(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Document | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
(In millions) | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | ||||||||||||||||||||||
Net Income/(Loss) | $ | (427) | $ | (173) | $ | 2,187 | $ | 510 | ||||||||||||||||||
Net Cash Provided by Operating Activities | $ | (1,362) | $ | 451 | $ | 493 | $ | 1,837 | ||||||||||||||||||
Adjusted EBITDAa | $ | 433 | $ | 330 | $ | 2,423 | $ | 2,004 | ||||||||||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | $ | 349 | $ | 387 | $ | 1,512 | $ | 1,547 |
(In millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Segment | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | ||||||||||||||||||||||
Texas | $ | 695 | $ | — | $ | 1,293 | $ | 800 | ||||||||||||||||||
East | (1,214) | 44 | 1,909 | 352 | ||||||||||||||||||||||
West/Services/Othera | 92 | (217) | (1,015) | (642) | ||||||||||||||||||||||
Net Income/(Loss) | $ | (427) | $ | (173) | 2,187 | $ | 510 |
(In millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Segment | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | ||||||||||||||||||||||
Texas | $ | 162 | $ | 231 | $ | 1,166 | $ | 1,319 | ||||||||||||||||||
East | 228 | 77 | 988 | 437 | ||||||||||||||||||||||
West/Services/Othera | 43 | 22 | 269 | 248 | ||||||||||||||||||||||
Adjusted EBITDAb | $ | 433 | $ | 330 | 2,423 | $ | 2,004 | |||||||||||||||||||
(In millions) | 12/31/21 | 12/31/20 | ||||||||||||
Cash and Cash Equivalents | $ | 250 | $ | 3,905 | ||||||||||
Restricted Cash | 15 | 6 | ||||||||||||
Total | $ | 265 | $ | 3,911 | ||||||||||
Total credit facility availability | 2,421 | 3,129 | ||||||||||||
Total Liquidity, excluding collateral received | $ | 2,686 | $ | 7,040 |
2022 | ||||||||
(In millions) | Guidance | |||||||
Adjusted EBITDAa | $1,950 - $2,250 | |||||||
Adjusted Cash From Operations | $1,380 - $1,680 | |||||||
FCFbG | $1,140 - $1,440 |
Media: | Investors: | ||||||||||
Laura Avant | Kevin L. Cole, CFA | ||||||||||
713.537.5437 | 609.524.4526 |
For the Year Ended December 31, | |||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Total operating revenues | $ | 26,989 | $ | 9,093 | $ | 9,821 | |||||||||||
Operating Costs and Expenses | |||||||||||||||||
Cost of operations (excluding depreciation and amortization shown below) | 20,482 | 6,540 | 7,303 | ||||||||||||||
Depreciation and amortization | 785 | 435 | 373 | ||||||||||||||
Impairment losses | 544 | 75 | 5 | ||||||||||||||
Selling, general and administrative costs | 1,293 | 810 | 760 | ||||||||||||||
Provision for credit losses | 698 | 108 | 95 | ||||||||||||||
Acquisition-related transaction and integration costs | 93 | 23 | 2 | ||||||||||||||
Total operating costs and expenses | 23,895 | 7,991 | 8,538 | ||||||||||||||
Gain on sale of assets | 247 | 3 | 7 | ||||||||||||||
Operating Income | 3,341 | 1,105 | 1,290 | ||||||||||||||
Other Income/(Expense) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | 17 | 17 | 2 | ||||||||||||||
Impairment losses on investments | — | (18) | (108) | ||||||||||||||
Other income, net | 63 | 67 | 66 | ||||||||||||||
Loss on debt extinguishment | (77) | (9) | (51) | ||||||||||||||
Interest expense | (485) | (401) | (413) | ||||||||||||||
Total other expense | (482) | (344) | (504) | ||||||||||||||
Income from Continuing Operations Before Income Taxes | 2,859 | 761 | 786 | ||||||||||||||
Income tax expense/(benefit) | 672 | 251 | (3,334) | ||||||||||||||
Income from Continuing Operations | 2,187 | 510 | 4,120 | ||||||||||||||
Income from discontinued operations, net of income tax | — | — | 321 | ||||||||||||||
Net Income | 2,187 | 510 | 4,441 | ||||||||||||||
Less: Net income attributable to redeemable noncontrolling interest | — | — | 3 | ||||||||||||||
Net Income Attributable to NRG Energy, Inc. | $ | 2,187 | $ | 510 | $ | 4,438 | |||||||||||
Income Per Share Attributable to NRG Energy, Inc. Common Stockholders | |||||||||||||||||
Weighted average number of common shares outstanding — basic | 245 | 245 | 262 | ||||||||||||||
Income from continuing operations per weighted average common share — basic | $ | 8.93 | $ | 2.08 | $ | 15.71 | |||||||||||
Income from discontinued operations per weighted average common share — basic | $ | — | $ | — | $ | 1.23 | |||||||||||
Net Income per Weighted Average Common Share — Basic | $ | 8.93 | $ | 2.08 | $ | 16.94 | |||||||||||
Weighted average number of common shares outstanding — diluted | 245 | 246 | 264 | ||||||||||||||
Income from continuing operations per weighted average common share — diluted | $ | 8.93 | $ | 2.07 | $ | 15.59 | |||||||||||
Income from discontinued operations per weighted average common share — diluted | $ | — | $ | — | $ | 1.22 | |||||||||||
Net Income per Weighted Average Common Share — Diluted | $ | 8.93 | $ | 2.07 | $ | 16.81 |
For the Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Net Income | $ | 2,187 | $ | 510 | $ | 4,441 | |||||||||||
Other Comprehensive Income/(Loss), net of tax | |||||||||||||||||
Foreign currency translation adjustments, net of income tax | (5) | 8 | (1) | ||||||||||||||
Available-for-sale securities, net of income tax | — | — | (19) | ||||||||||||||
Defined benefit plans, net of income tax | 85 | (22) | (78) | ||||||||||||||
Other comprehensive income/(loss) | 80 | (14) | (98) | ||||||||||||||
Comprehensive Income | 2,267 | 496 | 4,343 | ||||||||||||||
Less: Net income attributable to redeemable noncontrolling interest | — | — | 3 | ||||||||||||||
Comprehensive Income Attributable to NRG Energy, Inc. | $ | 2,267 | $ | 496 | $ | 4,340 |
As of December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 250 | $ | 3,905 | |||||||
Funds deposited by counterparties | 845 | 19 | |||||||||
Restricted cash | 15 | 6 | |||||||||
Accounts receivable, net | 3,245 | 904 | |||||||||
Uplift securitization proceeds receivable from ERCOT | 689 | — | |||||||||
Inventory | 498 | 327 | |||||||||
Derivative instruments | 4,613 | 560 | |||||||||
Cash collateral paid in support of energy risk management activities | 291 | 50 | |||||||||
Prepayments and other current assets | 395 | 257 | |||||||||
Total current assets | 10,841 | 6,028 | |||||||||
Property, plant and equipment, net | 1,688 | 2,547 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 157 | 346 | |||||||||
Operating lease right-of-use assets, net | 271 | 301 | |||||||||
Goodwill | 1,795 | 579 | |||||||||
Intangible assets, net | 2,511 | 668 | |||||||||
Nuclear decommissioning trust fund | 1,008 | 890 | |||||||||
Derivative instruments | 2,527 | 261 | |||||||||
Deferred income taxes | 2,155 | 3,066 | |||||||||
Other non-current assets | 229 | 216 | |||||||||
Total other assets | 10,653 | 6,327 | |||||||||
Total Assets | $ | 23,182 | $ | 14,902 |
As of December 31, | |||||||||||
(In millions, except share data) | 2021 | 2020 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt and finance leases | $ | 4 | $ | 1 | |||||||
Current portion of operating lease liabilities | 81 | 69 | |||||||||
Accounts payable | 2,274 | 649 | |||||||||
Derivative instruments | 3,387 | 499 | |||||||||
Cash collateral received in support of energy risk management activities | 845 | 19 | |||||||||
Accrued expenses and other current liabilities | 1,324 | 678 | |||||||||
Total current liabilities | 7,915 | 1,915 | |||||||||
Other Liabilities | |||||||||||
Long-term debt and finance leases | 7,966 | 8,691 | |||||||||
Non-current operating lease liabilities | 236 | 278 | |||||||||
Nuclear decommissioning reserve | 321 | 303 | |||||||||
Nuclear decommissioning trust liability | 666 | 565 | |||||||||
Derivative instruments | 1,412 | 385 | |||||||||
Deferred income taxes | 73 | 19 | |||||||||
Other non-current liabilities | 993 | 1,066 | |||||||||
Total other liabilities | 11,667 | 11,307 | |||||||||
Total Liabilities | 19,582 | 13,222 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Common stock; $0.01 par value; 500,000,000 shares authorized; 423,547,174 and 423,057,848 shares issued; and 243,753,899 and 244,231,933 shares outstanding at December 31, 2021 and 2020, respectively | 4 | 4 | |||||||||
Additional paid-in capital | 8,531 | 8,517 | |||||||||
Retained earnings/(accumulated deficit) | 464 | (1,403) | |||||||||
Treasury stock, at cost; 179,793,275 and 178,825,915 shares at December 31, 2021 and 2020, respectively | (5,273) | (5,232) | |||||||||
Accumulated other comprehensive loss | (126) | (206) | |||||||||
Total Stockholders' Equity | 3,600 | 1,680 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 23,182 | $ | 14,902 | |||||||
For the Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income | $ | 2,187 | $ | 510 | $ | 4,441 | |||||||||||
Income from discontinued operations, net of income tax | — | — | 321 | ||||||||||||||
Income from continuing operations | 2,187 | 510 | 4,120 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Distributions from and equity in earnings of unconsolidated affiliates | 20 | 45 | 14 | ||||||||||||||
Depreciation and amortization | 785 | 435 | 373 | ||||||||||||||
Accretion of asset retirement obligations | 30 | 45 | 51 | ||||||||||||||
Provision for credit losses | 698 | 108 | 95 | ||||||||||||||
Amortization of nuclear fuel | 51 | 54 | 52 | ||||||||||||||
Amortization of financing costs and debt discounts | 39 | 48 | 26 | ||||||||||||||
Loss on debt extinguishment | 77 | 9 | 51 | ||||||||||||||
Amortization of in-the-money contracts and emission allowances | 106 | 70 | 72 | ||||||||||||||
Amortization of unearned equity compensation | 21 | 22 | 20 | ||||||||||||||
Net gain on sale of assets and disposal of assets | (261) | (23) | (23) | ||||||||||||||
Impairment losses | 544 | 93 | 113 | ||||||||||||||
Changes in derivative instruments | (3,626) | 137 | 34 | ||||||||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | 604 | 228 | (3,353) | ||||||||||||||
Changes in collateral deposits in support of risk management activities | 797 | 127 | 105 | ||||||||||||||
Changes in nuclear decommissioning trust liability | 40 | 51 | 37 | ||||||||||||||
Oil lower of cost or market adjustment | — | 29 | — | ||||||||||||||
Uplift securitization proceeds receivable from ERCOT | (689) | — | — | ||||||||||||||
Cash (used)/provided by changes in other working capital, net of acquisition and disposition effects: | |||||||||||||||||
Accounts receivable - trade | (1,232) | — | 5 | ||||||||||||||
Inventory | (61) | 27 | 22 | ||||||||||||||
Prepayments and other current assets | 31 | 4 | 29 | ||||||||||||||
Accounts payable | 476 | (56) | (177) | ||||||||||||||
Accrued expenses and other current liabilities | (55) | (42) | (75) | ||||||||||||||
Other assets and liabilities | (89) | (84) | (186) | ||||||||||||||
Cash provided by continuing operations | 493 | 1,837 | 1,405 | ||||||||||||||
Cash provided by discontinued operations | — | — | 8 | ||||||||||||||
Net Cash Provided by Operating Activities | $ | 493 | $ | 1,837 | $ | 1,413 | |||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Payments for acquisitions of assets, businesses and leases | $ | (3,559) | $ | (284) | $ | (355) | |||||||||||
Capital expenditures | (269) | (230) | (228) | ||||||||||||||
Net (purchases)/sales of emissions allowances | — | (10) | 11 | ||||||||||||||
Investments in nuclear decommissioning trust fund securities | (751) | (492) | (416) | ||||||||||||||
Proceeds from sales of nuclear decommissioning trust fund securities | 710 | 439 | 381 | ||||||||||||||
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees | 830 | 81 | 1,294 | ||||||||||||||
Changes in investments in unconsolidated affiliates | — | 2 | (91) | ||||||||||||||
Net contributions to discontinued operations | — | — | (44) | ||||||||||||||
Other | — | — | 6 | ||||||||||||||
Cash (used)/provided by continuing operations | (3,039) | (494) | 558 | ||||||||||||||
Cash used by discontinued operations | — | — | (2) | ||||||||||||||
Net Cash (Used)/Provided by Investing Activities | $ | (3,039) | $ | (494) | $ | 556 |
For the Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Proceeds from issuance of long-term debt | $ | 1,100 | $ | 3,234 | $ | 1,833 | |||||||||||
Payments for short and long-term debt | (1,861) | (335) | (2,571) | ||||||||||||||
Payments of dividends to common stockholders | (319) | (295) | (32) | ||||||||||||||
Net receipts/(payments) from settlement of acquired derivatives that include financing elements | 938 | (7) | (4) | ||||||||||||||
Payments for share repurchase activity | (48) | (229) | (1,440) | ||||||||||||||
Payments for debt extinguishment costs | (65) | (5) | (26) | ||||||||||||||
Payments of debt issuance costs | (18) | (75) | (35) | ||||||||||||||
Net (repayments)/proceeds of Revolving Credit Facility | — | (83) | 83 | ||||||||||||||
Proceeds from issuance of common stock | 1 | 1 | 3 | ||||||||||||||
Purchase of and distributions to noncontrolling interests from subsidiaries | — | (2) | (2) | ||||||||||||||
Cash (used)/provided by continuing operations | (272) | 2,204 | (2,191) | ||||||||||||||
Cash provided by discontinued operations | — | — | 43 | ||||||||||||||
Net Cash (Used)/Provided by Financing Activities | $ | (272) | $ | 2,204 | $ | (2,148) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (2) | (2) | — | ||||||||||||||
Change in Cash from discontinued operations | — | — | 49 | ||||||||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (2,820) | 3,545 | (228) | ||||||||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 3,930 | 385 | 613 | ||||||||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 1,110 | $ | 3,930 | $ | 385 |
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Net Income/(Loss) | $ | 695 | $ | (1,214) | $ | (153) | $ | 245 | $ | (427) | |||||||
Plus: | |||||||||||||||||
Interest expense, net | — | 1 | 19 | 86 | 106 | ||||||||||||
Income tax | — | 1 | (13) | (156) | (168) | ||||||||||||
Loss on debt extinguishment | — | — | — | 20 | 20 | ||||||||||||
Depreciation and amortization | 86 | 100 | 22 | 8 | 216 | ||||||||||||
ARO Expense | 7 | 2 | — | — | 9 | ||||||||||||
Contract and emission credit amortization, net | (2) | 32 | 6 | — | 36 | ||||||||||||
EBITDA | 786 | (1,078) | (119) | 203 | (208) | ||||||||||||
Winter Storm Uri impact | (692) | — | — | 2 | (690) | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 18 | — | 18 | ||||||||||||
Acquisition and divestiture integration and transaction costs | 1 | 1 | — | 11 | 13 | ||||||||||||
Deactivation costs | — | (5) | — | — | (5) | ||||||||||||
Gain on sale of assets | (19) | — | — | (211) | (230) | ||||||||||||
Other non recurring charges | 4 | (1) | (5) | (8) | (10) | ||||||||||||
Impairments | — | 230 | 9 | (1) | 238 | ||||||||||||
Mark-to-market for economic hedging activities, net | 82 | 1,081 | 144 | — | 1,307 | ||||||||||||
Adjusted EBITDA | $ | 162 | $ | 228 | $ | 47 | $ | (4) | $ | 433 | |||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Operating revenues | 1,930 | 4,079 | 1,115 | 1 | 7,125 | ||||||||||||
Cost of fuel, purchased energy and other cost of sales2 | 739 | 3,610 | 956 | — | 5,305 | ||||||||||||
Economic gross margin3 | 1,191 | 469 | 159 | 1 | 1,820 | ||||||||||||
Operations & maintenance and other cost of operations4 | 226 | 137 | 55 | (1) | 417 | ||||||||||||
Selling, marketing, general and administrative | 138 | 101 | 68 | 11 | 318 | ||||||||||||
Provision for credit losses | (22) | 2 | 4 | — | (16) | ||||||||||||
Other (income)5 | (5) | 1 | (15) | (3) | (22) | ||||||||||||
Winter Storm Uri impact | 692 | — | — | (2) | 690 | ||||||||||||
Adjusted EBITDA | $ | 162 | $ | 228 | $ | 47 | $ | (4) | $ | 433 | |||||||
(In millions) | Condensed financial information | Interest, tax, depr., amort. | MtM | Deactivation | Winter Storm Uri | Other adj. | Adjusted EBITDA | ||||||||||||||||
Operating revenues | $ | 7,046 | $ | 12 | $ | 65 | $ | — | $ | 41 | $ | (1) | $ | 7,163 | |||||||||
Cost of operations (excluding depreciation and amortization shown below) | 6,572 | (24) | (1,242) | — | 689 | (1) | 5,994 | ||||||||||||||||
Depreciation and Amortization | 215 | (215) | — | — | — | — | — | ||||||||||||||||
Gross margin | 259 | 251 | 1,307 | — | (648) | — | 1,169 | ||||||||||||||||
Operations & maintenance and other cost of operations | 413 | — | — | 5 | — | (1) | 417 | ||||||||||||||||
Selling, marketing, general & administrative | 319 | — | — | — | — | 1 | 320 | ||||||||||||||||
Provision for credit losses | (16) | — | — | — | 42 | (1) | 25 | ||||||||||||||||
Other expense/(income)1 | (30) | 61 | — | — | — | (57) | (26) | ||||||||||||||||
Net Income/(Loss) | $ | (427) | $ | 190 | $ | 1,307 | $ | (5) | $ | (690) | $ | 58 | $ | 433 | |||||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Net Income/(Loss) | $ | — | $ | 44 | $ | (60) | $ | (157) | $ | (173) | |||||||
Plus: | |||||||||||||||||
Interest expense, net | — | 3 | — | 106 | 109 | ||||||||||||
Income tax | — | (1) | — | 36 | 35 | ||||||||||||
Loss on debt extinguishment | — | 2 | 5 | 1 | 8 | ||||||||||||
Depreciation and amortization | 60 | 42 | 8 | 7 | 117 | ||||||||||||
ARO Expense | (4) | 2 | — | 1 | (1) | ||||||||||||
Contract and emission credit amortization, net | 1 | — | — | — | 1 | ||||||||||||
EBITDA | 57 | 92 | (47) | (6) | 96 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 7 | — | 25 | (1) | 31 | ||||||||||||
Acquisition and divestiture integration and transaction costs | — | — | — | 10 | 10 | ||||||||||||
Reorganization costs | — | — | — | (2) | (2) | ||||||||||||
Deactivation costs | — | 3 | — | 1 | 4 | ||||||||||||
Gain on sale of assets | — | — | 3 | — | 3 | ||||||||||||
Other non recurring charges | 6 | 4 | — | (1) | 9 | ||||||||||||
Impairments | 14 | — | 33 | (1) | 46 | ||||||||||||
Mark-to-market for economic hedging activities, net | 147 | (22) | 8 | — | 133 | ||||||||||||
Adjusted EBITDA | $ | 231 | $ | 77 | $ | 22 | $ | — | $ | 330 | |||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Operating revenues | $ | 1,381 | $ | 501 | $ | 132 | $ | (3) | $ | 2,011 | |||||||
Cost of fuel, purchased energy and other cost of sales2 | 805 | 235 | 81 | (1) | 1,120 | ||||||||||||
Economic gross margin3 | 576 | 266 | 51 | (2) | 891 | ||||||||||||
Operations & maintenance and other cost of operations4 | 198 | 111 | 27 | (3) | 333 | ||||||||||||
Selling, marketing, general & administrative | 121 | 70 | 16 | 7 | 214 | ||||||||||||
Provision for credit losses | 25 | 10 | — | (1) | 34 | ||||||||||||
Other (income)5 | 1 | (2) | (14) | (5) | (20) | ||||||||||||
Adjusted EBITDA | $ | 231 | $ | 77 | $ | 22 | $ | — | $ | 330 | |||||||
(In millions) | Condensed financial information | Interest, tax, depr., amort. | MtM | Deactivation | Other adj. | Adjusted EBITDA | ||||||||||||||
Operating revenues | $ | 2,027 | $ | — | $ | (17) | $ | — | $ | 1 | $ | 2,011 | ||||||||
Cost of operations (excluding depreciation and amortization shown below) | 1,271 | (1) | (150) | — | — | 1,120 | ||||||||||||||
Depreciation and amortization | 117 | (117) | — | — | — | — | ||||||||||||||
Gross margin | 639 | 118 | 133 | — | 1 | 891 | ||||||||||||||
Operations & maintenance and other cost of operations | 344 | — | — | (4) | (7) | 333 | ||||||||||||||
Selling, marketing, general & administrative | 217 | — | — | — | (3) | 214 | ||||||||||||||
Provision for credit losses | 34 | — | — | — | — | 34 | ||||||||||||||
Other expense/(income)1 | 217 | (142) | — | — | (95) | (20) | ||||||||||||||
Net Income/(Loss) | $ | (173) | $ | 260 | $ | 133 | $ | 4 | $ | 106 | $ | 330 | ||||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Net Income/(Loss) | $ | 1,293 | $ | 1,909 | $ | 83 | $ | (1,098) | $ | 2,187 | |||||||
Plus: | |||||||||||||||||
Interest expense, net | 1 | (1) | 28 | 452 | 480 | ||||||||||||
Income tax | — | — | 19 | 653 | 672 | ||||||||||||
Loss on debt extinguishment | — | — | — | 77 | 77 | ||||||||||||
Depreciation and amortization | 331 | 338 | 88 | 28 | 785 | ||||||||||||
ARO Expense | 16 | 11 | 3 | — | 30 | ||||||||||||
Contract and emission credit amortization, net | (2) | 54 | 21 | — | 73 | ||||||||||||
EBITDA | 1,639 | 2,311 | 242 | 112 | 4,304 | ||||||||||||
Winter Storm Uri impact | 520 | (138) | (10) | 8 | 380 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 1 | — | 72 | — | 73 | ||||||||||||
Acquisition and divestiture integration and transaction costs | 2 | — | 1 | 94 | 97 | ||||||||||||
Legal Settlements | — | (15) | — | 11 | (4) | ||||||||||||
Deactivation costs | — | 10 | 1 | — | 11 | ||||||||||||
Gain on sale of assets | (19) | — | (17) | (211) | (247) | ||||||||||||
Other non recurring charges | 8 | — | (3) | (24) | (19) | ||||||||||||
Impairments | — | 535 | 9 | — | 544 | ||||||||||||
Mark-to-market for economic hedging activities, net | (985) | (1,715) | (16) | — | (2,716) | ||||||||||||
Adjusted EBITDA | $ | 1,166 | $ | 988 | $ | 279 | $ | (10) | $ | 2,423 | |||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Operating revenues | $ | 10,296 | $ | 13,147 | $ | 3,743 | $ | (3) | $ | 27,183 | |||||||
Cost of fuel, purchased energy and other cost of sales2 | 7,532 | 10,971 | 3,106 | 1 | 21,610 | ||||||||||||
Economic gross margin3 | 2,764 | 2,176 | 637 | (4) | 5,573 | ||||||||||||
Operations & maintenance and other cost of operations4 | 881 | 560 | 232 | (4) | 1,669 | ||||||||||||
Selling, marketing, general and administrative5 | 574 | 487 | 198 | 42 | 1,301 | ||||||||||||
Provision for credit losses | 678 | 8 | 12 | — | 698 | ||||||||||||
Other (income)6 | (15) | (5) | (94) | (24) | (138) | ||||||||||||
Winter Storm Uri impact | (520) | 138 | 10 | (8) | (380) | ||||||||||||
Adjusted EBITDA | $ | 1,166 | $ | 988 | $ | 279 | $ | (10) | $ | 2,423 | |||||||
(In millions) | Condensed financial information | Interest, tax, depr., amort. | MtM | Deactivation | Winter Storm Uri | Other adj. | Adjusted EBITDA | ||||||||||||||||
Operating revenues | $ | 26,989 | $ | 30 | $ | 164 | $ | — | $ | (2,610) | $ | — | $ | 24,573 | |||||||||
Cost of operations (excluding depreciation and amortization shown below) | 18,773 | (43) | 2,880 | — | (2,363) | — | 19,247 | ||||||||||||||||
Depreciation and amortization | 785 | (785) | — | — | — | — | — | ||||||||||||||||
Gross margin | 7,431 | 858 | (2,716) | — | (247) | — | 5,326 | ||||||||||||||||
Operations & maintenance and other cost of operations | 1,709 | — | — | (11) | (2) | (27) | 1,669 | ||||||||||||||||
Selling, marketing, general & administrative | 1,293 | — | — | — | (29) | 8 | 1,272 | ||||||||||||||||
Provision for credit losses | 698 | — | — | — | (596) | — | 102 | ||||||||||||||||
Other expense/(income)1 | 1,544 | (1,152) | — | — | — | (532) | (140) | ||||||||||||||||
Net Income/(Loss) | $ | 2,187 | $ | 2,010 | $ | (2,716) | $ | 11 | $ | 380 | $ | 551 | $ | 2,423 | |||||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elims | Total | ||||||||||||
Net Income/(Loss) | $ | 800 | $ | 352 | $ | 37 | $ | (679) | $ | 510 | |||||||
Plus: | |||||||||||||||||
Interest expense, net | — | 13 | 3 | 377 | 393 | ||||||||||||
Income tax | — | (1) | 2 | 250 | 251 | ||||||||||||
Loss on debt extinguishment | — | 4 | 5 | — | 9 | ||||||||||||
Depreciation and amortization | 227 | 138 | 36 | 34 | 435 | ||||||||||||
ARO Expense | 25 | 16 | 4 | — | 45 | ||||||||||||
Contract and emission credit amortization, net | 5 | — | — | — | 5 | ||||||||||||
EBITDA | 1,057 | 522 | 87 | (18) | 1,648 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 9 | — | 97 | (1) | 105 | ||||||||||||
Acquisition and divestiture integration and transaction costs | 2 | — | — | 23 | 25 | ||||||||||||
Reorganization costs | — | — | — | (1) | (1) | ||||||||||||
Deactivation costs | 2 | 5 | 2 | — | 9 | ||||||||||||
Gain on sale of assets | — | — | 3 | — | 3 | ||||||||||||
Other non recurring charges | 8 | 3 | (1) | (7) | 3 | ||||||||||||
Impairments | 32 | — | 61 | — | 93 | ||||||||||||
Mark-to-market for economic hedging activities, net | 209 | (93) | 3 | — | 119 | ||||||||||||
Adjusted EBITDA | $ | 1,319 | $ | 437 | $ | 252 | $ | (4) | $ | 2,004 | |||||||
(In millions) | Texas | East | West/ Services/ Other1 | Corp/Elim | Total | ||||||||||||
Operating revenues | $ | 6,307 | $ | 2,170 | $ | 533 | $ | (12) | $ | 8,998 | |||||||
Cost of fuel, purchased energy and other cost of sales2 | 3,656 | 1,027 | 243 | (6) | 4,920 | ||||||||||||
Economic gross margin3 | 2,651 | 1,143 | 290 | (6) | 4,078 | ||||||||||||
Operations & maintenance and other cost of operations4 | 779 | 441 | 116 | (6) | 1,330 | ||||||||||||
Selling, marketing, general & administrative | 467 | 257 | 56 | 23 | 803 | ||||||||||||
Provision for credit losses | 94 | 14 | — | — | 108 | ||||||||||||
Other (income)5 | (8) | (6) | (134) | (19) | (167) | ||||||||||||
Adjusted EBITDA | $ | 1,319 | $ | 437 | $ | 252 | $ | (4) | $ | 2,004 | |||||||
(In millions) | Condensed financial information | Interest, tax, depr., amort. | MtM | Deactivation | Other adj. | Adjusted EBITDA | ||||||||||||||
Operating revenues | $ | 9,093 | $ | — | $ | (95) | $ | — | $ | — | $ | 8,998 | ||||||||
Cost of operations (excluding depreciation and amortization shown below) | 5,139 | (5) | (214) | — | — | 4,920 | ||||||||||||||
Depreciation and amortization | 435 | (435) | — | — | — | — | ||||||||||||||
Gross margin | 3,519 | 440 | 119 | — | — | 4,078 | ||||||||||||||
Operations & maintenance and other cost of operations | 1,401 | — | — | (9) | (62) | 1,330 | ||||||||||||||
Selling, marketing, general & administrative | 810 | — | — | — | (7) | 803 | ||||||||||||||
Provision for credit losses | 108 | — | — | — | — | 108 | ||||||||||||||
Other expense/(income) 1 | 690 | (645) | — | — | (212) | (167) | ||||||||||||||
Net Income/(Loss) | $ | 510 | $ | 1,085 | $ | 119 | $ | 9 | $ | 281 | $ | 2,004 | ||||||||
Three Months Ended | ||||||||||||||
(In millions) | December 31, 2021 | December 31, 2020 | ||||||||||||
Adjusted EBITDA | $ | 433 | $ | 330 | ||||||||||
Winter Storm Uri loss | 690 | — | ||||||||||||
Interest payments | (95) | (93) | ||||||||||||
Income tax | (14) | (5) | ||||||||||||
Collateral / working capital / other | (2,376) | 219 | ||||||||||||
Cash Provided by Operating Activities | (1,362) | 451 | ||||||||||||
Winter Storm Uri: | ||||||||||||||
Income | (690) | — | ||||||||||||
C&I credits and remaining open accounts receivables1 | 706 | — | ||||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 542 | — | ||||||||||||
Acquisition and divestiture integration and transaction costs | 15 | 11 | ||||||||||||
Encina site improvement and GenOn pension | 4 | 7 | ||||||||||||
Adjustment for change in collateral | 1,173 | (32) | ||||||||||||
Nuclear decommissioning trust liability | (5) | (12) | ||||||||||||
Adjusted Cash Flow from Operating Activities | 383 | 425 | ||||||||||||
Maintenance Capital Expenditures, net | (34) | (35) | ||||||||||||
Environmental Capital Expenditures, net | — | (1) | ||||||||||||
Distributions to non-controlling interests | — | (2) | ||||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | $ | 349 | $ | 387 |
Twelve Months Ended | ||||||||||||||
(In millions) | December 31, 2021 | December 31, 2020 | ||||||||||||
Adjusted EBITDA | $ | 2,423 | $ | 2,004 | ||||||||||
Winter Storm Uri loss | (380) | — | ||||||||||||
Interest payments | (428) | (333) | ||||||||||||
Income tax | (32) | (24) | ||||||||||||
Collateral / working capital / other | (1,090) | 190 | ||||||||||||
Net Cash Provided by Operating Activities | 493 | 1,837 | ||||||||||||
Winter Storm Uri: | ||||||||||||||
Loss | 380 | — | ||||||||||||
C&I credits and remaining open accounts receivables1 | 599 | — | ||||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 938 | — | ||||||||||||
Acquisition and divestiture transaction and integration costs | 97 | 25 | ||||||||||||
Encina site improvement and GenOn pension | 21 | 12 | ||||||||||||
Proceeds from investment and asset sales | — | 12 | ||||||||||||
Adjustment for change in collateral | (797) | (127) | ||||||||||||
Nuclear decommissioning trust liability | (41) | (51) | ||||||||||||
Adjusted Cash Flow from Operating Activities | 1,690 | 1,708 | ||||||||||||
Maintenance Capital Expenditures, net | (176) | (156) | ||||||||||||
Environmental Capital Expenditures, net | (2) | (3) | ||||||||||||
Distributions to non-controlling interests | — | (2) | ||||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | $ | 1,512 | $ | 1,547 |
(In millions) | Twelve Months Ended December 31, 2021 | ||||
Sources: | |||||
Adjusted Cash Flow from Operating Activities | $ | 1,690 | |||
Proceeds from issuance of long-term debt | 1,100 | ||||
Proceeds from asset sales | 830 | ||||
Uses: | |||||
Winter Storm Uri loss | (380) | ||||
C&I credits and remaining open accounts receivables1 | (599) | ||||
Payments for acquisition of businesses, net of cash acquired | (3,559) | ||||
Growth Investments and Acquisitions, net | (121) | ||||
Growth CapEx | (92) | ||||
Maintenance and Environmental CapEx, net | (177) | ||||
Payments for short and long-term debt | (1,861) | ||||
Financing fees - debt extinguishment and debt issuance costs | (83) | ||||
Decrease in Credit Facility | (708) | ||||
Payments of dividends to common stockholders | (319) | ||||
Payments for share repurchase activity2 | (48) | ||||
Other investing and financing | (27) | ||||
Change in Total Liquidity | $ | (4,354) |
2022 | ||||||||
($ in millions) | Guidance | |||||||
Net Income1 | $ 480 - 780 | |||||||
Interest expense, net | 380 | |||||||
Income tax | 210 | |||||||
Depreciation, amortization, contract amortization, and ARO Expense | 760 | |||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 70 | |||||||
Other costs2 | 50 | |||||||
Adjusted EBITDA | 1,950 - 2,250 | |||||||
Interest payments, net | (395) | |||||||
Income tax | (20) | |||||||
Working capital / other assets and liabilities | (165) | |||||||
Cash provided by Operating Activities | 1,370 - 1,670 | |||||||
Adjustments: proceeds from investment and asset sales, collateral, GenOn pension, nuclear decommissioning trust liability | 10 | |||||||
Adjusted Cash flow from Operations | 1,380 - 1,680 | |||||||
Maintenance capital expenditures, net | (220) - (240) | |||||||
Environmental capital expenditures, net | (5) - (10) | |||||||
Free Cash Flow before Growth | $ 1,140 - 1,440 |
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Cover Cover |
Feb. 24, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 24, 2022 |
Entity Registrant Name | NRG ENERGY, INC. |
Entity Central Index Key | 0001013871 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-15891 |
Entity Tax Identification Number | 41-1724239 |
Entity Address, Address Line One | 910 Louisiana Street |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77002 |
City Area Code | 713 |
Local Phone Number | 537-3000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | NRG |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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