Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
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, 2017 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2,017 | |
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 | ||
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 | ||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues | |||
Total operating revenues | $ 1,589 | $ 1,862 | $ 2,371 |
Operating Costs and Expenses | |||
Depreciation and amortization | 168 | 195 | 215 |
Impairment losses | 274 | 214 | 170 |
Total operating costs and expenses | 1,784 | 1,896 | 2,358 |
Gain/(loss) on sale of assets | 0 | 294 | 0 |
Operating (Loss)/Income | (195) | 260 | 13 |
Other Income/(Expense) | |||
Other income, net | 11 | 8 | 6 |
Gain on debt extinguishment | 0 | 0 | 65 |
Other expense | (18) | 0 | 0 |
Total other expense | (104) | (168) | (131) |
(Loss)/Income Before Reorganization Items and Income Taxes | (299) | 92 | (118) |
Reorganization items, net | 11 | 0 | 0 |
(Loss)/Income Before Income Taxes | (288) | 92 | (118) |
Income tax expense/(benefit) | 7 | 11 | (3) |
Net (Loss)/Income | (295) | 81 | (115) |
Non-affiliated Entity | |||
Operating Revenues | |||
Total operating revenues | 1,525 | 1,851 | 2,365 |
Operating Costs and Expenses | |||
Cost of operations | 878 | 1,066 | 1,537 |
General and administrative | 37 | 23 | 10 |
Other Income/(Expense) | |||
Interest expense | (86) | (165) | (191) |
Affiliated Entity | |||
Operating Revenues | |||
Total operating revenues | 64 | 11 | 6 |
Operating Costs and Expenses | |||
Cost of operations | 297 | 213 | 242 |
General and administrative | 130 | 185 | 184 |
Other Income/(Expense) | |||
Interest expense | (11) | (11) | (11) |
GenOn Americas Generation, LLC | |||
Operating Revenues | |||
Total operating revenues | 1,415 | 1,686 | 2,265 |
Operating Costs and Expenses | |||
Depreciation and amortization | 71 | 78 | 74 |
Impairment losses | 220 | 20 | 8 |
Total operating costs and expenses | 1,620 | 1,586 | 2,123 |
Gain/(loss) on sale of assets | 0 | 77 | 0 |
Operating (Loss)/Income | (205) | 177 | 142 |
Other Income/(Expense) | |||
Other income, net | 3 | 2 | 2 |
Gain on debt extinguishment | 0 | 0 | 42 |
Total other expense | (23) | (56) | (26) |
(Loss)/Income Before Reorganization Items and Income Taxes | (228) | 121 | 116 |
Reorganization items, net | 41 | 0 | 0 |
(Loss)/Income Before Income Taxes | (187) | 121 | 116 |
Income tax expense/(benefit) | 0 | 0 | 0 |
Net (Loss)/Income | (187) | 121 | 116 |
GenOn Americas Generation, LLC | Non-affiliated Entity | |||
Operating Revenues | |||
Total operating revenues | 1,314 | 1,684 | 2,176 |
Operating Costs and Expenses | |||
Cost of operations | 468 | 608 | 840 |
General and administrative | 10 | 0 | 0 |
Other Income/(Expense) | |||
Interest expense | (24) | (51) | (64) |
GenOn Americas Generation, LLC | Affiliated Entity | |||
Operating Revenues | |||
Total operating revenues | 101 | 2 | 89 |
Operating Costs and Expenses | |||
Cost of operations | 783 | 790 | 1,120 |
General and administrative | 68 | 90 | 81 |
Other Income/(Expense) | |||
Interest expense | (2) | (7) | (6) |
GenOn Mid-Atlantic, LLC | |||
Operating Revenues | |||
Total operating revenues | 459 | 712 | 856 |
Operating Costs and Expenses | |||
Depreciation and amortization | 61 | 60 | 65 |
Impairment losses | 220 | 0 | 0 |
Total operating costs and expenses | 728 | 657 | 748 |
Operating (Loss)/Income | (269) | 55 | 108 |
Other Income/(Expense) | |||
Other income, net | 2 | 2 | 0 |
Total other expense | 0 | (3) | (4) |
(Loss)/Income Before Income Taxes | (269) | 52 | 104 |
Income tax expense/(benefit) | 0 | 0 | 0 |
Net (Loss)/Income | (269) | 52 | 104 |
GenOn Mid-Atlantic, LLC | Non-affiliated Entity | |||
Operating Revenues | |||
Total operating revenues | 1 | 1 | 11 |
Operating Costs and Expenses | |||
Cost of operations | 356 | 522 | 506 |
General and administrative | 10 | 0 | 0 |
Other Income/(Expense) | |||
Interest expense | (1) | (1) | (1) |
GenOn Mid-Atlantic, LLC | Affiliated Entity | |||
Operating Revenues | |||
Total operating revenues | 458 | 711 | 845 |
Operating Costs and Expenses | |||
Cost of operations | 27 | 4 | 119 |
General and administrative | 54 | 71 | 58 |
Other Income/(Expense) | |||
Interest expense | $ (1) | $ (4) | $ (3) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net (Loss)/Income | $ (295) | $ 81 | $ (115) |
Other Comprehensive Income/(Loss), net of reclassifications, net of tax | |||
Defined benefit plans | 17 | (13) | (14) |
Other Comprehensive Income/(Loss) | 17 | (13) | (14) |
Comprehensive (Loss)/Income | $ (278) | $ 68 | $ (129) |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income/(Loss), Tax | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 837 | $ 1,034 |
Restricted cash | 1 | 0 |
Accounts receivable | 122 | 109 |
Inventory | 338 | 389 |
Cash collateral posted in support of energy risk management activities | 89 | |
Prepaid rent and other current assets | 152 | 128 |
Total current assets | 1,554 | 1,900 |
Property, plant and equipment, net | ||
Property, plant and equipment, net | 2,217 | 2,543 |
Other Assets | ||
Intangible assets, net | 23 | 62 |
Long-term deposits | 130 | 0 |
Prepaid rent — non-current | 341 | 245 |
Other non-current assets | 135 | 94 |
Total other assets | 633 | 417 |
Total Assets | 4,404 | 4,860 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 1 | 704 |
Accrued payroll | 42 | 49 |
Accrued taxes | 24 | 44 |
Accrued expenses and other current liabilities | 67 | 98 |
Total current liabilities | 429 | 1,191 |
Liabilities Subject to Compromise | 2,840 | 0 |
Other Liabilities | ||
Long-term debt and capital leases | 39 | 2,050 |
Postretirement and other benefit obligations | 33 | 188 |
Out-of-market contracts | 734 | 811 |
Other non-current liabilities | 251 | 263 |
Total non-current liabilities | 1,060 | 3,329 |
Total Liabilities | 4,329 | 4,520 |
Commitments and Contingencies | ||
Stockholder's Equity | ||
Common stock: $0.001 par value, 1 share authorized and issued at December 31, 2017 and 2016 | 0 | 0 |
Additional paid-in capital | 338 | 325 |
(Accumulated deficit)/retained earnings | (251) | 44 |
Accumulated other comprehensive loss | (12) | (29) |
Total Stockholder's Equity | 75 | 340 |
Member’s Equity | ||
Total Liabilities and Stockholder's Equity | 4,404 | 4,860 |
Non-affiliated Entity | ||
Current Assets | ||
Derivative instruments | 14 | 54 |
Cash collateral posted in support of energy risk management activities | 57 | 53 |
Other Assets | ||
Derivative instruments | 3 | 16 |
Current Liabilities | ||
Accounts payable | 105 | 113 |
Derivative instruments | 22 | 46 |
Other Liabilities | ||
Derivative instruments | 0 | 10 |
Affiliated Entity | ||
Current Assets | ||
Derivative instruments | 1 | 54 |
Cash collateral posted in support of energy risk management activities | 32 | 79 |
Other Assets | ||
Derivative instruments | 1 | 0 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 125 | 0 |
Accounts payable | 36 | 78 |
Derivative instruments | 7 | 59 |
Other Liabilities | ||
Derivative instruments | 3 | 7 |
GenOn Americas Generation, LLC | ||
Current Assets | ||
Cash and cash equivalents | 175 | 471 |
Accounts receivable | 107 | 85 |
Inventory | 211 | 245 |
Cash collateral posted in support of energy risk management activities | 86 | |
Prepaid rent and other current assets | 87 | 77 |
Total current assets | 1,027 | 1,503 |
Property, plant and equipment, net | ||
Property, plant and equipment, net | 829 | 1,088 |
Other Assets | ||
Intangible assets, net | 23 | 62 |
Long-term deposits | 130 | 0 |
Prepaid rent — non-current | 277 | 204 |
Other non-current assets | 28 | 11 |
Total other assets | 466 | 311 |
Total Assets | 2,322 | 2,902 |
Current Liabilities | ||
Accrued expenses and other current liabilities | 43 | 94 |
Total current liabilities | 139 | 456 |
Liabilities Subject to Compromise | 721 | 0 |
Other Liabilities | ||
Long-term debt and capital leases | 0 | 745 |
Out-of-market contracts | 464 | 492 |
Other non-current liabilities | 125 | 124 |
Total non-current liabilities | 596 | 1,393 |
Total Liabilities | 1,456 | 1,849 |
Commitments and Contingencies | ||
Member’s Equity | ||
Member’s Equity | 866 | 1,053 |
Total Liabilities and Member’s Equity | 2,322 | 2,902 |
GenOn Americas Generation, LLC | Non-affiliated Entity | ||
Current Assets | ||
Derivative instruments | 14 | 54 |
Cash collateral posted in support of energy risk management activities | 54 | 51 |
Other Assets | ||
Derivative instruments | 3 | 16 |
Current Liabilities | ||
Accounts payable | 46 | 61 |
Derivative instruments | 22 | 46 |
Other Liabilities | ||
Derivative instruments | 0 | 10 |
GenOn Americas Generation, LLC | Affiliated Entity | ||
Current Assets | ||
Note receivable — affiliate | 318 | 315 |
Derivative instruments | 29 | 126 |
Cash collateral posted in support of energy risk management activities | 32 | 79 |
Other Assets | ||
Derivative instruments | 5 | 18 |
Current Liabilities | ||
Accounts payable | 3 | 116 |
Derivative instruments | 25 | 139 |
Other Liabilities | ||
Derivative instruments | 7 | 22 |
GenOn Mid-Atlantic, LLC | ||
Current Assets | ||
Cash and cash equivalents | 175 | 471 |
Accounts receivable | 1 | 8 |
Inventory | 123 | 135 |
Cash collateral posted in support of energy risk management activities | 0 | |
Prepaid rent and other current assets | 78 | 73 |
Total current assets | 381 | 731 |
Property, plant and equipment, net | ||
Property, plant and equipment, net | 676 | 926 |
Other Assets | ||
Intangible assets, net | 10 | 10 |
Long-term deposits | 130 | 0 |
Prepaid rent — non-current | 278 | 204 |
Total other assets | 418 | 218 |
Total Assets | 1,475 | 1,875 |
Current Liabilities | ||
Accrued taxes | 13 | 32 |
Accrued environmental liabilities | 8 | 32 |
Accrued expenses and other current liabilities | 12 | 5 |
Total current liabilities | 65 | 172 |
Other Liabilities | ||
Out-of-market contracts | 464 | 492 |
Other non-current liabilities | 65 | 59 |
Total non-current liabilities | 529 | 553 |
Total Liabilities | 594 | 725 |
Commitments and Contingencies | ||
Member’s Equity | ||
Member’s Equity | 881 | 1,150 |
Total Liabilities and Member’s Equity | 1,475 | 1,875 |
GenOn Mid-Atlantic, LLC | Non-affiliated Entity | ||
Current Liabilities | ||
Accounts payable | 21 | 30 |
GenOn Mid-Atlantic, LLC | Affiliated Entity | ||
Current Assets | ||
Derivative instruments | 4 | 44 |
Other Assets | ||
Derivative instruments | 0 | 4 |
Current Liabilities | ||
Accounts payable | 2 | 29 |
Derivative instruments | 9 | 44 |
Other Liabilities | ||
Derivative instruments | $ 0 | $ 2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | |||
Net (Loss)/Income | $ (295) | $ 81 | $ (115) |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Depreciation and amortization | 168 | 195 | 215 |
Amortization of debt premiums | (24) | (52) | (58) |
Gain on debt extinguishment | 0 | 0 | (65) |
Loss on financing arrangement for 2022 Notes | 18 | 0 | 0 |
Non-cash adjustment to write-off unamortized debt premiums | (107) | 0 | 0 |
Amortization of out-of-market contracts and emission allowances | (78) | (76) | (70) |
Amortization of unearned equity compensation | 0 | 0 | 2 |
Gain on sale of assets | 0 | (294) | 0 |
Impairment losses | 274 | 214 | 170 |
Changes in derivative instruments | 15 | 136 | 180 |
Changes in collateral deposits supporting energy risk management activities | 43 | (135) | (13) |
Proceeds from sale of emission allowances | 0 | 36 | 0 |
Lower of cost or market inventory adjustments | 26 | 0 | 19 |
Cash (used)/provided by changes in other working capital: | |||
Accounts receivable | (13) | (5) | 23 |
Inventory | 13 | 63 | 33 |
Prepayments and other current assets | (7) | 5 | 29 |
Accrued expenses and other current liabilities | 22 | (4) | 20 |
Other assets and liabilities | (59) | (150) | (94) |
Net Cash Provided by Operating Activities | 1 | 26 | 238 |
Cash Flows from Investing Activities | |||
Capital expenditures | (80) | (268) | (254) |
Proceeds from sale of assets, net | 0 | 563 | 0 |
Payment for purchase option | (15) | 0 | 0 |
Other | 0 | 2 | (5) |
Net Cash (Used)/Provided by Investing Activities | (95) | 297 | (259) |
Cash Flows from Financing Activities | |||
Payment for credit support | (130) | 0 | 0 |
Payments for financing costs | (94) | 0 | 0 |
Proceeds from draw on intercompany secured revolving credit facility | 125 | 0 | 0 |
Proceeds from bond redemptions | 0 | 0 | 43 |
Payments for current and long-term debt | (3) | (5) | (280) |
Net Cash Used by Financing Activities | (102) | (5) | (237) |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | (196) | 318 | (258) |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 1,034 | 716 | 974 |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | 838 | 1,034 | 716 |
Cash and Cash Equivalents and Funds Deposited by Counterparties at Beginning of Period | 1,034 | ||
Cash and Cash Equivalents and Funds Deposited by Counterparties at End of Period | 837 | 1,034 | |
Supplemental Disclosures | |||
Interest paid, net of amount capitalized | 90 | 216 | 248 |
Income taxes (received)/paid, net | (2) | 13 | 4 |
Additions to fixed assets for accrued capital expenditures | 28 | 40 | 20 |
GenOn Americas Generation, LLC | |||
Cash Flows from Operating Activities | |||
Net (Loss)/Income | (187) | 121 | 116 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Depreciation and amortization | 71 | 78 | 74 |
Amortization of debt premiums | (3) | (7) | (9) |
Gain on debt extinguishment | 0 | 0 | (42) |
Non-cash adjustment to write-off unamortized debt premiums | (47) | 0 | 0 |
Amortization of out-of-market contracts and emission allowances | (28) | (27) | (27) |
Gain on sale of assets | 0 | (77) | 0 |
Impairment losses | 220 | 20 | 8 |
Changes in derivative instruments | 0 | 180 | 122 |
Changes in collateral deposits supporting energy risk management activities | 44 | (142) | (13) |
Lower of cost or market inventory adjustments | 20 | 0 | 17 |
Cash (used)/provided by changes in other working capital: | |||
Accounts receivable | (22) | 1 | 20 |
Inventory | 10 | 41 | 12 |
Prepayments and other current assets | (10) | 7 | 6 |
Accrued expenses and other current liabilities | (36) | (4) | 11 |
Other assets and liabilities | 99 | (69) | (36) |
Net Cash Provided by Operating Activities | 12 | 137 | 345 |
Cash Flows from Investing Activities | |||
Capital expenditures | (34) | (55) | (74) |
Proceeds from sale of assets, net | 0 | 76 | 0 |
Net Cash (Used)/Provided by Investing Activities | (37) | 37 | (74) |
Cash Flows from Financing Activities | |||
Payment for amounts due to GenOn Energy, Inc. | (125) | 0 | 0 |
Payment for credit support | (130) | 0 | 0 |
Payments for financing costs | (16) | 0 | 0 |
Proceeds from bond redemptions | 0 | 0 | 29 |
Payments for current and long-term debt | 0 | 0 | (160) |
Net Cash Used by Financing Activities | (271) | 0 | (131) |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | (296) | 174 | 140 |
Cash and Cash Equivalents and Funds Deposited by Counterparties at Beginning of Period | 471 | 297 | 157 |
Cash and Cash Equivalents and Funds Deposited by Counterparties at End of Period | 175 | 471 | 297 |
Supplemental Disclosures | |||
Interest paid, net of amount capitalized | 29 | 58 | 76 |
Additions to fixed assets for accrued capital expenditures | (5) | 6 | 7 |
GenOn Mid-Atlantic, LLC | |||
Cash Flows from Operating Activities | |||
Net (Loss)/Income | (269) | 52 | 104 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Depreciation and amortization | 61 | 60 | 65 |
Amortization of out-of-market contracts and emission allowances | (28) | (28) | (27) |
Impairment losses | 220 | 0 | 0 |
Changes in derivative instruments | 7 | 155 | 75 |
Lower of cost or market inventory adjustments | 4 | 0 | 6 |
Cash (used)/provided by changes in other working capital: | |||
Accounts receivable | 7 | (6) | 8 |
Inventory | 4 | 37 | (12) |
Prepayments and other current assets | (5) | 6 | 2 |
Accrued expenses and other current liabilities | (36) | (6) | 22 |
Other assets and liabilities | 58 | (73) | (51) |
Net Cash Provided by Operating Activities | (8) | 221 | 186 |
Cash Flows from Investing Activities | |||
Capital expenditures | (32) | (49) | (39) |
Net Cash (Used)/Provided by Investing Activities | (32) | (49) | (39) |
Cash Flows from Financing Activities | |||
Payment for amounts due to GenOn Energy, Inc. | (125) | 0 | 0 |
Payment for credit support | (130) | 0 | 0 |
Payments for financing costs | (1) | 0 | 0 |
Payments for current and long-term debt | 0 | 0 | (5) |
Net Cash Used by Financing Activities | (256) | 0 | (5) |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | (296) | 172 | 142 |
Cash and Cash Equivalents and Funds Deposited by Counterparties at Beginning of Period | 471 | 299 | 157 |
Cash and Cash Equivalents and Funds Deposited by Counterparties at End of Period | 175 | 471 | 299 |
Supplemental Disclosures | |||
Additions to fixed assets for accrued capital expenditures | (5) | 5 | (6) |
Non-affiliated Entity | GenOn Americas Generation, LLC | |||
Cash (used)/provided by changes in other working capital: | |||
Accounts payable | (6) | 8 | 0 |
Non-affiliated Entity | GenOn Mid-Atlantic, LLC | |||
Cash (used)/provided by changes in other working capital: | |||
Accounts payable | (4) | 3 | 0 |
Affiliated Entity | |||
Cash (used)/provided by changes in other working capital: | |||
Accounts payable | 5 | 12 | (38) |
Affiliated Entity | GenOn Americas Generation, LLC | |||
Cash (used)/provided by changes in other working capital: | |||
Accounts payable | (113) | 7 | 86 |
Cash Flows from Investing Activities | |||
(Increase)/decrease in note receivable - affiliate | (3) | 16 | 0 |
Affiliated Entity | GenOn Mid-Atlantic, LLC | |||
Cash (used)/provided by changes in other working capital: | |||
Accounts payable | $ (27) | $ 21 | $ (6) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY / MEMBER'S EQUITY - USD ($) $ in Millions | Total | GenOn Americas Generation, LLC | GenOn Mid-Atlantic, LLC | Common Stock | Additional Paid-In Capital | (Accumulated Deficit) / Retained Earnings | Accumulated Other Comprehensive Loss |
Balance - Stockholder's Equity at Dec. 31, 2014 | $ 401 | $ 0 | $ 325 | $ 78 | $ (2) | ||
Balance - Member's Equity at Dec. 31, 2014 | $ 816 | $ 994 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss)/Income | (115) | 116 | 104 | (115) | |||
Other comprehensive loss | (14) | (14) | |||||
Balance - Stockholder's Equity at Dec. 31, 2015 | 272 | 0 | 325 | (37) | (16) | ||
Balance - Member's Equity at Dec. 31, 2015 | 932 | 1,098 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss)/Income | 81 | 121 | 52 | 81 | |||
Other comprehensive loss | (13) | (13) | |||||
Balance - Stockholder's Equity at Dec. 31, 2016 | 340 | 0 | 325 | 44 | (29) | ||
Balance - Member's Equity at Dec. 31, 2016 | 1,053 | 1,150 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss)/Income | (295) | (187) | (269) | (295) | |||
Other comprehensive loss | 17 | 17 | |||||
Contributions from NRG | 13 | 13 | |||||
Balance - Stockholder's Equity at Dec. 31, 2017 | $ 75 | $ 0 | $ 338 | $ (251) | $ (12) | ||
Balance - Member's Equity at Dec. 31, 2017 | $ 866 | $ 881 |
Nature of Business (GenOn, GenO
Nature of Business (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Nature of Business Disclosure [Abstract] | |
Nature of Business (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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 15,394 MW of net electric generating capacity located in the U.S. GenOn Americas Generation is a wholesale power generator with approximately 6,878 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 15,394 MW of net electric generating capacity of GenOn. GenOn Mid-Atlantic operates and owns or leases 4,605 MW of net electric generating capacity in Maryland, near Washington, D.C. GenOn Mid-Atlantic’s electric generating capacity is part of the 6,878 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, excluding any intermediary subsidiaries, as of December 31, 2017 : GenOn's generation facilities consist of baseload, intermediate and peaking power generation facilities. The following table summarizes the generation portfolio by Registrant as of December 31, 2017 : (In MW) Generation Type GenOn GenOn Americas Generation GenOn Mid-Atlantic Natural gas 9,348 3,011 1,864 Coal 4,199 2,433 2,433 Oil 1,847 1,434 308 Total generation capacity 15,394 6,878 4,605 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. Chapter 11 Cases As further described in Note 3 , Chapter 11 Cases , on June 14, 2017, GenOn, along with GenOn Americas Generation and certain of their directly and indirectly-owned subsidiaries, or collectively the GenOn Entities, filed voluntary petitions for relief under Chapter 11, or the Chapter 11 Cases, of the United States Bankruptcy Code, or the Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. GenOn Mid-Atlantic, as well as its consolidated subsidiaries, REMA and certain other subsidiaries, did not file for relief under Chapter 11. The GenOn Entities remain in possession of their property and continue their business operations in the ordinary course uninterrupted as "debtors-in-possession" under jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The consolidated financial statements for GenOn and GenOn Americas Generation were prepared in accordance with Accounting Standards Codification (ASC) 852, Reorganizations , for debtors-in-possession. On June 29, 2017, the GenOn Entities filed a Joint Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (as may be amended, modified or supplemented from time to time), or the Plan, and a related Disclosure Statement, or the Disclosure Statement, with the Bankruptcy Court consistent with the restructuring support and lock-up agreement, or Restructuring Support Agreement, by and among the GenOn Entities, NRG, certain holders representing greater than 93% in aggregate principal amount of GenOn’s Senior Notes and certain holders representing greater than 93% in aggregate principal amount of GenOn Americas Generation’s Senior Notes, as further described in Note 3 , Chapter 11 Cases . On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan, and effective December 12, 2017, GenOn and NRG entered into agreements concerning (i) timeline and transition, (ii) cooperation and co-development matters, (iii) post-employment and retiree health and welfare benefits and pension benefits, (iv) tax matters, and (v) intercompany balances and releases, consistent with the Restructuring Support Agreement, which among other things, provide for the transition of GenOn to a standalone enterprise, the resolution of substantial intercompany claims between GenOn and NRG, and the allocation of certain costs and liabilities between GenOn and NRG. On December 12, 2017, the Bankruptcy Court also entered an order giving effect to the Consent Agreement. Liquidity and Ability to Continue as a Going Concern The accompanying consolidated financial statements have been prepared assuming the Registrants will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Registrants be unable to continue as a going concern. Such adjustments could have a material adverse impact on the Registrants' results of operations, cash flows and financial position. As described above and in Note 3 , Chapter 11 Cases , the GenOn Entities submitted the Plan in connection with the Chapter 11 Cases and the Bankruptcy Court entered an order confirming the Plan. There is no assurance that all conditions precedent to the effectiveness of the Plan will be satisfied. GenOn's and GenOn Americas Generation’s ability to continue as a going concern is dependent on many factors, including the consummation of the Plan in a timely manner and GenOn's and GenOn Americas Generation's ability to achieve profitability following emergence from bankruptcy. Given the uncertainty as to the outcome of these factors, there is substantial doubt about GenOn's and GenOn Americas Generation's ability to continue as a going concern. With respect to GenOn Mid-Atlantic, a consolidated subsidiary of GenOn, management has determined that while it has sufficient cash on hand to fund current obligations including operating lease payments due under the GenOn Mid-Atlantic operating leases as of December 31, 2017 , the potential significant adverse impact of financial stresses at GenOn Mid-Atlantic's parent companies and, to a lesser extent, any adverse impact resulting from the notification by GenOn Mid-Atlantic's owner lessors alleging the existence of certain lease events of default as further described in Note 10 , Debt and Capital Leases , has caused there to be substantial doubt about GenOn Mid-Atlantic's ability to continue as a going concern. |
Chapter 11 Cases (GenOn and Gen
Chapter 11 Cases (GenOn and GenOn Americas Generation) | 12 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
Chapter 11 Cases (GenOn and GenOn Americas Generation) | Chapter 11 Cases (GenOn and GenOn Americas Generation) Chapter 11 Cases On June 14, 2017, or the Petition Date, the GenOn Entities filed the Chapter 11 Cases. GenOn Mid-Atlantic, as well as its consolidated subsidiaries, REMA, and certain other subsidiaries, did not file for relief under Chapter 11. The GenOn Entities remain in possession of their property and continue their business operations in the ordinary course uninterrupted as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On June 29, 2017, the GenOn Entities filed the Plan and the Disclosure Statement with the Bankruptcy Court consistent with the Restructuring Support Agreement. On September 18, 2017 and October 2, 2017, the GenOn Entities filed amendments to the Plan and Disclosure Statement, which primarily provided the GenOn Entities with the flexibility to complete sales of certain assets pursuant to the Plan, as amended, and removed the GenOn Entities' requirement to conduct a rights offering in connection with the GenOn Entities' exit financing. On or about October 6, 2017, the Debtors commenced solicitation of the Plan. On October 31, 2017, the GenOn Entities announced that they entered into a Consent Agreement with certain holders of GenOn’s Senior Notes and GenOn Americas Generation's Senior Notes, collectively, the Consenting Holders, whereby the GenOn Entities and the Consenting Holders agreed to extend the milestones in the Restructuring Support Agreement, by which the Plan must become effective, or the Effective Date. Specifically, the Consent Agreement extends the Effective Date milestone to June 30, 2018 or September 30, 2018, if regulatory approvals are still pending, or the Extended Effective Dates. On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan, and effective December 12, 2017, GenOn and NRG entered into agreements concerning (i) timeline and transition, (ii) cooperation and co-development matters, (iii) post-employment and retiree health and welfare benefits and pension benefits, (iv) tax matters, and (v) intercompany balances and releases, consistent with the Restructuring Support Agreement, which among other things, provide for the transition of GenOn to a standalone enterprise, the resolution of substantial intercompany claims between GenOn and NRG, and the allocation of certain costs and liabilities between GenOn and NRG. On December 12, 2017, the Bankruptcy Court also entered an order giving effect to the Consent Agreement. GenMA Settlement The Bankruptcy Court order confirming the Plan also approved the settlement terms agreed to among the GenOn Entities, NRG, the Consenting Holders, GenOn Mid-Atlantic, and certain of GenOn Mid-Atlantic’s stakeholders, or the GenMA Settlement, and directed the settlement parties to cooperate in good faith to negotiate definitive documentation consistent with the GenMA Settlement term sheet in order to pursue consummation of the GenMA Settlement. The GenMA Settlement remains subject to definitive documentation. Certain terms of the compromise as reached by the GenMA Settlement parties are as follows, as qualified by the full settlement framework on file with the Bankruptcy Court: • settlement of all pending litigation and objections to the Plan (including with respect to releases and feasibility); • GenOn will provide a $55.0 million one -year 15% senior secured bridge facility; • cash redemption or purchase of certain outstanding lessor notes/pass-through certificates, funded by (i) GenOn Mid-Atlantic cash on hand; (ii) proceeds from a J.P. Morgan letter of credit draw; (iii) the $55.0 million bridge facility provided by GenOn; (iv) a $20.0 million cash contribution by GenOn; and (v) proceeds from the Natixis letter of credit facility; • the option to defer certain equity rent and shared services to support GenOn Mid-Atlantic’s liquidity; • GenOn and NRG will provide $57.5 million of new qualifying credit support to GenOn Mid-Atlantic, consisting of: • $20.0 million cash contribution by GenOn; and • $37.5 million in letters of credit from NRG. • GenOn will retain $125.0 million from the pre-petition transfer from GenOn Mid-Atlantic and all proceeds of NRG’s settlement payment of approximately $261.3 million to GenOn to fully settle the disputes existing between such parties and their respective affiliates (subject to setoff of approximately $125.0 million in NRG claims against GenOn under the parties’ Intercompany Revolver); • Debt and lien covenants will permit a secured working capital facility in an amount not to exceed $75.0 million , which GenOn Mid-Atlantic will use commercially reasonable efforts to obtain; and • GenOn Mid-Atlantic will have one independent director appointed by the Owner Lessor Plaintiffs (as defined in the Plan). The terms of the GenMA Settlement are subject to further negotiations between the parties and the consummation of the GenMA Settlement on any terms is subject to certain conditions and may not be consummated on the terms as currently contemplated or at all. To the extent the GenMA Settlement is not consummated, GenOn Mid-Atlantic will retain the right to opt out of the releases given to each other releasing party prior to the Effective Date. Restructuring Support Agreement Prior to filing the Chapter 11 Cases, the GenOn Entities entered into the Restructuring Support Agreement on June 12, 2017 that provides for a restructuring and recapitalization of the GenOn Entities through a prearranged plan of reorganization. Certain principal terms of the Restructuring Support Agreement were documented in various support agreements, including a transition services agreement, entered into by GenOn and NRG and approved by the Bankruptcy Court pursuant to an order of confirmation, and are detailed below: 1) The dismissal of litigation and full releases from GenOn and GenOn Americas Generation in favor of NRG upon the earlier of the consummation of the GenOn Entities' plan of reorganization or the Settlement Agreement; a condition precedent to the consummation of the Settlement Agreement is a full release or indemnification in favor of NRG from any claims of GenOn Mid-Atlantic and REMA. 2) GenOn will receive cash consideration from NRG of $261.3 million pursuant to a settlement executed in connection with the Plan, which will be received in cash less any amounts owed to NRG under the intercompany secured revolving credit facility, or the Intercompany Revolver. As of December 31, 2017 , GenOn owed NRG approximately $125 million under the Intercompany Revolver. See Note 14 , Related Party Transactions , for further discussion of the Intercompany Revolver. 3) NRG will consent to the cancellation of its interests in the equity of GenOn and be entitled to a worthless stock deduction, as further described in the tax matters agreement. The equity interests in the reorganized GenOn will be issued to the holders of the GenOn Senior Notes along with a cash payment from NRG equal to approximately $75 million , which is included in the $261.3 million mentioned above, and, subject to certain eligibility restrictions, rights to participate pro rata in a new secured notes offering, as further described below. 4) NRG will retain the pension liability, including payment of approximately $13 million of 2017 pension contributions, for GenOn employees for service provided prior to the completion of the reorganization, which was paid in September 2017 and was reflected as a capital contribution to GenOn. NRG will also pay (or reimburse to GenOn) the 2018 pension contributions for GenOn employees. GenOn’s pension liability as of December 31, 2017 was approximately $92 million . NRG will also retain the liability for GenOn’s post-employment and retiree health and welfare benefits, in an amount up to $25 million . 5) The shared services agreement between GenOn and NRG was terminated and replaced as of the plan confirmation date with a transition services agreement at an annualized rate of $84 million , subject to certain credits and adjustments. See Note 14 , Related Party Transactions , for further discussion of the Services Agreement. 6) GenOn will receive a credit of approximately $28 million from NRG to apply against amounts owed under the transition services agreement. Any unused amount can be paid in cash at GenOn's request. The credit is specifically equal to the amount of the 4% aggregate principal amount of the new senior secured first lien notes due 2022, or the 2022 Notes, plus accrued interest from the date of entry into the escrow agreement entered into in connection with the 2022 Notes and is intended to reimburse GenOn for its payment of such amount, as described below. 7) NRG agreed to provide GenOn with a letter of credit facility during the pendency of the Chapter 11 Cases, which could be utilized for required letters of credit in lieu of the Intercompany Revolver. GenOn can no longer utilize the Intercompany Revolver and, on July 27, 2017, the letter of credit facility was terminated, as GenOn had obtained a separate letter of credit facility with a third party financial institution. See Note 14 , Related Party Transactions , for further discussion of the Intercompany Revolver and the letter of credit facility and Note 10 , Debt and Capital Leases , for the letter of credit facility obtained in July 2017. 8) Certain holders of the Senior Notes, known as the Backstop Parties, have executed a letter of commitment, or the Backstop Commitment Letter, pursuant to which the Backstop Parties committed to backstop the exit financing obtained by GenOn to facilitate the payment of the obligations under the Plan and other working capital needs of the GenOn Entities upon their emergence from Chapter 11. The Backstop Commitment Letter expired in accordance with its terms on November 17, 2017. 9) GenOn and NRG have agreed to cooperate in good faith to maximize the value of certain development projects. Pursuant to this, GenOn made a one-time payment in the amount of $15 million to NRG in December 2017 as compensation for a purchase option with respect to the Canal 3 project. In addition to the Restructuring Support Agreement, GenOn entered into additional support and other agreements including a transition services agreement, a cooperation agreement and a tax matters agreement, which were approved by the Bankruptcy Court pursuant to an order of confirmation. The filing of the Chapter 11 Cases automatically stayed most actions against the GenOn Entities pursuant to Section 362(a) of the Bankruptcy Code. Absent an order from the Bankruptcy Court, the GenOn Entities' pre-petition liabilities are subject to discharge under the Plan. The GenOn Entities have filed certain motions with the Bankruptcy Court that have been approved in connection with the confirmation of the Plan. The GenOn Entities expect to operate in the normal course of business throughout the reorganization process. The GenOn Entities have continued to make payments to certain vendors with respect to pre-petition liabilities as permitted by the Bankruptcy Court order, and vendors have been paid for goods and services provided after the Petition Date in the ordinary course of business. GenOn Debt As of December 31, 2017 , the Intercompany Revolver, GenOn Senior Notes, and GenOn Americas Generation Senior Notes totaled approximately $2.6 billion . The filing of the Chapter 11 Cases constitutes an event of default under the following debt instruments, or collectively, the Debt Documents: 1) The Intercompany Revolver with NRG; 2) The indenture governing the GenOn 7.875% Senior Notes due 2017 (as amended or supplemented from time to time); 3) The indenture governing the GenOn 9.500% Notes due 2018 (as amended or supplemented from time to time); 4) The indenture governing the GenOn 9.875% Notes due 2020 (as amended or supplemented from time to time); 5) The indenture governing the GenOn Americas Generation 8.50% Senior Notes due 2021 (as amended or supplemented from time to time); and 6) The indenture governing the GenOn Americas Generation 9.125% Senior Notes due 2031 (as amended or supplemented from time to time). The Debt Documents set forth in 1-4 above provide that as a result of the commencement of the Chapter 11 Cases the principal and accrued interest due thereunder was immediately due and payable. The Debt Documents set forth in 5-6 above provide that as a result of the commencement of the Chapter 11 Cases the applicable indenture trustee or certain holders of the notes may declare the principal and accrued interest due thereunder to be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Documents were automatically stayed as a result of the commencement of the Chapter 11 Cases, and the holders’ rights of enforcement in respect of the Debt Documents are subject to the applicable provisions of the Bankruptcy Code. The Chapter 11 Cases could also potentially give rise to counterparty rights and remedies under other documents. For further discussion, see Note 10 , Debt and Capital Leases and Note 15 , Commitments and Contingencies . On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan granting an allowed claim plus certain accrued interest, or the GAG Administrative Claim, estimated to be $663 million , to the holders of the GenOn Americas Generation Senior Notes, due 2021 and GenOn Americas Generation Senior Notes, due 2031. On February 1, 2018, pursuant to the confirmation of the Plan, the GenOn Entities elected to make a partial payment in respect of the GAG Administrative Claim, in the amount of $300 million , consisting of $158 million and $142 million to be applied to the outstanding balance of the GenOn Americas Generation Senior Notes due 2021 and 2031, respectively. 2022 Notes On May 8, 2017, a remote special purpose limited liability company issued $550 million in principal amount of notes that bore interest at a rate of 10.5% with a maturity date of June 1, 2022. The proceeds were deposited into a separate and independently maintained escrow account along with 4% of the principal amount and accrued interest from May 8, 2017 through June 15, 2017 totaling $28 million . If certain conditions were satisfied, GenOn was expected to merge with the remote special purpose limited liability company and assume the obligation for the 2022 Notes, which were to be secured by certain of GenOn’s and its subsidiaries' assets. Based on the terms of the underlying transaction documents governing the 2022 Notes, on June 14, 2017, when GenOn filed the Chapter 11 Cases, the funds held in the escrow account were released to the holders of the 2022 Notes, which were simultaneously redeemed. In connection with the escrow release, GenOn expensed $18 million in fees incurred in connection with the 2022 Notes offering in other expense. These fees, along with the $28 million that will be reimbursed by NRG, as further described in Note 14 , Related Party Transactions , for total of $46 million , are reflected as financing costs in the statement of cash flows. Backstop Fee The Restructuring Support Agreement also contemplates $900 million in aggregate principal amount of exit financing sought by GenOn primarily to refinance existing indebtedness and pay distributions under the Plan. Consistent with the terms of the Backstop Commitment Letter, GenOn paid $45 million in total ( 5% of the principal amount of the exit financing), or the Backstop Fee, to certain holders of notes issued by GenOn and GenOn Americas Generation, or the Backstop Parties, in exchange for the Backstop Parties’ joint commitment to fully subscribe the exit financing in the event that certain other parties do not fund the full commitments of the exit financing. On October 2, 2017, the GenOn Entities amended the backstop commitment letter to, among other things, remove the requirement to conduct a rights offering. The Backstop Commitment Letter expired in accordance with its terms on November 17, 2017. The Backstop Fee was considered earned by the Backstop Parties and was paid on June 13, 2017. This payment is effectively a discount (a reduction of the proceeds to be received by GenOn from the noteholders) and is reported in other non-current assets on GenOn’s consolidated balance sheet as of December 31, 2017 . When the financing is in effect, it will be reported as a direct reduction from the carrying amount of the debt and amortized over the five -year term as interest expense. The Backstop Fee is reflected as financing costs in the statement of cash flows. Accounting for Reorganization As a result of the Chapter 11 Cases, realization of assets and satisfaction of liabilities are subject to a significant number of uncertainties. The consolidated financial statements for GenOn and GenOn Americas Generation were prepared in accordance with Accounting Standards Codification (ASC) 852, Reorganizations , for debtors-in-possession. Liabilities Subject to Compromise GenOn's and GenOn Americas Generation's condensed consolidated balance sheets as of December 31, 2017 include amounts classified as liabilities subject to compromise which include prepetition liabilities that were allowed or that are estimated would be allowed as claims in its Chapter 11 proceedings. If there is uncertainty about whether a claim will be impaired under the Plan, the entire amount of the claim is included in liabilities subject to compromise. The following table summarizes the components of liabilities subject to compromise included on the condensed consolidated balance sheets of GenOn and GenOn Americas Generation: As of December 31, 2017 GenOn GenOn Americas Generation (In millions) Accounts payable and accrued expenses $ 41 $ 9 Long-term debt, including current portion 2,615 695 Accrued interest 56 10 Pension and postretirement liabilities 117 — Other 11 7 $ 2,840 $ 721 Interest Expense GenOn and GenOn Americas Generation will not pay interest expense during bankruptcy and it is not expected to be an allowable claim. Therefore, GenOn and GenOn Americas Generation did not record interest on the GenOn Senior Notes or the GenOn Americas Generation Senior Notes in the amount of $90 million and $33 million , respectively, for the period from June 14, 2017 through December 31, 2017 . Reorganization Items Reorganization items represent costs and income directly associated with the Chapter 11 proceedings. The below table represents the significant items in reorganization items for GenOn and GenOn Americas Generation: Year ended December 31, 2017 GenOn GenOn Americas Generation (In millions) Legal and other professional advisory fees $ (92 ) $ (2 ) Write-off of debt premiums and credit reserves 103 43 $ 11 $ 41 During the year ended December 31, 2017 , $58 million of cash payments were made by GenOn for reorganization items, of which $1 million were made by GenOn Americas Generation. Debtors' Financial Information (GenOn and GenOn Americas Generation) The financial information below represents the Debtor Entities condensed combined financial statements for the period from June 14, 2017 through December 31, 2017 . The following represent the entities included in the GenOn Entities, or the GenOn Energy, Inc. Debtors: GenOn Americas Generation, LLC 1 NRG Lovett LLC 1 GenOn Americas Procurement, Inc. NRG New York LLC 1 GenOn Asset Management, LLC NRG North America LLC 1 GenOn Capital Inc. NRG Northeast Generation, Inc. GenOn Energy Holdings, Inc. NRG Northeast Holdings, Inc. GenOn Energy Management, LLC 1 NRG Potrero LLC 1 GenOn Energy Services, LLC NRG Power Generation Assets LLC GenOn Energy, Inc. NRG Power Generation LLC GenOn Fund 2001 LLC NRG Power Midwest GP LLC GenOn Mid-Atlantic Development, LLC NRG Power Midwest LP GenOn Power Operating Services MidWest, Inc. NRG Sabine (Delaware), Inc. GenOn Special Procurement, Inc. 1 NRG Sabine (Texas), Inc. Hudson Valley Gas Corporation 1 NRG San Gabriel Power Generation LLC Mirant Asia-Pacific Ventures, LLC NRG Tank Farm LLC Mirant Intellectual Asset Management and Marketing, LLC NRG Wholesale Generation GP LLC Mirant International Investments, Inc. NRG Wholesale Generation LP Mirant New York Services, LLC NRG Willow Pass LLC Mirant Power Purchase, LLC Orion Power New York GP, Inc. Mirant Wrightsville Investments, Inc. Orion Power New York LP, LLC Mirant Wrightsville Management, Inc. Orion Power New York, L.P. MNA Finance Corp. 1 RRI Energy Broadband, Inc. NRG Americas, Inc. RRI Energy Channelview (Delaware) LLC NRG Bowline LLC 1 RRI Energy Channelview (Texas) LLC NRG California North LLC 1 RRI Energy Channelview LP NRG California South GP LLC RRI Energy Communications, Inc. NRG California South LP RRI Energy Services Channelview LLC NRG Canal LLC 1 RRI Energy Services Desert Basin, LLC NRG Delta LLC 1 RRI Energy Services, LLC NRG Florida GP, LLC RRI Energy Solutions East, LLC NRG Florida LP RRI Energy Trading Exchange, Inc. NRG Lovett Development I LLC 1 RRI Energy Ventures, Inc. 1 Represent the GenOn Americas Generation debtor entities, or the GenOn Americas Generation Debtors. Supplemental Condensed Combined Statement of Operations Period from June 14, 2017 through December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) Total operating revenues $ 967 $ 860 Total operating costs and expenses 853 818 Operating Income 114 42 Other Expense Total other expense 286 242 Loss Before Reorganization Items and Income Taxes (172 ) (200 ) Reorganization items, net 37 42 Loss Before Income Taxes (135 ) (158 ) Income tax expense — — Net Loss $ (135 ) $ (158 ) The condensed combined comprehensive income for GenOn Energy, Inc. Debtors and the GenOn Americas Generation Debtors is equal to the condensed combined net income for the period from June 14, 2017 through December 31, 2017. Supplemental Condensed Combined Balance Sheet As of December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) ASSETS Cash and cash equivalents $ 581 $ — Restricted cash 1 — Accounts receivable 113 106 Accounts receivable — affiliate 661 — Note receivable — affiliate — 318 Prepaid rent and other current assets 883 236 Total current assets 2,239 660 Property, plant and equipment, net 1,251 153 Investment in subsidiaries (570 ) 880 Note receivable — affiliate 544 — Other non-current assets 128 48 Total Assets $ 3,592 $ 1,741 LIABILITIES AND STOCKHOLDER'S EQUITY Current portion of long-term debt $ 1 $ — Current portion of long-term debt — affiliate 125 — Accounts payable 62 25 Accounts payable — affiliate — 1 Accrued expenses and other current liabilities 133 61 Total current liabilities 321 87 Liabilities Subject to Compromise 2,840 721 Long-term debt 38 — Other non-current liabilities 318 67 Total Liabilities 3,517 875 Stockholder's equity 75 866 Total Liabilities and Stockholder's Equity $ 3,592 $ 1,741 Supplemental Condensed Combined Statement of Cash Flows Period from June 14, 2017 through December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) Net cash provided by operating activities $ 129 $ 3 Net cash used by investing activities (27 ) (3 ) Net cash used by financing activities (4 ) — Net increase in cash, cash equivalents and restricted cash 98 — Cash, cash equivalents and restricted cash at beginning of period 484 — Cash, cash equivalents and restricted cash at end of period $ 582 $ — |
Summary of Significant Accounti
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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 GAAP. The ASC, established by the FASB, is the source of authoritative 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 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 and GenOn Americas Generation as a result of collateral posting obligations from GenOn's and GenOn Americas Generation's counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on GenOn's and GenOn Americas Generation's intentions, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, GenOn and GenOn Americas Generation 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 and GenOn Americas Generation 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 and GenOn Americas Generation'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 and GenOn Americas Generation's operating activities and are classified as an operating activity in GenOn's and GenOn Americas Generation'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. The Registrants remove these inventories as they are used in the production of electricity. 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. 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 indicated 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 consolidated 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 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 2 $ 13 $ 5 GenOn Americas Generation 2 3 2 GenOn Mid-Atlantic 2 3 1 When a project is available for operations, capitalized interest is 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, 2017 and 2016 , the Registrants' intangible assets are primarily 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 24 $ 48 $ 39 GenOn Americas Generation 21 45 32 GenOn Mid-Atlantic 17 39 27 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) 2018 $ 13 $ 13 $ — 2019 — — — 2020 — — — 2021 — — — 2022 — — — The following table presents the accumulated amortization included in intangible assets, net, for each of the Registrants as of December 31, 2017 and 2016 : Intangible assets Accumulated amortization December 31, 2017 December 31, 2016 (In millions) GenOn $ 70 $ 87 GenOn Americas Generation 69 87 GenOn Mid-Atlantic 33 29 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 77 $ 83 $ 79 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) 2018 $ 71 $ 28 $ 28 2019 68 28 28 2020 68 28 28 2021 65 28 28 2022 62 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. In arriving at this conclusion to utilize projections of future profit before tax in GenOn's estimate of future taxable income, including the potential impact of the Tax Act legislation, GenOn considered the profit before tax generated in recent years. While GenOn has not yet completed its assessment of the effects of the Tax Act, reasonable estimates for the impacts of the key items specified above could be determined and therefore, GenOn reported provisional amounts for these items. 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 NRG 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. The Registrants generated more than 10% of their respective consolidated revenues from the following customers for the years ended December 31, 2017 , and 2016 : 2017 2016 Customer GenOn (%) GenOn Americas Generation (%) GenOn Mid-Atlantic (%) GenOn GenOn Americas Generation GenOn Mid-Atlantic PJM 64% 26% 82% 51% 21% 50% JP Morgan (a) n/a n/a n/a 21% 19% 40% (a) Customer did not constitute more than 10% of the Registrants' respective consolidated revenues for the year ended December 31, 2017 . 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. 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 5 , 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 5 , 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 and Other Postretirement Benefits (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. 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 — Guidance Adopted in 2017 (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2017-12 — In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) , Targeted Improvements to Accounting for Hedging Activities, or ASU No. 2017-12. The amendments of ASU No. 2017-12 were issued to simplify the application of hedge accounting guidance and more closely align financial reporting for hedging relationships with economic results of an entity's risk management activities. The issues addressed by ASU No. 2017-12 include but are not limited to alignment of risk management activities and financial reporting, risk component hedging, accounting for the hedged item in fair value hedges of interest rate risk, recognition and presentation of the effects of hedging instruments, amounts excluded from the assessment of hedge effectiveness, and other simplifications of hedge accounting guidance. The Registrants adopted this standard during the fourth quarter of 2017, and the adoption of this standard did not have an impact on the Registrants' results of operations, cash flows, or financial position. ASU 2016-18 — In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) , Restricted Cash, or ASU No. 2016-18. The amendments of ASU No. 2016-18 require an entity to include amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. For GenOn and GenOn Americas Generation, this includes amounts classified as funds deposited by counterparties. The Registrants adopted the guidance in ASU No. 2016-18 during the second quarter of 2017. In connection with the adoption of the standard, the Registrants have applied the guidance retrospectively which resulted in a decrease of the cash flows provided by operating activities of $51 million and $3 million for the years ended December 31, 2016 and 2015, respectively, for both GenOn and GenOn Americas Generation. The adoption of ASU No. 2016-18 did not have an impact to GenOn Mid-Atlantic's statement of cash flows. ASU 2016-16 — In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) , Intra-Entity Transfers of Assets Other Than Inventory, or ASU No. 2016-16. The amendments of ASU No. 2016-16 were issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Previous GAAP prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which has resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and do not require new disclosure requirements. The Registrants adopted the standard effective January 1, 2017, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. ASU 2016-15 — In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) , Classification of Certain Cash Receipts and Cash Payments, or ASU No. 2016-15. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The Registrants adopted the standard effective January 1, 2017, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. 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 Registrants adopted the standard effective January 1, 2017, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. Recent Accounting Developments — Guidance Not Yet Adopted (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715) , Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The Registrants adopted the amendments of ASU No. 2017-07 effective January 1, 2018. The adoption will not have a material impact on the Registrants' results of operations, cash flows and statement of financial position. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Registrants will adopt the standard effective January 1, 2019 and expect to elect certain of the practical expedients permitted, including the expedient that permits the Registrants to retain its existing lease assessment and classification. The Registrants are currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Registrants are currently evaluating the impact the new guidance will have on their financial position and results of operations, the Registrants expect to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Registrants' review of its existing lease contracts and service contracts which may contain embedded leases. While this review is still in process, the Registrants believe the adoption of Topic 842 will have a material impact on their financial statements. The Registrants are continuing to monitor potential changes to Topic 842 that have been proposed by the FASB and will assess any necessary changes to the implementation process as the guidance is updated. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or Topic 606, which was further amended through various updates issued by the FASB thereafter. The amendments of Topic 606 completed the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. The guidance under Topic 606 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 a five step model to be applied by an entity in evaluating its contracts with customers. The Registrants have elected the practical expedient available under Topic 606 for measuring progress toward complete satisfaction of a performance obligation and for disclosure requirements of remaining performance obligations. The practical expedient allows an entity to recognize revenue in the amount to which the entity has the right to invoice such that the entity has a right to the consideration in an amount that corresponds directly with the value to the customer for performance completed to date by the entity. The Registrants adopted the standard on January 1, 2018 with no impact to the Registrants' financial statements upon adoption. |
Dispositions (GenOn and GenOn A
Dispositions (GenOn and GenOn Americas Generation) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Dispositions (GenOn and GenOn Americas Generation) | Dispositions (GenOn and GenOn Americas Generation) 2017 Dispositions Sale of Emission Allowances (GenOn and GenOn Americas Generation) During the first quarter of 2017, GenOn Energy Management, through its existing agreement with NRG Power Marketing, LLC, sold 1.3 million of certain emission credit allowances for proceeds of $18 million resulting in a gain on the sale of approximately $1 million . 2016 Dispositions Potrero Disposition (GenOn and GenOn Americas Generation) On September 26, 2016, NRG Potrero LLC, or Potrero, an indirect wholly owned subsidiary of GenOn Americas Generation, completed the sale of real property at the Potrero generation station located in San Francisco, CA to California Barrel Company, LLC for total consideration of $86 million comprised of $74 million of cash received, which is net of $8 million of closing costs and $4 million to be held in escrow in order to cover post closing obligations. The sale resulted in a gain of approximately $74 million recognized within GenOn Americas Generation's consolidated results of operations during the third quarter of 2016. In October 2016, in connection with the completion of the Potrero real property disposition, Potrero received $16 million from GenOn Energy Holdings for the settlement of a note receivable which reduced the outstanding note receivable — affiliate balance to $315 million as of December 31, 2016. Refer to Note 14 , Related Party Transactions — Intercompany Cash Management Program for further discussion of the note receivable — affiliate. Aurora Disposition (GenOn) On May 12, 2016, GenOn entered into an agreement with RA Generation, LLC to sell the Aurora generation station, or Aurora, for cash consideration of $365 million , subject to adjustments for working capital and the results of the PJM 2019/2020 Base Residual Auction. Aurora is an 878 MW natural gas facility located in Aurora, Illinois. On July 12, 2016, GenOn completed the sale of Aurora for cash proceeds of $369 million , including $4 million in adjustments primarily for the PJM base residual auction results and estimated working capital, which is subject to further adjustment. The sale resulted in a gain of approximately $188 million recognized within GenOn's consolidated results of operations during the third quarter of 2016. In connection with the sale, GenOn issued a guaranty to RA Generation, LLC for the payment of certain indemnified costs under the purchase agreement limited to $365 million , which is reduced to $183 million on January 1, 2018 and then to $91 million beginning January 1, 2019 and will terminate upon the third anniversary of the sale. Seward Disposition (GenOn) On November 24, 2015, GenOn entered into an agreement with Seward Generation, LLC and an affiliate of Robindale Energy Services, Inc. to sell 100% of its interest in the Seward generation station, 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. For further discussion on this impairment, refer to Note 9 — Impairments . On February 2, 2016, GenOn completed the sale of Seward and received gross cash proceeds of $75 million excluding $3 million of cash on hand transferred to the buyer. GenOn will also receive $5 million in deferred cash consideration in five $1 million annual installments, of which $1 million has been received as of December 31, 2017 , and $2.5 million in payments contingent upon certain environmental requirements being imposed by August 2017, which was collected in September 2017. In addition, Robindale committed to future inventory purchases from GenOn of $13 million through 2019. Shelby Disposition (GenOn) On November 9, 2015, GenOn entered into an agreement with an affiliate of Rockland Power Partners II, LP and Shelby County Energy Center, LLC to sell 100% of its interest in the Shelby generation station, for cash consideration of $46 million . Shelby owns a 352 MW natural gas-fired facility located in Illinois. On March 1, 2016, GenOn completed the sale of Shelby for cash proceeds of $46 million which resulted in a gain of $29 million recognized within GenOn's consolidated results of operations during the first quarter of 2016. In addition, GenOn retained $10 million related to future revenue rights as part of the agreement of which $8 million had been received as of December 31, 2016 and the remaining $2 million was collected in 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (GeOn, GenOn Americas Generations and GenOn Mied-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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 posted 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. As a result of the GenOn Entities filing for relief under Chapter 11, as further described in Note 3 , Chapter 11 Cases , GenOn's and GenOn Americas Generation's long-term debt, including current portion, are classified as liabilities subject to compromise as of December 31, 2017 . The estimated carrying values and fair values of GenOn and GenOn Americas Generation’s long-term debt, including current portion, are as follows: GenOn As of December 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Long-term debt, including current portion $ 39 $ 39 $ 2,752 $ 1,946 The fair value of long and short-term debt was estimated using reported market prices for instruments that are publicly traded and was classified as Level 2 within the fair value hierarchy. The fair value of non-publicly traded debt was based on the income approach valuation technique using current interest rates for similar instruments with equivalent credit quality and was classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2017 and 2016 : As of December 31, 2017 As of December 31, 2016 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ — $ 39 $ 1,850 $ 96 The carrying amount and fair value of the current portion of long-term debt — affiliate is $125 million as of December 31, 2017 , and is classified as Level 3 within the fair value hierarchy. GenOn Americas Generation As of December 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Long-term debt, including current portion $ — $ — $ 745 $ 570 The fair value of long and short-term debt was 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 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 and Rabbi Trust investments are carried at fair market value. GenOn The following tables present assets and liabilities (including amounts with affiliates) 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, 2017 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ — $ 17 $ 2 $ 19 Derivative liabilities: Commodity contracts $ — $ 29 $ 3 $ 32 Other assets (b) $ 8 $ — $ — $ 8 (a) There were no transfers during the year ended December 31, 2017 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, 2016 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ — $ 122 $ 2 $ 124 Derivative liabilities: Commodity contracts $ — $ 119 $ 3 $ 122 Other assets (b) $ 10 $ — $ — $ 10 (a) There were no transfers during the year ended December 31, 2016 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 table reconciles 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, 2017 and 2016 : For the Year Ended December 31, 2017 2016 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ (1 ) $ (12 ) Total gains (realized/unrealized) included in earnings — 11 Purchases — (1 ) Transfers out of Level 3 (b) — 1 Balance as of end of period $ (1 ) $ (1 ) 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 $ — $ (1 ) (a) Consists of derivatives assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of broker quotes and are valued as of the end of the reporting period. 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, 2017 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 47 $ 4 $ 51 Derivative liabilities: Commodity contracts $ 49 $ 5 $ 54 There were no assets or liabilities classified as Level 1 as of December 31, 2017 . There were no transfers between Levels 1 and 2 during the year ended December 31, 2017 . As of December 31, 2016 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 209 $ 5 $ 214 Derivative liabilities: Commodity contracts $ 212 $ 5 $ 217 There were no assets or liabilities classified as Level 1 as of December 31, 2016 . There were no transfers between Levels 1 and 2 during the year ended December 31, 2016 . The following table reconciles 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, 2017 and 2016 : For the Year Ended December 31, 2017 2016 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ — $ 1 Total losses (realized/unrealized) included in earnings (1 ) (1 ) Balance as of end of period $ (1 ) $ — (a) Consists of derivatives assets and liabilities, net. There were no gains or losses for the years ended December 31, 2017 and 2016 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, 2017 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 4 $ — $ 4 Derivative liabilities: Commodity contracts $ 8 $ 1 $ 9 There were no assets or liabilities classified as Level 1 as of December 31, 2017 . There were no transfers between Levels 1 and 2 during the year ended December 31, 2017 . As of December 31, 2016 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 47 $ 1 $ 48 Derivative liabilities: Commodity contracts $ 45 $ 1 $ 46 There were no assets or liabilities classified as Level 1 as of December 31, 2016 . There were no transfers between Levels 1 and 2 during the year ended December 31, 2016 . The following table reconciles 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, 2017 and 2016 : For the Year Ended December 31, 2017 2016 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ — $ 2 Total losses (realized/unrealized) included in earnings (1 ) (2 ) Balance as of end of period $ (1 ) $ — (a) Consists of derivatives assets and liabilities, net. There were no gains or losses for the years ended December 31, 2017 and 2016 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 represent contracts for which external sources or observable market quotes are not available for the whole term or for certain delivery months. These contracts are valued using various valuation techniques including but not limited to internal models that apply fundamental analysis of the market and extrapolation of observable market data with similar characteristics. As of December 31, 2017 , contracts valued with prices provided by models and other valuation techniques make up 11% of GenOn's derivative assets and 9% of GenOn's derivative liabilities, 8% of GenOn Americas Generation’s derivative assets and 9% of GenOn Americas Generation's derivative liabilities and 0% of GenOn Mid-Atlantic’s derivative assets and 11% of GenOn Mid-Atlantic's derivative liabilities. The Registrants' significant positions classified as Level 3 include 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, 2017 and 2016 : GenOn Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Coal Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per ton) $ 46 $ 49 $ 47 FTRs 1 3 Discounted Cash Flow Auction Prices (per MWh) (4 ) 2 — $ 2 $ 3 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 29 $ 59 $ 43 Coal Contracts — 1 Discounted Cash Flow Forward Market Price (per ton) 42 51 45 FTRs 1 2 Discounted Cash Flow Auction Prices (per MWh) (2 ) 3 — $ 2 $ 3 GenOn Americas Generation Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Coal Contracts $ 1 $ 1 Discounted Cash Flow Forward Market Price (per ton) $ 46 $ 49 $ 47 FTRs 3 4 Discounted Cash Flow Auction Prices (per MWh) (4 ) 2 — $ 4 $ 5 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 29 $ 59 $ 43 Coal Contracts 1 1 Discounted Cash Flow Forward Market Price (per ton) 42 51 45 FTRs 3 4 Discounted Cash Flow Auction Prices (per MWh) (2 ) 3 — $ 5 $ 5 GenOn Mid-Atlantic Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) FTRs $ — $ 1 Discounted Cash Flow Auction Prices (per MWh) $ — $ — $ — $ — $ 1 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 29 $ 59 $ 43 FTRs — 1 Discounted Cash Flow Auction Prices (per MWh) — 1 — $ 1 $ 1 The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2017 and 2016 : 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 credit/non-performance 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. 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' credit/(non-performance) reserves were as follows: As of December 31, 2017 2016 (In millions) GenOn $ — $ 1 GenOn Americas Generation — 1 There were no non-performance/credit reserves for GenOn Mid-Atlantic as of December 31, 2017 and 2016 . The fair values in each category reflect the level of forward prices and volatility factors as of December 31, 2017 , 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 posted 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, 2017 , GenOn recorded $89 million of cash collateral posted, which includes $32 million of collateral posted to NRG, and $57 million posted to other counterparties. As of December 31, 2017 , GenOn Americas Generation recorded $86 million of cash collateral posted, which includes $32 million of collateral posted to NRG, and $54 million of collateral posted to other counterparties. As of December 31, 2017 , GenOn Mid-Atlantic had no outstanding cash collateral posted 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, 2017 , counterparty credit exposure to a significant portion of GenOn’s counterparties was $35 million and GenOn held no collateral against those positions, resulting in a net exposure of $35 million . Approximately 77% of GenOn's exposure before collateral is expected to roll off by the end of 2019 . GenOn Americas Generation’s counterparty credit exposure to a significant portion of counterparties was $28 million and GenOn Americas Generation held no collateral against those positions, resulting in a net exposure of $28 million . Approximately 100% of GenOn Americas Generation’s exposure before collateral is expected to roll off by the end of 2019 . As of December 31, 2017 , GenOn Mid-Atlantic had no counterparty credit exposure. 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, 2017 , the exposure is shown net of collateral held and includes amounts net of receivables or payables. Net Exposure (a) (b) (% of Total) Category GenOn GenOn Americas Generation GenOn Mid-Atlantic Utilities, energy merchants, marketers and other 100 % 100 % — % Total 100 % 100 % — % Category Net Exposure (a) (b) (% of Total) GenOn GenOn Americas Generation GenOn Mid-Atlantic Investment grade 78 % 73 % — % Non-Investment grade/Non-Rated 22 % 27 % — % Total 100 % 100 % — % (a) Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. (b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. The Registrants have counterparty credit risk exposure to certain counterparties representing more than 10% of their respective total net exposure discussed above. The aggregate of such counterparties' exposure was $22 million , $21 million , and zero 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. RTOs and ISOs The Registrants participate in the organized markets of CAISO, ISO-NE, MISO, NYISO and PJM, known as RTO or ISOs. Trading in these markets is approved by FERC and includes credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to the Registrants' applicable share of the overall market and is excluded from the above exposure. Exchange Traded Transactions The Registrants enter into commodity transactions on registered exchanges, notably ICE and NYMEX. These clearinghouses act as the counterparty, and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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 (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) 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, 2017 , 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, 2017 , 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 2029; and • Coal transportation contracts through 2018. GenOn Americas Generation As of December 31, 2017 , 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, 2017 , 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 2026; and • Coal transportation contracts through 2018. GenOn Mid-Atlantic As of December 31, 2017 , 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 2019. • Forward and financial contracts for the purchase of fuel commodities relating to the forecasted usage of GenOn Mid-Atlantic’s generation assets through 2018. Also, as of December 31, 2017 , 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 (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) 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, 2017 and 2016 . 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 December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Commodity Units (In millions) (In millions) (In millions) Coal Short Ton 2 5 1 4 1 4 Natural Gas MMBtu 56 138 12 30 12 23 Power MWh (7 ) (35 ) (1 ) (12 ) (1 ) (11 ) The change in the coal, natural gas, and power positions was the result of 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, 2017 December 31, 2016 December 31, 2017 December 31, 2016 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges: Commodity contracts current $ 15 $ 108 $ 29 $ 105 Commodity contracts long-term 4 16 3 17 Total Derivatives Not Designated as Cash Flow Hedges $ 19 $ 124 $ 32 $ 122 GenOn Americas Generation Fair Value Derivative Assets Derivative Liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 43 $ 180 $ 47 $ 185 Commodity contracts long-term 8 34 7 32 Total Derivatives Not Designated as Cash Flow Hedges $ 51 $ 214 $ 54 $ 217 GenOn Mid-Atlantic Fair Value Derivative Assets Derivative Liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 4 $ 44 $ 9 $ 44 Commodity contracts long-term — 4 — 2 Total Derivatives Not Designated as Cash Flow Hedges $ 4 $ 48 $ 9 $ 46 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, 2017 (In millions) Commodity Contracts: Derivative assets $ 17 $ (11 ) $ — $ 6 Derivative assets- affiliate 2 (2 ) — — Derivative liabilities (22 ) 11 10 (1 ) Derivative liabilities- affiliate (10 ) 2 8 — Total derivative instruments $ (13 ) $ — $ 18 $ 5 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, 2016 (In millions) Commodity Contracts: Derivative assets $ 70 $ (39 ) $ — $ 31 Derivative assets- affiliate 54 (54 ) — — Derivative liabilities (56 ) 39 1 (16 ) Derivative liabilities- affiliate (66 ) 54 12 — Total derivative instruments $ 2 $ — $ 13 $ 15 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, 2017 (In millions) Commodity Contracts: Derivative assets $ 17 $ (11 ) $ — $ 6 Derivative assets- affiliate 34 (21 ) — 13 Derivative liabilities (22 ) 11 10 (1 ) Derivative liabilities- affiliate (32 ) 21 8 (3 ) Total derivative instruments $ (3 ) $ — $ 18 $ 15 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, 2016 (In millions) Commodity Contracts: Derivative assets $ 70 $ (39 ) $ — $ 31 Derivative assets- affiliate 144 (144 ) — — Derivative liabilities (56 ) 39 1 (16 ) Derivative liabilities- affiliate (161 ) 144 12 (5 ) Total derivative instruments $ (3 ) $ — $ 13 $ 10 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, 2017 (In millions) Commodity Contracts: Derivative assets- affiliate $ 4 $ (4 ) $ — $ — Derivative liabilities- affiliate (9 ) 4 — (5 ) Total derivative instruments $ (5 ) $ — $ — $ (5 ) 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, 2016 (In millions) Commodity Contracts: Derivative assets- affiliate $ 48 $ (46 ) $ — $ 2 Derivative liabilities- affiliate (46 ) 46 — — Total derivative instruments $ 2 $ — $ — $ 2 Impact of Derivative Instruments on the Statement of Operations (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) Unrealized gains and losses associated with changes in the fair value of derivative instruments are reflected in current period earnings. During 2017 and 2016 , the Registrants underwent a process of closing out and financially settling certain open positions with counterparties. The closure and financial settlements with these counterparties were necessary to manage the increases in collateral posting requirements following rating agency downgrades and reduce expected collateral costs associated with exchange cleared hedge transactions. The following tables summarize the pre-tax effects of economic hedges on the Registrants’ statements of operations. These amounts are included within operating revenues and cost of operations. GenOn Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (5 ) $ (165 ) $ (198 ) Net unrealized (losses)/gains on open positions related to economic hedges (6 ) 14 18 Total unrealized losses $ (11 ) $ (151 ) $ (180 ) Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Revenue from operations — energy commodities $ (31 ) $ (221 ) $ (112 ) Cost of operations 20 70 (68 ) Total impact to statement of operations $ (11 ) $ (151 ) $ (180 ) As discussed above, during the second quarter of 2017, GenOn realized $5 million due to the closure and financial settlement of all open positions with a GenOn counterparty for which $4 million and $1 million would have otherwise been realized during the remainder of 2017 and 2018, respectively. In July 2017, GenOn opened an exchange clearing account with a third party financial institution and posted $20 million of initial collateral. GenOn realized approximately $38 million due to the closure and financial settlement of all open positions with one of GenOn's counterparties during the second quarter of 2016, for which $18 million , $19 million and $1 million would have otherwise been realized during the remainder of 2016 and in 2017 and 2018, respectively. In addition, GenOn realized $98 million due to the closure and financial settlement of certain open positions with an additional counterparty during the third quarter of 2016, for which $82 million , $13 million and $3 million would have otherwise been realized in 2017, 2018, and 2019, respectively. GenOn has entered into additional transactions with NRG Power Marketing LLC and an external counterparty in order to economically re-hedge the positions settled with certain counterparties. GenOn Americas Generation Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains/(losses) on settled positions related to economic hedges $ 4 $ (184 ) $ (193 ) Net unrealized (losses)/gains on open positions related to economic hedges — (2 ) 70 Total unrealized gains/(losses) $ 4 $ (186 ) $ (123 ) Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Revenue from operations — energy commodities $ (14 ) $ (248 ) $ (66 ) Cost of operations 18 62 (57 ) Total impact to statement of operations $ 4 $ (186 ) $ (123 ) As discussed above, during the second quarter of 2017, GenOn Americas Generation realized $5 million due to the closure and financial settlement of all open positions with a GenOn Americas Generation counterparty for which $4 million and $1 million would have otherwise been realized during the remainder of 2017 and 2018, respectively. In July 2017, GenOn opened an exchange clearing account with a third party financial institution and posted $20 million of initial collateral. GenOn Americas Generation realized approximately $35 million due to the closure and financial settlement of all open positions with one of GenOn Americas Generation's counterparties during the second quarter of 2016, for which $16 million and $19 million would have otherwise been realized during the remainder of 2016 and in 2017, respectively. In addition, GenOn Americas Generation realized $50 million due to the closure and financial settlement of certain open positions with an additional counterparty during the third quarter of 2016, for which $46 million and $4 million would have otherwise been realized in 2017 and 2018, respectively. GenOn has entered into additional transactions with NRG Power Marketing LLC and an external counterparty in order to economically re-hedge the positions settled with certain counterparties. GenOn Mid-Atlantic Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (1 ) $ (164 ) $ (116 ) Net unrealized (losses)/gains on open positions related to economic hedges (5 ) 3 39 Total unrealized losses $ (6 ) $ (161 ) $ (77 ) Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Revenue from operations — energy commodities $ (14 ) $ (223 ) $ (27 ) Cost of operations 8 62 (50 ) Total impact to statement of operations $ (6 ) $ (161 ) $ (77 ) As discussed above, during the second quarter of 2017 GenOn Mid-Atlantic realized $5 million due to the closure and financial settlement of all open positions with a GenOn Mid-Atlantic counterparty for which $4 million and $1 million would have otherwise been realized during the remainder of 2017 and 2018, respectively. GenOn Mid-Atlantic realized approximately $35 million due to the closure and financial settlement of all open positions with one of GenOn Mid-Atlantic's counterparties during the second quarter of 2016, for which $16 million and $19 million would have otherwise been realized during the remainder of 2016 and in 2017, respectively. In addition, GenOn Mid-Atlantic realized $50 million due to the closure and financial settlement of certain open positions with an additional counterparty during the third quarter of 2016, for which $46 million and $4 million would have otherwise been realized in 2017 and 2018, respectively. GenOn has entered into additional transactions with NRG Power Marketing LLC and an external counterparty in order to economically re-hedge the positions settled with certain counterparties. Credit Risk Related Contingent Features 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. As of December 31, 2017 , no collateral was required for contracts that have adequate assurance clauses that are in net liability positions for GenOn and GenOn Americas Generation. As of December 31, 2017 , 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, 2017 . As of December 31, 2017 , GenOn Mid-Atlantic did not have any financial instruments with credit risk related contingent features. See Note 5 , Fair Value of Financial Instruments , for discussion regarding concentration of credit risk. |
Inventory (GenOn, GenOn America
Inventory (GenOn, GenOn Americas Generation and GeOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | Inventory (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Inventory held by the Registrants consisted of the following: GenOn As of December 31, 2017 2016 (In millions) Fuel oil $ 103 $ 147 Coal 114 114 Natural gas 4 — Spare parts 113 122 Other 4 6 Total Inventory $ 338 $ 389 During the year ended December 31, 2017, GenOn recorded a lower of weighted average cost or market adjustment related to fuel oil of $26 million . GenOn Americas Generation As of December 31, 2017 2016 (In millions) Fuel oil $ 88 $ 123 Coal 71 68 Natural gas 2 — Spare parts 49 53 Other 1 1 Total Inventory $ 211 $ 245 During the year ended December 31, 2017, GenOn Americas Generation recorded a lower of weighted average cost or market adjustment related to fuel oil of $20 million . GenOn Mid-Atlantic As of December 31, 2017 2016 (In millions) Fuel oil $ 16 $ 26 Coal 71 68 Spare parts 35 40 Other 1 1 Total Inventory $ 123 $ 135 During the year ended December 31, 2017, GenOn Mid-Atlantic recorded a lower of weighted average cost or market adjustment related to fuel oil of $4 million . |
Property, Plant, and Equipment
Property, Plant, and Equipment (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant & Equipment [Abstract] | |
Property, Plant and Equipment (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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, 2017 2016 Depreciable (In millions) Facilities and equipment $ 2,521 $ 2,793 2 - 34 Years Land and improvements 288 276 Construction in progress 42 78 Total property, plant and equipment 2,851 3,147 Accumulated depreciation (634 ) (604 ) Net property, plant and equipment $ 2,217 $ 2,543 GenOn Americas Generation As of December 31, 2017 2016 Depreciable (In millions) Facilities and equipment $ 917 $ 1,191 2 - 34 Years Land and improvements 139 136 Construction in progress 4 36 Total property, plant and equipment 1,060 1,363 Accumulated depreciation (231 ) (275 ) Net property, plant and equipment $ 829 $ 1,088 GenOn Mid-Atlantic As of December 31, 2017 2016 Depreciable (In millions) Facilities and equipment $ 788 $ 1,064 2 - 34 Years Land and improvements 66 63 Construction in progress 4 36 Total property, plant and equipment 858 1,163 Accumulated depreciation (182 ) (237 ) Net property, plant and equipment $ 676 $ 926 The Registrants recorded long-lived asset impairments during 2017, 2016 and 2015, as further described in Note 9 , Impairments . |
Impairments (GenOn and GenOn Am
Impairments (GenOn and GenOn Americas Generation) | 12 Months Ended |
Dec. 31, 2017 | |
Long Lived Assets Impairments | |
Impairments (GenOn and GenOn Americas Generation) | Impairments (GenOn and GenOn Americas Generation) 2017 Impairments During the fourth quarter of 2017, the Registrants completed the annual budget process and revised their view of long-term power and fuel prices and the corresponding impact on estimated cash flows associated with its long-lived assets, with final approval by the GenOn Board of Directors in the first quarter of 2018. The most significant impact was a decrease in the Registrants' long-term view of natural gas prices which resulted in a reduction to long-term power prices and had a negative impact on the Registrants' coal facilities. Each of the facilities below had estimated cash flows that were lower than the carrying amount and the assets were considered impaired. The fair values of the assets were determined using a cost approach based on estimated replacement cost, including economic depreciation, or an income approach by applying a discounted cash flow methodology to the long-term budget for the facility. The income approach utilized estimates of discounted future cash flows, which were Level 3 fair value measurements, and include key inputs such as forecasted power prices, nuclear fuel costs, forecasted operating and maintenance costs, plant investment capital expenditures and discount rates. Morgantown (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) — The Registrants recorded an impairment loss related to the Morgantown leasehold improvements and spare parts inventory of $186 million as a result of the decrease in the long-term view of power prices in PJM. Dickerson (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) — The Registrants recorded an impairment loss related to the Dickerson leasehold improvements and spare parts inventory of $27 million as a result of the decrease in the long-term view of power prices in PJM. Keystone (GenOn) — GenOn recorded an impairment loss related to the Keystone leasehold improvements of $39 million as a result of the decrease in the long-term view of power prices in PJM. Other (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) — GenOn also recorded an impairment loss of $22 million related to $7 million of property, plant and equipment at Maryland Ash sites and $15 million of property, plant and equipment and spare parts inventory at certain California facilities that it intends to retire in 2018. 2016 Impairments Mandalay (GenOn) — On May 26 , 2016, the CPUC rejected a multi-year resource adequacy contract between Mandalay and Southern California Edison. Additionally, during the second quarter of 2016, CAISO issued its Local Capacity Requirements report for 2017 indicating unfavorable changes within the local reliability areas in which Mandalay is located. The culmination of these events was considered to be an indicator of impairment and as a result, GenOn performed an impairment test for the Mandalay assets. Based on the results of the impairment test, GenOn determined that the carrying amount of these assets was higher than the estimated future net cash flows expected to be generated by the assets and that the Mandalay assets were impaired. The fair value of the Mandalay operating unit was determined using the income approach which utilizes estimates of discounted future cash flows, which were Level 3 fair value measurements and include key inputs such as forecasted contract prices, forecasted operating expenses and discount rates. GenOn measured the impairment loss as the difference between the carrying amount of the Mandalay operating unit and the present value of the estimated future net cash flows for the operating unit. GenOn recorded an impairment loss of $16 million for Mandalay for the year ended December 31, 2016. Ormond Beach (GenOn) — During the second quarter of 2016, the Statewide Advisory Committee on Cooling Water Intake Structures, or SACCWIS, issued a draft April 2016 Report noting that CAISO plans to continue to assume in its transmission studies that Ormond Beach will not operate after December 31, 2020, the deadline for Ormond Beach compliance with California regulations to mitigate once-through cooling impacts. The Registrant does not anticipate that contracts of sufficient value can be secured to support the significant investment required to design, permit, construct and operate measures required for once-through cooling compliance. As a result, on May 6, 2016, the Registrant notified SACCWIS that it does not expect to continue to operate Ormond Beach beyond 2020. In addition, during the fourth quarter of 2016 the declining prices for resource adequacy contracts available in the reliability sub-area which Ormond Beach operates further reduced anticipated cash flows to be generated from Ormond Beach through its anticipated retirement in 2020. These events were considered to be indicators of impairment and as a result, GenOn performed an impairment test for the Ormond Beach assets. Based on the results of the impairment test, GenOn determined that the carrying amount of these assets was higher than the estimated future net cash flows expected to be generated by the assets and that the Ormond Beach assets were impaired. The fair value of the Ormond Beach operating unit was determined using the income approach which utilizes estimates of discounted future cash flows, which were Level 3 fair value measurements and include key inputs such as forecasted contract prices, forecasted operating expenses and discount rates. GenOn measured the impairment loss as the difference between the carrying amount of the Ormond Beach operating unit and the present value of the estimated future net cash flows for the operating unit. GenOn recorded an impairment loss of $71 million for Ormond Beach for the year ended December 31, 2016. Keystone and Conemaugh Leased Interest (GenOn) — During the fourth quarter of 2016, as described above the Registrants revised their view of forecasted cash flows in connection with the preparation of its annual budget. GenOn noted the cash flows for the leased interests in Keystone and Conemaugh were below the carrying value of the related assets, primarily driven by a reduction in long-term energy and capacity prices in PJM, and the assets were impaired. The fair value of the interests in Keystone and Conemaugh were determined using the income approach which utilizes estimates of discounted future cash flows, which were Level 3 fair value measurements and include key inputs such as forecasted power, capacity and fuel prices, forecasted operating expenses, contractual lease payments and discount rates. GenOn recorded impairment losses of $10 million and $97 million for Keystone and Conemaugh, respectively, for the year ended December 31, 2016. Pittsburg (GenOn and GenOn Americas Generation) — In October 2016, GenOn Americas Generation was give notice that its bid for a resource adequacy contract for 2017 with Pacific Gas & Electric was not accepted for the Pittsburg generation station, or Pittsburg. As a result, GenOn Americas Generation decided that it would retire Pittsburg on January 1, 2017. These events were considered to be indicators of impairment and as a result, GenOn Americas Generation performed an impairment test for the Pittsburg assets. Based on the results of the impairment test, GenOn Americas Generation determined that the carrying amount of the assets was higher than the estimated future net cash flows expected to be generated by the assets and that the Pittsburg assets were impaired. The fair value of the Pittsburg operating unit was determined using the income approach which utilizes estimates of discounted future cash flows, which were Level 3 fair value measurements and include key inputs such as forecasted contract prices, forecasted operating expense and discount rates. GenOn Americas Generation measured the impairment loss as the difference between the carrying amount of the Pittsburg operating unit and the present value of the estimated future net cash flows for the operating unit. GenOn Americas Generation recorded an impairment loss of $20 million for Pittsburg for the year ended December 31, 2016. 2015 Impairments Seward (GenOn) — As described in Note 4 , 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. |
Debt and Capital Leases (GenOn,
Debt and Capital Leases (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Debt and Capital Lease Obligations [Abstract] | |
Debt and Capital Leases (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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, 2017 2016 Interest Rate % (In millions, except rates) GenOn Americas Generation: GenOn Americas Generation Senior Notes, due 2021 $ 366 $ 366 8.500 GenOn Americas Generation Senior Notes, due 2031 329 329 9.125 Premiums (a) — 50 Less: Liabilities subject to compromise (695 ) — Subtotal GenOn Americas Generation — 745 GenOn: GenOn Senior Notes, due 2017 691 691 7.875 GenOn Senior Notes, due 2018 649 649 9.500 GenOn Senior Notes, due 2020 490 490 9.875 Other (b) 129 96 GenOn capital lease 1 2 Premiums (a) — 81 Less: Liabilities subject to compromise (1,920 ) — Subtotal GenOn 40 2,009 Subtotal 40 2,754 Less current maturities 1 704 Total long-term debt and capital leases $ 39 $ 2,050 (a) Premiums were written-off at Petition Date in accordance with ASC 852, Reorganizations. (b) The Long Term Service Agreements for the Hunterstown and Choctaw facilities are accounted for as a debt financing liability in accordance with GAAP. Annual payments based on the maturities of GenOn's long-term debt and capital leases for the years ending after December 31, 2017 are as follows: $1 million in 2018, $4 million in 2019, $4 million in 2020, $4 million in 2021, $1 million in 2022, and $26 million thereafter. Chapter 11 Cases The filing of the Chapter 11 Cases constitutes an event of default under the following debt instruments, or collectively, the Debt Documents: 1) The Intercompany Revolver with NRG; 2) The indenture governing the GenOn 7.875% Senior Notes due 2017 (as amended or supplemented from time to time); 3) The indenture governing the GenOn 9.500% Notes due 2018 (as amended or supplemented from time to time); 4) The indenture governing the GenOn 9.875% Notes due 2020 (as amended or supplemented from time to time); 5) The indenture governing the GenOn Americas Generation 8.50% Senior Notes due 2021 (as amended or supplemented from time to time); and 6) The indenture governing the GenOn Americas Generation 9.125% Senior Notes due 2031 (as amended or supplemented from time to time). The Debt Documents set forth in 1-4 above provide that as a result of the commencement of the Chapter 11 Cases the principal and accrued interest due thereunder was immediately due and payable. The Debt Documents set forth in 5-6 above provide that as a result of the commencement of the Chapter 11 Cases the applicable indenture trustee or certain holders of the notes may declare the principal and accrued interest due thereunder to be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Documents were automatically stayed as a result of the commencement of the Chapter 11 Cases, and the holders’ rights of enforcement in respect of the Debt Documents are subject to the applicable provisions of the Bankruptcy Code. The Chapter 11 Cases could also potentially give rise to counterparty rights and remedies under other documents. Under the GenOn Senior Notes and the related indentures, the GenOn Senior Notes are the sole obligation of GenOn and are not guaranteed by any subsidiary or affiliate of GenOn. The GenOn Senior Notes are senior unsecured obligations of GenOn having no recourse to any subsidiary or affiliate of GenOn. The GenOn Senior Notes restrict the ability of GenOn and its subsidiaries to encumber their assets. Under the GenOn Americas Generation Senior Notes due 2021 and 2031, the GenOn Americas Generation Senior Notes are the sole obligation of GenOn Americas Generation and are not guaranteed by any subsidiary of affiliate of GenOn Americas Generation. The GenOn Americas Generation Senior Notes are senior unsecured obligations of GenOn Americas Generation, having no recourse to any subsidiary or affiliate of GenOn Americas Generation. The GenOn Americas Generation Senior Notes restrict the ability of GenOn Americas Generation and its subsidiaries to encumber their assets. On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan granting an allowed claim plus certain accrued interest, or the GAG Administrative Claim, estimated to be $663 million , to the holders of the GenOn Americas Generation Senior Notes, due 2021 and GenOn Americas Generation Senior Notes, due 2031. On February 1, 2018, pursuant to the confirmation of the Plan, the GenOn Entities elected to make a partial payment in respect of the GAG Administrative Claim, in the amount of $300 million , consisting of $158 million and $142 million to be applied to the outstanding balance of the GenOn Americas Generation Senior Notes due 2021 and 2031, respectively. Intercompany Revolver and Letter of Credit Facilities GenOn was party to a secured intercompany revolving credit agreement with NRG, or the Intercompany Revolver. The Intercompany Revolver provided for a $500 million revolving credit facility, all of which was available for revolving loans and letters of credit. At December 31, 2017 , there were $125 million loans outstanding under the Intercompany Revolver, which is recorded as current portion of long-term debt — affiliate on the balance sheet. See Note 14 , Related Party Transactions , for further discussion. As part of the Restructuring Support Agreement, NRG agreed to provide GenOn with a letter of credit facility during the pendency of the Chapter 11 Cases, which could be utilized for required letters of credit in lieu of the Intercompany Revolver. On July 27, 2017, the letter of credit facility was terminated. See Note 14 , Related Party Transactions , for further discussion. On July 14, 2017, the GenOn Entities obtained a letter of credit facility with a third party financial institution to finance the working capital needs and for general corporate purposes. The letter of credit facility provides availability of up to $300 million less amounts borrowed, and letters of credit provided are required to be cash collateralized at 101% of the letter of credit amount. As of December 31, 2017 , there was $3 million of letters of credit issued under this letter of credit facility. GenOn Mid-Atlantic Long-Term Deposits On January 27, 2017, GenOn Mid-Atlantic entered into an agreement with Natixis Funding Corp., or Natixis, under which Natixis will procure payment and credit support for the payment of certain lease payments owed pursuant to the GenOn Mid-Atlantic operating leases for Morgantown and Dickerson, or the Natixis Agreement. GenOn Mid-Atlantic made a payment of $130 million plus fees of $1 million as consideration for Natixis applying for the issuance of, and obtaining, letters of credit from Natixis, New York Branch, the LC Provider, to support the lease payments. Natixis is solely responsible for (i) obtaining letters of credit from the LC Provider, (ii) causing the letters of credit to be issued to the lessors to support the lease payments on behalf of GenOn Mid-Atlantic, (iii) making lease payments and (iv) satisfying any reimbursement obligations payable to the LC Provider. The payment was accounted for as a long-term deposit on the Registrants' consolidated balance sheets prior to June 30, 2017, reflecting the deferred benefit to GenOn Mid-Atlantic of its contractual rights under the Natixis Agreement, including lease payments Natixis has agreed to make thereunder, and notwithstanding that GenOn Mid-Atlantic had made an irrevocable payment to Natixis. In letters dated February 24, 2017, GenOn Mid-Atlantic received a series of notices from certain of the owner lessors under its operating leases of the Morgantown coal generation units, or Notices, alleging default. The Notices allege the existence of lease events of default as a result of, among other items, the purported failure by GenOn Mid-Atlantic to comply with a covenant requiring the maintenance of qualifying credit support. The Notices instructed the relevant trustees to draw on letters of credit under the secured intercompany revolving credit agreement between NRG and GenOn as further described in Note 14 , Related Party Transactions , to support the GenOn Mid-Atlantic operating leases that were set to expire on February 28, 2017. On February 28, 2017, the trustees drew on the letters of credit under NRG's revolving credit facility, which resulted in borrowings of $125 million . Upon notification, GenOn became obligated under the Intercompany Revolver. In addition, a corresponding payable was recorded by GenOn Mid-Atlantic to GenOn, with the offset recorded as a long-term deposit on the Registrants' consolidated balance sheets as of March 31, 2017 under the related operating leases. GenOn requested GenOn Mid-Atlantic repay the related amount borrowed under the Intercompany Revolver. On May 5, 2017, GenOn Mid-Atlantic repaid $125 million to GenOn. GenOn Mid-Atlantic disagrees with the owner lessors as to the existence of any lease events of default and/or any breaches by GenOn Mid-Atlantic of any terms and conditions of the operating leases and believes that the declaration of a lease event of default, the instruction to draw on the letters of credit, and the draws thereon constituted a violation by the owner lessors and the relevant trustees of the terms and conditions of the GenOn Mid-Atlantic operating leases. GenOn Mid-Atlantic has been vigorously pursuing its rights and remedies in connection with these actions. On March 7, 2017, GenOn Mid-Atlantic filed a complaint in the Supreme Court for the State of New York against the owner lessors of the Morgantown and Dickerson facilities and U.S. Bank, N.A., or U.S. Bank, in its capacity as the indenture trustee, the GenOn Mid-Atlantic Complaint. The GenOn Mid-Atlantic Complaint seeks, inter alia , a declaratory judgment that no lease events of default exist and asserts counts for breach of contract, conversion, tortious interference, breach of the implied covenant of good faith and fair dealing, unjust enrichment, constructive trust, and injunctive relief. On June 8, 2017, the owner lessors filed a complaint in the Supreme Court for the State of New York against GenOn Mid‑Atlantic and certain of its affiliates, including GenOn and NRG, the Owner Lessor Complaint. The Owner Lessor Complaint asserts ten counts for various fraudulent transfer, contract, and other claims and seeks hundreds of millions of dollars in damages. On June 28, 2017, GenOn Mid-Atlantic directed U.S. Bank in its capacity as the indenture trustee, to apply the $125 million that had been drawn on the letters of credit under NRG's revolving credit facility to the June 30 rent obligations related to the operating leases. In addition, GenOn Mid-Atlantic paid $2.7 million to the owner lessors, which, together with the $125 million , would satisfy the June 30 rent obligations. The owner lessors notified U.S. Bank that the $125 million was to be held pending the outcome of the GenOn Mid-Atlantic Complaint, and that GenOn Mid‑Atlantic must instead satisfy its rent obligations solely from available cash. In response, GenOn Mid-Atlantic again directed U.S. Bank to apply the same $125 million to the June 30 rent obligations. On June 30, 2017, U.S. Bank drew on the Natixis Agreement in the amount of $125 million in order to satisfy the remaining June 30 rent obligation. At such time, GenOn Mid-Atlantic transferred $125 million of the amount paid under the Natixis Agreement to prepaid rent - non-current in its consolidated balance sheet. GenOn Mid-Atlantic disputes that the draw on the Natixis Agreement was proper. The owner lessors dispute that the June 30 rent obligations were satisfied, stating that they have only received the $2.7 million . On July 6 and 7, 2017, GenOn Mid-Atlantic received notices from certain owner lessors under its operating leases of the Dickerson coal generation units, or the Dickerson Notices. The Dickerson Notices allege the existence of lease events of default as a result of, among other items, the purported failure by GenOn Mid-Atlantic to comply with a covenant requiring the maintenance of qualifying credit support. GenOn Mid-Atlantic disputes that there is a lease event of default related to the Natixis Agreement. On July 31, 2017, and pursuant to an agreement reached between GenOn Mid-Atlantic, the owner lessors and certain holders of pass-through certificates, the proceeds of the draw on the Natixis Agreement were applied by the trustee to the June 30 rent payment and distributed to the holders of the pass through certificates of the Morgantown facility pursuant to the waterfall applicable in a “no default” scenario. GenOn Mid-Atlantic entered into a limited waiver agreement with U.S. Bank as lease indenture trustee and pass through trustee, the owner lessors, the owner participants and certain consenting certificateholders under the Morgantown operating leases, pursuant to which all such parties agreed to waive the requirement that GenOn Mid-Atlantic reinstate the availability of any drawn qualifying credit support under any lease agreement for the Morgantown coal generation unit. The limited waiver agreement became effective on September 30, 2017 and will remain in effect until the earlier of (i) November 22, 2017 and (ii) 10 business days after a decision or order is issued in the Debtors’ Motion to Estimate the Owner Lessor Plaintiffs’ Claims and Expedited Motion to Establish Related Schedule [Docket No. 128], pending in the Chapter 11 Cases of the GenOn Entities in the United States Bankruptcy Court for the Southern District of Texas, jointly administered under the lead case caption In re GenOn Energy, Inc., Case No. 17-33695 (DRJ). In connection with the letters of credit issued pursuant to the Natixis Agreement, the LC Provider delivered notices of termination, dated October 26, 2017, of its intent to terminate such letters of credit as of December 27, 2017. Pursuant to the operative documents governing the leases of the Morgantown and Dickerson coal generation units and the letters of credit, the issuer of the letters of credit may terminate such letters of credit by providing 60 days prior written notice to the holders thereof, among other parties. Pursuant to the same operative documents, GenOn Mid-Atlantic must provide alternative qualifying credit support no later than 30 days prior to the intended termination date of the letters of credit subject to termination. GenOn Mid-Atlantic intends to vigorously pursue any and all rights and claims available to it against any person in connection with the termination of the letters of credit by the LC Provider and the resulting replacement of qualifying credit support. 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, 2017 , 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, 2017 , 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, 2017 , GenOn Mid-Atlantic and REMA had restricted net assets of $1.1 billion and $(1.4) billion , respectively. |
Asset Retirement Obligations (G
Asset Retirement Obligations (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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 facilities. The following table represents the balance of ARO obligations as of December 31, 2016 along with the additions, reductions and accretion related to the Registrants’ ARO obligations for the year ended December 31, 2017 : GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) Balance as of December 31, 2016 $ 205 $ 100 $ 39 Additions (2 ) — — Spending for current obligations and other settlements (5 ) (2 ) — Accretion — expense 15 8 3 Balance as of December 31, 2017 $ 213 $ 106 $ 42 |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits (GenOn) | 12 Months Ended |
Dec. 31, 2017 | |
Benefit Plans and Other Postretirement Benefits Disclosure [Abstract] | |
Benefit Plans and Other Postretirement Benefits (GenOn) | 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. The plans that cover GenOn employees are sponsored by NRG. As controlled group members, ERISA requires that NRG and GenOn are jointly and severally liable for the NRG Pension Plan for Bargained Employees and the NRG Pension Plan, both of which include NRG and GenOn employees As described in Note 3 , Chapter 11 Cases , in connection with the Restructuring Support Agreement, NRG will retain the pension liability for GenOn employees for service provided prior to the completion of the reorganization, including payment of approximately $13 million of 2017 pension contributions, which was paid in September 2017. NRG will also retain the liability for GenOn's post-employment and retiree health and welfare benefits, in an amount up to $25 million . These total liabilities of $117 million are recorded as liabilities subject to compromise as of December 31, 2017 . NRG will also pay (or reimburse to GenOn) the 2018 pension contributions for GenOn employees, which is expected to be $13 million . The net periodic pension cost related to GenOn’s pension and other postretirement benefit plans include the following components: Pension Benefits Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Service cost benefits earned $ 8 $ 10 $ 10 Interest cost on benefit obligation 23 23 27 Expected return on plan assets (32 ) (34 ) (35 ) Amortization of unrecognized net loss 1 — 1 Amortization of unrecognized prior service cost — 1 — Net periodic benefit cost $ — $ — $ 3 Other Postretirement Benefits Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Service cost benefits earned $ — $ — $ 1 Interest cost on benefit obligation 2 1 3 Amortization of unrecognized net gain (1 ) — — Amortization of unrecognized prior service credit (2 ) (1 ) (4 ) Net periodic benefit credit $ (1 ) $ — $ — 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: Pension Benefits Year Ended December 31, 2017 2016 (In millions) Benefit obligation at beginning of period $ 629 $ 625 Service cost 8 10 Interest cost 23 23 Actuarial loss 44 4 Benefit payments (27 ) (33 ) Benefit obligation at end of period 677 629 Fair value of plan assets at beginning of period 509 506 Actual return on plan assets 90 20 Employer contributions 13 16 Benefit payments (27 ) (33 ) Fair value of plan assets at end of period 585 509 Less: Liabilities subject to compromise 92 — Funded status at end of period — excess of obligation over assets $ — $ (120 ) Other Postretirement Benefits Year Ended December 31, 2017 2016 (In millions) Benefit obligation at beginning of period $ 46 $ 54 Interest cost 2 1 Participant contributions 1 2 Actuarial gain (4 ) (4 ) Benefit payments (5 ) (7 ) Plan amendments (2 ) — Benefit obligation at end of period 38 46 Fair value of plan assets at beginning of period — — Employer contributions 4 5 Participant contributions 1 2 Benefit payments (5 ) (7 ) Fair value of plan assets at end of period — — Less: Liabilities subject to compromise 25 — Funded status at end of period — excess of obligation over assets $ (13 ) $ (46 ) The accumulated benefit obligation exceeded the fair value of plan assets at December 31, 2017 and 2016 for the tax-qualified defined benefit pension plans. The total accumulated benefit obligation for the tax-qualified plans at December 31, 2017 and 2016 was $658 million and $611 million , respectively. Amounts recognized in GenOn’s balance sheets were as follows: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, 2017 2016 2017 2016 (In millions) (In millions) Current liabilities $ — $ — $ 3 $ 5 Liabilities subject to compromise 92 — — 25 — Non-current liabilities — 120 10 41 Amounts recognized in GenOn’s accumulated other comprehensive income/loss that have not yet been recognized as components of net periodic benefit cost were as follows: Year Ended December 31, Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (In millions) Net (loss)/gain $ (22 ) $ (37 ) $ 9 $ 7 Prior service credit — — 1 1 Amounts recognized in GenOn’s OCI for the pension and other postretirement benefit plans were as follows: Year Ended December 31, Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (In millions) Net actuarial gain/(loss) $ 14 $ (17 ) $ 4 $ 4 Amortization of net actuarial gain 1 — (1 ) — Prior service credit — — 1 — Amortization of prior service cost — 1 (2 ) (1 ) Total recognized in OCI $ 15 $ (16 ) $ 2 $ 3 The total net gain recognized in net periodic benefit cost and OCI for the pension plans for the years ended December 31, 2017 was $15 million and the total net loss recognized in net periodic benefit cost and OCI for the years ended December 31, 2016 and 2015 were $16 million and $22 million , respectively. The total net gain recognized in net periodic benefit credit and OCI for the other postretirement benefit plans for the years ended December 31, 2017 , 2016 , and 2015 were $3 million , $3 million and $6 million , respectively. The estimated unrecognized loss for the pension and other postretirement benefit plans that will be amortized from accumulated OCI to net period benefit cost during 2018 is approximately $1 million . The estimated unrecognized prior service credit for the pension and other postretirement benefit plans that will be amortized from accumulated OCI to net period benefit cost during 2018 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, 2017 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 $ — $ 136 $ 136 Common/collective trust investment — non-U.S. equity — 35 35 Common/collective trust investment — non-core assets — 94 94 Common/collective trust investment — fixed income — 122 122 Short-term investment fund 3 — 3 Subtotal fair value $ 3 $ 387 $ 390 Measured at net asset value practical expedient Common/collective trust investment — non-U.S. equity 50 Common/collective trust investment — fixed income 123 Partnerships/joint ventures 22 Total fair value $ 585 Fair Value Measurements as of December 31, 2016 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 $ — $ 152 $ 152 Common/collective trust investment — non-U.S. equity — 38 38 Common/collective trust investment — global equity — 56 56 Common/collective trust investment — fixed income — 101 101 Short-term investment fund 1 — 1 Subtotal fair value $ 1 $ 347 $ 348 Measured at net asset value practical expedient Common/collective trust investment — non-U.S. equity 42 Common/collective trust investment — fixed income 103 Partnerships/joint ventures 16 Total fair value $ 509 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 trust investments is valued at fair value which is equal to the sum of the market value of all of the fund's underlying investments. Certain common/collective trust investments have readily determinable fair value as they publish daily net asset value, or NAV, per share and are categorized as Level 2. Certain other common/collective trust investments and partnerships/joint ventures use NAV per share, or its equivalent, as a practical expedient for valuation, and thus have been removed from the fair value hierarchy table. 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, 2017 2016 2017 2016 Weighted–Average Assumptions Discount rate 3.72 % 4.29 % 3.50 % 4.03 % Rate of compensation increase 3.00 % 3.00 % 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, 2017 2016 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 8.20 % 7.00 % Age 65 and after 9.80 % 8.75 % Assumed ultimate medical inflation rate 4.50 % 5.00 % Year in which ultimate rate is reached 2025 2025 An annual increase of 1% in the assumed healthcare cost trend rates would correspondingly increase the postretirement benefit obligation at December 31, 2017 by $3 million . An annual decrease of 1% in the assumed healthcare cost trend rates would correspondingly decrease the postretirement benefit obligation at December 31, 2017 by $2 million . The following tables present the significant assumptions used to calculate GenOn's benefit expense/credit: Pension Benefits Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Weighted–Average Assumptions Discount rate 4.29 % 4.54 % 4.18 % Rate of compensation increase 3.00 % 3.00 % 2.97 % Expected return on plan assets 6.83 % 6.63 % 6.41 % Other Postretirement Benefit Plans Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Weighted–Average Assumptions Discount rate 4.03 % 4.16 % 3.86 % GenOn’s assumed healthcare cost trend rates used for other postretirement benefit net periodic benefit expense/credit are: Other Postretirement Benefit Plans Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 7.00 % 7.25 % 8.60 % Age 65 and after 8.75 % 9.00 % 8.10 % Assumed ultimate medical inflation rate 5.00 % 5.00 % 5.00 % Year in which ultimate rate is reached 2025 2025 2023 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 2017 by less than $1 million . In 2016, GenOn changed 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 elected 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 election was considered a change in estimate and, accordingly, GenOn accounted for prospectively starting in 2016. This change did 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. 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, 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, 2017 : U.S. equities 22 % Non-U.S. equities 14 % Non-core assets 19 % 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 Non-core assets (a) Various (per underlying asset class) Fixed income securities Barclays Capital Long Term Government/Credit Index & Barclays Strips 20+ Index (a) Non-Core Assets are defined as diversifying asset classes approved by the Investment Committee that are intended to enhance returns and/or reduce volatility of the U.S. and non-U.S. equities. Asset classes considered Non-Core include, but may not be limited to: Emerging Market Equity, Emerging Market Debt, Non-US Developed Market Small Cap, High Yield Fixed Income, Real Estate, Bank Loans, Global Infrastructure and other Alternatives. Expected Contributions and 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: Pension Benefit Payments Other Postretirement Benefit Payments (In millions) 2018 $ 31 $ 4 2019 33 4 2020 35 4 2021 36 4 2022 38 4 2023 through 2027 201 11 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. 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 $10 million and $11 million at December 31, 2017 and 2016 , respectively. |
Income Taxes (GenOn, GenOn Amer
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Income Taxes GenOn GenOn’s income tax expense/(benefit) consisted of the following: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions, except percentages) Current U.S. Federal $ — $ — $ — State (1 ) 11 (3 ) Total — current (1 ) 11 (3 ) Deferred U.S. Federal 1 — — State 7 — — Total — deferred 8 — — Total income tax expense/(benefit) $ 7 $ 11 $ (3 ) Effective tax rate (2.4 )% 12.0 % 2.5 % A reconciliation of GenOn's federal statutory income tax provision to the effective income tax expense/(benefit) adjusted for permanent and other items during 2017 , 2016 , and 2015 , is as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (288 ) $ 92 $ (118 ) Provision for income taxes based on U.S. federal statutory income tax rate (101 ) 32 (42 ) State and local income tax provision, net of federal income taxes 6 11 (3 ) Change in deferred tax asset valuation allowance - current period activities 124 (92 ) 16 Tax Act - corporate income tax rate change 766 — — Valuation allowance due to corporate income tax rate change (766 ) — — State rate change (17 ) 60 26 Other, net (5 ) — — Income tax expense/(benefit) $ 7 $ 11 $ (3 ) For the year ended December 31, 2017 , GenOn's overall effective tax rate was different than the statutory rate of 35% primarily due to the change in valuation allowance and state income taxes. GenOn incurred tax expense of $7 million primarily due to state income taxes. The tax expense recorded for revaluation of the net deferred tax asset was required to reflect the reduction in the corporate income tax rate from 35% to 21% in accordance with the Tax Cuts and Jobs Act of 2017, or the Tax Act. The impact of the reduction to the deferred tax asset is fully offset by a valuation allowance for a corresponding amount, resulting in no net impact to the tax expense for 2017. While GenOn has not yet completed its assessment of the effects of the Tax Act, a reasonable estimate for the impact of the key item specified above was able to be determined. During the year ended December 31, 2016 , GenOn incurred tax expense of $11 million due to state income taxes as a result of the gain on the sale of certain generating stations during the year. During the year ended December 31, 2015, GenOn had a tax benefit of $3 million related to the recognition of previously uncertain tax benefits. 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, 2017 2016 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 39 $ 61 Deferred compensation, accrued vacation and other reserves 31 61 U.S. Federal net operating loss carryforwards 348 442 State net operating loss carryforwards 165 116 Difference between book and tax basis of property 701 1,080 Inventory 8 32 Intangible amortization 68 — Investment in projects 1 1 Derivatives, net 4 — Out-of-market contracts fair value adjustment 153 242 Debt premium, net 3 49 Other — 9 Subtotal 1,521 2,093 Valuation allowance (1,521 ) (2,087 ) Net deferred tax assets — 6 Deferred Tax Liabilities: Derivative contracts — 6 Net deferred tax liabilities — 6 Net deferred taxes $ — $ — Deferred tax assets and valuation allowance Net deferred tax balance — As of December 31, 2017 and 2016 , GenOn recorded a net deferred tax asset of $1.5 billion and $2.1 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 $1.5 billion and $2.1 billion of tax assets as of December 31, 2017 and 2016 , respectively, thus a valuation allowance has been recorded. NOL carryforwards — At December 31, 2017 , GenOn had tax effected cumulative domestic NOLs consisting of carryforwards for federal income tax purposes of $348 million and state of $165 million . GenOn's pre-merger federal NOLs are limited to tax effected $13 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, 2017 , GenOn's tax effected valuation allowance was $1.5 billion , relating primarily to federal and state loss carryforwards, out-of-market contracts and differences between book and tax basis of property, plant and equipment. Taxes Receivable and Payable As of December 31, 2017 , GenOn recorded a tax receivable of $3 million , comprised of refunds due from state income tax estimated payments and return filings for 2017 and 2016 , respectively. Uncertain tax benefits GenOn does no t have any uncertain tax benefits for the years ended December 31, 2017 and December 31, 2016 . GenOn recognizes interest and penalties related to uncertain tax benefits in income tax expense. During the year ended December 31, 2017 and 2016 , GenOn did not accrue interest. As of December 31, 2017 GenOn had no cumulative interest and penalties. Tax jurisdictions — GenOn is no longer subject to U.S. federal income tax examinations for years prior to 2015. With few exceptions, state and local income tax examinations are no longer open for years before 2010. 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 2017 , 2016 , and 2015 , is as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (187 ) $ 121 $ 116 Provision for income taxes based on U.S. federal statutory income tax rate (65 ) 42 41 State and local income tax provision, net of federal income taxes (11 ) (5 ) 10 LLC income not subject to taxation 78 (77 ) (51 ) State rate change (14 ) 40 — Other, net (including provision to return) 12 — — Income tax provision $ — $ — $ — Uncertain tax benefits GenOn Americas Generation does no t have any uncertain tax benefits for the years ended December 31, 2017 and December 31, 2016 . 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 no t allocated income taxes attributable to its operations on a pro forma income tax provision basis for the years ended December 31, 2017 , 2016 , and 2015 . 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (187 ) $ 121 $ 116 Provision for income taxes based on U.S. federal statutory income tax rate (65 ) 42 41 State and local income tax provision, net of federal income taxes (11 ) (5 ) 10 Change in deferred tax asset valuation allowance - current period activities 78 (77 ) (51 ) Tax Act - corporate income tax rate change 314 — — Valuation allowance due to corporate income tax rate change (314 ) — — State rate change (14 ) 40 — Other, net (including provision to return) 12 — — Income tax provision $ — $ — $ — The tax expense recorded for revaluation of the net deferred tax asset was required to reflect the reduction in the corporate income tax rate from 35% to 21% in accordance with the Tax Cuts and Jobs Act of 2017, or the Tax Act. The impact of the reduction to the deferred tax asset is fully offset by a valuation allowance for a corresponding amount, resulting in no net impact to the tax expense for 2017. While GenOn Americas Generation has not yet completed its assessment of the effects of the Tax Act, a reasonable estimate for the impact of the key item specified above was able to be determined. 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, 2017 2016 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 1 $ 1 Other reserves 12 27 U.S. Federal net operating loss carryforwards 25 — State net operating loss carryforwards 6 — Difference between book and tax basis of property 431 566 Inventory 4 — Intangible amortization 2 — Out-of-market contracts fair value adjustment 121 188 Derivatives, net 1 4 Debt premium, net 1 20 Other, net — 16 Subtotal 604 822 Valuation allowance (604 ) (822 ) Net deferred taxes $ — $ — Deferred tax assets and valuation allowance Net deferred tax balance — As of December 31, 2017 and 2016 , GenOn Americas Generation recorded a net deferred tax asset of $604 million and $822 million , 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 $604 million and $822 million of tax assets as of December 31, 2017 and 2016 , respectively, thus a valuation allowance has been recorded. NOL carryforwards — At December 31, 2017 , GenOn Americas Generation had tax effected cumulative domestic NOLs consisting of carryforwards for federal income tax purposes of $25 million and state of $6 million . Valuation allowance — As of December 31, 2017 , GenOn Americas Generation's tax effected valuation allowance was $604 million , relating primarily to differences between book and tax basis of property, plant and equipment and out-of-market contracts. Uncertain tax benefits As of December 31, 2017 , GenOn Americas Generation does not have any uncertain tax benefits for the years ended December 31, 2017 and December 31, 2016 . GenOn Mid-Atlantic GenOn Mid-Atlantic is not subject to income taxes except for those subsidiaries of GenOn Mid-Atlantic that are separate taxpayers. NRG Americas, GenOn and NRG are otherwise directly responsible for income taxes related to GenOn Mid-Atlantic's operations. GenOn Mid-Atlantic was no t allocated income taxes attributable to its operations on a pro forma income tax provision basis for the year ended December 31, 2017 , 2016 , and 2015 . 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Current provision: Federal $ — $ 51 $ 36 State — 9 6 Deferred provision/(benefit): Federal 169 (42 ) — State (31 ) 42 — Valuation allowance (138 ) 648 — Total provision for income taxes $ — $ 708 $ 42 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (269 ) $ 52 $ 104 Provision for income taxes based on U.S. federal statutory income tax rate (94 ) 18 36 State and local income tax provision, net of federal income taxes (15 ) 2 6 Change in deferred tax asset valuation allowance - current period activities 114 — — Tax Act - corporate income tax rate change 266 — — Valuation allowance due to corporate income tax rate change (266 ) — — State rate change (11 ) 31 — Valuation allowance — 648 — Other, net 6 9 — Income tax provision $ — $ 708 $ 42 The tax expense recorded for revaluation of the net deferred tax asset was required to reflect the reduction in the corporate income tax rate from 35% to 21% in accordance with the Tax Cuts and Jobs Act of 2017, or the Tax Act. The impact of the reduction to the deferred tax asset is fully offset by a valuation allowance for a corresponding amount, resulting in no net impact to the tax expense for 2017. While GenOn Mid-Atlantic has not yet completed its assessment of the effects of the Tax Act, a reasonable estimate for the impact of the key item specified above was able to be determined. 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, 2017 2016 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 1 $ 1 Other reserves 10 24 U.S. Federal net operating loss carryforwards 27 — State net operating loss carryforwards 8 — Difference between book and tax basis of property 339 424 Inventory 3 8 Derivatives, net 1 2 Out-of-market contracts fair value adjustment 121 189 Other — — Total deferred tax assets 510 648 Valuation allowance (510 ) (648 ) Net deferred taxes $ — $ — Deferred tax assets and valuation allowance Net deferred tax balance — As of December 31, 2017 and 2016 , GenOn Mid-Atlantic recorded a net deferred tax asset of $510 million and $648 million , respectively. Based on the assessment of cumulative and forecasted pretax book earnings and the future reversal of existing taxable temporary differences, GenOn Mid-Atlantic believes that it is more likely than not that a benefit will not be realized on $510 million and $648 million of tax assets as of December 31, 2017 and 2016, respectively, thus a valuation allowance has been recorded. NOL carryforwards — At December 31, 2017 , GenOn Mid-Atlantic had tax effected cumulative domestic NOLs consisting of carryforwards for federal income tax purposes of $27 million and state of $8 million . Valuation allowance — As of December 31, 2017 , GenOn Mid-Atlantic's tax effected valuation allowance was $510 million , primarily relating to federal and state loss carryforwards, out-of-market contracts and differences between book and tax basis of property, plant and equipment. Uncertain tax benefits GenOn Mid-Atlantic does no t have any uncertain tax benefits for the years ended December 31, 2017 and 2016 . |
Related Party Transactions (Gen
Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Services Agreement and Transition Services Agreement with NRG 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 was 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 were approximately $193 million . As described in Note 3 , Chapter 11 Cases , in connection with the Restructuring Support Agreement, NRG agreed to provide shared services to GenOn under the Services Agreement for an adjusted annualized fee of $84 million . Beginning on June 14, 2017, and through December 2017, GenOn recorded costs related to these services of approximately $5 million per month. In December 2017, in conjunction with the confirmation of the Plan, the Services Agreement was terminated and replaced by the transition services agreement. Under the transition services agreement, NRG will continue to provide the shared services and other separation services at an annualized rate of $84 million , subject to certain credits and adjustments, until June 30, 2018, which may be extended by GenOn through September 30, 2018. NRG may provide additional separation services that are necessary for or reasonably related to the operation of GenOn's business after such date, subject to NRG's prior written consent, not to be unreasonably withheld. For the years ended December 31, 2017 and 2016 , GenOn recorded costs related to these services of $130 million and $185 million , respectively, as general and administrative - affiliate. Also in December 2017, GenOn received a $3.5 million credit for services provided under the transition services agreement and began recording costs related to shared services provided by NRG of approximately $7 million per month. NRG has also agreed to provide GenOn with a $28 million credit against amounts owed to NRG under the transition services agreement. As of June 30, 2017, GenOn recorded a receivable from NRG for this $28 million . Such amount was intended to reimburse GenOn for costs incurred in connection with the 2022 Notes that were not assumed. Accordingly, GenOn removed the previously deferred costs in the amount of $28 million and recorded a receivable from NRG for this amount. The receivable is reflected net in accounts payable - affiliate on the consolidated balance sheet as of December 31, 2017 . In addition, the Restructuring Support Agreement provides that to the extent GenOn has paid for services during the bankruptcy proceedings and the aforementioned credit has not been applied in full, NRG shall, upon request by GenOn, reimburse such payments in cash up to the amount of any unused portion of the credit, subject to the terms and conditions of the transition services agreement. Under the Services Agreement, NRG also 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. On February 28, 2018, GenOn informed GenOn Mid-Atlantic and REMA that it does not intend to provide shared services to the respective entities beyond the summer of 2018. The following costs were incurred under these arrangements: GenOn Americas Generation Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Allocated costs: Cost of operations — affiliate $ (1 ) $ 3 $ 3 Selling, general and administrative — affiliate 68 90 81 Total $ 67 $ 93 $ 84 GenOn Mid-Atlantic Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Allocated costs: Cost of operations — affiliate $ 4 $ 4 $ 1 Selling, general and administrative — affiliate 54 71 58 Total $ 58 $ 75 $ 59 Credit Agreement with NRG (GenOn) GenOn was party to a secured intercompany revolving credit agreement with NRG, or the Intercompany Revolver. The Intercompany Revolver provided a $500 million revolving credit facility, all of which was available for revolving loans and letters of credit. At December 31, 2017 and 2016 , $92 million and $272 million , respectively, of letters of credit were outstanding under the NRG credit agreement for GenOn. Of this amount, $16 million and $199 million were issued on behalf of GenOn Americas Generation as of December 31, 2017 and 2016 , respectively, which includes $1 million and $128 million issued on behalf of GenOn Mid-Atlantic as of December 31, 2017 and 2016 , respectively. Additionally, as of December 31, 2017 , there were $125 million loans outstanding under the Intercompany Revolver, which is recorded as current portion of long-term debt — affiliate on the balance sheet, as further described in Note 10 , Debt and Capital Leases . As of December 31, 2016 , no loans were outstanding under this Intercompany Revolver. Certain of GenOn's subsidiaries, as guarantors, entered into 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. In addition, the Intercompany Revolver contains customary covenants and events of default. As of December 31, 2017 , GenOn was in default under the Intercompany Revolver with NRG due to the filing of the Chapter 11 Cases. As a result of the Chapter 11 Cases, no additional revolving loans or letters of credit are available to GenOn under the Intercompany Revolver. In addition, NRG agreed to provide GenOn with a letter of credit facility during the pendency of the Chapter 11 Cases, which could be utilized for required letters of credit in lieu of the Intercompany Revolver. The letter of credit facility provided availability of up to $330 million less amounts borrowed and letters of credit provided were required to be cash collateralized at 103% of the letter of credit amount. On July 27, 2017, this letter of credit facility was terminated as GenOn has obtained a separate letter of credit facility with a third party financial institution, as discussed in Note 10 , Debt and Capital Leases . Effective with completion of the reorganization, GenOn must repay NRG for all revolving loans outstanding, with such amount to be netted against the settlement payment owed from NRG to GenOn. Interest continues to accrue during the pendency of the Chapter 11 Cases and borrowings remain secured obligations. 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 balances are due on demand and note receivable — affiliate and note payable — affiliate accrue interest on the net position, which is payable quarterly, at a rate determined by GenOn Energy Holdings, a wholly owned subsidiary of GenOn. These arrangements have continued in the normal course of business through the pendency of the Chapter 11 Cases. At December 31, 2017 and 2016 , GenOn Americas Generation had a net current note receivable — affiliate from GenOn Energy Holdings of $318 million and $315 million , respectively, related to its intercompany cash management program. For the years ended December 31, 2017 , 2016 , and 2015 , GenOn Americas Generation earned an insignificant amount of net interest income related to these notes. Additionally, at December 31, 2017 and 2016 , GenOn Americas Generation had an accounts receivable — affiliate of $46 million and an accounts payable — affiliate of $43 million , respectively, with GenOn Energy Holdings related to the intercompany cash management programs. See Note 4 , Dispositions for further discussion on the settlement of note receivable — affiliate related to Potrero during the year ended December 31, 2016 . 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, 2017 , 2016 , and 2015 were $17 million , $39 million , and $27 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. Intercompany Hedging Agreements with NRG Under intercompany agreements, NRG Power Marketing LLC enters into physical and financial intercompany commodity and hedging transactions with GenOn and certain of its subsidiaries. Subject to applicable collateral thresholds, these arrangements may provide for the bilateral exchange of credit support based upon market exposure and potential market movements. The terms and conditions of the agreements are generally consistent with industry practices and other third party arrangements. As of December 31, 2017 , GenOn has no net exposure under these arrangements. |
Commitments and Contingencies (
Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) 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 for each of the years ended December 31, 2017 , 2016 , and 2015 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, 2017 and 2016 , GenOn Mid-Atlantic has paid $348 million and $275 million , respectively, of lease payments in excess of rent expense recognized, which is included in prepaid rent and other current assets and prepaid rent non-current on the consolidated balance sheets. Of these amounts, $71 million is included, for both 2017 and 2016 , 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 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, 2017 are as follows: (In millions) 2018 $ 105 2019 139 2020 105 2021 42 2022 36 Thereafter 364 Total $ 791 REMA Operating Leases (GenOn) GenOn, through its subsidiary, REMA, leases a 100% interest in the Shawville generation station through 2026, and expects to make payments under the Shawville lease through that date, and leases 16.45% and 16.67% interests in the Conemaugh and Keystone coal generation facilities, respectively, through 2034, and expects to make payments under the Conemaugh and Keystone 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 for each of the years ended December 31, 2017 , 2016 , and 2015 , respectively, net of annual amortization of out-of-market liability of $11 million . Rent expense is included in cost of operations. GenOn has paid $104 million and $82 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, 2017 and 2016 , respectively. Of these amounts, $41 million is included, for both 2017 and 2016 , in prepaid rent and other current assets. GenOn operates the Conemaugh and Keystone generation stations 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 $12 million for the year ended December 31, 2017 and $11 million for the years ended December 31, 2016 and 2015 . 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 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, 2017 are as follows: (In millions) 2018 $ 55 2019 65 2020 56 2021 47 2022 46 Thereafter 185 Total $ 454 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 lease for offices in Houston, Texas which expires in 2018. NRG will reimburse GenOn for this office lease in 2018, which is expected to be approximately $7 million for the balance of the lease. GenOn Mid-Atlantic has other operating leases which primarily relate to the Chalk Point generation station. 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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 17 $ 14 $ 15 GenOn Americas Generation 3 1 1 GenOn Mid-Atlantic 2 — 1 Future minimum lease commitments under the Registrants’ other operating leases for the years ending after December 31, 2017 are as follows: GenOn (a) GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2018 $ 13 $ 3 $ 1 2019 2 1 1 2020 2 — — 2021 2 — — 2022 2 — — Thereafter 12 — — Total $ 33 $ 4 $ 2 (a) Amounts in the table exclude future sublease income of $4 million associated with GenOn’s long-term leases for office locations which end in 2018. 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, 2017 , the maximum remaining term under any individual fuel supply contract is four years and any transportation contract is nine years . As of December 31, 2017 , the Registrants’ commitments under such outstanding agreements are estimated as follows: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2018 $ 132 $ 46 $ 45 2019 48 1 — 2020 46 1 — 2021 47 1 — 2022 6 1 — Thereafter 18 2 — Total $ 297 $ 52 $ 45 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. GenOn records certain LTSA committed amounts as vendor-financed purchases of property, plant and equipment and records the present value of these liabilities as debt. As of December 31, 2017 , GenOn's commitments under such outstanding agreements are estimated as follows: GenOn (In millions) 2018 $ 20 2019 21 2020 23 2021 24 2022 17 Thereafter 239 Total $ 344 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 2034. GenOn Mid-Atlantic has other similar agreements for gypsum. As of December 31, 2017 , the Registrants’ other commitments are estimated as follows: GenOn GenOn Americas Generation GenOn (In millions) 2018 $ 7 $ 3 $ 3 2019 7 2 2 2020 2 2 2 2021 2 2 2 2022 2 2 2 Thereafter 32 32 32 Total $ 52 $ 43 $ 43 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. As applicable, the Registrants believe they have established an adequate reserve for the matters discussed below. 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. GenOn Chapter 11 Cases (GenOn and GenOn Americas Generation) — On the Petition Date, the GenOn Entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. As a result of such bankruptcy filings, substantially all proceedings pending against the GenOn Entities have been stayed by operation of Section 362(a) of the Bankruptcy Code. Under the Restructuring Support Agreement to which the GenOn Entities, NRG and certain of GenOn's and GenOn Americas Generation's senior unsecured noteholders are parties, each of them supported the Bankruptcy Court's approval of the Plan. GenOn has a customary "fiduciary out" under the Restructuring Support Agreement. If the Plan is not consummated, GenOn may not be entitled to the benefits of the Settlement Agreement provided under the Restructuring Support Agreement and it will remain subject to any claims of NRG and the noteholders, including claims relating to or arising out of any shared services and any other relationships or transactions between the companies. See Note 3 , Chapter 11 Cases , for additional information. The GenOn Entities are in the process of evaluating claims submitted in connection with the Chapter 11 Cases to determine the validity of such claims but have not yet finished their assessment of valid claims and are currently unable to determine the amount of such claims. 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, or the Fifth Circuit. In March 2012, the Fifth Circuit 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 summary judgment in favor of the Commerzbank Defendants. On December 29, 2015, MC Asset Recovery filed a notice to appeal this judgment with the Fifth Circuit. On June 1, 2017, the Fifth Circuit affirmed the District Court's judgment. On June 12, 2017, MC Asset Recovery petitioned the Fifth Circuit for rehearing. The petition for rehearing was denied and a court order and judgment affirming the District Court's judgments was entered on July 17, 2017. The bankruptcy court is scheduled to hear a Motion for a Final Decree in the Mirant bankruptcy on April 11, 2018. Natural Gas Litigation (GenOn) — GenOn was party to several lawsuits filed in the aftermath of the California energy crisis in 2000 and 2001 and relate to alleged conduct to increase natural gas prices in violation of state antitrust law and similar laws. All the suits have been dismissed or settled except four , three of which are class action lawsuits, filed on behalf of commercial and industrial purchasers of natural gas in, respectively, the states of Kansas, Missouri, and Wisconsin. The fourth remaining, suit was brought by a single plaintiff in Kansas. The lawsuits seek treble or punitive damages, restitution and/or full consideration damages. The lawsuits also name as parties a number of energy companies unaffiliated with GenOn. In July 2011, the U.S. District Court for the District of Nevada, which was assigned the cases for pretrial matters, granted the defendants' motion for summary judgment and dismissed all claims against GenOn and the other defendants. The appeal reached the U.S. Supreme Court, which on April 21, 2015, held that the plaintiffs’ state antitrust law claims are not field-preempted by the federal Natural Gas Act and the Supremacy Clause of the U.S. Constitution and directed that the cases be remanded to the U.S. District Court for the District of Nevada for further proceedings. The U.S. Supreme Court left open whether the claims were preempted on the basis of conflict preemption. On March 30, 2017, the court denied the plaintiffs' motions for class certification, which the plaintiffs' appealed to the Ninth Circuit. The parties have completed briefing of the appeal but the oral arguments have not yet been scheduled. In May 2016, in the single-plaintiff Kansas case, the U.S. District Court for the District of Nevada granted the defendants' motion for summary judgment. The plaintiff appealed the decision to the Ninth Circuit, which on March 26, 2018 reversed the decision. The time for filing a motion for rehearing and petition for writ of certiorari at the Unites States Supreme Court has not yet run. On October 18, 2016, the U.S. District Court for the District of Nevada entered final judgment for CenterPoint Energy Services, Inc. in the one remaining case (the Wisconsin case) in which it is a defendant. GenOn has agreed to indemnify CenterPoint against certain losses relating to these lawsuits. The plaintiffs appealed the district court’s summary judgment ruling to the Ninth Circuit, which hear oral arguments on March 16, 2018 but has not yet ruled on the appeal. On February 26, 2018, GenOn filed objections to the proofs of claim filed in the Chapter 11 Cases by all of the plaintiffs in each of the four cases. GenOn filed that same day a motion seeking a schedule for a series of hearings to resolve the objections and asking the bankruptcy court to estimate all of the proofs of claim at zero dollars. The plaintiffs have objected to the request for bankruptcy court to estimate the proofs of claim. A hearing on whether the court will estimate the plaintiffs’ proofs of claim is scheduled for March 30, 2018. Mirant Chapter 11 Proceedings (GenOn and GenOn Americas Generation) — In July 2003, and various dates thereafter, the Mirant Debtors filed voluntary petitions in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for relief under Chapter 11 of the Bankruptcy Code. GenOn Energy Holdings and most of the other Mirant Debtors emerged from bankruptcy on January 3, 2006, when the plan of reorganization that was approved in conjunction with Mirant Corporation's emergence from bankruptcy protection, or the Mirant 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 Mirant 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 Mirant 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. The bankruptcy court is scheduled to hear a Motion for a Final Decree in the Mirant bankruptcy on April 11, 2018. 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 generation 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 LLC that DOEE believed various environmental violations had occurred as a result of discharges DOEE believes occurred to the Potomac River from the Potomac River generation 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. GenOn Noteholders' Lawsuit — On December 13, 2016, certain indenture trustees for an ad hoc group of holders, or the Noteholders, of the GenOn Energy, Inc. 7.875% Senior Notes due 2017, 9.500% Notes due 2018, and 9.875% Notes due 2020, and the GenOn Americas Generation, LLC 8.50% Senior Notes due 2021 and 9.125% Senior Notes due 2031, or collectively, the GenOn Notes, along with certain of the Noteholders, filed a complaint in the Superior Court of the State of Delaware against NRG and GenOn alleging certain claims related to a services agreement between NRG and GenOn. Plaintiffs generally seek recovery of all monies paid under the services agreement and any other damages that the court deems appropriate. On February 3, 2017, the court entered an order approving a Standstill Agreement whereby the parties agreed to suspend all deadlines in the case until March 1, 2017. The Standstill Agreement terminated on March 1, 2017. On April 30, 2017, the Noteholders filed an amended complaint that asserts (i) additional fraudulent transfer claims in relation to GenOn’s sale of the Marsh Landing project to NRG Yield LLC, (ii) alleged breaches of fiduciary duty by certain current and former officers and directors of GenOn in relation to the management services agreement and the alleged usurpation of corporate opportunities concerning the Mandalay and Canal projects and (iii) claims against NRG for allegedly aiding and abetting such claimed breaches of fiduciary duties. In addition to NRG and GenOn, the amended complaint names NRG Yield LLC and certain current and former officers and directors of GenOn as defendants. The plaintiffs generally seek recovery of all monies paid under the services agreement and any other damages that the court deems appropriate. On March 31, 2017, NRG and GenOn filed separate motions to dismiss the complaint, but such motions are superseded by the amended complaint. On June 19, 2017, the GenOn Entities gave notice that the filing of their respective voluntary petitions for relief under Chapter 11 had given rise to a stay under the Bankruptcy Code. On June 20, 2017, the court moved this lawsuit from the active docket to the bankruptcy docket. On December 14, 2017, a settlement agreement was entered into between GenOn and NRG which should ultimately resolve this lawsuit. Rice v. NRG — On April 14, 2017, plaintiffs filed a purported class action lawsuit in the U.S. District Court for the Western District of Pennsylvania against NRG, First Energy Corporation and Matt Canastrale Contracting, Inc. Plaintiffs generally claim personal injury, trespass, nuisance and property damage related to the disposal of coal ash from GenOn's Elrama Power Plant and First Energy’s Mitchell and Hatfield Power Plants. Plaintiffs generally seek monetary damages, medical monitoring and remediation of their property. Plaintiffs filed an amended complaint on August 14, 2017. Morgantown v. GenOn Mid-Atlantic — On June 8, 2017, Morgantown and Dickerson Owner Lessors filed a lawsuit against GenOn Mid-Atlantic, LLC, NRG North America LLC, GenOn Americas Generation, LLC, NRG Americas, Inc., GenOn Energy Holdings, Inc., GenOn Energy, Inc., and NRG Energy, Inc. in New York State Supreme Court. The plaintiffs allege that they were overcharged by defendants for certain services outlined in a Services Agreement and that defendants caused a Qualified Credit Support portion of a Participation Agreement, or QCS Agreement, to be violated by causing the transfer of certain monies outside the allowable confines set forth in the QCS Agreement. In addition, plaintiffs claim that the transfers were unfairly executed and done so in an effort to defraud plaintiffs and hinder their ability to continue to do business. As such, plaintiffs seek, among other things, the return of certain transferred funds and service charges paid and to bar defendants from executing additional transfers on plaintiffs’ behalf. On November 7, 2017, the Bankruptcy Court in a related claims estimation proceeding issued an order estimating the claims against the GenOn Entities at $0 . On December 14, 2017, a settlement agreement was entered into between GenOn and NRG which should ultimately resolve this lawsuit. Natixis v. GenOn Mid-Atlantic — On February 16, 2018, Natixis Funding Corp. and Natixis, New York Branch filed a complaint in the Supreme Court of the State of New York against GenOn Mid-Atlantic, the owner lessors under GenOn Mid-Atlantic’s operating leases of the Dickerson and Morgantown coal generation units, and the lease indenture trustee under those leases. The plaintiffs’ allegations against GenOn Mid-Atlantic relate to a payment agreement between GenOn Mid-Atlantic and Natixis Funding Corp. to procure credit support for the payment of certain lease payments owed pursuant to the GenOn Mid-Atlantic operating leases for Morgantown and Dickerson. Plaintiffs seek approximately $34 million in damages arising from GenOn Mid-Atlantic’s purported breach of certain warranties in the payment agreement. |
Regulatory Matters (GenOn, GenO
Regulatory Matters (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Matters Disclosure [Abstract] | |
Regulatory Matters (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) | 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 Zero-Emission Credits for Nuclear Plants in Illinois — In 2016, Illinois enacted a Zero Emission Credit, or ZEC, program for selected nuclear units in Illinois. In total, the program directs over $2.5 billion over ten years to nuclear plants in Illinois that would otherwise retire. Pursuant to the legislation , the Illinois Power Agency, or IPA, conducts a competitive solicitation to procure ZECs, although both the Governor of Illinois and Exelon have already announced that the ZECs will be awarded to two Exelon-owned nuclear power plants in Illinois. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On February 14, 2017, certain companies, filed a complaint in the U.S. District Court for the Northern District of Illinois alleging that the state program is preempted by federal law and in violation of the dormant commerce clause. Another plaintiff group filed a similar complaint on the same day. Subsequently, on March 31, 2017, certain companies, filed a motion for preliminary injunction. On April 10, 2017, Exelon, as an intervenor defendant, and State defendants filed motions to dismiss. On July 14, 2017, Defendants' motions to dismiss were granted. On July 17, 2017, certain companies filed a notice of appeal to the U.S. Court of Appeals for the Seventh Circuit. Briefing is complete. Oral argument was held on January 3, 2018, with supplemental briefs filed on January 26, 2018. On February 21, 2018, the Seventh Circuit invited the U.S. to file an amicus brief in the proceeding. Zero-Emission Credits for Nuclear Plants in New York — On August 1, 2016, the NYSPSC issued its Clean Energy Standard, or CES, which provided for ZECs which would provide more than $7.6 billion over 12 years in out-of-market subsidy payments to certain selected nuclear generating units in the state. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On October 19, 2016, certain companies, filed a complaint in the U.S. District Court for the Southern District of New York, challenging the validity of the NYSPSC action and the ZEC program. On March 29, 2017, the U.S. District Court heard oral arguments on a motion to dismiss filed by defendants. On July 25, 2017, the defendants' motions to dismiss were granted. On August 24, 2017, certain companies filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit. Briefing is complete. The court heard oral arguments on March 12, 2018. Department of Energy's Proposed Grid Resiliency Pricing Rule — On September 29, 2017, the Department of Energy issued a proposed rulemaking titled the "Grid Resiliency Pricing Rule." The rulemaking directs FERC to take action to reform the ISO/RTO markets to value certain reliability and resiliency attributes of electric generation resources. On October 2, 2017, FERC issued a notice inviting comments. On October 4, 2017, FERC staff issued a series of questions requesting commenters to address. On October 23, 2017, comments were filed encouraging FERC to act expeditiously to modernize energy and capacity markets in a manner compatible with robust competitive markets. On January 8, 2018, FERC terminated the proposed rulemaking and opened a new rulemaking asking each ISO/RTO to address specific questions focused on grid resilience. East Montgomery County Station Power Tax — On December 20, 2013, GenOn 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. GenOn disputed the applicability of the tax. On December 11, 2015, the Maryland Tax Court reversed Montgomery County's assessment. Montgomery County filed an appeal, and on February 2, 2017, the Montgomery County Circuit Court affirmed the decision of the tax court. On February 17, 2017, Montgomery County filed an appeal to the Court of Special Appeals of Maryland. On February 1, 2018, the court heard oral arguments. |
Environmental Matters (GenOn, G
Environmental Matters (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) | 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. The electric generation industry has been facing requirements regarding GHGs, combustion byproducts, water discharge and use, and threatened and endangered species that have been put in place in recent years. However, under the current U.S. presidential administration some of these rules are being reconsidered and reviewed. 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' respective consolidated financial position, results of operations, or cash flows. Federal and state environmental laws generally have become more stringent over time, although this trend could slow or pause in the near term with respect to federal laws under the current U.S. presidential administration. 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. On October 26, 2016, the EPA finalized the CSAPR Update Rule, which reduces future NOx allocations and discounts the current banked allowances to account for the more stringent 2008 Ozone NAAQS and to address the D.C. Circuit's July 2015 decision. This rule has been challenged in the D.C. Circuit. The Registrants believe their investment in pollution controls and cleaner technologies leave the fleet well-positioned for compliance. 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. Effluent Limitations Guidelines — In November 2015, the EPA revised the Effluent Limitations Guidelines for Steam Electric Generating Facilities, which would have imposed more stringent requirements (as individual permits were renewed) for wastewater streams from flue gas desulfurization, or FGD, fly ash, bottom ash, and flue gas mercury control. In April 2017, the EPA granted two petitions to reconsider the rule and also administratively stayed some of the deadlines. On September 18, 2017, the EPA promulgated a final rule that (i) postpones the compliance dates to preserve the status quo for FGD wastewater and bottom ash transport water by two years to November 2020 until the EPA completes its next rulemaking and (ii) withdrew the April 2017 administrative stay. The legal challenges have been suspended while the EPA reconsiders and likely modifies the rule. Accordingly, the Registrants have largely eliminated their estimate of the environmental capital expenditures that would have been required to comply with permits incorporating the revised guidelines. The Registrants will revisit these estimates after the rule is revised. 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. On September 13, 2017, the EPA granted the petition for reconsideration that the Utility Solid Waste Activities Group filed in May 2017. 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, 2017 . For further discussion of these matters, refer to Note 15 , Commitments and Contingencies – Contingencies. |
Guarantees (GenOn and GenOn Ame
Guarantees (GenOn and GenOn Americas Generation) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Guarantees (GenOn and GenOn Americas Generation) | 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, 2017 2016 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 158 $ 5 $ — $ — $ 163 $ 380 Other guarantees — 365 — 75 440 483 Total guarantees $ 158 $ 370 $ — $ 75 $ 603 $ 863 GenOn Americas Generation By Remaining Maturity at December 31, December 31, 2017 2016 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 18 $ — $ — $ — $ 18 $ 201 Total guarantees $ 18 $ — $ — $ — $ 18 $ 201 Letters of credit and surety bonds — As of December 31, 2017 , GenOn and GenOn Americas Generation and their respective subsidiaries were contingently obligated for a total of $68 million and $2 million under surety bonds, respectively. In addition, GenOn had $92 million of letters of credit that were issued under the NRG credit agreement. See Note 14 , Related Party Transactions . Of those letters of credit, $16 million were issued on behalf of GenOn Americas Generation's subsidiaries and $1 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 has issued guarantees of obligations that its 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 does 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. |
Debtors' Financial Information
Debtors' Financial Information (GeOn and GenOn Americas Generation) Debtors' Financial Information (GenOn and GenOn Americas Generation) (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
Debtors' Financial Information (GeOn and GenOn Americas Generation) | Chapter 11 Cases (GenOn and GenOn Americas Generation) Chapter 11 Cases On June 14, 2017, or the Petition Date, the GenOn Entities filed the Chapter 11 Cases. GenOn Mid-Atlantic, as well as its consolidated subsidiaries, REMA, and certain other subsidiaries, did not file for relief under Chapter 11. The GenOn Entities remain in possession of their property and continue their business operations in the ordinary course uninterrupted as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On June 29, 2017, the GenOn Entities filed the Plan and the Disclosure Statement with the Bankruptcy Court consistent with the Restructuring Support Agreement. On September 18, 2017 and October 2, 2017, the GenOn Entities filed amendments to the Plan and Disclosure Statement, which primarily provided the GenOn Entities with the flexibility to complete sales of certain assets pursuant to the Plan, as amended, and removed the GenOn Entities' requirement to conduct a rights offering in connection with the GenOn Entities' exit financing. On or about October 6, 2017, the Debtors commenced solicitation of the Plan. On October 31, 2017, the GenOn Entities announced that they entered into a Consent Agreement with certain holders of GenOn’s Senior Notes and GenOn Americas Generation's Senior Notes, collectively, the Consenting Holders, whereby the GenOn Entities and the Consenting Holders agreed to extend the milestones in the Restructuring Support Agreement, by which the Plan must become effective, or the Effective Date. Specifically, the Consent Agreement extends the Effective Date milestone to June 30, 2018 or September 30, 2018, if regulatory approvals are still pending, or the Extended Effective Dates. On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan, and effective December 12, 2017, GenOn and NRG entered into agreements concerning (i) timeline and transition, (ii) cooperation and co-development matters, (iii) post-employment and retiree health and welfare benefits and pension benefits, (iv) tax matters, and (v) intercompany balances and releases, consistent with the Restructuring Support Agreement, which among other things, provide for the transition of GenOn to a standalone enterprise, the resolution of substantial intercompany claims between GenOn and NRG, and the allocation of certain costs and liabilities between GenOn and NRG. On December 12, 2017, the Bankruptcy Court also entered an order giving effect to the Consent Agreement. GenMA Settlement The Bankruptcy Court order confirming the Plan also approved the settlement terms agreed to among the GenOn Entities, NRG, the Consenting Holders, GenOn Mid-Atlantic, and certain of GenOn Mid-Atlantic’s stakeholders, or the GenMA Settlement, and directed the settlement parties to cooperate in good faith to negotiate definitive documentation consistent with the GenMA Settlement term sheet in order to pursue consummation of the GenMA Settlement. The GenMA Settlement remains subject to definitive documentation. Certain terms of the compromise as reached by the GenMA Settlement parties are as follows, as qualified by the full settlement framework on file with the Bankruptcy Court: • settlement of all pending litigation and objections to the Plan (including with respect to releases and feasibility); • GenOn will provide a $55.0 million one -year 15% senior secured bridge facility; • cash redemption or purchase of certain outstanding lessor notes/pass-through certificates, funded by (i) GenOn Mid-Atlantic cash on hand; (ii) proceeds from a J.P. Morgan letter of credit draw; (iii) the $55.0 million bridge facility provided by GenOn; (iv) a $20.0 million cash contribution by GenOn; and (v) proceeds from the Natixis letter of credit facility; • the option to defer certain equity rent and shared services to support GenOn Mid-Atlantic’s liquidity; • GenOn and NRG will provide $57.5 million of new qualifying credit support to GenOn Mid-Atlantic, consisting of: • $20.0 million cash contribution by GenOn; and • $37.5 million in letters of credit from NRG. • GenOn will retain $125.0 million from the pre-petition transfer from GenOn Mid-Atlantic and all proceeds of NRG’s settlement payment of approximately $261.3 million to GenOn to fully settle the disputes existing between such parties and their respective affiliates (subject to setoff of approximately $125.0 million in NRG claims against GenOn under the parties’ Intercompany Revolver); • Debt and lien covenants will permit a secured working capital facility in an amount not to exceed $75.0 million , which GenOn Mid-Atlantic will use commercially reasonable efforts to obtain; and • GenOn Mid-Atlantic will have one independent director appointed by the Owner Lessor Plaintiffs (as defined in the Plan). The terms of the GenMA Settlement are subject to further negotiations between the parties and the consummation of the GenMA Settlement on any terms is subject to certain conditions and may not be consummated on the terms as currently contemplated or at all. To the extent the GenMA Settlement is not consummated, GenOn Mid-Atlantic will retain the right to opt out of the releases given to each other releasing party prior to the Effective Date. Restructuring Support Agreement Prior to filing the Chapter 11 Cases, the GenOn Entities entered into the Restructuring Support Agreement on June 12, 2017 that provides for a restructuring and recapitalization of the GenOn Entities through a prearranged plan of reorganization. Certain principal terms of the Restructuring Support Agreement were documented in various support agreements, including a transition services agreement, entered into by GenOn and NRG and approved by the Bankruptcy Court pursuant to an order of confirmation, and are detailed below: 1) The dismissal of litigation and full releases from GenOn and GenOn Americas Generation in favor of NRG upon the earlier of the consummation of the GenOn Entities' plan of reorganization or the Settlement Agreement; a condition precedent to the consummation of the Settlement Agreement is a full release or indemnification in favor of NRG from any claims of GenOn Mid-Atlantic and REMA. 2) GenOn will receive cash consideration from NRG of $261.3 million pursuant to a settlement executed in connection with the Plan, which will be received in cash less any amounts owed to NRG under the intercompany secured revolving credit facility, or the Intercompany Revolver. As of December 31, 2017 , GenOn owed NRG approximately $125 million under the Intercompany Revolver. See Note 14 , Related Party Transactions , for further discussion of the Intercompany Revolver. 3) NRG will consent to the cancellation of its interests in the equity of GenOn and be entitled to a worthless stock deduction, as further described in the tax matters agreement. The equity interests in the reorganized GenOn will be issued to the holders of the GenOn Senior Notes along with a cash payment from NRG equal to approximately $75 million , which is included in the $261.3 million mentioned above, and, subject to certain eligibility restrictions, rights to participate pro rata in a new secured notes offering, as further described below. 4) NRG will retain the pension liability, including payment of approximately $13 million of 2017 pension contributions, for GenOn employees for service provided prior to the completion of the reorganization, which was paid in September 2017 and was reflected as a capital contribution to GenOn. NRG will also pay (or reimburse to GenOn) the 2018 pension contributions for GenOn employees. GenOn’s pension liability as of December 31, 2017 was approximately $92 million . NRG will also retain the liability for GenOn’s post-employment and retiree health and welfare benefits, in an amount up to $25 million . 5) The shared services agreement between GenOn and NRG was terminated and replaced as of the plan confirmation date with a transition services agreement at an annualized rate of $84 million , subject to certain credits and adjustments. See Note 14 , Related Party Transactions , for further discussion of the Services Agreement. 6) GenOn will receive a credit of approximately $28 million from NRG to apply against amounts owed under the transition services agreement. Any unused amount can be paid in cash at GenOn's request. The credit is specifically equal to the amount of the 4% aggregate principal amount of the new senior secured first lien notes due 2022, or the 2022 Notes, plus accrued interest from the date of entry into the escrow agreement entered into in connection with the 2022 Notes and is intended to reimburse GenOn for its payment of such amount, as described below. 7) NRG agreed to provide GenOn with a letter of credit facility during the pendency of the Chapter 11 Cases, which could be utilized for required letters of credit in lieu of the Intercompany Revolver. GenOn can no longer utilize the Intercompany Revolver and, on July 27, 2017, the letter of credit facility was terminated, as GenOn had obtained a separate letter of credit facility with a third party financial institution. See Note 14 , Related Party Transactions , for further discussion of the Intercompany Revolver and the letter of credit facility and Note 10 , Debt and Capital Leases , for the letter of credit facility obtained in July 2017. 8) Certain holders of the Senior Notes, known as the Backstop Parties, have executed a letter of commitment, or the Backstop Commitment Letter, pursuant to which the Backstop Parties committed to backstop the exit financing obtained by GenOn to facilitate the payment of the obligations under the Plan and other working capital needs of the GenOn Entities upon their emergence from Chapter 11. The Backstop Commitment Letter expired in accordance with its terms on November 17, 2017. 9) GenOn and NRG have agreed to cooperate in good faith to maximize the value of certain development projects. Pursuant to this, GenOn made a one-time payment in the amount of $15 million to NRG in December 2017 as compensation for a purchase option with respect to the Canal 3 project. In addition to the Restructuring Support Agreement, GenOn entered into additional support and other agreements including a transition services agreement, a cooperation agreement and a tax matters agreement, which were approved by the Bankruptcy Court pursuant to an order of confirmation. The filing of the Chapter 11 Cases automatically stayed most actions against the GenOn Entities pursuant to Section 362(a) of the Bankruptcy Code. Absent an order from the Bankruptcy Court, the GenOn Entities' pre-petition liabilities are subject to discharge under the Plan. The GenOn Entities have filed certain motions with the Bankruptcy Court that have been approved in connection with the confirmation of the Plan. The GenOn Entities expect to operate in the normal course of business throughout the reorganization process. The GenOn Entities have continued to make payments to certain vendors with respect to pre-petition liabilities as permitted by the Bankruptcy Court order, and vendors have been paid for goods and services provided after the Petition Date in the ordinary course of business. GenOn Debt As of December 31, 2017 , the Intercompany Revolver, GenOn Senior Notes, and GenOn Americas Generation Senior Notes totaled approximately $2.6 billion . The filing of the Chapter 11 Cases constitutes an event of default under the following debt instruments, or collectively, the Debt Documents: 1) The Intercompany Revolver with NRG; 2) The indenture governing the GenOn 7.875% Senior Notes due 2017 (as amended or supplemented from time to time); 3) The indenture governing the GenOn 9.500% Notes due 2018 (as amended or supplemented from time to time); 4) The indenture governing the GenOn 9.875% Notes due 2020 (as amended or supplemented from time to time); 5) The indenture governing the GenOn Americas Generation 8.50% Senior Notes due 2021 (as amended or supplemented from time to time); and 6) The indenture governing the GenOn Americas Generation 9.125% Senior Notes due 2031 (as amended or supplemented from time to time). The Debt Documents set forth in 1-4 above provide that as a result of the commencement of the Chapter 11 Cases the principal and accrued interest due thereunder was immediately due and payable. The Debt Documents set forth in 5-6 above provide that as a result of the commencement of the Chapter 11 Cases the applicable indenture trustee or certain holders of the notes may declare the principal and accrued interest due thereunder to be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Documents were automatically stayed as a result of the commencement of the Chapter 11 Cases, and the holders’ rights of enforcement in respect of the Debt Documents are subject to the applicable provisions of the Bankruptcy Code. The Chapter 11 Cases could also potentially give rise to counterparty rights and remedies under other documents. For further discussion, see Note 10 , Debt and Capital Leases and Note 15 , Commitments and Contingencies . On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan granting an allowed claim plus certain accrued interest, or the GAG Administrative Claim, estimated to be $663 million , to the holders of the GenOn Americas Generation Senior Notes, due 2021 and GenOn Americas Generation Senior Notes, due 2031. On February 1, 2018, pursuant to the confirmation of the Plan, the GenOn Entities elected to make a partial payment in respect of the GAG Administrative Claim, in the amount of $300 million , consisting of $158 million and $142 million to be applied to the outstanding balance of the GenOn Americas Generation Senior Notes due 2021 and 2031, respectively. 2022 Notes On May 8, 2017, a remote special purpose limited liability company issued $550 million in principal amount of notes that bore interest at a rate of 10.5% with a maturity date of June 1, 2022. The proceeds were deposited into a separate and independently maintained escrow account along with 4% of the principal amount and accrued interest from May 8, 2017 through June 15, 2017 totaling $28 million . If certain conditions were satisfied, GenOn was expected to merge with the remote special purpose limited liability company and assume the obligation for the 2022 Notes, which were to be secured by certain of GenOn’s and its subsidiaries' assets. Based on the terms of the underlying transaction documents governing the 2022 Notes, on June 14, 2017, when GenOn filed the Chapter 11 Cases, the funds held in the escrow account were released to the holders of the 2022 Notes, which were simultaneously redeemed. In connection with the escrow release, GenOn expensed $18 million in fees incurred in connection with the 2022 Notes offering in other expense. These fees, along with the $28 million that will be reimbursed by NRG, as further described in Note 14 , Related Party Transactions , for total of $46 million , are reflected as financing costs in the statement of cash flows. Backstop Fee The Restructuring Support Agreement also contemplates $900 million in aggregate principal amount of exit financing sought by GenOn primarily to refinance existing indebtedness and pay distributions under the Plan. Consistent with the terms of the Backstop Commitment Letter, GenOn paid $45 million in total ( 5% of the principal amount of the exit financing), or the Backstop Fee, to certain holders of notes issued by GenOn and GenOn Americas Generation, or the Backstop Parties, in exchange for the Backstop Parties’ joint commitment to fully subscribe the exit financing in the event that certain other parties do not fund the full commitments of the exit financing. On October 2, 2017, the GenOn Entities amended the backstop commitment letter to, among other things, remove the requirement to conduct a rights offering. The Backstop Commitment Letter expired in accordance with its terms on November 17, 2017. The Backstop Fee was considered earned by the Backstop Parties and was paid on June 13, 2017. This payment is effectively a discount (a reduction of the proceeds to be received by GenOn from the noteholders) and is reported in other non-current assets on GenOn’s consolidated balance sheet as of December 31, 2017 . When the financing is in effect, it will be reported as a direct reduction from the carrying amount of the debt and amortized over the five -year term as interest expense. The Backstop Fee is reflected as financing costs in the statement of cash flows. Accounting for Reorganization As a result of the Chapter 11 Cases, realization of assets and satisfaction of liabilities are subject to a significant number of uncertainties. The consolidated financial statements for GenOn and GenOn Americas Generation were prepared in accordance with Accounting Standards Codification (ASC) 852, Reorganizations , for debtors-in-possession. Liabilities Subject to Compromise GenOn's and GenOn Americas Generation's condensed consolidated balance sheets as of December 31, 2017 include amounts classified as liabilities subject to compromise which include prepetition liabilities that were allowed or that are estimated would be allowed as claims in its Chapter 11 proceedings. If there is uncertainty about whether a claim will be impaired under the Plan, the entire amount of the claim is included in liabilities subject to compromise. The following table summarizes the components of liabilities subject to compromise included on the condensed consolidated balance sheets of GenOn and GenOn Americas Generation: As of December 31, 2017 GenOn GenOn Americas Generation (In millions) Accounts payable and accrued expenses $ 41 $ 9 Long-term debt, including current portion 2,615 695 Accrued interest 56 10 Pension and postretirement liabilities 117 — Other 11 7 $ 2,840 $ 721 Interest Expense GenOn and GenOn Americas Generation will not pay interest expense during bankruptcy and it is not expected to be an allowable claim. Therefore, GenOn and GenOn Americas Generation did not record interest on the GenOn Senior Notes or the GenOn Americas Generation Senior Notes in the amount of $90 million and $33 million , respectively, for the period from June 14, 2017 through December 31, 2017 . Reorganization Items Reorganization items represent costs and income directly associated with the Chapter 11 proceedings. The below table represents the significant items in reorganization items for GenOn and GenOn Americas Generation: Year ended December 31, 2017 GenOn GenOn Americas Generation (In millions) Legal and other professional advisory fees $ (92 ) $ (2 ) Write-off of debt premiums and credit reserves 103 43 $ 11 $ 41 During the year ended December 31, 2017 , $58 million of cash payments were made by GenOn for reorganization items, of which $1 million were made by GenOn Americas Generation. Debtors' Financial Information (GenOn and GenOn Americas Generation) The financial information below represents the Debtor Entities condensed combined financial statements for the period from June 14, 2017 through December 31, 2017 . The following represent the entities included in the GenOn Entities, or the GenOn Energy, Inc. Debtors: GenOn Americas Generation, LLC 1 NRG Lovett LLC 1 GenOn Americas Procurement, Inc. NRG New York LLC 1 GenOn Asset Management, LLC NRG North America LLC 1 GenOn Capital Inc. NRG Northeast Generation, Inc. GenOn Energy Holdings, Inc. NRG Northeast Holdings, Inc. GenOn Energy Management, LLC 1 NRG Potrero LLC 1 GenOn Energy Services, LLC NRG Power Generation Assets LLC GenOn Energy, Inc. NRG Power Generation LLC GenOn Fund 2001 LLC NRG Power Midwest GP LLC GenOn Mid-Atlantic Development, LLC NRG Power Midwest LP GenOn Power Operating Services MidWest, Inc. NRG Sabine (Delaware), Inc. GenOn Special Procurement, Inc. 1 NRG Sabine (Texas), Inc. Hudson Valley Gas Corporation 1 NRG San Gabriel Power Generation LLC Mirant Asia-Pacific Ventures, LLC NRG Tank Farm LLC Mirant Intellectual Asset Management and Marketing, LLC NRG Wholesale Generation GP LLC Mirant International Investments, Inc. NRG Wholesale Generation LP Mirant New York Services, LLC NRG Willow Pass LLC Mirant Power Purchase, LLC Orion Power New York GP, Inc. Mirant Wrightsville Investments, Inc. Orion Power New York LP, LLC Mirant Wrightsville Management, Inc. Orion Power New York, L.P. MNA Finance Corp. 1 RRI Energy Broadband, Inc. NRG Americas, Inc. RRI Energy Channelview (Delaware) LLC NRG Bowline LLC 1 RRI Energy Channelview (Texas) LLC NRG California North LLC 1 RRI Energy Channelview LP NRG California South GP LLC RRI Energy Communications, Inc. NRG California South LP RRI Energy Services Channelview LLC NRG Canal LLC 1 RRI Energy Services Desert Basin, LLC NRG Delta LLC 1 RRI Energy Services, LLC NRG Florida GP, LLC RRI Energy Solutions East, LLC NRG Florida LP RRI Energy Trading Exchange, Inc. NRG Lovett Development I LLC 1 RRI Energy Ventures, Inc. 1 Represent the GenOn Americas Generation debtor entities, or the GenOn Americas Generation Debtors. Supplemental Condensed Combined Statement of Operations Period from June 14, 2017 through December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) Total operating revenues $ 967 $ 860 Total operating costs and expenses 853 818 Operating Income 114 42 Other Expense Total other expense 286 242 Loss Before Reorganization Items and Income Taxes (172 ) (200 ) Reorganization items, net 37 42 Loss Before Income Taxes (135 ) (158 ) Income tax expense — — Net Loss $ (135 ) $ (158 ) The condensed combined comprehensive income for GenOn Energy, Inc. Debtors and the GenOn Americas Generation Debtors is equal to the condensed combined net income for the period from June 14, 2017 through December 31, 2017. Supplemental Condensed Combined Balance Sheet As of December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) ASSETS Cash and cash equivalents $ 581 $ — Restricted cash 1 — Accounts receivable 113 106 Accounts receivable — affiliate 661 — Note receivable — affiliate — 318 Prepaid rent and other current assets 883 236 Total current assets 2,239 660 Property, plant and equipment, net 1,251 153 Investment in subsidiaries (570 ) 880 Note receivable — affiliate 544 — Other non-current assets 128 48 Total Assets $ 3,592 $ 1,741 LIABILITIES AND STOCKHOLDER'S EQUITY Current portion of long-term debt $ 1 $ — Current portion of long-term debt — affiliate 125 — Accounts payable 62 25 Accounts payable — affiliate — 1 Accrued expenses and other current liabilities 133 61 Total current liabilities 321 87 Liabilities Subject to Compromise 2,840 721 Long-term debt 38 — Other non-current liabilities 318 67 Total Liabilities 3,517 875 Stockholder's equity 75 866 Total Liabilities and Stockholder's Equity $ 3,592 $ 1,741 Supplemental Condensed Combined Statement of Cash Flows Period from June 14, 2017 through December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) Net cash provided by operating activities $ 129 $ 3 Net cash used by investing activities (27 ) (3 ) Net cash used by financing activities (4 ) — Net increase in cash, cash equivalents and restricted cash 98 — Cash, cash equivalents and restricted cash at beginning of period 484 — Cash, cash equivalents and restricted cash at end of period $ 582 $ — |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2017 | |
GenOn Energy, Inc. Parent Company | |
Schedule I - Condensed Financial Information of Registrant | CONDENSED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017 2016 2015 (In millions) Operating Loss $ (13 ) $ (15 ) $ — Other (Expense)/Income Equity in (losses)/income of consolidated subsidiaries (190 ) 160 (98 ) Other income, net 28 68 85 Gain on debt extinguishment — — 23 Interest expense (61 ) (121 ) (128 ) Other expense (18 ) — — Total other (expense)/income (241 ) 107 (118 ) (Loss)/Income Before Reorganization Items and Income Taxes (254 ) 92 (118 ) Reorganization items, net (30 ) — — (Loss)/Income Before Income Taxes (284 ) 92 (118 ) Income tax expense 11 11 (3 ) Net (Loss)/Income $ (295 ) $ 81 $ (115 ) See notes to condensed financial statements. GENON ENERGY, INC. (PARENT) CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS As of December 31, 2017 2016 (In millions) ASSETS Current Assets Cash and cash equivalents $ 582 $ 461 Restricted cash 1 — Prepayments and other current assets 29 7 Total current assets 612 468 Other Assets Investment in subsidiaries 1,422 1,602 Note receivable — affiliate 500 500 Other non-current assets 64 36 Total other assets 1,986 2,138 Total Assets $ 2,598 $ 2,606 LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Current portion of long-term debt $ — $ 699 Current portion of long-term debt — affiliate 125 — Accounts payable 19 — Accounts payable — affiliate 470 309 Accrued expenses and other current liabilities 21 45 Total current liabilities 635 1,053 Liabilities Subject to Compromise 1,887 — Other Liabilities Long-term debt — 1,212 Other non-current liabilities — 1 Total non-current liabilities — 1,213 Total Liabilities 2,522 2,266 Commitments and Contingencies Stockholder's Equity Common stock: $0.001 par value, 1 share authorized and issued at December 31, 2017 and 2016 — — Additional paid-in capital 338 325 Retained earnings (251 ) 44 Accumulated other comprehensive loss (11 ) (29 ) Total Stockholder's Equity 76 340 Total Liabilities and Stockholder's Equity $ 2,598 $ 2,606 See notes to condensed financial statements. GENON ENERGY, INC. (PARENT) CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017 2016 2015 (In millions) Cash Flows from Operating Activities Net cash provided/(used) by operating activities $ 90 $ 235 $ (159 ) Cash Flows from Investing Activities Payment for purchase option (15 ) — — Net cash used by investing activities (15 ) — — Cash Flows from Financing Activities Payments for financing costs (78 ) — — Proceeds from draw on intercompany secured revolving credit facility 125 — — Proceeds from bond redemptions — — 43 Payments of short and long-term debt — — (148 ) Net cash provided/(used) by financing activities 47 — (105 ) Net Increase/(Decrease) in Cash and Cash Equivalents 122 235 (264 ) Cash, Cash Equivalents and Restricted Cash at Beginning of Period 461 226 490 Cash, Cash Equivalents and Restricted Cash at End of Period $ 583 $ 461 $ 226 Supplemental Disclosures Cash paid for interest, net of amounts capitalized $ 109 $ 163 $ 176 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). Chapter 11 Cases As further described in Note 3 , Chapter 11 Cases , on June 14, 2017, GenOn, along with GenOn Americas Generation and certain of their directly and indirectly-owned subsidiaries, or collectively the GenOn Entities, filed voluntary petitions for relief under Chapter 11, or the Chapter 11 Cases, of the United States Bankruptcy Code, or the Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. GenOn Mid-Atlantic, as well as its consolidated subsidiaries, REMA and certain other subsidiaries, did not file for relief under Chapter 11. The GenOn Entities remain in possession of their property and continue their business operations in the ordinary course uninterrupted as "debtors-in-possession" under jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The consolidated financial statements for GenOn and GenOn Americas Generation were prepared in accordance with Accounting Standards Codification (ASC) 852, Reorganizations , for debtors-in-possession. On June 29, 2017, the GenOn Entities filed a Joint Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (as may be amended, modified or supplemented from time to time), or the Plan, and a related Disclosure Statement, or the Disclosure Statement, with the Bankruptcy Court consistent with the restructuring support and lock-up agreement, or Restructuring Support Agreement, by and among the GenOn Entities, NRG, certain holders representing greater than 93% in aggregate principal amount of GenOn’s Senior Notes and certain holders representing greater than 93% in aggregate principal amount of GenOn Americas Generation’s Senior Notes, as further described in Note 3 , Chapter 11 Cases . On September 18, 2017 and October 2, 2017, the GenOn Entities filed amendments to the Plan and the Disclosure Statement, which primarily provided the GenOn Entities with the flexibility to complete sales of certain assets pursuant to the Plan, as amended, and removed the GenOn Entities' requirement to conduct a rights offering in connection with the GenOn Entities' exit financing. On or about October 6, 2017, the Debtors commenced solicitation of the Plan. On October 31, 2017, the GenOn Entities announced that they entered into a Consent Agreement with certain holders of GenOn’s Senior Notes and GenOn Americas Generation’s Senior Notes, collectively, the Consenting Holders, whereby the GenOn Entities and the Consenting Holders agreed to extend the milestones in the Restructuring Support Agreement, by which the Plan must become effective, or the Effective Date. Specifically, the Consent Agreement extends the Effective Date milestone to June 30, 2018 or September 30, 2018, if regulatory approvals are still pending. On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan, and effective December 12, 2017, GenOn and NRG entered into agreements concerning (i) timeline and transition, (ii) cooperation and co-development matters, (iii) post-employment and retiree health and welfare benefits and pension benefits, (iv) tax matters, and (v) intercompany balances, consistent with the Restructuring Support Agreement, which among other things, provide for the transition of GenOn to a standalone enterprise, resolution of substantial intercompany claims between GenOn and NRG, and the allocation of certain costs and liabilities between GenOn and NRG. On December 12, 2017, the Bankruptcy Court also entered an order giving effect to the Consent Agreement. Reorganization Items Reorganization items represent costs and income directly associated with the Chapter 11 proceedings. The below table represents the significant items in reorganization items for GenOn Energy, Inc.: Year ended December 31, 2017 (In millions) Legal and other professional advisory fees $ (90 ) Write-off of debt premiums and credit reserves 60 $ (30 ) Liquidity and Ability to Continue as a Going Concern The accompanying condensed financial statements have been prepared assuming GenOn will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying condensed financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should GenOn be unable to continue as a going concern. Such adjustments could have a material adverse impact on GenOn's results of operations, cash flows and financial position. As described above and in Note 3 , Chapter 11 Cases , the GenOn Entities have submitted the Plan in connection with the Chapter 11 Cases and the Bankruptcy Court entered an order confirming the Plan. There is no assurance that all conditions precedent to the effectiveness of the Plan will be satisfied. GenOn's and GenOn Americas Generation's ability to continue as going concerns is dependent on many factors, including the consummation of the Plan in a timely manner and our ability to achieve profitability following emergence from bankruptcy. Given the uncertainty as to the outcome of these factors, there is substantial doubt about GenOn's and GenOn Americas Generation's ability to continue as going concerns. With respect to GenOn Mid-Atlantic, a consolidated subsidiary of GenOn, management has determined that while it has sufficient cash on hand to fund current obligations including operating lease payments due under the GenOn Mid-Atlantic operating leases as of December 31, 2017 , the potential significant adverse impact of financial stresses at GenOn Mid-Atlantic's parent companies and, to a lesser extent, any adverse impact resulting from the notification by GenOn Mid-Atlantic's lessors alleging the existence of certain lease events of default as further described in Note 10 , Debt and Capital Leases has caused there to be substantial doubt about GenOn Mid-Atlantic's ability to continue as a going concern. Due to Affiliates Due to affiliates on GenOn Energy Inc.'s condensed balance sheet as of December 31, 2017 includes notes payable - affiliate of $10 million and accounts payable - affiliate of $460 million . Due to affiliates on GenOn Energy Inc.'s condensed balance sheet as of December 31, 2016 includes notes payable - affiliate of $10 million and accounts payable - affiliate of $299 million . Cash Dividends Received For the year ended December 31, 2017 , 2016 and 2015 , 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. Chapter 11 Cases The filing of the Chapter 11 Cases constitutes an event of default under the following debt instruments, or collectively, the Debt Documents: 1) The Intercompany Revolver with NRG; 2) The indenture governing the GenOn 7.875% Senior Notes due 2017 (as amended or supplemented from time to time); 3) The indenture governing the GenOn 9.500% Notes due 2018 (as amended or supplemented from time to time); 4) The indenture governing the GenOn 9.875% Notes due 2020 (as amended or supplemented from time to time); 5) The indenture governing the GenOn Americas Generation 8.50% Senior Notes due 2021 (as amended or supplemented from time to time); and 6) The indenture governing the GenOn Americas Generation 9.125% Senior Notes due 2031 (as amended or supplemented from time to time). The Debt Documents set forth in 1-4 above provide that as a result of the commencement of the Chapter 11 Cases the principal and accrued interest due thereunder was immediately due and payable. The Debt Documents set forth in 5-6 above provide that as a result of the commencement of the Chapter 11 Cases the applicable indenture trustee or certain holders of the notes may declare the principal and accrued interest due thereunder to be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Documents were automatically stayed as a result of the commencement of the Chapter 11 Cases, and the holders’ rights of enforcement in respect of the Debt Documents are subject to the applicable provisions of the Bankruptcy Code. The Chapter 11 Cases could also potentially give rise to counterparty rights and remedies under other documents. For further discussion, see Note 10 , Debt and Capital Leases and Note 15 , Commitments and Contingencies . 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, 2017 , GenOn Energy, Inc. had $460 million of guarantees, which are included in Note 18 , Guarantees , to the Registrants’ consolidated financial statements. |
GenOn Americas Generation, LLC Parent Company | |
Schedule I - Condensed Financial Information of Registrant | CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017 2016 2015 (In millions) Operating Income $ — $ — $ — Other (Expense)/Income Equity in (losses)/earnings of consolidated subsidiaries (210 ) 172 138 Gain on debt extinguishment — — 42 Interest expense (23 ) (51 ) (64 ) Total other (expense)/income (233 ) 121 116 (Loss)/Income Before Reorganization Items and Income Taxes (233 ) 121 116 Reorganization items, net 46 — — (Loss)/Income Before Income Taxes (187 ) 121 116 Income tax — — — Net (Loss)/Income $ (187 ) $ 121 $ 116 See notes to condensed financial statements. GENON AMERICAS GENERATION, LLC (PARENT) CONDENSED BALANCE SHEETS As of December 31, 2017 2016 (In millions) ASSETS Current Assets Investment in subsidiaries $ 1,637 $ 1,846 Other non-current assets 15 — Total other assets 1,652 1,846 Total Assets $ 1,652 $ 1,846 LIABILITIES AND MEMBER’S EQUITY Current Liabilities Accounts payable — affiliate $ 69 $ 24 Note payable — affiliate 11 11 Accrued expenses and other current liabilities 1 13 Total current liabilities 81 48 Liabilities Subject to Compromise 705 — Other Liabilities Long-term debt — 745 Total non-current liabilities — 745 Total Liabilities 786 793 Commitments and Contingencies Member's Equity Member's interest 866 1,053 Total member's equity 866 1,053 Total Liabilities and Member's Equity $ 1,652 $ 1,846 See notes to condensed financial statements. GENON AMERICAS GENERATION, LLC (PARENT) CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017 2016 2015 (In millions) Cash Flows from Operating Activities Net cash provided by operating activities $ 17 $ 3 $ 128 Cash Flows from Investing Activities Capitalized interest (2 ) (3 ) (2 ) Net cash used by investing activities (2 ) (3 ) (2 ) Cash Flows from Financing Activities Payments for financing costs (15 ) — — Payments of short and long-term debt — — (126 ) Net cash used by financing activities (15 ) — (126 ) 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 $ 26 $ 58 $ 76 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). Chapter 11 Cases As further described in Note 3 , Chapter 11 Cases , on June 14, 2017, GenOn, along with GenOn Americas Generation and certain of their directly and indirectly-owned subsidiaries, or collectively the GenOn Entities, filed voluntary petitions for relief under Chapter 11, or the Chapter 11 Cases, of the United States Bankruptcy Code, or the Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. GenOn Mid-Atlantic, as well as its consolidated subsidiaries, REMA and certain other subsidiaries, did not file for relief under Chapter 11. The GenOn Entities remain in possession of their property and continue their business operations in the ordinary course uninterrupted as "debtors-in-possession" under jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The consolidated financial statements for GenOn and GenOn Americas Generation were prepared in accordance with Accounting Standards Codification (ASC) 852, Reorganizations , for debtors-in-possession. On June 29, 2017, the GenOn Entities filed a Joint Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (as may be amended, modified or supplemented from time to time), or the Plan, and a related Disclosure Statement, or the Disclosure Statement, with the Bankruptcy Court consistent with the restructuring support and lock-up agreement, or Restructuring Support Agreement, by and among the GenOn Entities, NRG, certain holders representing greater than 93% in aggregate principal amount of GenOn’s Senior Notes and certain holders representing greater than 93% in aggregate principal amount of GenOn Americas Generation’s Senior Notes, as further described in Note 3 , Chapter 11 Cases . On September 18, 2017 and October 2, 2017, the GenOn Entities filed amendments to the Plan and the Disclosure Statement, which primarily provided the GenOn Entities with the flexibility to complete sales of certain assets pursuant to the Plan, as amended, and removed the GenOn Entities' requirement to conduct a rights offering in connection with the GenOn Entities' exit financing. On or about October 6, 2017, the Debtors commenced solicitation of the Plan. On October 31, 2017, the GenOn Entities announced that they entered into a Consent Agreement with certain holders of GenOn’s Senior Notes and GenOn Americas Generation’s Senior Notes, collectively, the Consenting Holders, whereby the GenOn Entities and the Consenting Holders agreed to extend the milestones in the Restructuring Support Agreement, by which the Plan must become effective, or the Effective Date. Specifically, the Consent Agreement extends the Effective Date milestone to June 30, 2018 or September 30, 2018, if regulatory approvals are still pending. On December 12, 2017, the Bankruptcy Court entered an order confirming the Plan, and effective December 12, 2017, GenOn and NRG entered into agreements concerning (i) timeline and transition, (ii) cooperation and co-development matters, (iii) post-employment and retiree health and welfare benefits and pension benefits, (iv) tax matters, and (v) intercompany balances, consistent with the Restructuring Support Agreement, which among other things, provide for the transition of GenOn to a standalone enterprise, resolution of substantial intercompany claims between GenOn and NRG, and the allocation of certain costs and liabilities between GenOn and NRG. On December 12, 2017, the Bankruptcy Court also entered an order giving effect to the Consent Agreement. Reorganization Items Reorganization items represent costs and income directly associated with the Chapter 11 proceedings. The below table represents the significant items in reorganization items for GenOn Americas Generation, LLC: Year ended December 31, 2017 (In millions) Write-off of debt premiums and credit reserves $ 46 $ 46 Liquidity and Ability to Continue as a Going Concern The accompanying condensed financial statements have been prepared assuming GenOn will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying condensed financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should GenOn be unable to continue as a going concern. Such adjustments could have a material adverse impact on GenOn's results of operations, cash flows and financial position. As described above and in Note 3 , Chapter 11 Cases , the GenOn Entities have submitted the Plan in connection with the Chapter 11 Cases and the Bankruptcy Court entered an order confirming the Plan. There is no assurance that all conditions precedent to the effectiveness of the Plan will be satisfied. GenOn's and GenOn Americas Generation's ability to continue as going concerns is dependent on many factors, including the consummation of the Plan in a timely manner and our ability to achieve profitability following emergence from bankruptcy. Given the uncertainty as to the outcome of these factors, there is substantial doubt about GenOn's and GenOn Americas Generation's ability to continue as going concerns. With respect to GenOn Mid-Atlantic, a consolidated subsidiary of GenOn, management has determined that while it has sufficient cash on hand to fund current obligations including operating lease payments due under the GenOn Mid-Atlantic operating leases as of December 31, 2017 , the potential significant adverse impact of financial stresses at GenOn Mid-Atlantic's parent companies and, to a lesser extent, any adverse impact resulting from the notification by GenOn Mid-Atlantic's lessors alleging the existence of certain lease events of default as further described in Note 10 , Debt and Capital Leases has caused there to be substantial doubt about GenOn Mid-Atlantic's ability to continue as a going concern. Cash Dividends and Distributions For the year ended December 31, 2017 , 2016 and 2015 , GenOn Americas Generation, LLC did not receive any cash dividends from its subsidiaries. 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. Chapter 11 Cases The filing of the Chapter 11 Cases constitutes an event of default under the following debt instruments, or collectively, the Debt Documents: 1) The Intercompany Revolver with NRG; 2) The indenture governing the GenOn 7.875% Senior Notes due 2017 (as amended or supplemented from time to time); 3) The indenture governing the GenOn 9.500% Notes due 2018 (as amended or supplemented from time to time); 4) The indenture governing the GenOn 9.875% Notes due 2020 (as amended or supplemented from time to time); 5) The indenture governing the GenOn Americas Generation 8.50% Senior Notes due 2021 (as amended or supplemented from time to time); and 6) The indenture governing the GenOn Americas Generation 9.125% Senior Notes due 2031 (as amended or supplemented from time to time). The Debt Documents set forth in 1-4 above provide that as a result of the commencement of the Chapter 11 Cases the principal and accrued interest due thereunder was immediately due and payable. The Debt Documents set forth in 5-6 above provide that as a result of the commencement of the Chapter 11 Cases the applicable indenture trustee or certain holders of the notes may declare the principal and accrued interest due thereunder to be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Documents were automatically stayed as a result of the commencement of the Chapter 11 Cases, and the holders’ rights of enforcement in respect of the Debt Documents are subject to the applicable provisions of the Bankruptcy Code. The Chapter 11 Cases could also potentially give rise to counterparty rights and remedies under other documents. For further discussion, see Note 10 , Debt and Capital Leases and Note 15 , Commitments and Contingencies . 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, 2017 , GenOn Americas Generation, LLC did no t have any guarantees. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
GenOn Americas Generation, LLC | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2017 , 2016 and 2015 Balance at Charged to Charged to Deductions Balance at (In millions) Provision for uncollectible accounts (a) Year Ended December 31, 2017 $ 1 $ — $ — $ (1 ) $ — Year Ended December 31, 2016 — — — 1 1 Year Ended December 31, 2015 1 — — (1 ) — (a) Provision for uncollectible accounts represents credit reserves for derivative contract assets. |
GenOn Mid-Atlantic | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II - Valuation and Qualifying Accounts | GENON MID-ATLANTIC, LLC AND SUBSIDIARIES For the Years Ended December 31, 2017 , 2016 and 2015 Balance at Charged to Charged to Deductions Balance at (In millions) Provision for uncollectible accounts (a) Year Ended December 31, 2017 $ — $ — $ — $ — $ — Year Ended December 31, 2016 4 — — (4 ) — Year Ended December 31, 2015 2 — — 2 4 (a) Provision for uncollectible accounts represents credit reserves for derivative contract assets. |
GenOn Energy, Inc. Parent Company | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS GENON ENERGY, INC. AND SUBSIDIARIES For the Years Ended December 31, 2017 , 2016 and 2015 Balance at Charged to Charged to Deductions Balance at (In millions) Provision for uncollectible accounts (a) Year Ended December 31, 2017 $ 1 $ — $ — $ (1 ) $ — Year Ended December 31, 2016 (1 ) — — 2 1 Year Ended December 31, 2015 — — — (1 ) (1 ) Income tax valuation allowance, deducted from deferred tax assets (b) Year Ended December 31, 2017 $ 2,087 $ (642 ) $ 76 $ — $ 1,521 Year Ended December 31, 2016 2,194 (92 ) (15 ) — 2,087 Year Ended December 31, 2015 2,779 16 — (601 ) 2,194 (a) Provision for uncollectible accounts represents credit reserves for derivative contract assets. (b) The December 31, 2015 income tax valuation allowance reflects a decrease of $270 million . The adjustment had no impact to results from operations, net assets or cash flows. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | 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 GAAP. The ASC, established by the FASB, is the source of authoritative 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 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. |
Funds Deposited by Counterparties | Funds Deposited by Counterparties (GenOn and GenOn Americas Generation) Funds deposited by counterparties consist of cash held by GenOn and GenOn Americas Generation as a result of collateral posting obligations from GenOn's and GenOn Americas Generation's counterparties. Some amounts are segregated into separate accounts that are not contractually restricted but, based on GenOn's and GenOn Americas Generation's intentions, are not available for the payment of general corporate obligations. Depending on market fluctuations and the settlement of the underlying contracts, GenOn and GenOn Americas Generation 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 and GenOn Americas Generation 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 and GenOn Americas Generation'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 and GenOn Americas Generation's operating activities and are classified as an operating activity in GenOn's and GenOn Americas Generation's consolidated statements of cash flows. |
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. The Registrants remove these inventories as they are used in the production of electricity. 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. |
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 indicated 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 consolidated statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. |
Capitalized Interest | Capitalized Interest Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. When a project is available for operations, capitalized interest is 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 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, 2017 and 2016 , the Registrants' intangible assets are primarily 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. |
Out of Market Contracts | 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. |
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. In arriving at this conclusion to utilize projections of future profit before tax in GenOn's estimate of future taxable income, including the potential impact of the Tax Act legislation, GenOn considered the profit before tax generated in recent years. While GenOn has not yet completed its assessment of the effects of the Tax Act, reasonable estimates for the impacts of the key items specified above could be determined and therefore, GenOn reported provisional amounts for these items. 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 NRG 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. The Registrants generated more than 10% of their respective consolidated revenues from the following customers for the years ended December 31, 2017 , and 2016 : 2017 2016 Customer GenOn (%) GenOn Americas Generation (%) GenOn Mid-Atlantic (%) GenOn GenOn Americas Generation GenOn Mid-Atlantic PJM 64% 26% 82% 51% 21% 50% JP Morgan (a) n/a n/a n/a 21% 19% 40% (a) Customer did not constitute more than 10% of the Registrants' respective consolidated revenues for the year ended December 31, 2017 . |
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. |
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 5 , 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 5 , 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 and Other Postretirement Benefits | Pensions and Other Postretirement Benefits (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. |
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. |
Recent Accounting Developments | Recent Accounting Developments — Guidance Adopted in 2017 (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2017-12 — In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) , Targeted Improvements to Accounting for Hedging Activities, or ASU No. 2017-12. The amendments of ASU No. 2017-12 were issued to simplify the application of hedge accounting guidance and more closely align financial reporting for hedging relationships with economic results of an entity's risk management activities. The issues addressed by ASU No. 2017-12 include but are not limited to alignment of risk management activities and financial reporting, risk component hedging, accounting for the hedged item in fair value hedges of interest rate risk, recognition and presentation of the effects of hedging instruments, amounts excluded from the assessment of hedge effectiveness, and other simplifications of hedge accounting guidance. The Registrants adopted this standard during the fourth quarter of 2017, and the adoption of this standard did not have an impact on the Registrants' results of operations, cash flows, or financial position. ASU 2016-18 — In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) , Restricted Cash, or ASU No. 2016-18. The amendments of ASU No. 2016-18 require an entity to include amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. For GenOn and GenOn Americas Generation, this includes amounts classified as funds deposited by counterparties. The Registrants adopted the guidance in ASU No. 2016-18 during the second quarter of 2017. In connection with the adoption of the standard, the Registrants have applied the guidance retrospectively which resulted in a decrease of the cash flows provided by operating activities of $51 million and $3 million for the years ended December 31, 2016 and 2015, respectively, for both GenOn and GenOn Americas Generation. The adoption of ASU No. 2016-18 did not have an impact to GenOn Mid-Atlantic's statement of cash flows. ASU 2016-16 — In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) , Intra-Entity Transfers of Assets Other Than Inventory, or ASU No. 2016-16. The amendments of ASU No. 2016-16 were issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Previous GAAP prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which has resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and do not require new disclosure requirements. The Registrants adopted the standard effective January 1, 2017, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. ASU 2016-15 — In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) , Classification of Certain Cash Receipts and Cash Payments, or ASU No. 2016-15. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The Registrants adopted the standard effective January 1, 2017, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. 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 Registrants adopted the standard effective January 1, 2017, and the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial position. Recent Accounting Developments — Guidance Not Yet Adopted (GenOn, GenOn Americas Generation, and GenOn Mid-Atlantic) ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715) , Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The Registrants adopted the amendments of ASU No. 2017-07 effective January 1, 2018. The adoption will not have a material impact on the Registrants' results of operations, cash flows and statement of financial position. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Registrants will adopt the standard effective January 1, 2019 and expect to elect certain of the practical expedients permitted, including the expedient that permits the Registrants to retain its existing lease assessment and classification. The Registrants are currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Registrants are currently evaluating the impact the new guidance will have on their financial position and results of operations, the Registrants expect to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Registrants' review of its existing lease contracts and service contracts which may contain embedded leases. While this review is still in process, the Registrants believe the adoption of Topic 842 will have a material impact on their financial statements. The Registrants are continuing to monitor potential changes to Topic 842 that have been proposed by the FASB and will assess any necessary changes to the implementation process as the guidance is updated. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or Topic 606, which was further amended through various updates issued by the FASB thereafter. The amendments of Topic 606 completed the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. The guidance under Topic 606 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 a five step model to be applied by an entity in evaluating its contracts with customers. The Registrants have elected the practical expedient available under Topic 606 for measuring progress toward complete satisfaction of a performance obligation and for disclosure requirements of remaining performance obligations. The practical expedient allows an entity to recognize revenue in the amount to which the entity has the right to invoice such that the entity has a right to the consideration in an amount that corresponds directly with the value to the customer for performance completed to date by the entity. The Registrants adopted the standard on January 1, 2018 with no impact to the Registrants' financial statements upon adoption. |
Nature of Business (Tables)
Nature of Business (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Nature of Business Disclosure [Abstract] | |
Schedule of Global Generation Portfolio by Operating Segment | The following table summarizes the generation portfolio by Registrant as of December 31, 2017 : (In MW) Generation Type GenOn GenOn Americas Generation GenOn Mid-Atlantic Natural gas 9,348 3,011 1,864 Coal 4,199 2,433 2,433 Oil 1,847 1,434 308 Total generation capacity 15,394 6,878 4,605 |
Chapter 11 Cases (GenOn and G32
Chapter 11 Cases (GenOn and GenOn Americas Generation) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
Schedule of components of liabilities subject to compromise | The following table summarizes the components of liabilities subject to compromise included on the condensed consolidated balance sheets of GenOn and GenOn Americas Generation: As of December 31, 2017 GenOn GenOn Americas Generation (In millions) Accounts payable and accrued expenses $ 41 $ 9 Long-term debt, including current portion 2,615 695 Accrued interest 56 10 Pension and postretirement liabilities 117 — Other 11 7 $ 2,840 $ 721 |
Schedule of reorganization items | The below table represents the significant items in reorganization items for GenOn and GenOn Americas Generation: Year ended December 31, 2017 GenOn GenOn Americas Generation (In millions) Legal and other professional advisory fees $ (92 ) $ (2 ) Write-off of debt premiums and credit reserves 103 43 $ 11 $ 41 The below table represents the significant items in reorganization items for GenOn Energy, Inc.: Year ended December 31, 2017 (In millions) Legal and other professional advisory fees $ (90 ) Write-off of debt premiums and credit reserves 60 $ (30 ) The below table represents the significant items in reorganization items for GenOn Americas Generation, LLC: Year ended December 31, 2017 (In millions) Write-off of debt premiums and credit reserves $ 46 $ 46 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of interest capitalized | The amounts of interest capitalized were as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 2 $ 13 $ 5 GenOn Americas Generation 2 3 2 GenOn Mid-Atlantic 2 3 1 |
Schedule of registrants' amortization of intangible assets | The following table presents the Registrants’ amortization of intangible assets for each of the past three years: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 24 $ 48 $ 39 GenOn Americas Generation 21 45 32 GenOn Mid-Atlantic 17 39 27 |
Schedule of estimated amortization of the registrants' intangible assets | 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) 2018 $ 13 $ 13 $ — 2019 — — — 2020 — — — 2021 — — — 2022 — — — |
Schedule of accumulated amortization | The following table presents the accumulated amortization included in intangible assets, net, for each of the Registrants as of December 31, 2017 and 2016 : Intangible assets Accumulated amortization December 31, 2017 December 31, 2016 (In millions) GenOn $ 70 $ 87 GenOn Americas Generation 69 87 GenOn Mid-Atlantic 33 29 |
Schedule of registrants' amortization of out-of-market contracts | The following table presents the Registrants' amortization of out-of-market contracts for each of the past three years: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 77 $ 83 $ 79 GenOn Americas Generation 28 28 28 GenOn Mid-Atlantic 28 28 28 |
Summary of estimated amortization related to the registrants' out-of-market contracts | The following table summarizes the estimated amortization related to the Registrants’ out-of-market contracts: GenOn GenOn Americas Generation GenOn Mid-Atlantic ( In millions) 2018 $ 71 $ 28 $ 28 2019 68 28 28 2020 68 28 28 2021 65 28 28 2022 62 28 28 |
Schedule of percentage of revenue from major customers | The Registrants generated more than 10% of their respective consolidated revenues from the following customers for the years ended December 31, 2017 , and 2016 : 2017 2016 Customer GenOn (%) GenOn Americas Generation (%) GenOn Mid-Atlantic (%) GenOn GenOn Americas Generation GenOn Mid-Atlantic PJM 64% 26% 82% 51% 21% 50% JP Morgan (a) n/a n/a n/a 21% 19% 40% (a) Customer did not constitute more than 10% of the Registrants' respective consolidated revenues for the year ended December 31, 2017 . |
Fair Value of Financial Instr34
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of the carrying values and fair values of long-term debt, including current portion | The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2017 and 2016 : As of December 31, 2017 As of December 31, 2016 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ — $ 39 $ 1,850 $ 96 The carrying amount and fair value of the current portion of long-term debt — affiliate is $125 million as of December 31, 2017 , and is classified as Level 3 within the fair value hierarchy. GenOn Americas Generation As of December 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Long-term debt, including current portion $ — $ — $ 745 $ 570 The estimated carrying values and fair values of GenOn and GenOn Americas Generation’s long-term debt, including current portion, are as follows: GenOn As of December 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Long-term debt, including current portion $ 39 $ 39 $ 2,752 $ 1,946 |
Schedule of 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, 2017 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 4 $ — $ 4 Derivative liabilities: Commodity contracts $ 8 $ 1 $ 9 There were no assets or liabilities classified as Level 1 as of December 31, 2017 . There were no transfers between Levels 1 and 2 during the year ended December 31, 2017 . As of December 31, 2016 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 47 $ 1 $ 48 Derivative liabilities: Commodity contracts $ 45 $ 1 $ 46 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, 2017 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 47 $ 4 $ 51 Derivative liabilities: Commodity contracts $ 49 $ 5 $ 54 There were no assets or liabilities classified as Level 1 as of December 31, 2017 . There were no transfers between Levels 1 and 2 during the year ended December 31, 2017 . As of December 31, 2016 Fair Value Level 2 Level 3 Total Derivative assets: Commodity contracts $ 209 $ 5 $ 214 Derivative liabilities: Commodity contracts $ 212 $ 5 $ 217 GenOn The following tables present assets and liabilities (including amounts with affiliates) 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, 2017 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ — $ 17 $ 2 $ 19 Derivative liabilities: Commodity contracts $ — $ 29 $ 3 $ 32 Other assets (b) $ 8 $ — $ — $ 8 (a) There were no transfers during the year ended December 31, 2017 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, 2016 Fair Value Level 1 (a) Level 2 (a) Level 3 Total (In millions) Derivative assets: Commodity contracts $ — $ 122 $ 2 $ 124 Derivative liabilities: Commodity contracts $ — $ 119 $ 3 $ 122 Other assets (b) $ 10 $ — $ — $ 10 (a) There were no transfers during the year ended December 31, 2016 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. |
Schedule of derivatives that are recognized at fair value on the consolidated financial statements at least annually using significant unobservable inputs | The following table reconciles 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, 2017 and 2016 : For the Year Ended December 31, 2017 2016 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ (1 ) $ (12 ) Total gains (realized/unrealized) included in earnings — 11 Purchases — (1 ) Transfers out of Level 3 (b) — 1 Balance as of end of period $ (1 ) $ (1 ) 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 $ — $ (1 ) (a) Consists of derivatives assets and liabilities, net. (b) Transfers out of Level 3 are related to the availability of broker quotes and are valued as of the end of the reporting period. |
Schedule of reconciliation of derivative that are recognized at fair value in the consolidated financial statements | The following table reconciles 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, 2017 and 2016 : For the Year Ended December 31, 2017 2016 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ — $ 1 Total losses (realized/unrealized) included in earnings (1 ) (1 ) Balance as of end of period $ (1 ) $ — (a) Consists of derivatives assets and liabilities, net. The following table reconciles 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, 2017 and 2016 : For the Year Ended December 31, 2017 2016 Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Derivatives (a) (In millions) Balance as of beginning of period $ — $ 2 Total losses (realized/unrealized) included in earnings (1 ) (2 ) Balance as of end of period $ (1 ) $ — (a) Consists of derivatives assets and liabilities, net. |
Schedule of significant unobservable inputs used in developing fair value of the Registrants' Level 3 positions | GenOn Americas Generation Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Coal Contracts $ 1 $ 1 Discounted Cash Flow Forward Market Price (per ton) $ 46 $ 49 $ 47 FTRs 3 4 Discounted Cash Flow Auction Prices (per MWh) (4 ) 2 — $ 4 $ 5 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 29 $ 59 $ 43 Coal Contracts 1 1 Discounted Cash Flow Forward Market Price (per ton) 42 51 45 FTRs 3 4 Discounted Cash Flow Auction Prices (per MWh) (2 ) 3 — $ 5 $ 5 GenOn Mid-Atlantic Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) FTRs $ — $ 1 Discounted Cash Flow Auction Prices (per MWh) $ — $ — $ — $ — $ 1 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 29 $ 59 $ 43 FTRs — 1 Discounted Cash Flow Auction Prices (per MWh) — 1 — $ 1 $ 1 The following tables quantify the significant unobservable inputs used in developing the fair value of the Registrants' Level 3 positions as of December 31, 2017 and 2016 : GenOn Significant Unobservable Inputs December 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Coal Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per ton) $ 46 $ 49 $ 47 FTRs 1 3 Discounted Cash Flow Auction Prices (per MWh) (4 ) 2 — $ 2 $ 3 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 1 $ — Discounted Cash Flow Forward Market Price (per MWh) $ 29 $ 59 $ 43 Coal Contracts — 1 Discounted Cash Flow Forward Market Price (per ton) 42 51 45 FTRs 1 2 Discounted Cash Flow Auction Prices (per MWh) (2 ) 3 — $ 2 $ 3 |
Schedule of sensitivity of fair value measurements to increase/(decrease) in significant unobservable inputs | The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2017 and 2016 : 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 Registrants' credit/(non-performance) reserves | The Registrants' credit/(non-performance) reserves were as follows: As of December 31, 2017 2016 (In millions) GenOn $ — $ 1 GenOn Americas Generation — 1 |
Schedule of counterparty credit quality and the net counterparty credit exposure by industry sector | 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, 2017 , the exposure is shown net of collateral held and includes amounts net of receivables or payables. Net Exposure (a) (b) (% of Total) Category GenOn GenOn Americas Generation GenOn Mid-Atlantic Utilities, energy merchants, marketers and other 100 % 100 % — % Total 100 % 100 % — % Category Net Exposure (a) (b) (% of Total) GenOn GenOn Americas Generation GenOn Mid-Atlantic Investment grade 78 % 73 % — % Non-Investment grade/Non-Rated 22 % 27 % — % Total 100 % 100 % — % (a) Counterparty credit exposure excludes transportation contracts because of the unavailability of market prices. (b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. |
Accounting for Derivative Ins35
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid Atlantic) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of net notional volume buy/(sell) of open derivative transactions broken out by commodity | 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, 2017 and 2016 . 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 December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Commodity Units (In millions) (In millions) (In millions) Coal Short Ton 2 5 1 4 1 4 Natural Gas MMBtu 56 138 12 30 12 23 Power MWh (7 ) (35 ) (1 ) (12 ) (1 ) (11 ) |
Schedule of fair value within the derivative instrument valuation on the balance sheets | GenOn Americas Generation Fair Value Derivative Assets Derivative Liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 43 $ 180 $ 47 $ 185 Commodity contracts long-term 8 34 7 32 Total Derivatives Not Designated as Cash Flow Hedges $ 51 $ 214 $ 54 $ 217 GenOn Mid-Atlantic Fair Value Derivative Assets Derivative Liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges : Commodity contracts current $ 4 $ 44 $ 9 $ 44 Commodity contracts long-term — 4 — 2 Total Derivatives Not Designated as Cash Flow Hedges $ 4 $ 48 $ 9 $ 46 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, 2017 December 31, 2016 December 31, 2017 December 31, 2016 (In millions) (In millions) Derivatives Not Designated as Cash Flow Hedges: Commodity contracts current $ 15 $ 108 $ 29 $ 105 Commodity contracts long-term 4 16 3 17 Total Derivatives Not Designated as Cash Flow Hedges $ 19 $ 124 $ 32 $ 122 |
Summary of offsetting of derivatives by counterparty master agreement level and collateral received or paid | 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, 2017 (In millions) Commodity Contracts: Derivative assets $ 17 $ (11 ) $ — $ 6 Derivative assets- affiliate 2 (2 ) — — Derivative liabilities (22 ) 11 10 (1 ) Derivative liabilities- affiliate (10 ) 2 8 — Total derivative instruments $ (13 ) $ — $ 18 $ 5 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, 2016 (In millions) Commodity Contracts: Derivative assets $ 70 $ (39 ) $ — $ 31 Derivative assets- affiliate 54 (54 ) — — Derivative liabilities (56 ) 39 1 (16 ) Derivative liabilities- affiliate (66 ) 54 12 — Total derivative instruments $ 2 $ — $ 13 $ 15 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, 2017 (In millions) Commodity Contracts: Derivative assets $ 17 $ (11 ) $ — $ 6 Derivative assets- affiliate 34 (21 ) — 13 Derivative liabilities (22 ) 11 10 (1 ) Derivative liabilities- affiliate (32 ) 21 8 (3 ) Total derivative instruments $ (3 ) $ — $ 18 $ 15 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, 2016 (In millions) Commodity Contracts: Derivative assets $ 70 $ (39 ) $ — $ 31 Derivative assets- affiliate 144 (144 ) — — Derivative liabilities (56 ) 39 1 (16 ) Derivative liabilities- affiliate (161 ) 144 12 (5 ) Total derivative instruments $ (3 ) $ — $ 13 $ 10 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, 2017 (In millions) Commodity Contracts: Derivative assets- affiliate $ 4 $ (4 ) $ — $ — Derivative liabilities- affiliate (9 ) 4 — (5 ) Total derivative instruments $ (5 ) $ — $ — $ (5 ) 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, 2016 (In millions) Commodity Contracts: Derivative assets- affiliate $ 48 $ (46 ) $ — $ 2 Derivative liabilities- affiliate (46 ) 46 — — Total derivative instruments $ 2 $ — $ — $ 2 |
Schedule of pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the statements of operations | GenOn Americas Generation Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains/(losses) on settled positions related to economic hedges $ 4 $ (184 ) $ (193 ) Net unrealized (losses)/gains on open positions related to economic hedges — (2 ) 70 Total unrealized gains/(losses) $ 4 $ (186 ) $ (123 ) Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Revenue from operations — energy commodities $ (14 ) $ (248 ) $ (66 ) Cost of operations 18 62 (57 ) Total impact to statement of operations $ 4 $ (186 ) $ (123 ) GenOn Mid-Atlantic Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (1 ) $ (164 ) $ (116 ) Net unrealized (losses)/gains on open positions related to economic hedges (5 ) 3 39 Total unrealized losses $ (6 ) $ (161 ) $ (77 ) Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Revenue from operations — energy commodities $ (14 ) $ (223 ) $ (27 ) Cost of operations 8 62 (50 ) Total impact to statement of operations $ (6 ) $ (161 ) $ (77 ) The following tables summarize the pre-tax effects of economic hedges on the Registrants’ statements of operations. These amounts are included within operating revenues and cost of operations. GenOn Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Unrealized mark-to-market results Reversal of previously recognized unrealized gains on settled positions related to economic hedges $ (5 ) $ (165 ) $ (198 ) Net unrealized (losses)/gains on open positions related to economic hedges (6 ) 14 18 Total unrealized losses $ (11 ) $ (151 ) $ (180 ) Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Revenue from operations — energy commodities $ (31 ) $ (221 ) $ (112 ) Cost of operations 20 70 (68 ) Total impact to statement of operations $ (11 ) $ (151 ) $ (180 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | GenOn Americas Generation As of December 31, 2017 2016 (In millions) Fuel oil $ 88 $ 123 Coal 71 68 Natural gas 2 — Spare parts 49 53 Other 1 1 Total Inventory $ 211 $ 245 GenOn Mid-Atlantic As of December 31, 2017 2016 (In millions) Fuel oil $ 16 $ 26 Coal 71 68 Spare parts 35 40 Other 1 1 Total Inventory $ 123 $ 135 Inventory held by the Registrants consisted of the following: GenOn As of December 31, 2017 2016 (In millions) Fuel oil $ 103 $ 147 Coal 114 114 Natural gas 4 — Spare parts 113 122 Other 4 6 Total Inventory $ 338 $ 389 |
Property, Plant, and Equipmen37
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant & Equipment [Abstract] | |
Schedule of major classes of property, plant, and equipment | GenOn Mid-Atlantic As of December 31, 2017 2016 Depreciable (In millions) Facilities and equipment $ 788 $ 1,064 2 - 34 Years Land and improvements 66 63 Construction in progress 4 36 Total property, plant and equipment 858 1,163 Accumulated depreciation (182 ) (237 ) Net property, plant and equipment $ 676 $ 926 Major classes of property, plant, and equipment were as follows: GenOn As of December 31, 2017 2016 Depreciable (In millions) Facilities and equipment $ 2,521 $ 2,793 2 - 34 Years Land and improvements 288 276 Construction in progress 42 78 Total property, plant and equipment 2,851 3,147 Accumulated depreciation (634 ) (604 ) Net property, plant and equipment $ 2,217 $ 2,543 GenOn Americas Generation As of December 31, 2017 2016 Depreciable (In millions) Facilities and equipment $ 917 $ 1,191 2 - 34 Years Land and improvements 139 136 Construction in progress 4 36 Total property, plant and equipment 1,060 1,363 Accumulated depreciation (231 ) (275 ) Net property, plant and equipment $ 829 $ 1,088 |
Debt and Capital Leases (Tables
Debt and Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt and Capital Lease Obligations [Abstract] | |
Schedule of long-term debt and capital leases | Long-term debt and capital leases consisted of the following: As of December 31, 2017 2016 Interest Rate % (In millions, except rates) GenOn Americas Generation: GenOn Americas Generation Senior Notes, due 2021 $ 366 $ 366 8.500 GenOn Americas Generation Senior Notes, due 2031 329 329 9.125 Premiums (a) — 50 Less: Liabilities subject to compromise (695 ) — Subtotal GenOn Americas Generation — 745 GenOn: GenOn Senior Notes, due 2017 691 691 7.875 GenOn Senior Notes, due 2018 649 649 9.500 GenOn Senior Notes, due 2020 490 490 9.875 Other (b) 129 96 GenOn capital lease 1 2 Premiums (a) — 81 Less: Liabilities subject to compromise (1,920 ) — Subtotal GenOn 40 2,009 Subtotal 40 2,754 Less current maturities 1 704 Total long-term debt and capital leases $ 39 $ 2,050 (a) Premiums were written-off at Petition Date in accordance with ASC 852, Reorganizations. (b) The Long Term Service Agreements for the Hunterstown and Choctaw facilities are accounted for as a debt financing liability in accordance with GAAP. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | The following table represents the balance of ARO obligations as of December 31, 2016 along with the additions, reductions and accretion related to the Registrants’ ARO obligations for the year ended December 31, 2017 : GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) Balance as of December 31, 2016 $ 205 $ 100 $ 39 Additions (2 ) — — Spending for current obligations and other settlements (5 ) (2 ) — Accretion — expense 15 8 3 Balance as of December 31, 2017 $ 213 $ 106 $ 42 |
Benefit Plans and Other Postr40
Benefit Plans and Other Postretirement Benefits Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Benefit Plans and Other Postretirement Benefits Disclosure [Abstract] | |
Schedule of net annual periodic pension cost related to GenOn's domestic pension and other postretirement benefit plans | The net periodic pension cost related to GenOn’s pension and other postretirement benefit plans include the following components: Pension Benefits Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Service cost benefits earned $ 8 $ 10 $ 10 Interest cost on benefit obligation 23 23 27 Expected return on plan assets (32 ) (34 ) (35 ) Amortization of unrecognized net loss 1 — 1 Amortization of unrecognized prior service cost — 1 — Net periodic benefit cost $ — $ — $ 3 Other Postretirement Benefits Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Service cost benefits earned $ — $ — $ 1 Interest cost on benefit obligation 2 1 3 Amortization of unrecognized net gain (1 ) — — Amortization of unrecognized prior service credit (2 ) (1 ) (4 ) Net periodic benefit credit $ (1 ) $ — $ — |
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: Pension Benefits Year Ended December 31, 2017 2016 (In millions) Benefit obligation at beginning of period $ 629 $ 625 Service cost 8 10 Interest cost 23 23 Actuarial loss 44 4 Benefit payments (27 ) (33 ) Benefit obligation at end of period 677 629 Fair value of plan assets at beginning of period 509 506 Actual return on plan assets 90 20 Employer contributions 13 16 Benefit payments (27 ) (33 ) Fair value of plan assets at end of period 585 509 Less: Liabilities subject to compromise 92 — Funded status at end of period — excess of obligation over assets $ — $ (120 ) Other Postretirement Benefits Year Ended December 31, 2017 2016 (In millions) Benefit obligation at beginning of period $ 46 $ 54 Interest cost 2 1 Participant contributions 1 2 Actuarial gain (4 ) (4 ) Benefit payments (5 ) (7 ) Plan amendments (2 ) — Benefit obligation at end of period 38 46 Fair value of plan assets at beginning of period — — Employer contributions 4 5 Participant contributions 1 2 Benefit payments (5 ) (7 ) Fair value of plan assets at end of period — — Less: Liabilities subject to compromise 25 — Funded status at end of period — excess of obligation over assets $ (13 ) $ (46 ) |
Summary of amounts recognized in GenOn's balance sheets | Amounts recognized in GenOn’s balance sheets were as follows: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, 2017 2016 2017 2016 (In millions) (In millions) Current liabilities $ — $ — $ 3 $ 5 Liabilities subject to compromise 92 — — 25 — Non-current liabilities — 120 10 41 |
Summary of 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 accumulated other comprehensive income/loss that have not yet been recognized as components of net periodic benefit cost were as follows: Year Ended December 31, Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (In millions) Net (loss)/gain $ (22 ) $ (37 ) $ 9 $ 7 Prior service credit — — 1 1 Amounts recognized in GenOn’s OCI for the pension and other postretirement benefit plans were as follows: Year Ended December 31, Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (In millions) Net actuarial gain/(loss) $ 14 $ (17 ) $ 4 $ 4 Amortization of net actuarial gain 1 — (1 ) — Prior service credit — — 1 — Amortization of prior service cost — 1 (2 ) (1 ) Total recognized in OCI $ 15 $ (16 ) $ 2 $ 3 |
Summary of fair values of the company's pension plan assets | The target allocations for GenOn’s pension plan assets were as follows for the year ended December 31, 2017 : U.S. equities 22 % Non-U.S. equities 14 % Non-core assets 19 % Fixed income securities 45 % 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, 2017 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 $ — $ 136 $ 136 Common/collective trust investment — non-U.S. equity — 35 35 Common/collective trust investment — non-core assets — 94 94 Common/collective trust investment — fixed income — 122 122 Short-term investment fund 3 — 3 Subtotal fair value $ 3 $ 387 $ 390 Measured at net asset value practical expedient Common/collective trust investment — non-U.S. equity 50 Common/collective trust investment — fixed income 123 Partnerships/joint ventures 22 Total fair value $ 585 Fair Value Measurements as of December 31, 2016 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 $ — $ 152 $ 152 Common/collective trust investment — non-U.S. equity — 38 38 Common/collective trust investment — global equity — 56 56 Common/collective trust investment — fixed income — 101 101 Short-term investment fund 1 — 1 Subtotal fair value $ 1 $ 347 $ 348 Measured at net asset value practical expedient Common/collective trust investment — non-U.S. equity 42 Common/collective trust investment — fixed income 103 Partnerships/joint ventures 16 Total fair value $ 509 |
Summary of 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 Benefits Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Weighted–Average Assumptions Discount rate 4.29 % 4.54 % 4.18 % Rate of compensation increase 3.00 % 3.00 % 2.97 % Expected return on plan assets 6.83 % 6.63 % 6.41 % Other Postretirement Benefit Plans Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Weighted–Average Assumptions Discount rate 4.03 % 4.16 % 3.86 % 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, 2017 2016 2017 2016 Weighted–Average Assumptions Discount rate 3.72 % 4.29 % 3.50 % 4.03 % Rate of compensation increase 3.00 % 3.00 % 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: Other Postretirement Benefit Plans Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 7.00 % 7.25 % 8.60 % Age 65 and after 8.75 % 9.00 % 8.10 % Assumed ultimate medical inflation rate 5.00 % 5.00 % 5.00 % Year in which ultimate rate is reached 2025 2025 2023 GenOn’s assumed healthcare cost trend rates used for other postretirement benefit obligations are: Other Postretirement Benefit Plans As of December 31, 2017 2016 Weighted–Average Assumptions Assumed medical inflation for next year: Before age 65 8.20 % 7.00 % Age 65 and after 9.80 % 8.75 % Assumed ultimate medical inflation rate 4.50 % 5.00 % Year in which ultimate rate is reached 2025 2025 |
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 Non-core assets (a) Various (per underlying asset class) Fixed income securities Barclays Capital Long Term Government/Credit Index & Barclays Strips 20+ Index (a) Non-Core Assets are defined as diversifying asset classes approved by the Investment Committee that are intended to enhance returns and/or reduce volatility of the U.S. and non-U.S. equities. Asset classes considered Non-Core include, but may not be limited to: Emerging Market Equity, Emerging Market Debt, Non-US Developed Market Small Cap, High Yield Fixed Income, Real Estate, Bank Loans, Global Infrastructure and other Alternatives. |
Schedule of 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: Pension Benefit Payments Other Postretirement Benefit Payments (In millions) 2018 $ 31 $ 4 2019 33 4 2020 35 4 2021 36 4 2022 38 4 2023 through 2027 201 11 |
Income Taxes (GenOn, GenOn Am41
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Examination [Line Items] | |
Income tax provision (benefit) from continuing operations | GenOn’s income tax expense/(benefit) consisted of the following: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions, except percentages) Current U.S. Federal $ — $ — $ — State (1 ) 11 (3 ) Total — current (1 ) 11 (3 ) Deferred U.S. Federal 1 — — State 7 — — Total — deferred 8 — — Total income tax expense/(benefit) $ 7 $ 11 $ (3 ) Effective tax rate (2.4 )% 12.0 % 2.5 % |
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 expense/(benefit) adjusted for permanent and other items during 2017 , 2016 , and 2015 , is as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (288 ) $ 92 $ (118 ) Provision for income taxes based on U.S. federal statutory income tax rate (101 ) 32 (42 ) State and local income tax provision, net of federal income taxes 6 11 (3 ) Change in deferred tax asset valuation allowance - current period activities 124 (92 ) 16 Tax Act - corporate income tax rate change 766 — — Valuation allowance due to corporate income tax rate change (766 ) — — State rate change (17 ) 60 26 Other, net (5 ) — — Income tax expense/(benefit) $ 7 $ 11 $ (3 ) |
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, 2017 2016 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 39 $ 61 Deferred compensation, accrued vacation and other reserves 31 61 U.S. Federal net operating loss carryforwards 348 442 State net operating loss carryforwards 165 116 Difference between book and tax basis of property 701 1,080 Inventory 8 32 Intangible amortization 68 — Investment in projects 1 1 Derivatives, net 4 — Out-of-market contracts fair value adjustment 153 242 Debt premium, net 3 49 Other — 9 Subtotal 1,521 2,093 Valuation allowance (1,521 ) (2,087 ) Net deferred tax assets — 6 Deferred Tax Liabilities: Derivative contracts — 6 Net deferred tax liabilities — 6 Net deferred taxes $ — $ — |
GenOn Americas Generation | |
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 2017 , 2016 , and 2015 , is as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (187 ) $ 121 $ 116 Provision for income taxes based on U.S. federal statutory income tax rate (65 ) 42 41 State and local income tax provision, net of federal income taxes (11 ) (5 ) 10 LLC income not subject to taxation 78 (77 ) (51 ) State rate change (14 ) 40 — Other, net (including provision to return) 12 — — Income tax provision $ — $ — $ — |
GenOn Mid-Atlantic | |
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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Current provision: Federal $ — $ 51 $ 36 State — 9 6 Deferred provision/(benefit): Federal 169 (42 ) — State (31 ) 42 — Valuation allowance (138 ) 648 — Total provision for income taxes $ — $ 708 $ 42 |
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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (269 ) $ 52 $ 104 Provision for income taxes based on U.S. federal statutory income tax rate (94 ) 18 36 State and local income tax provision, net of federal income taxes (15 ) 2 6 Change in deferred tax asset valuation allowance - current period activities 114 — — Tax Act - corporate income tax rate change 266 — — Valuation allowance due to corporate income tax rate change (266 ) — — State rate change (11 ) 31 — Valuation allowance — 648 — Other, net 6 9 — Income tax provision $ — $ 708 $ 42 |
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, 2017 2016 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 1 $ 1 Other reserves 10 24 U.S. Federal net operating loss carryforwards 27 — State net operating loss carryforwards 8 — Difference between book and tax basis of property 339 424 Inventory 3 8 Derivatives, net 1 2 Out-of-market contracts fair value adjustment 121 189 Other — — Total deferred tax assets 510 648 Valuation allowance (510 ) (648 ) Net deferred taxes $ — $ — |
Pro Forma | GenOn Americas Generation | |
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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) (Loss)/income before income taxes $ (187 ) $ 121 $ 116 Provision for income taxes based on U.S. federal statutory income tax rate (65 ) 42 41 State and local income tax provision, net of federal income taxes (11 ) (5 ) 10 Change in deferred tax asset valuation allowance - current period activities 78 (77 ) (51 ) Tax Act - corporate income tax rate change 314 — — Valuation allowance due to corporate income tax rate change (314 ) — — State rate change (14 ) 40 — Other, net (including provision to return) 12 — — Income tax provision $ — $ — $ — The tax expense recorded for revaluation of the net deferred tax asset was required to reflect the reduction in the corporate income tax rate from 35% to 21% in accordance with the Tax Cuts and Jobs Act of 2017, or the Tax Act. The impact of the reduction to the deferred tax asset is fully offset by a valuation allowance for a corresponding amount, resulting in no net impact to the tax expense for 2017. While GenOn Americas Generation has not yet completed its assessment of the effects of the Tax Act, a reasonable estimate for the impact of the key item specified above was able to be determined. |
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, 2017 2016 (In millions) Deferred Tax Assets: Pension and other postretirement benefits $ 1 $ 1 Other reserves 12 27 U.S. Federal net operating loss carryforwards 25 — State net operating loss carryforwards 6 — Difference between book and tax basis of property 431 566 Inventory 4 — Intangible amortization 2 — Out-of-market contracts fair value adjustment 121 188 Derivatives, net 1 4 Debt premium, net 1 20 Other, net — 16 Subtotal 604 822 Valuation allowance (604 ) (822 ) Net deferred taxes $ — $ — |
Related Party Transactions (G42
Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
GenOn Americas Generation, LLC | |
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, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Allocated costs: Cost of operations — affiliate $ (1 ) $ 3 $ 3 Selling, general and administrative — affiliate 68 90 81 Total $ 67 $ 93 $ 84 |
GenOn Mid-Atlantic | |
Related Party Transaction [Line Items] | |
Summary of material related-party transactions with affiliates | GenOn Mid-Atlantic Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) Allocated costs: Cost of operations — affiliate $ 4 $ 4 $ 1 Selling, general and administrative — affiliate 54 71 58 Total $ 58 $ 75 $ 59 |
Commitments and Contingencies43
Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 are as follows: GenOn (a) GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2018 $ 13 $ 3 $ 1 2019 2 1 1 2020 2 — — 2021 2 — — 2022 2 — — Thereafter 12 — — Total $ 33 $ 4 $ 2 (a) Amounts in the table exclude future sublease income of $4 million associated with GenOn’s long-term leases for office locations which end in 2018. |
Rent expense associated with other operating leases | The Registrants’ rent expense associated with other operating leases was as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions) GenOn $ 17 $ 14 $ 15 GenOn Americas Generation 3 1 1 GenOn Mid-Atlantic 2 — 1 |
Other commitments | As of December 31, 2017 , the Registrants’ other commitments are estimated as follows: GenOn GenOn Americas Generation GenOn (In millions) 2018 $ 7 $ 3 $ 3 2019 7 2 2 2020 2 2 2 2021 2 2 2 2022 2 2 2 Thereafter 32 32 32 Total $ 52 $ 43 $ 43 |
GenOn Mid-Atlantic | |
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, 2017 are as follows: (In millions) 2018 $ 105 2019 139 2020 105 2021 42 2022 36 Thereafter 364 Total $ 791 |
REMA | |
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, 2017 are as follows: (In millions) 2018 $ 55 2019 65 2020 56 2021 47 2022 46 Thereafter 185 Total $ 454 |
Fuel and Commodity Transportation Commitments | |
Commitments and Contingency [Line Items] | |
Commitments under fuel, commodity transportation and LTSA contractual arrangements | As of December 31, 2017 , the Registrants’ commitments under such outstanding agreements are estimated as follows: GenOn GenOn Americas Generation GenOn Mid-Atlantic (In millions) 2018 $ 132 $ 46 $ 45 2019 48 1 — 2020 46 1 — 2021 47 1 — 2022 6 1 — Thereafter 18 2 — Total $ 297 $ 52 $ 45 |
Long-term Service Agreements | |
Commitments and Contingency [Line Items] | |
Commitments under fuel, commodity transportation and LTSA contractual arrangements | As of December 31, 2017 , GenOn's commitments under such outstanding agreements are estimated as follows: GenOn (In millions) 2018 $ 20 2019 21 2020 23 2021 24 2022 17 Thereafter 239 Total $ 344 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
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, 2017 2016 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 158 $ 5 $ — $ — $ 163 $ 380 Other guarantees — 365 — 75 440 483 Total guarantees $ 158 $ 370 $ — $ 75 $ 603 $ 863 GenOn Americas Generation By Remaining Maturity at December 31, December 31, 2017 2016 Guarantees Under 1-3 Years 3-5 Years Over Total Total (In millions) (In millions) Letters of credit and surety bonds $ 18 $ — $ — $ — $ 18 $ 201 Total guarantees $ 18 $ — $ — $ — $ 18 $ 201 |
Debtors' Financial Informatio45
Debtors' Financial Information (GeOn and GenOn Americas Generation) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
Schedule of debtor entities | The following represent the entities included in the GenOn Entities, or the GenOn Energy, Inc. Debtors: GenOn Americas Generation, LLC 1 NRG Lovett LLC 1 GenOn Americas Procurement, Inc. NRG New York LLC 1 GenOn Asset Management, LLC NRG North America LLC 1 GenOn Capital Inc. NRG Northeast Generation, Inc. GenOn Energy Holdings, Inc. NRG Northeast Holdings, Inc. GenOn Energy Management, LLC 1 NRG Potrero LLC 1 GenOn Energy Services, LLC NRG Power Generation Assets LLC GenOn Energy, Inc. NRG Power Generation LLC GenOn Fund 2001 LLC NRG Power Midwest GP LLC GenOn Mid-Atlantic Development, LLC NRG Power Midwest LP GenOn Power Operating Services MidWest, Inc. NRG Sabine (Delaware), Inc. GenOn Special Procurement, Inc. 1 NRG Sabine (Texas), Inc. Hudson Valley Gas Corporation 1 NRG San Gabriel Power Generation LLC Mirant Asia-Pacific Ventures, LLC NRG Tank Farm LLC Mirant Intellectual Asset Management and Marketing, LLC NRG Wholesale Generation GP LLC Mirant International Investments, Inc. NRG Wholesale Generation LP Mirant New York Services, LLC NRG Willow Pass LLC Mirant Power Purchase, LLC Orion Power New York GP, Inc. Mirant Wrightsville Investments, Inc. Orion Power New York LP, LLC Mirant Wrightsville Management, Inc. Orion Power New York, L.P. MNA Finance Corp. 1 RRI Energy Broadband, Inc. NRG Americas, Inc. RRI Energy Channelview (Delaware) LLC NRG Bowline LLC 1 RRI Energy Channelview (Texas) LLC NRG California North LLC 1 RRI Energy Channelview LP NRG California South GP LLC RRI Energy Communications, Inc. NRG California South LP RRI Energy Services Channelview LLC NRG Canal LLC 1 RRI Energy Services Desert Basin, LLC NRG Delta LLC 1 RRI Energy Services, LLC NRG Florida GP, LLC RRI Energy Solutions East, LLC NRG Florida LP RRI Energy Trading Exchange, Inc. NRG Lovett Development I LLC 1 RRI Energy Ventures, Inc. 1 Represent the GenOn Americas Generation debtor entities, or the GenOn Americas Generation Debtors. |
Schedule of debtor condensed combined statement of operations | Supplemental Condensed Combined Statement of Operations Period from June 14, 2017 through December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) Total operating revenues $ 967 $ 860 Total operating costs and expenses 853 818 Operating Income 114 42 Other Expense Total other expense 286 242 Loss Before Reorganization Items and Income Taxes (172 ) (200 ) Reorganization items, net 37 42 Loss Before Income Taxes (135 ) (158 ) Income tax expense — — Net Loss $ (135 ) $ (158 ) |
Schedule of debtor condensed combined balance sheet | Supplemental Condensed Combined Balance Sheet As of December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) ASSETS Cash and cash equivalents $ 581 $ — Restricted cash 1 — Accounts receivable 113 106 Accounts receivable — affiliate 661 — Note receivable — affiliate — 318 Prepaid rent and other current assets 883 236 Total current assets 2,239 660 Property, plant and equipment, net 1,251 153 Investment in subsidiaries (570 ) 880 Note receivable — affiliate 544 — Other non-current assets 128 48 Total Assets $ 3,592 $ 1,741 LIABILITIES AND STOCKHOLDER'S EQUITY Current portion of long-term debt $ 1 $ — Current portion of long-term debt — affiliate 125 — Accounts payable 62 25 Accounts payable — affiliate — 1 Accrued expenses and other current liabilities 133 61 Total current liabilities 321 87 Liabilities Subject to Compromise 2,840 721 Long-term debt 38 — Other non-current liabilities 318 67 Total Liabilities 3,517 875 Stockholder's equity 75 866 Total Liabilities and Stockholder's Equity $ 3,592 $ 1,741 |
Schedule of debtor condensed combined statement of cash flows | Supplemental Condensed Combined Statement of Cash Flows Period from June 14, 2017 through December 31, 2017 GenOn Energy, Inc. Debtors GenOn Americas Generation Debtors (In millions) Net cash provided by operating activities $ 129 $ 3 Net cash used by investing activities (27 ) (3 ) Net cash used by financing activities (4 ) — Net increase in cash, cash equivalents and restricted cash 98 — Cash, cash equivalents and restricted cash at beginning of period 484 — Cash, cash equivalents and restricted cash at end of period $ 582 $ — |
Schedule I - Condensed Financ46
Schedule I - Condensed Financial Information of Registrant Reorganization (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of reorganization items | The below table represents the significant items in reorganization items for GenOn and GenOn Americas Generation: Year ended December 31, 2017 GenOn GenOn Americas Generation (In millions) Legal and other professional advisory fees $ (92 ) $ (2 ) Write-off of debt premiums and credit reserves 103 43 $ 11 $ 41 The below table represents the significant items in reorganization items for GenOn Energy, Inc.: Year ended December 31, 2017 (In millions) Legal and other professional advisory fees $ (90 ) Write-off of debt premiums and credit reserves 60 $ (30 ) The below table represents the significant items in reorganization items for GenOn Americas Generation, LLC: Year ended December 31, 2017 (In millions) Write-off of debt premiums and credit reserves $ 46 $ 46 |
Nature of Business (Details)
Nature of Business (Details) - MW | 1 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2017 | |
In service | ||
Nature of Business [Line Items] | ||
Power Generation Capacity, Megawatts | 15,394 | |
In service | GenOn Americas Generation, LLC | ||
Nature of Business [Line Items] | ||
Power Generation Capacity, Megawatts | 6,878 | |
In service | GenOn Mid-Atlantic, LLC | ||
Nature of Business [Line Items] | ||
Power Generation Capacity, Megawatts | 4,605 | |
Senior Notes | ||
Nature of Business [Line Items] | ||
Debtor reorganization items, percentage of borrowings outstanding threshold | 93.00% | |
Senior Notes | GenOn Americas Generation, LLC | ||
Nature of Business [Line Items] | ||
Debtor reorganization items, percentage of borrowings outstanding threshold | 93.00% |
Nature of Business (GenOn, Ge48
Nature of Business (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Schedule of Global Generation Portfolio by Operating Segment (Details) - Active | Dec. 31, 2017MW |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 15,394 |
Natural gas | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 9,348 |
Coal | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 4,199 |
Oil | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 1,847 |
GenOn Americas Generation | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 6,878 |
GenOn Americas Generation | Natural gas | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 3,011 |
GenOn Americas Generation | Coal | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 2,433 |
GenOn Americas Generation | Oil | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 1,434 |
GenOn Mid-Atlantic | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 4,605 |
GenOn Mid-Atlantic | Natural gas | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 1,864 |
GenOn Mid-Atlantic | Coal | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 2,433 |
GenOn Mid-Atlantic | Oil | |
Nature of Business [Line Items] | |
Power Generation Capacity, Megawatts | 308 |
Chapter 11 Cases (GenOn and G49
Chapter 11 Cases (GenOn and GenOn Americas Generation) - Narrative (Details) - USD ($) | Feb. 01, 2018 | Dec. 12, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 15, 2017 | Nov. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2018 | May 08, 2017 | Dec. 13, 2016 |
Debt Instrument [Line Items] | |||||||||||||
Liabilities Subject to Compromise | $ 2,840,000,000 | $ 2,840,000,000 | $ 2,840,000,000 | $ 0 | |||||||||
Pension and postretirement liabilities | 117,000,000 | 117,000,000 | 117,000,000 | ||||||||||
Other reorganization gains (losses) | (58,000,000) | ||||||||||||
Total amount of debt | 2,615,000,000 | 2,615,000,000 | 2,615,000,000 | ||||||||||
Settlement cash consideration | $ 663,000,000 | ||||||||||||
Fees incurred in connection with 2022 Notes offering | 18,000,000 | 0 | $ 0 | ||||||||||
Financing costs | 46,000,000 | 94,000,000 | 0 | $ 0 | |||||||||
GenOn | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cash contribution | 20,000,000 | ||||||||||||
Total amount of debt | 1,920,000,000 | 1,920,000,000 | 1,920,000,000 | 0 | |||||||||
NRG | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from letters of credit | 37,500,000 | ||||||||||||
Payments for legal settlements | 261,300,000 | ||||||||||||
GenOn and NRG | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
New qualifying credit support | 57,500,000 | ||||||||||||
GenOn Americas Generation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Liabilities Subject to Compromise | 721,000,000 | 721,000,000 | 721,000,000 | 0 | |||||||||
Pension and postretirement liabilities | 0 | 0 | 0 | ||||||||||
Other reorganization gains (losses) | (1,000,000) | ||||||||||||
Total amount of debt | 695,000,000 | 695,000,000 | 695,000,000 | 0 | |||||||||
GenOn Mid-Atlantic | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of prepetition obligations to be settled in cash | 125,000,000 | 125,000,000 | 125,000,000 | ||||||||||
NRG | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payment for pension benefits | $ 13,000,000 | ||||||||||||
Transition services, annualized rate | 84,000,000 | $ 84,000,000 | |||||||||||
Senior Secured First Lien Notes, due 2022 | NRG | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit against amounts owed | 28,000,000 | 28,000,000 | 28,000,000 | ||||||||||
Intercompany Revolver, GenOn Senior Notes, and GenOn Americas Generation Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total amount of debt | $ 2,600,000,000 | $ 2,600,000,000 | $ 2,600,000,000 | ||||||||||
GenOn Americas Generation Senior Notes, due 2021 | GenOn Americas Generation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 8.50% | 8.50% | 8.50% | ||||||||||
GenOn Americas Generation Senior Notes, due 2031 | GenOn Americas Generation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.125% | 9.125% | 9.125% | ||||||||||
Pension Benefit Payments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Liabilities Subject to Compromise | $ 92,000,000 | $ 92,000,000 | $ 92,000,000 | 0 | |||||||||
Other Postretirement Benefits | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Liabilities Subject to Compromise | 25,000,000 | 25,000,000 | 25,000,000 | $ 0 | |||||||||
Pension and postretirement liabilities | $ 25,000,000 | 25,000,000 | $ 25,000,000 | ||||||||||
Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense not recorded due to bankruptcy | 90,000,000 | ||||||||||||
Senior Notes | GenOn Americas Generation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense not recorded due to bankruptcy | 33,000,000 | ||||||||||||
Senior Notes | Senior Secured First Lien Notes, due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount | $ 550,000,000 | ||||||||||||
Interest rate (as percent) | 10.50% | ||||||||||||
Percent of aggregate principal amount of 2022 Notes (as percent) | 4.00% | ||||||||||||
Percent of aggregate principal amount of 2022 Notes plus accrued interest | $ 28,000,000 | ||||||||||||
Fees incurred in connection with 2022 Notes offering | $ 18,000,000 | ||||||||||||
Senior Notes | GenOn Senior Notes, due 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 7.875% | 7.875% | 7.875% | 7.875% | |||||||||
Senior Notes | GenOn Senior Notes, due 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.50% | 9.50% | 9.50% | 9.50% | |||||||||
Senior Notes | GenOn Senior Notes, due 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.875% | 9.875% | 9.875% | 9.875% | |||||||||
Senior Notes | GenOn Americas Generation Senior Notes, due 2021 | GenOn Americas Generation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 8.50% | 8.50% | 8.50% | 8.50% | |||||||||
Senior Notes | GenOn Americas Generation Senior Notes, due 2031 | GenOn Americas Generation | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.125% | 9.125% | 9.125% | 9.125% | |||||||||
Senior Notes | New Secured Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term | 5 years | ||||||||||||
Amount of aggregate principal in debt financing sought | $ 900,000,000 | $ 900,000,000 | $ 900,000,000 | ||||||||||
Backstop fee | $ 45,000,000 | ||||||||||||
Backstop commitment fee (as percent) | 5.00% | ||||||||||||
Principal Owner | Letter of Credit | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of borrowings | 125,000,000 | 125,000,000 | $ 125,000,000 | ||||||||||
NRG | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Settlement cash consideration | 261,300,000 | ||||||||||||
Cancellation of equity interests, cash payment | 75,000,000 | ||||||||||||
Transition services, annualized rate | 84,000,000 | ||||||||||||
Other reorganization gains (losses) | (15,000,000) | ||||||||||||
NRG | Senior Secured First Lien Notes, due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit against amounts owed | 28,000,000 | $ 28,000,000 | 28,000,000 | ||||||||||
NRG | Senior Notes | Senior Secured First Lien Notes, due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percent of aggregate principal amount of 2022 Notes (as percent) | 4.00% | ||||||||||||
NRG | Principal Owner | Restructuring Support Agreement, Credit Against Amounts Owed Prior to Petition Date Under Services Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Receivable from related party | 28,000,000 | $ 28,000,000 | 28,000,000 | ||||||||||
Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Partial settlement cash consideration payment | $ 300,000,000 | ||||||||||||
Subsequent Event | Senior Notes | Senior Notes Due In 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Partial settlement cash consideration payment | 142,000,000 | ||||||||||||
Subsequent Event | Senior Notes | Senior Notes Due In 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Partial settlement cash consideration payment | $ 158,000,000 | ||||||||||||
Senior Notes | GenMA Settlement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | ||||||||||
Term | 1 year | ||||||||||||
Interest rate (as percent) | 15.00% | 15.00% | 15.00% | ||||||||||
Scenario, Forecast | GenOn Mid-Atlantic | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maximum borrowing capacity | $ 75,000,000 |
Chapter 11 Cases (GenOn and G50
Chapter 11 Cases (GenOn and GenOn Americas Generation) - Liabilities Subject to Compromise (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Reorganization [Line Items] | ||
Accounts payable and accrued expenses | $ 41 | |
Long-term debt, including current portion | 2,615 | |
Accrued interest | 56 | |
Pension and postretirement liabilities | 117 | |
Other | 11 | |
Liabilities subject to compromise | 2,840 | $ 0 |
GenOn Americas Generation | ||
Reorganization [Line Items] | ||
Accounts payable and accrued expenses | 9 | |
Long-term debt, including current portion | 695 | 0 |
Accrued interest | 10 | |
Pension and postretirement liabilities | 0 | |
Other | 7 | |
Liabilities subject to compromise | $ 721 | $ 0 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | $ 1 | $ 26 | $ 238 |
GenOn and GenOn Americas Generation | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Period beyond which company can not predict holding of collateral | 12 months | ||
ASU 2016-18 | GenOn and GenOn Americas Generation | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | $ (51) | $ (3) |
Chapter 11 Cases (GenOn and G52
Chapter 11 Cases (GenOn and GenOn Americas Generation) - Reorganization Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reorganization [Line Items] | |||
Legal and other professional advisory fees | $ (92) | ||
Write-off of debt premiums and credit reserves | 103 | ||
Reorganization items, net | 11 | $ 0 | $ 0 |
GenOn Americas Generation | |||
Reorganization [Line Items] | |||
Legal and other professional advisory fees | (2) | ||
Write-off of debt premiums and credit reserves | 43 | ||
Reorganization items, net | $ 41 | $ 0 | $ 0 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Schedule of interest capitalized (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |||
Interest costs capitalized | $ 2 | $ 13 | $ 5 |
GenOn Americas Generation | |||
Summary of Significant Accounting Policies [Line Items] | |||
Interest costs capitalized | 2 | 3 | 2 |
GenOn Mid-Atlantic | |||
Summary of Significant Accounting Policies [Line Items] | |||
Interest costs capitalized | $ 2 | $ 3 | $ 1 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Schedule of registrants' amortization of intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |||
Amortization of intangible assets | $ 24 | $ 48 | $ 39 |
GenOn Americas Generation | |||
Summary of Significant Accounting Policies [Line Items] | |||
Amortization of intangible assets | 21 | 45 | 32 |
GenOn Mid-Atlantic | |||
Summary of Significant Accounting Policies [Line Items] | |||
Amortization of intangible assets | $ 17 | $ 39 | $ 27 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Schedule of estimated amortization of the registrants' intangible assets (Details) $ in Millions | Dec. 31, 2017USD ($) |
Summary of Significant Accounting Policies [Line Items] | |
2,018 | $ 13 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
GenOn Americas Generation | |
Summary of Significant Accounting Policies [Line Items] | |
2,018 | 13 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
GenOn Mid-Atlantic | |
Summary of Significant Accounting Policies [Line Items] | |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | $ 0 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Schedule of accumulated amortization (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets Accumulated amortization | $ 70 | $ 87 |
GenOn Americas Generation | ||
Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets Accumulated amortization | 69 | 87 |
GenOn Mid-Atlantic | ||
Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets Accumulated amortization | $ 33 | $ 29 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Schedule of registrants' amortization of out-of-market contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |||
Amortization of out-of-market liability | $ 77 | $ 83 | $ 79 |
GenOn Americas Generation | |||
Summary of Significant Accounting Policies [Line Items] | |||
Amortization of out-of-market liability | 28 | 28 | 28 |
GenOn Mid-Atlantic | |||
Summary of Significant Accounting Policies [Line Items] | |||
Amortization of out-of-market liability | $ 28 | $ 28 | $ 28 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Summary of estimated amortization related to the registrants' out-of-market contracts (Details) $ in Millions | Dec. 31, 2017USD ($) |
Summary of Significant Accounting Policies [Line Items] | |
2,018 | $ 71 |
2,019 | 68 |
2,020 | 68 |
2,021 | 65 |
2,022 | 62 |
GenOn Americas Generation | |
Summary of Significant Accounting Policies [Line Items] | |
2,018 | 28 |
2,019 | 28 |
2,020 | 28 |
2,021 | 28 |
2,022 | 28 |
GenOn Mid-Atlantic | |
Summary of Significant Accounting Policies [Line Items] | |
2,018 | 28 |
2,019 | 28 |
2,020 | 28 |
2,021 | 28 |
2,022 | $ 28 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Revenue by major customer (Details) - Revenue - Customer Concentration Risk | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
PJM | GenOn | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 64.00% | 51.00% |
PJM | GenOn Americas Generation | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 26.00% | 21.00% |
PJM | GenOn Mid-Atlantic | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 82.00% | 50.00% |
JP Morgan | GenOn | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 21.00% | |
JP Morgan | GenOn Americas Generation | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 19.00% | |
JP Morgan | GenOn Mid-Atlantic | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 40.00% |
Dispositions (GenOn and GenOn60
Dispositions (GenOn and GenOn Americas Generation) Disposition - Narrative (Details) allowance in Millions, $ in Millions | Sep. 27, 2016USD ($) | Jul. 13, 2016USD ($) | May 13, 2016USD ($) | Mar. 01, 2016USD ($) | Feb. 02, 2016USD ($)installment | Nov. 25, 2015USD ($) | Nov. 09, 2015USD ($)MW | Oct. 31, 2016USD ($) | Mar. 31, 2017USD ($)allowance | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 26, 2016USD ($) | Jul. 12, 2016USD ($) | May 12, 2016USD ($)MW | Nov. 24, 2015MW |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from sale of emission allowances | $ 0 | $ 36 | $ 0 | |||||||||||||||
Impairment losses | 274 | 214 | 170 | |||||||||||||||
Potrero LLC | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from disposition | $ 86 | |||||||||||||||||
Closing cost | $ 8 | |||||||||||||||||
Escrow | $ 4 | |||||||||||||||||
Gain on disposition | $ 74 | |||||||||||||||||
Aurora Generating Station | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from disposition | $ 369 | $ 365 | ||||||||||||||||
Gain on disposition | $ 188 | |||||||||||||||||
Generation capacity (in MW) | MW | 878 | |||||||||||||||||
Adjustments primarily for base residual auction results and estimated working capital | $ 4 | |||||||||||||||||
Seward Generating Station | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from disposition | $ 75 | $ 75 | 1 | |||||||||||||||
Ownership percentage | 100.00% | |||||||||||||||||
Impairment losses | 134 | |||||||||||||||||
Cash on hand transferred to buyer | 3 | |||||||||||||||||
Amount of payments after disposal | $ 5 | |||||||||||||||||
Number of annual installments | installment | 5 | |||||||||||||||||
Shelby County Energy Center, LLC | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from disposition | $ 46 | $ 46 | ||||||||||||||||
Gain on disposition | $ 29 | |||||||||||||||||
Ownership percentage | 100.00% | |||||||||||||||||
Future revenue rights | $ 10 | 2 | 8 | |||||||||||||||
Seward Generating Station | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Generation capacity (in MW) | MW | 525 | |||||||||||||||||
Shelby County Energy Center, LLC | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Generation capacity (in MW) | MW | 352 | |||||||||||||||||
Cash | Potrero LLC | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from disposition | $ 74 | |||||||||||||||||
GenOn Americas Generation, LLC | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Impairment losses | 220 | 20 | $ 8 | |||||||||||||||
NRG Power Marketing LLC | GenOn Energy Management | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Emission credit allowances | allowance | 1.3 | |||||||||||||||||
Proceeds from sale of emission allowances | $ 18 | |||||||||||||||||
Gain on sale of emission allowances | $ 1 | |||||||||||||||||
Affiliated Entity | GenOn Energy Holdings | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from the settlement of note receivable | $ 16 | |||||||||||||||||
Affiliated Entity | GenOn Americas Generation, LLC | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Current notes receivable from related party | 318 | $ 315 | ||||||||||||||||
RA Generation | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Cap on guaranty payment | $ 365 | |||||||||||||||||
Robindale Energy Services, Inc | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Commitment of future inventory purchases | $ 13 | |||||||||||||||||
2018 | RA Generation | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Cap on guaranty payment | 183 | |||||||||||||||||
2019 | RA Generation | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Cap on guaranty payment | $ 91 | |||||||||||||||||
Annual | Seward Generating Station | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Amount of payments after disposal | 1 | |||||||||||||||||
Environmental Testing | Seward Generating Station | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Amount of payments after disposal | $ 2.5 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Summary of the carrying values and fair values of long-term debt, including current portion (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | $ 40 | $ 2,754 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 39 | 2,752 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 39 | 1,946 |
GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 0 | 745 |
GenOn Americas Generation, LLC | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 0 | 745 |
Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 0 | 1,850 |
Level 2 | GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 0 | 570 |
Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long and short-term debt | 39 | $ 96 |
Affiliated Entity | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Current Maturities | $ 125 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Schedule of assets and liabilities measured and recorded at fair value on the consolidated balance sheet on a recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | $ 8 | $ 10 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 8 | 10 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 0 | 0 |
Commodity Contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 19 | 124 |
Derivative liabilities | 32 | 122 |
Commodity Contract | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Commodity Contract | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 17 | 122 |
Derivative liabilities | 29 | 119 |
Commodity Contract | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | 2 |
Derivative liabilities | 3 | 3 |
GenOn Americas Generation, LLC | Commodity Contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 51 | 214 |
Derivative liabilities | 54 | 217 |
GenOn Americas Generation, LLC | Commodity Contract | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 47 | 209 |
Derivative liabilities | 49 | 212 |
GenOn Americas Generation, LLC | Commodity Contract | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 4 | 5 |
Derivative liabilities | 5 | 5 |
GenOn Mid-Atlantic | Commodity Contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 4 | 48 |
Derivative liabilities | 9 | 46 |
GenOn Mid-Atlantic | Commodity Contract | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 4 | 47 |
Derivative liabilities | 8 | 45 |
GenOn Mid-Atlantic | Commodity Contract | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 1 |
Derivative liabilities | $ 1 | $ 1 |
Fair Value of Financial Instr63
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Schedule of derivatives that are recognized at fair value on the consolidated financial statements at least annually using significant unobservable inputs (Details) - Derivative - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance as of beginning of period | $ (1) | $ (12) |
Total gains (realized/unrealized) included in earnings | 0 | 11 |
Purchases | 0 | (1) |
Transfers out of Level 3 | 0 | 1 |
Balance as of end of period | (1) | (1) |
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 | $ 0 | $ (1) |
Fair Value of Financial Instr64
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Schedule of reconciliation of derivative that are recognized at fair value in the consolidated financial statements (Details) - Derivative - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance as of beginning of period | $ (1) | $ (12) |
Total losses (realized/unrealized) included in earnings | 0 | 11 |
Balance as of end of period | (1) | (1) |
GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance as of beginning of period | 0 | 1 |
Total losses (realized/unrealized) included in earnings | (1) | (1) |
Balance as of end of period | (1) | 0 |
GenOn Mid-Atlantic | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance as of beginning of period | 0 | 2 |
Total losses (realized/unrealized) included in earnings | (1) | (2) |
Balance as of end of period | $ (1) | $ 0 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset, fair value determined using valuation techniques, percentage | 11.00% | |
Derivative liability, fair value determined using valuation techniques, percentage | 9.00% | |
Cash collateral posted in support of energy risk management activities | $ 89 | |
Counterparty credit exposure | 35 | |
Collateral held cash and letters of credit | 0 | |
Counterparty credit exposure, net | $ 35 | |
Counterparty credit risk exposure percentage of credit risk roll off | 77.00% | |
Counterparty credit risk exposure, percentage threshold | 10.00% | |
Amount of net counterparty credit risk exposure to certain counterparties | $ 22 | |
Transfers from Level 1 to Level 2 | 0 | $ 0 |
Transfers from Level 2 to Level 1 | 0 | 0 |
GenOn Americas Generation | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfers from Level 1 to Level 2 | 0 | 0 |
Transfers from Level 2 to Level 1 | $ 0 | 0 |
GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset, fair value determined using valuation techniques, percentage | 8.00% | |
Derivative liability, fair value determined using valuation techniques, percentage | 9.00% | |
Cash collateral posted in support of energy risk management activities | $ 86 | |
Counterparty credit exposure | 28 | |
Collateral held cash and letters of credit | 0 | |
Counterparty credit exposure, net | $ 28 | |
Counterparty credit risk exposure percentage of credit risk roll off | 100.00% | |
Amount of net counterparty credit risk exposure to certain counterparties | $ 21 | |
GenOn Mid-Atlantic, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset, fair value determined using valuation techniques, percentage | 0.00% | |
Derivative liability, fair value determined using valuation techniques, percentage | 11.00% | |
Cash collateral posted in support of energy risk management activities | $ 0 | |
Counterparty credit risk exposure percentage of credit risk roll off | 0.00% | |
Amount of net counterparty credit risk exposure to certain counterparties | $ 0 | |
Transfers from Level 1 to Level 2 | 0 | 0 |
Transfers from Level 2 to Level 1 | 0 | 0 |
Cash collateral received in support of energy risk management activities | 0 | |
Affiliated Entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash collateral posted in support of energy risk management activities | 32 | 79 |
Affiliated Entity | GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash collateral posted in support of energy risk management activities | 32 | 79 |
Non-affiliated Entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash collateral posted in support of energy risk management activities | 57 | 53 |
Non-affiliated Entity | GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash collateral posted in support of energy risk management activities | 54 | 51 |
Derivative | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
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 | 0 | (1) |
Derivative | GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
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 | 0 | 0 |
Derivative | GenOn Mid-Atlantic, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
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 | $ 0 | $ 0 |
Fair Value of Financial Instr66
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Schedule of significant unobservable inputs used in developing fair value of the Registrants' Level 3 positions (Details) - Fair Value, Measurements, Recurring - Commodity Contract $ in Millions | Dec. 31, 2017USD ($)$ / T$ / MWh | Dec. 31, 2016USD ($)$ / T$ / MWh |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 19 | $ 124 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | 2 |
Derivative Liabilities | 3 | 3 |
Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Derivative Liabilities | 0 | |
Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 0 |
Derivative Liabilities | 0 | 1 |
FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 1 |
Derivative Liabilities | 3 | 2 |
GenOn Americas Generation, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 51 | 214 |
GenOn Americas Generation, LLC | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 4 | 5 |
Derivative Liabilities | 5 | 5 |
GenOn Americas Generation, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Derivative Liabilities | 0 | |
GenOn Americas Generation, LLC | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 1 |
Derivative Liabilities | 1 | 1 |
GenOn Americas Generation, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 3 | 3 |
Derivative Liabilities | 4 | 4 |
GenOn Mid-Atlantic, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 4 | 48 |
GenOn Mid-Atlantic, LLC | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 1 |
Derivative Liabilities | 1 | 1 |
GenOn Mid-Atlantic, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Derivative Liabilities | 0 | |
GenOn Mid-Atlantic, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative Liabilities | $ 1 | $ 1 |
Low | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 29 | |
Low | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / T | 46 | 42 |
Low | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | (4) | (2) |
Low | GenOn Americas Generation, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 29 | |
Low | GenOn Americas Generation, LLC | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / T | 46 | 42 |
Low | GenOn Americas Generation, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 4 | (2) |
Low | GenOn Mid-Atlantic, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 29 | |
Low | GenOn Mid-Atlantic, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 0 | 0 |
High | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 59 | |
High | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / T | 49 | 51 |
High | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 2 | 3 |
High | GenOn Americas Generation, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 59 | |
High | GenOn Americas Generation, LLC | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / T | 49 | 51 |
High | GenOn Americas Generation, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 2 | 3 |
High | GenOn Mid-Atlantic, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 59 | |
High | GenOn Mid-Atlantic, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 0 | 1 |
Weighted Average | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 43 | |
Weighted Average | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / T | 47 | 45 |
Weighted Average | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 0 | 0 |
Weighted Average | GenOn Americas Generation, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 43 | |
Weighted Average | GenOn Americas Generation, LLC | Coal Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / T | 47 | 45 |
Weighted Average | GenOn Americas Generation, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 0 | 0 |
Weighted Average | GenOn Mid-Atlantic, LLC | Power Contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, forward price | $ / MWh | 43 | |
Weighted Average | GenOn Mid-Atlantic, LLC | FTRs | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, auction price | $ / MWh | 0 | 0 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Schedule of registrants' credit/(non-performance) reserves (Details) - Credit reserve for derivative contract assets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Valuation allowances and reserves, balance | $ 0 | $ 1 | $ (1) | $ 0 |
GenOn Americas Generation, LLC | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Valuation allowances and reserves, balance | $ 0 | $ 1 | $ 0 | $ 1 |
Fair Value of Financial Instr68
Fair Value of Financial Instruments (GenOn, GenOn Americas Generations and GenOn Mid-Atlantic) Schedule of counterparty credit quality and the net counterparty credit exposure by industry sector (Details) | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 100.00% |
Utilities, energy merchants, marketers and other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 100.00% |
GenOn Americas Generation | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 100.00% |
GenOn Americas Generation | Utilities, energy merchants, marketers and other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 100.00% |
GenOn Mid-Atlantic | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 0.00% |
GenOn Mid-Atlantic | Utilities, energy merchants, marketers and other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 0.00% |
Investment grade | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 78.00% |
Investment grade | GenOn Americas Generation | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 73.00% |
Investment grade | GenOn Mid-Atlantic | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 0.00% |
Non-Investment grade/Non-Rated | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 22.00% |
Non-Investment grade/Non-Rated | GenOn Americas Generation | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 27.00% |
Non-Investment grade/Non-Rated | GenOn Mid-Atlantic | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net Exposure (as a percent) | 0.00% |
Accounting for Derivative Ins69
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Schedule of net notional volume buy/(sell) of open derivative transactions broken out by commodity (Details) T in Millions, MWh in Millions, MMBTU in Millions | 12 Months Ended | |
Dec. 31, 2017MMBTUMWhT | Dec. 31, 2016MMBTUMWhT | |
Long | Coal | Short Ton | ||
Derivative [Line Items] | ||
Notional, mass | T | 2 | 5 |
Long | Coal | Short Ton | GenOn Americas Generation | ||
Derivative [Line Items] | ||
Notional, mass | T | 1 | 4 |
Long | Coal | Short Ton | GenOn Mid-Atlantic | ||
Derivative [Line Items] | ||
Notional, mass | T | 1 | 4 |
Long | Natural gas | MMBtu | ||
Derivative [Line Items] | ||
Notional, energy | MMBTU | 56 | 138 |
Long | Natural gas | MMBtu | GenOn Americas Generation | ||
Derivative [Line Items] | ||
Notional, energy | MMBTU | 12 | 30 |
Long | Natural gas | MMBtu | GenOn Mid-Atlantic | ||
Derivative [Line Items] | ||
Notional, energy | MMBTU | 12 | 23 |
Short | Power | MWh | ||
Derivative [Line Items] | ||
Notional, energy | MWh | 7 | 35 |
Short | Power | MWh | GenOn Americas Generation | ||
Derivative [Line Items] | ||
Notional, energy | MWh | 1 | 12 |
Short | Power | MWh | GenOn Mid-Atlantic | ||
Derivative [Line Items] | ||
Notional, energy | MWh | 1 | 11 |
Accounting for Derivative Ins70
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Schedule of fair value within the derivative instrument valuation on the balance sheet (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative Assets | $ 19 | $ 124 |
Derivative Liabilities | 32 | 122 |
Commodity contracts current | ||
Derivative [Line Items] | ||
Derivative Assets | 15 | 108 |
Derivative Liabilities | 29 | 105 |
Commodity contracts long-term | ||
Derivative [Line Items] | ||
Derivative Assets | 4 | 16 |
Derivative Liabilities | 3 | 17 |
GenOn Americas Generation, LLC | ||
Derivative [Line Items] | ||
Derivative Assets | 51 | 214 |
Derivative Liabilities | 54 | 217 |
GenOn Americas Generation, LLC | Commodity contracts current | ||
Derivative [Line Items] | ||
Derivative Assets | 43 | 180 |
Derivative Liabilities | 47 | 185 |
GenOn Americas Generation, LLC | Commodity contracts long-term | ||
Derivative [Line Items] | ||
Derivative Assets | 8 | 34 |
Derivative Liabilities | 7 | 32 |
GenOn Mid-Atlantic | ||
Derivative [Line Items] | ||
Derivative Assets | 4 | 48 |
Derivative Liabilities | 9 | 46 |
GenOn Mid-Atlantic | Commodity contracts current | ||
Derivative [Line Items] | ||
Derivative Assets | 4 | 44 |
Derivative Liabilities | 9 | 44 |
GenOn Mid-Atlantic | Commodity contracts long-term | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 4 |
Derivative Liabilities | $ 0 | $ 2 |
Accounting for Derivative Ins71
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Summary of offsetting of derivatives by counterparty master agreement level and collateral received or paid (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Liability | ||
Cash Collateral (Held)/Posted | $ 89 | |
Commodity Contract | ||
Total derivative instruments | ||
Gross Amounts of Recognized Assets/Liabilities | (13) | $ 2 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held)/Posted | 18 | 13 |
Net Amount | 5 | 15 |
Non-affiliated Entity | ||
Derivative Liability | ||
Cash Collateral (Held)/Posted | 57 | 53 |
Non-affiliated Entity | Commodity Contract | ||
Derivative Asset | ||
Derivative Assets | 17 | 70 |
Derivative Instruments | (11) | (39) |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | 6 | 31 |
Derivative Liability | ||
Gross Amounts of Recognized Assets/Liabilities | (22) | (56) |
Derivative Instruments | 11 | 39 |
Cash Collateral (Held)/Posted | 10 | 1 |
Net Amount | (1) | (16) |
Affiliated Entity | ||
Derivative Liability | ||
Cash Collateral (Held)/Posted | 32 | 79 |
Affiliated Entity | Commodity Contract | ||
Derivative Asset | ||
Derivative Assets | 2 | 54 |
Derivative Instruments | (2) | (54) |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | 0 | 0 |
Derivative Liability | ||
Gross Amounts of Recognized Assets/Liabilities | (10) | (66) |
Derivative Instruments | 2 | 54 |
Cash Collateral (Held)/Posted | 8 | 12 |
Net Amount | 0 | 0 |
GenOn Americas Generation | ||
Derivative Liability | ||
Cash Collateral (Held)/Posted | 86 | |
GenOn Americas Generation | Commodity Contract | ||
Total derivative instruments | ||
Gross Amounts of Recognized Assets/Liabilities | (3) | (3) |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held)/Posted | 18 | 13 |
Net Amount | 15 | 10 |
GenOn Americas Generation | Non-affiliated Entity | ||
Derivative Liability | ||
Cash Collateral (Held)/Posted | 54 | 51 |
GenOn Americas Generation | Non-affiliated Entity | Commodity Contract | ||
Derivative Asset | ||
Derivative Assets | 17 | 70 |
Derivative Instruments | (11) | (39) |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | 6 | 31 |
Derivative Liability | ||
Gross Amounts of Recognized Assets/Liabilities | (22) | (56) |
Derivative Instruments | 11 | 39 |
Cash Collateral (Held)/Posted | 10 | 1 |
Net Amount | (1) | (16) |
GenOn Americas Generation | Affiliated Entity | ||
Derivative Liability | ||
Cash Collateral (Held)/Posted | 32 | 79 |
GenOn Americas Generation | Affiliated Entity | Commodity Contract | ||
Derivative Asset | ||
Derivative Assets | 34 | 144 |
Derivative Instruments | (21) | (144) |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | 13 | 0 |
Derivative Liability | ||
Gross Amounts of Recognized Assets/Liabilities | (32) | (161) |
Derivative Instruments | 21 | 144 |
Cash Collateral (Held)/Posted | 8 | 12 |
Net Amount | (3) | (5) |
GenOn Mid-Atlantic | ||
Derivative Asset | ||
Cash Collateral (Held)/Posted | 0 | |
Derivative Liability | ||
Cash Collateral (Held)/Posted | 0 | |
GenOn Mid-Atlantic | Commodity Contract | ||
Total derivative instruments | ||
Gross Amounts of Recognized Assets/Liabilities | (5) | 2 |
Derivative Instruments | 0 | 0 |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | (5) | 2 |
GenOn Mid-Atlantic | Affiliated Entity | Commodity Contract | ||
Derivative Asset | ||
Derivative Assets | 4 | 48 |
Derivative Instruments | (4) | (46) |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | 0 | 2 |
Derivative Liability | ||
Gross Amounts of Recognized Assets/Liabilities | (9) | (46) |
Derivative Instruments | 4 | 46 |
Cash Collateral (Held)/Posted | 0 | 0 |
Net Amount | $ (5) | $ 0 |
Accounting for Derivative Ins72
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Schedule of pre-tax effects of economic hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $ (5) | $ (165) | $ (198) |
Net unrealized (losses)/gains on open positions related to economic hedges | (6) | 14 | 18 |
Total impact to statement of operations | (11) | (151) | (180) |
Revenue from operations — energy commodities | |||
Derivative [Line Items] | |||
Total impact to statement of operations | (31) | (221) | (112) |
Cost of operations | |||
Derivative [Line Items] | |||
Total impact to statement of operations | 20 | 70 | (68) |
GenOn Americas Generation | |||
Derivative [Line Items] | |||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | 4 | (184) | (193) |
Net unrealized (losses)/gains on open positions related to economic hedges | 0 | (2) | 70 |
Total impact to statement of operations | 4 | (186) | (123) |
GenOn Americas Generation | Revenue from operations — energy commodities | |||
Derivative [Line Items] | |||
Total impact to statement of operations | (14) | (248) | (66) |
GenOn Americas Generation | Cost of operations | |||
Derivative [Line Items] | |||
Total impact to statement of operations | 18 | 62 | (57) |
GenOn Mid-Atlantic | |||
Derivative [Line Items] | |||
Reversal of previously recognized unrealized gains on settled positions related to economic hedges | (1) | (164) | (116) |
Net unrealized (losses)/gains on open positions related to economic hedges | (5) | 3 | 39 |
Total impact to statement of operations | (6) | (161) | (77) |
GenOn Mid-Atlantic | Revenue from operations — energy commodities | |||
Derivative [Line Items] | |||
Total impact to statement of operations | (14) | (223) | (27) |
GenOn Mid-Atlantic | Cost of operations | |||
Derivative [Line Items] | |||
Total impact to statement of operations | $ 8 | $ 62 | $ (50) |
Accounting for Derivative Ins73
Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Accounting for Derivative Instruments and Hedging Activities (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jul. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Exchange clearing account, initial collateral posted | $ 20 | ||||
Credit Risk Related Contingent Features | |||||
Collateral required for contracts with credit rating contingent features in net liability position | $ 0 | ||||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 0 | ||||
GenOn Americas Generation, LLC | |||||
Credit Risk Related Contingent Features | |||||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | ||||
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 0 | ||||
GenOn Mid-Atlantic | |||||
Credit Risk Related Contingent Features | |||||
Collateral required for contracts with credit rating contingent features in net liability position | 0 | ||||
GenOn and GenOn Americas Generation | |||||
Credit Risk Related Contingent Features | |||||
Collateral required for contracts with adequate assurance clauses in net liability positions | $ 0 | ||||
Realized Gain | |||||
Derivative [Line Items] | |||||
Amount realized | $ 5 | $ 98 | $ 38 | ||
Realized Gain | GenOn Americas Generation, LLC | |||||
Derivative [Line Items] | |||||
Amount realized | 5 | 50 | 35 | ||
Realized Gain | GenOn Mid-Atlantic | |||||
Derivative [Line Items] | |||||
Amount realized | 5 | 50 | 35 | ||
Realized Gain | 2016 | |||||
Derivative [Line Items] | |||||
Amount realized | 18 | ||||
Realized Gain | 2016 | GenOn Americas Generation, LLC | |||||
Derivative [Line Items] | |||||
Amount realized | 16 | ||||
Realized Gain | 2016 | GenOn Mid-Atlantic | |||||
Derivative [Line Items] | |||||
Amount realized | 16 | ||||
Realized Gain | 2017 | |||||
Derivative [Line Items] | |||||
Amount realized | 4 | 82 | 19 | ||
Realized Gain | 2017 | GenOn Americas Generation, LLC | |||||
Derivative [Line Items] | |||||
Amount realized | 4 | 46 | 19 | ||
Realized Gain | 2017 | GenOn Mid-Atlantic | |||||
Derivative [Line Items] | |||||
Amount realized | 4 | 46 | 19 | ||
Realized Gain | 2018 | |||||
Derivative [Line Items] | |||||
Amount realized | 1 | 13 | $ 1 | ||
Realized Gain | 2018 | GenOn Americas Generation, LLC | |||||
Derivative [Line Items] | |||||
Amount realized | 1 | 4 | |||
Realized Gain | 2018 | GenOn Mid-Atlantic | |||||
Derivative [Line Items] | |||||
Amount realized | $ 1 | 4 | |||
Realized Gain | 2019 | |||||
Derivative [Line Items] | |||||
Amount realized | $ 3 |
Schedule of inventory (Details)
Schedule of inventory (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Fuel oil | $ 103 | $ 147 |
Coal | 114 | 114 |
Natural gas | 4 | 0 |
Spare parts | 113 | 122 |
Other | 4 | 6 |
Total Inventory | 338 | 389 |
GenOn Americas Generation, LLC | ||
Inventory [Line Items] | ||
Fuel oil | 88 | 123 |
Coal | 71 | 68 |
Natural gas | 2 | 0 |
Spare parts | 49 | 53 |
Other | 1 | 1 |
Total Inventory | 211 | 245 |
GenOn Mid-Atlantic | ||
Inventory [Line Items] | ||
Fuel oil | 16 | 26 |
Coal | 71 | 68 |
Spare parts | 35 | 40 |
Other | 1 | 1 |
Total Inventory | $ 123 | $ 135 |
Inventory (GenOn, GenOn Ameri75
Inventory (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Inventory Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | |||
Inventory write-down | $ 26 | $ 0 | $ 19 |
GenOn Americas Generation, LLC | |||
Inventory [Line Items] | |||
Inventory write-down | 20 | 0 | 17 |
GenOn Mid-Atlantic | |||
Inventory [Line Items] | |||
Inventory write-down | $ 4 | $ 0 | $ 6 |
Schedule of major classes of pr
Schedule of major classes of property, plant, and equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,851 | $ 3,147 |
Construction in progress | 42 | 78 |
Accumulated depreciation | (634) | (604) |
Net property, plant and equipment | 2,217 | 2,543 |
Facilities And Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,521 | 2,793 |
Facilities And Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Facilities And Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 34 years | |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 288 | 276 |
GenOn Americas Generation, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,060 | 1,363 |
Construction in progress | 4 | 36 |
Accumulated depreciation | (231) | (275) |
Net property, plant and equipment | 829 | 1,088 |
GenOn Americas Generation, LLC | Facilities And Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 917 | 1,191 |
GenOn Americas Generation, LLC | Facilities And Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
GenOn Americas Generation, LLC | Facilities And Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 34 years | |
GenOn Americas Generation, LLC | Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 139 | 136 |
GenOn Mid-Atlantic, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 858 | 1,163 |
Construction in progress | 4 | 36 |
Accumulated depreciation | (182) | (237) |
Net property, plant and equipment | 676 | 926 |
GenOn Mid-Atlantic, LLC | Facilities And Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 788 | 1,064 |
GenOn Mid-Atlantic, LLC | Facilities And Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
GenOn Mid-Atlantic, LLC | Facilities And Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 34 years | |
GenOn Mid-Atlantic, LLC | Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 66 | $ 63 |
Impairments (Details)
Impairments (Details) - USD ($) $ in Millions | Feb. 02, 2016 | Nov. 25, 2015 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 24, 2015 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment losses | $ 274 | $ 214 | $ 170 | |||||
Seward Generating Station | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Equity method investment, ownership percentage | 100.00% | |||||||
Pittsburg | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment losses | 8 | |||||||
Portland | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment losses | $ 20 | |||||||
Morgantown | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | $ 186 | |||||||
Dickerson | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | 27 | |||||||
Keystone | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | 39 | 10 | ||||||
Other | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | $ 22 | |||||||
Mandalay operating unit | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | 16 | |||||||
Ormond Beach operating unit | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | 71 | |||||||
Conemaugh | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | 97 | |||||||
Equipment | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment losses | 8 | |||||||
Seward Generating Station | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Proceeds from disposition | $ 75 | $ 75 | 1 | |||||
Impairment losses | $ 134 | |||||||
GenOn,GenOn Americas Generation and GenOn Mid-Atlantic Maryland Ash sites | Other | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | 7 | |||||||
GenOn, GenOn Americas Generation and GenOn Mid-Atlantic California facilities | Other | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | $ 15 | |||||||
GenOn and GenOn Americas Generation | Pittsburg | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-Lived assets held-for-use | $ 20 |
Debt and Capital Leases (GenO78
Debt and Capital Leases (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Schedule of long-term debt and capital leases(Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 13, 2016 |
Debt Instrument [Line Items] | |||
Long and short-term debt | $ 40 | $ 2,754 | |
Liabilities Subject to Compromise, Debt | (2,615) | ||
Current portion of long-term debt | 1 | 704 | |
Long-term debt and capital leases | $ 39 | 2,050 | |
Senior Notes | Senior Unsecured Notes 2017 | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 7.875% | 7.875% | |
Senior Notes | Senior Unsecured Notes 2018 | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 9.50% | 9.50% | |
Senior Notes | Senior Unsecured Notes 2020 | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 9.875% | 9.875% | |
GenOn Americas Generation, LLC | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | $ 0 | 745 | |
Premiums | 0 | 50 | |
Liabilities Subject to Compromise, Debt | (695) | 0 | |
Long-term debt and capital leases | $ 0 | 745 | |
GenOn Americas Generation, LLC | Senior Unsecured Notes 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 8.50% | ||
GenOn Americas Generation, LLC | Senior Unsecured Notes 2031 | |||
Debt Instrument [Line Items] | |||
Interest rate (as percent) | 9.125% | ||
GenOn Americas Generation, LLC | Senior Notes | Senior Unsecured Notes 2021 | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | $ 366 | 366 | |
Interest rate (as percent) | 8.50% | 8.50% | |
GenOn Americas Generation, LLC | Senior Notes | Senior Unsecured Notes 2031 | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | $ 329 | 329 | |
Interest rate (as percent) | 9.125% | 9.125% | |
GenOn | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | $ 40 | 2,009 | |
Premiums | 0 | 81 | |
Liabilities Subject to Compromise, Debt | (1,920) | 0 | |
GenOn | Senior Notes | Senior Unsecured Notes 2017 | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | 691 | 691 | |
GenOn | Senior Notes | Senior Unsecured Notes 2018 | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | 649 | 649 | |
GenOn | Senior Notes | Senior Unsecured Notes 2020 | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | 490 | 490 | |
GenOn | Other Debt Obligations | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | 129 | 96 | |
GenOn | Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Long and short-term debt | $ 1 | $ 2 |
Debt and Capital Leases (GenO79
Debt and Capital Leases (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) Debt and Capital Leases (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Narrative (Details) - USD ($) | Feb. 01, 2018 | Dec. 27, 2017 | Dec. 12, 2017 | Jul. 14, 2017 | Jun. 28, 2017 | May 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | Feb. 28, 2017 | Jan. 27, 2017 | Dec. 13, 2016 |
Debt Instrument [Line Items] | |||||||||||||
Maturity of long-term debt and capital leases in 2018 | $ 1,000,000 | ||||||||||||
Maturity of long-term debt and capital leases in 2019 | 4,000,000 | ||||||||||||
Matuirty of long-term debt and capital leases in 2020 | 4,000,000 | ||||||||||||
Maturity of long-term debt and capital leases in 2021 | 4,000,000 | ||||||||||||
Maturity of long-term debt and capital leases in 2022 | 1,000,000 | ||||||||||||
Maturity of long-term debt and capital leases thereafter | 26,000,000 | ||||||||||||
Settlement cash consideration | $ 663,000,000 | ||||||||||||
Prepaid rent — non-current | $ 341,000,000 | $ 245,000,000 | |||||||||||
Senior Unsecured Notes 2017 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 7.875% | 7.875% | |||||||||||
Senior Unsecured Notes 2018 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.50% | 9.50% | |||||||||||
Senior Unsecured Notes 2020 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.875% | 9.875% | |||||||||||
GenOn Americas Generation, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Prepaid rent — non-current | $ 277,000,000 | 204,000,000 | |||||||||||
GenOn Americas Generation, LLC | Senior Unsecured Notes 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 8.50% | ||||||||||||
GenOn Americas Generation, LLC | Senior Unsecured Notes 2021 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 8.50% | 8.50% | |||||||||||
GenOn Americas Generation, LLC | Senior Unsecured Notes 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.125% | ||||||||||||
GenOn Americas Generation, LLC | Senior Unsecured Notes 2031 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as percent) | 9.125% | 9.125% | |||||||||||
GenOn Mid-Atlantic, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, amount outstanding | $ 130,000,000 | ||||||||||||
Debt fees | $ 1,000,000 | ||||||||||||
Repayments of related party debt | $ 125,000,000 | 0 | $ 0 | ||||||||||
Prepaid rent — non-current | 278,000,000 | 204,000,000 | |||||||||||
Restricted net assets | 1,100,000,000 | ||||||||||||
GenOn Mid-Atlantic, LLC | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit, written notice period for termination | 60 days | ||||||||||||
Line of credit, period prior to termination date | 30 days | ||||||||||||
REMA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Restricted net assets | (1,400,000,000) | ||||||||||||
Letter of Credit | Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maximum borrowing capacity | $ 300,000,000 | ||||||||||||
Percent of required cash collateral | 101.00% | ||||||||||||
Letters of credit outstanding | 3,000,000 | ||||||||||||
Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Partial settlement cash consideration payment | $ 300,000,000 | ||||||||||||
Subsequent Event | Senior Notes Due In 2021 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Partial settlement cash consideration payment | 158,000,000 | ||||||||||||
Subsequent Event | Senior Notes Due In 2031 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Partial settlement cash consideration payment | $ 142,000,000 | ||||||||||||
Letter of Credit | GenOn Mid-Atlantic, LLC | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of related party debt | $ 125,000,000 | ||||||||||||
Payments for rent | $ 2,700,000 | ||||||||||||
Prepaid rent — non-current | $ 125,000,000 | ||||||||||||
NRG | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maximum borrowing capacity | 500,000,000 | ||||||||||||
Credit facility, amount outstanding | 125,000,000 | ||||||||||||
NRG | Letter of Credit | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maximum borrowing capacity | 500,000,000 | ||||||||||||
Credit facility, amount outstanding | 92,000,000 | 272,000,000 | |||||||||||
Credit facility, additional borrowings | $ 125,000,000 | ||||||||||||
NRG | Letter of Credit | GenOn Mid-Atlantic, LLC | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, amount outstanding | $ 125,000,000 | $ 0 | |||||||||||
GenOn Energy | Letter of Credit | GenOn Mid-Atlantic, LLC | Intercompany Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of related party debt | $ 125,000,000 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | $ 205 |
Additions | (2) |
Spending for current obligations and other settlements | (5) |
Accretion — expense | 15 |
Balance at the end of the period | 213 |
GenOn Americas Generation | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | 100 |
Additions | 0 |
Spending for current obligations and other settlements | (2) |
Accretion — expense | 8 |
Balance at the end of the period | 106 |
GenOn Mid-Atlantic | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | 39 |
Additions | 0 |
Spending for current obligations and other settlements | 0 |
Accretion — expense | 3 |
Balance at the end of the period | $ 42 |
Benefit Plans and Other Postr81
Benefit Plans and Other Postretirement Benefits (GenOn) Benefit Plans and Other Postretirement Benefits Disclosure (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and postretirement liabilities | $ 117 | |||
Amortization of net actuarial gain | 1 | |||
Amortization of net actuarial gain, next fiscal year | 1 | |||
Nonqualified Plan | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Obligations and the related rabbi trust investment under the plans | 10 | $ 11 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net gain (loss) recognized in net periodic benefit cost and OCI | 15 | 16 | $ 22 | |
Pension Benefits | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total accumulated benefit obligation for tax qualified plans | 658 | 611 | ||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and postretirement liabilities | 25 | |||
Net gain (loss) recognized in net periodic benefit cost and OCI | 3 | $ (3) | $ (6) | |
Effect of one percentage point increase on accumulated postretirement benefit obligation | 3 | |||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | 2 | |||
Effect of one percentage point increase on service and interest cost components | 1 | |||
Effect of one percentage point decrease on service and interest cost components | $ 1 | |||
Low | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aon Hewitt above median yield curve discount rate years | 6 months | |||
High | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aon Hewitt above median yield curve discount rate years | 99 years | |||
NRG | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Payment for pension benefits | $ 13 | |||
NRG | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected 2018 contributions | $ 13 |
Benefit Plans and Other Postr82
Benefit Plans and Other Postretirement Benefits (GenOn) Schedule of net annual period pension cost related to GenOn's domestic pension and other postretirement benefit plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost benefits earned | $ 8 | $ 10 | $ 10 |
Interest cost on benefit obligation | 23 | 23 | 27 |
Expected return on plan assets | (32) | (34) | (35) |
Amortization of unrecognized net loss | 1 | 0 | 1 |
Amortization of unrecognized prior service cost | 0 | 1 | 0 |
Net periodic benefit cost | 0 | 0 | 3 |
Other Postretirement Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost benefits earned | 0 | 0 | 1 |
Interest cost on benefit obligation | 2 | 1 | 3 |
Amortization of unrecognized net loss | (1) | 0 | 0 |
Amortization of unrecognized prior service cost | (2) | (1) | (4) |
Net periodic benefit cost | $ (1) | $ 0 | $ 0 |
Benefit Plans and Other Postr83
Benefit Plans and Other Postretirement Benefits (GenOn) Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liabilities subject to compromise | $ (2,840) | $ 0 | |
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of period | 629 | 625 | |
Service cost benefits earned | 8 | 10 | $ 10 |
Interest cost | 23 | 23 | 27 |
Actuarial gain | 44 | 4 | |
Benefit payments | (27) | (33) | |
Benefit obligation at end of period | 677 | 629 | 625 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 509 | 506 | |
Actual return on plan assets | 90 | 20 | |
Employer contributions | 13 | 16 | |
Benefit payments | (27) | (33) | |
Fair value of plan assets at end of period | 585 | 509 | 506 |
Liabilities subject to compromise | (92) | 0 | |
Funded status as of end of period — excess of obligation over assets | 0 | (120) | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of period | 46 | 54 | |
Service cost benefits earned | 0 | 0 | 1 |
Interest cost | 2 | 1 | 3 |
Participant contributions | 1 | 2 | |
Actuarial gain | (4) | (4) | |
Benefit payments | (5) | (7) | |
Plan amendments | (2) | 0 | |
Benefit obligation at end of period | 38 | 46 | 54 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Employer contributions | 4 | 5 | |
Participant contributions | 1 | 2 | |
Benefit payments | (5) | (7) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Liabilities subject to compromise | (25) | 0 | |
Funded status as of end of period — excess of obligation over assets | $ (13) | $ (46) |
Benefit Plans and Other Postr84
Benefit Plans and Other Postretirement Benefits (GenOn) Summary of amounts recognized in GenOn's balance sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Liabilities subject to compromise | $ 2,840 | $ 0 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 0 | 0 |
Liabilities subject to compromise | 92 | 0 |
Non-current liabilities | 0 | 120 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 3 | 5 |
Liabilities subject to compromise | 25 | 0 |
Non-current liabilities | $ 10 | $ 41 |
Benefit Plans and Other Postr85
Benefit Plans and Other Postretirement Benefits (GenOn) Summary of amounts recognized in GenOn's accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Total recognized in OCI | $ 17 | $ (13) | $ (14) |
Pension Benefits | |||
Amounts recognized in accumulated OCI | |||
Net (loss)/gain | (22) | (37) | |
Prior service credit | 0 | 0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Net actuarial gain/(loss) | 14 | (17) | |
Amortization of net actuarial gain | 1 | 0 | |
Prior service credit | 0 | 0 | |
Amortization of prior service cost | 0 | 1 | |
Total recognized in OCI | 15 | (16) | |
Other Postretirement Benefits | |||
Amounts recognized in accumulated OCI | |||
Net (loss)/gain | 9 | 7 | |
Prior service credit | 1 | 1 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Net actuarial gain/(loss) | 4 | 4 | |
Amortization of net actuarial gain | (1) | 0 | |
Prior service credit | 1 | 0 | |
Amortization of prior service cost | (2) | (1) | |
Total recognized in OCI | $ 2 | $ 3 |
Benefit Plans and Other Postr86
Benefit Plans and Other Postretirement Benefits (GenOn) Summary of fair values of the company's pension plan assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | $ 585 | $ 509 | $ 506 |
Common/collective trust investment — non-core assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 19.00% | ||
Domestic Stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 22.00% | ||
Non US Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 14.00% | ||
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 45.00% | ||
Other Than Measured At Net Asset Value Practical Expedient | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | $ 390 | 348 | |
Other Than Measured At Net Asset Value Practical Expedient | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 3 | 1 | |
Other Than Measured At Net Asset Value Practical Expedient | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 387 | 347 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 136 | 152 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — U.S. equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 0 | 0 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — U.S. equity | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 136 | 152 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 35 | 38 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-U.S. equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 0 | 0 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-U.S. equity | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 35 | 38 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-core assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 94 | ||
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-core assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 0 | ||
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-core assets | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 94 | ||
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 56 | ||
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — global equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 0 | ||
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — global equity | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 56 | ||
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 122 | 101 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 0 | 0 | |
Other Than Measured At Net Asset Value Practical Expedient | Common/collective trust investment — fixed income | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 122 | 101 | |
Other Than Measured At Net Asset Value Practical Expedient | Short-term investment fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 3 | 1 | |
Other Than Measured At Net Asset Value Practical Expedient | Short-term investment fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 3 | 1 | |
Other Than Measured At Net Asset Value Practical Expedient | Short-term investment fund | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 0 | 0 | |
Measured At Net Asset Value Practical Expedient | Common/collective trust investment — non-U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 50 | 42 | |
Measured At Net Asset Value Practical Expedient | Common/collective trust investment — fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | 123 | 103 | |
Measured At Net Asset Value Practical Expedient | Partnerships/joint ventures | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement | $ 22 | $ 16 |
Benefit Plans and Other Postr87
Benefit Plans and Other Postretirement Benefits (GenOn) Summary of significant assumptions used to calculate GenOn's benefit obligations (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used in calculating benefit obligations (as a percent) | 3.72% | 4.29% | |
Rate of compensation increase to calculate benefit obligations (as a percent) | 3.00% | 3.00% | |
Discount rate to calculate net periodic benefit cost (as a percent) | 4.29% | 4.54% | 4.18% |
Rate of compensation increase to calculate net periodic benefit cost (as a percent) | 3.00% | 3.00% | 2.97% |
Expected long-term rate of return on plan assets (as a percent) | 6.83% | 6.63% | 6.41% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used in calculating benefit obligations (as a percent) | 3.50% | 4.03% | |
Discount rate to calculate net periodic benefit cost (as a percent) | 4.03% | 4.16% | 3.86% |
Benefit Plans and Other Postr88
Benefit Plans and Other Postretirement Benefits (GenOn) Schedule of health care cost trend rates (Details) - Other Postretirement Benefit Payments | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postretirement Benefit Obligation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed ultimate medical inflation rate (as a percent) | 4.50% | 5.00% | |
Year in which ultimate rate is reached | 2,025 | 2,025 | |
Postretirement Benefit Obligation | Before age 65 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed medical inflation for next year (as a percent) | 8.20% | 7.00% | |
Postretirement Benefit Obligation | Age 65 and after | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed medical inflation for next year (as a percent) | 9.80% | 8.75% | |
Net Period Benefit Cost/Credit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed ultimate medical inflation rate (as a percent) | 5.00% | 5.00% | 5.00% |
Year in which ultimate rate is reached | 2,025 | 2,025 | 2,023 |
Net Period Benefit Cost/Credit | Before age 65 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed medical inflation for next year (as a percent) | 7.00% | 7.25% | 8.60% |
Net Period Benefit Cost/Credit | Age 65 and after | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed medical inflation for next year (as a percent) | 8.75% | 9.00% | 8.10% |
Benefit Plans and Other Postr89
Benefit Plans and Other Postretirement Benefits (GenOn) Schedule of expected future benefit payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefit Payments | Qualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 31 |
2,019 | 33 |
2,020 | 35 |
2,021 | 36 |
2,022 | 38 |
2023 through 2027 | 201 |
Other Postretirement Benefit Payments | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 4 |
2,019 | 4 |
2,020 | 4 |
2,021 | 4 |
2,022 | 4 |
2023 through 2027 | $ 11 |
Income Taxes (GenOn, GenOn Am90
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Income tax expense/(benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | |||
U.S. Federal | $ 0 | $ 0 | $ 0 |
State | (1) | 11 | (3) |
Total — current | (1) | 11 | (3) |
Deferred | |||
U.S. Federal | 1 | 0 | 0 |
State | 7 | 0 | 0 |
Total — deferred | 8 | 0 | 0 |
Total income tax expense/(benefit) | $ 7 | $ 11 | $ (3) |
Effective tax rate | (2.40%) | 12.00% | 2.50% |
GenOn Mid-Atlantic | |||
Deferred | |||
Total income tax expense/(benefit) | $ 0 | $ 0 | $ 0 |
GenOn Mid-Atlantic | Pro Forma | |||
Current | |||
U.S. Federal | 0 | 51 | 36 |
State | 0 | 9 | 6 |
Deferred | |||
U.S. Federal | 169 | (42) | 0 |
State | (31) | 42 | 0 |
Valuation allowance | (138) | 648 | 0 |
Total income tax expense/(benefit) | $ 0 | $ 708 | $ 42 |
Income Taxes (GenOn, GenOn Am91
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Reconciliation of income tax provision to effective income tax expense/(benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of income tax provision to effective income tax expense/(benefit) | |||
(Loss)/income before income taxes | $ (288) | $ 92 | $ (118) |
Provision for income taxes based on U.S. federal statutory income tax rate | (101) | 32 | (42) |
State and local income tax provision, net of federal income taxes | 6 | 11 | (3) |
Change in deferred tax asset valuation allowance - current period activities | 124 | (92) | 16 |
Tax Act - corporate income tax rate change | 766 | 0 | 0 |
Valuation allowance due to corporate income tax rate change | (766) | 0 | 0 |
State rate change | (17) | 60 | 26 |
Other, net | (5) | 0 | 0 |
Total income tax expense/(benefit) | 7 | 11 | (3) |
GenOn Americas Generation | |||
Reconciliation of income tax provision to effective income tax expense/(benefit) | |||
(Loss)/income before income taxes | (187) | 121 | 116 |
Provision for income taxes based on U.S. federal statutory income tax rate | (65) | 42 | 41 |
State and local income tax provision, net of federal income taxes | (11) | (5) | 10 |
LLC income not subject to taxation | (78) | 77 | 51 |
State rate change | (14) | 40 | 0 |
Other, net | 12 | 0 | 0 |
Total income tax expense/(benefit) | 0 | 0 | 0 |
GenOn Mid-Atlantic | |||
Reconciliation of income tax provision to effective income tax expense/(benefit) | |||
(Loss)/income before income taxes | (269) | 52 | 104 |
Total income tax expense/(benefit) | 0 | 0 | 0 |
Pro Forma | GenOn Americas Generation | |||
Reconciliation of income tax provision to effective income tax expense/(benefit) | |||
(Loss)/income before income taxes | (187) | 121 | 116 |
Provision for income taxes based on U.S. federal statutory income tax rate | (65) | 42 | 41 |
State and local income tax provision, net of federal income taxes | (11) | (5) | 10 |
Change in deferred tax asset valuation allowance - current period activities | 78 | (77) | (51) |
Tax Act - corporate income tax rate change | 314 | 0 | 0 |
Valuation allowance due to corporate income tax rate change | (314) | 0 | 0 |
State rate change | (14) | 40 | 0 |
Other, net | 12 | 0 | 0 |
Total income tax expense/(benefit) | 0 | 0 | 0 |
Pro Forma | GenOn Mid-Atlantic | |||
Reconciliation of income tax provision to effective income tax expense/(benefit) | |||
Provision for income taxes based on U.S. federal statutory income tax rate | (94) | 18 | 36 |
State and local income tax provision, net of federal income taxes | (15) | 2 | 6 |
Change in deferred tax asset valuation allowance - current period activities | 114 | 0 | 0 |
Tax Act - corporate income tax rate change | 266 | 0 | 0 |
Valuation allowance due to corporate income tax rate change | (266) | 0 | 0 |
State rate change | (11) | 31 | 0 |
Valuation allowance | 0 | 648 | 0 |
Other, net | 6 | 9 | 0 |
Total income tax expense/(benefit) | $ 0 | $ 708 | $ 42 |
Income Taxes (GenOn, GenOn Am92
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets: | ||
Pension and other postretirement benefits | $ 39 | $ 61 |
Deferred compensation, accrued vacation and other reserves | 31 | 61 |
U.S. Federal net operating loss carryforwards | 348 | 442 |
State net operating loss carryforwards | 165 | 116 |
Difference between book and tax basis of property | 701 | 1,080 |
Inventory | 8 | 32 |
Intangible amortization | 68 | 0 |
Investment in projects | 1 | 1 |
Derivatives, net | 4 | 0 |
Out-of-market contracts fair value adjustment | 153 | 242 |
Debt premium, net | 3 | 49 |
Other | 0 | 9 |
Subtotal | 1,521 | 2,093 |
Valuation allowance | (1,521) | (2,087) |
Net deferred tax assets | 0 | 6 |
Deferred Tax Liabilities: | ||
Derivative contracts | 0 | 6 |
Net deferred tax liabilities | 0 | 6 |
Net deferred taxes | 0 | 0 |
GenOn Americas Generation | Pro Forma | ||
Deferred Tax Assets: | ||
Deferred compensation, accrued vacation and other reserves | 1 | 1 |
Other reserves | 12 | 27 |
U.S. Federal net operating loss carryforwards | 25 | 0 |
State net operating loss carryforwards | 6 | 0 |
Difference between book and tax basis of property | 431 | 566 |
Inventory | 4 | 0 |
Intangible amortization | 2 | 0 |
Derivatives, net | 1 | 4 |
Out-of-market contracts fair value adjustment | 121 | 188 |
Debt premium, net | 1 | 20 |
Other | 0 | 16 |
Subtotal | 604 | 822 |
Valuation allowance | (604) | (822) |
Deferred Tax Liabilities: | ||
Net deferred taxes | 0 | 0 |
GenOn Mid-Atlantic | Pro Forma | ||
Deferred Tax Assets: | ||
Deferred compensation, accrued vacation and other reserves | 1 | 1 |
Other reserves | 10 | 24 |
U.S. Federal net operating loss carryforwards | 27 | 0 |
State net operating loss carryforwards | 8 | 0 |
Difference between book and tax basis of property | 339 | 424 |
Inventory | 3 | 8 |
Derivatives, net | 1 | 2 |
Out-of-market contracts fair value adjustment | 121 | 189 |
Other | 0 | 0 |
Subtotal | 510 | 648 |
Valuation allowance | (510) | (648) |
Deferred Tax Liabilities: | ||
Net deferred taxes | $ 0 | $ 0 |
Income Taxes (GenOn, GenOn Am93
Income Taxes (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax expense/(benefit) | $ 7 | $ 11 | $ (3) |
Net deferred tax asset | 1,500 | 2,100 | |
Valuation allowance | 1,521 | 2,087 | |
Income tax receivable | 3 | ||
Uncertain tax benefits | 0 | 0 | |
Interest accrued on unrecognized tax benefits | 0 | 0 | |
Cumulative interest and penalties | 0 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 348 | ||
Pre-merger net operating loss carryforwards | 13 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 165 | ||
GenOn Americas Generation | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense/(benefit) | 0 | 0 | 0 |
Uncertain tax benefits | 0 | 0 | |
GenOn Americas Generation | Pro Forma | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense/(benefit) | 0 | 0 | 0 |
Valuation allowance | 604 | 822 | |
GenOn Americas Generation | Federal | Pro Forma | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 25 | ||
GenOn Americas Generation | State | Pro Forma | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 6 | ||
GenOn Mid-Atlantic | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense/(benefit) | 0 | 0 | 0 |
Uncertain tax benefits | 0 | 0 | |
GenOn Mid-Atlantic | Pro Forma | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense/(benefit) | 0 | 708 | $ 42 |
Valuation allowance | 510 | $ 648 | |
GenOn Mid-Atlantic | Federal | Pro Forma | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 27 | ||
GenOn Mid-Atlantic | State | Pro Forma | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 8 |
Related Party Transactions (G94
Related Party Transactions (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | Jan. 27, 2017 | |
Related Party Transaction [Line Items] | ||||||||
Services agreement, annual fee | $ 130,000,000 | $ 185,000,000 | ||||||
Counterparty credit exposure, net | $ 35,000,000 | $ 35,000,000 | 35,000,000 | |||||
Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Services agreement, monthly cost | 7,000,000 | $ 5,000,000 | ||||||
NRG | Intercompany Credit Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Credit facility, amount outstanding | 125,000,000 | 125,000,000 | 125,000,000 | |||||
NRG | Letter of Credit | Intercompany Credit Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Credit facility, amount outstanding | 92,000,000 | 92,000,000 | 92,000,000 | 272,000,000 | ||||
NRG | Letter of Credit | Restructuring Support Agreement, Letter of Credit Credit Facility | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | 330,000,000 | $ 330,000,000 | 330,000,000 | |||||
Percent of required cash collateral | 103.00% | |||||||
NRG Power Marketing LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Counterparty credit exposure, net | 0 | $ 0 | 0 | |||||
NRG | ||||||||
Related Party Transaction [Line Items] | ||||||||
Transition services, annualized rate | 84,000,000 | $ 84,000,000 | ||||||
Transition services agreement, credit received | 3,500,000 | |||||||
GenOn Americas Generation, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cost of operations — affiliate | 67,000,000 | 93,000,000 | $ 84,000,000 | |||||
Counterparty credit exposure, net | 28,000,000 | 28,000,000 | 28,000,000 | |||||
GenOn Americas Generation, LLC | Cost of operations — affiliate | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cost of operations — affiliate | (1,000,000) | 3,000,000 | 3,000,000 | |||||
GenOn Americas Generation, LLC | Selling, general and administrative — affiliate | ||||||||
Related Party Transaction [Line Items] | ||||||||
Selling, general and administrative — affiliate | 68,000,000 | 90,000,000 | 81,000,000 | |||||
GenOn Americas Generation, LLC | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Current notes receivable from related party | 318,000,000 | 318,000,000 | 318,000,000 | 315,000,000 | ||||
GenOn Americas Generation, LLC | GenOn Energy Holdings | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest income - affiliate | 0 | 0 | 0 | |||||
Accounts receivable - affiliate | 46,000,000 | 46,000,000 | 46,000,000 | |||||
Accounts payable - affiliate | 43,000,000 | |||||||
GenOn Americas Generation, LLC | NRG | Letter of Credit | Intercompany Credit Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of letters of credit transferred to intercompany credit agreement | 16,000,000 | 16,000,000 | 16,000,000 | 199,000,000 | ||||
GenOn Mid-Atlantic | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cost of operations — affiliate | 58,000,000 | 75,000,000 | 59,000,000 | |||||
Credit facility, amount outstanding | $ 130,000,000 | |||||||
GenOn Mid-Atlantic | Cost of operations — affiliate | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cost of operations — affiliate | 4,000,000 | 4,000,000 | 1,000,000 | |||||
GenOn Mid-Atlantic | Selling, general and administrative — affiliate | ||||||||
Related Party Transaction [Line Items] | ||||||||
Selling, general and administrative — affiliate | 54,000,000 | 71,000,000 | 58,000,000 | |||||
GenOn Mid-Atlantic | NRG | Letter of Credit | Intercompany Credit Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of letters of credit transferred to intercompany credit agreement | 1,000,000 | 1,000,000 | 1,000,000 | 128,000,000 | ||||
Credit facility, amount outstanding | 125,000,000 | 125,000,000 | 125,000,000 | 0 | ||||
GenOn Mid-Atlantic | GenOn Energy Management | ||||||||
Related Party Transaction [Line Items] | ||||||||
Utilized emission allowances | 17,000,000 | $ 39,000,000 | $ 27,000,000 | |||||
Annual | ||||||||
Related Party Transaction [Line Items] | ||||||||
Services agreement, annual fee | 193,000,000 | |||||||
Senior Notes Due In 2022 | NRG | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credit against amounts owed | 28,000,000 | 28,000,000 | 28,000,000 | |||||
Restructuring Support Agreement, Credit Against Amounts Owed Prior to Petition Date Under Services Agreement | NRG | ||||||||
Related Party Transaction [Line Items] | ||||||||
Receivable from related party | $ 28,000,000 | $ 28,000,000 | $ 28,000,000 | $ 28,000,000 |
Commitments and Contingencies95
Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 14, 2012 | |
Operating leases [Abstract] | ||||
Amortization of out-of-market liability | $ 77 | $ 83 | $ 79 | |
Other Commitments [Abstract] | ||||
2,018 | 7 | |||
2,019 | 7 | |||
2,020 | 2 | |||
2,021 | 2 | |||
2,022 | 2 | |||
Thereafter | 32 | |||
Total | 52 | |||
GenOn Mid-Atlantic | ||||
Operating leases [Abstract] | ||||
Amortization of out-of-market liability | 28 | 28 | 28 | |
Out-of-market liability | $ 604 | |||
Other Commitments [Abstract] | ||||
2,018 | 3 | |||
2,019 | 2 | |||
2,020 | 2 | |||
2,021 | 2 | |||
2,022 | 2 | |||
Thereafter | 32 | |||
Total | 43 | |||
GenOn Americas Generation, LLC | ||||
Other Commitments [Abstract] | ||||
2,018 | 3 | |||
2,019 | 2 | |||
2,020 | 2 | |||
2,021 | 2 | |||
2,022 | 2 | |||
Thereafter | 32 | |||
Total | $ 43 | |||
GenOn Mid-Atlantic | ||||
Operating leases [Abstract] | ||||
Maximum percentage of economic useful life under lease extensions | 75.00% | |||
Rent expense | $ 43 | 43 | 43 | |
Amortization of out-of-market liability | 28 | |||
Lease payments in excess of rent expense recognized | 348 | 275 | ||
Lease payments in excess of rent expense recognized, included in prepaid rent and other current assets | 71 | 71 | ||
Future Minimum Lease Commitments | ||||
2,018 | 105 | |||
2,019 | 139 | |||
2,020 | 105 | |||
2,021 | 42 | |||
2,022 | 36 | |||
Thereafter | 364 | |||
Total | 791 | |||
REMA | ||||
Future Minimum Lease Commitments | ||||
2,018 | 55 | |||
2,019 | 65 | |||
2,020 | 56 | |||
2,021 | 47 | |||
2,022 | 46 | |||
Thereafter | 185 | |||
Total | $ 454 | |||
Dickerson and Morgantown | GenOn Mid-Atlantic | ||||
Operating leases [Abstract] | ||||
Interest under operating leases | 100.00% | |||
Shawville | REMA | ||||
Operating leases [Abstract] | ||||
Interest under operating leases | 100.00% | |||
Conemaugh | REMA | ||||
Operating leases [Abstract] | ||||
Interest under operating leases | 16.45% | |||
Keystone | REMA | ||||
Operating leases [Abstract] | ||||
Interest under operating leases | 16.67% | |||
Keystone Conemaugh | REMA | ||||
Operating leases [Abstract] | ||||
Rent expense | $ 29 | 29 | 29 | |
Amortization of out-of-market liability | 11 | |||
Lease payments in excess of rent expense recognized | 104 | 82 | ||
Lease payments in excess of rent expense recognized, included in prepaid rent and other current assets | $ 41 | 41 | ||
Out-of-market liability | $ 186 | |||
Future Minimum Lease Commitments | ||||
Term of Agreements to Operate | 5 years | |||
Term of Notice Required to Terminate Lease With Conditions | 1 year | |||
Fee Received from Owners | $ 12 | 11 | 11 | |
Other property subject to operating lease | ||||
Operating leases [Abstract] | ||||
Rent expense | 17 | 14 | 15 | |
Future Minimum Lease Commitments | ||||
2,018 | 13 | |||
2,019 | 2 | |||
2,020 | 2 | |||
2,021 | 2 | |||
2,022 | 2 | |||
Thereafter | 12 | |||
Total | 33 | |||
Operating Leases, Rent Expense, Sublease Rentals | 4 | |||
Other property subject to operating lease | GenOn Mid-Atlantic | ||||
Operating leases [Abstract] | ||||
Rent expense | 2 | 0 | 1 | |
Future Minimum Lease Commitments | ||||
2,018 | 1 | |||
2,019 | 1 | |||
2,020 | 0 | |||
2,021 | 0 | |||
2,022 | 0 | |||
Thereafter | 0 | |||
Total | 2 | |||
Other property subject to operating lease | GenOn Americas Generation, LLC | ||||
Operating leases [Abstract] | ||||
Rent expense | 3 | $ 1 | $ 1 | |
Future Minimum Lease Commitments | ||||
2,018 | 3 | |||
2,019 | 1 | |||
2,020 | 0 | |||
2,021 | 0 | |||
2,022 | 0 | |||
Thereafter | 0 | |||
Total | $ 4 | |||
Fuel and Commodity Transportation Commitments | ||||
Long-term Purchase Commitment [Abstract] | ||||
Maximum remaining term under individual fuel supply contract | 4 years | |||
Maximum remaining term under individual transportation contract | 9 years | |||
Minimum purchase commitments [Abstract] | ||||
2,018 | $ 132 | |||
2,019 | 48 | |||
2,020 | 46 | |||
2,021 | 47 | |||
2,022 | 6 | |||
Thereafter | 18 | |||
Total | 297 | |||
Fuel and Commodity Transportation Commitments | GenOn Mid-Atlantic | ||||
Minimum purchase commitments [Abstract] | ||||
2,018 | 45 | |||
2,019 | 0 | |||
2,020 | 0 | |||
2,021 | 0 | |||
2,022 | 0 | |||
Thereafter | 0 | |||
Total | 45 | |||
Fuel and Commodity Transportation Commitments | GenOn Americas Generation, LLC | ||||
Minimum purchase commitments [Abstract] | ||||
2,018 | 46 | |||
2,019 | 1 | |||
2,020 | 1 | |||
2,021 | 1 | |||
2,022 | 1 | |||
Thereafter | 2 | |||
Total | 52 | |||
Long-term Service Agreements | ||||
Minimum purchase commitments [Abstract] | ||||
2,018 | 20 | |||
2,019 | 21 | |||
2,020 | 23 | |||
2,021 | 24 | |||
2,022 | 17 | |||
Thereafter | 239 | |||
Total | 344 | |||
NRG | ||||
Operating leases [Abstract] | ||||
Tenant reimbursements | $ 7 |
Commitments and Contingencies96
Commitments and Contingencies (GenOn, GenOn Americas Generation and GenOn Mid-Atlantic) - Contingencies (Details) shares in Thousands | Feb. 26, 2018USD ($)case | Feb. 16, 2018USD ($) | Dec. 12, 2017USD ($) | Nov. 07, 2017USD ($) | Dec. 31, 2017case | Dec. 13, 2016 | Dec. 14, 2012shares | Jul. 31, 2011case | Dec. 02, 2010shares | Jul. 31, 2003shares |
Contingency [Line Items] | ||||||||||
Settlement cash consideration | $ 663,000,000 | |||||||||
GenOn Energy Holdings | Chapter Eleven Proceedings | ||||||||||
Contingency [Line Items] | ||||||||||
Common stock shares reserved for unresolved claims | shares | 461 | |||||||||
Mirant RRI Energy Merger | GenOn Energy Holdings | Chapter Eleven Proceedings | ||||||||||
Contingency [Line Items] | ||||||||||
Common stock capital shares reserved converted into parent co. common | shares | 1,300 | |||||||||
NRG Merger | GenOn Energy Holdings | Chapter Eleven Proceedings | ||||||||||
Contingency [Line Items] | ||||||||||
Common stock shares reserved for unresolved claims | shares | 159 | |||||||||
Natural Gas Litigation | ||||||||||
Contingency [Line Items] | ||||||||||
Number of claims pending | case | 4 | |||||||||
Senior Unsecured Notes 2017 | Senior Notes | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 7.875% | 7.875% | ||||||||
Senior Unsecured Notes 2018 | Senior Notes | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 9.50% | 9.50% | ||||||||
Senior Unsecured Notes 2020 | Senior Notes | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 9.875% | 9.875% | ||||||||
Senior Unsecured Notes 2021 | GenOn Americas Generation, LLC | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 8.50% | |||||||||
Senior Unsecured Notes 2021 | Senior Notes | GenOn Americas Generation, LLC | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 8.50% | 8.50% | ||||||||
Senior Unsecured Notes 2031 | GenOn Americas Generation, LLC | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 9.125% | |||||||||
Senior Unsecured Notes 2031 | Senior Notes | GenOn Americas Generation, LLC | ||||||||||
Contingency [Line Items] | ||||||||||
Interest rate (as percent) | 9.125% | 9.125% | ||||||||
Kansas, Missouri, and Wisconsin | Natural Gas Litigation | ||||||||||
Contingency [Line Items] | ||||||||||
Number of claims pending | case | 3 | |||||||||
Morgantown | ||||||||||
Contingency [Line Items] | ||||||||||
Settlement cash consideration | $ 0 | |||||||||
Subsequent Event | Natural Gas Litigation | ||||||||||
Contingency [Line Items] | ||||||||||
Number of cases | case | 4 | |||||||||
Proofs of claim | $ 0 | |||||||||
Subsequent Event | Natixis V. GenOn Mid-Atlantic | Breach of warranties | ||||||||||
Contingency [Line Items] | ||||||||||
Damages sought | $ 34,000,000 |
Regulatory Matters (GenOn, Ge97
Regulatory Matters (GenOn, GenOn Americas Generation, GenOn Mid-Atlantic) Regulatory Matters (Details) (Details) $ in Millions | Aug. 01, 2016USD ($) | Dec. 31, 2016USD ($)power_plant | Dec. 20, 2013USD ($) |
Regulatory Matters [Line Items] | |||
Regulatory payments sought | $ 2,500 | ||
Regulatory payments term | 10 years | ||
Out-of-market subsidy payments | $ 7,600 | ||
Out of market subsidy payment term | 12 years | ||
Regulatory payments sought | $ 22 | ||
Illinois | |||
Regulatory Matters [Line Items] | |||
Number of Exelon-owned nuclear power plants awarded ZECs | power_plant | 2 |
Environmental Matters (Details)
Environmental Matters (Details) | Jul. 28, 2015state | Apr. 30, 2017petition |
Site Contingency [Line Items] | ||
Number of petitions granted by EPA to reconsider the rule | petition | 2 | |
Sulfur Dioxide Budgets | ||
Site Contingency [Line Items] | ||
Number of states required to revise budgets | 4 | |
Nitrogen Oxides Budget | ||
Site Contingency [Line Items] | ||
Number of states required to revise budgets | 11 |
Guarantees (GenOn and GenOn A99
Guarantees (GenOn and GenOn Americas Generation) Summary of estimated guarantees, indemnity, and other contingent liability (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | $ 158 | |
1-3 Years | 370 | |
3-5 Years | 0 | |
Over 5 Years | 75 | |
Total | 603 | $ 863 |
Letters of credit and surety bonds | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 158 | |
1-3 Years | 5 | |
3-5 Years | 0 | |
Over 5 Years | 0 | |
Total | 163 | 380 |
Other guarantees | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 0 | |
1-3 Years | 365 | |
3-5 Years | 0 | |
Over 5 Years | 75 | |
Total | 440 | 483 |
GenOn Americas Generation, LLC | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 18 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 0 | |
Total | 18 | 201 |
GenOn Americas Generation, LLC | Letters of credit and surety bonds | ||
Maximum exposure for guarantees [Abstract] | ||
Under 1 Year | 18 | |
1-3 Years | 0 | |
3-5 Years | 0 | |
Over 5 Years | 0 | |
Total | $ 18 | $ 201 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jan. 27, 2017 | Dec. 31, 2016 |
Guarantor Obligations [Line Items] | |||
Total | $ 603 | $ 863 | |
Surety Bond | |||
Guarantor Obligations [Line Items] | |||
Total | 68 | ||
GenOn Americas Generation, LLC | |||
Guarantor Obligations [Line Items] | |||
Total | 18 | 201 | |
GenOn Americas Generation, LLC | Surety Bond | |||
Guarantor Obligations [Line Items] | |||
Total | 2 | ||
GenOn Mid-Atlantic | |||
Guarantor Obligations [Line Items] | |||
Credit facility, amount outstanding | $ 130 | ||
NRG | Letter of Credit | Intercompany Credit Agreement | |||
Guarantor Obligations [Line Items] | |||
Credit facility, amount outstanding | 92 | 272 | |
NRG | GenOn Americas Generation, LLC | Letter of Credit | Intercompany Credit Agreement | |||
Guarantor Obligations [Line Items] | |||
Amount of letters of credit transferred to intercompany credit agreement | 16 | 199 | |
NRG | GenOn Mid-Atlantic | Letter of Credit | Intercompany Credit Agreement | |||
Guarantor Obligations [Line Items] | |||
Amount of letters of credit transferred to intercompany credit agreement | $ 1 | $ 128 |
Debtors' Financial Informati101
Debtors' Financial Information (GeOn and GenOn Americas Generation) Schedule of debtor condensed combined statement of operations (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Total operating revenues | $ 1,589 | $ 1,862 | $ 2,371 | |
Total operating costs and expenses | 1,784 | 1,896 | 2,358 | |
Operating (Loss)/Income | (195) | 260 | 13 | |
Total other expense | 104 | 168 | 131 | |
(Loss)/Income Before Reorganization Items and Income Taxes | (299) | 92 | (118) | |
Reorganization items, net | 11 | 0 | 0 | |
(Loss)/Income Before Income Taxes | (288) | 92 | (118) | |
Income tax expense | 7 | 11 | (3) | |
Net (Loss)/Income | $ (295) | $ 81 | $ (115) | |
GenOn Energy, Inc. Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total operating revenues | $ 967 | |||
Total operating costs and expenses | 853 | |||
Operating (Loss)/Income | 114 | |||
Total other expense | 286 | |||
(Loss)/Income Before Reorganization Items and Income Taxes | (172) | |||
Reorganization items, net | 37 | |||
(Loss)/Income Before Income Taxes | (135) | |||
Income tax expense | 0 | |||
Net (Loss)/Income | (135) | |||
GenOn Americas Generation Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total operating revenues | 860 | |||
Total operating costs and expenses | 818 | |||
Operating (Loss)/Income | 42 | |||
Total other expense | 242 | |||
(Loss)/Income Before Reorganization Items and Income Taxes | (200) | |||
Reorganization items, net | 42 | |||
(Loss)/Income Before Income Taxes | (158) | |||
Income tax expense | 0 | |||
Net (Loss)/Income | $ (158) |
Debtors' Financial Informati102
Debtors' Financial Information (GeOn and GenOn Americas Generation) Schedule of debtor condensed combined balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 837 | $ 1,034 | ||
Restricted cash | 1 | 0 | ||
Accounts receivable | 122 | 109 | ||
Prepaid rent and other current assets | 152 | 128 | ||
Total current assets | 1,554 | 1,900 | ||
Property, plant and equipment, net | 2,217 | 2,543 | ||
Other non-current assets | 135 | 94 | ||
Total Assets | 4,404 | 4,860 | ||
Current portion of long-term debt | 1 | 704 | ||
Accrued expenses and other current liabilities | 67 | 98 | ||
Total current liabilities | 429 | 1,191 | ||
Liabilities Subject to Compromise | 2,840 | 0 | ||
Long-term debt and capital leases | 39 | 2,050 | ||
Other non-current liabilities | 251 | 263 | ||
Total Liabilities | 4,329 | 4,520 | ||
Total Stockholder's Equity | 75 | 340 | $ 272 | $ 401 |
Total Liabilities and Stockholder's Equity | 4,404 | 4,860 | ||
GenOn Energy, Inc. Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 581 | |||
Restricted cash | 1 | |||
Prepaid rent and other current assets | 883 | |||
Total current assets | 2,239 | |||
Property, plant and equipment, net | 1,251 | |||
Investment in subsidiaries | (570) | |||
Other non-current assets | 128 | |||
Total Assets | 3,592 | |||
Current portion of long-term debt | 1 | |||
Accrued expenses and other current liabilities | 133 | |||
Total current liabilities | 321 | |||
Liabilities Subject to Compromise | 2,840 | |||
Other non-current liabilities | 318 | |||
Total Liabilities | 3,517 | |||
Total Stockholder's Equity | 75 | |||
GenOn Americas Generation Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 0 | |||
Prepaid rent and other current assets | 236 | |||
Total current assets | 660 | |||
Property, plant and equipment, net | 153 | |||
Investment in subsidiaries | 880 | |||
Other non-current assets | 48 | |||
Total Assets | 1,741 | |||
Current portion of long-term debt | 0 | |||
Accrued expenses and other current liabilities | 61 | |||
Total current liabilities | 87 | |||
Liabilities Subject to Compromise | 721 | |||
Other non-current liabilities | 67 | |||
Total Liabilities | 875 | |||
Total Stockholder's Equity | 866 | |||
Non-affiliated Entity | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Accounts payable | 105 | 113 | ||
Non-affiliated Entity | GenOn Energy, Inc. Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Accounts receivable | 113 | |||
Accounts payable | 62 | |||
Long-term debt and capital leases | 38 | |||
Total Liabilities and Stockholder's Equity | 3,592 | |||
Non-affiliated Entity | GenOn Americas Generation Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Accounts receivable | 106 | |||
Accounts payable | 25 | |||
Long-term debt and capital leases | 0 | |||
Total Liabilities and Stockholder's Equity | 1,741 | |||
Affiliated Entity | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Current portion of long-term debt | 125 | 0 | ||
Accounts payable | 36 | 78 | ||
Affiliated Entity | GenOn Energy, Inc. Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Due from Affiliates | 661 | |||
Note receivable — affiliate | 0 | |||
Note receivable — affiliate | 544 | |||
Current portion of long-term debt | 125 | $ 0 | ||
Accounts payable | 0 | |||
Affiliated Entity | GenOn Americas Generation Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Due from Affiliates | 0 | |||
Note receivable — affiliate | 318 | |||
Note receivable — affiliate | 0 | |||
Accounts payable | $ 1 |
Debtors' Financial Informati103
Debtors' Financial Information (GeOn and GenOn Americas Generation) Schedule of debtor condensed combined statement of cash flows (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | $ 1 | $ 26 | $ 238 | |
Net cash used by investing activities | (95) | 297 | (259) | |
Net cash used by financing activities | (102) | (5) | (237) | |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | (196) | 318 | (258) | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 1,034 | 716 | 974 | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | $ 838 | 838 | $ 1,034 | $ 716 |
GenOn Energy, Inc. Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | 129 | |||
Net cash used by investing activities | (27) | |||
Net cash used by financing activities | (4) | |||
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | 98 | |||
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 484 | |||
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | 582 | 582 | ||
GenOn Americas Generation Debtors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | 3 | |||
Net cash used by investing activities | (3) | |||
Net cash used by financing activities | 0 | |||
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | 0 | |||
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 0 | |||
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | $ 0 | $ 0 |
Schedule I - Condensed Finan104
Schedule I - Condensed Financial Information of Registrant - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Operating (Loss)/Income | $ (195) | $ 260 | $ 13 |
Other Income (Expense), net: | |||
Other income, net | 11 | 8 | 6 |
Gain on debt extinguishment | 0 | 0 | 65 |
Other expense | (18) | 0 | 0 |
Total other expense | (104) | (168) | (131) |
(Loss)/Income Before Reorganization Items and Income Taxes | (299) | 92 | (118) |
Reorganization items, net | 11 | 0 | 0 |
(Loss)/Income Before Income Taxes | (288) | 92 | (118) |
Income tax expense/(benefit) | 7 | 11 | (3) |
Net (Loss)/Income | (295) | 81 | (115) |
GenOn Energy, Inc. Parent Company | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Operating (Loss)/Income | (13) | (15) | 0 |
Other Income (Expense), net: | |||
Other income, net | 28 | 68 | 85 |
Gain on debt extinguishment | 0 | 0 | 23 |
Interest expense | (61) | (121) | (128) |
Other expense | (18) | 0 | 0 |
Total other expense | (241) | 107 | (118) |
(Loss)/Income Before Reorganization Items and Income Taxes | (254) | 92 | (118) |
Reorganization items, net | (30) | 0 | 0 |
(Loss)/Income Before Income Taxes | (284) | 92 | (118) |
Income tax expense/(benefit) | 11 | 11 | (3) |
Net (Loss)/Income | (295) | 81 | (115) |
GenOn Americas Generation, LLC Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Member’s Equity | 866 | 1,053 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Operating (Loss)/Income | 0 | 0 | 0 |
Other Income (Expense), net: | |||
Other income, net | 0 | 0 | 42 |
Interest expense | (23) | (51) | (64) |
Total other expense | (233) | 121 | 116 |
(Loss)/Income Before Reorganization Items and Income Taxes | (233) | 121 | 116 |
Reorganization items, net | 46 | 0 | 0 |
(Loss)/Income Before Income Taxes | (187) | 121 | 116 |
Income tax expense/(benefit) | 0 | 0 | 0 |
Net (Loss)/Income | (187) | 121 | 116 |
Affiliated Entity | |||
Other Income (Expense), net: | |||
Interest expense | (11) | (11) | (11) |
Affiliated Entity | GenOn Energy, Inc. Parent Company | |||
Other Income (Expense), net: | |||
Equity in (losses)/earnings of consolidated subsidiaries | (190) | 160 | (98) |
Affiliated Entity | GenOn Americas Generation, LLC Parent Company | |||
Other Income (Expense), net: | |||
Equity in (losses)/earnings of consolidated subsidiaries | $ (210) | $ 172 | $ 138 |
Schedule I - Condensed Finan105
Schedule I - Condensed Financial Information of Registrant - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 837 | $ 1,034 |
Restricted cash | 1 | 0 |
Prepaid rent and other current assets | 152 | 128 |
Total current assets | 1,554 | 1,900 |
Other Assets | ||
Other non-current assets | 135 | 94 |
Total other assets | 633 | 417 |
Total Assets | 4,404 | 4,860 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 1 | 704 |
Accrued expenses and other current liabilities | 67 | 98 |
Total current liabilities | 429 | 1,191 |
Liabilities Subject to Compromise | 2,840 | 0 |
Other Liabilities | ||
Long-term debt and capital leases | 39 | 2,050 |
Other non-current liabilities | 251 | 263 |
Total non-current liabilities | 1,060 | 3,329 |
Total Liabilities | 4,329 | 4,520 |
Stockholder's Equity | ||
Common stock: $0.001 par value, 1 share authorized and issued at December 31, 2017 and 2016 | 0 | 0 |
Additional paid-in capital | 338 | 325 |
(Accumulated deficit)/retained earnings | (251) | 44 |
Accumulated other comprehensive loss | (12) | (29) |
Total Liabilities and Stockholder's Equity | $ 4,404 | $ 4,860 |
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 | ||
Current Liabilities | ||
Current portion of long-term debt and capital leases | $ 125 | $ 0 |
Accounts payable | 36 | 78 |
GenOn Energy, Inc. Parent Company | ||
Current Assets | ||
Cash and cash equivalents | 582 | 461 |
Restricted cash | 1 | 0 |
Prepaid rent and other current assets | 29 | 7 |
Total current assets | 612 | 468 |
Other Assets | ||
Other non-current assets | 64 | 36 |
Total other assets | 1,986 | 2,138 |
Total Assets | 2,598 | 2,606 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 0 | 699 |
Accounts payable | 19 | 0 |
Accrued expenses and other current liabilities | 21 | 45 |
Total current liabilities | 635 | 1,053 |
Liabilities Subject to Compromise | 1,887 | 0 |
Other Liabilities | ||
Long-term debt and capital leases | 0 | 1,212 |
Other non-current liabilities | 0 | 1 |
Total non-current liabilities | 0 | 1,213 |
Total Liabilities | 2,522 | 2,266 |
Stockholder's Equity | ||
Common stock: $0.001 par value, 1 share authorized and issued at December 31, 2017 and 2016 | 0 | 0 |
Additional paid-in capital | 338 | 325 |
(Accumulated deficit)/retained earnings | (251) | 44 |
Accumulated other comprehensive loss | (11) | (29) |
Total Stockholder's Equity | 76 | 340 |
Total Liabilities and Stockholder's Equity | $ 2,598 | $ 2,606 |
Condensed Balance Sheets (Parenthetical) | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1 | 1,000,000,000 |
Common stock, shares issued (in shares) | 1 | 1 |
GenOn Energy, Inc. Parent Company | Affiliated Entity | ||
Other Assets | ||
Investment in subsidiaries | $ 1,422 | $ 1,602 |
Note receivable — affiliate | 500 | 500 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 125 | 0 |
Accounts payable | 460 | 299 |
Accounts payable — affiliate | 470 | 309 |
Note payable — affiliate | 10 | 10 |
GenOn Americas Generation, LLC Parent Company | ||
Other Assets | ||
Total other assets | 1,652 | 1,846 |
Total Assets | 1,652 | 1,846 |
Current Liabilities | ||
Accrued expenses and other current liabilities | 1 | 13 |
Total current liabilities | 81 | 48 |
Liabilities Subject to Compromise | 705 | 0 |
Other Liabilities | ||
Long-term debt and capital leases | 0 | 745 |
Total non-current liabilities | 0 | 745 |
Total Liabilities | 786 | 793 |
Member's Equity: (Abstract) [Abstract] | ||
Member’s Equity | 866 | 1,053 |
Total Liabilities and Member’s Equity | 1,652 | 1,846 |
GenOn Americas Generation, LLC Parent Company | Affiliated Entity | ||
Other Assets | ||
Investment in subsidiaries | 1,637 | 1,846 |
Other non-current assets | 15 | 0 |
Current Liabilities | ||
Accounts payable | 69 | 24 |
Note payable — affiliate | $ 11 | $ 11 |
Schedule I - Condensed Finan106
Schedule I - Condensed Financial Information of Registrant - Cash Flows (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | ||||
Net cash provided/(used) by operating activities | $ 1 | $ 26 | $ 238 | |
Cash Flows from Investing Activities | ||||
Payment for purchase option | (15) | 0 | 0 | |
Net Cash (Used)/Provided by Investing Activities | (95) | 297 | (259) | |
Cash Flows from Financing Activities | ||||
Payments for financing costs | $ (46) | (94) | 0 | 0 |
Proceeds from draw on intercompany secured revolving credit facility | 125 | 0 | 0 | |
Proceeds from bond redemptions | 0 | 0 | 43 | |
Payments for current and long-term debt | (3) | (5) | (280) | |
Net Cash Used by Financing Activities | (102) | (5) | (237) | |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | (196) | 318 | (258) | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 1,034 | 716 | 974 | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | 838 | 838 | 1,034 | 716 |
Supplemental Disclosures | ||||
Interest paid, net of amount capitalized | 90 | 216 | 248 | |
GenOn Energy, Inc. Parent Company | ||||
Cash Flows from Operating Activities | ||||
Net cash provided/(used) by operating activities | 90 | 235 | (159) | |
Cash Flows from Investing Activities | ||||
Payment for purchase option | (15) | 0 | 0 | |
Net Cash (Used)/Provided by Investing Activities | (15) | 0 | 0 | |
Cash Flows from Financing Activities | ||||
Payments for financing costs | (78) | 0 | 0 | |
Proceeds from draw on intercompany secured revolving credit facility | 125 | 0 | 0 | |
Proceeds from bond redemptions | 0 | 0 | 43 | |
Payments for current and long-term debt | 0 | 0 | (148) | |
Net Cash Used by Financing Activities | 47 | 0 | (105) | |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | 122 | 235 | (264) | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 461 | 226 | 490 | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | 583 | 583 | 461 | 226 |
Supplemental Disclosures | ||||
Interest paid, net of amount capitalized | 109 | 163 | 176 | |
GenOn Americas Generation, LLC Parent Company | ||||
Cash Flows from Operating Activities | ||||
Net cash provided/(used) by operating activities | 17 | 3 | 128 | |
Cash Flows from Investing Activities | ||||
Capitalized interest | (2) | (3) | (2) | |
Net Cash (Used)/Provided by Investing Activities | (2) | (3) | (2) | |
Cash Flows from Financing Activities | ||||
Payments for financing costs | (15) | 0 | 0 | |
Payments for current and long-term debt | 0 | 0 | (126) | |
Net Cash Used by Financing Activities | (15) | 0 | (126) | |
Net (Decrease)/Increase in Cash and Cash Equivalents and Funds Deposited by Counterparties | 0 | 0 | 0 | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at Beginning of Period | 0 | 0 | 0 | |
Cash and Cash Equivalents, Restricted Cash and Funds Deposited by Counterparties at End of Period | $ 0 | 0 | 0 | 0 |
Supplemental Disclosures | ||||
Interest paid, net of amount capitalized | $ 26 | $ 58 | $ 76 |
Schedule I - Condensed Finan107
Schedule I - Condensed Financial Information of Registrant - Background and Basis of Presentation (Details) - USD ($) $ in Millions | Dec. 14, 2012 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Notes to Parent Company financial statements [Abstract] | |||||
Legal and other professional advisory fees | $ (92) | ||||
Write-off of debt premiums and credit reserves | 103 | ||||
Reorganization items, net | 11 | $ 0 | $ 0 | ||
GenOn Energy, Inc. Parent Company | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Legal and other professional advisory fees | (90) | ||||
Write-off of debt premiums and credit reserves | 60 | ||||
Reorganization items, net | (30) | 0 | 0 | ||
Accounts payable | 19 | 0 | |||
Cash dividends from subsidiaries | 0 | 0 | 0 | ||
Affiliated Entity | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Accounts payable | 36 | 78 | |||
Affiliated Entity | GenOn Energy, Inc. Parent Company | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Note payable — affiliate | 10 | 10 | |||
Accounts payable | 460 | 299 | |||
GenOn | GenOn Energy, Inc. Parent Company | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Restricted net assets of subsidiaries as a percent of consolidated net assets | 25.00% | ||||
GenOn Americas Generation, LLC | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Write-off of debt premiums and credit reserves | 46 | ||||
Reorganization items, net | 46 | 0 | 0 | ||
Cash dividends from subsidiaries | 0 | 0 | 0 | ||
GenOn Americas Generation, LLC | Affiliated Entity | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Note payable — affiliate | 11 | 11 | |||
Accounts payable | $ 69 | 24 | |||
GenOn Americas Generation, LLC | GenOn | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Restricted net assets of subsidiaries as a percent of consolidated net assets | 25.00% | ||||
GenOn Americas Generation, LLC | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Legal and other professional advisory fees | $ (2) | ||||
Write-off of debt premiums and credit reserves | 43 | ||||
Reorganization items, net | 41 | 0 | $ 0 | ||
GenOn Americas Generation, LLC | Affiliated Entity | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Accounts payable | $ 3 | $ 116 | |||
Senior Notes | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Debtor reorganization items, percentage of borrowings outstanding threshold | 93.00% | ||||
Senior Notes | GenOn Americas Generation, LLC | |||||
Notes to Parent Company financial statements [Abstract] | |||||
Debtor reorganization items, percentage of borrowings outstanding threshold | 93.00% |
Schedule I - Condensed Finan108
Schedule I - Condensed Financial Information of Registrant - Long-term Debt (Details) | Dec. 31, 2017 | Dec. 13, 2016 |
Senior Unsecured Notes 2017 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.875% | 7.875% |
Senior Unsecured Notes 2018 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 9.50% | 9.50% |
Senior Unsecured Notes 2020 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 9.875% | 9.875% |
GenOn Americas Generation, LLC | Senior Unsecured Notes 2021 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 8.50% | |
GenOn Americas Generation, LLC | Senior Unsecured Notes 2021 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 8.50% | 8.50% |
GenOn Americas Generation, LLC | Senior Unsecured Notes 2031 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 9.125% | |
GenOn Americas Generation, LLC | Senior Unsecured Notes 2031 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 9.125% | 9.125% |
Schedule I - Condensed Finan109
Schedule I - Condensed Financial Information of Registrant - Commitments, Contingencies and Guarantees (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||
Total | $ 603,000,000 | $ 863,000,000 |
GenOn Energy, Inc. Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total | 460,000,000 | |
GenOn Americas Generation, LLC Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total | $ 0 |
SCHEDULE II. VALUATION AND QUAL
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Income tax valuation allowance decrease | $ 270 | ||
Credit reserve for derivative contract assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 1 | $ (1) | 0 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (1) | 2 | (1) |
Balance at End of Period | 0 | 1 | (1) |
Income tax valuation allowance, deducted from deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,087 | 2,194 | 2,779 |
Charged to Costs and Expenses | (642) | (92) | 16 |
Charged to Other Accounts | 76 | (15) | 0 |
Deductions | 0 | 0 | (601) |
Balance at End of Period | 1,521 | 2,087 | 2,194 |
GenOn Americas Generation, LLC | Credit reserve for derivative contract assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 1 | 0 | 1 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (1) | 1 | (1) |
Balance at End of Period | 0 | 1 | 0 |
GenOn Mid-Atlantic | Credit reserve for derivative contract assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 0 | 4 | 2 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | (4) | 2 |
Balance at End of Period | $ 0 | $ 0 | $ 4 |