Calpine (CPNLQ) 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
Entity Information [Line Items]
Entity Registrant Name	CALPINE CORP
Entity Central Index Key	0000916457
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	No
Entity Common Stock, Shares Outstanding		105.2

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Operating revenues:
Commodity revenue		$ 1,943	$ 2,538
Mark-to-market gain		345	56
Other revenue		4	5
Operating revenues	[1]	2,292	2,599
Operating expenses:
Commodity expense		1,347	1,758
Mark-to-market loss		144	10
Fuel and purchased energy expense		1,491	1,768
Operating and maintenance expense		240	239
Depreciation and amortization expense		164	174
General and other administrative expense		31	32
Other operating expenses		17	34
Total operating expenses		1,943	2,247
(Income) from unconsolidated subsidiaries		0	(6)
Income from operations		349	358
Interest expense		169	149
Gain on extinguishment of debt		0	(4)
Other (income) expense, net		4	23
Income before income taxes		176	190
Income tax expense		46	10
Net income (loss)		130	180
Net income attributable to the noncontrolling interest		(2)	(5)
Net income attributable to Calpine		$ 128	$ 175
[1]	Includes intersegment revenues of $119 million and $162 million in the West, $218 million and $211 million in Texas, $175 million and $137 million in the East and $1 million and $3 million in Retail for the three months ended March 31, 2020 and 2019, respectively.

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 130	$ 180
Cash flow hedging activities:
Loss on cash flow hedges before reclassification adjustment for cash flow hedges realized in net income	(110)	(23)
Reclassification adjustment for (gain) loss on cash flow hedges realized in net income	6	(2)
Foreign currency translation gain (loss)	(7)	2
Income tax benefit	3	0
Other comprehensive loss	(108)	(23)
Comprehensive income	22	157
Comprehensive (income) attributable to the noncontrolling interest	(2)	(5)
Comprehensive income attributable to Calpine	$ 20	$ 152

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Millions		Mar. 31, 2020		Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 531		$ 1,131
Accounts receivable, net of allowance of $9 and $9		598		757
Inventories		543		543
Margin deposits and other prepaid expense		337		367
Restricted cash, current		260		299
Derivative assets, current	[1]	226	[2]	156	[3]
Other current assets		44		49
Total current assets		2,539		3,302
Property, plant and equipment, net		11,959		11,963
Restricted cash, net of current portion		46		46
Investments in unconsolidated subsidiaries		63		70
Derivative Asset, Noncurrent	[1]	263	[2]	246	[3]
Goodwill		242		242
Intangible assets, net		323		340
Other assets		438		440
Total assets		15,873		16,649
Current liabilities:
Accounts payable		584		714
Accrued interest payable		102		61
Debt, current portion		217		1,268
Derivative Liability, Current	[1]	194	[2]	225	[3]
Other current liabilities		503		657
Total current liabilities		1,600		2,925
Debt, net of current portion		10,836		10,438
Long-term derivative liabilities	[1]	184	[2]	63	[3]
Other long-term liabilities		622		565
Total liabilities		13,242		13,991
Commitments and contingencies (see Note 9)
Stockholder’s equity:
Common stock, $0.001 par value per share; authorized 5,000 shares, 105.2 shares issued and outstanding		0		0
Additional paid-in capital		9,651		9,584
Accumulated deficit		(6,795)		(6,923)
Accumulated other comprehensive loss		(225)		(114)
Total Calpine stockholder’s equity		2,631		2,547
Noncontrolling interest		0		111
Total stockholder’s equity		2,631		2,658
Total liabilities and stockholder’s equity		$ 15,873		$ 16,649
[1]	At March 31, 2020 and December 31, 2019, we had $191 million and $191 million, respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements.
[2]	At March 31, 2020, current and long-term derivative assets are shown net of collateral of $(14) million and $(13) million, respectively, and current and long-term derivative liabilities are shown net of collateral of $22 million and $48 million, respectively.
[3]	At December 31, 2019, current and long-term derivative assets are shown net of collateral of $(4) million and $(4) million, respectively, and current and long-term derivative liabilities are shown net of collateral of $108 million and $14 million, respectively.

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance of $9 and $9	$ 9	$ 9
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	5,000	5,000
Common stock, shares issued (in shares)	105.2	105.2
Common stock, shares outstanding (in shares)	105.2	105.2

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions		Total		Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning Balance at Dec. 31, 2018		$ 3,056		$ 0	$ 9,582	$ (6,542)	$ (77)	$ 93
Net income		180		0	0	175	0	5
Other comprehensive income (loss)		(23)		0	0	0	(23)	0
Acquisition of noncontrolling interest (Note 3)	[1]	0
Other		0		0	2	0	0	(2)
Ending Balance at Mar. 31, 2019		3,213		0	9,584	(6,367)	(100)	96
Beginning Balance at Dec. 31, 2019		2,658		0	9,584	(6,923)	(114)	111
Net income		130		0	0	128	0	2
Other comprehensive income (loss)		(108)		0	0	0	(108)	0
Acquisition of noncontrolling interest (Note 3)		(49)	[1]	0	(67)	0	3	113
Ending Balance at Mar. 31, 2020		$ 2,631		$ 0	$ 9,651	$ (6,795)	$ (225)	$ 0
[1]	On January 28, 2020, we completed the acquisition of the 25% noncontrolling interest of Russell City Energy Company, LLC for approximately $49 million.

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income		$ 130	$ 180
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	[1]	184	199
Gain on extinguishment of debt		0	(4)
Deferred income taxes		44	7
Mark-to-market activity, net	[2]	(177)	(45)
(Income) from unconsolidated subsidiaries		0	(6)
Return on investments from unconsolidated subsidiaries		0	11
Other		4	19
Change in operating assets and liabilities:
Accounts receivable		158	228
Accounts payable		(139)	(229)
Margin deposits and other prepaid expense		30	(65)
Other assets and liabilities, net		(97)	27
Derivative instruments, net		76	(81)
Net cash provided by operating activities		213	241
Cash flows from investing activities:
Purchases of property, plant and equipment		(135)	(143)
Other		9	(9)
Net cash used in investing activities		(126)	(152)
Cash flows from financing activities:
Repayment of CCFC Term Loan and First Lien Term Loans		(11)	(10)
Repayments of First Lien Notes		(429)	0
Repayments of Senior Unsecured Notes		(623)	(44)
Borrowings under revolving facilities		450	170
Repayments of revolving facilities		0	(50)
Repayments of project financing, notes payable and other		(45)	(43)
Financing costs		(17)	0
Acquisition of noncontrolling interest (Note 3)	[3]	(49)	0
Other		(2)	0
Net cash provided by (used in) financing activities		(726)	23
Net increase (decrease) in cash, cash equivalents and restricted cash		(639)	112
Cash, cash equivalents and restricted cash, beginning of period		1,476	406
Cash, cash equivalents and restricted cash, end of period	[4]	837	518
Cash paid during the period for:
Interest, net of amounts capitalized		89	115
Income taxes		1	0
Supplemental disclosure of non-cash investing and financing activities:
Change in capital expenditures included in accounts payable and other current liabilities		16	13
Plant tax settlement offset in prepaid assets		0	(4)
Asset retirement obligation adjustment offset in operating activities		0	(13)
Other Current Assets
Supplemental disclosure of non-cash investing and financing activities:
Transfer of Portfolio Loans and Leases to Held-for-sale		0	(363)
Other Current Liabilities
Supplemental disclosure of non-cash investing and financing activities:
Transfer of Portfolio Loans and Leases to Held-for-sale		$ 0	$ (22)
[1]	Includes amortization recorded in Commodity revenue and Commodity expense associated with intangible assets and amortization recorded in interest expense associated with debt issuance costs and discounts.
[2]	In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure.
[3]	On January 28, 2020, we completed the acquisition of the 25% noncontrolling interest of Russell City Energy Company, LLC for approximately $49 million.
[4]	)Our cash and cash equivalents, restricted cash, current and restricted cash, net of current portion are stated as separate line items on our Consolidated Condensed Balance Sheets.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies We are one of the largest power generators in the U.S. We own and operate primarily natural gas-fired and geothermal power plants in North America and have a significant presence in major competitive wholesale and retail power markets in California, Texas, and the Northeast and mid-Atlantic regions of the U.S. We sell power, steam, capacity, renewable energy credits and ancillary services to our wholesale customers, which include utilities, independent electric system operators and industrial companies, retail power providers, municipalities, CCAs and other governmental entities and power marketers. Additionally, through our retail brands, we market retail energy and related products to commercial, industrial, governmental and residential customers. We continue to focus on providing products and services that are beneficial to our wholesale and retail customers. We purchase primarily natural gas and some fuel oil as fuel for our power plants and engage in related natural gas transportation and storage transactions. We also purchase power and related products for sale to our customers and purchase electric transmission rights to deliver power to our customers. Additionally, consistent with our Risk Management Policy, we enter into natural gas, power, environmental product, fuel oil and other physical and financial commodity contracts to hedge certain business risks and optimize our portfolio of power plants. Basis of Interim Presentation — The accompanying unaudited, interim Consolidated Condensed Financial Statements of Calpine Corporation, a Delaware corporation, and consolidated subsidiaries have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the Consolidated Condensed Financial Statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. Certain information and note disclosures, normally included in financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, these financial statements should be read in conjunction with our audited Consolidated Financial Statements for the year ended December 31, 2019 , included in our 2019 Form 10-K. The results for interim periods are not indicative of the results for the entire year primarily due to acquisitions and disposals of assets, seasonal fluctuations in our revenues and expenses, timing of major maintenance expense, variations resulting from the application of the method to calculate the provision for income tax for interim periods, volatility of commodity prices and mark-to-market gains and losses from commodity and interest rate derivative contracts. Use of Estimates in Preparation of Financial Statements — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures included in our Consolidated Condensed Financial Statements. Actual results could differ from those estimates. Cash and Cash Equivalents — We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We have cash and cash equivalents held in non-corporate accounts relating to certain project finance facilities and lease agreements that require us to establish and maintain segregated cash accounts. These accounts have been pledged as security in favor of the lenders under such project finance facilities, and the use of certain cash balances on deposit in such accounts is limited, at least temporarily, to the operations of the respective projects. Restricted Cash — Certain of our debt agreements, lease agreements or other operating agreements require us to establish and maintain segregated cash accounts, the use of which is restricted, making these cash funds unavailable for general use. These amounts are held by depository banks in order to comply with the contractual provisions requiring reserves for payments such as for debt service, rent and major maintenance or with applicable regulatory requirements. Funds that can be used to satisfy obligations due during the next 12 months are classified as current restricted cash, with the remainder classified as non-current restricted cash. Restricted cash is generally invested in accounts earning market rates; therefore, the carrying value approximates fair value. Such cash is excluded from cash and cash equivalents on our Consolidated Condensed Balance Sheets. The table below represents the components of our restricted cash as of March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Current Non-Current Total Current Non-Current Total Debt service $ 53 $ 7 $ 60 $ 58 $ 8 $ 66 Construction/major maintenance 37 6 43 28 6 34 Security/project/insurance 166 31 197 209 31 240 Other 4 2 6 4 1 5 Total $ 260 $ 46 $ 306 $ 299 $ 46 $ 345 Accounts Receivable — Accounts receivable represents amounts due from customers. Accounts receivable are recorded at invoiced amounts, net of reserves and allowances, and do not bear interest as the balances are short term in nature. On January 1, 2020, we adopted the provisions of Accounting Standards Update 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). We use a variety of information to determine our allowance for expected credit losses based on multiple factors including the length of time receivables are past due, current and future economic trends and conditions affecting our customer base, significant one-time events, historical write-off experience and forward-looking information such as internally developed forecasts. See below for further information related to our adoption of ASU 2016-13. Property, Plant and Equipment, Net — At March 31, 2020 and December 31, 2019 , the components of property, plant and equipment are stated at cost less accumulated depreciation as follows (in millions): March 31, 2020 December 31, 2019 Depreciable Lives Buildings, machinery and equipment $ 16,560 $ 16,510 1.5 – 50 Years Geothermal properties 1,561 1,553 13 – 58 Years Other 287 291 3 – 50 Years 18,408 18,354 Less: Accumulated depreciation 6,955 6,851 11,453 11,503 Land 128 128 Construction in progress 378 332 Property, plant and equipment, net $ 11,959 $ 11,963 Capitalized Interest — The total amount of interest capitalized was $2 million and $7 million during the three months ended March 31, 2020 and 2019 , respectively. Goodwill — We have not recorded any impairment losses or changes in the carrying amount of our goodwill during the three months ended March 31, 2020 and 2019 . Leases Lessee — Supplemental balance sheet information related to our operating and finance leases is as follows as of March 31, 2020 and December 31, 2019 (in millions): Location on Consolidated Condensed Balance Sheet March 31, 2020 December 31, 2019 Right-of-use assets – operating leases Other assets $ 173 $ 171 Right-of-use assets – finance leases Property, plant and equipment, net $ 104 $ 107 Operating lease obligation, current Other current liabilities $ 19 $ 12 Operating lease obligation, long-term Other long-term liabilities $ 167 $ 170 Finance lease obligation, current Debt, current portion $ 10 $ 10 Finance lease obligation, long-term Debt, net of current portion $ 58 $ 63 Lessor — We apply lease accounting to PPAs that meet the definition of a lease and determine lease classification treatment at commencement of the agreement. Revenue recognized related to fixed lease payments on our operating leases was $48 million and $69 million during the three months ended March 31, 2020 and 2019 , respectively. New Accounting Standards and Disclosure Requirements Financial Instruments–Credit Losses — In June 2016, the FASB issued ASU 2016-13. The standard provides a new model for recognizing credit losses on financial assets carried at amortized cost using an estimate of expected credit losses, instead of the "incurred loss" methodology previously required for recognizing credit losses that delayed recognition until it was probable that a loss was incurred. The estimate of expected credit losses is to be based on consideration of past events, current conditions and reasonable and supportable forecasts of future conditions. The scope of the standard is limited to our trade account receivable balances and the standard is effective for fiscal years beginning after December 15, 2019. We adopted ASU 2016-13 on January 1, 2020 with no cumulative effect adjustment recognized upon adoption. The adoption of ASU 2016-13 did not have a material effect on our financial condition, results of operations or cash flows. Fair Value Measurements — In August 2018, the FASB issued Accounting Standards Update 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” The standard removes, modifies and adds disclosures about fair value measurements and is effective for fiscal years beginning after December 15, 2019. We adopted Accounting Standards Update 2018-13 on January 1, 2020, which did not have a material effect on our financial condition, results of operations or cash flows. Income Taxes — In December 2019, the FASB issued Accounting Standards Update 2019-12, “Simplifying the Accounting for Income Taxes.” The standard is intended to simplify the accounting for income taxes by removing certain exceptions and improve consistent application by clarifying guidance related to the accounting for income taxes. The standard is effective for fiscal years beginning after December 15, 2020 with early adoption permitted including in interim periods. We adopted Accounting Standards Update 2019-12 on January 1, 2020, which did not have a material effect on our financial condition, results of operations or cash flows.

Revenue From Contracts with Cus

Revenue From Contracts with Customers Revenue From Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue from Contracts with Customers Disaggregation of Revenues with Customers The following tables represent a disaggregation of our operating revenues for the three months ended March 31, 2020 and 2019 by reportable segment (in millions). See Note 11 for a description of our segments. Three Months Ended March 31, 2020 Wholesale West Texas East Retail Elimination Total Third Party: Energy & other products $ 201 $ 219 $ 106 $ 324 $ — $ 850 Capacity 62 28 105 — — 195 Revenues relating to physical or executory contracts – third party $ 263 $ 247 $ 211 $ 324 $ — $ 1,045 Affiliate (1) : $ 17 $ 10 $ 19 $ 1 $ (47 ) $ — Revenues relating to leases and derivative instruments (2) $ 1,246 Other 1 Total operating revenues $ 2,292 Three Months Ended March 31, 2019 Wholesale West Texas East Retail Elimination Total Third Party: Energy & other products $ 292 $ 302 $ 203 $ 412 $ — $ 1,209 Capacity 35 32 177 — — 244 Revenues relating to physical or executory contracts – third party $ 327 $ 334 $ 380 $ 412 $ — $ 1,453 Affiliate (1) : $ 11 $ 14 $ 27 $ 3 $ (55 ) $ — Revenues relating to leases and derivative instruments (2) $ 1,146 Total operating revenues $ 2,599 ___________ (1) Affiliate energy, other and capacity revenues reflect revenues on transactions between wholesale and retail affiliates excluding affiliate activity related to leases and derivative instruments. All such activity supports retail supply needs from the wholesale business and/or allows for collateral margin netting efficiencies at Calpine. (2) Revenues relating to contracts accounted for as leases and derivatives include energy and capacity revenues relating to PPAs that we are required to account for as operating leases and physical and financial commodity derivative contracts, primarily relating to power, natural gas and environmental products. Revenue related to derivative instruments includes revenue recorded in Commodity revenue and mark-to-market gain (loss) within our operating revenues on our Consolidated Condensed Statements of Operations. Performance Obligations and Contract Balances At March 31, 2020 and December 31, 2019 , deferred revenue balances relating to contracts with our customers were included in other current liabilities on our Consolidated Condensed Balance Sheets and primarily relate to sales of environmental products and capacity. We classify deferred revenue as current or long-term based on the timing of when we expect to recognize revenue. The balance outstanding at March 31, 2020 and December 31, 2019 was $21 million and $14 million , respectively. The revenue recognized during the three months ended March 31, 2020 and 2019, relating to the deferred revenue balance at the beginning of each period was $1 million and $2 million , respectively and resulted from our performance under the customer contracts. The change in the deferred revenue balance during the three months ended March 31, 2020 and 2019 was primarily due to the timing difference of when consideration was received and when the related good or service was transferred. Performance Obligations not yet Satisfied As of March 31, 2020 , we have entered into certain contracts for fixed and determinable amounts with customers under which we have not yet completed our performance obligations which primarily includes agreements for which we are providing capacity from our generating facilities. We have revenues related to the sale of capacity through participation in various ISO capacity auctions estimated based upon cleared volumes and the sale of capacity to our customers of $496 million , $657 million , $441 million , $307 million and $192 million that will be recognized during the years ending December 31, 2020, 2021, 2022, 2023 and 2024, respectively, and $63 million thereafter. Revenues under these contracts will be recognized as we transfer control of the commodities to our customers.

Variable Interest Entities and

Variable Interest Entities and Unconsolidated Investments	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities and Unconsolidated Investments [Abstract]
Variable interest entities and unconsolidated investments	Variable Interest Entities and Unconsolidated Investments We consolidate all of our VIEs where we have determined that we are the primary beneficiary. There were no changes to our determination of whether we are the primary beneficiary of our VIEs for the three months ended March 31, 2020 . See Note 7 in our 2019 Form 10-K for further information regarding our VIEs. Consolidated VIEs Our consolidated VIEs include natural gas-fired power plants with an aggregate capacity of 6,824 MW and 6,669 MW at March 31, 2020 and December 31, 2019 , respectively. For these VIEs, we may provide other operational and administrative support through various affiliate contractual arrangements among the VIEs, Calpine Corporation and its other wholly owned subsidiaries whereby we support the VIE through the reimbursement of costs and/or the purchase and sale of energy. Other than amounts contractually required, we provided no additional material support to our VIEs in the form of cash and other contributions during each of the three months ended March 31, 2020 and 2019 . The table below details summarized financial information (excluding intercompany balances which are eliminated in consolidation) for our consolidated VIEs as of March 31, 2020 and December 31 , 2019 (in millions): March 31, 2020 December 31, 2019 Assets: Current assets $ 309 $ 371 Property, plant and equipment, net 3,431 3,454 Restricted cash, net of current portion 14 15 Other assets 47 53 Total assets $ 3,801 $ 3,893 Liabilities: Current liabilities $ 244 $ 303 Debt, net of current portion 1,588 1,635 Long-term derivative liabilities 19 8 Other long-term liabilities 36 53 Total liabilities $ 1,887 $ 1,999 Noncontrolling Interest — At December 31, 2019 , we owned a 75% interest in Russell City Energy Company, LLC, one of our VIEs, which was also 25% owned by a third party. On January 28, 2020, we completed the acquisition of the 25% noncontrolling interest of Russell City Energy Company, LLC for approximately $49 million , resulting in a $67 million increase to additional paid-in capital. Prior to the acquisition, we accounted for the third party ownership interest as a noncontrolling interest. Unconsolidated VIEs and Investments in Unconsolidated Subsidiaries We have a 50% partnership interest in Greenfield LP which is also a VIE; however, we do not have the power to direct the most significant activities of this entity and therefore do not consolidate it. Greenfield LP is a limited partnership between certain subsidiaries of ours and of Mitsui & Co., Ltd., which operates the Greenfield Energy Centre, a 1,038 MW natural gas-fired, combined-cycle power plant located in Ontario, Canada. Calpine Receivables is a VIE and a bankruptcy remote entity created for the special purpose of purchasing trade accounts receivable from Calpine Solutions under the Accounts Receivable Sales Program. We have determined that we do not have the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance nor the obligation to absorb losses or receive benefits from the VIE. Accordingly, we have determined that we are not the primary beneficiary of Calpine Receivables because we do not have the power to affect its financial performance as the unaffiliated financial institutions that purchase the receivables from Calpine Receivables control the selection criteria of the receivables sold and appoint the servicer of the receivables which controls management of default. Thus, we do not consolidate Calpine Receivables in our Consolidated Condensed Financial Statements and use the equity method of accounting to record our net interest in Calpine Receivables. We account for these entities under the equity method of accounting and include our net equity interest in investments in unconsolidated subsidiaries on our Consolidated Condensed Balance Sheets. At March 31, 2020 and December 31, 2019 , our equity method investments included on our Consolidated Condensed Balance Sheets were comprised of the following (in millions): Ownership Interest as of March 31, 2020 March 31, 2020 December 31, 2019 Greenfield LP (1) 50% $ 60 $ 66 Calpine Receivables 100% 3 4 Total investments in unconsolidated subsidiaries $ 63 $ 70 ____________ (1) Includes our share of AOCI related to interest rate hedging instruments associated with our unconsolidated subsidiary Greenfield LP’s debt. Our risk of loss related to our investment in Greenfield LP is limited to our investment balance. Our risk of loss related to our investment in Calpine Receivables is $52 million which consists of our notes receivable from Calpine Receivables at March 31, 2020 and our initial investment associated with Calpine Receivables. See Note 10 for further information associated with our related party activity with Calpine Receivables. Holders of the debt of our unconsolidated investments do not have recourse to Calpine Corporation and its other subsidiaries; therefore, the debt of our unconsolidated investments is not reflected on our Consolidated Condensed Balance Sheets. At March 31, 2020 and December 31, 2019 , Greenfield LP’s debt was approximately $272 million and $ 299 million , respectively, and based on our pro rata share of our investment in Greenfield LP, our share of such debt would be approximately $136 million and $ 150 million at March 31, 2020 and December 31, 2019 , respectively. Our equity interest in the net income from our investments in unconsolidated subsidiaries for the three months ended March 31, 2020 and 2019 , is recorded in (income) from unconsolidated subsidiaries. The following table sets forth details of our (income) from unconsolidated subsidiaries for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Greenfield LP $ (1 ) $ (2 ) Whitby (1) — (4 ) Calpine Receivables 1 — Total $ — $ (6 ) ____________ (1) On November 20, 2019, we sold our 50% interest in Whitby to a third party. Distributions from Greenfield LP were nil during each of the three months ended March 31, 2020 and 2019 . Distributions from Whitby were $11 million during the three months ended March 31, 2019 . We did not have material distributions from our investment in Calpine Receivables for the three months ended March 31, 2020 and 2019 .

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Our debt at March 31, 2020 and December 31, 2019 , was as follows (in millions): March 31, 2020 December 31, 2019 First Lien Term Loans $ 3,161 $ 3,167 Senior Unsecured Notes 3,041 3,663 First Lien Notes 2,407 2,835 Project financing, notes payable and other 840 879 CCFC Term Loan 964 967 Finance lease obligations 68 73 Revolving facilities 572 122 Subtotal 11,053 11,706 Less: Current maturities 217 1,268 Total long-term debt $ 10,836 $ 10,438 Our effective interest rate on our consolidated debt, excluding the effects of capitalized interest and mark-to-market gains (losses) on interest rate hedging instruments, decreased to 5.3% for the three months ended March 31, 2020 , from 5.9% for the same period in 2019. First Lien Term Loans The amounts outstanding under our First Lien Term Loans are summarized in the table below (in millions): March 31, 2020 December 31, 2019 2024 First Lien Term Loan $ 1,511 $ 1,514 2026 First Lien Term Loans 1,650 1,653 Total First Lien Term Loans $ 3,161 $ 3,167 Senior Unsecured Notes The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions): March 31, 2020 December 31, 2019 2023 Senior Unsecured Notes (1) $ — $ 623 2024 Senior Unsecured Notes 479 479 2025 Senior Unsecured Notes 1,174 1,174 2028 Senior Unsecured Notes (1) 1,388 1,387 Total Senior Unsecured Notes $ 3,041 $ 3,663 ____________ (1) On January 21, 2020, we redeemed the outstanding $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019 , with the proceeds from the 2028 Senior Unsecured Notes, which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019 . First Lien Notes The amounts outstanding under our First Lien Notes are summarized in the table below (in millions): March 31, 2020 December 31, 2019 2022 First Lien Notes (1) $ — $ 245 2024 First Lien Notes (2) — 184 2026 First Lien Notes 1,173 1,172 2028 First Lien Notes 1,234 1,234 Total First Lien Notes $ 2,407 $ 2,835 ____________ (1) On January 21, 2020, we redeemed the outstanding $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes, which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019 . (2) On January 21, 2020, we redeemed the outstanding $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019 . Project Financing, Notes Payable and Other On January 29, 2019, PG&E and PG&E Corporation each filed voluntary petitions for relief under Chapter 11. Our power plants that sell energy and energy-related products to PG&E through PPAs, include Russell City Energy Center and Los Esteros Critical Energy Facility. Since the bankruptcy filing, we have received all material payments under the PPAs, either directly or through the application of collateral. As a result of PG&E’s bankruptcy, we are currently unable to make distributions from our Russell City and Los Esteros projects in accordance with the terms of the project debt agreements associated with each related project. In July 2019, we executed forbearance agreements associated with the Russell City and Los Esteros project debt agreements, under which the lenders have agreed to forbear enforcement of their rights and remedies, including the ability to accelerate the repayment of borrowings outstanding, otherwise arising because PG&E did not assume our PPAs during the first 180 days of PG&E’s bankruptcy proceeding. The forbearance agreements are effective for rolling 90-day periods, so long as we continue to meet certain conditions, including that the PPAs have not been rejected and there are no other defaults under the project debt agreements or the forbearance agreements. We may be required to reclassify $276 million of Russell City and Los Esteros long-term project debt outstanding at March 31, 2020 to a current liability in a future period. We continue to monitor the bankruptcy proceedings and are assessing our options. Corporate Revolving Facility and Other Letter of Credit Facilities The table below represents amounts issued under our letter of credit facilities at March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Corporate Revolving Facility (1) $ 636 $ 604 CDHI 3 3 Various project financing facilities 185 184 Other corporate facilities (2) 295 294 Total $ 1,119 $ 1,085 ____________ (1) The Corporate Revolving Facility represents our primary revolving facility and matures on March 8, 2023. (2) On April 9, 2020, we amended one of our unsecured letter of credit facilities to partially extend the maturity of $100 million in commitments from June 20, 2020 to June 20, 2022. Fair Value of Debt We record our debt instruments based on contractual terms, net of any applicable premium or discount and debt issuance costs. The following table details the fair values and carrying values of our debt instruments at March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value First Lien Term Loans $ 2,920 $ 3,161 $ 3,238 $ 3,167 Senior Unsecured Notes 2,827 3,041 3,764 3,663 First Lien Notes 2,313 2,407 2,929 2,835 Project financing, notes payable and other (1) 777 778 822 817 CCFC Term Loan 850 964 982 967 Revolving facilities 572 572 122 122 Total $ 10,259 $ 10,923 $ 11,857 $ 11,571 ____________ (1) Excludes an agreement that is accounted for as a failed sale-leaseback transaction under U.S. GAAP. Our First Lien Term Loans, Senior Unsecured Notes, First Lien Notes and CCFC Term Loan are categorized as level 2 within the fair value hierarchy. Our revolving facilities and project financing, notes payable and other debt instruments are categorized as level 3 within the fair value hierarchy. We do not have any debt instruments with fair value measurements categorized as level 1 within the fair value hierarchy.

Assets and Liabilities with Rec

Assets and Liabilities with Recurring Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities with Recurring Fair Value Measurements	Assets and Liabilities with Recurring Fair Value Measurements Cash Equivalents — Highly liquid investments which meet the definition of cash equivalents, primarily investments in money market accounts and other interest-bearing accounts, are included in both our cash and cash equivalents and our restricted cash on our Consolidated Condensed Balance Sheets. Certain of our money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. We do not have any cash equivalents invested in institutional prime money market funds which require use of a floating net asset value and are subject to liquidity fees and redemption restrictions. Certain of our cash equivalents are classified within level 1 of the fair value hierarchy. Derivatives — The primary factors affecting the fair value of our derivative instruments at any point in time are the volume of open derivative positions (MMBtu, MWh and $ notional amounts); changing commodity market prices, primarily for power and natural gas; our credit standing and that of our counterparties and customers for energy commodity derivatives; and prevailing interest rates for our interest rate hedging instruments. Prices for power and natural gas and interest rates are volatile, which can result in material changes in the fair value measurements reported in our financial statements in the future. We utilize market data, such as pricing services and broker quotes, and assumptions that we believe market participants would use in pricing our assets or liabilities including assumptions about the risks inherent to the inputs in the valuation technique. These inputs can be either readily observable, market corroborated or generally unobservable. The market data obtained from broker pricing services is evaluated to determine the nature of the quotes obtained and, where accepted as a reliable quote, used to validate our assessment of fair value. We use other qualitative assessments to determine the level of activity in any given market. We primarily apply the market approach and income approach for recurring fair value measurements and utilize what we believe to be the best available information. We utilize valuation techniques that seek to maximize the use of observable inputs and minimize the use of unobservable inputs. We classify fair value balances based on the observability of those inputs. The fair value of our derivatives includes consideration of our credit standing, the credit standing of our counterparties and customers and the effect of credit enhancements, if any. We have also recorded credit reserves in the determination of fair value based on our expectation of how market participants would determine fair value. Such valuation adjustments are generally based on market evidence, if available, or our best estimate. Our level 1 fair value derivative instruments primarily consist of power and natural gas swaps, futures and options traded on the NYMEX or Intercontinental Exchange. Our level 2 fair value derivative instruments primarily consist of interest rate hedging instruments and OTC power and natural gas forwards for which market-based pricing inputs in the principal or most advantageous market are representative of executable prices for market participants. These inputs are observable at commonly quoted intervals for substantially the full term of the instruments. In certain instances, our level 2 derivative instruments may utilize models to measure fair value. These models are industry-standard models, including the Black-Scholes option-pricing model, that incorporate various assumptions, including quoted interest rates, correlation, volatility, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Our level 3 fair value derivative instruments may consist of OTC power and natural gas forwards and options where pricing inputs are unobservable, as well as other complex and structured transactions primarily for the sale and purchase of power and natural gas to both wholesale counterparties and retail customers. Complex or structured transactions are tailored to our customers’ needs and can introduce the need for internally-developed model inputs which might not be observable in or corroborated by the market. When such inputs have a significant effect on the measurement of fair value, the instrument is categorized in level 3. Our valuation models may incorporate historical correlation information and extrapolate available broker and other information to future periods. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement at period end. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect our estimate of the fair value of our assets and liabilities and their placement within the fair value hierarchy levels. The following tables present our assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 , by level within the fair value hierarchy: Assets and Liabilities with Recurring Fair Value Measures as of March 31, 2020 Level 1 Level 2 Level 3 Total (in millions) Assets: Cash equivalents (1) $ 444 $ — $ — $ 444 Commodity instruments: Commodity exchange traded derivatives contracts 1,198 — — 1,198 Commodity forward contracts (2) — 383 366 749 Interest rate hedging instruments — — — — Effect of netting and allocation of collateral (3)(4) (1,198 ) (235 ) (25 ) (1,458 ) Total assets $ 444 $ 148 $ 341 $ 933 Liabilities: Commodity instruments: Commodity exchange traded derivatives contracts $ 1,233 $ — $ — $ 1,233 Commodity forward contracts (2) — 379 117 496 Interest rate hedging instruments — 150 — 150 Effect of netting and allocation of collateral (3)(4) (1,233 ) (243 ) (25 ) (1,501 ) Total liabilities $ — $ 286 $ 92 $ 378 Assets and Liabilities with Recurring Fair Value Measures as of December 31, 2019 Level 1 Level 2 Level 3 Total (in millions) Assets: Cash equivalents (1) $ 784 $ — $ — $ 784 Commodity instruments: Commodity exchange traded derivatives contracts 872 — — 872 Commodity forward contracts (2) — 245 294 539 Interest rate hedging instruments — 12 — 12 Effect of netting and allocation of collateral (3)(4) (872 ) (131 ) (18 ) (1,021 ) Total assets $ 784 $ 126 $ 276 $ 1,186 Liabilities: Commodity instruments: Commodity exchange traded derivatives contracts $ 984 $ — $ — $ 984 Commodity forward contracts (2) — 285 123 408 Interest rate hedging instruments — 31 — 31 Effect of netting and allocation of collateral (3)(4) (984 ) (133 ) (18 ) (1,135 ) Total liabilities $ — $ 183 $ 105 $ 288 ___________ (1) At March 31, 2020 and December 31, 2019 , we had cash equivalents of $222 million and $573 million included in cash and cash equivalents and $222 million and $211 million included in restricted cash, respectively. (2) Includes OTC swaps and options. (3) We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements. (4) Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $35 million , $8 million and nil , respectively, at March 31, 2020 . Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $112 million , $2 million and nil , respectively, at December 31, 2019 . At March 31, 2020 and December 31, 2019 , the derivative instruments classified as level 3 primarily included commodity contracts. The fair value of the net derivative position classified as level 3 is predominantly driven by market commodity prices. The following table presents quantitative information for the unobservable inputs used in our most significant level 3 fair value measurements at March 31, 2020 and December 31, 2019 : Quantitative Information about Level 3 Fair Value Measurements March 31, 2020 Fair Value, Net Asset Significant Unobservable (Liability) Valuation Technique Input Range Average (2) (in millions) Power Contracts (1) $ 211 Discounted cash flow Market price (per MWh) $ 3.47 — $159.64 /MWh $ 27.96 Power Congestion Products $ 11 Discounted cash flow Market price (per MWh) $ (6.48 ) — $42.00 /MWh $ 3.48 Natural Gas Contracts $ 10 Discounted cash flow Market price (per MMBtu) $ 1.13 — $4.77 /MMBtu $ 2.60 December 31, 2019 Fair Value, Net Asset Significant Unobservable (Liability) Valuation Technique Input Range (in millions) Power Contracts (1) $ 158 Discounted cash flow Market price (per MWh) $ 4.85 — $184.15 /MWh Power Congestion Products $ 17 Discounted cash flow Market price (per MWh) $ (10.32 ) — $20 /MWh Natural Gas Contracts $ (20 ) Discounted cash flow Market price (per MMBtu) $ 1.73 — $6.45 /MMBtu ___________ (1) Power contracts include power and heat rate instruments classified as level 3 in the fair value hierarchy. (2) Amount represents the arithmetic average of the significant unobservable input based on the range disclosed. The following table sets forth a reconciliation of changes in the fair value of our net derivative assets (liabilities) classified as level 3 in the fair value hierarchy for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 171 $ (8 ) Realized and mark-to-market gains (losses): Included in net income: Included in operating revenues (1) 81 50 Included in fuel and purchased energy expense (2) (4 ) 2 Change in collateral — 2 Purchases, Issuances and settlements: Purchases — 2 Settlements — 58 Transfers in and/or out of level 3: Transfers into level 3 (3) 3 (1 ) Transfers out of level 3 (4) (2 ) — Balance, end of period $ 249 $ 105 Change in unrealized gains (losses) included in net income relating to instruments still held at end of period $ 77 $ 52 ___________ (1) For power contracts and other power-related products, included on our Consolidated Condensed Statements of Operations. (2) For natural gas and power contracts, swaps and options, included on our Consolidated Condensed Statements of Operations. (3) We had $3 million in gains and $(1) million in losses transferred out of level 2 into level 3 for the three months ended March 31, 2020 and 2019 , respectively, due to changes in market liquidity in various power markets. (4) We had $2 million in gains and nil transferred out of level 3 into level 2 for the three months ended March 31, 2020 and 2019 , respectively, due to changes in market liquidity in various power markets.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Types of Derivative Instruments and Volumetric Information Commodity Instruments — We are exposed to changes in prices for the purchase and sale of power, natural gas, fuel oil, environmental products and other energy commodities. We use derivatives, which include physical commodity contracts and financial commodity instruments such as OTC and exchange traded swaps, futures, options, forward agreements and instruments that settle on the power price to natural gas price relationships (Heat Rate swaps and options) or instruments that settle on power or natural gas price relationships between delivery points for the purchase and sale of power and natural gas to attempt to maximize the risk-adjusted returns by economically hedging a portion of the commodity price risk associated with our assets. By entering into these transactions, we are able to economically hedge a portion of our Spark Spread at estimated generation and prevailing price levels. We also engage in limited trading activities related to our commodity derivative portfolio as authorized by our Board of Directors and monitored by our Chief Risk Officer and Risk Management Committee of senior management. These transactions are executed primarily for the purpose of providing improved price and price volatility discovery, greater market access, and profiting from our market knowledge, all of which benefit our asset hedging activities. Our trading results were not material for each of the three months ended March 31, 2020 and 2019 . Interest Rate Hedging Instruments — A portion of our debt is indexed to base rates, primarily LIBOR. We have historically used interest rate hedging instruments to adjust the mix between fixed and variable rate debt to hedge our interest rate risk for potential adverse changes in interest rates. As of March 31, 2020 , the maximum length of time over which we were hedging using interest rate hedging instruments designated as cash flow hedges was 6 years. As of March 31, 2020 and December 31, 2019 , the net forward notional buy (sell) position of our outstanding commodity derivative instruments that did not qualify or were not designated under the normal purchase normal sale exemption and our interest rate hedging instruments were as follows: Derivative Instruments Notional Amounts March 31, 2020 December 31, 2019 Unit of Measure Power (190 ) (184 ) Million MWh Natural gas 913 1,063 Million MMBtu Environmental credits 37 26 Million Tonnes Interest rate hedging instruments (1) $ 6.6 $ 4.8 Billion U.S. dollars ___________ (1) During the first quarter of 2020, we entered into interest rate hedging instruments to hedge approximately $1.6 billion of variable rate debt. Certain of our derivative instruments contain credit risk-related contingent provisions that require us to maintain collateral balances consistent with our credit ratings. If our credit rating were to be downgraded, it could require us to post additional collateral or could potentially allow our counterparty to request immediate, full settlement on certain derivative instruments in liability positions. The aggregate fair value of our derivative liabilities with credit risk-related contingent provisions as of March 31, 2020 , was $153 million for which we have posted collateral of $104 million by posting margin deposits, letters of credit or granting additional first priority liens on the assets currently subject to first priority liens under our First Lien Notes, First Lien Term Loans and Corporate Revolving Facility. However, if our credit rating were downgraded by one notch from its current level, we estimate that $1 million of additional collateral would be required and that no counterparty could request immediate, full settlement. Accounting for Derivative Instruments We recognize all derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measure those instruments at fair value unless they qualify for, and we elect, the normal purchase normal sale exemption. For transactions in which we elect the normal purchase normal sale exemption, gains and losses are not reflected on our Consolidated Condensed Statements of Operations until the period of delivery. Revenues and expenses derived from instruments that qualified for hedge accounting or represent an economic hedge are recorded in the same financial statement line item as the item being hedged. Hedge accounting requires us to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. We present the cash flows from our derivatives in the same category as the item being hedged (or economically hedged) within operating activities on our Consolidated Condensed Statements of Cash Flows unless they contain an other-than-insignificant financing element in which case their cash flows are classified within financing activities. Cash Flow Hedges — We currently apply hedge accounting to a portion of our interest rate hedging instruments with the change in fair value of all other hedging instruments recorded through earnings. We report the mark-to-market gain or loss on our interest rate hedging instruments designated and qualifying as a cash flow hedging instrument as a component of OCI and reclassify such gains and losses into earnings in the same period during which the hedged forecasted transaction affects earnings. If it is determined that the forecasted transaction is no longer probable of occurring, then hedge accounting will be discontinued prospectively and future changes in fair value will be recorded in earnings. If the hedging instrument is terminated or de-designated prior to the occurrence of the hedged forecasted transaction, the net accumulated gain or loss associated with the changes in fair value of the hedge instrument remains deferred in AOCI until such time as the forecasted transaction affects earnings or until it is determined that the forecasted transaction is probable of not occurring. Derivatives Not Designated as Hedging Instruments — We enter into power, natural gas, interest rate, environmental product and fuel oil transactions that primarily act as economic hedges to our asset and interest rate portfolio, but either do not qualify as hedges under the hedge accounting guidelines or qualify under the hedge accounting guidelines and the hedge accounting designation has not been elected. Changes in fair value of commodity derivatives not designated as hedging instruments are recognized currently in earnings and are separately stated on our Consolidated Condensed Statements of Operations in mark-to-market gain/loss as a component of operating revenues (for physical and financial power and Heat Rate and commodity option activity) and fuel and purchased energy expense (for physical and financial natural gas, power, environmental product and fuel oil activity). Changes in fair value of interest rate derivatives not designated as hedging instruments are recognized currently in earnings as interest expense. Derivatives Included on Our Consolidated Condensed Balance Sheets We offset fair value amounts associated with our derivative instruments and related cash collateral and margin deposits on our Consolidated Condensed Balance Sheets that are executed with the same counterparty under master netting arrangements. Our netting arrangements include a right to set off or net together purchases and sales of similar products in the margining or settlement process. In some instances, we have also negotiated cross commodity netting rights which allow for the net presentation of activity with a given counterparty regardless of product purchased or sold. We also post and/or receive cash collateral in support of our derivative instruments which may also be subject to a master netting arrangement with the same counterparty. The following tables present the fair values of our derivative instruments and our net exposure after offsetting amounts subject to a master netting arrangement with the same counterparty to our derivative instruments recorded on our Consolidated Condensed Balance Sheets by location and hedge type at March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 Gross Amounts of Assets and (Liabilities) Gross Amounts Offset on the Consolidated Condensed Balance Sheets Net Amount Presented on the Consolidated Condensed Balance Sheets (1) Derivative assets: Commodity exchange traded derivatives contracts $ 920 $ (920 ) $ — Commodity forward contracts 402 (176 ) 226 Interest rate hedging instruments — — — Total current derivative assets (2) $ 1,322 $ (1,096 ) $ 226 Commodity exchange traded derivatives contracts 278 (278 ) — Commodity forward contracts 347 (84 ) 263 Interest rate hedging instruments — — — Total long-term derivative assets (2) $ 625 $ (362 ) $ 263 Total derivative assets $ 1,947 $ (1,458 ) $ 489 Derivative (liabilities): Commodity exchange traded derivatives contracts $ (921 ) $ 921 $ — Commodity forward contracts (332 ) 183 (149 ) Interest rate hedging instruments (45 ) — (45 ) Total current derivative (liabilities) (2) $ (1,298 ) $ 1,104 $ (194 ) Commodity exchange traded derivatives contracts (312 ) 312 — Commodity forward contracts (164 ) 85 (79 ) Interest rate hedging instruments (105 ) — (105 ) Total long-term derivative (liabilities) (2) $ (581 ) $ 397 $ (184 ) Total derivative liabilities $ (1,879 ) $ 1,501 $ (378 ) Net derivative assets (liabilities) $ 68 $ 43 $ 111 December 31, 2019 Gross Amounts of Assets and (Liabilities) Gross Amounts Offset on the Consolidated Condensed Balance Sheets Net Amount Presented on the Consolidated Condensed Balance Sheets (1) Derivative assets: Commodity exchange traded derivatives contracts $ 727 $ (727 ) $ — Commodity forward contracts 262 (108 ) 154 Interest rate hedging instruments 2 — 2 Total current derivative assets (3) $ 991 $ (835 ) $ 156 Commodity exchange traded derivatives contracts 145 (145 ) — Commodity forward contracts 277 (41 ) 236 Interest rate hedging instruments 10 — 10 Total long-term derivative assets (3) $ 432 $ (186 ) $ 246 Total derivative assets $ 1,423 $ (1,021 ) $ 402 Derivative (liabilities): Commodity exchange traded derivatives contracts $ (830 ) $ 830 $ — Commodity forward contracts (321 ) 109 (212 ) Interest rate hedging instruments (13 ) — (13 ) Total current derivative (liabilities) (3) $ (1,164 ) $ 939 $ (225 ) Commodity exchange traded derivatives contracts (154 ) 154 — Commodity forward contracts (87 ) 42 (45 ) Interest rate hedging instruments (18 ) — (18 ) Total long-term derivative (liabilities) (3) $ (259 ) $ 196 $ (63 ) Total derivative liabilities $ (1,423 ) $ 1,135 $ (288 ) Net derivative assets (liabilities) $ — $ 114 $ 114 ____________ (1) At March 31, 2020 and December 31, 2019 , we had $191 million and $191 million , respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements. (2) At March 31, 2020 , current and long-term derivative assets are shown net of collateral of $(14) million and $(13) million , respectively, and current and long-term derivative liabilities are shown net of collateral of $22 million and $48 million , respectively. (3) At December 31, 2019 , current and long-term derivative assets are shown net of collateral of $(4) million and $(4) million , respectively, and current and long-term derivative liabilities are shown net of collateral of $108 million and $14 million , respectively. March 31, 2020 December 31, 2019 Fair Value of Derivative Assets Fair Value of Derivative Liabilities Fair Value of Derivative Assets Fair Value of Derivative Liabilities Derivatives designated as cash flow hedging instruments: Interest rate hedging instruments $ — $ 123 $ 12 $ 29 Total derivatives designated as cash flow hedging instruments $ — $ 123 $ 12 $ 29 Derivatives not designated as hedging instruments: Commodity instruments $ 489 $ 228 $ 390 $ 257 Interest rate hedging instruments — 27 — 2 Total derivatives not designated as hedging instruments $ 489 $ 255 $ 390 $ 259 Total derivatives $ 489 $ 378 $ 402 $ 288 Derivatives Included on Our Consolidated Condensed Statements of Operations Changes in the fair values of our derivative instruments are reflected either in cash for option premiums paid or collected, in OCI, net of tax, for derivative instruments which qualify for and we have elected cash flow hedge accounting treatment, or on our Consolidated Condensed Statements of Operations as a component of mark-to-market activity within our earnings. The following tables detail the components of our total activity for both the net realized gain (loss) and the net mark-to-market gain (loss) recognized from our derivative instruments in earnings and where these components were recorded on our Consolidated Condensed Statements of Operations for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Realized gain (loss) (1)(2) Commodity derivative instruments $ (3 ) $ 111 Total realized gain (loss) $ (3 ) $ 111 Mark-to-market gain (loss) (3) Commodity derivative instruments $ 201 $ 46 Interest rate hedging instruments (24 ) (1 ) Total mark-to-market gain (loss) $ 177 $ 45 Total activity, net $ 174 $ 156 ___________ (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. (2) Includes amortization of acquisition date fair value of financial derivative activity related to the acquisition of Champion Energy and Calpine Solutions. (3) In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure. Three Months Ended March 31, 2020 2019 Realized and mark-to-market gain (loss) (1) Derivatives contracts included in operating revenues (2)(3) $ 507 $ 37 Derivatives contracts included in fuel and purchased energy expense (2)(3) (309 ) 120 Interest rate hedging instruments included in interest expense (24 ) (1 ) Total activity, net $ 174 $ 156 ___________ (1) In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure. (2) Does not include the realized value associated with derivative instruments that settle through physical delivery. (3) Includes amortization of acquisition date fair value of financial derivative activity related to the acquisition of Champion Energy and Calpine Solutions. Derivatives Included in OCI and AOCI The following table details the effect of our net derivative instruments that qualified for hedge accounting treatment and are included in OCI and AOCI for the periods indicated (in millions): Three Months Ended March 31, Three Months Ended March 31, Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from AOCI into Income (2)(3) 2020 2019 2020 2019 Affected Line Item on the Consolidated Condensed Statements of Operations Interest rate hedging instruments (1) $ (104 ) $ (25 ) $ (6 ) $ 2 Interest expense ____________ (1) We recorded an income tax benefit of $3 million and nil for the three months ended March 31, 2020 and 2019 , respectively, in AOCI related to our cash flow hedging activities. (2) Cumulative cash flow hedge losses attributable to Calpine, net of tax, remaining in AOCI were $176 million and $72 million at March 31, 2020 and December 31, 2019 , respectively. Cumulative cash flow hedge losses attributable to the noncontrolling interest, net of tax, remaining in AOCI were nil and $3 million at March 31, 2020 and December 31, 2019 , respectively. (3) Includes losses of nil and $1 million that were reclassified from AOCI to interest expense for the three months ended March 31, 2020 and 2019 , respectively, where the hedged transactions became probable of not occurring. We estimate that pre-tax net losses of $55 million would be reclassified from AOCI into interest expense during the next 12 months as the hedged transactions settle; however, the actual amounts that will be reclassified will likely vary based on changes in interest rates. Therefore, we are unable to predict what the actual reclassification from AOCI into earnings (positive or negative) will be for the next 12 months.

Use of Collateral

Use of Collateral	3 Months Ended
	Mar. 31, 2020
Use of Collateral [Abstract]
Use of Collateral	Use of Collateral We use margin deposits, prepayments and letters of credit as credit support with and from our counterparties for commodity procurement and risk management activities. In addition, we have granted additional first priority liens on the assets currently subject to first priority liens under various debt agreements as collateral under certain of our power and natural gas agreements and certain of our interest rate hedging instruments in order to reduce the cash collateral and letters of credit that we would otherwise be required to provide to the counterparties under such agreements. The counterparties under such agreements share the benefits of the collateral subject to such first priority liens pro rata with the lenders under our various debt agreements. The table below summarizes the balances outstanding under margin deposits, natural gas and power prepayments, and exposure under letters of credit and first priority liens for commodity procurement and risk management activities as of March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Margin deposits (1) $ 327 $ 432 Natural gas and power prepayments 32 29 Total margin deposits and natural gas and power prepayments with our counterparties (2) $ 359 $ 461 Letters of credit issued $ 949 $ 906 First priority liens under power and natural gas agreements 29 42 First priority liens under interest rate hedging instruments 156 31 Total letters of credit and first priority liens with our counterparties $ 1,134 $ 979 Margin deposits posted with us by our counterparties (1)(3) $ 93 $ 127 Letters of credit posted with us by our counterparties 87 25 Total margin deposits and letters of credit posted with us by our counterparties $ 180 $ 152 ___________ (1) We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements. (2) At March 31, 2020 and December 31, 2019 , $59 million and $117 million , respectively, were included in current and long-term derivative assets and liabilities, $292 million and $336 million , respectively, were included in margin deposits and other prepaid expense and $8 million and $8 million , respectively, were included in other assets on our Consolidated Condensed Balance Sheets. (3) At March 31, 2020 and December 31, 2019 , $16 million and $3 million , respectively, were included in current and long-term derivative assets and liabilities, $46 million and $93 million , respectively, were included in other current liabilities and $31 million and $31 million , respectively, were included in other long-term liabilities on our Consolidated Condensed Balance Sheets. Future collateral requirements for cash, first priority liens and letters of credit may increase or decrease based on the extent of our involvement in hedging and optimization contracts, movements in commodity prices, and also based on our credit ratings and general perception of creditworthiness in our market.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense The table below shows our consolidated income tax expense and our effective tax rates for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Income tax expense $ 46 $ 10 Effective tax rate 26 % 5 % Our income tax rates do not bear a customary relationship to statutory income tax rates primarily as a result of the effect of our NOLs and changes in unrecognized tax benefits and valuation allowances. For the three months ended March 31, 2020 and 2019 , our income tax expense is largely comprised of state and foreign income taxes in jurisdictions where we do not have NOLs, the effect of applying the intraperiod tax allocation rules to our results of operations and related tax expense and timing differences between the recognition of federal income tax expense and corresponding NOL valuation allowance. Income Tax Audits — We remain subject to periodic audits and reviews by taxing authorities; however, we do not expect these audits will have a material effect on our tax provision. Any NOLs we claim in future years to reduce taxable income could be subject to IRS examination regardless of when the NOLs were generated. Any adjustment of state or federal returns could result in a reduction of deferred tax assets rather than a cash payment of income taxes in tax jurisdictions where we have NOLs. We are currently under various state income tax audits for various periods. Valuation Allowance — U.S. GAAP requires that we consider all available evidence, both positive and negative, and tax planning strategies to determine whether, based on the weight of that evidence, a valuation allowance is needed to reduce the value of deferred tax assets. Future realization of the tax benefit of an existing deductible temporary difference or carryforward ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback or carryforward periods available under the tax law. For purposes of this evaluation, due to historical volatility in taxable earnings, we are unable to assume future earnings; however, we are able to consider available tax planning strategies. Unrecognized Tax Benefits — At March 31, 2020 , we had unrecognized tax benefits of $29 million . If recognized, $17 million of our unrecognized tax benefits could affect the annual effective tax rate and $12 million , related to deferred tax assets, could be offset against the recorded valuation allowance resulting in no effect on our effective tax rate. We had accrued interest and penalties of $3 million for income tax matters at March 31, 2020 . We recognize interest and penalties related to unrecognized tax benefits in income tax expense on our Consolidated Condensed Statements of Operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are party to various litigation matters, including regulatory and administrative proceedings arising out of the normal course of business. At the present time, we do not expect that the outcome of any of these proceedings, individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. On a quarterly basis, we review our litigation activities and determine if an unfavorable outcome to us is considered “remote,” “reasonably possible” or “probable” as defined by U.S. GAAP. Where we determine an unfavorable outcome is probable and is reasonably estimable, we accrue for potential litigation losses. The liability we may ultimately incur with respect to such litigation matters, in the event of a negative outcome, may be in excess of amounts currently accrued, if any; however, we do not expect that the reasonably possible outcome of these litigation matters would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. Where we determine an unfavorable outcome is not probable or reasonably estimable, we do not accrue for any potential litigation loss. The ultimate outcome of these litigation matters cannot presently be determined, nor can the liability that could potentially result from a negative outcome be reasonably estimated. As a result, we give no assurance that such litigation matters would, individually or in the aggregate, not have a material adverse effect on our financial condition, results of operations or cash flows. Environmental Matters We are subject to complex and stringent environmental laws and regulations related to the operation of our power plants. On occasion, we may incur environmental fees, penalties and fines associated with the operation of our power plants. At the present time, we do not have environmental violations or other matters that would have a material effect on our financial condition, results of operations or cash flows or that would significantly change our operations. Guarantees and Indemnifications Our potential exposure under guarantee and indemnification obligations can range from a specified amount to an unlimited dollar amount, depending on the nature of the claim and the particular transaction. Our total maximum exposure under our guarantee and indemnification obligations is not estimable due to uncertainty as to whether claims will be made or how any potential claim will be resolved. As of March 31, 2020 , there are no material outstanding claims related to our guarantee and indemnification obligations and we do not anticipate that we will be required to make any material payments under our guarantee and indemnification obligations. There have been no material changes to our guarantees and indemnifications from those disclosed in Note 16 of our 2019 Form 10-K.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have entered into various agreements with related parties associated with the operation of our business. A description of these related party transactions is provided below: Calpine Receivables — Under the Accounts Receivable Sales Program, at March 31, 2020 and December 31, 2019 , we had $210 million and $222 million , respectively, in trade accounts receivable outstanding that were sold to Calpine Receivables and $42 million and $38 million , respectively, in notes receivable from Calpine Receivables which were recorded on our Consolidated Condensed Balance Sheets. During the three months ended March 31, 2020 and 2019 , we sold an aggregate of $525 million and $597 million , respectively, in trade accounts receivable and recorded $521 million and $579 million , respectively, in proceeds. For a further discussion of the Accounts Receivable Sales Program and Calpine Receivables, see Notes 7 and 17 in our 2019 Form 10-K. Lyondell — We have a ground lease agreement with Houston Refining LP (“Houston Refining”), a subsidiary of Lyondell, for our Channel Energy Center site from which we sell power, capacity and steam to Houston Refining under a PPA. We purchase refinery gas and raw water from Houston Refining under a facilities services agreement. One of the entities which has a material ownership interest in Calpine also has an ownership interest in Lyondell whereby they may significantly influence the management and operating policies of Lyondell. We recorded $13 million and $20 million in operating revenues during the three months ended March 31, 2020 and 2019 , respectively and $3 million and $3 million in operating expenses during the three months ended March 31, 2020 and 2019 , respectively, associated with the Lyondell contract. At March 31, 2020 and December 31, 2019 , the related party receivable and payable associated with the Lyondell contract were immaterial. Other — We have identified other related party contracts for the sale of power, capacity, steam and RECs which are entered into in the ordinary course of our business. Most of these contracts relate to the sale of commodities and capacity for varying tenors. We have also entered into a long-term land lease agreement with a related party. As of March 31, 2020 and December 31, 2019 , the related party revenues, expenses, receivables and payables associated with these transactions were immaterial.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We assess our business on a regional basis due to the effect on our financial performance of the differing characteristics of these regions, particularly with respect to competition, regulation and other factors affecting supply and demand. At March 31, 2020 , our geographic reportable segments for our wholesale business are West (including geothermal), Texas and East (including Canada) and we have a separate reportable segment for our retail business. We continue to evaluate the optimal manner in which we assess our performance including our segments and future changes may result in changes to the composition of our geographic segments. Commodity Margin is a key operational measure of profit reviewed by our chief operating decision maker to assess the performance of our segments. The tables below show financial data for our segments (including a reconciliation of Commodity Margin to income (loss) from operations by segment) for the periods indicated (in millions): Three Months Ended March 31, 2020 Wholesale Consolidation West Texas East Retail Elimination Total Total operating revenues (1) $ 705 $ 650 $ 542 $ 908 $ (513 ) $ 2,292 Commodity Margin $ 234 $ 113 $ 150 $ 91 $ — $ 588 Add: Mark-to-market commodity activity, net and other (2) 54 101 82 (16 ) (8 ) 213 Less: Operating and maintenance expense 86 66 63 33 (8 ) 240 Depreciation and amortization expense 56 50 46 12 — 164 General and other administrative expense 8 11 8 4 — 31 Other operating expenses 8 2 7 — — 17 Income from operations 130 85 108 26 — 349 Interest expense 169 Other (income) expense, net 4 Income before income taxes $ 176 Three Months Ended March 31, 2019 Wholesale Consolidation West Texas East Retail Elimination Total Total operating revenues (1) $ 682 $ 743 $ 689 $ 998 $ (513 ) $ 2,599 Commodity Margin $ 264 $ 162 $ 265 $ 88 $ — $ 779 Add: Mark-to-market commodity activity, net and other (2) 56 44 13 (53 ) (8 ) 52 Less: Operating and maintenance expense 81 65 67 34 (8 ) 239 Depreciation and amortization expense 73 45 43 13 — 174 General and other administrative expense 7 12 9 4 — 32 Other operating expenses 9 2 23 — — 34 (Income) from unconsolidated subsidiaries — — (6 ) — — (6 ) Income (loss) from operations 150 82 142 (16 ) — 358 Interest expense 149 Gain on extinguishment of debt and other (income) expense, net 19 Income before income taxes $ 190 _________ (1) Includes intersegment revenues of $119 million and $162 million in the West, $218 million and $211 million in Texas, $175 million and $137 million in the East and $1 million and $3 million in Retail for the three months ended March 31, 2020 and 2019 , respectively. (2) Includes $(18) million and $(16) million of lease levelization and $16 million and $21 million of amortization expense for the three months ended March 31, 2020 and 2019 , respectively.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of interim presentation	Basis of Interim Presentation — The accompanying unaudited, interim Consolidated Condensed Financial Statements of Calpine Corporation, a Delaware corporation, and consolidated subsidiaries have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the Consolidated Condensed Financial Statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. Certain information and note disclosures, normally included in financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, these financial statements should be read in conjunction with our audited Consolidated Financial Statements for the year ended December 31, 2019 , included in our 2019 Form 10-K. The results for interim periods are not indicative of the results for the entire year primarily due to acquisitions and disposals of assets, seasonal fluctuations in our revenues and expenses, timing of major maintenance expense, variations resulting from the application of the method to calculate the provision for income tax for interim periods, volatility of commodity prices and mark-to-market gains and losses from commodity and interest rate derivative contracts.
Use of estimates in preparation of financial statements	Use of Estimates in Preparation of Financial Statements — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures included in our Consolidated Condensed Financial Statements. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and Cash Equivalents — We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We have cash and cash equivalents held in non-corporate accounts relating to certain project finance facilities and lease agreements that require us to establish and maintain segregated cash accounts. These accounts have been pledged as security in favor of the lenders under such project finance facilities, and the use of certain cash balances on deposit in such accounts is limited, at least temporarily, to the operations of the respective projects.
Restricted cash	Restricted Cash — Certain of our debt agreements, lease agreements or other operating agreements require us to establish and maintain segregated cash accounts, the use of which is restricted, making these cash funds unavailable for general use. These amounts are held by depository banks in order to comply with the contractual provisions requiring reserves for payments such as for debt service, rent and major maintenance or with applicable regulatory requirements. Funds that can be used to satisfy obligations due during the next 12 months are classified as current restricted cash, with the remainder classified as non-current restricted cash. Restricted cash is generally invested in accounts earning market rates; therefore, the carrying value approximates fair value. Such cash is excluded from cash and cash equivalents on our Consolidated Condensed Balance Sheets.
Accounts Receivable	Accounts Receivable — Accounts receivable represents amounts due from customers. Accounts receivable are recorded at invoiced amounts, net of reserves and allowances, and do not bear interest as the balances are short term in nature. On January 1, 2020, we adopted the provisions of Accounting Standards Update 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). We use a variety of information to determine our allowance for expected credit losses based on multiple factors including the length of time receivables are past due, current and future economic trends and conditions affecting our customer base, significant one-time events, historical write-off experience and forward-looking information such as internally developed forecasts. See below for further information related to our adoption of ASU 2016-13.
New accounting pronouncements, policy	New Accounting Standards and Disclosure Requirements Financial Instruments–Credit Losses — In June 2016, the FASB issued ASU 2016-13. The standard provides a new model for recognizing credit losses on financial assets carried at amortized cost using an estimate of expected credit losses, instead of the "incurred loss" methodology previously required for recognizing credit losses that delayed recognition until it was probable that a loss was incurred. The estimate of expected credit losses is to be based on consideration of past events, current conditions and reasonable and supportable forecasts of future conditions. The scope of the standard is limited to our trade account receivable balances and the standard is effective for fiscal years beginning after December 15, 2019. We adopted ASU 2016-13 on January 1, 2020 with no cumulative effect adjustment recognized upon adoption. The adoption of ASU 2016-13 did not have a material effect on our financial condition, results of operations or cash flows. Fair Value Measurements — In August 2018, the FASB issued Accounting Standards Update 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” The standard removes, modifies and adds disclosures about fair value measurements and is effective for fiscal years beginning after December 15, 2019. We adopted Accounting Standards Update 2018-13 on January 1, 2020, which did not have a material effect on our financial condition, results of operations or cash flows. Income Taxes — In December 2019, the FASB issued Accounting Standards Update 2019-12, “Simplifying the Accounting for Income Taxes.” The standard is intended to simplify the accounting for income taxes by removing certain exceptions and improve consistent application by clarifying guidance related to the accounting for income taxes. The standard is effective for fiscal years beginning after December 15, 2020 with early adoption permitted including in interim periods. We adopted Accounting Standards Update 2019-12 on January 1, 2020, which did not have a material effect on our financial condition, results of operations or cash flows.
Unconsolidated VIEs and Investments in Unconsolidated Subsidiaries	Unconsolidated VIEs and Investments in Unconsolidated Subsidiaries We have a 50% partnership interest in Greenfield LP which is also a VIE; however, we do not have the power to direct the most significant activities of this entity and therefore do not consolidate it. Greenfield LP is a limited partnership between certain subsidiaries of ours and of Mitsui & Co., Ltd., which operates the Greenfield Energy Centre, a 1,038 MW natural gas-fired, combined-cycle power plant located in Ontario, Canada. Calpine Receivables is a VIE and a bankruptcy remote entity created for the special purpose of purchasing trade accounts receivable from Calpine Solutions under the Accounts Receivable Sales Program. We have determined that we do not have the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance nor the obligation to absorb losses or receive benefits from the VIE. Accordingly, we have determined that we are not the primary beneficiary of Calpine Receivables because we do not have the power to affect its financial performance as the unaffiliated financial institutions that purchase the receivables from Calpine Receivables control the selection criteria of the receivables sold and appoint the servicer of the receivables which controls management of default. Thus, we do not consolidate Calpine Receivables in our Consolidated Condensed Financial Statements and use the equity method of accounting to record our net interest in Calpine Receivables. We account for these entities under the equity method of accounting and include our net equity interest in investments in unconsolidated subsidiaries on our Consolidated Condensed Balance Sheets. We consolidate all of our VIEs where we have determined that we are the primary beneficiary.
Fair value of financial instruments	Our First Lien Term Loans, Senior Unsecured Notes, First Lien Notes and CCFC Term Loan are categorized as level 2 within the fair value hierarchy. Our revolving facilities and project financing, notes payable and other debt instruments are categorized as level 3 within the fair value hierarchy. We do not have any debt instruments with fair value measurements categorized as level 1 within the fair value hierarchy. Cash Equivalents — Highly liquid investments which meet the definition of cash equivalents, primarily investments in money market accounts and other interest-bearing accounts, are included in both our cash and cash equivalents and our restricted cash on our Consolidated Condensed Balance Sheets. Certain of our money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. We do not have any cash equivalents invested in institutional prime money market funds which require use of a floating net asset value and are subject to liquidity fees and redemption restrictions. Certain of our cash equivalents are classified within level 1 of the fair value hierarchy. Derivatives — The primary factors affecting the fair value of our derivative instruments at any point in time are the volume of open derivative positions (MMBtu, MWh and $ notional amounts); changing commodity market prices, primarily for power and natural gas; our credit standing and that of our counterparties and customers for energy commodity derivatives; and prevailing interest rates for our interest rate hedging instruments. Prices for power and natural gas and interest rates are volatile, which can result in material changes in the fair value measurements reported in our financial statements in the future. We utilize market data, such as pricing services and broker quotes, and assumptions that we believe market participants would use in pricing our assets or liabilities including assumptions about the risks inherent to the inputs in the valuation technique. These inputs can be either readily observable, market corroborated or generally unobservable. The market data obtained from broker pricing services is evaluated to determine the nature of the quotes obtained and, where accepted as a reliable quote, used to validate our assessment of fair value. We use other qualitative assessments to determine the level of activity in any given market. We primarily apply the market approach and income approach for recurring fair value measurements and utilize what we believe to be the best available information. We utilize valuation techniques that seek to maximize the use of observable inputs and minimize the use of unobservable inputs. We classify fair value balances based on the observability of those inputs. The fair value of our derivatives includes consideration of our credit standing, the credit standing of our counterparties and customers and the effect of credit enhancements, if any. We have also recorded credit reserves in the determination of fair value based on our expectation of how market participants would determine fair value. Such valuation adjustments are generally based on market evidence, if available, or our best estimate. Our level 1 fair value derivative instruments primarily consist of power and natural gas swaps, futures and options traded on the NYMEX or Intercontinental Exchange. Our level 2 fair value derivative instruments primarily consist of interest rate hedging instruments and OTC power and natural gas forwards for which market-based pricing inputs in the principal or most advantageous market are representative of executable prices for market participants. These inputs are observable at commonly quoted intervals for substantially the full term of the instruments. In certain instances, our level 2 derivative instruments may utilize models to measure fair value. These models are industry-standard models, including the Black-Scholes option-pricing model, that incorporate various assumptions, including quoted interest rates, correlation, volatility, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Our level 3 fair value derivative instruments may consist of OTC power and natural gas forwards and options where pricing inputs are unobservable, as well as other complex and structured transactions primarily for the sale and purchase of power and natural gas to both wholesale counterparties and retail customers. Complex or structured transactions are tailored to our customers’ needs and can introduce the need for internally-developed model inputs which might not be observable in or corroborated by the market. When such inputs have a significant effect on the measurement of fair value, the instrument is categorized in level 3. Our valuation models may incorporate historical correlation information and extrapolate available broker and other information to future periods.
Derivative Instruments	We offset fair value amounts associated with our derivative instruments and related cash collateral and margin deposits on our Consolidated Condensed Balance Sheets that are executed with the same counterparty under master netting arrangements. Our netting arrangements include a right to set off or net together purchases and sales of similar products in the margining or settlement process. In some instances, we have also negotiated cross commodity netting rights which allow for the net presentation of activity with a given counterparty regardless of product purchased or sold. We also post and/or receive cash collateral in support of our derivative instruments which may also be subject to a master netting arrangement with the same counterparty. We recognize all derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measure those instruments at fair value unless they qualify for, and we elect, the normal purchase normal sale exemption. For transactions in which we elect the normal purchase normal sale exemption, gains and losses are not reflected on our Consolidated Condensed Statements of Operations until the period of delivery. Revenues and expenses derived from instruments that qualified for hedge accounting or represent an economic hedge are recorded in the same financial statement line item as the item being hedged. Hedge accounting requires us to formally document, designate and assess the effectiveness of transactions that receive hedge accounting. We present the cash flows from our derivatives in the same category as the item being hedged (or economically hedged) within operating activities on our Consolidated Condensed Statements of Cash Flows unless they contain an other-than-insignificant financing element in which case their cash flows are classified within financing activities. Cash Flow Hedges — We currently apply hedge accounting to a portion of our interest rate hedging instruments with the change in fair value of all other hedging instruments recorded through earnings. We report the mark-to-market gain or loss on our interest rate hedging instruments designated and qualifying as a cash flow hedging instrument as a component of OCI and reclassify such gains and losses into earnings in the same period during which the hedged forecasted transaction affects earnings. If it is determined that the forecasted transaction is no longer probable of occurring, then hedge accounting will be discontinued prospectively and future changes in fair value will be recorded in earnings. If the hedging instrument is terminated or de-designated prior to the occurrence of the hedged forecasted transaction, the net accumulated gain or loss associated with the changes in fair value of the hedge instrument remains deferred in AOCI until such time as the forecasted transaction affects earnings or until it is determined that the forecasted transaction is probable of not occurring. Derivatives Not Designated as Hedging Instruments — We enter into power, natural gas, interest rate, environmental product and fuel oil transactions that primarily act as economic hedges to our asset and interest rate portfolio, but either do not qualify as hedges under the hedge accounting guidelines or qualify under the hedge accounting guidelines and the hedge accounting designation has not been elected. Changes in fair value of commodity derivatives not designated as hedging instruments are recognized currently in earnings and are separately stated on our Consolidated Condensed Statements of Operations in mark-to-market gain/loss as a component of operating revenues (for physical and financial power and Heat Rate and commodity option activity) and fuel and purchased energy expense (for physical and financial natural gas, power, environmental product and fuel oil activity). Changes in fair value of interest rate derivatives not designated as hedging instruments are recognized currently in earnings as interest expense.
Commitments and Contingencies	On a quarterly basis, we review our litigation activities and determine if an unfavorable outcome to us is considered “remote,” “reasonably possible” or “probable” as defined by U.S. GAAP. Where we determine an unfavorable outcome is probable and is reasonably estimable, we accrue for potential litigation losses. The liability we may ultimately incur with respect to such litigation matters, in the event of a negative outcome, may be in excess of amounts currently accrued, if any; however, we do not expect that the reasonably possible outcome of these litigation matters would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. Where we determine an unfavorable outcome is not probable or reasonably estimable, we do not accrue for any potential litigation loss. The ultimate outcome of these litigation matters cannot presently be determined, nor can the liability that could potentially result from a negative outcome be reasonably estimated. As a result, we give no assurance that such litigation matters would, individually or in the aggregate, not have a material adverse effect on our financial condition, results of operations or cash flows.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of components of restricted cash	The table below represents the components of our restricted cash as of March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Current Non-Current Total Current Non-Current Total Debt service $ 53 $ 7 $ 60 $ 58 $ 8 $ 66 Construction/major maintenance 37 6 43 28 6 34 Security/project/insurance 166 31 197 209 31 240 Other 4 2 6 4 1 5 Total $ 260 $ 46 $ 306 $ 299 $ 46 $ 345
Schedule of property, plant and equipment	Property, Plant and Equipment, Net — At March 31, 2020 and December 31, 2019 , the components of property, plant and equipment are stated at cost less accumulated depreciation as follows (in millions): March 31, 2020 December 31, 2019 Depreciable Lives Buildings, machinery and equipment $ 16,560 $ 16,510 1.5 – 50 Years Geothermal properties 1,561 1,553 13 – 58 Years Other 287 291 3 – 50 Years 18,408 18,354 Less: Accumulated depreciation 6,955 6,851 11,453 11,503 Land 128 128 Construction in progress 378 332 Property, plant and equipment, net $ 11,959 $ 11,963

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessee, Leases	Lessee — Supplemental balance sheet information related to our operating and finance leases is as follows as of March 31, 2020 and December 31, 2019 (in millions): Location on Consolidated Condensed Balance Sheet March 31, 2020 December 31, 2019 Right-of-use assets – operating leases Other assets $ 173 $ 171 Right-of-use assets – finance leases Property, plant and equipment, net $ 104 $ 107 Operating lease obligation, current Other current liabilities $ 19 $ 12 Operating lease obligation, long-term Other long-term liabilities $ 167 $ 170 Finance lease obligation, current Debt, current portion $ 10 $ 10 Finance lease obligation, long-term Debt, net of current portion $ 58 $ 63

Revenue From Contracts with C_2

Revenue From Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables represent a disaggregation of our operating revenues for the three months ended March 31, 2020 and 2019 by reportable segment (in millions). See Note 11 for a description of our segments. Three Months Ended March 31, 2020 Wholesale West Texas East Retail Elimination Total Third Party: Energy & other products $ 201 $ 219 $ 106 $ 324 $ — $ 850 Capacity 62 28 105 — — 195 Revenues relating to physical or executory contracts – third party $ 263 $ 247 $ 211 $ 324 $ — $ 1,045 Affiliate (1) : $ 17 $ 10 $ 19 $ 1 $ (47 ) $ — Revenues relating to leases and derivative instruments (2) $ 1,246 Other 1 Total operating revenues $ 2,292 Three Months Ended March 31, 2019 Wholesale West Texas East Retail Elimination Total Third Party: Energy & other products $ 292 $ 302 $ 203 $ 412 $ — $ 1,209 Capacity 35 32 177 — — 244 Revenues relating to physical or executory contracts – third party $ 327 $ 334 $ 380 $ 412 $ — $ 1,453 Affiliate (1) : $ 11 $ 14 $ 27 $ 3 $ (55 ) $ — Revenues relating to leases and derivative instruments (2) $ 1,146 Total operating revenues $ 2,599 ___________ (1) Affiliate energy, other and capacity revenues reflect revenues on transactions between wholesale and retail affiliates excluding affiliate activity related to leases and derivative instruments. All such activity supports retail supply needs from the wholesale business and/or allows for collateral margin netting efficiencies at Calpine. (2) Revenues relating to contracts accounted for as leases and derivatives include energy and capacity revenues relating to PPAs that we are required to account for as operating leases and physical and financial commodity derivative contracts, primarily relating to power, natural gas and environmental products. Revenue related to derivative instruments includes revenue recorded in Commodity revenue and mark-to-market gain (loss) within our operating revenues on our Consolidated Condensed Statements of Operations.

Variable Interest Entities an_2

Variable Interest Entities and Unconsolidated Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities and Unconsolidated Investments [Abstract]
Schedule of equity method investments	At March 31, 2020 and December 31, 2019 , our equity method investments included on our Consolidated Condensed Balance Sheets were comprised of the following (in millions): Ownership Interest as of March 31, 2020 March 31, 2020 December 31, 2019 Greenfield LP (1) 50% $ 60 $ 66 Calpine Receivables 100% 3 4 Total investments in unconsolidated subsidiaries $ 63 $ 70 ____________ (1) Includes our share of AOCI related to interest rate hedging instruments associated with our unconsolidated subsidiary Greenfield LP’s debt.
Income (loss) from unconsolidated investments in power plants	The following table sets forth details of our (income) from unconsolidated subsidiaries for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Greenfield LP $ (1 ) $ (2 ) Whitby (1) — (4 ) Calpine Receivables 1 — Total $ — $ (6 ) ____________ (1) On November 20, 2019, we sold our 50% interest in Whitby to a third party.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Our debt at March 31, 2020 and December 31, 2019 , was as follows (in millions): March 31, 2020 December 31, 2019 First Lien Term Loans $ 3,161 $ 3,167 Senior Unsecured Notes 3,041 3,663 First Lien Notes 2,407 2,835 Project financing, notes payable and other 840 879 CCFC Term Loan 964 967 Finance lease obligations 68 73 Revolving facilities 572 122 Subtotal 11,053 11,706 Less: Current maturities 217 1,268 Total long-term debt $ 10,836 $ 10,438
First Lien Term Loans	First Lien Term Loans The amounts outstanding under our First Lien Term Loans are summarized in the table below (in millions): March 31, 2020 December 31, 2019 2024 First Lien Term Loan $ 1,511 $ 1,514 2026 First Lien Term Loans 1,650 1,653 Total First Lien Term Loans $ 3,161 $ 3,167
Senior Unsecured Notes	Senior Unsecured Notes The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions): March 31, 2020 December 31, 2019 2023 Senior Unsecured Notes (1) $ — $ 623 2024 Senior Unsecured Notes 479 479 2025 Senior Unsecured Notes 1,174 1,174 2028 Senior Unsecured Notes (1) 1,388 1,387 Total Senior Unsecured Notes $ 3,041 $ 3,663
First Lien Notes	The amounts outstanding under our First Lien Notes are summarized in the table below (in millions): March 31, 2020 December 31, 2019 2022 First Lien Notes (1) $ — $ 245 2024 First Lien Notes (2) — 184 2026 First Lien Notes 1,173 1,172 2028 First Lien Notes 1,234 1,234 Total First Lien Notes $ 2,407 $ 2,835 ____________ (1)
Schedule of line of credit facilities	The table below represents amounts issued under our letter of credit facilities at March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Corporate Revolving Facility (1) $ 636 $ 604 CDHI 3 3 Various project financing facilities 185 184 Other corporate facilities (2) 295 294 Total $ 1,119 $ 1,085 ____________ (1) The Corporate Revolving Facility represents our primary revolving facility and matures on March 8, 2023. (2) On April 9, 2020, we amended one of our unsecured letter of credit facilities to partially extend the maturity of $100 million in commitments from June 20, 2020 to June 20, 2022.
Schedule of carrying values and estimated fair values of debt instruments	The following table details the fair values and carrying values of our debt instruments at March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value First Lien Term Loans $ 2,920 $ 3,161 $ 3,238 $ 3,167 Senior Unsecured Notes 2,827 3,041 3,764 3,663 First Lien Notes 2,313 2,407 2,929 2,835 Project financing, notes payable and other (1) 777 778 822 817 CCFC Term Loan 850 964 982 967 Revolving facilities 572 572 122 122 Total $ 10,259 $ 10,923 $ 11,857 $ 11,571 ____________ (1) Excludes an agreement that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

Assets and Liabilities with R_2

Assets and Liabilities with Recurring Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure	The following tables present our assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 , by level within the fair value hierarchy: Assets and Liabilities with Recurring Fair Value Measures as of March 31, 2020 Level 1 Level 2 Level 3 Total (in millions) Assets: Cash equivalents (1) $ 444 $ — $ — $ 444 Commodity instruments: Commodity exchange traded derivatives contracts 1,198 — — 1,198 Commodity forward contracts (2) — 383 366 749 Interest rate hedging instruments — — — — Effect of netting and allocation of collateral (3)(4) (1,198 ) (235 ) (25 ) (1,458 ) Total assets $ 444 $ 148 $ 341 $ 933 Liabilities: Commodity instruments: Commodity exchange traded derivatives contracts $ 1,233 $ — $ — $ 1,233 Commodity forward contracts (2) — 379 117 496 Interest rate hedging instruments — 150 — 150 Effect of netting and allocation of collateral (3)(4) (1,233 ) (243 ) (25 ) (1,501 ) Total liabilities $ — $ 286 $ 92 $ 378 Assets and Liabilities with Recurring Fair Value Measures as of December 31, 2019 Level 1 Level 2 Level 3 Total (in millions) Assets: Cash equivalents (1) $ 784 $ — $ — $ 784 Commodity instruments: Commodity exchange traded derivatives contracts 872 — — 872 Commodity forward contracts (2) — 245 294 539 Interest rate hedging instruments — 12 — 12 Effect of netting and allocation of collateral (3)(4) (872 ) (131 ) (18 ) (1,021 ) Total assets $ 784 $ 126 $ 276 $ 1,186 Liabilities: Commodity instruments: Commodity exchange traded derivatives contracts $ 984 $ — $ — $ 984 Commodity forward contracts (2) — 285 123 408 Interest rate hedging instruments — 31 — 31 Effect of netting and allocation of collateral (3)(4) (984 ) (133 ) (18 ) (1,135 ) Total liabilities $ — $ 183 $ 105 $ 288 ___________ (1) At March 31, 2020 and December 31, 2019 , we had cash equivalents of $222 million and $573 million included in cash and cash equivalents and $222 million and $211 million included in restricted cash, respectively. (2) Includes OTC swaps and options. (3) We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements. (4) Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $35 million , $8 million and nil , respectively, at March 31, 2020 . Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $112 million , $2 million and nil , respectively, at December 31, 2019 .
Fair Value Inputs, Assets, Quantitative Information	The following table presents quantitative information for the unobservable inputs used in our most significant level 3 fair value measurements at March 31, 2020 and December 31, 2019 : Quantitative Information about Level 3 Fair Value Measurements March 31, 2020 Fair Value, Net Asset Significant Unobservable (Liability) Valuation Technique Input Range Average (2) (in millions) Power Contracts (1) $ 211 Discounted cash flow Market price (per MWh) $ 3.47 — $159.64 /MWh $ 27.96 Power Congestion Products $ 11 Discounted cash flow Market price (per MWh) $ (6.48 ) — $42.00 /MWh $ 3.48 Natural Gas Contracts $ 10 Discounted cash flow Market price (per MMBtu) $ 1.13 — $4.77 /MMBtu $ 2.60 December 31, 2019 Fair Value, Net Asset Significant Unobservable (Liability) Valuation Technique Input Range (in millions) Power Contracts (1) $ 158 Discounted cash flow Market price (per MWh) $ 4.85 — $184.15 /MWh Power Congestion Products $ 17 Discounted cash flow Market price (per MWh) $ (10.32 ) — $20 /MWh Natural Gas Contracts $ (20 ) Discounted cash flow Market price (per MMBtu) $ 1.73 — $6.45 /MMBtu ___________ (1) Power contracts include power and heat rate instruments classified as level 3 in the fair value hierarchy.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table sets forth a reconciliation of changes in the fair value of our net derivative assets (liabilities) classified as level 3 in the fair value hierarchy for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 171 $ (8 ) Realized and mark-to-market gains (losses): Included in net income: Included in operating revenues (1) 81 50 Included in fuel and purchased energy expense (2) (4 ) 2 Change in collateral — 2 Purchases, Issuances and settlements: Purchases — 2 Settlements — 58 Transfers in and/or out of level 3: Transfers into level 3 (3) 3 (1 ) Transfers out of level 3 (4) (2 ) — Balance, end of period $ 249 $ 105 Change in unrealized gains (losses) included in net income relating to instruments still held at end of period $ 77 $ 52 ___________ (1) For power contracts and other power-related products, included on our Consolidated Condensed Statements of Operations. (2) For natural gas and power contracts, swaps and options, included on our Consolidated Condensed Statements of Operations. (3) We had $3 million in gains and $(1) million in losses transferred out of level 2 into level 3 for the three months ended March 31, 2020 and 2019 , respectively, due to changes in market liquidity in various power markets. (4) We had $2 million in gains and nil transferred out of level 3 into level 2 for the three months ended March 31, 2020 and 2019 , respectively, due to changes in market liquidity in various power markets.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of March 31, 2020 and December 31, 2019 , the net forward notional buy (sell) position of our outstanding commodity derivative instruments that did not qualify or were not designated under the normal purchase normal sale exemption and our interest rate hedging instruments were as follows: Derivative Instruments Notional Amounts March 31, 2020 December 31, 2019 Unit of Measure Power (190 ) (184 ) Million MWh Natural gas 913 1,063 Million MMBtu Environmental credits 37 26 Million Tonnes Interest rate hedging instruments (1) $ 6.6 $ 4.8 Billion U.S. dollars
Derivative Instruments Subject to Master Netting Arrangements	The following tables present the fair values of our derivative instruments and our net exposure after offsetting amounts subject to a master netting arrangement with the same counterparty to our derivative instruments recorded on our Consolidated Condensed Balance Sheets by location and hedge type at March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 Gross Amounts of Assets and (Liabilities) Gross Amounts Offset on the Consolidated Condensed Balance Sheets Net Amount Presented on the Consolidated Condensed Balance Sheets (1) Derivative assets: Commodity exchange traded derivatives contracts $ 920 $ (920 ) $ — Commodity forward contracts 402 (176 ) 226 Interest rate hedging instruments — — — Total current derivative assets (2) $ 1,322 $ (1,096 ) $ 226 Commodity exchange traded derivatives contracts 278 (278 ) — Commodity forward contracts 347 (84 ) 263 Interest rate hedging instruments — — — Total long-term derivative assets (2) $ 625 $ (362 ) $ 263 Total derivative assets $ 1,947 $ (1,458 ) $ 489 Derivative (liabilities): Commodity exchange traded derivatives contracts $ (921 ) $ 921 $ — Commodity forward contracts (332 ) 183 (149 ) Interest rate hedging instruments (45 ) — (45 ) Total current derivative (liabilities) (2) $ (1,298 ) $ 1,104 $ (194 ) Commodity exchange traded derivatives contracts (312 ) 312 — Commodity forward contracts (164 ) 85 (79 ) Interest rate hedging instruments (105 ) — (105 ) Total long-term derivative (liabilities) (2) $ (581 ) $ 397 $ (184 ) Total derivative liabilities $ (1,879 ) $ 1,501 $ (378 ) Net derivative assets (liabilities) $ 68 $ 43 $ 111 December 31, 2019 Gross Amounts of Assets and (Liabilities) Gross Amounts Offset on the Consolidated Condensed Balance Sheets Net Amount Presented on the Consolidated Condensed Balance Sheets (1) Derivative assets: Commodity exchange traded derivatives contracts $ 727 $ (727 ) $ — Commodity forward contracts 262 (108 ) 154 Interest rate hedging instruments 2 — 2 Total current derivative assets (3) $ 991 $ (835 ) $ 156 Commodity exchange traded derivatives contracts 145 (145 ) — Commodity forward contracts 277 (41 ) 236 Interest rate hedging instruments 10 — 10 Total long-term derivative assets (3) $ 432 $ (186 ) $ 246 Total derivative assets $ 1,423 $ (1,021 ) $ 402 Derivative (liabilities): Commodity exchange traded derivatives contracts $ (830 ) $ 830 $ — Commodity forward contracts (321 ) 109 (212 ) Interest rate hedging instruments (13 ) — (13 ) Total current derivative (liabilities) (3) $ (1,164 ) $ 939 $ (225 ) Commodity exchange traded derivatives contracts (154 ) 154 — Commodity forward contracts (87 ) 42 (45 ) Interest rate hedging instruments (18 ) — (18 ) Total long-term derivative (liabilities) (3) $ (259 ) $ 196 $ (63 ) Total derivative liabilities $ (1,423 ) $ 1,135 $ (288 ) Net derivative assets (liabilities) $ — $ 114 $ 114 ____________ (1) At March 31, 2020 and December 31, 2019 , we had $191 million and $191 million , respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements. (2) At March 31, 2020 , current and long-term derivative assets are shown net of collateral of $(14) million and $(13) million , respectively, and current and long-term derivative liabilities are shown net of collateral of $22 million and $48 million , respectively. (3) At December 31, 2019 , current and long-term derivative assets are shown net of collateral of $(4) million and $(4) million , respectively, and current and long-term derivative liabilities are shown net of collateral of $108 million and $14 million , respectively.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	March 31, 2020 December 31, 2019 Fair Value of Derivative Assets Fair Value of Derivative Liabilities Fair Value of Derivative Assets Fair Value of Derivative Liabilities Derivatives designated as cash flow hedging instruments: Interest rate hedging instruments $ — $ 123 $ 12 $ 29 Total derivatives designated as cash flow hedging instruments $ — $ 123 $ 12 $ 29 Derivatives not designated as hedging instruments: Commodity instruments $ 489 $ 228 $ 390 $ 257 Interest rate hedging instruments — 27 — 2 Total derivatives not designated as hedging instruments $ 489 $ 255 $ 390 $ 259 Total derivatives $ 489 $ 378 $ 402 $ 288
Realized Unrealized Gain Loss by Instrument	The following tables detail the components of our total activity for both the net realized gain (loss) and the net mark-to-market gain (loss) recognized from our derivative instruments in earnings and where these components were recorded on our Consolidated Condensed Statements of Operations for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Realized gain (loss) (1)(2) Commodity derivative instruments $ (3 ) $ 111 Total realized gain (loss) $ (3 ) $ 111 Mark-to-market gain (loss) (3) Commodity derivative instruments $ 201 $ 46 Interest rate hedging instruments (24 ) (1 ) Total mark-to-market gain (loss) $ 177 $ 45 Total activity, net $ 174 $ 156 ___________ (1) Does not include the realized value associated with derivative instruments that settle through physical delivery. (2) Includes amortization of acquisition date fair value of financial derivative activity related to the acquisition of Champion Energy and Calpine Solutions. (3) In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	Three Months Ended March 31, 2020 2019 Realized and mark-to-market gain (loss) (1) Derivatives contracts included in operating revenues (2)(3) $ 507 $ 37 Derivatives contracts included in fuel and purchased energy expense (2)(3) (309 ) 120 Interest rate hedging instruments included in interest expense (24 ) (1 ) Total activity, net $ 174 $ 156 ___________ (1) In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure. (2) Does not include the realized value associated with derivative instruments that settle through physical delivery. (3) Includes amortization of acquisition date fair value of financial derivative activity related to the acquisition of Champion Energy and Calpine Solutions.
Derivatives Designated as Hedges	The following table details the effect of our net derivative instruments that qualified for hedge accounting treatment and are included in OCI and AOCI for the periods indicated (in millions): Three Months Ended March 31, Three Months Ended March 31, Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from AOCI into Income (2)(3) 2020 2019 2020 2019 Affected Line Item on the Consolidated Condensed Statements of Operations Interest rate hedging instruments (1) $ (104 ) $ (25 ) $ (6 ) $ 2 Interest expense ____________ (1) We recorded an income tax benefit of $3 million and nil for the three months ended March 31, 2020 and 2019 , respectively, in AOCI related to our cash flow hedging activities. (2) Cumulative cash flow hedge losses attributable to Calpine, net of tax, remaining in AOCI were $176 million and $72 million at March 31, 2020 and December 31, 2019 , respectively. Cumulative cash flow hedge losses attributable to the noncontrolling interest, net of tax, remaining in AOCI were nil and $3 million at March 31, 2020 and December 31, 2019 , respectively. (3) Includes losses of nil and $1 million that were reclassified from AOCI to interest expense for the three months ended March 31, 2020 and 2019 , respectively, where the hedged transactions became probable of not occurring.

Use of Collateral (Tables)

Use of Collateral (Tables)	3 Months Ended
	Mar. 31, 2020
Use of Collateral [Abstract]
Schedule of Collateral	The table below summarizes the balances outstanding under margin deposits, natural gas and power prepayments, and exposure under letters of credit and first priority liens for commodity procurement and risk management activities as of March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Margin deposits (1) $ 327 $ 432 Natural gas and power prepayments 32 29 Total margin deposits and natural gas and power prepayments with our counterparties (2) $ 359 $ 461 Letters of credit issued $ 949 $ 906 First priority liens under power and natural gas agreements 29 42 First priority liens under interest rate hedging instruments 156 31 Total letters of credit and first priority liens with our counterparties $ 1,134 $ 979 Margin deposits posted with us by our counterparties (1)(3) $ 93 $ 127 Letters of credit posted with us by our counterparties 87 25 Total margin deposits and letters of credit posted with us by our counterparties $ 180 $ 152 ___________ (1) We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements. (2) At March 31, 2020 and December 31, 2019 , $59 million and $117 million , respectively, were included in current and long-term derivative assets and liabilities, $292 million and $336 million , respectively, were included in margin deposits and other prepaid expense and $8 million and $8 million , respectively, were included in other assets on our Consolidated Condensed Balance Sheets. (3) At March 31, 2020 and December 31, 2019 , $16 million and $3 million , respectively, were included in current and long-term derivative assets and liabilities, $46 million and $93 million , respectively, were included in other current liabilities and $31 million and $31 million , respectively, were included in other long-term liabilities on our Consolidated Condensed Balance Sheets.

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The table below shows our consolidated income tax expense and our effective tax rates for the periods indicated (in millions): Three Months Ended March 31, 2020 2019 Income tax expense $ 46 $ 10 Effective tax rate 26 % 5 %

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Financial Data for Segments	The tables below show financial data for our segments (including a reconciliation of Commodity Margin to income (loss) from operations by segment) for the periods indicated (in millions): Three Months Ended March 31, 2020 Wholesale Consolidation West Texas East Retail Elimination Total Total operating revenues (1) $ 705 $ 650 $ 542 $ 908 $ (513 ) $ 2,292 Commodity Margin $ 234 $ 113 $ 150 $ 91 $ — $ 588 Add: Mark-to-market commodity activity, net and other (2) 54 101 82 (16 ) (8 ) 213 Less: Operating and maintenance expense 86 66 63 33 (8 ) 240 Depreciation and amortization expense 56 50 46 12 — 164 General and other administrative expense 8 11 8 4 — 31 Other operating expenses 8 2 7 — — 17 Income from operations 130 85 108 26 — 349 Interest expense 169 Other (income) expense, net 4 Income before income taxes $ 176 Three Months Ended March 31, 2019 Wholesale Consolidation West Texas East Retail Elimination Total Total operating revenues (1) $ 682 $ 743 $ 689 $ 998 $ (513 ) $ 2,599 Commodity Margin $ 264 $ 162 $ 265 $ 88 $ — $ 779 Add: Mark-to-market commodity activity, net and other (2) 56 44 13 (53 ) (8 ) 52 Less: Operating and maintenance expense 81 65 67 34 (8 ) 239 Depreciation and amortization expense 73 45 43 13 — 174 General and other administrative expense 7 12 9 4 — 32 Other operating expenses 9 2 23 — — 34 (Income) from unconsolidated subsidiaries — — (6 ) — — (6 ) Income (loss) from operations 150 82 142 (16 ) — 358 Interest expense 149 Gain on extinguishment of debt and other (income) expense, net 19 Income before income taxes $ 190 _________ (1) Includes intersegment revenues of $119 million and $162 million in the West, $218 million and $211 million in Texas, $175 million and $137 million in the East and $1 million and $3 million in Retail for the three months ended March 31, 2020 and 2019 , respectively. (2) Includes $(18) million and $(16) million of lease levelization and $16 million and $21 million of amortization expense for the three months ended March 31, 2020 and 2019 , respectively.

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Components of Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Line Items]
Current	$ 260	$ 299
Non-current	46	46
Total	306	345
Debt service
Accounting Policies [Line Items]
Current	53	58
Non-current	7	8
Total	60	66
Construction major maintenance
Accounting Policies [Line Items]
Current	37	28
Non-current	6	6
Total	43	34
Security project insurance
Accounting Policies [Line Items]
Current	166	209
Non-current	31	31
Total	197	240
Other
Accounting Policies [Line Items]
Current	4	4
Non-current	2	1
Total	$ 6	$ 5

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Buildings, machinery and equipment	$ 16,560	$ 16,510
Geothermal properties	1,561	1,553
Other	287	291
Property, plant and equipment, gross	18,408	18,354
Less: Accumulated depreciation	6,955	6,851
Property, plant and equipment, gross, less accumulated depreciation, depletion and amortization	11,453	11,503
Land	128	128
Construction in progress	378	332
Property, plant and equipment, net	$ 11,959	$ 11,963
Minimum | Building, Machinery and Equipment, Gross
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	1 year 6 months
Minimum | Geothermal Properties, Gross
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	13 years
Minimum | Property, Plant and Equipment, Other Types
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Maximum | Building, Machinery and Equipment, Gross
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	50 years
Maximum | Geothermal Properties, Gross
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	58 years
Maximum | Property, Plant and Equipment, Other Types
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	50 years

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Interest costs capitalized	$ 2	$ 7

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Right-of-use assets – operating leases	$ 173		$ 171
Operating lease obligation, current	19		12
Operating lease obligation, long-term	167		170
Finance lease obligation, current	10		10
Finance lease obligation, long-term	58		63
Operating lease, lease income	48	$ 69
Property Subject to Finance Lease
Lessee, Lease, Description [Line Items]
Right-of-use assets – finance leases	$ 104		$ 107

Revenue From Contracts with C_3

Revenue From Contracts with Customers Disaggregation of Revenues (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Commodity revenue		$ 1,943	$ 2,538
Other income		1
Revenues	[1]	2,292	2,599
West
Disaggregation of Revenue [Line Items]
Revenues	[1]	705	682
Texas
Disaggregation of Revenue [Line Items]
Revenues	[1]	650	743
East
Disaggregation of Revenue [Line Items]
Revenues	[1]	542	689
Retail
Disaggregation of Revenue [Line Items]
Revenues	[1]	908	998
Energy & other products
Disaggregation of Revenue [Line Items]
Commodity revenue		850	1,209
Energy & other products | West
Disaggregation of Revenue [Line Items]
Commodity revenue		201	292
Energy & other products | Texas
Disaggregation of Revenue [Line Items]
Commodity revenue		219	302
Energy & other products | East
Disaggregation of Revenue [Line Items]
Commodity revenue		106	203
Energy & other products | Retail
Disaggregation of Revenue [Line Items]
Commodity revenue		324	412
Energy & other products | Elimination
Disaggregation of Revenue [Line Items]
Commodity revenue		0	0
Capacity
Disaggregation of Revenue [Line Items]
Commodity revenue		195	244
Capacity | West
Disaggregation of Revenue [Line Items]
Commodity revenue		62	35
Capacity | Texas
Disaggregation of Revenue [Line Items]
Commodity revenue		28	32
Capacity | East
Disaggregation of Revenue [Line Items]
Commodity revenue		105	177
Capacity | Retail
Disaggregation of Revenue [Line Items]
Commodity revenue		0	0
Capacity | Elimination
Disaggregation of Revenue [Line Items]
Commodity revenue		0	0
Revenues relating to physical or executory contracts – third party
Disaggregation of Revenue [Line Items]
Commodity revenue		1,045	1,453
Revenues relating to physical or executory contracts – third party | West
Disaggregation of Revenue [Line Items]
Commodity revenue		263	327
Revenues relating to physical or executory contracts – third party | Texas
Disaggregation of Revenue [Line Items]
Commodity revenue		247	334
Revenues relating to physical or executory contracts – third party | East
Disaggregation of Revenue [Line Items]
Commodity revenue		211	380
Revenues relating to physical or executory contracts – third party | Retail
Disaggregation of Revenue [Line Items]
Commodity revenue		324	412
Revenues relating to physical or executory contracts – third party | Elimination
Disaggregation of Revenue [Line Items]
Commodity revenue		0	0
Affiliate Revenue
Disaggregation of Revenue [Line Items]
Commodity revenue	[2]	0	0
Affiliate Revenue | West
Disaggregation of Revenue [Line Items]
Commodity revenue	[2]	17	11
Affiliate Revenue | Texas
Disaggregation of Revenue [Line Items]
Commodity revenue	[2]	10	14
Affiliate Revenue | East
Disaggregation of Revenue [Line Items]
Commodity revenue	[2]	19	27
Affiliate Revenue | Retail
Disaggregation of Revenue [Line Items]
Commodity revenue	[2]	1	3
Affiliate Revenue | Elimination
Disaggregation of Revenue [Line Items]
Commodity revenue	[2]	(47)	(55)
Revenues relating to leases and derivative instruments
Disaggregation of Revenue [Line Items]
Revenues	[3]	$ 1,246	$ 1,146
[1]	Includes intersegment revenues of $119 million and $162 million in the West, $218 million and $211 million in Texas, $175 million and $137 million in the East and $1 million and $3 million in Retail for the three months ended March 31, 2020 and 2019, respectively.
[2]	Affiliate energy, other and capacity revenues reflect revenues on transactions between wholesale and retail affiliates excluding affiliate activity related to leases and derivative instruments. All such activity supports retail supply needs from the wholesale business and/or allows for collateral margin netting efficiencies at Calpine.
[3]	Revenues relating to contracts accounted for as leases and derivatives include energy and capacity revenues relating to PPAs that we are required to account for as operating leases and physical and financial commodity derivative contracts, primarily relating to power, natural gas and environmental products. Revenue related to derivative instruments includes revenue recorded in Commodity revenue and mark-to-market gain (loss) within our operating revenues on our Consolidated Condensed Statements of Operations.

Revenue From Contracts with C_4

Revenue From Contracts with Customers Performance Obligations Not Yet Satisfied (Details) - Capacity $ in Millions	Mar. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 496
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 657
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 441
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 307
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 192
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 63
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Revenue From Contracts with C_5

Revenue From Contracts with Customers Performance Obligations and Contract Balances (Details) - Environmental credits - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Contract with customer, liability, current	$ 21		$ 14
Contract with customer, liability, revenue recognized	$ 1	$ 2

Variable Interest Entities an_3

Variable Interest Entities and Unconsolidated Investments (VIE Texuals) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)MW	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)MW
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Adjustments to additional paid in capital, other	$ 67
Equity method investment, summarized financial information, debt	272		$ 299
Prorata share of equity method investment, summarized financial information, debt	136		$ 150
Return on investments from unconsolidated subsidiaries	0	$ 11
Variable interest entity, financial or other support, amount	$ 0	0
Greenfield
Variable Interest Entity [Line Items]
Power generation capacity | MW	1,038
Equity method investment, ownership percentage	50.00%
Return on investments from unconsolidated subsidiaries	$ 0
Calpine Receivables
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	100.00%
Variable interest entity, reporting entity involvement, maximum loss exposure, amount	$ 52
Whitby
Variable Interest Entity [Line Items]
Return on investments from unconsolidated subsidiaries		$ 11
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Power generation capacity | MW	6,824		6,669
Russell City Energy
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage			75.00%
Minority interest ownership percentage by noncontrolling third party owners			25.00%
Acquisition of noncontrolling interest	$ 49

Variable Interest Entities an_4

Variable Interest Entities and Unconsolidated Investments (Unconsolidated VIEs) (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		50.00%
Equity method investments		$ 63	$ 70
Greenfield
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		50.00%
Equity method investments	[1]	$ 60	66
Calpine Receivables
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		100.00%
Equity method investments		$ 3	$ 4
[1]	Includes our share of AOCI related to interest rate hedging instruments associated with our unconsolidated subsidiary Greenfield LP’s debt.

Variable Interest Entities an_5

Variable Interest Entities and Unconsolidated Investments Consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets	$ 2,539	$ 3,302
Property, plant and equipment, net	11,959	11,963
Restricted cash, current	260	299
Other current assets	44	49
Total assets	15,873	16,649
Current liabilities	1,600	2,925
Debt, current portion	217	1,268
Other long-term liabilities	622	565
Total liabilities	13,242	13,991
Variable Interest Entity, Primary Beneficiary
Current assets	309	371
Property, plant and equipment, net	3,431	3,454
Restricted cash, current	14	15
Other current assets	47	53
Total assets	3,801	3,893
Current liabilities	244	303
Debt, current portion	1,588	1,635
Long-term derivative liabilities	19	8
Other long-term liabilities	36	53
Total liabilities	$ 1,887	$ 1,999

Variable Interest Entities an_6

Variable Interest Entities and Unconsolidated Investments (Income from Unconsolidated Investments 10-Q) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Nov. 20, 2019
(Income) from unconsolidated subsidiaries		$ 0	$ (6)
Greenfield
(Income) from unconsolidated subsidiaries		(1)	(2)
Whitby
(Income) from unconsolidated subsidiaries	[1]	0	(4)
Equity method investment, ownership interest sold				50.00%
Calpine Receivables
(Income) from unconsolidated subsidiaries		$ 1	$ 0
[1]	(1)On November 20, 2019, we sold our 50% interest in Whitby to a third party.

Debt (Debt) (Details)

Debt (Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Subtotal	$ 11,053	$ 11,706
Less: Current maturities	217	1,268
Total long-term debt	10,836	10,438
First Lien Term Loans
Debt Instrument [Line Items]
Subtotal	3,161	3,167
Senior Unsecured Notes
Debt Instrument [Line Items]
Subtotal	3,041	3,663
First Lien Notes
Debt Instrument [Line Items]
Subtotal	2,407	2,835
Project financing, notes payable and other
Debt Instrument [Line Items]
Subtotal	840	879
CCFC Term Loan
Debt Instrument [Line Items]
Subtotal	964	967
Finance lease obligations
Debt Instrument [Line Items]
Subtotal	68	73
Revolving facilities
Debt Instrument [Line Items]
Subtotal	$ 572	$ 122

Debt (Debt Textuals) (Details)

Debt (Debt Textuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Apr. 09, 2020	Mar. 31, 2019
Line of Credit Facility [Line Items]
Effective interest rate	5.30%		5.90%
2022 First Lien Notes
Line of Credit Facility [Line Items]
Early repayment of senior debt	$ 245
2024 First Lien Notes
Line of Credit Facility [Line Items]
Early repayment of senior debt	184
Russell City and Los Esteros Project Debt
Line of Credit Facility [Line Items]
Long-term debt, excluding current maturities	$ 276
Other corporate facilities | Subsequent Event
Line of Credit Facility [Line Items]
Letter of Credit Amount Extended		$ 100

Debt (First Lien Term Loans) (D

Debt (First Lien Term Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 10,259	$ 11,857
2024 First Lien Term Loan
Debt Instrument [Line Items]
Long-term debt	1,511	1,514
2026 First Lien Term Loans
Debt Instrument [Line Items]
Long-term debt	1,650	1,653
First Lien Term Loans
Debt Instrument [Line Items]
Long-term debt	$ 3,161	$ 3,167

Debt Senior Unsecured Notes (De

Debt Senior Unsecured Notes (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt		$ 10,259		$ 11,857
Repayments of unsecured debt		623	$ 44
2023 Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt	[1]	0		623
Repayments of unsecured debt		623
2024 Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt		479		479
2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt		1,174		1,174
2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt	[1]	1,388		1,387
Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt		$ 3,041		$ 3,663
[1]	On January 21, 2020, we redeemed the outstanding $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 Senior Unsecured Notes, which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.

Debt (First Lien Notes) (Detail

Debt (First Lien Notes) (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt		$ 10,259	$ 11,857
2022 First Lien Notes
Debt Instrument [Line Items]
Long-term debt	[1]	0	245
2024 First Lien Notes
Debt Instrument [Line Items]
Long-term debt	[2]	0	184
2026 First Lien Notes
Debt Instrument [Line Items]
Long-term debt		1,173	1,172
2028 First Lien Notes
Debt Instrument [Line Items]
Long-term debt		1,234	1,234
First Lien Notes
Debt Instrument [Line Items]
Long-term debt		$ 2,407	$ 2,835
[1]	On January 21, 2020, we redeemed the outstanding $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes, which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019
[2]	(2)On January 21, 2020, we redeemed the outstanding $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.

Debt (Letter of Credit) (Detail

Debt (Letter of Credit) (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount		$ 1,119	$ 1,085
Revolving facilities
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	[1]	636	604
CDHI
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	[2]	3	3
Various project financing facilities
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount		185	184
Other corporate facilities
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	[3]	$ 295	$ 294
[1]	The Corporate Revolving Facility represents our primary revolving facility and matures on March 8, 2023.
[2]	(2)On April 9, 2020, we amended one of our unsecured letter of credit facilities to partially extend the maturity of $100 million in commitments from June 20, 2020 to June 20, 2022.
[3]	(2)On January 21, 2020, we redeemed the outstanding $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.

Debt (Fair Value of Debt) (Deta

Debt (Fair Value of Debt) (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		$ 10,259	$ 11,857
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		3,041	3,663
First Lien Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		3,161	3,167
First Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		2,407	2,835
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		10,923	11,571
Reported Value Measurement [Member] | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		3,041	3,663
Reported Value Measurement [Member] | First Lien Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		3,161	3,167
Reported Value Measurement [Member] | First Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		2,407	2,835
Reported Value Measurement [Member] | Project financing, notes payable and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[1]	778	817
Reported Value Measurement [Member] | CCFC Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		964	967
Reported Value Measurement [Member] | Revolving facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		572	122
Level 2 | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		2,827	3,764
Level 2 | First Lien Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		2,920	3,238
Level 2 | First Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		2,313	2,929
Level 2 | CCFC Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		850	982
Level 3 | Project financing, notes payable and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[1]	777	822
Level 3 | Revolving facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		$ 572	$ 122
[1]	Excludes an agreement that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

Assets and Liabilities with R_3

Assets and Liabilities with Recurring Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	$ 444	$ 784
Derivative Asset	[2]	489	402
Effect of Netting and Allocation of Collateral	[3],[4]	(1,458)	(1,021)
Total assets		933	1,186
Derivative Liability	[2]	378	288
Effect of Netting and Allocation of Collateral, Liability	[3],[4]	(1,501)	(1,135)
Total Liabilities		378	288
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	444	784
Effect of Netting and Allocation of Collateral	[3],[4]	(1,198)	(872)
Total assets		444	784
Effect of Netting and Allocation of Collateral, Liability	[3],[4]	(1,233)	(984)
Total Liabilities		0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	0	0
Effect of Netting and Allocation of Collateral	[3],[4]	(235)	(131)
Total assets		148	126
Effect of Netting and Allocation of Collateral, Liability	[3],[4]	(243)	(133)
Total Liabilities		286	183
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	0	0
Effect of Netting and Allocation of Collateral	[3],[4]	(25)	(18)
Total assets		341	276
Effect of Netting and Allocation of Collateral, Liability	[3],[4]	(25)	(18)
Total Liabilities		92	105
Commodity exchange traded derivatives contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		1,198	872
Derivative Liability		1,233	984
Commodity exchange traded derivatives contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		1,198	872
Derivative Liability		1,233	984
Commodity exchange traded derivatives contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0	0
Derivative Liability		0	0
Commodity exchange traded derivatives contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0	0
Derivative Liability		0	0
Commodity forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	[5]	749	539
Derivative Liability	[5]	496	408
Commodity forward contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	[5]	0	0
Derivative Liability	[5]	0	0
Commodity forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	[5]	383	245
Derivative Liability	[5]	379	285
Commodity forward contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	[5]	366	294
Derivative Liability	[5]	117	123
Interest rate hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0	12
Derivative Liability		150	31
Interest rate hedging instruments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0	0
Derivative Liability		0	0
Interest rate hedging instruments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0	12
Derivative Liability		150	31
Interest rate hedging instruments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		0	0
Derivative Liability		$ 0	$ 0
[1]	At March 31, 2020 and December 31, 2019, we had cash equivalents of $222 million and $573 million included in cash and cash equivalents and $222 million and $211 million included in restricted cash, respectively.
[2]	At March 31, 2020 and December 31, 2019, we had $191 million and $191 million, respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements.
[3]	Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $35 million, $8 million and nil, respectively, at March 31, 2020. Cash collateral posted with (received from) counterparties allocated to level 1, level 2 and level 3 derivative instruments totaled $112 million, $2 million and nil, respectively, at December 31, 2019.
[4]	We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements.
[5]	Includes OTC swaps and options.

Assets and Liabilities with R_4

Assets and Liabilities with Recurring Fair Value Measurements Quantitative Info on Level 3 (Details) - USD ($)		Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurements Inputs and Valuation Techniques
Derivative, fair value, net asset (liability)	[1]	$ 111,000,000	$ 114,000,000
Power Contracts
Fair Value Measurements Inputs and Valuation Techniques
Derivative, fair value, net asset (liability)	[2]	211,000,000	158,000,000
Power Contracts | Minimum
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		3.47	4.85
Power Contracts | Maximum
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		159.64	184.15
Power Contracts | Average
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		27.96
Power Congestion Products
Fair Value Measurements Inputs and Valuation Techniques
Derivative, fair value, net asset (liability)		11,000,000	17,000,000
Power Congestion Products | Minimum
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		(6.48)	(10.32)
Power Congestion Products | Maximum
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		42	20
Power Congestion Products | Average
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		3.48
Natural Gas Contracts
Fair Value Measurements Inputs and Valuation Techniques
Derivative, fair value, net asset (liability)		10,000,000	(20,000,000)
Natural Gas Contracts | Minimum
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		1.13	1.73
Natural Gas Contracts | Maximum
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		4.77	$ 6.45
Natural Gas Contracts | Average
Fair Value Measurements Inputs and Valuation Techniques
Fair value inputs quantitative information		$ 2.60
[1]	At March 31, 2020 and December 31, 2019, we had $191 million and $191 million, respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements.
[2]	Power contracts include power and heat rate instruments classified as level 3 in the fair value hierarchy.

Assets and Liabilities with R_5

Assets and Liabilities with Recurring Fair Value Measurements (Textuals) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value Measurement [Domain]
Fair Value Disclosures [Abstract]
Cash and Cash Equivalents, at Carrying Value		$ 222		$ 573
Restricted Cash and Cash Equivalents		222		211
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs		171	$ (8)
Included in operating revenues	[1]	81	50
Fair Value, Assets Measured with Unobservable Inputs on Recurring Basis, Gain (Loss) Included In Fuel And Purchased Energy Expense	[2]	(4)	2
Amount of Change in Collateral of Financial Instruments Classified as Derivative Asset (Liability)		0	2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases		0	2
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		0	58
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount			0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount		0	0
Transfers into level 3	[3],[4]	3	(1)
Transfers out of Level 3	[3],[5]	(2)	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs		249	105
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		77	$ 52
Cash and Cash Equivalents, at Carrying Value		531		1,131
Restricted Cash and Cash Equivalents		306		345
Level 1
Fair Value Disclosures [Abstract]
Derivative, Collateral, Right to Reclaim Cash, Net		35		112
Level 2
Fair Value Disclosures [Abstract]
Derivative, Collateral, Right to Reclaim Cash, Net		8		2
Level 3
Fair Value Disclosures [Abstract]
Derivative, Collateral, Right to Reclaim Cash, Net		$ 0		$ 0
[1]	For power contracts and other power-related products, included on our Consolidated Condensed Statements of Operations.
[2]	For natural gas and power contracts, swaps and options, included on our Consolidated Condensed Statements of Operations.
[3]	(2)Amount represents the arithmetic average of the significant unobservable input based on the range disclosed.
[4]	We had $3 million in gains and $(1) million in losses transferred out of level 2 into level 3 for the three months ended March 31, 2020 and 2019, respectively, due to changes in market liquidity in various power markets.
[5]	We had $2 million in gains and nil transferred out of level 3 into level 2 for the three months ended March 31, 2020 and 2019, respectively, due to changes in market liquidity in various power markets.

Derivative Instruments - Notion

Derivative Instruments - Notional Amount of Derivative Instruments (Details) $ in Billions		3 Months Ended	12 Months Ended
		Mar. 31, 2020USD ($)MMBTUMWht	Dec. 31, 2019USD ($)MMBTUMWht
Derivative [Line Items]
Derivative, amount of hedged item	[1]	$ 1.6
Power
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh		190	184
Natural Gas Contracts
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU		913	1,063
Environmental credits
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | t		37	26
Interest rate hedging instruments
Derivative [Line Items]
Derivative, notional amount	[1]	$ 6.6	$ 4.8
[1]	(1)During the first quarter of 2020, we entered into interest rate hedging instruments to hedge approximately $1.6 billion of variable rate debt.

Derivative Instruments - Cash F

Derivative Instruments - Cash Flow Derivatives (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Asset	[1]	$ 489	$ 402
Derivative Liability	[1]	378	288
Interest rate hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Asset		0	12
Derivative Liability		150	31
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset		0	12
Derivative Liability		123	29
Designated as Hedging Instrument | Interest rate hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Asset		0	12
Derivative Liability		123	29
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset		489	390
Derivative Liability		255	259
Not Designated as Hedging Instrument | Interest rate hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Asset		0	0
Derivative Liability		27	2
Not Designated as Hedging Instrument | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset		489	390
Derivative Liability		$ 228	$ 257
[1]	At March 31, 2020 and December 31, 2019, we had $191 million and $191 million, respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements.

Derivative Instruments (Detail

Derivative Instruments (Detail 3) (Details) - USD ($) $ in Millions		Mar. 31, 2020		Dec. 31, 2019
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		$ 68
Derivative assets, current	[1]	226	[2]	$ 156	[3]
Derivative Asset, Noncurrent	[1]	263	[2]	246	[3]
Long-term derivative liabilities	[1]	(184)	[2]	(63)	[3]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement				0
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		43		114
Derivative Liability, Current	[1]	(194)	[2]	(225)	[3]
Derivative Liability	[1]	(378)		(288)
Derivative, Collateral, Right to Reclaim Cash		191		191
Derivative, Fair Value, Net	[1]	111		114
Derivative Asset	[1]	489		402
Derivative Financial Instruments, Assets [Member]
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		1,947		1,423
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(1,458)		(1,021)
Commodity exchange traded derivatives contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative assets, current	[1]	0		0
Derivative Asset, Noncurrent	[1]	0		0
Long-term derivative liabilities	[1]	0		0
Derivative Liability, Current	[1]	0		0
Derivative Liability		(1,233)		(984)
Derivative Asset		1,198		872
Commodity forward contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative assets, current	[1]	226		154
Derivative Asset, Noncurrent	[1]	263		236
Long-term derivative liabilities	[1]	(79)		(45)
Derivative Liability, Current	[1]	(149)		(212)
Derivative Liability	[4]	(496)		(408)
Derivative Asset	[4]	749		539
Interest rate hedging instruments
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative assets, current	[1]	0		2
Derivative Asset, Noncurrent	[1]	0		10
Long-term derivative liabilities	[1]	(105)		(18)
Derivative Liability, Current	[1]	(45)		(13)
Derivative Liability		(150)		(31)
Derivative Asset		0		12
Level 3
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Margin/Cash (Received) Posted Subject to Master Netting Arrangement		0		0
Level 3 | Commodity exchange traded derivatives contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability		0		0
Derivative Asset		0		0
Level 3 | Commodity forward contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability	[4]	(117)		(123)
Derivative Asset	[4]	366		294
Level 3 | Interest rate hedging instruments
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability		0		0
Derivative Asset		0		0
Derivative Assets, Current [Member]
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		1,322	[2]	991	[3]
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(1,096)	[2]	(835)	[3]
Derivative Assets, Current [Member] | Commodity exchange traded derivatives contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		920		727
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(920)		(727)
Derivative Assets, Current [Member] | Commodity forward contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		402		262
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(176)		(108)
Derivative Assets, Current [Member] | Interest rate hedging instruments
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		0		2
Derivative Asset, Collateral, Obligation to Return Cash, Offset		0		0
Derivative Assets, Non-current [Member]
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		625	[2]	432	[3]
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(362)	[2]	(186)	[3]
Derivative Assets, Non-current [Member] | Commodity exchange traded derivatives contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		278		145
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(278)		(145)
Derivative Assets, Non-current [Member] | Commodity forward contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		347		277
Derivative Asset, Collateral, Obligation to Return Cash, Offset		(84)		(41)
Derivative Assets, Non-current [Member] | Interest rate hedging instruments
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		0		10
Derivative Asset, Collateral, Obligation to Return Cash, Offset		0		0
Derivative Liabilities, Current [Member]
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(1,298)	[2]	(1,164)	[3]
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		1,104	[2]	939	[3]
Derivative Liabilities, Current [Member] | Commodity exchange traded derivatives contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(921)		(830)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		921		830
Derivative Liabilities, Current [Member] | Commodity forward contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(332)		(321)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		183		109
Derivative Liabilities, Current [Member] | Interest rate hedging instruments
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(45)		(13)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		0		0
Derivative Liabilities, Non-current [Member]
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(581)	[2]	(259)	[3]
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		397	[2]	196	[3]
Derivative Liabilities, Non-current [Member] | Commodity exchange traded derivatives contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(312)		(154)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		312		154
Derivative Liabilities, Non-current [Member] | Commodity forward contracts
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(164)		(87)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		85		42
Derivative Liabilities, Non-current [Member] | Interest rate hedging instruments
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(105)		(18)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		0		0
Derivative Financial Instruments, Liabilities [Member]
Derivative Instruments Subject to Master Netting Arrangement [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		(1,879)		(1,423)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		$ 1,501		$ 1,135
[1]	At March 31, 2020 and December 31, 2019, we had $191 million and $191 million, respectively, of collateral under master netting arrangements that were not offset against our derivative instruments on the Consolidated Condensed Balance Sheets primarily related to initial margin requirements.
[2]	At March 31, 2020, current and long-term derivative assets are shown net of collateral of $(14) million and $(13) million, respectively, and current and long-term derivative liabilities are shown net of collateral of $22 million and $48 million, respectively.
[3]	At December 31, 2019, current and long-term derivative assets are shown net of collateral of $(4) million and $(4) million, respectively, and current and long-term derivative liabilities are shown net of collateral of $108 million and $14 million, respectively.
[4]	Includes OTC swaps and options.

Derivative Instruments (Details

Derivative Instruments (Details 4) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Summary of Derivative Instruments by Risk Exposure [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	[1]	$ 174	$ 156
Gain (Loss) on Sale of Derivatives	[2],[3]	(3)	111
Mark-to-market gain (loss)	[4]	177	45
Sales [Member]
Summary of Derivative Instruments by Risk Exposure [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	[1],[5],[6]	507	37
Cost of Sales [Member]
Summary of Derivative Instruments by Risk Exposure [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	[1],[5],[6]	(309)	120
Interest Expense [Member]
Summary of Derivative Instruments by Risk Exposure [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	[1]	(24)	(1)
Interest rate hedging instruments
Summary of Derivative Instruments by Risk Exposure [Abstract]
Mark-to-market gain (loss)	[4]	(24)	(1)
Energy Related Derivative
Summary of Derivative Instruments by Risk Exposure [Abstract]
Gain (Loss) on Sale of Derivatives	[2],[3]	(3)	111
Mark-to-market gain (loss)	[4]	$ 201	$ 46
[1]	In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure.
[2]	Does not include the realized value associated with derivative instruments that settle through physical delivery.
[3]	Includes amortization of acquisition date fair value of financial derivative activity related to the acquisition of Champion Energy and Calpine Solutions.
[4]	In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes adjustments to reflect changes in credit default risk exposure.
[5]	Does not include the realized value associated with derivative instruments that settle through physical delivery.
[6]	Includes amortization of acquisition date fair value of financial derivative activity related to the acquisition of Champion Energy and Calpine Solutions.

Derivative Instruments (Detai_2

Derivative Instruments (Details 5) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustment for loss on cash flow hedges realized in net income (loss)		$ (6)	$ 2
Interest rate hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax	[1]	(104)	(25)
Reclassification adjustment for loss on cash flow hedges realized in net income (loss)	[1],[2],[3]	$ (6)	$ 2
[1]	We recorded an income tax benefit of $3 million and nil for the three months ended March 31, 2020 and 2019, respectively, in AOCI related to our cash flow hedging activities.
[2]	Cumulative cash flow hedge losses attributable to Calpine, net of tax, remaining in AOCI were $176 million and $72 million at March 31, 2020 and December 31, 2019, respectively. Cumulative cash flow hedge losses attributable to the noncontrolling interest, net of tax, remaining in AOCI were nil and $3 million at March 31, 2020 and December 31, 2019, respectively.
[3]	Includes losses of nil and $1 million that were reclassified from AOCI to interest expense for the three months ended March 31, 2020 and 2019, respectively, where the hedged transactions became probable of not occurring.

Derivative Instruments (Textual

Derivative Instruments (Textuals) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Current Derivatives Assets, net of Collateral	$ (14,000,000)		$ (4,000,000)
Long-Term Derivative Assets, net of Collateral	(13,000,000)		(4,000,000)
Current Derivative Liabilities, net of Collateral	22,000,000		108,000,000
Long-term Derivative Liabilities, net of Collateral	48,000,000		14,000,000
Derivative, Collateral, Right to Reclaim Cash	191,000,000		191,000,000
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ (3,000,000)	$ 0
Summary of Derivative Instruments [Abstract]
Maximum length of time hedging using interest rate derivative instruments	6 years
Derivative, Net Liability Position, Aggregate Fair Value	$ 153,000,000
Collateral Already Posted, Aggregate Fair Value	104,000,000
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	0	$ 1,000,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	55,000,000
Additional Collateral, Aggregate Fair Value	1,000,000
Parent
Derivatives, Fair Value [Line Items]
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	176,000,000		72,000,000
Noncontrolling Interest
Derivatives, Fair Value [Line Items]
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	$ 0		$ 3,000,000

Use of Collateral (Details)

Use of Collateral (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Financial Instruments Owned and Pledged as Collateral [Line Items]
Margin deposits	[1]	$ 327	$ 432
Natural gas and power prepayments		32	29
Total margin deposits and natural gas and power prepayments with our counterparties	[2]	359	461
Letters of credit issued		949	906
First priority liens under power and natural gas agreements		29	42
First priority liens under interest rate hedging instruments		156	31
Total letters of credit and first priority liens with our counterparties		1,134	979
Margin deposits held by us posted by our counterparties	[1],[3]	93	127
Letters of credit posted with us by our counterparties		87	25
Total margin deposits and letters of credit posted with us by our counterparties		180	152
Current and Non-current Derivative Assets and Liabilities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total margin deposits and natural gas and power prepayments with our counterparties	[2]	59	117
Margin deposits held by us posted by our counterparties		16	3
Other Current Liabilities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Margin deposits held by us posted by our counterparties		46	93
Prepaid Expenses and Other Current Assets
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total margin deposits and natural gas and power prepayments with our counterparties	[2]	292	336
Other Assets
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total margin deposits and natural gas and power prepayments with our counterparties	[2]	8	8
Other Noncurrent Liabilities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Margin deposits held by us posted by our counterparties		$ 31	$ 31
[1]	We offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation; therefore, amounts recognized for the right to reclaim, or the obligation to return, cash collateral are presented net with the corresponding derivative instrument fair values. See Note 6 for further discussion of our derivative instruments subject to master netting arrangements.
[2]	At March 31, 2020 and December 31, 2019, $59 million and $117 million, respectively, were included in current and long-term derivative assets and liabilities, $292 million and $336 million, respectively, were included in margin deposits and other prepaid expense and $8 million and $8 million, respectively, were included in other assets on our Consolidated Condensed Balance Sheets.
[3]	At March 31, 2020 and December 31, 2019, $16 million and $3 million, respectively, were included in current and long-term derivative assets and liabilities, $46 million and $93 million, respectively, were included in other current liabilities and $31 million and $31 million, respectively, were included in other long-term liabilities on our Consolidated Condensed Balance Sheets.

Income Taxes (Income Tax Expens

Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 46	$ 10
Effective income tax rate, continuing operations	26.00%	5.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 29
Unrecognized tax benefits that would impact effective tax rate	17
Unrecognized tax benefits related to deferred tax asset	12
Unrecognized tax benefits, income tax penalties and interest accrued	$ 3

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantor obligations, current carrying value	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transactions [Abstract]
Continuing involvement with derecognized transferred financial assets, amount outstanding	$ 210		$ 222
Notes receivable, related parties, current	42		$ 38
Trade receivables sold	525	$ 597
Cash flows between transferor and transferee, proceeds from new transfers	521	579
Revenue from related parties	13	20
Related party transaction, purchases from related party	$ 3	$ 3

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	[1]	$ 2,292	$ 2,599
Commodity Margin		588	779
Add: Mark-to-market commodity activity, net and other(2)	[2]	213	52
Operating and maintenance expense		240	239
Depreciation and amortization expense		164	174
General and other administrative expense		31	32
Other operating expenses		17	34
(Income) loss from unconsolidated investments in power plants		0	(6)
Income from operations		349	358
Interest expense		169	149
Debt Extinguishment Costs and Other (Income) Expense, Net		4	19
Income before income taxes		176	190
Lease levelization		(18)	(16)
West
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	[1]	705	682
Commodity Margin		234	264
Add: Mark-to-market commodity activity, net and other(2)	[2]	54	56
Operating and maintenance expense		86	81
Depreciation and amortization expense		56	73
General and other administrative expense		8	7
Other operating expenses		8	9
(Income) loss from unconsolidated investments in power plants			0
Income from operations		130	150
Texas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	[1]	650	743
Commodity Margin		113	162
Add: Mark-to-market commodity activity, net and other(2)	[2]	101	44
Operating and maintenance expense		66	65
Depreciation and amortization expense		50	45
General and other administrative expense		11	12
Other operating expenses		2	2
(Income) loss from unconsolidated investments in power plants			0
Income from operations		85	82
East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	[1]	542	689
Commodity Margin		150	265
Add: Mark-to-market commodity activity, net and other(2)	[2]	82	13
Operating and maintenance expense		63	67
Depreciation and amortization expense		46	43
General and other administrative expense		8	9
Other operating expenses		7	23
(Income) loss from unconsolidated investments in power plants			(6)
Income from operations		108	142
Retail
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	[1]	908	998
Commodity Margin		91	88
Add: Mark-to-market commodity activity, net and other(2)	[2]	(16)	(53)
Operating and maintenance expense		33	34
Depreciation and amortization expense		12	13
General and other administrative expense		4	4
Other operating expenses		0	0
(Income) loss from unconsolidated investments in power plants			0
Income from operations		26	(16)
Consolidation, Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues	[1]	(513)	(513)
Commodity Margin		0	0
Add: Mark-to-market commodity activity, net and other(2)	[2]	(8)	(8)
Operating and maintenance expense		(8)	(8)
Depreciation and amortization expense		0	0
General and other administrative expense		0	0
Other operating expenses		0	0
(Income) loss from unconsolidated investments in power plants			0
Income from operations		0	0
Elimination | West
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues		119	162
Elimination | Texas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues		218	211
Elimination | East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues		175	137
Elimination | Retail
Revenues from External Customers and Long-Lived Assets [Line Items]
Total operating revenues		1	3
Other Assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Amortization of Intangible Assets		$ 16	$ 21
[1]	Includes intersegment revenues of $119 million and $162 million in the West, $218 million and $211 million in Texas, $175 million and $137 million in the East and $1 million and $3 million in Retail for the three months ended March 31, 2020 and 2019, respectively.
[2]	Includes $(18) million and $(16) million of lease levelization and $16 million and $21 million of amortization expense for the three months ended March 31, 2020 and 2019, respectively.