v3.26.1
Accounting for Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Notional Volume Buy/(Sell) of NRG's Open Derivative Transactions Broken out by Commodity
The following table summarizes the net notional volume buy/(sell) of NRG’s open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of June 30, 2026 and December 31, 2025. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.
Total Volume (In millions)
CategoryUnitsJune 30, 2026December 31, 2025
EmissionsShort Ton8 2 
Renewable Energy CertificatesCertificates13 13 
CoalShort Ton5 8 
Natural GasMMBtu1,413 907 
PowerMWh34 103 
InterestDollars700 700 
Foreign ExchangeDollars424 437 
Consumer Financing ProgramDollars1,293 1,354 
Schedule of Fair Value within the Derivative Instrument Valuation on the Balance Sheets
The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:
Fair Value
Derivative AssetsDerivative Liabilities
(In millions)June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Derivatives Not Designated as Cash Flow or Fair Value Hedges:
Interest rate contracts - current$1 $— $— $4 
Interest rate contracts - long-term9 — — — 
Foreign exchange contracts - current9 2 — 1 
Foreign exchange contracts - long-term3 1 — 2 
Commodity contracts - current2,982 1,991 2,917 1,997 
Commodity contracts - long-term1,248 1,141 1,177 935 
Consumer Financing Program - current— — 168 184 
Consumer Financing Program - long-term— — 103 99 
Derivatives Not Designated as Cash Flow or Fair Value Hedges$4,252 $3,135 $4,365 $3,222 
Deferred gains/losses on NPNS contracts - current196 196 35 71 
Deferred gains/losses on NPNS contracts - long-term357 426 47 67 
Deferred gains/losses on NPNS contracts(a)
$553 $622 $82 $138 
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges$4,805 $3,757 $4,447 $3,360 
(a)Balances related to certain derivative contracts that were accounted for as derivative contracts prior to the election of the NPNS exemption on October 1, 2024 and the discontinuance of derivative accounting treatment as of the election date
Schedule of Offsetting of Derivatives by Counterparty Assets The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of June 30, 2026
Interest rate contracts:
Derivative assets$10 $— $— $10 
Foreign exchange contracts:
Derivative assets$12 $— $— $12 
Commodity contracts:
Derivative assets$4,783 $(3,574)$(158)$1,051 
Derivative liabilities(4,176)3,574 139 (463)
Total commodity contracts$607 $— $(19)$588 
Consumer Financing Program:
Derivative liabilities$(271)$— $— $(271)
Total derivative instruments$358 $— $(19)$339 
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of December 31, 2025
Interest rate contracts:
Derivative liabilities$(4)$— $— $(4)
Foreign exchange contracts:
Derivative assets$3 $(2)$— $1 
Derivative liabilities(3)2 — (1)
Total foreign exchange contracts$— $— $— $— 
Commodity contracts:
Derivative assets$3,754 $(2,724)$(215)$815 
Derivative liabilities(3,070)2,724 137 (209)
Total commodity contracts$684 $— $(78)$606 
Consumer Financing Program:
Derivative liabilities$(283)$— $— $(283)
Total derivative instruments$397 $— $(78)$319 
Schedule of Offsetting of Derivatives by Counterparty Liabilities The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of June 30, 2026
Interest rate contracts:
Derivative assets$10 $— $— $10 
Foreign exchange contracts:
Derivative assets$12 $— $— $12 
Commodity contracts:
Derivative assets$4,783 $(3,574)$(158)$1,051 
Derivative liabilities(4,176)3,574 139 (463)
Total commodity contracts$607 $— $(19)$588 
Consumer Financing Program:
Derivative liabilities$(271)$— $— $(271)
Total derivative instruments$358 $— $(19)$339 
Gross Amounts Not Offset in the Statement of Financial Position
(In millions)Gross Amounts of Recognized Assets / LiabilitiesDerivative InstrumentsCash Collateral (Held)/PostedNet Amount
As of December 31, 2025
Interest rate contracts:
Derivative liabilities$(4)$— $— $(4)
Foreign exchange contracts:
Derivative assets$3 $(2)$— $1 
Derivative liabilities(3)2 — (1)
Total foreign exchange contracts$— $— $— $— 
Commodity contracts:
Derivative assets$3,754 $(2,724)$(215)$815 
Derivative liabilities(3,070)2,724 137 (209)
Total commodity contracts$684 $— $(78)$606 
Consumer Financing Program:
Derivative liabilities$(283)$— $— $(283)
Total derivative instruments$397 $— $(78)$319 
Schedule of Pre-tax Effects of Economic Hedges Not Designated as Cash Flow Hedges
The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges or fair value hedges and trading activity on the Company’s consolidated statement of operations. The effect of foreign exchange and commodity hedges are included within revenues and cost of operations. The effect of the interest rate contracts are included within interest expense. The effect of the Consumer Financing Program is included in other income, net.

(In millions)Three months ended June 30,Six months ended June 30,
Unrealized mark-to-market results2026202520262025
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges(a)
$181 $120 $147 $(98)
Reversal of acquired loss positions related to economic hedges
6 9 16 5 
Net unrealized gains/(losses) on open positions related to economic hedges
102 (412)(79)141 
Total unrealized mark-to-market gains/(losses) for economic hedging activities
289 (283)84 48 
Reversal of previously recognized unrealized losses on settled positions related to trading activity
4 3 4 2 
Net unrealized (losses)/gains on open positions related to trading activity
(6)11 (13)8 
Total unrealized mark-to-market (losses)/gains for trading activity
(2)14 (9)10 
Total unrealized gains/(losses) - commodities and foreign exchange$287 $(269)$75 $58 
(a)The three months ended June 30, 2026 and 2025, includes $38 million and $30 million, respectively, and the six months ended June 30, 2026 and 2025, includes $(13) million and $(53) million, respectively, related to derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Total impact to statement of operations - interest rate contracts$8 $(5)$14 $(14)
Unrealized gains/(losses) included in revenues - commodities$16 $13 $(33)$(6)
Unrealized gains/(losses) included in cost of operations - commodities266 (266)98 84 
Unrealized gains/(losses) included in cost of operations - foreign exchange5 (16)10 (20)
Total impact to statement of operations - commodities and foreign exchange$287 $(269)$75 $58 
Total impact to statement of operations - Consumer Financing Program $(1)$— $(4)$(8)