Debt and Capital Leases (Tables)

12 Months Ended

Dec. 31, 2015

Debt Instrument

Long-term debt and capital leases

Long-term debt and capital leases consisted of the following:

	As of December 31,				December 31, 2015
	2015		2014		Interest Rate % (a)
	(In millions except rates)
NRG Recourse Debt:
Senior notes, due 2018	$	1,039	$	1,130	7.625
Senior notes, due 2020	1,058		1,063		8.250
Senior notes, due 2021	1,128		1,128		7.875
Senior notes, due 2022	1,100		1,100		6.250
Senior notes, due 2023	936		990		6.625
Senior notes, due 2024	904		1,000		6.250
Term loan facility, due 2018	1,964		1,983		L+2.00
Tax Exempt Bonds	455		406		4.125 - 6.00
Subtotal NRG Recourse Debt	8,584		8,800
NRG Non-Recourse Debt:
GenOn senior notes	1,956		2,133		7.875 - 9.875
GenOn Americas Generation senior notes	752		929		8.500 - 9.125
GenOn Other	56		60
Subtotal GenOn debt (non-recourse to NRG)	2,764		3,122
Yield Operating LLC Senior Notes, due 2024	500		500		5.375
Yield LLC and Yield Operating LLC Revolving Credit Facility, due 2019	306		—		L+2.75
Yield Inc. Convertible Senior Notes, due 2019	330		326		3.500
Yield Inc. Convertible Senior Notes, due 2020	266		—		3.250
El Segundo Energy Center, due 2023	485		506		L+1.625 - L+2.25
Marsh Landing, due 2017 and 2023	418		464		L+1.75 - L+1.875
Alta Wind I-V lease financing arrangements, due 2034 and 2035	1,002		1,036		5.696 - 7.015
Alta Wind X, due 2021	—		300		L+2.00
Alta Wind XI, due 2021	—		191		L+2.00
Walnut Creek, term loans due 2023	351		391		L+1.625
Tapestry, due 2021	181		192		L+1.625
Laredo Ridge, due 2028	104		108		L+1.875
Alpine, due 2022	154		163		L+1.750
Energy Center Minneapolis, due 2017, and 2025	108		121		5.95 - 7.25
Viento, due 2023	189		196		L+2.75
Yield Other	469		489		various
Subtotal Yield debt (non-recourse to NRG)	4,863		4,983
Ivanpah, due 2033 and 2038	1,149		1,183		2.285 - 4.256
Agua Caliente, due 2037	879		898		2.395 - 3.633
CVSR, due 2037	793		815		2.339 - 3.775
Dandan, due 2033	98		54		L+2.25
Peaker bonds, due 2019	72		100		L+1.07
Cedro Hill, due 2025	103		111		L+3.125
NRG Other	315		300		various
Subtotal other NRG non-recourse debt	3,409		3,461
Subtotal all non-recourse debt	11,036		11,566
Subtotal long-term debt (including current maturities)	19,620		20,366
Capital leases:
Home Solar capital leases	13		—		various
Chalk Point capital lease, due 2015	—		5		8.190
Other	3		3		various
Subtotal long-term debt and capital leases (including current maturities)	19,636		20,374
Less current maturities	481		474
Less debt issuance costs(b)	$	172	$	199
Total long-term debt and capital leases	$	18,983	$	19,701

(a) As of December 31, 2015, L+ equals 3 month LIBOR plus x%, with the exception of the Viento term loan, which is 6 month LIBOR plus x% and the Marsh Landing term loan, Walnut Creek loan, and Yield Operating LLC Revolving Credit facility, which are 1 month LIBOR plus x%

(b) Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2, Summary of Significant Accounting Policies.

Long-term debt includes the following premiums/(discounts):

	As of December 31,
	2015			2014
	(in millions)
Term loan facility, due 2018 (a)	$	(3	)	$	(4	)
Peaker bonds, due 2019 (b)	(4		)	(6		)
Yield, Inc. Convertible notes, due 2019	(15		)	(19		)
Yield, Inc. Convertible notes, due 2020	(21		)	—
GenOn senior notes, due 2017 (c)	23			41
GenOn senior notes, due 2018 (c)	59			83
GenOn senior notes, due 2020 (c)	44			60
GenOn Americas Generation senior notes, due 2021 (c)	32			46
GenOn Americas Generation senior notes, due 2031 (c)	25			33
Total premium/(discount)	$	140		$	234

(a) Discount of $1 million is related to current maturities in 2015 and 2014.

(b) Discount of $2 million are related to current maturities in 2015 and 2014.    

(c) Premiums for long-term debt acquired in the GenOn acquisition represent adjustments to record the debt at fair value in connection with the acquisition.

Schedule of swaps related to project level debt

The following table summarizes the swaps, some of which are forward starting as indicated, related to NRG's project level debt as of December 31, 2015.

Non-Recourse Debt	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2015 (In millions)		Effective Date	Maturity Date
NRG Peaker Finance Co. LLC	100	%	6.673	%	3-mo. LIBOR + 1.07%	$	76	June 18, 2002	June 10, 2019
NRG West Holdings LLC	75	%	2.417	%	3-mo. LIBOR	358		November 30, 2011	August 31, 2023
South Trent Wind LLC	75	%	3.265	%	3-mo. LIBOR	46		June 15, 2010	June 14, 2020
South Trent Wind LLC	75	%	4.95	%	3-mo. LIBOR	21		June 30, 2020	June 14, 2028
NRG Solar Roadrunner LLC	75	%	4.313	%	3-mo. LIBOR	30		September 30, 2011	December 31, 2029
NRG Solar Alpine LLC	85	%	2.744	%	3-mo. LIBOR	122		various	December 31, 2029
NRG Solar Alpine LLC	85	%	2.421	%	3-mo. LIBOR	9		June 24, 2014	June 30, 2025
NRG Solar Avra Valley LLC	85	%	2.333	%	3-mo. LIBOR	51		November 30, 2012	November 30, 2030
NRG Marsh Landing	75	%	3.244	%	3-mo. LIBOR	387		June 28, 2013	June 30, 2023
Other	75	%	various		various	154		various	various
EME Project Financings
Broken Bow	75	%	2.960	%	3-mo. LIBOR	41		December 31, 2013	December 21, 2027
Cedro Hill	90	%	4.290	%	3-mo. LIBOR	93		December 31, 2010	December 31, 2025
Crofton Bluffs	75	%	2.748	%	3-mo. LIBOR	21		December 31, 2013	December 21, 2027
Laredo Ridge	75	%	2.310	%	3-mo. LIBOR	83		March 31, 2011	March 31, 2026
Tapestry	75	%	2.210	%	3-mo. LIBOR	163		December 30, 2011	December 21, 2021
Tapestry	50	%	3.570	%	3-mo. LIBOR	60		December 21, 2021	December 21, 2029
Viento Funding II	90	%	various		6-mo. LIBOR	170		various	various
Viento Funding II	90	%	4.985	%	6-mo. LIBOR	65		July 11, 2023	June 30, 2028
Walnut Creek Energy	75	%	various		3-mo. LIBOR	311		June 28, 2013	May 31, 2023
WCEP Holdings	90	%	4.003	%	3-mo. LIBOR	46		June 28, 2013	May 21, 2023
Subtotal EME						1,053
Alta Wind Project Financings
AWAM	100	%	2.470	%	3-mo. LIBOR	19		May 22, 2013	May 15, 2031
Subtotal Alta Wind						19
Total						2,326

Annual payments based on the maturities of NRG's debt

Annual payments based on the maturities of NRG's debt and capital leases, for the years ending after December 31, 2015, are as follows:

	(In millions)
2016	$	484
2017	1,153
2018	4,008
2019	1,052
2020	2,288
Thereafter	10,511
Total	$	19,496

GenOn Americas Generation senior notes

Debt Instrument

Schedule of Long-term Debt Instruments [Table Text Block]

	As of December 31,
	2015		2014		Interest Rate %
Amount in millions, except rates
Senior unsecured notes, due 2021	398		496		8.500
Senior unsecured notes, due 2031	354		433		9.125
Total	$	752	$	929

Debt Instrument Redemption [Table Text Block]

During the fourth quarter of 2015, the Company repurchased $155 million in aggregate principal of the following outstanding Senior Notes in the open market for $128 million, including accrued interest.

	Principal Repurchased		Average Early Redemption Percentage		Gain on Debt Extinguishment
Amount in millions, except rates
Senior unsecured notes, due 2021	$	84	84.910	%	$	20
Senior unsecured notes, due 2031	71		77.018	%	22
Total	$	155			$	42

Tax Exempt Bonds

Debt Instrument

Schedule of Long-term Debt Instruments [Table Text Block]

Tax Exempt Bonds

	As of December 31,
	2015		2014		Interest Rate %
Amount in millions, except rates
Indian River Power tax exempt bonds, due 2040	57		57		6.000
Indian River Power LLC, tax exempt bonds, due 2045	190		190		5.375
Dunkirk Power LLC, tax exempt bonds, due 2042	59		59		5.875
Fort Bend County, tax exempt bonds, due 2045	22		10		4.125
Fort Bend County, tax exempt bonds, due 2038	54		54		4.750
Fort Bend County, tax exempt bonds, due 2042	73		36		4.750
Total	$	455	$	406

Senior Notes [Member]

Debt Instrument

Debt Instrument Redemption [Table Text Block]

In 2014, the Company redeemed $1.4 billion in aggregate principal of its Senior Notes, due 2019 for $1.5 billion, including accrued interest.

	Principal Redeemed		Average Early Redemption Percentage		Loss on Debt Extinguishment
Amount in millions, except rates
8.5% Senior Note, due 2019	$	607	105.764	%	$	45
7.625% Senior Note, due 2019	800		104.169	%	41
Total	$	1,407			$	86

During the fourth quarter of 2015, the Company repurchased $246 million in aggregate principal of the following outstanding Senior Notes in the open market for $231 million, including accrued interest.

	Principal Repurchased		Average Early Redemption Percentage		Gain/(Loss) on Debt Extinguishment
Amount in millions, except rates
8.25% Senior Note, due 2020	$	5	96.500	%	$	—
6.625% Senior Note, due 2023	54		85.972	%	7
6.25% Senior Note, due 2024	95		84.725	%	14
7.625% Senior Note, due 2018	92		102.232	%	(2		)
Total	$	246			$	19

Senior notes, due 2020

Debt Instrument

Debt Instrument Redemption [Table Text Block]

NRG may redeem some or all of the 2020 Senior Notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:

Redemption Period	Redemption Percentage
On or after September 1, 2015	104.125	%
On or after September 1, 2016	102.750	%
On or after September 1, 2017	101.375	%
September 1, 2018 and thereafter	100.000	%

Senior notes, due 2021

Debt Instrument

Debt Instrument Redemption [Table Text Block]

In addition, on or after May 15, 2016, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:

Redemption Period	Redemption Percentage
May 15, 2016 to May 14, 2017	103.938	%
May 15, 2017 to May 14, 2018	102.625	%
May 15, 2018 to May 14, 2019	101.313	%
May 15, 2019 and thereafter	100.000	%

Senior notes, due 2023

Debt Instrument

Debt Instrument Redemption [Table Text Block]

In addition, on or after September 15, 2017, NRG may redeem some or all of the 2023 Senior Notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:

Redemption Period	Redemption Percentage
September 15, 2017 to September 14, 2018	103.313	%
September 15, 2018 to September 14, 2019	102.208	%
September 15, 2019 to September 14, 2020	101.104	%
September 15, 2020 and thereafter	100.000	%

GenOn senior notes, due 2020

Debt Instrument

Debt Instrument Redemption [Table Text Block]

GenOn may redeem some or all of the Senior Notes due 2020 at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption rate:

Redemption Period	Redemption Percentage
October 15, 2015 to October 14, 2016	104.938	%
October 15, 2016 to October 14, 2017	103.292	%
October 15, 2017 to October 14, 2018	101.646	%
October 15, 2018 and thereafter	100.000	%

Senior Notes Due In 2022 [Member]

Debt Instrument

Debt Instrument Redemption [Table Text Block]

In addition, on or after July 15, 2018, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:

Redemption Period	Redemption Percentage
July 15, 2018 to July 14, 2019	103.125	%
July 15, 2019 to July 14, 2020	101.563	%
July 15, 2020 and thereafter	100.000	%

Senior Notes 2024 [Member]

Debt Instrument

Debt Instrument Redemption [Table Text Block]

In addition, on or after May 1, 2019, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:

Redemption Period	Redemption Percentage
May 1, 2019 to April 30, 2020	103.125	%
May 1, 2020 to April 30, 2021	102.083	%
May 1, 2021 to April 30, 2022	101.042	%
May 1, 2022 and thereafter	100.000	%

GenOn Senior Notes [Member]

Debt Instrument

Schedule of Long-term Debt Instruments [Table Text Block]

	As of December 31,
	2015		2014		Interest Rate %
Amount in millions, except rates
Senior unsecured notes, due 2017	714		766		7.875
Senior unsecured notes, due 2018	708		757		9.500
Senior unsecured notes, due 2020	534		610		9.875
Total	$	1,956	$	2,133

Debt Instrument Redemption [Table Text Block]

During the fourth quarter of 2015, the Company repurchased $119 million in aggregate principal of the following outstanding Senior Notes in the open market for $108 million, including accrued interest.

	Principal Repurchased		Average Early Redemption Percentage		Gain on Debt Extinguishment
Amount in millions, except rates
Senior unsecured notes, due 2017	$	33	95.172	%	$	3
Senior unsecured notes, due 2018	25		90.950	%	5
Senior unsecured notes, due 2020	61		83.847	%	15
Total	$	119			$	23

Leasing Arrangement [Member]

Debt Instrument

Schedule of Project level debt assumed during acquisition [Table Text Block]

Amount in millions, except rates	Lease Financing Arrangement				Letter of Credit Facility
Non-Recourse Debt	Amount Outstanding as of December 31, 2015		Interest Rate	Maturity Date	Amount Outstanding as of December 31, 2015		Interest Rate	Maturity Date
Alta Wind I	$	252	7.015%	12/30/2034	$	16	3.250%	1/5/2021
Alta Wind II	198		5.696%	12/30/2034	28		2.750%	6/30/2017& 12/31/2017
Alta Wind III	206		6.067%	12/30/2034	28		2.750%	4/13/2018
Alta Wind IV	133		5.938%	12/30/2034	19		2.750%	8/24/2018
Alta Wind V	213		6.071%	6/30/2035	31		2.750%	10/24/2018
Total	$	1,002			$	122