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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended:September 30, 2021
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-15891
NRG Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware41-1724239
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
910 Louisiana StreetHoustonTexas77002
(Address of principal executive offices)(Zip Code)
(713537-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
Common Stock, par value $0.01NRGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of November 4, 2021, there were 244,838,651 shares of common stock outstanding, par value $0.01 per share.


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TABLE OF CONTENTS


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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause NRG's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Risk Factors, in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the following:
Business uncertainties related to the acquisition of Direct Energy and NRG's ability to integrate the operations of Direct Energy with its own;
NRG's ability to obtain and maintain retail market share;
General economic conditions, changes in the wholesale power and gas markets and fluctuations in the cost of fuel;
Volatile power and gas supply costs and demand for power and gas;
Changes in law, including judicial and regulatory decisions;
Hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions, catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that NRG may not have adequate insurance to cover losses as a result of such hazards;
The effectiveness of NRG's risk management policies and procedures and the ability of NRG's counterparties to satisfy their financial commitments;
NRG's ability to enter into contracts to sell power or gas and procure fuel on acceptable terms and prices;
NRG's inability to estimate with any degree of certainty the future impact that COVID-19, any resurgence of COVID-19, or other pandemic may have on NRG's results of operations, financial position, risk exposure and liquidity;
NRG's ability to successfully integrate, realize cost savings and manage any acquired businesses;
NRG's ability to engage in successful acquisitions and divestitures, as well as other mergers and acquisitions activity;
Counterparties' collateral demands and other factors affecting NRG's liquidity position and financial condition;
NRG's ability to operate its businesses efficiently and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
The liquidity and competitiveness of wholesale markets for energy commodities;
Government regulation, including changes in market rules, rates, tariffs and environmental laws;
NRG's ability to develop and innovate new products, as retail and wholesale markets continue to change and evolve;
Price mitigation strategies and other market structures employed by ISOs or RTOs that result in a failure to adequately and fairly compensate NRG's generation units;
NRG's ability to mitigate forced outage risk;
NRG's ability to borrow funds and access capital markets, as well as NRG's substantial indebtedness and the possibility that NRG may incur additional indebtedness in the future;
Operating and financial restrictions placed on NRG and its subsidiaries that are contained in NRG's corporate credit agreements, and in debt and other agreements of certain of NRG subsidiaries and project affiliates generally;
Cyber terrorism and inadequate cybersecurity, data breaches or the occurrence of a catastrophic loss and the possibility that NRG may not have adequate insurance to cover losses resulting from such hazards or the inability of NRG's insurers to provide coverage;
The ability of NRG and its counterparties to develop and build new power generation facilities;
NRG's ability to implement its strategy of finding ways to meet the challenges of climate change, clean air and protecting natural resources, while taking advantage of business opportunities;
NRG's ability to increase cash from operations through operational and market initiatives, corporate efficiencies, asset strategy, and a range of other programs throughout NRG to reduce costs or generate revenues;
NRG's ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives;

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NRG's ability to develop and maintain successful partnering relationships as needed.
Forward-looking statements speak only as of the date they were made and NRG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing factors that could cause NRG's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.

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GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2020 Form 10-KNRG’s Annual Report on Form 10-K for the year ended December 31, 2020
ACEAffordable Clean Energy
AESOAlberta Electric System Operator
Agua CalienteAgua Caliente Solar Project, a 290 MW photovoltaic power station located in Yuma County, Arizona in which NRG owned a 35% interest
AROAsset Retirement Obligation
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
Average realized power pricesVolume-weighted average power prices, net of average fuel costs and reflecting the impact of settled hedges
BTUBritish Thermal Unit
BusinessNRG Business, which serves business customers
CAAClean Air Act
CAISOCalifornia Independent System Operator
CARES ActCoronavirus Aid, Relief, and Economic Security Act of 2020
CDDCooling Degree Day
CFTCU.S. Commodity Futures Trading Commission
CentricaCentrica plc
CO2
Carbon Dioxide
ComEdCommonwealth Edison
CompanyNRG Energy, Inc.
Convertible Senior Notes
As of September 30, 2021, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048
CottonwoodCottonwood Generating Station, a 1,153 MW natural gas-fueled plant
COVID-19Coronavirus Disease 2019
CPPClean Power Plan
CPUCCalifornia Public Utilities Commission
CWAClean Water Act
D.C. CircuitU.S. Court of Appeals for the District of Columbia Circuit
Economic gross marginSum of energy revenue, capacity revenue, retail revenue and other revenue, less cost of fuels, purchased power and other cost of sales
EGUElectric Generating Unit
EPAU.S. Environmental Protection Agency
ERCOTElectric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas
ESPPNRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FGDFlue gas desulfurization
FTRsFinancial Transmission Rights
GAAPGenerally accepted accounting principles in the U.S.
GHGGreenhouse Gas
Green Mountain EnergyGreen Mountain Energy Company
GWGigawatts
GWhGigawatt Hour
HDDHeating Degree Day

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Heat RateA measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat rates can be expressed as either gross or net heat rates, depending upon whether the electricity output measured is gross or net generation. Heat rates are generally expressed as BTU per net kWh
HomeNRG Home, which serves residential customers
HLWHigh-level radioactive waste
ICEIntercontinental Exchange
IESOIndependent Electricity System Operator
ISOIndependent System Operator, also referred to as RTOs
ISO-NEISO New England Inc.
IvanpahIvanpah Solar Electric Generation Station, a 393 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest
kWhKilowatt-hour
LaGenLouisiana Generating, LLC
LTIPsCollectively, the NRG long-term incentive plan ("LTIP") and the NRG GenOn LTIP
MDthThousand Dekatherms
Midwest GenerationMidwest Generation, LLC
MISOMidcontinent Independent System Operator, Inc.
MMBtuMillion British Thermal Units
MWMegawatts
MWhSaleable megawatt hour net of internal/parasitic load megawatt-hour
NAAQSNational Ambient Air Quality Standards
NEPOOLNew England Power Pool
NERCNorth American Electric Reliability Corporation
Net CONENet cost of new entry
Net ExposureCounterparty credit exposure to NRG, net of collateral
Net Revenue RateSum of retail revenues less TDSP transportation charges
NodalNodal Exchange is a derivatives exchange
NOLNet Operating Loss
NOxNitrogen Oxides
NPNSNormal Purchase Normal Sale
NRCU.S. Nuclear Regulatory Commission
NRGNRG Energy, Inc.
Nuclear Decommissioning Trust FundNRG's nuclear decommissioning trust fund assets, which are for the Company's portion of the decommissioning of the STP, Units 1 & 2
Nuclear Waste Policy ActU.S. Nuclear Waste Policy Act of 1982
NYISONew York Independent System Operator
NYMEXNew York Mercantile Exchange
NYPSCNew York Public Service Commission
OCI/OCLOther Comprehensive Income/(Loss)
Petra NovaPetra Nova Parish Holdings, LLC
PJMPJM Interconnection, LLC
PM2.5Particulate Matter that has a diameter of less than 2.5 micrometers
PPAPower Purchase Agreement
PUCTPublic Utility Commission of Texas
RCRAResource Conservation and Recovery Act of 1976
Receivables Facility
NRG Receivables LLC, a bankruptcy remote, special purpose, wholly-owned indirect subsidiary of the Company's $800 million accounts receivables securitization facility due 2022, which was amended on July 26, 2021
Receivables Securitization FacilitiesCollectively, the Receivables Facility and the Repurchase Facility

6

                                            
Repurchase Facility
NRG's $75 million uncommitted repurchase facility related to the Receivables Facility due 2022, which was amended on July 26, 2021
Revolving Credit FacilityThe Company's $3.7 billion revolving credit facility due 2024, was amended on May 28, 2019 and August 20, 2020
RGGIRegional Greenhouse Gas Initiative
RTORegional Transmission Organization, also referred to as ISOs
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
Senior Notes
As of September 30, 2021, NRG's $5.1 billion outstanding unsecured senior notes consisting of $875 million of the 6.625% senior notes due 2027, $821 million of 5.75% senior notes due 2028, $733 million of the 5.25% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031 and $1.1 billion of the 3.875% senior notes due 2032
Senior Secured First Lien Notes
As of September 30, 2021, NRG’s $2.5 billion outstanding Senior Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien Notes due 2024, $500 million of the 2.0% Senior Secured First Lien Notes due 2025, $900 million of the 2.45% Senior Secured First Lien Notes due 2027 and $500 million of the 4.45% Senior Secured First Lien Notes due 2029
ServicesNRG Services, which primarily includes the services businesses acquired in the Direct Energy Acquisition
SNFSpent Nuclear Fuel
SO2
Sulfur Dioxide
SOFRSecured overnight financing rate
South Central PortfolioNRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG is leasing back the Cottonwood facility through May 2025
STPSouth Texas Project — nuclear generating facility located near Bay City, Texas in which NRG owns a 44% interest
STPNOCSouth Texas Project Nuclear Operating Company
TDSPTransmission/distribution service provider
U.S.United States of America
U.S. DOEU.S. Department of Energy
VaRValue at Risk
VIEVariable Interest Entity
Winter Storm UriA major winter and ice storm that had widespread impacts across North America occurring in February 2021


7

                                            
PART I — FINANCIAL INFORMATION

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions, except for per share amounts)2021202020212020
Operating Revenues
Total operating revenues$6,609 $2,809 $19,943 $7,066 
Operating Costs and Expenses
Cost of operations (excluding depreciation and amortization shown below)3,692 2,034 13,496 4,925 
Depreciation and amortization199 99 569 318 
Impairment losses 29 306 29 
Selling, general and administrative costs318 216 973 592 
Provision for credit losses64 26 715 74 
Acquisition-related transaction and integration costs17 12 81 13 
Total operating costs and expenses4,290 2,416 16,140 5,951 
Gain on sale of assets  17 6 
Operating Income2,319 393 3,820 1,121 
Other Income/(Expense)
Equity in earnings of unconsolidated affiliates15 36 23 37 
Impairment losses on investments   (18)
Other income, net8 11 42 52 
Loss on debt extinguishment, net(57) (57)(1)
Interest expense(122)(99)(374)(292)
Total other expense(156)(52)(366)(222)
Income Before Income Taxes2,163 341 3,454 899 
Income tax expense545 92 840 216 
Net Income1,618 249 2,614 683 
Income per Share
Weighted average number of common shares outstanding — basic245 244 245 246 
Income per Weighted Average Common Share — Basic $6.60 $1.02 $10.67 $2.78 
Weighted average number of common shares outstanding — diluted245 245 245 247 
Income per Weighted Average Common Share — Diluted$6.60 $1.02 $10.67 $2.77 
See accompanying notes to condensed consolidated financial statements.

8

                                            
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions)2021202020212020
Net Income$1,618 $249 $2,614 $683 
Other Comprehensive (Loss)/Income
Foreign currency translation adjustments(11)4 (6)2 
Defined benefit plans1  20  
Other comprehensive (loss)/income(10)4 14 2 
Comprehensive Income$1,608 $253 $2,628 $685 
See accompanying notes to condensed consolidated financial statements.

9

                                            
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2021December 31, 2020
(In millions, except share data)(Unaudited)(Audited)
ASSETS
Current Assets
Cash and cash equivalents$259 $3,905 
Funds deposited by counterparties1,748 19 
Restricted cash14 6 
Accounts receivable, net3,096 904 
Inventory445 327 
Derivative instruments8,528 560 
Cash collateral paid in support of energy risk management activities21 50 
Prepayments and other current assets461 257 
Total current assets14,572 6,028 
Property, plant and equipment, net1,976 2,547 
Other Assets
Equity investments in affiliates167 346 
Operating lease right-of-use assets, net293 301 
Goodwill1,801 579 
Intangible assets, net2,915 668 
Nuclear decommissioning trust fund957 890 
Derivative instruments2,671 261 
Deferred income taxes1,994 3,066 
Other non-current assets619 216 
Total other assets11,417 6,327 
Total Assets$27,965 $14,902 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt and finance leases504 1 
Current portion of operating lease liabilities79 69 
Accounts payable1,967 649 
Derivative instruments6,032 499 
Cash collateral received in support of energy risk management activities1,748 19 
Accrued expenses and other current liabilities1,679 678 
Total current liabilities12,009 1,915 
Other Liabilities
Long-term debt and finance leases7,957 8,691 
Non-current operating lease liabilities257 278 
Nuclear decommissioning reserve316 303 
Nuclear decommissioning trust liability619 565 
Derivative instruments1,489 385 
Deferred income taxes74 19 
Other non-current liabilities1,166 1,066 
Total other liabilities11,878 11,307 
Total Liabilities23,887 13,222 
Commitments and Contingencies
Stockholders' Equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 423,545,261 and 423,057,848 shares issued and 244,779,313 and 244,231,933 shares outstanding at September 30, 2021 and December 31, 2020, respectively
4 4 
Additional paid-in-capital8,525 8,517 
Retained earnings/(accumulated deficit)971 (1,403)
Treasury stock, at cost 178,765,948 and 178,825,915 shares at September 30, 2021 and December 31, 2020, respectively
(5,230)(5,232)
Accumulated other comprehensive loss(192)(206)
Total Stockholders' Equity4,078 1,680 
Total Liabilities and Stockholders' Equity$27,965 $14,902 
See accompanying notes to condensed consolidated financial statements.

10

                                            
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(In millions)20212020
Cash Flows from Operating Activities
Net Income$2,614 $683 
Adjustments to reconcile net income to cash provided by operating activities:
Distributions from and equity in earnings of unconsolidated affiliates8 6 
Depreciation and amortization569 318 
Accretion of asset retirement obligations21 46 
Provision for credit losses715 74 
Amortization of nuclear fuel39 40 
Amortization of financing costs and debt discounts30 23 
Loss on debt extinguishment, net57 1 
Amortization of in-the-money contracts, emissions allowances and retirements of RECs111 60 
Amortization of unearned equity compensation16 17 
Net gain on sale and disposal of assets(29)(22)
Impairment losses306 47 
Changes in derivative instruments(4,419)(7)
Changes in deferred income taxes and liability for uncertain tax benefits782 202 
Changes in collateral deposits in support of energy risk management activities1,970 96 
Changes in nuclear decommissioning trust liability38 39 
Oil lower of cost or market adjustment 29 
Changes in other working capital(973)(266)
Cash provided by operating activities1,855 1,386 
Cash Flows from Investing Activities
Payments for acquisitions of businesses, net of cash acquired(3,534)(277)
Capital expenditures(219)(167)
Net sales/(purchases) of emission allowances6 (15)
Investments in nuclear decommissioning trust fund securities(460)(360)
Proceeds from the sale of nuclear decommissioning trust fund securities424 318 
Proceeds from sale of assets, net of cash disposed198 15 
Changes in investments in unconsolidated affiliates 2 
Cash used by investing activities(3,585)(484)
Cash Flows from Financing Activities
Payments of dividends to common stockholders(239)(221)
Payments for share repurchase activity(9)(229)
Net receipts/(payments) from settlement of acquired derivatives that include financing elements396 (6)
Repayments of long-term debt and finance leases(1,360)(62)
Proceeds from issuance of long-term debt1,100 59 
Payments for debt extinguishment costs(48) 
Payments of debt issuance costs(18)(24)
Proceeds from issuance of common stock1 1 
Net repayments of Revolving Credit Facility and Receivables Securitization Facilities (83)
Purchase of and distributions to noncontrolling interests from subsidiaries (2)
Cash used by financing activities(177)(567)
Effect of exchange rate changes on cash and cash equivalents(2)(2)
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash(1,909)333 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period3,930 385 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period$2,021 $718 
See accompanying notes to condensed consolidated financial statements.

11

                                            
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In millions)Common
Stock
Additional
Paid-In
Capital
Retained Earnings/ (Accumulated Deficit)Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2020$4 $8,517 $(1,403)$(5,232)$(206)$1,680 
Net loss
(82)(82)
Other comprehensive income3 3 
Equity-based awards activity, net(a)
(5)(5)
Issuance of common stock
1 1 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at March 31, 2021$4 $8,513 $(1,565)$(5,232)$(203)$1,517 
Net income
1,078 1,078 
Other comprehensive income
21 21 
Shares reissuance for ESPP
2 2 
Equity-based awards activity, net
6 6 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at June 30, 2021$4 $8,519 $(567)$(5,230)$(182)$2,544 
Net income
1,618 1,618 
Other comprehensive loss(10)(10)
Equity-based awards activity, net
6 6 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at September 30, 2021$4 $8,525 $971 $(5,230)$(192)$4,078 

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2019$4 $8,501 $(1,616)$(5,039)$(192)$1,658 
Net income
121 121 
Other comprehensive loss(15)(15)
Repurchase of partners' equity interest in VIE
18 18 
Share repurchases
(150)(150)
Equity-based awards activity, net(a)
(21)(21)
Common stock dividends and dividend equivalents declared(b)
(75)(75)
Balance at March 31, 2020$4 $8,498 $(1,570)$(5,189)$(207)$1,536 
Net income
313 313 
Other comprehensive income13 13 
Shares reissuance for ESPP
2 2 
Share repurchases
(47)(47)
Equity-based awards activity, net
6 6 
Issuance of common stock
1 1 
Common stock dividends and dividend equivalents declared(b)
(74)(74)
Balance at June 30, 2020$4 $8,505 $(1,331)$(5,234)$(194)$1,750 
Net income
249 249 
Other comprehensive income4 4 
Equity-based awards activity, net
6 6 
Common stock dividends and dividend equivalents declared(b)
(75)(75)
Balance at September 30, 2020$4 $8,511 $(1,157)$(5,234)$(190)$1,934