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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, 2022
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, 2022, there were 237,283,560 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, 2021 and the following:
Business uncertainties related to the integration of 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 variants thereof, 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;
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;
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;
NRG's ability to develop and maintain successful partnering relationships as needed.

3

                                                                                                

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.

4

                                                                                                
GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2021 Form 10-KNRG’s Annual Report on Form 10-K for the year ended December 31, 2021
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
CompanyNRG Energy, Inc.
Convertible Senior Notes
As of March 31, 2022, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048
CottonwoodCottonwood Generating Station, a 1,177 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
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
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

5

                                                                                                
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 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
OCI/OCLOther Comprehensive Income/(Loss)
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
Repurchase Facility
NRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2022, which was amended on July 26, 2021 and February 9, 2022
Revolving Credit FacilityThe Company's $3.7 billion revolving credit facility due 2024, was amended on May 28, 2019 and August 20, 2020

6

                                                                                                
RGGIRegional Greenhouse Gas Initiative
RMR
Reliability 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 Notes
As of March 31, 2022, NRG's $4.6 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 $1.1 billion of the 3.875% senior notes due 2032
Senior Secured First Lien Notes
As of March 31, 2022, 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 March 31,
(In millions, except for per share amounts)20222021
Revenue
Revenue$7,896 $8,091 
Operating Costs and Expenses
Cost of operations (excluding depreciation and amortization shown below)4,930 6,857 
Depreciation and amortization183 317 
Selling, general and administrative costs322 337 
Provision for credit losses25 611 
Acquisition-related transaction and integration costs8 42 
Total operating costs and expenses5,468 8,164 
(Loss)/Gain on sale of assets(3)17 
Operating Income/(Loss)2,425 (56)
Other Income/(Expense)
Equity in (losses) of unconsolidated affiliates(15)(6)
Other income, net 22 
Interest expense(103)(127)
Total other expense(118)(111)
Income/(Loss) Before Income Taxes2,307 (167)
Income tax expense/(benefit)571 (85)
Net Income/(Loss)$1,736 $(82)
Income/(loss) per Share
Weighted average number of common shares outstanding — basic and diluted242 245 
Income/(loss) per Weighted Average Common Share —Basic and Diluted$7.17 $(0.33)
See accompanying notes to condensed consolidated financial statements.

8

                                                                                                
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
Three months ended March 31,
(In millions)20222021
Net Income/(Loss)$1,736 $(82)
Other Comprehensive Income
Foreign currency translation adjustments9 3 
Defined benefit plans(1) 
Other comprehensive income8 3 
Comprehensive Income/(Loss)$1,744 $(79)
See accompanying notes to condensed consolidated financial statements.

9

                                                                                                
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2022December 31, 2021
(In millions, except share data)(Unaudited)(Audited)
ASSETS
Current Assets
Cash and cash equivalents$387 $250 
Funds deposited by counterparties2,570 845 
Restricted cash39 15 
Accounts receivable, net3,291 3,245 
Uplift securitization proceeds receivable from ERCOT689 689 
Inventory354 498 
Derivative instruments9,089 4,613 
Cash collateral paid in support of energy risk management activities9 291 
Prepayments and other current assets409 395 
Total current assets16,837 10,841 
Property, plant and equipment, net1,643 1,688 
Other Assets
Equity investments in affiliates151 157 
Operating lease right-of-use assets, net256 271 
Goodwill1,796 1,795 
Intangible assets, net2,391 2,511 
Nuclear decommissioning trust fund949 1,008 
Derivative instruments3,561 2,527 
Deferred income taxes1,638 2,155 
Other non-current assets255 229 
Total other assets10,997 10,653 
Total Assets$29,477 $23,182 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt and finance leases$4 $4 
Current portion of operating lease liabilities82 81 
Accounts payable2,216 2,274 
Derivative instruments6,076 3,387 
Cash collateral received in support of energy risk management activities2,570 845 
Accrued expenses and other current liabilities1,285 1,324 
Total current liabilities12,233 7,915 
Other Liabilities
Long-term debt and finance leases8,026 7,966 
Non-current operating lease liabilities220 236 
Nuclear decommissioning reserve325 321 
Nuclear decommissioning trust liability602 666 
Derivative instruments1,977 1,412 
Deferred income taxes68 73 
Other non-current liabilities996 993 
Total other liabilities12,214 11,667 
Total Liabilities24,447 19,582 
Commitments and Contingencies
Stockholders' Equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 423,839,804 and 423,547,174 shares issued and 239,216,140 and 243,753,899 shares outstanding at March 31, 2022 and December 31, 2021, respectively
4 4 
Additional paid-in-capital8,433 8,531 
Retained earnings2,171 464 
Treasury stock, at cost 184,623,664 and 179,793,275 shares at March 31, 2022 and December 31, 2021, respectively
(5,460)(5,273)
Accumulated other comprehensive loss(118)(126)
Total Stockholders' Equity5,030 3,600 
Total Liabilities and Stockholders' Equity$29,477 $23,182 
See accompanying notes to condensed consolidated financial statements.

10

                                                                                                
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20222021
Cash Flows from Operating Activities
Net Income/(Loss)$1,736 $(82)
Adjustments to reconcile net income/(loss) to cash provided by operating activities:
Distributions from and equity in losses of unconsolidated affiliates18 17 
Depreciation and amortization183 317 
Accretion of asset retirement obligations7 3 
Provision for credit losses25 611 
Amortization of nuclear fuel14 13 
Amortization of financing costs and debt discounts6 11 
Amortization of in-the-money contracts and emissions allowances147 7 
Amortization of unearned equity compensation6 4 
Net gain on sale and disposal of assets(6)(18)
Changes in derivative instruments(2,816)(902)
Changes in deferred income taxes and liability for uncertain tax benefits527 (71)
Changes in collateral deposits in support of energy risk management activities2,007 1 
Changes in nuclear decommissioning trust liability(7)15 
Changes in other working capital(171)(843)
Cash provided/(used) by operating activities1,676 (917)
Cash Flows from Investing Activities
Payments for acquisitions of businesses and assets, net of cash acquired(26)(3,482)
Capital expenditures(60)(63)
Net purchases of emission allowances(18)(5)
Investments in nuclear decommissioning trust fund securities(151)(129)
Proceeds from the sale of nuclear decommissioning trust fund securities161 118 
Proceeds from sale of assets, net of cash disposed14 197 
Cash used by investing activities(80)(3,364)
Cash Flows from Financing Activities
Payments of dividends to common stockholders(85)(80)
Payments for share repurchase activity(188)(9)
Net receipts from settlement of acquired derivatives that include financing elements561 190 
Net proceeds of Revolving Credit Facility and Receivables Securitization Facilities 825 
Repayments of long-term debt and finance leases(1)(1)
Payments of debt issuance costs (2)
Proceeds from issuance of common stock 1 
Cash provided by financing activities287 924 
Effect of exchange rate changes on cash and cash equivalents3 1 
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash1,886 (3,356)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period1,110 3,930 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period$2,996 $574 
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 EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2021$4 $8,531 $464 $(5,273)$(126)$3,600 
Net income
1,736 1,736 
Other comprehensive income8 8 
Share repurchases
(187)(187)
Equity-based awards activity, net(a)
2 2 
Common stock dividends and dividend equivalents declared(b)
(86)(86)
Adoption of ASU 2020-06(100)57 (43)
Balance at March 31, 2022$4 $8,433 $2,171 $(5,460)$(118)$5,030 

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
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 
(a)Includes $(6) million and $(9) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended March 31, 2022 and 2021, respectively
(b)Dividends per common share were $0.35 and $0.325 for the quarters ended March 31, 2022 and 2021, respectively
See accompanying notes to condensed consolidated financial statements.

12

                                                                                                
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, is a consumer services company built on dynamic retail brands. NRG brings the power of energy to customers by producing and selling energy and related products and services, nation-wide in the U.S. and Canada in a manner that delivers value to all of NRG's stakeholders. NRG sells power, natural gas, home and power services, and develops innovative, sustainable solutions, predominately under the brand names NRG, Reliant, Direct Energy, Green Mountain Energy, Stream, and XOOM Energy. The Company has a customer base that includes approximately 6 million Home customers as well as commercial, industrial, and wholesale customers, supported by approximately 18,000 MW of generation.
During the second quarter of 2021, the results of the PJM Base Residual Auction for the 2022/2023 delivery year were released, leading the Company to announce the near-term retirement of approximately 1,600 MW of its PJM coal generating assets in June 2022. On July 30, 2021, PJM identified reliability impacts resulting from the proposed deactivation of one of those assets, Indian River Unit 4. On August 27, 2021 the Company notified PJM that it would continue operations at Indian River Unit 4 until the reliability upgrades identified by PJM were completed, provided that the unit receives a satisfactory and compensatory reliability must run arrangement. Accordingly, NRG filed a cost based RMR rate schedule at FERC on April 1, 2022, seeking a June 1, 2022 effective date. The Company is continuing to evaluate the viability of the remaining PJM generating assets.
The Company manages its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus.
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 plant and market operations in the West and Canada, (ii) the Services businesses (iii) activity related to the Cottonwood facility, (iv) the remaining renewables activity, including the Company’s equity method investment in Ivanpah Master Holdings, LLC, and (v) activity related to the Company’s equity method investment for the Gladstone power plant in Australia; 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 generally accepted accounting principles 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 2021 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, 2022, and the results of operations, comprehensive income, cash flows and statements of stockholders' equity for the three months ended March 31, 2022 and 2021.
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 from operations, net assets or consolidated cash flows.


13

                                                                                                
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 intangible assets, net:
(In millions)March 31, 2022December 31, 2021
Property, plant and equipment accumulated depreciation $1,419 $1,308 
Intangible assets accumulated amortization 1,867 1,636 
Credit Losses
Retail trade receivables are reported on the balance sheet net of the allowance for credit losses. 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, 2022 and 2021:
Three months ended March 31,
(In millions)20222021
Beginning balance$683 $67 
Acquired balance from Direct Energy 112 
Provision for credit losses25 611 
Write-offs(50)(48)
Recoveries collected8 7 
Ending balance$666 $749 
The decrease in the provision for credit losses during the three months ended March 31, 2022, compared to the same period in 2021 was primarily due to the impacts of Winter Storm Uri during the prior year on bilateral finance hedging risk of $393 million, counterparty credit risk of $109 million and ERCOT default shortfall payments of $83 million.
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, 2022December 31, 2021
Cash and cash equivalents
$387 $250 
Funds deposited by counterparties
2,570 845 
Restricted cash
39 15 
Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows
$2,996 $1,110 
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. The increase in funds deposited by counterparties is driven by the significant increase in forward positions as a result of increases in natural gas and power prices. 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 debt agreements and funds held within the Company's projects that are restricted in their uses.

14

                                                                                                
Winter Storm Uri Uplift Securitization Proceeds
The Texas Legislature passed House Bill ("HB") 4492 in May of 2021 for ERCOT to mitigate exceptionally high price adders and ancillary service costs incurred by LSEs during Winter Storm Uri. HB 4492 authorized ERCOT to obtain $2.1 billion of financing to distribute to LSEs that were charged and paid to ERCOT those highly priced ancillary service and ORDPA during Winter Storm Uri.
In December 2021, ERCOT filed with the PUCT a calculation of each LSE’s share of proceeds based on the settlement methodology. The Company accounted for the proceeds it will receive by analogy to the contribution model within ASC 958-605, Not-for-Profit Entities- Revenue Recognition and the grant model within IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, as a reduction to cost of operations within its consolidated statements of operations in the 2021 annual period for which the proceeds were intended to compensate. The Company expects to receive proceeds of $689 million from ERCOT in the second quarter of 2022 which is reflected as a receivable on its consolidated balance sheets.
Recent Accounting Developments - Guidance Adopted in 2022
ASU 2020-06 — In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), or ASU 2020-06. The guidance in ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, ASU 2020-06 improves and amends the related earnings per share guidance. The Company adopted this standard on January 1, 2022 using the modified retrospective approach. As a result of the provisions of the amended guidance, the Company recorded a $100 million decrease to additional paid-in capital, a $57 million decrease to debt discount, a $57 million increase to retained earnings and a $14 million decrease to long-term deferred tax liabilities. The adoption of ASU 2020-06 did not have a material impact on the Company's statement of operations, statement of cash flow or earnings per share amounts.

Note 3 — Revenue Recognition
Performance Obligations
As of March 31, 2022, estimated future fixed fee performance obligations are $151 million for the remaining nine months of fiscal year 2022, and $52 million and $1 million for the fiscal years 2023 and 2024, respectively. These performance obligations are for cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions and are subject to penalties for non-performance.

15

                                                                                                
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three months ended March 31, 2022 and 2021:
Three months ended March 31, 2022
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,289 $675 $697 $ $2,661 
Business663 3,846 400  4,909 
Total retail revenue1,952 4,521 1,097  7,570 
Energy revenue(b)
15 204 54 5 278 
Capacity revenue(b)
 115 1  116 
Mark-to-market for economic hedging activities(c)
(2)(130)(18)17 (133)
Contract amortization (9)  (9)
Other revenue(b)
58 17 4 (5)74 
Total revenue2,023 4,718 1,138 17 7,896 
Less: Revenues accounted for under topics other than 606 and 815 (9)11  2 
Less: Realized and unrealized ASC 815 revenue
(7)(66)(42)20 (95)
Total revenue from contracts with customers$2,030 $4,793 $1,169 $(3)$7,989 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$ $45 $(20)$4 $29 
Capacity revenue 13   13 
Other revenue(5)6 (4)(1)(4)
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Three months ended March 31, 2021
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,333 $584 $554 $ $2,471 
Business781 2,629 281  3,691 
Total retail revenue2,114 3,213 835  6,162 
Energy revenue(c)
285 126 70 1 482 
Capacity revenue(c)
 141 14  155 
Mark-to-market for economic hedging activities(d)
(1)(4)(28)1 (32)
Other revenue(b)(c)
1,304 19 4 (3)1,324 
Total revenue3,702 3,495 895 (1)8,091 
Less: Revenues accounted for under topics other than 606 and 815  2  2 
Less: Realized and unrealized ASC 815 revenue
93 99 (34)2 160 
Total revenue from contracts with customers$3,609 $3,396 $927 $(3)$7,929 
(a) Home includes Services
(b) Other Revenue in Texas includes ancillary revenues of $1.2 billion driven by high pricing during Winter Storm Uri
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherCorporate/EliminationsTotal
Energy revenue$ $60 $(4)$2 $58 
Capacity revenue 37