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Debt and Capital Leases (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Instrument  
Long-term debt and capital leases
Long-term debt and capital leases consisted of the following:
 
As of December 31,
 
December 31, 2016
 
2016
 
2015
 
Interest Rate % (a)
 
(In millions except rates)
NRG Recourse Debt:
 
 
 
 
 
Senior notes, due 2018
$
398

 
$
1,039

 
7.625
Senior notes, due 2020
—

 
1,058

 
8.250
Senior notes, due 2021
207

 
1,128

 
7.875
Senior notes, due 2022
992

 
1,100

 
6.250
Senior notes, due 2023
869

 
936

 
6.625
Senior notes, due 2024
733

 
904

 
6.250
Senior notes, due 2026
1,000

 
—

 
7.250
Senior notes, due 2027
1,250

 
—

 
6.625
Term loan facility, due 2018 
—

 
1,964

 
L+2.00
Term loan facility, due 2023
1,882

 
—

 
L+2.75
Tax-exempt Bonds
455

 
455

 
4.125 - 6.00
    Subtotal NRG Recourse Debt
7,786

 
8,584

 
 
NRG Non-Recourse Debt:
 
 
 
 
 
GenOn senior notes
1,911

 
1,956

 
7.875 - 9.875
GenOn Americas Generation senior notes
745

 
752

 
8.500 - 9.125
GenOn Other
96

 
56

 
 
Subtotal GenOn debt (non-recourse to NRG)
2,752

 
2,764

 
 
NRG Yield Operating LLC Senior Notes, due 2024
500

 
500

 
5.375
NRG Yield Operating LLC Senior Notes, due 2026
350

 
—

 
5.000
NRG Yield LLC and Yield Operating LLC Revolving Credit Facility, due 2019
—

 
306

 
L+2.75
NRG Yield Inc. Convertible Senior Notes, due 2019
335

 
330

 
3.500
NRG Yield Inc. Convertible Senior Notes, due 2020
271

 
266

 
3.250
El Segundo Energy Center, due 2023
443

 
485

 
L+1.625 - L+2.25
Marsh Landing, due 2017 and 2023
370

 
418

 
L+1.75 - L+1.875
Alta Wind I-V lease financing arrangements, due 2034 and 2035
965

 
1,002

 
5.696 - 7.015
Walnut Creek, term loans due 2023
310

 
351

 
L+1.625
Tapestry, due 2021
172

 
181

 
L+1.625
CVSR, due 2037
771

 
793

 
2.339 - 3.775
CVSR HoldCo, due 2037
199

 
—

 
4.680
Alpine, due 2022
145

 
154

 
L+1.750
Energy Center Minneapolis, due 2017 and 2025
96

 
108

 
5.95 - 7.25
Energy Center Minneapolis, due 2031
125

 
—

 
3.55
Viento, due 2023
178

 
189

 
L+2.75
NRG Yield - other
540

 
573

 
various
Subtotal NRG Yield debt (non-recourse to NRG)
5,770

 
5,656

 
 
Ivanpah, due 2033 and 2038
1,113

 
1,149

 
2.285 - 4.256
Agua Caliente, due 2037
849

 
879

 
2.395 - 3.633
Dandan, due 2033
76

 
98

 
L+2.25
Peaker bonds, due 2019 
—

 
72

 
L+1.07
Cedro Hill, due 2025
163

 
103

 
L+1.75
Utah Portfolio, due 2022
287

 
—

 
L+2.65
Midwest Generation, due 2019
218

 
—

 
4.390
NRG Other
392

 
315

 
various
Subtotal other NRG non-recourse debt
3,098

 
2,616

 
 
Subtotal all non-recourse debt
11,620

 
11,036

 
 
Subtotal long-term debt (including current maturities)
19,406

 
19,620

 
 
Capital leases:
8

 
16

 
various
Subtotal long-term debt and capital leases (including current maturities)
19,414

 
19,636

 
 
Less current maturities 
1,220

 
481

 
 
Less debt issuance costs
188

 
172

 
 
Total long-term debt and capital leases
$
18,006

 
$
18,983

 
 

(a)
As of December 31, 2016, L+ equals 3 month LIBOR plus x%, with the exception of the Viento term loan, which is 6 month LIBOR plus x% and the Alpine term loan, the NRG Marsh Landing term loan, the Walnut Creek loan, and 2023 Term Loan Facility, which are 1 month LIBOR plus x%.

Long-term debt includes the following premiums/(discounts):
 
 
As of December 31,
 
 
2016
 
2015
 
 
(In millions)
Term loan facility, due 2018 (a)
 
$
—

 
$
(3
)
Term loan facility, due 2023 (a)
 
(9
)
 
—

Peaker bonds, due 2019 (b)
 
—

 
(4
)
Yield, Inc. Convertible notes, due 2019
 
(10
)
 
(15
)
Yield, Inc. Convertible notes, due 2020
 
(17
)
 
(21
)
Midwest Generation, due 2019
 
(13
)
 
—

GenOn senior notes, due 2017 (c)
 
8

 
23

GenOn senior notes, due 2018 (c)
 
38

 
59

GenOn senior notes, due 2020 (c)
 
35

 
44

GenOn Americas Generation senior notes, due 2021 (c)
 
26

 
32

GenOn Americas Generation senior notes, due 2031 (c)
 
24

 
25

Total premium
 
$
82

 
$
140

(a)
Term loan facility, due 2018 replaced with the Term loan facility due 2023. Discount of $1 million was related to current maturities in 2016.
(b)
Repaid in 2016.    
(c)
Premiums for long-term debt acquired in the GenOn acquisition represent adjustments to record the debt at fair value in connection with the acquisition.
Schedule of swaps related to project level debt
The following table summarizes the swaps, some of which are forward starting as indicated, related to NRG's project level debt as of December 31, 2016.
 
% of Principal
 
Fixed Interest Rate
 
Floating Interest Rate
 
Notional Amount at December 31, 2016 (In millions)
 
Effective Date
 
Maturity Date
Recourse Debt
 
 
 
 
 
 
 
 
 
 
 
NRG Energy
85
%
 
various

 
1-mo. LIBOR
 
$
1,000

 
June 30, 2016
 
June 30, 2021
Non-Recourse Debt

 

 
 
 


 
 
 
 
El Segundo Energy Center
75
%
 
2.417
%
 
3-mo. LIBOR
 
330

 
November 30, 2011
 
August 31, 2023
South Trent Wind LLC
75
%
 
3.265
%
 
3-mo. LIBOR
 
43

 
June 15, 2010
 
June 14, 2020
South Trent Wind LLC
75
%
 
4.95
%
 
3-mo. LIBOR
 
21

 
June 30, 2020
 
June 14, 2028
NRG Solar Roadrunner LLC
75
%
 
4.313
%
 
3-mo. LIBOR
 
28

 
September 30, 2011
 
December 31, 2029
NRG Solar Alpine LLC
85
%
 
2.744
%
 
3-mo. LIBOR
 
115

 
various
 
December 31, 2029
NRG Solar Alpine LLC
85
%
 
2.421
%
 
3-mo. LIBOR
 
8

 
June 24, 2014
 
June 30, 2025
NRG Solar Avra Valley LLC
85
%
 
2.333
%
 
3-mo. LIBOR
 
49

 
November 30, 2012
 
November 30, 2030
NRG Marsh Landing
75
%
 
3.244
%
 
3-mo. LIBOR
 
342

 
June 28, 2013
 
June 30, 2023
Iron Springs
80
%
 
2.555
%
 
1-mo. LIBOR
 
34

 
December 15, 2016
 
September 30, 2036
Four Brothers
80
%
 
2.567
%
 
1-mo. LIBOR
 
141

 
December 15, 2016
 
September 30, 2036
Granite Mountain
80
%
 
2.557
%
 
1-mo. LIBOR
 
56

 
December 15, 2016
 
September 30, 2036
DGPV 4
85
%
 
various

 
3-mo. LIBOR
 
19

 
various
 
various
Other
75
%
 
various

 
various
 
142

 
various
 
various
EME Project Financings
 
 
 
 
 
 
 
 
 
 
 
Broken Bow
75
%
 
various

 
3-mo. LIBOR
 
58

 
various
 
various
Cedro Hill
90
%
 
various

 
3-mo. LIBOR
 
147

 
various
 
various
Crofton Bluffs
75
%
 
various

 
3-mo. LIBOR
 
38

 
various
 
various
Laredo Ridge
75
%
 
2.310
%
 
3-mo. LIBOR
 
79

 
March 31, 2011
 
March 31, 2026
Tapestry
75
%
 
2.210
%
 
3-mo. LIBOR
 
155

 
December 30, 2011
 
December 21, 2021
Tapestry
50
%
 
3.570
%
 
3-mo. LIBOR
 
60

 
December 21, 2021
 
December 21, 2029
Viento Funding II
90
%
 
various

 
6-mo. LIBOR
 
160

 
various
 
various
Viento Funding II
90
%
 
4.985
%
 
6-mo. LIBOR
 
65

 
July 11, 2023
 
June 30, 2028
Walnut Creek Energy
75
%
 
various

 
3-mo. LIBOR
 
276

 
June 28, 2013
 
May 31, 2023
WCEP Holdings
90
%
 
4.003
%
 
3-mo. LIBOR
 
46

 
June 28, 2013
 
May 21, 2023
Alta Wind Project Financings
 
 
 
 
 
 
 
 
 
 
 
AWAM
100
%
 
2.470
%
 
3-mo. LIBOR
 
18

 
May 22, 2013
 
May 15, 2031
Total
 
 
 
 
 
 
$
3,430

 
 
 
 
Annual payments based on the maturities of NRG's debt
Annual payments based on the maturities of NRG's debt and capital leases for the years ending after December 31, 2016 are as follows:
 
(In millions)
2017
$
1,222

2018
1,650

2019
839

2020
1,273

2021
1,157

Thereafter
13,192

Total
$
19,333
GenOn Americas Generation senior notes  
Debt Instrument  
Schedule of Long-term Debt Instruments [Table Text Block]
 
 
As of December 31,
 
 
 
 
2016
 
2015
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2021
 
$
392

 
$
398

 
8.500
Senior unsecured notes, due 2031
 
353

 
354

 
9.125
Total
 
$
745

 
$
752

 
 
Debt Instrument Redemption [Table Text Block]
During the fourth quarter of 2015, the Company repurchased $155 million in aggregate principal of the following outstanding Senior Notes for $128 million, including accrued interest.
 
 
Principal Repurchased
 
Average Early Redemption Percentage
 
Gain on Debt Extinguishment
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2021
 
$
84

 
84.910
%
 
$
20

Senior unsecured notes, due 2031
 
71

 
77.018
%
 
22

Total
 
$
155

 
 
 
$
42
Tax-exempt Bonds  
Debt Instrument  
Schedule of Long-term Debt Instruments [Table Text Block]
Tax Exempt Bonds
 
 
As of December 31,
 
 
 
 
2016
 
2015
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Indian River Power tax exempt bonds, due 2040
 
$
57

 
$
57

 
6.000
Indian River Power LLC, tax exempt bonds, due 2045
 
190

 
190

 
5.375
Dunkirk Power LLC, tax exempt bonds, due 2042
 
59

 
59

 
5.875
City of Texas City, tax exempt bonds, due 2045
 
22

 
22

 
4.125
Fort Bend County, tax exempt bonds, due 2038
 
54

 
54

 
4.750
Fort Bend County, tax exempt bonds, due 2042
 
73

 
73

 
4.750
Total
 
$
455

 
$
455

 
Senior Notes [Member]  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
 
Principal Repurchased
 
Cash Paid (a)                         
 
Average Early Redemption Percentage
Amount in millions, except rates
 
 
 
 
 
7.625% senior notes due 2018 (b)
$
641

 
$
706

 
107.89
%
8.250% senior notes due 2020
1,058

 
1,129

 
103.12
%
7.875% senior notes due 2021 (c)
922

 
978

 
104.00
%
6.250% senior notes due 2022
108

 
105

 
94.73
%
6.625% senior notes due 2023
67

 
64

 
94.13
%
6.250% senior notes due 2024
171

 
163

 
94.52
%
Total
$
2,967

 
$
3,145

 
 
(a) Includes payment for accrued interest.
(b) $186 million of the redemptions financed by cash on hand.
(c) $193 million of the redemptions financed by cash on hand.
2015 Senior Notes Repurchases
During the year ended December 31, 2015, the Company repurchased $246 million in aggregate principal of its Senior Notes for $231 million, which included accrued interest of $5 million. In connection with the repurchases, a $19 million gain on debt extinguishment was recorded, which included the write-off of previously deferred financing costs of $2 million.
 
Principal Repurchased
 
Cash Paid (a)                         
 
Average Early Redemption Percentage
Amount in millions, except rates
 
 
 
 
 
7.625% senior notes due 2018
$
92

 
$
97

 
102.23
%
8.250% senior notes due 2020
5

 
5

 
96.50
%
6.625% senior notes due 2023
54

 
47

 
85.97
%
6.250% senior notes due 2024
95

 
82

 
84.73
%
Total
$
246

 
$
231

 
 
(a) Includes payment for accrued interest.
Senior notes, due 2021  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
2021 Senior Notes
On or after May 15, 2016, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
May 15, 2016 to May 14, 2017
103.938
%
May 15, 2017 to May 14, 2018
102.625
%
May 15, 2018 to May 14, 2019
101.313
%
May 15, 2019 and thereafter
100.000
%
Senior notes, due 2023  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
In addition, on or after September 15, 2017, NRG may redeem some or all of the 2023 Senior Notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
September 15, 2017 to September 14, 2018
103.313
%
September 15, 2018 to September 14, 2019
102.208
%
September 15, 2019 to September 14, 2020
101.104
%
September 15, 2020 and thereafter
100.000
%
GenOn senior notes, due 2020  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
GenOn may redeem some or all of the Senior Notes due 2020 at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption rate:
Redemption Period
Redemption
Percentage
October 15, 2016 to October 14, 2017
103.292
%
October 15, 2017 to October 14, 2018
101.646
%
October 15, 2018 and thereafter
100.000
%
Senior Notes Due In 2022 [Member]  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
In addition, on or after July 15, 2018, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
July 15, 2018 to July 14, 2019
103.125
%
July 15, 2019 to July 14, 2020
101.563
%
July 15, 2020 and thereafter
100.000
%
Senior Notes 2024 [Member]  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
In addition, on or after May 1, 2019, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
May 1, 2019 to April 30, 2020
103.125
%
May 1, 2020 to April 30, 2021
102.083
%
May 1, 2021 to April 30, 2022
101.042
%
May 1, 2022 and thereafter
100.000
%
GenOn Senior Notes [Member]  
Debt Instrument  
Schedule of Long-term Debt Instruments [Table Text Block]
 
 
As of December 31,
 
 
 
 
2016
 
2015
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2017
 
$
699

 
$
714

 
7.875
Senior unsecured notes, due 2018
 
687

 
708

 
9.500
Senior unsecured notes, due 2020
 
525

 
534

 
9.875
Total
 
$
1,911

 
$
1,956

 
 
Debt Instrument Redemption [Table Text Block]
During the fourth quarter of 2015, the Company repurchased $119 million in aggregate principal of the following outstanding Senior Notes for $108 million, including accrued interest.
 
 
Principal Repurchased
 
Average Early Redemption Percentage
 
Gain on Debt Extinguishment
Amount in millions, except rates
 
 
 
 
 
 
Senior unsecured notes, due 2017
 
$
33

 
95.172
%
 
$
3

Senior unsecured notes, due 2018
 
25

 
90.950
%
 
5

Senior unsecured notes, due 2020
 
61

 
83.847
%
 
15

Total
 
$
119

 

 
$
23
Senior Notes due 2026 [Member]  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
In addition, on or after May 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
May 15, 2021 to May 14, 2022
103.625
%
May 15, 2022 to May 14, 2023
102.417
%
May 15, 2023 to May 14, 2024
101.208
%
May 15, 2024 and thereafter
100.000
%
Senior Notes due 2027 [Member]  
Debt Instrument  
Debt Instrument Redemption [Table Text Block]
In addition, on or after July 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
July 15, 2021 to July14, 2022
103.313
%
July 15, 2022 to July 14, 2023
102.208
%
July 15, 2023 to July 14, 2024
101.104
%
July 15, 2024 and thereafter
100.000
%
Leasing Arrangement [Member]  
Debt Instrument  
Schedule of Project level debt assumed during acquisition [Table Text Block]
Amount in millions, except rates
 
Lease Financing Arrangement
 
Letter of Credit Facility
Non-Recourse Debt
 
Amount Outstanding as of December 31, 2016
 
Interest Rate
 
Maturity Date
 
Amount Outstanding as of December 31, 2016
 
Interest Rate
 
Maturity Date
Alta Wind I
 
$
242

 
7.015%
 
12/30/2034
 
$
16

 
3.250%
 
1/5/2021
Alta Wind II
 
191

 
5.696%
 
12/30/2034
 
27

 
2.750%
 
6/30/2017& 12/31/2017
Alta Wind III
 
198

 
6.067%
 
12/30/2034
 
27

 
2.750%
 
various
Alta Wind IV
 
128

 
5.938%
 
12/30/2034
 
19

 
2.750%
 
various
Alta Wind V
 
206

 
6.071%
 
6/30/2035
 
30

 
2.750%
 
various
Total
 
$
965

 
 
 
 
 
$
119