Investments Accounted for by the Equity Method and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Summary NRG's equity method investments

The following table summarizes NRG's equity method investments as of December 31, 2021:

(In millions, except percentages)
Name:	Economic Interest		Investment Balance(a)
Gladstone	37.5	%	$	127
Ivanpah Master Holdings, LLC	54.5	%	4
Watson Cogeneration Company	49.0	%	14
Midway-Sunset Cogeneration Company	50.0	%	12
Total equity investments in affiliates			$	157
Petra Nova Parish Holdings, LLC(b)	50.0	%	$	(16)

(a)As of December 31, 2021, the carrying value of NRG's equity method investment was $116 million lower than the underlying net assets of the investees. The basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets. The basis difference is primarily due to impairments booked on Petra Nova, but not booked at the project level, as well as differences related to the deconsolidations of Ivanpah and the treatment of certain deferred tax assets

(b)The Company continues to account for Petra Nova under the equity method due to the fact that NRG still has a financial guaranty. As a result, the Company continues to record losses for a negative equity method investment. As of December 31, 2021, NRG recorded $16 million to other non-current liabilities. Refer to Note 11, Asset Impairments, for discussion of NRG's investment in Petra Nova Parish Holdings, LLC

Undistributed earnings by equity investment

	As of December 31,
(In millions)	2021		2020
Undistributed earnings from equity investments	$	33	$	30

Summary of Financial Information for Consolidated VIEs

The summarized financial information for the Company's consolidated VIEs consisted of the following:

(In millions)	December 31, 2021		December 31, 2020
Accounts receivable	$	939	$	647
Other current assets	—		2
Total assets	939		649
Current liabilities	78		78
Net assets	$	861	$	571