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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:March 31, 2024
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 April 30, 2024, there were 208,475,647 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," "should," "forecasts," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond NRG's control, 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. Forward-looking statements are not guarantees of future results. These factors, risks and uncertainties include the factors described under Risk Factors, in Part II, Item 1A of this Form 10-Q and the following:
Business uncertainties related to NRG's ability to integrate the operations of Vivint Smart Home;
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, including the impacts of weather;
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 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;
Cyber terrorism and cybersecurity risks, data breaches or the occurrence of a catastrophic loss and the possibility that NRG may not have sufficient insurance to cover losses resulting from such hazards or the inability of NRG's insurers to provide coverage;
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;
Changes in law, including judicial and regulatory decisions;
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;
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; and
NRG's ability to develop and maintain successful partnering relationships as needed.

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In addition, unlisted factors may present significant additional obstacles to the realization of forward-looking statements. 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 except as otherwise required by applicable laws. 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:
2023 Form 10-K
NRG’s Annual Report on Form 10-K for the year ended December 31, 2023
ACEAffordable Clean Energy
Adjusted EBITDAAdjusted earnings before interest, taxes, depreciation and amortization
AESOAlberta Electric System Operator
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ASRAccelerated Share Repurchase
ASUAccounting Standards Updates - updates to the ASC
BTUBritish Thermal Unit
BusinessNRG Business, which serves business customers
CAAClean Air Act
CAISOCalifornia Independent System Operator
CAMT15% Corporate Alternative Minimum Tax enacted by the IRA on August 16, 2022
CDDCooling Degree Day
CFTCU.S. Commodity Futures Trading Commission
CO2
Carbon Dioxide
CompanyNRG Energy, Inc.
Convertible Senior Notes
As of March 31, 2024, consists of NRG’s $483 million unsecured 2.75% Convertible Senior Notes due 2048
ConstellationConstellation Energy Generation
CottonwoodCottonwood Generating Station, a natural gas-fueled plant located in Deweyville, Texas, which NRG is leasing through May 2025
CPPClean Power Plan
CWAClean Water Act
D.C. CircuitU.S. Court of Appeals for the District of Columbia Circuit
DthDekatherms
Economic gross marginSum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels and purchased energy and other cost of sales
EGUElectric Generating Unit
EIAU.S. Energy Information Administration
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
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

5

                                                
                                                                                                                                                
HomeNRG Home, which serves residential customers
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 solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest
kWhKilowatt-hour
LTIPsCollectively, the NRG long-term incentive plan ("LTIP") and the Vivint 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 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 FundPrior to the sale of STP on November 1, 2023, nuclear decommissioning trust fund assets, for NRG's portion of the decommissioning of the STP units 1 & 2
NYISONew York Independent System Operator
NYMEXNew York Mercantile Exchange
OCI/OCLOther Comprehensive Income/(Loss)
OECDOrganization for Economic Cooperation and Development
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 $1.4 billion accounts receivables securitization facility due 2024, which was last amended on October 6, 2023
Receivables Securitization FacilitiesCollectively, the Receivables Facility and the Repurchase Facility
RECsRenewable Energy Certificates
Renewable PPAA third-party PPA entered into directly with a renewable generation facility for the offtake of the Renewable Energy Certificates or other similar environmental attributes generated by such facility, couple with the associated power generated by that facility
REPRetail electric provider
Repurchase Facility
NRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2024, which was last amended on October 6, 2023
Revolving Credit FacilityThe Company's $4.3 billion revolving credit facility due 2028, which was last amended on April 22, 2024

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RGGIRegional Greenhouse Gas Initiative
RMRReliability Must-Run
RTORegional Transmission Organization, also referred to as ISOs
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
Senior Credit FacilityNRG's senior secured credit facility, comprised of the Revolving Credit Facility and the Term Loan B Facility
Senior Notes
As of March 31, 2024, NRG's $4.0 billion outstanding unsecured senior notes consisting of $375 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 $480 million of the 3.875% senior notes due 2032
Senior Secured First Lien Notes
As of March 31, 2024, NRG’s $3.2 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, $500 million of the 4.45% Senior Secured First Lien Notes due 2029 and $740 million of the 7.000% Senior Secured First Lien Notes due 2033
Series A Preferred Stock
As of March 31, 2024, NRG's Series A Preferred Stock consists of 650,000 outstanding shares of the 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, with a $1,000 liquidation preference per share
ServicesNRG Services, which primarily includes the services businesses acquired in the Direct Energy acquisition and the Goal Zero business
SO2
Sulfur Dioxide
SOFRSecured overnight financing rate
STPSouth Texas Project — a nuclear generating facility located near Bay City, Texas in which NRG owned a 44% interest. NRG closed on the sale of its interest in STP on November 1, 2023
TDSPTransmission/distribution service provider
TWhTerawatt Hour
U.S.United States of America
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


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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 March 31,
(In millions, except for per share amounts)20242023
Revenue
Revenue$7,429 $7,722 
Operating Costs and Expenses
Cost of operations (excluding depreciation and amortization shown below)5,685 8,778 
Depreciation and amortization268 190 
Selling, general and administrative costs591 426 
Acquisition-related transaction and integration costs9 71 
Total operating costs and expenses6,553 9,465 
(Loss)/gain on sale of assets(4)199 
Operating Income/(Loss)872 (1,544)
Other Income/(Expense)
Equity in earnings of unconsolidated affiliates3 5 
Other income, net30 16 
Loss on debt extinguishment(58) 
Interest expense(152)(148)
Total other expense(177)(127)
Income/(Loss) Before Income Taxes695 (1,671)
Income tax expense/(benefit)184 (336)
Net Income/(Loss)$511 $(1,335)
Less: Cumulative dividends attributable to Series A Preferred Stock17 4 
Net Income/(Loss) Available for Common Stockholders$494 $(1,339)
Income/(Loss) per Share
Weighted average number of common shares outstanding — basic209 230 
Income/(Loss) per Weighted Average Common Share — Basic $2.36 $(5.82)
Weighted average number of common shares outstanding — diluted214 230 
Income/(Loss) per Weighted Average Common Share —Diluted$2.31 $(5.82)
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
Three months ended March 31,
(In millions)20242023
Net Income/(Loss)$511 $(1,335)
Other Comprehensive (Loss)/Income
Foreign currency translation adjustments(8)1 
Defined benefit plans(1) 
Other comprehensive (loss)/income(9)1 
Comprehensive Income/(Loss)$502 $(1,334)
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2024December 31, 2023
(In millions, except share data)(Unaudited)(Audited)
ASSETS
Current Assets
Cash and cash equivalents$278 $541 
Funds deposited by counterparties241 84 
Restricted cash15 24 
Accounts receivable, net3,325 3,542 
Inventory581 607 
Derivative instruments3,807 3,862 
Cash collateral paid in support of energy risk management activities309 441 
Prepayments and other current assets712 626 
Total current assets9,268 9,727 
Property, plant and equipment, net1,768 1,763 
Other Assets
Equity investments in affiliates43 42 
Operating lease right-of-use assets, net179 179 
Goodwill5,076 5,079 
Customer relationships, net2,0642,164
Other intangible assets, net1,662 1,763 
Derivative instruments2,399 2,293 
Deferred income taxes2,100 2,251 
Other non-current assets842 777 
Total other assets14,365 14,548 
Total Assets$25,401 $26,038 

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March 31, 2024December 31, 2023
(In millions, except share data)(Unaudited)(Audited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt and finance leases$1,101 $620 
Current portion of operating lease liabilities94 90 
Accounts payable2,027 2,325 
Derivative instruments3,591 4,019 
Cash collateral received in support of energy risk management activities241 84 
Deferred revenue current710720
Accrued expenses and other current liabilities1,412 1,642 
Total current liabilities9,176 9,500 
Other Liabilities
Long-term debt and finance leases9,559 10,133 
Non-current operating lease liabilities124 128 
Derivative instruments1,439 1,488 
Deferred income taxes8 22 
Deferred revenue non-current859914
Other non-current liabilities939 947 
Total other liabilities12,928 13,632 
Total Liabilities22,104 23,132 
Commitments and Contingencies
Stockholders' Equity
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at March 31, 2024 and December 31, 2023, aggregate liquidation preference of $650 at March 31, 2024 and December 31, 2023
650 650
Common stock; $0.01 par value; 500,000,000 shares authorized; 267,365,782 and 267,330,470 shares issued and 208,166,262 and 208,130,950 shares outstanding at March 31, 2024 and December 31, 2023, respectively
3 3 
Additional paid-in-capital3,503 3,416 
Retained earnings1,212 820 
Treasury stock, at cost; 59,199,520 shares at March 31, 2024 and December 31, 2023
(1,971)(1,892)
Accumulated other comprehensive loss(100)(91)
Total Stockholders' Equity3,297 2,906 
Total Liabilities and Stockholders' Equity$25,401 $26,038 
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20242023
Cash Flows from Operating Activities
Net Income/(Loss)$511 $(1,335)
Adjustments to reconcile net income/(loss) to cash provided/(used) by operating activities:
Equity in and distributions from earnings of unconsolidated affiliates(2)(5)
Depreciation and amortization268 190 
Accretion of asset retirement obligations4 6 
Provision for credit losses75 35 
Amortization of nuclear fuel 13 
Amortization of financing costs and debt discounts11 20 
Loss on debt extinguishment58  
Amortization of in-the-money contracts and emissions allowances78 119 
Amortization of unearned equity compensation30 30 
Net loss/(gain) on sale of assets and disposal of assets9 (187)
Changes in derivative instruments(535)1,599 
Changes in current and deferred income taxes and liability for uncertain tax benefits139 (338)
Changes in collateral deposits in support of risk management activities289 (1,412)
Changes in nuclear decommissioning trust liability (16)
Changes in other working capital(668)(317)
Cash provided/(used) by operating activities$267 $(1,598)
Cash Flows from Investing Activities
Payments for acquisitions of businesses and assets, net of cash acquired$(22)$(2,492)
Capital expenditures(69)(142)
Net purchases of emissions allowances(7)(18)
Investments in nuclear decommissioning trust fund securities (87)
Proceeds from the sale of nuclear decommissioning trust fund securities 99 
Proceeds from sales of assets, net of cash disposed3 219 
Proceeds from insurance recoveries for property, plant and equipment, net3 71 
Cash used by investing activities$(92)$(2,350)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net of fees$ $636 
Payments of dividends to preferred and common stockholders(118)(87)
Equivalent shares purchased in lieu of tax withholdings(23)(8)
Net receipts from settlement of acquired derivatives that include financing elements8 336 
Net proceeds of Revolving Credit Facility and Receivable Securitization Facilities  725 
Proceeds from issuance of long-term debt 731 
Payments of debt issuance costs (18)
Repayments of long-term debt and finance leases(97)(4)
Payments for debt extinguishment costs(58) 
Proceeds from credit facilities525 1,050 
Repayments to credit facilities(525)(825)
Cash (used)/provided by financing activities$(288)$2,536 
Effect of exchange rate changes on cash and cash equivalents(2)3 
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash(115)(1,409)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period649 2,178 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period$534 $769 
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In millions)Preferred StockCommon
Stock
Additional
Paid-In
Capital
Retained EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2023$650 $3 $3,416 $820 $(1,892)$(91)$2,906 
Net income
511 511 
Other comprehensive loss(9)(9)
Share repurchases(a)
117 (117)— 
Retirement of treasury stock(b)
(38)38 — 
Equity-based awards activity, net(c)
8 8 
Common stock dividends and dividend equivalents declared(d)
(86)(86)
Series A Preferred Stock dividends(e)
(33)(33)
Balance at March 31, 2024$650 $3 $3,503 $1,212 $(1,971)$(100)$3,297 

(In millions)Preferred StockCommon
Stock
Additional
Paid-In
Capital
Retained Earnings/(Accumulated Deficit)Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2022$— $4 $8,457 $1,408 $(5,864)$(177)$3,828 
Net loss
(1,335)(1,335)
Issuance of Series A Preferred Stock650(14)636 
Other comprehensive income1 1 
Equity-based awards activity, net(c)
38 38 
Common stock dividends and dividend equivalents declared(d)
(88)(88)
Balance at March 31, 2023$650 $4 $8,481 $(15)$(5,864)$(176)$3,080 
(a)Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information
(b)Treasury stock retired had an average price per share of $32.67
(c)Includes $(23) million and $(8) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended March 31, 2024 and 2023, respectively
(d)Dividends per common share were $0.4075 and $0.3775 for the quarters ended March 31, 2024 and 2023, respectively
(e)Dividend per Series A Preferred Stock was $51.25

See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — Nature of Business and Basis of Presentation
General
NRG Energy, Inc., or NRG or the Company, sits at the intersection of energy and home services. NRG is a leading energy and home services company fueled by market-leading brands, proprietary technologies, and complementary sales channels. Across the United States and Canada, NRG delivers innovative, sustainable solutions, predominately under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy and Vivint, while also advocating for competitive energy markets and customer choice. The Company has a customer base that includes approximately 8.0 million residential consumers in addition to commercial, industrial, and wholesale customers, supported by approximately 13 GW of generation as of March 31, 2024.
The Company's business is segmented as follows:
Texas, which includes all activity related to customer, plant and market operations in Texas, other than Cottonwood;
East, which includes all activity related to customer, plant and market operations in the East;
West/Services/Other, which includes the following assets and activities: (i) all activity related to customer, plant and market operations in the West and Canada, (ii) the Services businesses (iii) activity related to the Cottonwood facility and other investments;
Vivint Smart Home; and
Corporate activities.
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2023 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of March 31, 2024, and the results of operations, comprehensive income/(loss), cash flows and stockholders' equity for the three months ended March 31, 2024 and 2023.
The Company identified an error in the previously issued condensed consolidated financial statements for the period ended March 31, 2023 related to the presentation of cash flows associated with certain borrowings and repayments related to certain credit facilities. The statement of cash flows for the period ended March 31, 2023 has been adjusted to present on a gross basis the certain borrowings from credit facilities of $1.1 billion and the related repayments of $825 million. The change had no impact to the total cash used by financing activities for the period ended March 31, 2023. The Company evaluated the materiality of this error both qualitatively and quantitatively and has concluded it is immaterial to the impacted period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications
Certain prior period amounts have been reclassified for comparative purposes. The reclassifications did not affect consolidated results of operations, net assets or consolidated cash flows.

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Note 2 — Summary of Significant Accounting Policies
Other Balance Sheet Information
The following table presents the accumulated depreciation included in property, plant and equipment, net and accumulated amortization included in customer relationships, net and other intangible assets, net:
(In millions)March 31, 2024December 31, 2023
Property, plant and equipment accumulated depreciation $1,352 $1,295 
Customer relationships and other intangible assets accumulated amortization 3,113 2,994 
Credit Losses
Retail trade receivables are reported on the consolidated balance sheet net of the allowance for credit losses within accounts receivables, net. Long-term receivables are recorded net of allowance for credit losses in other non-current assets on the consolidated balance sheet. The Company accrues a provision for current expected credit losses based on (i) estimates of uncollectible revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including, but not limited to, unemployment rates and weather-related events, (ii) historical collections and delinquencies, and (iii) counterparty credit ratings for commercial and industrial customers.
The following table represents the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023:
Three months ended March 31,
(In millions)20242023
Beginning balance$145 $133 
Acquired balance from Vivint Smart Home 22 
Provision for credit losses75 35 
Write-offs(92)(78)
Recoveries collected10 9 
Other2  
Ending balance$140 $121 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents, restricted cash and funds deposited by counterparties reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows:
(In millions)March 31, 2024December 31, 2023
Cash and cash equivalents
$278 $541 
Funds deposited by counterparties
241 84 
Restricted cash
15 24 
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows
$534 $649 
Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties related to NRG's hedging program. Though some amounts are segregated into separate accounts, not all funds are contractually restricted. Based on the Company's intention, these funds are not available for the payment of general corporate obligations; however, they are available for liquidity management. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities.
Restricted cash consists primarily of funds held to satisfy the requirements of certain financing agreements and funds held within the Company's projects that are restricted in their uses.
Recent Accounting Developments — Guidance Not Yet Adopted
ASU 2023-07 – In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, or ASU 2023-07. The guidance in ASU 2023-07 enhances reportable segment disclosure

15

                                                
                                                                                                                                                
requirements by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The Company plans to adopt the amendments for the annual period ending December 31, 2024 and subsequent interim periods thereafter. The amendments will be applied retrospectively for all prior periods presented in the financial statements.
ASU 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, or ASU 2023-09. The guidance in ASU 2023-09 enhances income tax disclosures by requiring disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. Further the amendments of ASU 2023-09 require certain disclosures on income tax expense and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments of ASU 2023-09 may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09 on its disclosures.

Note 3 — Revenue Recognition
Performance Obligations
As of March 31, 2024, estimated future fixed fee performance obligations are $1.0 billion for the remaining nine months of fiscal year 2024, and $1.1 billion, $766 million, $484 million, $210 million and $4 million for the fiscal years 2025, 2026, 2027, 2028 and 2029, respectively. These performance obligations include Vivint Smart Home products and services, as well as cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions. The cleared auction MWs are subject to penalties for non-performance.
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three months ended March 31, 2024 and 2023:
Three months ended March 31, 2024
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,360 $702 $599 $468 $ $3,129 
Business818 2,726 556   4,100 
Total retail revenue(b)
2,178 3,428 1,155 468  7,229 
Energy revenue(b)
7 81 67  (3)152 
Capacity revenue(b)
 41 2  (1)42 
Mark-to-market for economic hedging activities(c)
 (51)(9)  (60)
Contract amortization (10)   (10)
Other revenue(b)
48 26 4  (2)76 
Total revenue2,233 3,515 1,219 468 (6)7,429 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 10 6   16 
Less: Realized and unrealized ASC 815 revenue
2 24 10  (3)33 
Total revenue from contracts with customers$2,231 $3,481 $1,203 $468 $(3)$7,380 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$ $10 $ $ $ $10 
Energy revenue 43 22  (3)62 
Capacity revenue 22    22 
Other revenue2  (3)  (1)
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815

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Three months ended March 31, 2023
(In millions)
TexasEastWest/Services/Other
Vivint Smart Home(a)
Corporate/EliminationsTotal
Retail revenue:
Home(b)
$1,236 $651 $625 $148 $ $2,660 
Business722 3,365 616   4,703 
Total retail revenue(c)
1,958 4,016 1,241 148  7,363 
Energy revenue(c)
4 74 48  2 128 
Capacity revenue(c)
 41 1   42 
Mark-to-market for economic hedging activities(d)
 35 67  (11)91 
Contract amortization (11)   (11)
Other revenue(c)
72 21 17  (1)109 
Total revenue2,034 4,176 1,374 148 (10)7,722 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 (1)9   8 
Less: Realized and unrealized ASC 815 revenue
(2)113 97  (9)199 
Total revenue from contracts with customers$2,036 $4,064 $1,268 $148 $(1)$7,515 
(a) Includes results of operations following the acquisition date of March 10, 2023
(b) Home includes Services
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$ $27 $ $ $ $27 
Energy revenue 47 17  2 66 
Capacity revenue 6    6 
Other revenue(2)(2)13   9 
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Contract Balances
The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of March 31, 2024 and December 31, 2023:
(In millions)
March 31, 2024December 31, 2023
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)
$807 $706 
Accounts receivable, net - Contracts with customers3,207 3,395 
Accounts receivable, net - Accounted for under topics other than ASC 606104 136 
Accounts receivable, net - Affiliate14 11 
Total accounts receivable, net $3,325 $3,542 
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)$1,293 $1,493 
Deferred revenues(a)
1,569 1,634 
(a)Deferred revenues from contracts with customers as of March 31, 2024 and December 31, 2023 were approximately $1.5 billion and $1.6 billion, respectively.
The revenue recognized from contracts with customers during the three months ended March 31, 2024 and 2023 relating to the deferred revenue balance at the beginning of each period was $276 million and $168 million, respectively. The increase in deferred revenue balances recognized during the three months ended March 31, 2024 when compared to the same period in 2023 was primarily due to the acquisition of Vivint Smart Home.

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Note 4 — Acquisitions and Dispositions
Acquisitions
2023 Acquisition of Vivint Smart Home
On March 10, 2023, the Company completed the acquisition of Vivint Smart Home, Inc., pursuant to the Agreement and Plan of Merger, dated as of December 6, 2022, by and among the Company, Vivint Smart Home, Inc. and Jetson Merger Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”) pursuant to which Merger Sub merged with and into Vivint Smart Home, Inc., with Vivint Smart Home, Inc. surviving the merger as a wholly-owned subsidiary of the Company. Dedicated to redefining the home experience with intelligent products and services, Vivint Smart Home brought approximately two million subscribers to NRG. Vivint Smart Home's single, expandable platform incorporates artificial intelligence and machine learning into its operating system and its vertically integrated business model includes hardware, software, sales, installation, customer service and technical support and professional monitoring, enabling superior subscriber experiences and a complete end-to-end smart home experience. The acquisition accelerated the realization of NRG's consumer-focused growth strategy and creates a leading essential home services platform fueled by market-leading brands, unparalleled insights, proprietary technologies and complementary sales channels.
NRG paid $12 per share, or approximately $2.6 billion in cash. The Company funded the acquisition using:
proceeds of $724 million from newly issued $740 million 7.000% Senior Secured First Lien Notes due 2033, net of issuance costs and discount;
proceeds of $635 million from newly issued $650 million 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, net of issuance costs;
proceeds of approximately $900 million drawn from its Revolving Credit Facility and Receivables Securitization Facilities; and
cash on hand.
The acquisition has been recorded as a business combination under ASC 805, with identifiable assets and liabilities acquired recorded at their estimated Acquisition Closing Date fair value. The total consideration of $2.623 billion includes:
(In millions)
Vivint Smart Home, Inc. common shares outstanding as of March 10, 2023 of 216,901,639 at $12.00 per share
$2,603 
Other Vivint Smart Home, Inc. equity instruments (Cash out RSUs and PSUs, Stock Appreciation Rights, Private Placement Warrants)6 
Total Cash Consideration$2,609 
Fair value of acquired Vivint Smart Home, Inc. equity awards attributable to pre-combination service14 
Total Consideration$2,623 

Acquisition costs of $36 million for the three months ended March 31, 2023 are included in acquisition-related transaction and integration costs in the Company's consolidated statement of operations.
For additional information, refer to Note 4, Acquisitions and Dispositions, to the Company's 2023 Form 10-K.
Dispositions
On January 6, 2023, the Company closed on the sale of land and related generation assets from the Astoria site, within the East region of operations, for proceeds of $212 million, subject to transaction fees of $3 million and certain indemnifications, resulting in a $199 million gain.

Note 5 — Fair Value of Financial Instruments
For cash and cash equivalents, funds deposited by counterparties, restricted cash, accounts and other receivables, accounts payable and cash collateral paid and received in support of energy risk management activities, the carrying amounts approximate fair values because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

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The estimated carrying value and fair value of the Company's long-term debt, including current portion, is as follows:
March 31, 2024December 31, 2023
(In millions)Carrying AmountFair ValueCarrying AmountFair Value
Convertible Senior Notes$483 $798 $575 $739 
Other long-term debt, including current portion
10,222 9,894 10,219 9,835 
Total long-term debt, including current portion(a)
$10,705 $10,692 $10,794 $10,574 
(a)Excludes deferred financing costs, which are recorded as a reduction to long-term debt in the Company's consolidated balance sheets
The fair value of the Company's publicly-traded long-term debt and the Vivint Senior Secured Term Loan are based on quoted market prices and are classified as Level 2 within the fair value hierarchy.
Recurring Fair Value Measurements
Debt securities, equity securities and derivative assets and liabilities are carried at fair market value.
The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
March 31, 2024
Fair Value
(In millions)TotalLevel 1Level 2Level 3
Investments in securities (classified within other current and non-current assets)
$22 $ $22 $ 
Derivative assets: 
Interest rate contracts25  25  
Foreign exchange contracts8  8  
Commodity contracts6,173 1,186 4,708 279