturities of GenOn Americas Generation's debt for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ — 2017 — 2018 — 2019 — 2020 — Thereafter 695 Total $ 695 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table represents the balance of ARO obligations as of December 31, 2014 , along with the additions, reductions and accretion related to the Registrants’ ARO obligations for the year ended December 31, 2015 : GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) Balance as of December 31, 2014 $ 172 $ 78 $ 26 Additions 7 1 — Revisions in estimates for current obligations (4 ) (2 ) (1 ) Spending for current obligations and other settlements (2 ) — — Accretion — expense 14 5 2 Balance as of December 31, 2015 $ 187 $ 82 $ 27 |
Benefit Plans and Other Postr39
Benefit Plans and Other Postretirement Benefits Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans and Other Postretirement Benefits Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | A comparison of the pension benefit obligation, other postretirement benefit obligations and related plan assets for GenOn plans on a combined basis is as follows: Tax-Qualified Pension Benefits Non-Tax-Qualified Pension Benefits Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 (In millions) (In millions) Benefit obligation at beginning of period $ 660 $ 546 $ — $ 12 Service cost 10 10 — — Interest cost 27 27 — — Actuarial (gain)/loss (33 ) 103 — — Benefit payments (39 ) (26 ) — (12 ) Benefit obligation at end of period 625 660 — — Fair value of plan assets at beginning of period 548 469 — — Actual return on plan assets (17 ) 49 — — Employer contributions 14 56 — 12 Benefit payments (39 ) (26 ) — (12 ) Fair value of plan assets at end of period 506 548 — — Funded status at end of period — excess of obligation over assets $ (119 ) $ (112 ) $ — $ — Other Postretirement Benefits Year Ended December 31, 2015 2014 (In millions) Benefit obligation at beginning of period $ 65 $ 73 Service cost 1 1 Interest cost 3 3 Participant contributions 1 2 Actuarial (gain)/loss (8 ) 12 Benefit payments (7 ) (8 ) Plan amendments (1 ) (18 ) Benefit obligation at end of period 54 65 Fair value of plan assets at beginning of period — — Employer contributions 6 6 Participant contributions 1 2 Benefit payments (7 ) (8 ) Fair value of plan assets at end of period — — Funded status at end of period — excess of obligation over assets $ (54 ) $ (65 ) |
Net annual periodic pension cost related to GenOn's domestic pension and other postretirement benefit plans | The net periodic pension (credit)/cost related to GenOn’s pension and other postretirement benefit plans include the following components: Pension Benefits Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Service cost benefits earned $ 10 $ 10 $ 13 Interest cost on benefit obligation 27 27 25 Expected return on plan assets (35 ) (34 ) (31 ) Amortization of unrecognized net loss/(gain) 1 (6 ) — Net periodic benefit cost/(credit) $ 3 $ (3 ) $ 7 Other Postretirement Benefits Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Service cost benefits earned $ 1 $ 1 $ 1 Interest cost on benefit obligation 3 3 3 Amortization of unrecognized prior service credit (4 ) (17 ) (1 ) Net periodic benefit (credit)/cost $ — $ (13 ) $ 3 |
Amounts recognized in GenOn's balance sheets | Amounts recognized in GenOn’s balance sheets were as follows: Tax-Qualified Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) (In millions) Current liabilities $ — $ — $ (5 ) $ (5 ) Non-current liabilities (119 ) (112 ) (49 ) (60 ) |
Amounts recognized in GenOn's accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost | Amounts recognized in GenOn’s OCI and accumulated other comprehensive income/loss for the pension and other postretirement benefit plans were as follows: Tax-Qualified Pension Benefits Other Postretirement Benefits Net Actuarial (Loss) Gain Prior Service Cost Net Actuarial (Loss) Gain Prior Service Cost (In millions) Balance as of December 31, 2013 $ 92 $ (1 ) $ 7 $ 4 Unrealized (loss)/gain (87 ) — (12 ) 18 Amortization of net actuarial loss (6 ) — — — Amortization of prior service cost — — — (17 ) Total recognized in OCI for the period (93 ) — (12 ) 1 Balance as of December 31, 2014 $ (1 ) $ (1 ) $ (5 ) $ 5 Unrealized (loss)/gain $ (20 ) $ — $ 8 $ 1 Amortization of net actuarial gain 1 — — — Amortization of prior service cost — — — (4 ) Total recognized in OCI for the period (19 ) — 8 (3 ) Balance as of December 31, 2015 $ (20 ) $ (1 ) $ 3 $ 2 |
Fair values of the Company's pension plan assets | GenOn's market-related value of its plan assets is the fair value of the assets. The fair values of GenOn's pension plan assets by asset category and their level within the fair value hierarchy are as follows: Fair Value Measurements as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total (In millions) Common/collective trust investment — U.S. equity $ — $ 142 $ 142 Common/collective trust investment — non-U.S. equity — 82 82 Common/collective trust investment — global equity — 49 49 Common/collective trust investment — fixed income — 220 220 Partnerships/Joint Ventures — 10 10 Short-term investment fund 3 — 3 Total $ 3 $ 503 $ 506 Fair Value Measurements as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total (In millions) Common/collective trust investment — U.S. equity $ — $ 156 $ 156 Common/collective trust investment — non-U.S. equity — 80 80 Common/collective trust investment — global equity — 52 52 Common/collective trust investment — fixed income — 246 246 Partnerships/Joint Ventures — 12 12 Short-term investment fund 2 — 2 Total $ 2 $ 546 $ 548 The target allocations for GenOn’s pension plan assets were as follows for the year ended December 31, 2015 : U.S. equities 27 % Non-U.S. equities 15 % Global equities 10 % Emerging market equities 3 % Fixed income securities 45 % |
Significant assumptions used to calculate GenOn's benefit obligations | The following tables present the significant assumptions used to calculate GenOn's benefit expense/credit: Pension Plans Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Weighted–Average Assumptions Discount rate 4.18 % 5.02 % 4.22 % Rate of compensation increase 2.97 % 2.91 % 2.82 % Expected return on plan assets 6.41 % 7.00 % 7.50 % Other Postretirement Benefit Plans Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Weighted–Average Assumptions Discount rate 3.86 % 4.53 % 3.99 % The following table presents the significant assumptions used to calculate GenOn's benefit obligations: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, 2015 2014 2015 2014 Weighted–Average Assumptions Discount rate 4.54 % 4.18 % 4.16 % 3.86 % Rate of compensation increase 3.00 % 2.97 % N/A N/A |
Schedule of health care cost trend rates | GenOn’s assumed healthcare cost trend rates used for other postretirement benefit net periodic benefit expense/credit are: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 8.60 % 8.50 % 8.50 % Age 65 and after 8.10 % 8.69 % 8.67 % Assumed ultimate medical inflation rate 5.00 % 5.50 % 5.50 % Year in which ultimate rate is reached 2023 2019 2018 GenOn’s assumed healthcare cost trend rates used for other postretirement benefit obligations are: Other Postretirement Benefit Plans As of December 31, 2015 2014 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 7.25 % 8.60 % Age 65 and after 9.00 % 8.10 % Assumed ultimate medical inflation rate 5.00 % 5.00 % Year in which ultimate rate is reached 2025 2023 |
Schedule of performance benchmarks | Performance benchmarks are composed of the following indices: Asset Class Index U.S. equities Dow Jones U.S. Total Stock Market Index Non-U.S. equities MSCI All Country World Ex-U.S. IMI Index Global equities MSCI World Index Emerging market equities MSCI Emerging Markets Index Fixed income securities Barclays Capital Long Term Government/Credit Index & Barclays US Aggregate Bond Index |
Expected future benefit payments | GenOn's expected future benefit payments for each of the next five years, and in the aggregate for the five years thereafter, are as follows: Tax-Qualified Pension Benefit Payments Other Postretirement Benefit Payments (In millions) 2016 $ 29 $ 5 2017 31 5 2018 32 6 2019 34 5 2020 35 5 2021 through 2025 194 18 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |
Income tax provision (benefit) from continuing operations | GenOn GenOn’s income tax (benefit)/expense consisted of the following: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Current U.S. Federal $ — $ — $ (6 ) State (3 ) 6 — Total — current (3 ) 6 (6 ) Deferred U.S. Federal — — — State — — — Total — deferred — — — Total income tax (benefit)/expense (3 ) 6 (6 ) Effective tax rate 2.5 % 3 % 12.5 % |
Reconciliation of the U.S. federal statutory rate to GenOn's effective rate from continuing operations | A reconciliation of GenOn's federal statutory income tax provision to the effective income tax (benefit)/expense adjusted for permanent and other items during 2015 , 2014 and 2013 , is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions, except percentages) (Loss)/Income before income taxes $ (118 ) $ 198 $ (48 ) Provision for income taxes based on U.S. federal statutory income tax rate (42 ) 70 (17 ) State and local income tax provision, net of federal income taxes (3 ) 14 (24 ) Change in deferred tax asset valuation allowance 16 (100 ) — State rate change 26 21 35 Other, net — 1 — Income tax (benefit)/expense $ (3 ) $ 6 $ (6 ) |
Company's deferred tax assets and liabilities | The tax effects of temporary differences between the carrying amounts of assets and liabilities in GenOn's financial statements and their respective tax bases which give rise to deferred tax assets and liabilities are as follows: As of December 31, 2015 2014 (In millions) Deferred Tax Assets: Employee benefits $ 76 $ 100 Pension and other postretirement benefits — 113 Federal loss carryforwards 664 727 State loss carryforwards 214 125 Property and intangible assets 931 1,080 Derivative contracts 470 90 Out-of-market contracts fair value adjustment 378 381 Debt premium, net 92 123 Other 20 40 Subtotal 2,845 2,779 Valuation allowance (2,464 ) (2,779 ) Net deferred tax assets 381 — Deferred Tax Liabilities: Pension and other postretirement benefits 381 — Net deferred tax liabilities 381 — Net deferred taxes $ — $ — |
Reconciliation of total amounts of uncertain tax benefits | The following table reconciles the total amounts of uncertain tax benefits: As of December 31, 2015 2014 (In millions) Balance as of January 1 $ 2 $ 1 Increase due to prior year positions — 1 Decrease due to prior year positions (2 ) — Uncertain tax benefits as of December 31 $ — $ 2 |
GenOn Americas Generation, LLC [Member] | |
Income Tax Examination [Line Items] | |
Reconciliation of the U.S. federal statutory rate to GenOn's effective rate from continuing operations | A reconciliation of GenOn Americas Generation's expected federal statutory income tax provision to the effective income tax provision adjusted for permanent and other items during 2015 , 2014 and 2013 , is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Income before income taxes $ 116 $ 305 $ 59 Provision for income taxes based on U.S. federal statutory income tax rate 41 107 21 State and local income tax provision, net of federal income taxes 10 18 6 LLC income not subject to taxation (51 ) (115 ) (48 ) State rate change — (2 ) 21 Other — (8 ) — Income tax provision $ — $ — $ — |
GenOn Mid-Atlantic, LLC [Member] | |
Income Tax Examination [Line Items] | |
Income tax provision (benefit) from continuing operations | The following reflects a pro forma disclosure of the income tax provision that would be reported if GenOn Mid-Atlantic was to be allocated income taxes attributable to its operations. Pro forma income tax provision attributable to income before tax would consist of the following: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Current provision (benefit): Federal $ 36 $ 82 $ 45 State 6 11 12 Deferred provision: Federal — (5 ) — State — (1 ) — Total provision for income taxes $ 42 $ 87 $ 57 |
Reconciliation of the U.S. federal statutory rate to GenOn's effective rate from continuing operations | The following table presents the pro forma reconciliation of GenOn Mid-Atlantic's federal statutory income tax provision for continuing operations adjusted for reorganization items to the pro forma effective tax provision: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions, except percentages) Income before income taxes $ 104 $ 236 $ 128 Provision for income taxes based on U.S. federal statutory income tax rate 36 82 45 State and local income taxes 6 11 12 State rate change — (1 ) — Other, net — (5 ) — Income tax provision $ 42 $ 87 $ 57 |
Company's deferred tax assets and liabilities | The tax effects of temporary differences between the carrying amounts of assets and liabilities in the consolidated balance sheets and their respective tax bases which give rise to the pro forma deferred tax assets and liabilities would be as follows: As of December 31, 2015 2014 (In millions) Deferred Tax Assets: Reserves $ 22 $ 24 Loss carryforwards on derivative contracts 218 218 Property and intangible assets 31 45 Out-of-market contracts fair value adjustment 77 88 Inventory reserves 38 37 Net deferred tax assets 386 412 Deferred Tax Liabilities: Derivative contracts 305 336 Investment in projects 25 25 Net deferred tax liabilities 330 361 Net deferred taxes $ 56 $ 51 |
Pro Forma [Member] | GenOn Americas Generation, LLC [Member] | |
Income Tax Examination [Line Items] | |
Reconciliation of the U.S. federal statutory rate to GenOn's effective rate from continuing operations | The following table presents the pro forma reconciliation of GenOn Americas Generation's federal statutory income tax provision for continuing operations adjusted for reorganization items to the pro forma effective tax provision: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Income before income taxes $ 116 $ 305 $ 59 Provision for income taxes based on U.S. federal statutory income tax rate 41 107 22 State and local income tax provision (benefit), net of federal income taxes 10 18 6 Change in deferred tax asset valuation allowance (51 ) (115 ) (49 ) State rate change — (2 ) 21 Other — (8 ) — Income tax provision $ — $ — $ — |
Company's deferred tax assets and liabilities | The tax effects of temporary differences between the carrying amounts of assets and liabilities in the consolidated balance sheets and their respective tax bases which give rise to the pro forma deferred tax assets and liabilities would be as follows: As of December 31, 2015 2014 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 85 $ 85 Reserves 119 121 Loss carryforwards 3 14 Property and intangible assets 1,495 1,652 Out-of-market contracts fair value adjustment 47 34 Derivative contract assets and liabilities 166 — Debt premium 28 38 Other, net 20 36 Subtotal 1,963 1,980 Valuation allowance (1,963 ) (1,824 ) Net deferred tax assets — 156 Deferred Tax Liabilities: Investment in Projects — 144 Derivative contract assets and liabilities — 12 Net deferred tax liabilities — 156 Net deferred taxes $ — $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
GenOn Americas Generation, LLC [Member] | |
Related Party Transaction [Line Items] | |
Summary of material related-party transactions with affiliates | The following costs were incurred under these arrangements: GenOn Americas Generation Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Allocated costs: Cost of operations — affiliate $ 3 $ 7 $ 9 Selling, general and administrative — affiliate 81 79 74 Total $ 84 $ 86 $ 83 |
GenOn Mid-Atlantic, LLC [Member] | |
Related Party Transaction [Line Items] | |
Summary of material related-party transactions with affiliates | GenOn Mid-Atlantic Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) Allocated costs: Cost of operations — affiliate $ 1 $ 4 $ 6 Selling, general and administrative — affiliate 58 64 64 Total $ 59 $ 68 $ 70 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingency [Line Items] | |
Future minimum lease commitments under operating leases | Future minimum lease commitments under the Registrants’ other operating leases for the years ending after December 31, 2015 , are as follows: GenOn (a) GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 16 $ 3 $ 2 2017 14 2 2 2018 11 2 2 2019 3 2 2 2020 1 1 — Thereafter 14 — — Total $ 59 $ 10 $ 8 (a) Amounts in the table exclude future sublease income of $13 million associated with GenOn’s long-term lease for its corporate headquarters in Houston, Texas. |
Rent expense associated with other operating leases | The Registrants’ rent expense associated with other operating leases was as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions) GenOn $ 15 $ 12 $ 17 GenOn Americas Generation $ 1 — — GenOn Mid-Atlantic $ 1 — — |
Other Commitments | As of December 31, 2015 , the Registrants’ other commitments are estimated as follows GenOn GenOn Americas Generation GenOn (In millions) 2016 $ 2 $ 2 $ 2 2017 3 3 3 2018 3 3 3 2019 3 3 3 2020 3 3 3 Thereafter 50 50 50 Total $ 64 $ 64 $ 64 |
GenOn Mid-Atlantic, LLC [Member] | |
Commitments and Contingency [Line Items] | |
Future minimum lease commitments under operating leases | Future minimum lease commitments under the GenOn Mid-Atlantic operating leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 150 2017 144 2018 105 2019 139 2020 105 Thereafter 442 Total $ 1,085 |
Rema [Member] | |
Commitments and Contingency [Line Items] | |
Future minimum lease commitments under operating leases | Future minimum lease commitments under the REMA operating leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 61 2017 63 2018 55 2019 65 2020 56 Thereafter 278 Total $ 578 |
Long-term Service Agreements [Member] | |
Commitments and Contingency [Line Items] | |
Commitments under fuel, commodity transportation and LTSA contractual arrangements | As of December 31, 2015 , GenOn's commitments under such outstanding agreements are estimated as follows: GenOn (In millions) 2016 $ 30 2017 13 2018 12 2019 26 2020 14 Thereafter 209 Total $ 304 |
Fuel and Commodity Transportation Commitments [Member] | |
Commitments and Contingency [Line Items] | |
Commitments under fuel, commodity transportation and LTSA contractual arrangements | As of December 31, 2015 , the Registrants’ commitments under such outstanding agreements are estimated as follows: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2016 $ 139 $ 55 $ 55 2017 88 13 13 2018 73 13 13 2019 1 — — 2020 1 — — Thereafter 3 — — Total $ 305 $ 81 $ 81 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | |
Summary of estimated guarantees, indemnity, and other contingent liability | The following table summarizes the maximum potential exposures that can be estimated for guarantees, indemnities, and other contingent liabilities by maturity: GenOn By Remaining Maturity at December 31, December 31, 2015 2014 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 350 $ — $ — $ — $ 350 $ 319 Other guarantees — — — 46 46 57 Total guarantees $ 350 $ — $ — $ 46 $ 396 $ 376 |
GenOn Americas Generation, LLC [Member] | |
Guarantor Obligations [Line Items] | |
Summary of estimated guarantees, indemnity, and other contingent liability | GenOn Americas Generation By Remaining Maturity at December 31, December 31, 2015 2014 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 229 $ — $ — $ — $ 229 $ 180 Total guarantees $ 229 $ — $ — $ — $ 229 $ 180 |
Schedule I Condensed Financia44
Schedule I Condensed Financial Information of Parent Company Only Disclosure Schedule I Condensed Financial Information of Parent Company Only Disclosure(Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Annual payments based on the maturities of GenOn's debt and capital leases for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 4 2017 696 2018 653 2019 4 2020 494 Thereafter 732 Total $ 2,583 |
GenOn Energy, Inc. Parent Company [Member] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt maturities of GenOn Energy, Inc. as of December 31, 2015 are: (In millions) 2016 $ — 2017 692 2018 649 2019 — 2020 489 Total $ 1,830 |
GenOn Americas Generation, LLC Parent Company [Member] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt maturities of GenOn Americas Generation, LLC as of December 31, 2015 are: (In millions) 2021 and thereafter 695 Total $ 695 |
Nature of Business (Details)
Nature of Business (Details) - In service [Member] | Dec. 31, 2015MW |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 17,753 |
Natural Gas [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 10,763 |
Coal [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 5,143 |
Oil [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 1,847 |
GenOn Mid-Atlantic, LLC [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 4,683 |
GenOn Mid-Atlantic, LLC [Member] | Natural Gas [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 1,942 |
GenOn Mid-Atlantic, LLC [Member] | Coal [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 2,433 |
GenOn Mid-Atlantic, LLC [Member] | Oil [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 308 |
GenOn Americas Generation, LLC [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 7,985 |
GenOn Americas Generation, LLC [Member] | Natural Gas [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 4,118 |
GenOn Americas Generation, LLC [Member] | Coal [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 2,433 |
GenOn Americas Generation, LLC [Member] | Oil [Member] | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 1,434 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Inventory Write-down | $ 19 | $ 12 | $ 0 |
Below Market Lease, Amortization Income, Next Twelve Months | 81 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 45 | ||
Amortization of Intangible Assets | 39 | 38 | 25 |
Amortization of Intangibles and Out of Market Contracts | (70) | (38) | (45) |
Out of Market Contracts Amortization Expense | 79 | 78 | 75 |
Amount of interest capitalized | 5 | 11 | 21 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1 | ||
Below Market Lease, Amortization Income, Year Two | 76 | ||
out of market contracts, amortization, year three | 71 | ||
out of market contract, amortization, year four | 68 | ||
out of market contract, amortization, year five | $ 68 | ||
Genon [Member] | |||
Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Number of months beyond which company can not predict the holding of collateral (in months) | 12 months | ||
GenOn Americas Generation [Member] | |||
Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Below Market Lease, Amortization Income, Next Twelve Months | $ 28 | ||
Below Market Lease, Amortization Income, Year Two | 28 | ||
out of market contracts, amortization, year three | 28 | ||
out of market contract, amortization, year four | 28 | ||
out of market contract, amortization, year five | 28 | ||
GenOn Americas Generation [Member] | |||
Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Below Market Lease, Amortization Income, Next Twelve Months | 28 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 42 | ||
Amortization of Intangible Assets | 32 | 33 | 21 |
Out of Market Contracts Amortization Expense | 28 | 28 | 28 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 0 | ||
Below Market Lease, Amortization Income, Year Two | 28 | ||
out of market contracts, amortization, year three | 28 | ||
out of market contract, amortization, year four | 28 | ||
out of market contract, amortization, year five | 28 | ||
GenOn Americas Generation, LLC [Member] | |||
Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Inventory Write-down | 17 | 9 | 0 |
Amortization of Intangibles and Out of Market Contracts | (27) | (16) | (9) |
Amount of interest capitalized | 2 | 1 | 2 |
GenOn Mid-Atlantic, LLC [Member] | |||
Summary of Significant Accounting Policies Disclosure [Line Items] | |||
Inventory Write-down | 6 | 0 | 0 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3 | ||
Amortization of Intangible Assets | 27 | 29 | 18 |
Amortization of Intangibles and Out of Market Contracts | (27) | 1 | (11) |
Out of Market Contracts Amortization Expense | 28 | $ 28 | $ 28 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 0 |
Dispositions Disposition (Detai
Dispositions Disposition (Details) $ in Millions | Nov. 25, 2015USD ($) | Nov. 10, 2015USD ($) | Dec. 03, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 24, 2015MW | Nov. 09, 2015MW | Dec. 02, 2014MW |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Sale of Equity Method Investments | $ 0 | $ 35 | $ 0 | |||||||
Asset Impairment Charges | 170 | 82 | 0 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 6 | 0 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 105 | 0 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 2 | 0 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 4 | 0 | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | 18 | 0 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | $ (6) | $ 0 | |||||||
Shelby County Energy Center, LLC [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Sale of Equity Method Investments | $ 46 | |||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 1 | |||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 22 | |||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1 | |||||||||
Seward Generating Station [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Sale of Equity Method Investments | $ 75 | |||||||||
Asset Impairment Charges | 134 | |||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 5 | |||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 83 | |||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1 | |||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 4 | |||||||||
Sabine CoGen, LP [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Sale of Equity Method Investments | $ 35 | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 18 | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||
Power Generation Capacity, Megawatts | MW | 105 | |||||||||
Shelby County Energy Center, LLC [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||
Power Generation Capacity, Megawatts | MW | 352 | |||||||||
Seward Generating Station [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||
Power Generation Capacity, Megawatts | MW | 525 | |||||||||
Kendall [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 50 | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 6 | |||||||||
Equipment [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Asset Impairment Charges | $ 8 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | $ 2,766 | $ 3,130 | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | 2,043 | 2,706 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | 2,764 | 3,122 | |
GenOn Americas Generation, LLC [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | [1] | 752 | 929 |
GenOn Americas Generation, LLC [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | 500 | 720 | |
GenOn Americas Generation, LLC [Member] | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | 752 | 929 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long and short-term debt | $ 0 | $ 5 | |
[1] | (a) This amount excludes GenOn Mid-Atlantic. |
Fair Value of Financial Instr49
Fair Value of Financial Instruments (Details 2 - Recurring FV) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Collateral, Right to Reclaim Cash | $ 48 | $ 38 | |||
Derivative, Collateral, Obligation to Return Cash | 51 | 54 | |||
Genon [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Assets And Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |||
Fair Value, Assets And Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |||
GenOn Americas Generation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Assets And Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |||
Fair Value, Assets And Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |||
GenOn Americas Generation, LLC [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Collateral, Right to Reclaim Cash | 39 | 29 | |||
Derivative, Collateral, Obligation to Return Cash | 51 | 54 | |||
GenOn Mid-Atlantic, LLC [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Assets And Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |||
Fair Value, Assets And Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other Assets | 14 | [1] | 21 | [2] | |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 729 | 807 | |||
Derivative liabilities | 591 | 489 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other Assets | 14 | [1],[3] | 21 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 192 | [3] | 179 | [4] | |
Derivative liabilities | 157 | [3] | 105 | [4] | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other Assets | 0 | [1],[3] | 0 | [2],[4] | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 535 | [3] | 582 | [4] | |
Derivative liabilities | 420 | [3] | 371 | [4] | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other Assets | 0 | [1] | 0 | [2] | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 2 | 46 | |||
Derivative liabilities | 14 | 13 | |||
Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 1,096 | 1,108 | |||
Derivative liabilities | 919 | 809 | |||
Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Level 1 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 285 | [5] | 208 | [6] | |
Derivative liabilities | 170 | [5] | 137 | [6] | |
Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Level 2 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 796 | [5] | 848 | [6] | |
Derivative liabilities | 735 | [5] | 640 | [6] | |
Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Level 3 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 15 | 52 | |||
Derivative liabilities | 14 | 32 | |||
Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 352 | 382 | |||
Derivative liabilities | 195 | 150 | |||
Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Level 1 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 175 | [7] | 145 | [8] | |
Derivative liabilities | 58 | [7] | 71 | [8] | |
Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Level 2 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 175 | [7] | 211 | [8] | |
Derivative liabilities | 137 | [7] | 73 | [8] | |
Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Level 3 [Member] | Commodity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 2 | 26 | |||
Derivative liabilities | 0 | 6 | |||
Derivative [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Assets, Measured on Recurring Basis Gain (Loss) Included in Earnings | [9] | (8) | (1) | ||
Derivative [Member] | GenOn Americas Generation, LLC [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Assets, Measured on Recurring Basis Gain (Loss) Included in Earnings | 0 | 0 | |||
Derivative [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Assets, Measured on Recurring Basis Gain (Loss) Included in Earnings | $ 0 | $ 0 | |||
[1] | (b)Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for some key and highly compensated employees. | ||||
[2] | Relates to mutual funds held in a rabbi trust for non-qualified deferred compensation plans for some key and highly compensated employees. | ||||
[3] | (a) There were no transfers during the year ended December 31, 2015, between Levels 1 and 2. | ||||
[4] | There were no transfers during the year ended December 31, 2014, between Levels 1 and 2. | ||||
[5] | There were no transfers during the year ended December 31, 2015, between Levels 1 and 2. | ||||
[6] | There were no transfers during the year ended December 31, 2014, between Levels 1 and 2. | ||||
[7] | There were no transfers during the year ended December 31, 2015, between Levels 1 and 2. | ||||
[8] | There were no transfers during the year ended December 31, 2014, between Levels 1 and 2. | ||||
[9] | Consists of derivatives assets and liabilities, net. |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Details 3 - Level 3 Inputs) - Derivative [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||
Beginning Balance | [1] | $ 33 | $ (4) |
Total gains and losses (realized/unrealized) included in earnings | [1] | (40) | 2 |
Purchases | [1] | (5) | 35 |
Ending Balance | [1] | (12) | 33 |
The amount of the total gains for the period included in earnings attributable to the change in unrealized gains relating to assets still held at end of period | [1] | (8) | (1) |
GenOn Americas Generation, LLC [Member] | |||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||
Beginning Balance | [2] | 20 | (1) |
Total gains and losses (realized/unrealized) included in earnings | [2] | (20) | 1 |
Purchases | [2] | 1 | 20 |
Ending Balance | [2] | 1 | 20 |
The amount of the total gains for the period included in earnings attributable to the change in unrealized gains relating to assets still held at end of period | 0 | 0 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | |||
Beginning Balance | [3] | 20 | 0 |
Total gains and losses (realized/unrealized) included in earnings | [3] | (20) | 0 |
Purchases | [3] | 2 | 20 |
Ending Balance | [3] | 2 | 20 |
The amount of the total gains for the period included in earnings attributable to the change in unrealized gains relating to assets still held at end of period | $ 0 | $ 0 | |
[1] | Consists of derivatives assets and liabilities, net. | ||
[2] | Consists of derivatives assets and liabilities, net. | ||
[3] | Consists of derivatives assets and liabilities, net. |
Fair Value of Financial Instr51
Fair Value of Financial Instruments Disclosure Fair Value of Financial Instruments (Details 4 - Derivative FV Measurements) $ / T in Millions, $ / MWh in Millions, $ in Millions | Dec. 31, 2015USD ($)$ / MWh$ / T | Dec. 31, 2014USD ($)$ / MWh$ / T | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 0.00% | ||||
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 2.00% | ||||
Derivative, Collateral, Right to Reclaim Cash | $ 48 | $ 38 | |||
Derivative, Collateral, Obligation to Return Cash | $ 51 | 54 | |||
GenOn Americas Generation, LLC [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 1.00% | ||||
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 2.00% | ||||
Derivative, Collateral, Right to Reclaim Cash | $ 39 | 29 | |||
Derivative, Collateral, Obligation to Return Cash | $ 51 | 54 | |||
GenOn Mid-Atlantic, LLC [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 1.00% | ||||
Derivative Liability, Fair Value Determined Using Valuation Techniques, Percentage | 0.00% | ||||
Derivative, Collateral, Right to Reclaim Cash | $ 0 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | ||||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 729 | 807 | |||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 2 | 46 | |||
Derivative Liability, Fair Value, Gross Liability | 14 | 13 | |||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,096 | 1,108 | |||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 15 | 52 | |||
Derivative Liability, Fair Value, Gross Liability | 14 | 32 | |||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 352 | 382 | |||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 2 | 26 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 6 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1 | 39 | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 5 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 22 | 18 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 67 | 68 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 42 | 46 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 1 | $ 39 | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 18 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 22 | 18 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 67 | 68 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 42 | 46 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 2 | $ 26 | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 5 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 22 | 24 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 67 | 68 | |||
Power Contracts [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / MWh | 42 | 47 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 3 | |||
Derivative Liability, Fair Value, Gross Liability | $ 12 | $ 1 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / T | 28 | 53 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / T | 45 | 56 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / T | 35 | 54 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 12 | $ 3 | |||
Derivative Liability, Fair Value, Gross Liability | $ 12 | $ 3 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / T | 28 | 53 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / T | 45 | 56 | |||
Coal Contract [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Forward Price | $ / T | 35 | 54 | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 1 | $ 4 | |||
Derivative Liability, Fair Value, Gross Liability | $ 2 | $ 7 | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 0 | (10) | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 3 | 3 | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 1 | (1) | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 2 | $ 10 | |||
Derivative Liability, Fair Value, Gross Liability | $ 2 | $ 11 | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 0 | (1) | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 3 | 1 | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Americas Generation, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 1 | 0 | |||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 0 | ||||
Derivative Liability, Fair Value, Gross Liability | $ 1 | ||||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | (1) | ||||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 1 | ||||
Financial Transmission Rights [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | GenOn Mid-Atlantic, LLC [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Auction Price | $ / MWh | 0 | ||||
Credit reserve for derivative contract assets [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Valuation Allowances and Reserves, Balance | [1] | $ (1) | $ 0 | $ (1) | $ (4) |
Credit reserve for derivative contract assets [Member] | GenOn Americas Generation, LLC [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Valuation Allowances and Reserves, Balance | [2] | 0 | 0 | (1) | (4) |
Credit reserve for derivative contract assets [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Valuation Allowances and Reserves, Balance | [3] | (4) | $ (2) | $ (3) | $ (4) |
NRG [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Collateral, Right to Reclaim Cash | $ 36 | ||||
[1] | Provision for uncollectible accounts represents credit reserves for derivative contract assets. | ||||
[2] | Provision for uncollectible accounts represents credit reserves for derivative contract assets. | ||||
[3] | Provision for uncollectible accounts represents credit reserves for derivative contract assets. |
Fair Value of Financial Instr52
Fair Value of Financial Instruments (Details 5 - Credit Risk) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Concentration of credit risk [Abstract] | ||
Counterparty credit exposure to a significant portion of counterparties | $ 351 | |
Counterparty credit exposure, collateral held, cash and letters of credit | 33 | |
Counterparty credit exposure, net | $ 321 | |
Percentage of credit risk roll-off by the end of 2013 (as a percent) | 97.00% | |
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 100.00% | [1] |
Counterparty credit risk exposure, threshold percentage | 10.00% | |
Counterparty credit risk exposure aggregate amount above threshold percentage | $ 257 | |
Investment grade | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 99.00% | [1] |
Non-rated | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 1.00% | [1] |
Financial institutions | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 68.00% | [1] |
Utilities, energy merchants, marketers and other | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 18.00% | [1] |
ISOs | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 14.00% | [1] |
GenOn Mid-Atlantic, LLC [Member] | ||
Concentration of credit risk [Abstract] | ||
Counterparty credit exposure to a significant portion of counterparties | $ 12 | |
Counterparty credit exposure, collateral held, cash and letters of credit | 0 | |
Counterparty credit exposure, net | $ 12 | |
Percentage of credit risk roll-off by the end of 2013 (as a percent) | 100.00% | |
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 100.00% | [1] |
Counterparty credit risk exposure aggregate amount above threshold percentage | $ 12 | |
GenOn Mid-Atlantic, LLC [Member] | Investment grade | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 100.00% | [1] |
GenOn Mid-Atlantic, LLC [Member] | Non-rated | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 0.00% | [1] |
GenOn Mid-Atlantic, LLC [Member] | Financial institutions | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 0.00% | [1] |
GenOn Mid-Atlantic, LLC [Member] | Utilities, energy merchants, marketers and other | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 0.00% | [1] |
GenOn Mid-Atlantic, LLC [Member] | ISOs | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 100.00% | [1] |
GenOn Americas Generation, LLC [Member] | ||
Concentration of credit risk [Abstract] | ||
Counterparty credit exposure to a significant portion of counterparties | $ 347 | |
Counterparty credit exposure, collateral held, cash and letters of credit | 33 | |
Counterparty credit exposure, net | $ 316 | |
Percentage of credit risk roll-off by the end of 2013 (as a percent) | 97.00% | |
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 100.00% | [1] |
Counterparty credit risk exposure aggregate amount above threshold percentage | $ 257 | |
GenOn Americas Generation, LLC [Member] | Investment grade | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 99.00% | [1] |
GenOn Americas Generation, LLC [Member] | Non-rated | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 1.00% | [1] |
GenOn Americas Generation, LLC [Member] | Financial institutions | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 69.00% | [1] |
GenOn Americas Generation, LLC [Member] | Utilities, energy merchants, marketers and other | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 17.00% | [1] |
GenOn Americas Generation, LLC [Member] | ISOs | ||
Counterparty credit [Abstract] | ||
Net Exposure (as a percent) | 14.00% | [1] |
[1] | Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. |
Accounting for Derivative Ins53
Accounting for Derivative Instruments and Hedging Activities Disclosure Accounting for Derivative Instruments and Hedging Activities (Volumetric Underlying) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Long [Member] | Coal [Member] | Short Ton [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ (7) | $ (8) |
Long [Member] | Natural Gas [Member] | MMbtu [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (191) | |
Long [Member] | GenOn Americas Generation, LLC [Member] | Coal [Member] | Short Ton [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (3) | (5) |
Long [Member] | GenOn Americas Generation, LLC [Member] | Natural Gas [Member] | MMbtu [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (2) | |
Long [Member] | GenOn Mid-Atlantic, LLC [Member] | Coal [Member] | Short Ton [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (3) | (5) |
Short [Member] | Natural Gas [Member] | MMbtu [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (21) | |
Short [Member] | Power [Member] | M Wh [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (49) | (36) |
Short [Member] | GenOn Americas Generation, LLC [Member] | Natural Gas [Member] | MMbtu [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (74) | |
Short [Member] | GenOn Americas Generation, LLC [Member] | Power [Member] | M Wh [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (20) | (16) |
Short [Member] | GenOn Mid-Atlantic, LLC [Member] | Natural Gas [Member] | MMbtu [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | (10) | (79) |
Short [Member] | GenOn Mid-Atlantic, LLC [Member] | Power [Member] | M Wh [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ (18) | $ (15) |
Accounting for Derivative Ins54
Accounting for Derivative Instruments and Hedging Activities Disclosure Accounting for Derivative Instruments and Hedging Activities (FV of Derivative Assets and Liabilities) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 729 | $ 807 |
Derivative Liability, Fair Value, Gross Liability | 591 | 489 |
Commodity Contract Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 574 | 602 |
Derivative Liability, Fair Value, Gross Liability | 475 | 417 |
Commodity Contract Non Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 155 | 205 |
Derivative Liability, Fair Value, Gross Liability | 116 | 72 |
GenOn Mid-Atlantic, LLC [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 352 | 382 |
Derivative Liability, Fair Value, Gross Liability | 195 | 150 |
GenOn Mid-Atlantic, LLC [Member] | Commodity Contract Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 269 | 241 |
Derivative Liability, Fair Value, Gross Liability | 163 | 128 |
GenOn Mid-Atlantic, LLC [Member] | Commodity Contract Non Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 83 | 141 |
Derivative Liability, Fair Value, Gross Liability | 32 | 22 |
GenOn Americas Generation, LLC [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,096 | 1,108 |
Derivative Liability, Fair Value, Gross Liability | 919 | 809 |
GenOn Americas Generation, LLC [Member] | Commodity Contract Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 861 | 852 |
Derivative Liability, Fair Value, Gross Liability | 737 | 674 |
GenOn Americas Generation, LLC [Member] | Commodity Contract Non Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 235 | 256 |
Derivative Liability, Fair Value, Gross Liability | $ 182 | $ 135 |
Accounting for Derivative Ins55
Accounting for Derivative Instruments and Hedging Activities Disclosure Accounting for Derivative Instruments and Hedging Activities (Gross Amounts not Offset in BS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | $ 51 | $ 54 | |||
Derivative, Collateral, Right to Reclaim Cash | 48 | 38 | |||
Fair Value of Gross Derivative Assets and Liabilities Net | 318 | ||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ||||
Derivative, Collateral, Obligation to Return Cash Net of Derivative, Collateral, Right ot Reclaim Cash | 37 | ||||
Derivative Asset, Fair Value, Amount Offset Agains Collateral Net of Derivative Liability, Fair Value, Amount Offset Against Collateral | 281 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | 0 | $ 0 | $ 1 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | 19 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1],[2] | 0 | 0 | (2) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | [3] | 0 | 0 | $ (18) | |
Commodity Contract [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Gross Derivative Assets and Liabilities Net | 138 | ||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ||||
Derivative, Collateral, Obligation to Return Cash Net of Derivative, Collateral, Right ot Reclaim Cash | 51 | ||||
Derivative Asset, Fair Value, Amount Offset Agains Collateral Net of Derivative Liability, Fair Value, Amount Offset Against Collateral | 87 | ||||
Commodity Contract [Member] | Non-affiliated Entity [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 698 | 786 | |||
Derivative Asset, Fair Value, Gross Liability | 485 | 425 | |||
Derivative, Collateral, Obligation to Return Cash | 51 | 54 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 162 | 307 | |||
Derivative Liability, Fair Value, Gross Liability | 567 | 451 | |||
Derivative Liability, Fair Value, Gross Asset | 485 | 425 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 82 | 26 | |||
Commodity Contract [Member] | Affiliated Entity [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 31 | 21 | |||
Derivative Asset, Fair Value, Gross Liability | 24 | 21 | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 7 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 24 | 38 | |||
Derivative Liability, Fair Value, Gross Asset | 24 | 21 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 17 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |||
GenOn Mid-Atlantic, LLC [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | 0 | ||||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||||
Fair Value of Gross Derivative Assets and Liabilities Net | 232 | ||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ||||
Derivative, Collateral, Obligation to Return Cash Net of Derivative, Collateral, Right ot Reclaim Cash | 0 | ||||
Derivative Asset, Fair Value, Amount Offset Agains Collateral Net of Derivative Liability, Fair Value, Amount Offset Against Collateral | 232 | ||||
GenOn Mid-Atlantic, LLC [Member] | Commodity Contract [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Gross Derivative Assets and Liabilities Net | 157 | ||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ||||
Derivative, Collateral, Obligation to Return Cash Net of Derivative, Collateral, Right ot Reclaim Cash | 0 | ||||
Derivative Asset, Fair Value, Amount Offset Agains Collateral Net of Derivative Liability, Fair Value, Amount Offset Against Collateral | 157 | ||||
GenOn Mid-Atlantic, LLC [Member] | Commodity Contract [Member] | Non-affiliated Entity [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 100 | ||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 100 | ||||
Derivative Liability, Fair Value, Gross Liability | 1 | ||||
Derivative Liability, Fair Value, Gross Asset | 0 | ||||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1 | ||||
GenOn Mid-Atlantic, LLC [Member] | Commodity Contract [Member] | Affiliated Entity [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 352 | 282 | |||
Derivative Asset, Fair Value, Gross Liability | 195 | 149 | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 157 | 133 | |||
Derivative Liability, Fair Value, Gross Liability | 195 | 149 | |||
Derivative Liability, Fair Value, Gross Asset | 195 | 149 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |||
GenOn Americas Generation, LLC [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | 51 | 54 | |||
Derivative, Collateral, Right to Reclaim Cash | 39 | 29 | |||
Fair Value of Gross Derivative Assets and Liabilities Net | 299 | ||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ||||
Derivative, Collateral, Obligation to Return Cash Net of Derivative, Collateral, Right ot Reclaim Cash | 37 | ||||
Derivative Asset, Fair Value, Amount Offset Agains Collateral Net of Derivative Liability, Fair Value, Amount Offset Against Collateral | 262 | ||||
GenOn Americas Generation, LLC [Member] | Commodity Contract [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Gross Derivative Assets and Liabilities Net | 177 | ||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | ||||
Derivative, Collateral, Obligation to Return Cash Net of Derivative, Collateral, Right ot Reclaim Cash | 51 | ||||
Derivative Asset, Fair Value, Amount Offset Agains Collateral Net of Derivative Liability, Fair Value, Amount Offset Against Collateral | 126 | ||||
GenOn Americas Generation, LLC [Member] | Commodity Contract [Member] | Non-affiliated Entity [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 699 | 787 | |||
Derivative Asset, Fair Value, Gross Liability | 485 | 425 | |||
Derivative, Collateral, Obligation to Return Cash | 51 | 54 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 163 | 308 | |||
Derivative Liability, Fair Value, Gross Liability | 567 | 451 | |||
Derivative Liability, Fair Value, Gross Asset | 485 | 425 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 82 | 26 | |||
GenOn Americas Generation, LLC [Member] | Commodity Contract [Member] | Affiliated Entity [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 397 | 321 | |||
Derivative Asset, Fair Value, Gross Liability | 352 | 321 | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 45 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 352 | 358 | |||
Derivative Liability, Fair Value, Gross Asset | 352 | 321 | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 17 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 | $ 20 | |||
[1] | All of the forecasted transactions (future interest payments) were deemed probable of occurring; therefore, no cash flow hedges were discontinued and no amount was recognized in GenOn’s results of operations as a result of discontinued cash flow hedges. | ||||
[2] | Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded in interest expense. | ||||
[3] | The reversal of accumulated OCI as part of the sale of NRG Marsh Landing to NRG Yield LLC resulted in the recognition of additional paid in capital. |
Accounting for Derivative Ins56
Accounting for Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | [1],[2] | $ 0 | ||
Unrealized mark-to-market results | ||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | (198) | $ (314) | $ (367) | |
Net unrealized losses on open positions related to economic hedges | 18 | 167 | 40 | |
Total unrealized mark-to-market gains/(losses) for economic hedging activities | (180) | (147) | (327) | |
Reversal of previously recognized unrealized losses/(gains) on settled positions related to trading activity | 0 | (1) | (1) | |
Net unrealized gains/(losses) on open positions related to trading activity | 0 | 0 | 1 | |
Total unrealized mark-to-market gains/(losses) for trading activity | 0 | (1) | 0 | |
Total unrealized gains/(losses) | (180) | (148) | (327) | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (180) | (148) | (327) | |
Credit Risk Related Contingent Features | ||||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | |||
Derivative Net Liability Postiions Collateral Due Not Called For Under Marginable Agreements | 0 | |||
Revenue Expense From Operations [Member] | ||||
Unrealized mark-to-market results | ||||
Total unrealized gains/(losses) | (112) | (151) | (356) | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (112) | (151) | (356) | |
Cost of operations | ||||
Unrealized mark-to-market results | ||||
Total unrealized gains/(losses) | (68) | 3 | 29 | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (68) | 3 | 29 | |
GenOn Americas Generation, LLC [Member] | ||||
Unrealized mark-to-market results | ||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | (193) | (288) | (296) | |
Net unrealized losses on open positions related to economic hedges | 70 | 164 | 25 | |
Total unrealized mark-to-market gains/(losses) for economic hedging activities | (123) | (124) | (271) | |
Reversal of previously recognized unrealized losses/(gains) on settled positions related to trading activity | 0 | (1) | (1) | |
Net unrealized gains/(losses) on open positions related to trading activity | 0 | 0 | 1 | |
Total unrealized mark-to-market gains/(losses) for trading activity | 0 | (1) | 0 | |
Total unrealized gains/(losses) | (123) | (125) | (271) | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (123) | (125) | (271) | |
Credit Risk Related Contingent Features | ||||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | |||
Derivative Net Liability Postiions Collateral Due Not Called For Under Marginable Agreements | 0 | |||
GenOn Americas Generation, LLC [Member] | Revenue Expense From Operations [Member] | ||||
Unrealized mark-to-market results | ||||
Total unrealized gains/(losses) | (66) | (119) | (302) | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (66) | (119) | (302) | |
GenOn Americas Generation, LLC [Member] | Cost of operations | ||||
Unrealized mark-to-market results | ||||
Total unrealized gains/(losses) | (57) | (6) | 31 | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (57) | (6) | 31 | |
GenOn Mid-Atlantic, LLC [Member] | ||||
Unrealized mark-to-market results | ||||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | 116 | 288 | 296 | |
Net unrealized losses on open positions related to economic hedges | 39 | 90 | 35 | |
Total unrealized gains/(losses) | (77) | (198) | (261) | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (77) | (198) | (261) | |
GenOn Mid-Atlantic, LLC [Member] | Revenue Expense From Operations [Member] | ||||
Unrealized mark-to-market results | ||||
Total unrealized gains/(losses) | (27) | (192) | (292) | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (27) | (192) | (292) | |
GenOn Mid-Atlantic, LLC [Member] | Cost of operations | ||||
Unrealized mark-to-market results | ||||
Total unrealized gains/(losses) | (50) | (6) | 31 | |
Impact of derivative instruments to statement of operations | ||||
Unrealized Gain (Loss) on Derivatives | (50) | $ (6) | $ 31 | |
GenOn and GenOn Americas Generation [Member] | ||||
Credit Risk Related Contingent Features | ||||
Collateral required for contracts with adequate assurance clauses in net liability positions | $ 66 | |||
[1] | All of the forecasted transactions (future interest payments) were deemed probable of occurring; therefore, no cash flow hedges were discontinued and no amount was recognized in GenOn’s results of operations as a result of discontinued cash flow hedges. | |||
[2] | Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded in interest expense. |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | |||
Inventory Write-down | $ 19 | $ 12 | $ 0 |
Fuel oil | 161 | 211 | |
Coal | 154 | 162 | |
Spare parts | 127 | 129 | |
Other | 6 | 5 | |
Total Inventory | 448 | 507 | |
Asset Impairment Charges | 170 | 82 | 0 |
GenOn Americas Generation, LLC [Member] | |||
Inventory [Line Items] | |||
Inventory Write-down | 17 | 9 | 0 |
Fuel oil | 134 | 181 | |
Coal | 97 | 82 | |
Spare parts | 57 | 54 | |
Other | 1 | 1 | |
Total Inventory | 289 | 318 | |
Asset Impairment Charges | 8 | 0 | 0 |
GenOn Mid-Atlantic, LLC [Member] | |||
Inventory [Line Items] | |||
Inventory Write-down | 6 | 0 | $ 0 |
Fuel oil | 33 | 45 | |
Coal | 97 | 82 | |
Spare parts | 41 | 38 | |
Other | 1 | 1 | |
Total Inventory | 172 | $ 166 | |
Equipment [Member] | |||
Inventory [Line Items] | |||
Asset Impairment Charges | $ 8 |
Property, Plant, and Equipmen58
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 3,445 | $ 3,481 |
Construction in Progress, Gross | 164 | 140 |
Accumulated depreciation | (614) | (436) |
Net property, plant and equipment | 2,831 | 3,045 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,989 | 3,048 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 292 | 293 |
GenOn Americas Generation, LLC [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,360 | 1,280 |
Construction in Progress, Gross | 29 | 30 |
Accumulated depreciation | (244) | (170) |
Net property, plant and equipment | 1,116 | 1,110 |
GenOn Americas Generation, LLC [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,192 | 1,123 |
GenOn Americas Generation, LLC [Member] | Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 139 | 127 |
GenOn Mid-Atlantic, LLC [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,125 | 1,093 |
Construction in Progress, Gross | 26 | 18 |
Accumulated depreciation | (200) | (135) |
Net property, plant and equipment | 925 | 958 |
GenOn Mid-Atlantic, LLC [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,037 | 1,014 |
GenOn Mid-Atlantic, LLC [Member] | Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 62 | $ 61 |
Maximum [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 34 years | |
Maximum [Member] | Office furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 19 years | |
Maximum [Member] | GenOn Americas Generation, LLC [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 34 years | |
Maximum [Member] | GenOn Americas Generation, LLC [Member] | Office furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 12 years | |
Maximum [Member] | GenOn Mid-Atlantic, LLC [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 34 years | |
Maximum [Member] | GenOn Mid-Atlantic, LLC [Member] | Office furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 12 years | |
Minimum [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 3 years | |
Minimum [Member] | Office furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 2 years | |
Minimum [Member] | GenOn Americas Generation, LLC [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 5 years | |
Minimum [Member] | GenOn Americas Generation, LLC [Member] | Office furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 2 years | |
Minimum [Member] | GenOn Mid-Atlantic, LLC [Member] | Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 5 years | |
Minimum [Member] | GenOn Mid-Atlantic, LLC [Member] | Office furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 2 years |
Retirements, Mothballing or L59
Retirements, Mothballing or Long-Term Protective Layup of Generating Facilities (Details) | Dec. 31, 2015MW | |
Generating Facilities Expected or Scheduled to be Deactivated [Member] | Shawville [Member] | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 94 | |
Generating facilities expected or scheduled to be deactivated | Shawville [Member] | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 597 | [1] |
Generating facilities expected or scheduled to be deactivated | Gilbert | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 98 | [2] |
Generating facilities expected or scheduled to be deactivated | Glen Gardner | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 160 | [3] |
Generating facilities expected or scheduled to be deactivated | Werner [Member] | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 212 | [4] |
Generating facilities expected or scheduled to be deactivated | Osceola facility [Member] | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 463 | |
Generating facilities expected or scheduled to be deactivated | Coolwater [Member] | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 636 | |
Generating facilities expected or scheduled to be deactivated | Portland | Units 1 and 2 [Member] | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 401 | [5] |
Generating facilities expected or scheduled to be deactivated | Titus | ||
Expected Retirements, Mothballs or Long Term Protective Layups of Coal-Fired Facilities | ||
Power Generation Capacity, Megawatts | 245 | |
[1] | GenOn expects to return these units to service no later than the fall of 2016 using natural gas. | |
[2] | . | |
[3] | . | |
[4] | . | |
[5] | . |
Impairments (Details)
Impairments (Details) $ in Millions | Nov. 25, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($)MW | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 24, 2015MW |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Proceeds from Sale of Equity Method Investments | $ 0 | $ 35 | $ 0 | ||||
Asset Impairment Charges | $ 170 | $ 82 | $ 0 | ||||
Seward Generating Station [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||
Power Generation Capacity, Megawatts | MW | 525 | ||||||
Coolwater [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | 636 | ||||||
Osceola facility [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | 463 | ||||||
Portland [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Asset Impairment Charges | $ 20 | ||||||
Osceola facility [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Asset Impairment Charges | $ 60 | ||||||
Coolwater [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Asset Impairment Charges | $ 22 | ||||||
Pittsburg [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Asset Impairment Charges | 8 | ||||||
Seward Generating Station [Member] | |||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||
Proceeds from Sale of Equity Method Investments | $ 75 | ||||||
Asset Impairment Charges | $ 134 |
Debt and Capital Leases Debt an
Debt and Capital Leases Debt and Capital Leases (Debt Summary - Details 1) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 2,766 | $ 3,130 | |
Long-term Debt and Capital Lease Obligations, Current | 4 | 10 | |
Long-term Debt and Capital Lease Obligations | 2,762 | 3,120 | |
Debt Instrument, Unamortized Discount (Premium), Net | (183) | (263) | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 2 | 3 | |
Other Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | [1] | 56 | 60 |
Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 714 | 766 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 23 | 41 | |
Senior Notes [Member] | Senior Unsecured Notes 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 708 | 757 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 59 | 83 | |
Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 534 | 610 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 44 | 60 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 0 | 5 | |
Long-term Debt and Capital Lease Obligations, Current | 0 | 5 | |
GenOn Mid-Atlantic, LLC [Member] | Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 0 | 5 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.19% | ||
GenOn Americas Generation, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | [2] | $ 752 | 929 |
Long-term Debt and Capital Lease Obligations, Current | 0 | 5 | |
Long-term Debt and Capital Lease Obligations | $ 752 | 929 | |
GenOn Americas Generation, LLC [Member] | Senior Unsecured Notes 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||
GenOn Americas Generation, LLC [Member] | Senior Unsecured Notes 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | ||
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 398 | 496 | |
Debt Instrument, Unamortized Discount (Premium), Net | 32 | 46 | |
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 354 | 433 | |
Debt Instrument, Unamortized Discount (Premium), Net | 25 | 33 | |
GenOn Energy [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $ 2,014 | $ 2,196 | |
[1] | b)The Long Term Service Agreement for the Hunterstown facility is accounted for as a debt financing liability in accordance with U.S. GAAP. | ||
[2] | (a) This amount excludes GenOn Mid-Atlantic. |
Debt and Capital Leases Debt 62
Debt and Capital Leases Debt and Capital Leases (GenOn Debt - Details 2) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||
Gains (Losses) on Extinguishment of Debt | $ 65 | $ 0 | $ (11) | ||
Debt Instrument, Unamortized Discount (Premium), Net | (183) | (263) | |||
Senior Secured Notes 2014 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Principal Amount Repurchased | $ 575 | $ 575 | |||
Redemption Price Percentage of Face Amount | 1.06778 | ||||
Gains (Losses) on Extinguishment of Debt | $ (11) | ||||
Senior Unsecured Notes 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Principal Amount Repurchased | 25 | ||||
Debt Instrument, Redemption Price | 0 | ||||
Gains (Losses) on Extinguishment of Debt | (5) | ||||
Discount on Repurchase of Debt | 2 | ||||
Write-off of Unamortized Premium | 3 | ||||
Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Principal Amount Repurchased | 61 | ||||
Debt Instrument, Redemption Price | 0 | ||||
Gains (Losses) on Extinguishment of Debt | (15) | ||||
Discount on Repurchase of Debt | 10 | ||||
Write-off of Unamortized Premium | 5 | ||||
Senior Unsecured Notes 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Principal Amount Repurchased | 33 | ||||
Debt Instrument, Redemption Price | 0 | ||||
Gains (Losses) on Extinguishment of Debt | (3) | ||||
Discount on Repurchase of Debt | 2 | ||||
Write-off of Unamortized Premium | $ 1 | ||||
Senior Notes [Member] | Senior Unsecured Notes 2018 And 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement Interest, Past Due Covenant Restriction | 30 days | ||||
Credit Agreement, Covenant Failure to Comply Agreements Default | 90 days | ||||
Credit Agreement, Covenant Failure to Comply Judgements Default | 90 days | ||||
Senior Notes [Member] | Senior Unsecured Notes 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 59 | 83 | |||
Percentage of Principal Amount That is Base Redemption Price, Prior to Maturity | 100.00% | ||||
Percentage of Face Amount, Senior Notes Paid as Premium on Redemption | 1.00% | ||||
Percentage Of Principal Amount Used To Determine Premium On Redemption, Prior To Maturity | 100.00% | ||||
Premium Percentage of Principal of Senior Notes, Discount Factor | 0.50% | ||||
Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 44 | 60 | |||
Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 23 | $ 41 | |||
Senior Notes [Member] | Senior Unsecured Notes 2014 and 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Principal Amount That is Base Redemption Price, Prior to Maturity | 100.00% | ||||
Percentage of Face Amount, Senior Notes Paid as Premium on Redemption | 1.00% | ||||
Percentage Of Principal Amount Used To Determine Premium On Redemption, Prior To Maturity | 100.00% | ||||
Premium Percentage of Principal of Senior Notes, Discount Factor | 0.50% | ||||
Maximum [Member] | Senior Notes [Member] | Senior Unsecured Notes 2018 And 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement, Covenant Restricted Payments Amount Allowed | $ 250 | ||||
Redemption Period From October 15, 2015 to October 14, 2016 [Member] | Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption Price As Percentage Of Principal Amount, Prior To Maturity | 104.938% | ||||
Redemption Period From October 15, 2016 to October 14, 2017 [Member] | Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption Price As Percentage Of Principal Amount, Prior To Maturity | 103.292% | ||||
Redemption Period From October 15, 2017 to October 14, 2018 [Member] | Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption Price As Percentage Of Principal Amount, Prior To Maturity | 101.646% | ||||
Redemption Period From October 15, 2018 And Thereafter [Member] | Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption Price As Percentage Of Principal Amount, Prior To Maturity | 100.00% |
Debt and Capital Leases Debt 63
Debt and Capital Leases Debt and Capital Leases (GAG Debt - Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ (183) | $ (263) | |
Gains (Losses) on Extinguishment of Debt | 65 | 0 | $ (11) |
GenOn Americas Generation, LLC [Member] | |||
Debt Instrument [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | 42 | 0 | $ 0 |
GenOn Americas Generation, LLC [Member] | Senior Unsecured Notes 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Principal Amount Repurchased | 84 | ||
Debt Instrument, Redemption Price | 0 | ||
Gains (Losses) on Extinguishment of Debt | (20) | ||
Discount on Repurchase of Debt | 13 | ||
Write-off of Unamortized Premium | 7 | ||
GenOn Americas Generation, LLC [Member] | Senior Unsecured Notes 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Principal Amount Repurchased | 71 | ||
Debt Instrument, Redemption Price | 0 | ||
Gains (Losses) on Extinguishment of Debt | (22) | ||
Discount on Repurchase of Debt | 16 | ||
Write-off of Unamortized Premium | 6 | ||
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | 32 | 46 | |
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ 25 | $ 33 | |
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes due 2021 and 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of Principal Amount That is Base Redemption Price, Prior to Maturity | 100.00% | ||
Premium Percentage of Principal of Senior Notes, Discount Factor | 0.375% |
Debt and Capital Leases (Restri
Debt and Capital Leases (Restricted Net Assets and Annual Maturities - Details 4) $ in Millions | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 696 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 653 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 494 |
Thereafter | 732 |
Long-term Debt | 2,583 |
GenOn Mid-Atlantic, LLC [Member] | |
Debt Instrument [Line Items] | |
Restricted Net Assets | 1,100 |
Rema [Member] | |
Debt Instrument [Line Items] | |
Restricted Net Assets | (1,112) |
GenOn Americas Generation, LLC [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Thereafter | 695 |
Long-term Debt | $ 695 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Genon [Member] | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | $ 172 |
Asset Retirement Obligation, Liabilities Incurred | 7 |
Asset Retirement Obligation, Revision of Estimate | (4) |
Asset Retirement Obligation, Liabilities Settled | 2 |
Accretion Expense | 14 |
Balance at the end of the period | 187 |
GenOn Americas Generation, LLC [Member] | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | 78 |
Asset Retirement Obligation, Liabilities Incurred | 1 |
Asset Retirement Obligation, Revision of Estimate | (2) |
Asset Retirement Obligation, Liabilities Settled | 0 |
Accretion Expense | 5 |
Balance at the end of the period | 82 |
GenOn Mid-Atlantic, LLC [Member] | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | 26 |
Asset Retirement Obligation, Liabilities Incurred | 0 |
Asset Retirement Obligation, Revision of Estimate | (1) |
Asset Retirement Obligation, Liabilities Settled | 0 |
Accretion Expense | 2 |
Balance at the end of the period | $ 27 |
Benefit Plans and Other Postr66
Benefit Plans and Other Postretirement Benefits Benefit Plans and Other Postretirement Benefits Disclosure (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 1 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ (1) | ||
Employee Savings Fixed Profit Sharing and Discretionary Profit Sharing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fixed contribution percentage of employee's eligible pay per period contributed to plan by company | 2.00% | ||
Annual discretionay contribution percentage of employee's eligible pay cotributed to plan by company based on company performance | 3.00% | ||
Expenses recognized | $ 0 | $ 0 | $ 4 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actuarial Gain (Loss) | 12 | ||
Pension Plans, Defined Benefit [Member] | Tax Qualified Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 608 | $ 631 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aon Hewitt Above Median Yield Curve Discount Rate Years | 6 months | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aon Hewitt Above Median Yield Curve Discount Rate Years | 99 years |
Benefit Plans and Other Postr67
Benefit Plans and Other Postretirement Benefits Disclosure (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost benefits earned | $ (10) | $ (10) | $ (13) |
Interest cost on benefit obligation | 27 | 27 | 25 |
Expected return on plan assets | (35) | (34) | (31) |
Net periodic benefit cost | 3 | (3) | 7 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | 10 | 10 | 13 |
Interest cost on benefit obligation | 27 | 27 | 25 |
Actuarial loss | 1 | (6) | 0 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets as of beginning of period | 548 | ||
Fair value of plan assets as of end of period | 506 | 548 | |
Pension Plans, Defined Benefit [Member] | Tax Qualified Pension Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost benefits earned | (10) | (10) | |
Interest cost on benefit obligation | 27 | 27 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation as of beginning of period | 660 | 546 | |
Service cost | 10 | 10 | |
Interest cost on benefit obligation | 27 | 27 | |
Actuarial loss | 33 | (103) | |
Benefit payments | (39) | (26) | |
Benefit obligation as of end of period | 625 | 660 | 546 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets as of beginning of period | 548 | 469 | |
Actual return on plan assets | (17) | 49 | |
Employer contributions | 14 | 56 | |
Benefit payments | (39) | (26) | |
Fair value of plan assets as of end of period | 506 | 548 | 469 |
Funded status as of end of period — excess of obligation over assets | (119) | (112) | |
Pension Plans, Defined Benefit [Member] | Non Tax Qualified Pension Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost benefits earned | 0 | 0 | |
Interest cost on benefit obligation | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation as of beginning of period | 0 | 12 | |
Service cost | 0 | 0 | |
Interest cost on benefit obligation | 0 | 0 | |
Actuarial loss | 0 | 0 | |
Benefit payments | 0 | (12) | |
Benefit obligation as of end of period | 0 | 0 | 12 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets as of beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 12 | |
Benefit payments | 0 | (12) | |
Fair value of plan assets as of end of period | 0 | 0 | 0 |
Funded status as of end of period — excess of obligation over assets | 0 | 0 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost benefits earned | (1) | (1) | (1) |
Interest cost on benefit obligation | 3 | 3 | 3 |
Unrecognized prior period costs | (4) | (17) | (1) |
Net periodic benefit cost | 0 | (13) | 3 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation as of beginning of period | 65 | 73 | |
Service cost | 1 | 1 | 1 |
Interest cost on benefit obligation | 3 | 3 | 3 |
Participant contributions | 1 | 2 | |
Actuarial loss | 8 | (12) | |
Benefit payments | (7) | (8) | |
Plan amendments | (1) | (18) | |
Benefit obligation as of end of period | 54 | 65 | 73 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets as of beginning of period | 0 | 0 | |
Employer contributions | 6 | 6 | |
Participant contributions | 1 | 2 | |
Benefit payments | (7) | (8) | |
Fair value of plan assets as of end of period | 0 | 0 | $ 0 |
Funded status as of end of period — excess of obligation over assets | $ (54) | $ (65) |
Benefit Plans and Other Postr68
Benefit Plans and Other Postretirement Benefits Disclosure (Details 2) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans, Defined Benefit [Member] | Tax Qualified Pension Benefits [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current liabilities | $ 0 | $ 0 |
Non-current liabilities | 119 | 112 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current liabilities | 5 | 5 |
Non-current liabilities | $ 49 | $ 60 |
Benefit Plans and Other Postr69
Benefit Plans and Other Postretirement Benefits Disclosure (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Total recognized in other comprehensive loss for the period | $ 14 | $ 104 | $ (101) |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Total amount recognized of (income) loss in net periodic benefit cost and other comprehensive income/loss | 22 | 90 | (84) |
Pension Plans, Defined Benefit [Member] | Tax Qualified Pension Benefits [Member] | Net (Loss) Gain [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (20) | (87) | |
Defined Benefit Plan, Amortization of Gains (Losses) | 1 | (6) | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (19) | (93) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (20) | (1) | 92 |
Pension Plans, Defined Benefit [Member] | Tax Qualified Pension Benefits [Member] | Prior Service (Cost) Credit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | 0 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (1) | (1) | (1) |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Total amount recognized of (income) loss in net periodic benefit cost and other comprehensive income/loss | (6) | (2) | (7) |
Other Postretirement Benefit Plan [Member] | Net (Loss) Gain [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 8 | (12) | |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 8 | (12) | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 3 | (5) | 7 |
Other Postretirement Benefit Plan [Member] | Prior Service (Cost) Credit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 1 | 18 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | (4) | (17) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (3) | 1 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 2 | $ 5 | $ 4 |
Benefit Plans and Other Postr70
Benefit Plans and Other Postretirement Benefits Disclosure (Details 4) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | $ 506 | $ 548 |
Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 3 | 2 |
Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 503 | 546 |
Common Trust Investment US Equity Securities [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 142 | 156 |
Common Trust Investment US Equity Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Common Trust Investment US Equity Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 142 | 156 |
Common Trust Investment Non US Equity Securities [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 82 | 80 |
Common Trust Investment Non US Equity Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Common Trust Investment Non US Equity Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 82 | 80 |
Common Trust Investment Global Equity [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 49 | 52 |
Common Trust Investment Global Equity [Member] | Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Common Trust Investment Global Equity [Member] | Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 49 | 52 |
Common Trust Investment Fixed Income Securities [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 220 | 246 |
Common Trust Investment Fixed Income Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Common Trust Investment Fixed Income Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 220 | 246 |
Partnership [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 10 | 12 |
Partnership [Member] | Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Partnership [Member] | Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 10 | 12 |
Short-term Investments [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 3 | 2 |
Short-term Investments [Member] | Level 1 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | 3 | 2 |
Short-term Investments [Member] | Level 2 [Member] | ||
Defined Benefit Plan, Plan Asset Measured at Fair Value [Abstract] | ||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans and Other Postr71
Benefit Plans and Other Postretirement Benefits Disclosure (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total amount recognized of (income) loss in net periodic benefit cost and other comprehensive income/loss | $ 22 | $ 90 | $ (84) |
Assumptions (Abstract] | |||
Discount rate used in calculating benefit obligations | 4.54% | 4.18% | |
Rate of compensation increase to calculate benefit obligations (as a percent) | 3.00% | 2.97% | |
Discount rate to calculate net periodic benefit cost | 4.18% | 5.02% | 4.22% |
Rate of compensation increase to calculate net periodic benefit cost (as a percent) | 2.97% | 2.91% | 2.82% |
Expected long-term rate of return on plan assets (as a percent) | 6.41% | 7.00% | 7.50% |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total amount recognized of (income) loss in net periodic benefit cost and other comprehensive income/loss | $ (6) | $ (2) | $ (7) |
Assumptions (Abstract] | |||
Discount rate used in calculating benefit obligations | 4.16% | 3.86% | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $ 5 | ||
Discount rate to calculate net periodic benefit cost | 3.86% | 4.53% | 3.99% |
Effect of One Percentage Point increase or decrease on service and interest cost components | $ 1 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ 4 | ||
Net Period Benefit Cost/Credit [Member] | Other Postretirement Benefit Plan [Member] | |||
Assumptions (Abstract] | |||
Assumed ultimate medical inflation rate (as a percent) | 5.00% | 5.50% | 5.50% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,023 | 2,019 | 2,018 |
Net Period Benefit Cost/Credit [Member] | Before age 65 [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.60% | 8.50% | 8.50% |
Net Period Benefit Cost/Credit [Member] | Age 65 and after [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.10% | 8.69% | 8.67% |
Postretirement Benefit Obligation [Member] | Other Postretirement Benefit Plan [Member] | |||
Assumptions (Abstract] | |||
Assumed ultimate medical inflation rate (as a percent) | 5.00% | 5.00% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,025 | 2,023 | |
Postretirement Benefit Obligation [Member] | Before age 65 [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.25% | 8.60% | |
Postretirement Benefit Obligation [Member] | Age 65 and after [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 9.00% | 8.10% |
Benefit Plans and Other Postr72
Benefit Plans and Other Postretirement Benefits Disclosure (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.18% | 5.02% | 4.22% |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.86% | 4.53% | 3.99% |
Effect of One Percentage Point increase or decrease on service and interest cost components | $ 1 | ||
Domestic Stocks [Member] | Pension Plans, Defined Benefit [Member] | |||
Pension plan asset allocations | |||
Target plan asset allocations | 27.00% | ||
Non US Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Pension plan asset allocations | |||
Target plan asset allocations | 15.00% | ||
Global Equities [Member] | Pension Plans, Defined Benefit [Member] | |||
Pension plan asset allocations | |||
Target plan asset allocations | 10.00% | ||
Emerging Market Equities [Member] | Pension Plans, Defined Benefit [Member] | |||
Pension plan asset allocations | |||
Target plan asset allocations | 3.00% | ||
Fixed Income Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Pension plan asset allocations | |||
Target plan asset allocations | 45.00% |
Benefit Plans and Other Postr73
Benefit Plans and Other Postretirement Benefits Disclosure (Details 7) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | Tax Qualified Pension Benefits [Member] | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Employer expected contributions in next fiscal year | $ 16 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2,013 | 29 | ||
2,014 | 31 | ||
2,015 | 32 | ||
2,016 | 34 | ||
2,017 | 35 | ||
2018-2022 | 194 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2,013 | 5 | ||
2,014 | 5 | ||
2,015 | 6 | ||
2,016 | 5 | ||
2,017 | 5 | ||
2018-2022 | 18 | ||
Employee Savings Fixed Profit Sharing and Discretionary Profit Sharing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Labor-related Expenses | 0 | $ 0 | $ 4 |
Non-Qualified Deferred Compensation Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | $ 15 | $ 20 |
Income Taxes Income Taxes (GenO
Income Taxes Income Taxes (GenOn - Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 0 | $ 0 | $ (6) |
Current State and Local Tax Expense (Benefit) | (3) | 6 | 0 |
Income Tax Expense (Benefit) | (3) | 6 | (6) |
Current Income Tax Expense (Benefit) | (3) | 6 | (6) |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (118) | 198 | (48) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | (42) | 70 | (17) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (3) | 14 | (24) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 16 | (100) | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 26 | 21 | 35 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 1 | 0 |
Deferred Income Taxes and Other Assets [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 76 | 100 | |
Deferred Tax Assets, Tax Deferred Expense Compensation and Benefits Pensions and Other Postretirement Benefits | 0 | 113 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 664 | 727 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 214 | 125 | |
Deferred Tax Assets, Property Intangible Assets | 931 | 1,080 | |
Deferred Tax Assets, Derivative Instruments | 470 | 90 | |
Deferred Tax Assets, Out of Market Contracts, Fair Value Adjustment | 378 | 381 | |
Deferred Tax Assets Financing Arrangements | 92 | 123 | |
Deferred Tax Assets, Other | 20 | 40 | |
Deferred Tax Assets, Gross | 2,845 | 2,779 | |
Deferred Tax Assets, Valuation Allowance | 2,464 | 2,779 | |
Deferred Tax Assets, Net of Valuation Allowance | 381 | 0 | |
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Deferred Tax Liabilities, Derivatives | 381 | 0 | |
Deferred Tax Liabilities, Net | 381 | 0 | |
Deferred Tax Assets, Net | 0 | 0 | |
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 0 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 | 0 |
Deferred Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent | 2.50% | 3.00% | 12.50% |
Income Taxes Income Taxes (Ge75
Income Taxes Income Taxes (GenOn DTA, Val Allowance, UTB - Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
DeferredTaxAssetNetBeforeValuationAllowance | $ 2,500 | $ 2,800 | |
Deferred Tax Assets, Valuation Allowance | 2,464 | 2,779 | |
Taxes Payable, Current | 58 | 48 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 1 | ||
Unrecognized Tax Benefits | 0 | 2 | $ 1 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 1 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (2) | $ 0 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 700 | ||
Pre-Merger Operating Loss Carryforwards | 62 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 214 |
Income Taxes Income Taxes (GAG
Income Taxes Income Taxes (GAG - Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ (118) | $ 198 | $ (48) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | (42) | 70 | (17) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (3) | 14 | (24) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 26 | 21 | 35 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 1 | 0 |
Income Tax Expense (Benefit) | (3) | 6 | (6) |
GenOn Americas Generation, LLC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 116 | 305 | 59 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 41 | 107 | 21 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 10 | 18 | 6 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 51 | 115 | 48 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | (2) | 21 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | (8) | 0 |
Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 |
Income Taxes Income Taxes (Prof
Income Taxes Income Taxes (Proforma GAG - Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Taxes Payable, Current | $ 58 | $ 48 | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (118) | 198 | $ (48) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | (42) | 70 | (17) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (3) | 14 | (24) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 16 | (100) | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 26 | 21 | 35 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 1 | 0 |
Income Tax Expense (Benefit) | (3) | 6 | (6) |
Deferred Income Taxes and Other Assets [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense Compensation and Benefits Pensions and Other Postretirement Benefits | 0 | 113 | |
Deferred Tax Assets, Property Intangible Assets | 931 | 1,080 | |
Deferred Tax Assets, Out of Market Contracts, Fair Value Adjustment | 378 | 381 | |
Deferred Tax Assets, Derivative Instruments | 470 | 90 | |
Deferred Tax Assets Financing Arrangements | 92 | 123 | |
Deferred Tax Assets, Other | 20 | 40 | |
Deferred Tax Assets, Gross | 2,845 | 2,779 | |
Deferred Tax Assets, Valuation Allowance | 2,464 | 2,779 | |
Deferred Tax Assets, Net of Valuation Allowance | 381 | 0 | |
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Deferred Tax Liabilities, Derivatives | 381 | 0 | |
Deferred Tax Liabilities, Net | 381 | 0 | |
Deferred Tax Assets, Net | 0 | 0 | |
DeferredTaxAssetNetBeforeValuationAllowance | 2,500 | 2,800 | |
GenOn Americas Generation, LLC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income Taxes Receivable, Current | 0 | ||
Taxes Payable, Current | 0 | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 116 | 305 | 59 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 41 | 107 | 21 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 10 | 18 | 6 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | (2) | 21 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | (8) | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 |
Pro Forma [Member] | GenOn Americas Generation, LLC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 116 | 305 | 59 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 41 | 107 | 22 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 10 | 18 | 6 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (51) | (115) | (49) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | (2) | 21 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | (8) | 0 |
Income Tax Expense (Benefit) | 0 | 0 | $ 0 |
Deferred Income Taxes and Other Assets [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense Compensation and Benefits Pensions and Other Postretirement Benefits | 85 | 85 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 119 | 121 | |
Deferred Tax Assets, Operating Loss Carryforwards | 3 | 14 | |
Deferred Tax Assets, Property Intangible Assets | 1,495 | 1,652 | |
Deferred Tax Assets, Out of Market Contracts, Fair Value Adjustment | 47 | 34 | |
Deferred Tax Assets, Derivative Instruments | 166 | 0 | |
Deferred Tax Assets Financing Arrangements | 28 | 38 | |
Deferred Tax Assets, Other | 20 | 36 | |
Deferred Tax Assets, Gross | 1,963 | 1,980 | |
Deferred Tax Assets, Valuation Allowance | 1,963 | 1,824 | |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 156 | |
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Deferred Tax Liabilities, Derivatives | 0 | 12 | |
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | 0 | 144 | |
Deferred Tax Liabilities, Net | 0 | 156 | |
Deferred Tax Assets, Net | 0 | 0 | |
DeferredTaxAssetNetBeforeValuationAllowance | 2,000 | $ 1,800 | |
Domestic Tax Authority [Member] | |||
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Operating Loss Carryforwards | 700 | ||
Pre-Merger Operating Loss Carryforwards | 62 | ||
Domestic Tax Authority [Member] | Pro Forma [Member] | |||
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Pre-Merger Operating Loss Carryforwards | 62 | ||
Domestic Tax Authority [Member] | Pro Forma [Member] | GenOn Americas Generation, LLC [Member] | |||
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Operating Loss Carryforwards | 0 | ||
State and Local Jurisdiction [Member] | |||
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Operating Loss Carryforwards | 214 | ||
State and Local Jurisdiction [Member] | Pro Forma [Member] | GenOn Americas Generation, LLC [Member] | |||
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Operating Loss Carryforwards | $ 3 |
Income Taxes Income Taxes (GMA
Income Taxes Income Taxes (GMA - Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 0 | $ 0 | $ (6) |
Current State and Local Tax Expense (Benefit) | (3) | 6 | 0 |
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 0 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 | 0 |
Income Tax Expense (Benefit) | (3) | 6 | (6) |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (118) | 198 | (48) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | (42) | 70 | (17) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (3) | 14 | (24) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 26 | 21 | 35 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 1 | 0 |
Deferred Income Taxes and Other Assets [Abstract] | |||
Deferred Tax Assets, Property Intangible Assets | 931 | 1,080 | |
Deferred Tax Assets, Out of Market Contracts, Fair Value Adjustment | 378 | 381 | |
Deferred Tax Assets, Other | 20 | 40 | |
Deferred Tax Assets, Gross | 2,845 | 2,779 | |
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Deferred Tax Liabilities, Derivatives | 381 | 0 | |
Deferred Tax Liabilities, Net | 381 | 0 | |
Deferred Tax Assets, Net | 0 | 0 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income Tax Expense (Benefit) | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 104 | 236 | 128 |
Pro Forma [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | 36 | 82 | 45 |
Current State and Local Tax Expense (Benefit) | 6 | 11 | 12 |
Deferred Federal Income Tax Expense (Benefit) | 0 | (5) | 0 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | (1) | 0 |
Income Tax Expense (Benefit) | 42 | 87 | 57 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 104 | 236 | 128 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 36 | 82 | 45 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 6 | 11 | 12 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | (1) | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | (5) | $ 0 |
Deferred Income Taxes and Other Assets [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 22 | 24 | |
Deferred Tax Assets, Operating Loss Carryforwards | 218 | 218 | |
Deferred Tax Assets, Property Intangible Assets | 31 | 45 | |
Deferred Tax Assets, Out of Market Contracts, Fair Value Adjustment | 77 | 88 | |
Deferred Tax Assets, Other | 38 | 37 | |
Deferred Tax Assets, Gross | 386 | 412 | |
Deferred Income Taxes and Other Liabilities [Abstract] | |||
Deferred Tax Liabilities, Derivatives | 305 | 336 | |
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | 25 | 25 | |
Deferred Tax Liabilities, Net | 330 | 361 | |
Deferred Tax Assets, Net | $ 56 | $ 51 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Annual fees under services agreement | $ 184 | $ 128 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of operations | 59 | 68 | $ 70 |
GenOn Americas Generation, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of operations | 84 | 86 | 83 |
Cash Distribution paid to Parent Company | 320 | ||
GenOn Americas Generation, LLC [Member] | GenOn Energy Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Current notes receivable from related party | 331 | 331 | |
Allocated cost of operations [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of operations | 1 | 4 | 6 |
Allocated cost of operations [Member] | GenOn Americas Generation, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of operations | 3 | 7 | 9 |
Allocated Selling, General and Administrative [Member] | GenOn Mid-Atlantic, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 58 | 64 | 64 |
Allocated Selling, General and Administrative [Member] | GenOn Americas Generation, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 81 | $ 79 | $ 74 |
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | NRG Energy [Member] | |||
Related Party Transaction [Line Items] | |||
Amount of letters of credit transferred to intercompany credit agreement | 278 | ||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | GenOn Americas Generation, LLC [Member] | NRG Energy [Member] | |||
Related Party Transaction [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | ||
Amount of letters of credit transferred to intercompany credit agreement | $ 227 | ||
Debt instrument, interest rate over variable rate (as a percent) | 2.50% | ||
Basis points added to interest under LIBOR rate loans (as a percent) | 3.50% | ||
Letter of Credit [Member] | Intercompany Credit Agreement [Member] | GenOn Mid-Atlantic [Member] | NRG Energy [Member] | |||
Related Party Transaction [Line Items] | |||
Amount of letters of credit transferred to intercompany credit agreement | $ 131 | ||
Annual [Domain] | |||
Related Party Transaction [Line Items] | |||
Annual fees under services agreement | $ 193 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Emissions and Marsh - Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Adjustments to Additional Paid in Capital, Other | $ 48 | ||
Property, Plant and Equipment, Net | $ 2,831 | $ 3,045 | |
Assets | 5,446 | 5,914 | |
Liabilities | 5,174 | 5,513 | |
GenOn Americas Generation, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Property, Plant and Equipment, Net | 1,116 | 1,110 | |
Assets | 3,542 | 3,432 | |
Liabilities | 2,610 | 2,616 | |
GenOn Americas Generation, LLC [Member] | GenOn Energy Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Interest Income, Related Party | 0 | 0 | 0 |
Notes Receivable, Related Parties, Current | 331 | 331 | |
Due to Affiliate, Current | 41 | 0 | |
Due from Affiliate, Current | 0 | 118 | |
GenOn Mid-Atlantic, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Property, Plant and Equipment, Net | 925 | 958 | |
Assets | 1,967 | 1,850 | |
Liabilities | 869 | 856 | |
GenOn Mid-Atlantic, LLC [Member] | GenOn Energy Management [Member] | |||
Related Party Transaction [Line Items] | |||
Utilized Emissions Allowances | $ 27 | $ 19 | $ 17 |
Commitments and Contingencies81
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 14, 2012USD ($) | ||
Other Commitments [Abstract] | |||||
Other Commitment, Due in Next Twelve Months | $ 2 | ||||
Other Commitment, Due in Second Year | 3 | ||||
Other Commitment, Due in Third Year | 3 | ||||
Other Commitment, Due in Fourth Year | 3 | ||||
Other Commitment, Due in Fifth Year | 3 | ||||
Thereafter | 50 | ||||
Total | 64 | ||||
GenOn Mid-Atlantic, LLC [Member] | |||||
Operating leases [Abstract] | |||||
Acquisition date fair value of leasehold improvements | $ 382 | ||||
Other Commitments [Abstract] | |||||
Other Commitment, Due in Next Twelve Months | 2 | ||||
Other Commitment, Due in Second Year | 3 | ||||
Other Commitment, Due in Third Year | 3 | ||||
Other Commitment, Due in Fourth Year | 3 | ||||
Other Commitment, Due in Fifth Year | 3 | ||||
Thereafter | 50 | ||||
Total | 64 | ||||
Off-market Lease, Unfavorable | 604 | ||||
GenOn Americas Generation, LLC [Member] | |||||
Other Commitments [Abstract] | |||||
Other Commitment, Due in Next Twelve Months | 2 | ||||
Other Commitment, Due in Second Year | 3 | ||||
Other Commitment, Due in Third Year | 3 | ||||
Other Commitment, Due in Fourth Year | 3 | ||||
Other Commitment, Due in Fifth Year | 3 | ||||
Thereafter | 50 | ||||
Total | 64 | ||||
Rema [Member] | |||||
Future Minimum Lease Commitments | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 61 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 63 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 55 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 65 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 56 | ||||
Thereafter | 278 | ||||
Total | $ 578 | ||||
GenOn Mid-Atlantic, LLC [Member] | |||||
Operating leases [Abstract] | |||||
Maximum Percentage of Economic Useful Life if Option to Extend Leases is Exercised under Operating Lease Arrangements | 75.00% | ||||
Rent Expense | $ 43 | $ 43 | $ 41 | ||
Lease Payments in Excess of Rent Expense Recognized | 196 | 157 | |||
Lease Payments in Excess of Rent Expense Recognized Included in Prepaid Expenses | 71 | 71 | |||
Future Minimum Lease Commitments | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 150 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 144 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 105 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 139 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 105 | ||||
Thereafter | 442 | ||||
Total | 1,085 | ||||
Other Commitments [Abstract] | |||||
Off-market Lease, Unfavorable | 28 | ||||
Other property subject to operating lease [Member] | |||||
Operating leases [Abstract] | |||||
Rent Expense | 15 | 12 | 17 | ||
Future Minimum Lease Commitments | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | [1] | 16 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | [1] | 14 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | [1] | 11 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | [1] | 3 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | [1] | 1 | |||
Thereafter | [1] | 14 | |||
Total | [1] | 59 | |||
Operating Leases, Rent Expense, Sublease Rentals | 13 | ||||
Other property subject to operating lease [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Operating leases [Abstract] | |||||
Rent Expense | 1 | 0 | 0 | ||
Future Minimum Lease Commitments | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 0 | ||||
Thereafter | 0 | ||||
Total | 8 | ||||
Other property subject to operating lease [Member] | GenOn Americas Generation, LLC [Member] | |||||
Operating leases [Abstract] | |||||
Rent Expense | 1 | 0 | 0 | ||
Future Minimum Lease Commitments | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 3 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 2 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 1 | ||||
Thereafter | 0 | ||||
Total | 10 | ||||
Keystone Conemaugh [Member] | Rema [Member] | |||||
Operating leases [Abstract] | |||||
Rent Expense | 29 | 29 | 28 | ||
Lease Payments in Excess of Rent Expense Recognized | 61 | 41 | |||
Lease Payments in Excess of Rent Expense Recognized Included in Prepaid Expenses | $ 41 | 41 | |||
Acquisition date fair value of leasehold improvements | 66 | ||||
Term of Agreements to Operate | 5 years | ||||
Term of Notice Required to Terminate Lease With Conditions | 1 year | ||||
Fee Received from Owners | $ 11 | $ 11 | $ 11 | ||
Other Commitments [Abstract] | |||||
Off-market Lease, Unfavorable | $ 11 | $ 186 | |||
Conemaugh [Member] | Rema [Member] | |||||
Operating leases [Abstract] | |||||
Percentage Interest in Baseload Units Under Operating Lease Arrangements | 16.67% | ||||
Keystone [Member] | Rema [Member] | |||||
Operating leases [Abstract] | |||||
Percentage Interest in Baseload Units Under Operating Lease Arrangements | 16.45% | ||||
Shawville [Member] | Rema [Member] | |||||
Operating leases [Abstract] | |||||
Percentage Interest in Baseload Units Under Operating Lease Arrangements | 100.00% | ||||
Dickerson and Morgantown [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Operating leases [Abstract] | |||||
Percentage Interest in Baseload Units Under Operating Lease Arrangements | 100.00% | ||||
Fuel and Commodity Transportation Commitments [Member] | |||||
Long-term Purchase Commitment [Abstract] | |||||
Maximum remaining term under individual fuel supply contract | 3 years | ||||
Maximum remaining term under individual transportation contract | 8 years | ||||
Minimum purchase commitments [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 139 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 88 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 73 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 1 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 1 | ||||
Thereafter | 3 | ||||
Total | 305 | ||||
Fuel and Commodity Transportation Commitments [Member] | GenOn Mid-Atlantic, LLC [Member] | |||||
Minimum purchase commitments [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 55 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 13 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 13 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 | ||||
Thereafter | 0 | ||||
Total | 81 | ||||
Fuel and Commodity Transportation Commitments [Member] | GenOn Americas Generation, LLC [Member] | |||||
Minimum purchase commitments [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 55 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 13 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 13 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 | ||||
Thereafter | 0 | ||||
Total | 81 | ||||
Long-term Service Agreements [Member] | |||||
Minimum purchase commitments [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 30 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 13 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 12 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 26 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 14 | ||||
Thereafter | 209 | ||||
Total | $ 304 | ||||
Shawville [Member] | Generating Facilities Deactivated [Member] | |||||
Commitments [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | [2] | 597 | |||
[1] | Amounts in the table exclude future sublease income of $13 million associated with GenOn’s long-term lease for its corporate headquarters in Houston, Texas. | ||||
[2] | GenOn expects to return these units to service no later than the fall of 2016 using natural gas. |
Commitments and Contingencies82
Commitments and Contingencies (Details 2) - USD ($) | 1 Months Ended | |||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 14, 2012 | Dec. 02, 2010 | |
GenOn Energy Holdings [Member] | Chapter Eleven Proceedings [Member] | ||||
Chapter Eleven Proceedings [Abstract] | ||||
Common stock shares reserved for unresolved claims | 461,000 | |||
MDE v. GenOn Chalk Point and GenOn Mid-Atlantic [Member] | GenOn Mid-Atlantic, LLC [Member] | Environmental Matters [Member] | ||||
Contingency [Line Items] | ||||
Minimum Civil Penalties which May be Assessed | $ 100,000 | |||
Mirant RRI Energy Merger [Member] | GenOn Energy Holdings [Member] | Chapter Eleven Proceedings [Member] | ||||
Chapter Eleven Proceedings [Abstract] | ||||
Common stock capital shares reserved converted into parent co. common | 1,300,000 | |||
NRG Merger [Member] | GenOn Energy Holdings [Member] | Chapter Eleven Proceedings [Member] | ||||
Chapter Eleven Proceedings [Abstract] | ||||
Common stock shares reserved for unresolved claims | 159,000 |
Regulatory Matters Regulatory M
Regulatory Matters Regulatory Matters (Details) (Details) $ in Millions | Dec. 20, 2013USD ($) |
Genon [Member] | |
Regulatory Matters [Line Items] | |
Regulatory payments sought | $ 22 |
Environmental Matters (Details)
Environmental Matters (Details) $ in Millions | Dec. 31, 2015USD ($) |
Site Contingency [Line Items] | |
Estimated environmental capital expenditures over the next decade | $ 68 |
GenOn Americas Generation, LLC [Member] | |
Site Contingency [Line Items] | |
Estimated environmental capital expenditures over the next decade | 12 |
GenOn Mid-Atlantic, LLC [Member] | |
Site Contingency [Line Items] | |
Estimated environmental capital expenditures over the next decade | $ 9 |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | $ 350 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 46 | |
Guarantee | 396 | $ 376 |
Letters Of Credit And Surety Bonds [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 350 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 0 | |
Guarantee | 350 | 319 |
Guarantee Type, Other [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 0 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 46 | |
Guarantee | 46 | 57 |
Surety Bond [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Guarantee | 72 | |
GenOn Americas Generation, LLC [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 229 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 0 | |
Guarantee | 229 | 180 |
GenOn Americas Generation, LLC [Member] | Letters Of Credit And Surety Bonds [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Guarantee | 229 | |
GenOn Americas Generation, LLC [Member] | Surety Bond [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 229 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 0 | |
Guarantee | 2 | $ 180 |
NRG Energy [Member] | Letter of Credit [Member] | Intercompany Credit Agreement [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Amount of letters of credit transferred to intercompany credit agreement | 278 | |
NRG Energy [Member] | GenOn Americas Generation [Member] | Letter of Credit [Member] | Intercompany Credit Agreement [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Amount of letters of credit transferred to intercompany credit agreement | 131 | |
NRG Energy [Member] | GenOn Americas Generation, LLC [Member] | Letter of Credit [Member] | Intercompany Credit Agreement [Member] | ||
Maximum exposure for guarantees [Abstract] | ||
Amount of letters of credit transferred to intercompany credit agreement | $ 227 |
Schedule I Condensed Financia86
Schedule I Condensed Financial Information of Parent Company Only Disclosure Schedule I Condensed Financial Information of Parent Company Only Disclosure (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Operating Income/(Loss) | $ 13 | $ 376 | $ 163 |
Other Income (Expense), net: | |||
Other income/(expense), net | 6 | 1 | 1 |
Gains (Losses) on Extinguishment of Debt | 65 | 0 | (11) |
Total other income (expense), net | (131) | (178) | (211) |
Income/(Loss) Before Income Taxes | (118) | 198 | (48) |
Income tax expense/(benefit) | (3) | 6 | (6) |
Net Income/(Loss) | (115) | 192 | (42) |
GenOn Energy, Inc. Parent Company [Member] | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Operating Income/(Loss) | 0 | 0 | 0 |
Other Income (Expense), net: | |||
Other income/(expense), net | 85 | 84 | 74 |
Gains (Losses) on Extinguishment of Debt | 23 | 0 | 0 |
Interest expense | 128 | 129 | 140 |
Total other income (expense), net | (118) | 197 | (49) |
Income/(Loss) Before Income Taxes | (118) | 197 | (49) |
Income tax expense/(benefit) | (3) | 0 | (6) |
Net Income/(Loss) | (115) | 197 | (43) |
GenOn Americas Generation, LLC Parent Company [Member] | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Operating Income/(Loss) | 0 | 0 | 0 |
Other Income (Expense), net: | |||
Other income/(expense), net | 42 | 0 | 0 |
Interest expense | (64) | (66) | (64) |
Total other income (expense), net | 116 | 305 | 59 |
Income/(Loss) Before Income Taxes | 116 | 305 | 59 |
Income tax expense/(benefit) | 0 | 0 | 0 |
Net Income/(Loss) | 116 | 305 | 59 |
Affiliated Entity [Member] | |||
Other Income (Expense), net: | |||
Interest expense | (11) | (12) | (12) |
Affiliated Entity [Member] | GenOn Energy, Inc. Parent Company [Member] | |||
Other Income (Expense), net: | |||
Equity in earnings of consolidated subsidiaries | (98) | 242 | 17 |
Affiliated Entity [Member] | GenOn Americas Generation, LLC Parent Company [Member] | |||
Other Income (Expense), net: | |||
Equity in earnings of consolidated subsidiaries | $ 138 | $ 371 | $ 123 |
Schedule I Condensed Financia87
Schedule I Condensed Financial Information of Parent Company Only Disclosure (Details 2) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Guarantee | $ 396 | $ 376 | ||
Current Assets: | ||||
Cash and Cash Equivalents, at Carrying Value | 665 | 920 | $ 760 | $ 825 |
Accounts Receivable, Net, Current | 97 | 120 | ||
Total current assets | 2,028 | 2,391 | ||
Noncurrent Assets: | ||||
Other Assets, Noncurrent | 253 | 201 | ||
Assets, Noncurrent | 587 | 478 | ||
Total Assets | 5,446 | 5,914 | ||
Current Liabilities: | ||||
Other Accrued Liabilities, Current | 56 | 67 | ||
Total current liabilities | 916 | 868 | ||
Noncurrent Liabilities: | ||||
Long-term debt, net of current portion | 2,762 | 3,120 | ||
Other non-current liabilities | 285 | 277 | ||
Total non-current liabilities | 4,258 | 4,645 | ||
Liabilities | 5,174 | 5,513 | ||
Stockholders' Equity: | ||||
Common stock, par value $.001 per share, authorized 2.0 billion shares, issued 771,692,734 shares and 770,857,530 shares at December 31, 2011 and 2010, respectively | 0 | 0 | ||
Additional paid-in capital | 325 | 325 | ||
Accumulated deficit | (37) | 78 | ||
Accumulated other comprehensive income | (16) | (2) | ||
Total Liabilities and Stockholders' Equity | $ 5,446 | $ 5,914 | ||
Condensed Balance Sheets (Parenthetical) | ||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 1 | 1 | ||
Common stock, shares issued (in shares) | 1 | 1 | ||
Affiliated Entity [Member] | ||||
Current Liabilities: | ||||
Accounts Payable, Current | $ 71 | $ 14 | ||
Non-affiliated Entity [Member] | ||||
Current Liabilities: | ||||
Accounts Payable, Current | 112 | 135 | ||
GenOn Energy, Inc. Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Guarantee | 46 | |||
Current Assets: | ||||
Cash and Cash Equivalents, at Carrying Value | 226 | 490 | 621 | 530 |
Other Assets, Current | 254 | 214 | ||
Total current assets | 780 | 1,090 | ||
Noncurrent Assets: | ||||
Assets, Noncurrent | 1,481 | 1,501 | ||
Total Assets | 2,261 | 2,591 | ||
Current Liabilities: | ||||
Taxes payable | 1 | 1 | ||
Other Accrued Liabilities, Current | 31 | 39 | ||
Total current liabilities | 32 | 40 | ||
Noncurrent Liabilities: | ||||
Long-term debt, net of current portion | 1,956 | 2,148 | ||
Other non-current liabilities | 1 | 2 | ||
Total non-current liabilities | 1,957 | 2,150 | ||
Liabilities | 1,989 | 2,190 | ||
Stockholders' Equity: | ||||
Common stock, par value $.001 per share, authorized 2.0 billion shares, issued 771,692,734 shares and 770,857,530 shares at December 31, 2011 and 2010, respectively | 0 | 0 | ||
Additional paid-in capital | 325 | 325 | ||
Accumulated deficit | (37) | 78 | ||
Accumulated other comprehensive income | (16) | (2) | ||
Stockholders' Equity Attributable to Parent | 272 | 401 | ||
Total Liabilities and Stockholders' Equity | $ 2,261 | $ 2,591 | ||
Condensed Balance Sheets (Parenthetical) | ||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 1 | 2,000,000,000 | ||
Common stock, shares issued (in shares) | 1 | 771,692,734 | ||
GenOn Energy, Inc. Parent Company [Member] | Affiliated Entity [Member] | ||||
Current Assets: | ||||
Notes receivable | $ 300 | $ 386 | ||
Noncurrent Assets: | ||||
Investments in affiliates | 456 | 476 | ||
Notes receivables | 1,025 | 1,025 | ||
GenOn Americas Generation, LLC Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Guarantee | 0 | |||
Current Assets: | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | $ 0 | $ 0 |
Accounts Receivable, Net, Current | 0 | 2 | ||
Total current assets | 0 | 2 | ||
Noncurrent Assets: | ||||
Assets, Noncurrent | 1,907 | 1,770 | ||
Total Assets | 1,907 | 1,772 | ||
Current Liabilities: | ||||
Other Accrued Liabilities, Current | 13 | 16 | ||
Total current liabilities | 223 | 27 | ||
Noncurrent Liabilities: | ||||
Long-term debt, net of current portion | 752 | 929 | ||
Total non-current liabilities | 752 | 929 | ||
Liabilities | 975 | 956 | ||
Member's Equity: (Abstract) [Abstract] | ||||
Members' interest | 932 | 816 | ||
Total member's equity | 932 | 816 | ||
Total Liabilities and Member's Equity | 1,907 | 1,772 | ||
GenOn Americas Generation, LLC Parent Company [Member] | Affiliated Entity [Member] | ||||
Noncurrent Assets: | ||||
Investments in affiliates | 1,907 | 1,770 | ||
Current Liabilities: | ||||
Accounts Payable, Current | 199 | 0 | ||
Note payable — affiliate | $ 11 | $ 11 |
Schedule I Condensed Financia88
Schedule I Condensed Financial Information of Parent Company Only Disclosure (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 4 | ||
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | 241 | $ 237 | $ 532 |
Cash Flows from Investing Activities: | |||
Proceeds from Sale of Equity Method Investments | 0 | 35 | 0 |
Net cash provided by (used in) investing activities | (259) | (76) | (129) |
Cash Flows from Financing Activities: | |||
Net cash provided by (used in) financing activities | (237) | (1) | (468) |
Net Increase (Decrease) in Cash and Cash Equivalents | (255) | 160 | (65) |
Cash and Cash Equivalents at Beginning of Period | 920 | 760 | 825 |
Cash and Cash Equivalents at End of Period | 665 | 920 | 760 |
Supplemental Disclosures: | |||
Cash paid for interest, net of amounts capitalized | 248 | 240 | 259 |
Cash paid for income taxes (net of refunds received) | 4 | 3 | (75) |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 696 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 653 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 494 | ||
GenOn Energy, Inc. Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | ||
Long-term Debt | 1,830 | ||
Cash Dividends Paid to Parent Company | 0 | 0 | 0 |
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | (159) | (165) | 491 |
Cash Flows from Investing Activities: | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 0 | 175 |
Net cash provided by (used in) investing activities | 0 | 35 | 175 |
Cash Flows from Financing Activities: | |||
Repayments of Debt | 105 | 1 | 575 |
Net cash provided by (used in) financing activities | (105) | (1) | (575) |
Net Increase (Decrease) in Cash and Cash Equivalents | (264) | (131) | 91 |
Cash and Cash Equivalents at Beginning of Period | 490 | 621 | 530 |
Cash and Cash Equivalents at End of Period | 226 | 490 | 621 |
Supplemental Disclosures: | |||
Cash paid for interest, net of amounts capitalized | 176 | 240 | 138 |
Cash paid for income taxes (net of refunds received) | 0 | 0 | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 692 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 649 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 489 | ||
GenOn Americas Generation, LLC Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long-term Debt | 695 | ||
Cash Dividends Paid to Parent Company | 0 | 320 | 285 |
Cash Flows from Operating Activities: | |||
Net cash provided by operating activities | 128 | 197 | 217 |
Cash Flows from Investing Activities: | |||
Interest Paid, Capitalized | 2 | 1 | 2 |
Capital Contributions | 0 | (50) | 0 |
Net cash provided by (used in) investing activities | (2) | 49 | (2) |
Cash Flows from Financing Activities: | |||
Repayments of Debt | 126 | 0 | 0 |
Net cash provided by (used in) financing activities | (126) | (246) | (215) |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 | 0 |
Supplemental Disclosures: | |||
Cash paid for interest, net of amounts capitalized | 76 | 74 | 73 |
GenOn Americas Generation, LLC Parent Company [Member] | Affiliated Entity [Member] | |||
Cash Flows from Financing Activities: | |||
Capital contributions | 0 | (74) | (70) |
Distributions to members | $ 0 | $ (320) | $ (285) |
Schedule I Condensed Financia89
Schedule I Condensed Financial Information of Parent Company Only Disclosure (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notes to Parent Company financial statements [Abstract] | |||
Guarantee | $ 396 | $ 376 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 653 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4 | ||
Thereafter | 732 | ||
GenOn Americas Generation, LLC Parent Company [Member] | |||
Notes to Parent Company financial statements [Abstract] | |||
Cash Dividends Paid to Parent Company | 0 | $ 320 | $ 285 |
Guarantee | 0 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Thereafter | 695 | ||
Long-term Debt | $ 695 |
SCHEDULE II. VALUATION AND QU90
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Credit reserve for derivative contract assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | [1] | $ 0 | $ (1) | $ (4) |
Charged to Costs and Expenses | [1] | 0 | 0 | 0 |
Charged to Other Accounts | [1] | 0 | 0 | 0 |
Deductions | [1] | 1 | 1 | 3 |
Balance at End of Period | [1] | (1) | 0 | (1) |
Income tax valuation allowance, deducted from deferred tax assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | (2,779) | (2,672) | (2,324) | |
Charged to Costs and Expenses | 16 | 0 | 0 | |
Charged to Other Accounts | 0 | 107 | 348 | |
Deductions | 331 | 0 | 0 | |
Balance at End of Period | (2,464) | (2,779) | (2,672) | |
GenOn Americas Generation, LLC [Member] | Credit reserve for derivative contract assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | [2] | 0 | (1) | (4) |
Charged to Costs and Expenses | [2] | 0 | 0 | 0 |
Charged to Other Accounts | [2] | 0 | 0 | 0 |
Deductions | [2] | 0 | 1 | 3 |
Balance at End of Period | [2] | 0 | 0 | (1) |
GenOn Mid-Atlantic, LLC [Member] | Credit reserve for derivative contract assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | [3] | (2) | (3) | (4) |
Charged to Costs and Expenses | [3] | 0 | 0 | 0 |
Charged to Other Accounts | [3] | 0 | 0 | 0 |
Deductions | [3] | (2) | 1 | 1 |
Balance at End of Period | [3] | $ (4) | $ (2) | $ (3) |
[1] | Provision for uncollectible accounts represents credit reserves for derivative contract assets. | |||
[2] | Provision for uncollectible accounts represents credit reserves for derivative contract assets. | |||
[3] | Provision for uncollectible accounts represents credit reserves for derivative contract assets. |